## **2023 Annual Report and Financial Statements** 

Charity Registration Number: 206312 (England and Wales) Charity Registration Number: SC039550 (Scotland) 



RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
REFERENCE AND ADMINISTRATIVE INFORMATION
Registered Name
Raibway Benevolent Institution
Royal Charter Campany IRC000430)
Registered Charity Number (England and Wales)
Roglsterèd Charlty Number IS¢otlandl
2(￿312
SC039550
Operatlng Name
RaiTrNay Benefrt Fund C'RBF'I
Registered Addre$$
1 st Floor
Millennium House
40 Nanlwich Road
Crewe
Cheshire
CVK2 SAD
Chief Executive & Secretary
Jo Kay8 Ilrom Sept 2023)
clai￿ Houghlon {to Sept 20231
Honorary Patron
Lord Hendy of Richmond Hlll
Presldent
Pete Walewian OBE
Board Of Management
Tim Shoveller Ichairl
Janet Goodland Ivice Chairl
Kemn Adlarn (until 18 January 20231
Ciaran 98ir
Kay Boyden
Mick Cash
Jane English luntil 31 Dec 20231
Mark Enright
Paula Hayes
Frank Johnson
John Kennedy
Maggie Simpson OBE
Emma Wasley
Faye Scadden Iliom 13 Sept 20231
Audltor
Geens Limited
Charteied Accounlamls and Regisleied Auditors
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
Invesiment Advise
Rathbone Investment Management
Port of Liverpool Building, Pier Head
Liverpool . L3 1 NW

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
REFERENCE AND ADMINISTRATIVE INFORNtATION
Bankers
The Royal Bank of Scotland plc
82163 Thieadneedle Stf88t
London
EC2R 8LA
Allied Irish Bank5 plc
40141 We5tmoieland Street
Dublin 2
Honorary Soli¢itor
Sara Hollingworth
Vlce Presldents
David Allen
Dominic Btsoth
Richard Goldson OBE
Nigel Harris
Tom Harris
Keith Heller
Slmon Osborne
Matthew Parris
Paul Watkinson
an IAtritehouse
Tre Rl, Hon. The Lord Snape ol Wednesbury
Bènefits & Servlce$ Commlttee
Maggi8 Simpson OBE IGh8irl
Mark Enrighl (Deputy Chairl
Janel Goodland
Jane English
Christopher Henley
Andrew Lilherland
Mick Cash
Finance & General Purpose Committee
Frank Johnson (Chairl
Ciaian 88tr
Janel Goodland
Sarah Kemp
E￿in Klump8rs
Nominations & Remuneration Gommittee
P8ula Hayes IGhairl
Janet Goodland
Titn Shoveller
Emma Wasley
Fundraising Committee
Faye Scadden (Chairl
Magoie Simpson IOBEI
Mick Cash
Noel Dolphin
Richard Stanton

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
REFERENCE AND ADMINISTRATIVE INFORMATION
Irish Management Committee
John Kennedy (Chairl
Ray Kelly Isecrelaryl
Tom Devoy
Bertie Corbell
Geraldine Finucane
J3ne Creg3n
Monica Purcell
Peter Cuffe
M8eve Gusty
Anne Elliot
Jim Meade CEO, 13rnrOd Eireann
Damien Millon

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
CONTENTS
Page
Trustees, r8POrt
Stztement ol Trustees, responsibilitie5
Independent audiiorfs report
Slaternenl of financial aclivitl8S
14
Balance sheet
15
StaterneDI of cash flows
16
Notes lo the financial sialements
17-30

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Board of Management pr8S&nt their 3nnu31 report and f5nanaal stalements for thE year ended 31 Decernber
2023.
Introduction
2023 wss chara¢terised by continuing heavy demands platsd on us for financial assistance and seririces. The
team, now established and adopting hybrid working practice5, resptsnded extremely well to Ihese Chal￿nge5 to
ensure Ihose in need were looked after.
Constitution and Objectives
The RBF is the operating name of Ihe Rai￿aY Benevolent Institution which is registered charity nutnber 206312 {in
England & Wales) and SC039550 (in SGOtlandl. It is governed by Royal Gharter gr8nted on the 29th De¢ember
1949. as subsequently amended. 11 is the sole trustee ol the organisation's assets. Its objects. as sei out in the
Royal Charter, a￿ 'Yo relieve aged or disabled or necessitous R2ilwaymèn, their spouses or Childrèn ar ¢Jther
relatives or persons who were Immediately or partly dependent on thern"
The expressions °RaiTrwaymen'.
Spouses. and °Chilcfien are defineé in Clausé 2 of tha Charter.
Tre Board adopted the Charily Governance Gode in 2018 and reviewed ils policies and working practices at th81
b.me io ensur8 that we aligrn and adhere lo the optimal charity governance standards detailed within this.
In 2018. the RBF applied. alongside its e￿$ling UK régistrations, also lo become a regisleréd charity in the Republic
ol Ireland with Ihe Irish Charity Regulator. The situation became more cornplicated as a result ol Biitain's decision lo
leave the EU. The Board therefore agreed to exploie Oiher Opiions In¢luding considersiion of a meruer of Ihe
operations carri8d out in the Republic ol Ireland wilh an existing Irish domiciled tharity. After Trreful consideialion
this approach was discontinued and a decision was taken to establish a separate company and become a
registered charity in the Republic of Ireland. Work is progressing to achieve these twin objectives which will ensure
the continuation of Ihe valuable work G31ried out in the Republic. Ahhough loitllal links behveen the UK and Irish
operations will then end there will be dose but infomial ¢o113boration in Ihe fuiure.
The RBF'S vision and mi55ion are as follows..
Our vision. RBF aims to improve tha qualily of life of current and former rai￿)aY people in the UK and Ireland
through the prowsion af customised support.
Our mission.. ID make RBF Ihe preferred destination for support and adiry￿ for current and former railway
workers by delivering outstanding value, continuous innovation 2nd an exceptional experience by consistently
updating our skills and serwces.
The Trustees reler ta the Charity Commission's public benefit guides and ils guidance on the prevenliori and ieliel
of poverty for the public benefit lo inform its d8cision making and when rewewing how the tharty's activities and
plans contribute to athieving rts aims and objectives.
The financial statements have been prepared in accordance with the accounling policies sel out in note 1 to the
financial statements and comply with Ihe ¢harills goveming documents outlined above, Ihe Charities Aci 2011, the
Charities and Trustee Investment IS¢otlandl Act 2005, the Charities Accounts (Scotland) Regulalions 2006 las
amended) and °Ac¢ouniing and Raporting by Charities. Stalement of Recornmended Practi￿ applicable to ch3rilies
p￿parIng their accounts In accordance wlh the Financial Reporiing Siandard applicable in the UK and Republic of
[￿land IFRS 102)" las amended foi a(touniing periods ¢omm8ncing from 1 January 2D161.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structurey governance and management
al Board of Management
The RBF'S principal governing body 15 the Board ol Management I'the 8oard'). It must consist of no Iwer Ihan 10
and no more than 20 persons. The Boaid members who served during Iha year and up to the date and 8ignalure of
the financial statements are recorded In the Reference and Administration Informalion seclion. The 3PPOlfttmeTht ol
all Board Members is by eleclion 8t the Annual Meeting. All Trustees serve for a term of three years 2nd are eligible
for re-election for a maximum ol ttvo further terms. The Board ele¢is from its numb8r a Chair and wi￿-chaIr.
The Board of Manag&meni meets a minimum of four bmes each year. No Member of the Board has any beneficial
interesl in the company or is permitted lo derive any pecuniary advantag8 frtsm the RBF.
Trustee allendance at Board m&8tings 2023
Trustee
Tim Shoveller
Yes
Yes
Janet Goodland
Yes
Yes
Frank Johnson
Yes
Yes
Mark Enrighl
Yes
Yes
Maggi8 Simpson
Yes
Yes
Yes
Ciaran B3rr
Yes
Yes
Yes
Kay Boyden
Yes
No
No
Pau12 H
es
Yes
Yes
Yes
Jane English
Yés
Yes
Yes
Emma Wasley
Yes
Yes
Yes
Mick Cash
Yes
Yes
No
John Kennedy"
No
No
Yes
Faye Scaddan
nla
Yes
Yes
Although John was not able to attend all Board meetings, regular reports were submitted lo the Board by the Irish
Committee.
Q1
Q2
Q3
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
No
No
Yes
Yes
Yes
Both prioi to and afier their appoinlrnenl all new Board Mernbers are briefed by the Chaiirnan of the Board of
Management andlor the Chief Executive and provided with copies of the Roy31 Charter, Rules and Bye-laws, the
most recent Board minutes and other key documents. Details of any new legislation or other developments are
included on the agenda for Board tlleelin95. ThE Truslees are provided with training as raquired, including on
charity governanTr.
The day-to-d2y running of the charrty is delegated to the Chief Executive and the key rnanagement personnel.
bl Committees
The Board is empowe￿￿ to deleuate 811 or any of its powers lo Comrnittees. Their composition is set out on page 2
The Benefits & Serwces Committee is responsible for granting financial assist8nce to benefiaaries and monitoring
Ihe developmoni and delivery of services. It musl consist of no f￿￿r than three and not more than n ine members of
whom at least must be Members of the Board of Management, who sh311 be Chairman 2nd Deputy Chairman of
the Committee. Members of Ihe Committee are appointed by the Board.
The Finarn￿ 8 Gener81 Purpose Committee is responsibie for overseping the management of the RBF'S investment
POMfolio wilhill agreed parameters es12blished by the Board and recomrnending the appointment of inve&tmenl
managers. It also has oversighl of the RBF'S finances. 11 must consist ol no fewer than three and more than srx
members, 81 le85t two tsfwhom shall be members ofthe Board of Managernenl.

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Fundraising Commillee's purpose is to support the work of the RBF fundraising team and to monitor progress
and delivery against the fundraising strategy. It must conslsi Df no féwer than two tiuslèès and can involve other
experts from the across Ihè industry who can bring fundraising and 8ngagemenl opportunities to the oiganisalion.
The Nominations & Remuneration Gommiltee is ￿Sponsible for considering the skills and experience required and
for providing advice on the appoinlmenl of notllinated individua15 to the Board ol Man3gemenl, 851 Comrnittees and
the Chief Executive of the charity.11 musl consist of no fewer ihan two and not more than four Members.
The r8muneralion of key rr73nagemenl personnel Is sel by the Board, with the policy objective ol providing
appropriate In￿mIr￿eS lo encourage enhan￿d performance and of rewarding thern fairly and responsibly f¢>r their
individual contribulions to the Charity's success. The appropri3teness and relevan￿ of the rernuneralion policy is
reviewed annually, induding reference to comparisans with other charthes to ensure that the Charity remains
sensilwe lo the broader issues of pay and employmenl conditions elsewhere.
The Irish Cormmittee is responsible foi granting financial assislanTr in the Republic of Ireland.11 con51Sts ol no fewer
than three members ofwhom at least one musl b8 a Member of the Board of Management.
An informal group operates in Scotland, on an ad hoc basls. promoting the Charity and the need for funding
throughout thè Scoltish rail community.
cl Administratlon
The adminislralion of the RBF is overseen by the Chief Executivé who also holds the role of secretary. The
adminislralive functions are separated out into services, fundraising, and rnaikeling together finance znd
administrative support.
Grant rnaking is overseen by the Benefits & Servi￿5 Committee, wth the services team making decisions on
most grants on a delegated basis which has led to a significant r8duclion in th8 time taken for Ihose in hardship lo
receive assistance.
Processes 8re In place tts en5Ufft Ihal expenditure and performance is moniioreLI. and thai appropiiale managemènt
inform31ion is prepared and rewewed regulaily by the Board. The systems of intern21 control are d&signed to
provide reasonable assuran￿$ againsl m81erial misstatement or loss, These indude..
an annual budget approved by the Board.
18gular consideralion by the Board of actual and forecast financial re5uli8, vaiiances from budgel and nor
financial performance indicators.,
deEegalion of day lo day managem8nt authority,.
Identification and management ol risks.
All Ihè RBF'S governance arrangernenls are rewewed annu311y.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF )
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Polieies
al Reserves Policy
The RBF'S res8rves policy tskes Into account the Board's forecast for future in¢ome and expenditu￿, including the
potential lor fund raising In formulating the policy Ihe Board delermined th31 unreslrided reserves are reoulred lo
provlde contingency lo ensure continurty in the event of 3 large variation in the Board's Income lor any one year
broadly equivalenl to one year's expenditure and lo meet the Board's potential lulure liabilities in respect of
quarterly grants. The Board delertnined in 2023 that th8 unr8Strict8d reseNes should be maintaifted at a minimum
amount of £675k12022." £675kl.
At 31 December 2023 the RBF'S unreslncied reserves weie also 3ff&cted by a decrease in the ovèrall value of the
investment portfolio due to withdrawals in the year lo fund the opei8ting deficit, resulting in the total value £2,138k
12022.. £2,53gkl.
The Board ￿ntinUeS to work oll increasing ils fundraisino activities to bring the income and expenditure 8ccount
more closely into balance year on year, whilsl as far as possibla maintaining grant giving at ￿rrent levels as well as
developing its services.
bl Investment Policy
The RBF'S invesiment policy has been formulated aft&r taking full 30¢0unt of Part11 ol the Trustee Act 2000 and the
advic& ol our Investment Managers. The policy seeks ta achieve the efficient and prudent management of the RBF s
investments with the aim of maximising the return on these investmerits given the agreed risk level.
Investment performance is reviewed by the Finance and General Purpose Cornmittee who report to thè Board every
quarter and the Investment Managers ar8 required to allend a Board Meeting 81 least On￿ a year.
The boar(J undertook a review of its investment llsk appetite as a result of the decrease in reserves in recent years
and the currant higher levels of demand for granls and services. The board con¢luL1ed th81 the RBF'S ability to lake
risk and appetile for risk are lower now than when Ihe strategy was adopted in 2018. Rathbones accordingly
rransilioned to a lower risk inveslmenl portfolio from September 2023 The pos11ion Is however kepl under regular
rewew.
cl Risk Management
The Board reviews the Thsks to which the R8F is exposed on an annual basis. The major financial risk rernains
volatilily in inveslmenl markets. Systems have been established to monitor this, inclLJding quarterty reports and
assessmenls being prO￿ded by our Inv8Stment Managers, Rathbones. Our invastment strai&gy allows for an
agreed level of risk and volatility given the long-lerm nature of the investrnent.. it is the underlying trends and
pérfom)ance over time that is important. As a rnaller of Board policy. no use is rn8de of amy financia derivalive
products. Other key risks Identified related lo GDPR, cyber security, the current funding shortfall and resource
levels.
dl Grant Making Policies
Grant making is overseen by the Benefits & Services Commitie8, with the servie£s team making deusions on most
grants on a delegated basis. which led to a significant reduction in the time taken for those in hardship lo receive
assi51ance.
The ¢rlleria for 8w8rding grants, u%d by the Benerrts & Services Committee and the Irish Management Committee,
are rèviewed by Ihe 8oard annually. All applications rec8ivèd are carefully veiled by RBF slaff Responsibility for
many grant awards Is delegated to stsh, although all qLJ3rterly grants and those that are sensitive or ol high value
labove £1,500) are considered by ihe Committee. All grant decisions are reported to the Ctsmmitte& al Ihe quartedy
meetings. Quart8rly Grants and on-going grants arè ￿vIewed at least every two years. A briel des(xiption ol each
type of grant awarded is set out In Note 8 to the AccA)unls.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
TRUSTEES. REPORT (CONTINUED)
R?R THE YEAR ENDED 31 DECEMBER 2023
Review ofthe Year
RBF has ¢onlinu8d to bLJild its reach wilhill the rail industry. and to develop lis services io the Railway Family. The
changes rn3d8 in 2020 and 2021, in response to Ihe Covid Pandemi¢, provided a strong found3lion 10 311ow us not
only lo continue providing a full range of serthces In 2023 bul also lo make good progress on our key strategic
inilialives which were enwmpassed in a four- year slralègy r21ifièd by the Board in Decembér 2020 The Board
recogn15es that eng3ging and mobilising the support ol the wider Rail Industry was and iemains a piiority. The
Board of Management continues lo pay due regard to ils underlying constitution and guidanr£ issued by Ihe Chsrty
Commission in deuding what actiwties Ihe charily should undertake.
During Ihe year a new CEO wss appolnted, and work has begun on dévéloping a strategy lor the organisalion
lo build on the successes of the past years.
Whilst there was an op8rating deficil in 2023, this was amtiopated by the Board when approving the budget foi the
year. In terms of assets, the decrease in the overall value of the investment portfolio was mainly the to withdrawals
in the year to fund the deficit, Fesulting In the total value ol the fund being £3.1m al 31 December 2023 {2022'
£3.5rn).
Despite ihe operating deficit, the Board of Management is comwitted to developing ils servicEs in line with the
strategy and its rnission to increase its reach and relevance within the rail industry. 11 is only Ihrough providing
cont&mporary and relevant sep￿ceS to potential beneficiaries that RBF will garner suffiuent external support,
funding and engagernent io allow us io SUPPOfl the wider railway family sustainably.
The aoard is also (x)mrnitled to the strategic delivery ol key projects. One of those was the upgF8(È ol the RBF IT
infrastructure. including back-oftice IT. a new websile and CRM which have corne lo fiuilion during the year.
Althaugh continuing operating deficits al the level seen in 2023 are not sustainable In the long-lerm, the Board has
signalled 115 readiness to ¢ontinuè to invest in the short-term. with the aim of secAiring langer-term benefits. The
Board continues lo review both Income and expenditure carefully and, while willing to SUPPOFi a lurther operaling
deficit in 2024, expecis to see progress in teirns ol starting lo bridge the gap between incotne and expenditLsre in
thè next three years.
The Financial Results
For Ihe year ended 31 December 2023 the RBF had net expEnditure li.e. a net defiutl before othei Fecogn15ed
gains anL1 losses li.e. before Investment gaIns￿osseS) of £424k 12022". £243k) as set out in the Statemeni ol
Finanaal Activitiés on page 14.
IOtaLL￿ was £416k 12022" £583kl. a decréase of £167k Compared to the previous year. The principal raason
for Ihis de(xease was due lo a reduction in cornmunity fundiaising EVEllts and nol holding The Royal Ch3rter
headline event.
Total 8X
oi)diÈur8 was £84Dk 12022." £828kl an increase of £14k compared lo the prewous year, driven by an
increase in charrf(able activities
The cost ol tsisin
funds lo12lled £143k 12022". £181 kl, 8 decEase of £38k. 2022 included publicily and event
management lor The Royal Charter. A bre8kdown of the costs of raising funds is sèl out in Note 6 to Ihe A¢counts.
enditure on charitable activiti&s lolalled £697k (2Q22'. £645k), an increase of £52k. This indudes grant
expenditure of £379k {2022" £350kl. an increase of £29k. A brief description of each lype of grant is set out in Note
8 to the Accounts.
lotalled £46k 12022". £37kl. This relales lo th8 general running of the charity and indudes
external audit, Insuran￿ costs, legal advice for trustees and costs assouated with conslrtulional and stslutory
requirements such as the cost ol trustee meetings and preparing the statutory 8fLounts. plus a shsre of SLJppoM
Costs. See Note 9 to the AtCOLJnls.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
&£wOL￿ 8re allocated acr085 the RBF'S principal a￿l￿tIeS in line wf(h the SORP 3nd tol8lled £372k 12022.
£353kl, the inuease being due primarity to higher staff costs.
Inv
nt
in 2023 ¢omprised inveslm8nl gains of £21 k12022." losses of £370kl.
Al 31 Dec8mber 2023 th& RBF'S Net Ass8ts weie £3,122k12022.. £3,525kl including investments of £3,OOOk12022'.
£3.301k) and cash b81ances of £176k12022'. £277kl.
Expenditure on grants in 2023 was £379k12022.. £150kl. The Increase can be attribuled to the ctsntinualion of the
Energy Fund which ran until July 2023. However, demand for the Central Fund Iprewously named Single
B&nÈvolent Grant) was much higher in 2023 compared lo 2022, with 112 mc>ra applications rÉc&ived. A new fund
w8s introduced, Ihe Retired Fund, lo suppart with the hidden cosls of getting older, also added to the increase In
spending. In line Kqth the CDmmittee's objecaives the￿ Continued to be a reduction in Quarterfy Grants.
RBF awarded 376 grants in 2023. This is lower than 2022 {4471, owing to the dosure of the Energy Fund, but the
demand for the Central Fund increased. RBF award8d ovèr £1 OOK towards prlority debts Ihrtsuoh Ihis fund. rnore
than pr&wous years. Th8 d8tnand foi the Central Fund in the first half of the year saw Ihe irnplemenl3lion ol
temporary measures, a 'contingency plan, to reduce the projected overspend. The contingency plan moslty affected
the Central Fund, by ￿ducing Ihe maximum award provided lo £2K. and reducing awards based on thé lèvel
savings tsf the applicanl. The contingency plan was effective in reducing the overspend forecast to jusl over budget.
650k of all applications 18ceived in 2023 were from current railway woik8is, which is the same 35 2022. In 2023. the
ain age group RBF supported was those in their 205 This Is another shin compared to 2022 where Ihe main age
groups supported were those in their 40s land those in their 30s close behind). This signifies the Irend of supporting
a younger age 9roup. Over 70°/0 ol benefiiaries are nDW under the age of 50.
The Child Care Grant. Webb and Mclntosh Funds focus on providing ￿gLJ1ar and ontroff gwnts for the needs of
¢hlldren of current and fomier employèes. Thera wera 188 beneficiaries of ihe Mclntosh Fund which prowdes
Christmas presents for the Children of those families wha we helped In 2023, an increase from 1S4 In 2022.
2023 saw the expansion ol wellbeing supporf aimed al supporting the retired communily. The launch ol the
volunleer-led befriending servi￿. 'Check in and Chat has provided 56 hours ol calls to beneficiaries experiencing
15018tion loneliness. Retired Community Events were also laun¢hed following a successful pilot IN November
2022. The events aim lo tackle isolation experi8nC8d frorn r8ttied or former raiKvay workers and provide a sense ol
community. Three events were held In Crewe.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF"}
TRUSTEES, REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Fundraisin
& Marketin
Fvndraising In¢ome iequiied to run the charity increases year on year due lo the rise in demand. IDle rely solety on
fundraising and donations to promde our range of support service5 and the economic climate in the Indu51ry and in
wider sociely has created a sustained financial Challenge
Many people have been struggling to make ends rneet due lo the eosl-of-living crisis, meaning less DI their income
can be don81ed to thaiitable 08uses. This has also been Ihe case with many org2nisations who have to make
dthcull d8cisions around charitable giving.
Therefor8, fundraising income In 2023 was less than the highly su¢oEssful prewous year but slill built on Ihe gr0￿h
trajectory ol earlier years.
Charity run annual events remain popular and a goad source of income. The 191h Annual GO￿ Day raised over
£15,QOO. We incre8sed sponsorship ol Ihe Heart of Gold Awards which now has 5 sponsored categories lo raise
£15,000.
We have Increased our presence af sporting events such as Ride London, Swim Serpentine and Royal Parks Ha
M8iaihon. Supporters have enjoyed taking part in these challenges and raislng over £5.000 in total with
SFoll50rship.
We saw a dedine in income re¢eNed during Railway Famlly Vveek. mainly due to fewer community fundraising
activities takin9 place and donatian5 being less in value. However, we introduced Ihe Big Chall8ng8
a virtual
Challenge whieh team5 participale in and log activity on an app which pr()ved popular with organisalions 8nd is
something we will build on in fulure years. The Auction of Experiencès continuos to grow wllh wore itetns to bid on
which Increased the Income.
Income from our Chrisltnas campaign hard its own 392ingt last year with an overall income ol over £45,000. We
in¢￿aSed promotion around donations lor children's GhiistM8s vouchers which was popular with individuals and
corporates alike.
Our presence at rail Industry awards and dinners (Rail Business Awards, Nation81 Rail Awards and RFG Awaids
and Christmas Lunch) with charity rafflès raisad ovér £22,000. We were also supported by Nelwork Rail who h(>sied
a Charity Christrna5 Carol Concert at London Bridge which raised over £1,000
We continue lo ￿e a dedine in regular giving and individual gimng which is a rÉflaction of the economic climate and
cost of living struggles. A regular gimng campaign aroun¢Y direct debit co[nmen￿d in 2023 and will continue lo be
ijeveloped into next year when wé 8xp8Ct to s88 results.
We were hoping lo have a charity charter train during 2023 building on the successful charter irb 2022. However, this
dié not matorialise, but we ale delighted that this has now been offered to us for 2024 instead.

RAILWAY BENEVOLENT INSTITUTION
I KNOWN AS THE "RBF")
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
We acknowledge the generous support we receive from iailway cotnpanie5 and supply chain partners.
We would also likè to Ihank those grant awarding bodies who so generously supported thè wort( of RBF during
2023.The Civil Service Insurance Society ICSISI Chanty Fund renewed its giant wlhin the year and are
exiremety grateful for Iheir generous £25k gr8nt. CSIS supports workers from across the spectrum of public services
induding the Rail Induslry. CSIS continues to take considerable intèrèst in the work of the RBF and has been a
consistent source of support and guidance on the Charills development, particularty in supporting collaborabon
with other funded charities regarding the provision of services.
We wish to Ihank all our corporate and individual supporlers over Ihe year who have don8lèd auction and raffle
ilems and th8ir tim8 to support our evenls and campaigns. We are grateful to the organisations who have ralsed
fvnds on behalf ol RBF al annual dinners and award presenlalion5 and lo those who have inviled us to their team
meetings. wellbeing days and exhibitions lo raise our protile. We are also Ihankful to those who have supported and
sponsored tsur annual golf day, Railway Family Week and sponsorship of our Heart ol Gold Awar(Is.
The Board thanks all those who have given so generously 8nd enabled Ihe RBF to pursue its work. We conlinue to
be gratèful for thè support provided by Iha Privy Purse. Other fundiaising income came from Ihe generosity of
individuals donating from their salaries and pensions As always, we received a number of donations from the
f8milies. friends and colleagues of former iailway staff who passed away during Ihe year, who remember their loved
ones by supporting our railw3y charity.
Regular giving has decreased within the year, poténtially reflecting the changing demographic of Ihos& Ihal provide
supporf via p3sroII and emphasising the need lo promote this im￿rtant regular source of income among younger
current staff. Payroll giving is currently concentr8ted in a small number of r811 emplDyet5.
The Board's overall objective remains securing the charitls future by achi8ving a 8ustainable funding gap, in ordér
to ènable the RBF to conllnue helping railway people in need. Our aiw is to adopl a dual approach when developing
and offering services to current rail émployers wilh grealer emphasis, alongside Ihese seNic8s, on the promotion of
rinanGi81 support and payroll giwng.
The work of RBF is, like most railway or9anisations, a team effort, and r&liès on the enihusiasm of its staff and
volunteers. Thanks are due lo our team In Ihe RBF tsffI￿ at Grewe foi their hard work 2nd to the Board ol
M2n2gemeni. for their on-going support and guidance in ensuring thai RBF continues lo d8velop. We must thank
the members of our Commillees who give so freely of their time In support of the RBF.
We are e*Lremely grateful for the enthusiastic support from our Honorary Patron, Lord Hendy of Richmond Hill and
President, Pete Walerman OBE, whts continue to wark closely with the RBF team lo raise the profile ol Ihe charity.
Lve musl pay Iribule to Claire Houghlon, who became our CEO in April 2020 and who r81irod in Septèrt>er 2023.
Claire faced unique challenges as her arrival coincided with the firsl eovid lockdown and it is lo Per immense credit.
and that of the t8am, that Iha work of the RBF not only continuèd uninierrupied bul adapled qUic￿Y lo eDpe with a
Surge in requests foi assistan￿.
Claire made a significani ¢ontribuli(>n lo every aspect ol the RBF including the implem8ntats.on of our Strategy with
emphasis on the services provided and an ovèrhaul ol supporting technology. Claiie left behind a far stronger RBF
than when she joined and we are immensdy grateful lor the conlribulion she made.
We were delighted to annaunce that Jo Kaye joined as CEO in Septernber 2023 brin9lll9 With her extersiv
background in le8dership in the rail Industry along with trustee and non-executive experience.
The many successes would not have been possible without the hard work and collabjiative approach adopted by
every m&mb$r of thé RBF t8am who responded so w811 to challenges sud) as the cosl of living crisis and rise In
energy pricas. Hybrid working aiiangetnenls are now a key part of the working week for the team. The commitment,
ingenuity and flexibility of the team demonstrates that the RBF is in very s8fe and capable hands. Thanks are also
due to those learn members who play key rolés lo implemonl the strategic initiativés alonoslde their day-lo-day
roles.

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
TRUSTEES, REPORT (CONTINUED}
FOR THE YEAR ENDED 310ECEMBER 2023
We note wllh régret the pasging of Alèx M¢Kinnell MBE on 15th October 2023. Alex was a Trustee ol lh8 RBF from
1986 10 2003 and continued io sit on the Eenefils Committee for a fudher 8 years.
Tho YoarAhead
We will be focused on ways to effe¢ts"vely manage the new normal high level of demand for our services, in a wider
UK and Rail econotnic conlexl whe[8 cost of living pressuies 3re bringing ongoing challenges to the railway family
members we 3UPPOrt. The rail induslry is undergoing a period of change, and we VNII be focusing on supporting
those who continue lo need our help during those changes.
Vle continue lo work hai(J to in¢rea5e the visibility of the charity and ils work In the rail induslry, pa￿'CularlY in the rail
supply chain. to enable us to rea¢h a wider ¢ommunily of those who may need our help. We will also bè focused on
identifying those who may be able lo support our efforts finanually.
We will slart to leverage the benefits of the investment that has ￿On madè into IT infraslruclure and systems over
recent ye815 to enable more efficient ways of working in zll that we do. This Is intended ta free up the valuable lime
of the team lo Concentrate on delivering our key sliategic objectives.
Focus on enhancing our income through individual giving as a key mechanism to provide a more reliable incom
base to énable better future planning is critical in th8 year ahéad. Wé will énhanee the support to the team who are
focused on income generation by atnendins our inteinal governance airangem8n15 to properly represenl the
importance of this a¢tiwly ID the charty.
Developing th& valuable role of volunteers will also be a key focus for Ihe coming year, this will piovide additional
support to the small staff team in broadening our reach, enabling us to support more industry events and delivering
our new semces Such a5 retired community evenls acros5 a widei g8ogiaphic scop8.
All of these èfforts are focused on delivering a more balanod inwme and expendtture position, reducing our
reli8nTr on rese￿eS and prèserving the luture of the charity.
We will also develop a new strategy for the nekt period of the charity's life, lakng the lessons of the reeknt years
and tlie cuiient CDntext of the mil indusliy as key inputs. Rernaining iesponyive to the needs ol current, lorrner and
retired rail siaff and Ihelr famllies Is our key tsbje¢tive. and we will determine the future direction of the seNi¢es we
deliver, mindful of our funding incorne.
Throughout thé year we will also ￿)nlinUe to develop our team of slaff and trust88s. As our most valuable asset they
deserve our help and supporl in all Ihal Ihey do for the charity.
The Trustees, report was approved by the Board of Management.
Tim Shoveller
Ghairman of the Board
D£le.' 19th June 2024

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF"
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The board ol managomenl is responsible for preparing the Truslees, Report and the financial ststements in
accordance with applicable law and United Kingdom Accaunting Slandards (United Kingdom Generally Accepled
Accounting Practice).
The18w applicable to charities in England and Wales and in Scotland 18quires the board of managernenl to p￿pare
financi81 st8lernents for each financial year which give a true ènd fair view of the slate of affairs of Ihe charity and of
the incoming resour￿5 and application of rèsourcas of the charily for thai year.
In p￿parIn£ Ih&se financial statements: the board of rmanaoement is required lo..
select suitable accounting policies and then apply them conststently.,
observe the methods and principles in the Chaiiliès SORP.,
make judgements and eslirnates Ihat are reasonable and prudent".
state whether applicable accounting standards have been followed, subied to any material departures disdosed
and explained in thé fin2ncial statements", and
prepare the financial stalernenls on the going concem basls unless il is inappmpriate to presu￿* Ihat the charity
will cc>nbnue in operation.
Th8 board ol management is responsible for keeping sufficient accounting records th81 disdose with reasonable
accuracy at any time Ihe financial position of the charity and enable them lo ensuie that the financial slataments
mply with the Charities Act 2011, the Charity IAccounts and Reports) Regula10ns 2￿8, the Charities and Trustee
Inveslfflenl Iscollandl Acl 2005, lh8 Ch3riti8s Accounts Isootlandl Regulations 2006 las amended) and the
provisions of the trust deed. They are also responsible lor safeguarding the assets of the chaiily and hence for
taking reasonable steps for the prevention and detection of frdud and other Irregulaiilies.
The trustees are respon51bl& for the maintenance and Integrity af Ihe charity and financial information included on
the charily's website. Legislation in the United Kingdom goveming the pieparalion and dissemination of financial
statements may differ from legislation in other jurisdidions
10

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION
Oplnlon
Wé havè audited the financial stalem8nts ol Railway Benevolgnt Insiituiion {th8 'charity'l for the y8ar ended 31
D8cembei 2023 which cotnprise the Statement ol financial activitie5. the b21ance sheet, the statetnent ol cash flows
and note5 to the finanGial slaternenls, induding significant aocounting poliues The financ481 reporting framework
that has been applied in their preparation is applioblè law and UnEtèd Kingdom A¢¢ouniing standards, induding
Financtal Reporting Standard 102 The Financi31 Reportjng Standard applicable in the JK and Republic of Ifplsnd
IUnl(ed Kingdom Generally Awepted Acmunting Practice).
In our opinion, the financial statements.
give a true and lair view of the state of the charity's affai[5 as al 31 Decernb8r 2023 and of its incoming
resources and 3pplicalion of resources, lor the year then ended.,
have been pioperly prepared in accordan￿ with United Kingdom Generally Accepted Accountins Practic￿,.
and
have been prepared in accordallr£ wlh the requiremen15 of Ihe Charities Act 2011. the char￿e5 and Trustee
Inve51rnenl Istrjllandl Act 2005 and iegulation 8 of the Charities AcLounls IS¢oiiandl Regulations 2006.
Basis lor oplnlon
We conduded our audit in accordance wilh Inlemalional Standards on Audthng IUKI IISAS IUKII and applicable
law. Our responsibiliti8s undér thosè stsndards aré further dgscribèd in the Auditors rgsponsibilili9s for lh8 audit ol
ho fin3ncial slaten3EnSs section of our report. We are independent ol the charity in accordance wilh Ihe ethical
requirements that 8re relev8nt lo our audit of the financial stalements in the UK. including the FRC'S Ethical
Standard. and we have fulfilled our olher elhical responsibililies in aocoidance W￿th Ihese reouirements. We believe
that the audit evidence we have obtained Is suffiaenl and appropriate lo provide a basis for tsur opinion.
Conclusions relating to going con¢ern
In auditing th8 linanaal slatémanls, we have concluded th31 the Trust8es' usa ol the going concern basis ol
accounting in the preparation of the financial stalernents is appropriate.
Based on the work we hav& pertorrned, wé havé not id8nlrfi8d any material uncertain1185 relaling to events or
conditions th21, individually or collectively, may cast significant doubl on Ihe charity's ability lo continue as a going
¢on¢8rn for a period of at least twèlvè months from when th8 finanaal stat8menls ar8 authorised for issue
Our responsibililies and the iesponsibilrties of the board of tnamagemenl wilh respeGI to going concem are
described in the relevant sections of this report.
Other information
The other infomiation comprises the information imcluded in the annual report other Ihan the fina￿la1 statements
and our auditorfs réport thgreon. The board ol managem8nt aré responsibl8 for the oth8r inlorm3tion coniained
within the annu31 report. Our opinion Dn the financial statemen15 does not cover the othei infortllation and we do not
express any fomi of assuiance conclusion thereon. Our responsibility 15 to read the other information and, in doing
so, consider whether tho other inforrnation is materia15y in¢onsistenl With the financial slaiemenls 01 our knowledge
obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such rnalerial
inconsislencles or apparent matenal misstalements. we are required lo detemine whether Ihis gives nse lo a
matèrial misstatément ITh thè fiThanci21 statements themselves. If, based on the work we hav& parformad. wa
conclude that there is a malerial misstatement of this ather infomiation, we are required to report that fact.
Vle have nothing to report in this regard.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF )
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION
Matt0￿ on whlch we a￿ required to ￿port byexception
We have nothing lo report in respect of the following matters In relatioN to which the Charities (Accounts and
Reports) Regulations 2008 and the Charities A¢counis (Scotlandl Regulations 2006 require us to report to you rf. in
tsur apinion..
Ihe inloim31ion given in the financial statements is inconsislenl in any material respect with the Trusleès,
report.. or
sufficient and proper 3ecouriting records have not been kepl or
the financial slatements are not in agi8ernent with the accounting records and r8turns," or
we have nol received all the infomialion and explanations we reoulre for our audit.
Responsibilities of board of management
As explained more fully in the stalernenl of Trustees, responsibilities, the board of managemenl Is responsible far
the preparation of the financial statements and for being satisfied that they give a true and lair view, and lor su
imlernal control as the board of managetnenl determine is necessary lo enable the preparation of financial
statements that are tree trom m81erial misstatement. whelhei olue to traud or error.
In Prepa￿ng the financial slalemenls, the board of management is responsible for assessing the charills ability lo
¢ontinue as a going concern, disdosing. as applicable, mallers rdaied lo going Goncem and using the going
concern basis of accounting unless the board of managomenl either intend to liquidat8 the ¢harrty or io ￿ase
operations, (>r have ng realistic aV(einative bul to do 50.
Auditorfs responsibilities for the audit of the financial stat8m8nts
We have b8en appoinled as auditor under section 145 of the Charilies Act 2011 and section 4411){cl ol the Charities
and Trustee Investment (Scollandl Act 2(￿5 and report in aCCOFdance with Ihe Acts and relevant iegulations made
or having 8ff8cI th8r8und&r.
Our objectives are lo obtain reasonable asSu[an￿ aboul whether the financial stalements as a whole are free Iiom
material misstatement, whether due to fraud or error, and to Issue an audilorfs report th81 includes our opinion.
Reasonable assuiance is a hi9h level ol assuran￿ buL is not a guaianlee th3l an audil conducled in accordan
with ISAS (UK) will always deteci a material misslalemenl when it exists. Misstatement5 fAn aiise from Iraud or
error and are consid0￿￿ Naierial11, indiwdually or in the aggiegale, they could reasonably be expected to influence
the economic decisions of users taken on the b8sis of these financial statements.
Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities. outlined 8bove. to deled m3teri21 rnisstatemenls in respect of irr8gularities, induding
fraud. The extent to whieh our proce(Sures are c8P8ble of detecting irregularities, including fraud. Is detailed below.
As part of our planning Pro￿$S..
we enquired of management the syslems and controls the charty has in place. the areas ol the financial
statemen15 that are rnosl susceptible lo the risk of irregularilies and fraud. whether there was any known.
suspected or alleged Iraud. the charity did not Inform us of any known, suspected or alleged fiaud.
We obtained an understanding of the legal and regulatory trameworks applio2ble lo the tharrty We
deleirnined that the followin9 were most relevant th8 Charity SORP. FRS 102, Charitiés Act 2011, and the
Charities and Tiustee Inveslmeml Act IS¢ofjandl 2005.
We considered the in¢enlives and opportunitiQS thal e￿st in the charity. including the ektenl of
management bias, which present a potential lor Irregularilies and fraud to be perpetuated, and lailored our
risk assessment accordingly.
Using our kno￿edge of Ihe tharity. logelher with the discussions held wtth the charity al the pLanning stage, we
formed a condu5ion on the risk of misslatemenl due to irregularilies indu¢ing fraud and tailored our procedures
according to this risk assessment.
12

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
INDEPENDENT AUDITOR'S REPORT {CONTINUEDI
TO THE BOARD OF MANAGEMENT OF RAILWAY BENEVOLENT INSTITUTION
The key pro¢edurès we underiook to delect irregularilies induding fraud during th8 course of lh8 3udil included..
Identifying 8nd testing journal entries and Ihe overall accounting records, in particu18r those that were
significant 3nd unusual.
Reviewing the Finanrial st3tem8nl disclosuie5 and determining whether accounting PDlicies have be
appropriately applied.
Revlewing and challenging the assumptions an(1 judgements u88d by managemènl in thèir significant
accoullb.ng estimates.
Assessing the exlenl ol complian￿. or lack ol. wfLh relevant laws 8nd regulations.
Assessing Ihe validity ol the dassification of income: expendiLure. assets and liabilities beNve8n
unie5tricled and reslri¢led funds.
Obtaining thir¢ party confirmation of material bank balances and invesimeni valuabons.
Documenting and verifying all significant related p3rfy balanoes and transaclions.
Reviewing docurnentalion such as Charity board minutes for discussions of irregularities including fraud.
Because of the irtherenl limitalioms of an audit. there is a risk that we will not deie¢t all Irregularities. In¢luding those
leading to a m8ierial misslatemgnt in Ihe financial Siatemenls or non-¢omplian¢e wrth regulats"on. The risk increases
the mc>re that compliance with a law or r￿UlatIOn is ￿ moved from the events and transactions reflecled In the
financial slatemenls, as we will be less likely to be¢ome aware ol inStan￿S of non-compliance. The risk is a150
g￿ater régarding irregularities o¢¢urring duè to fr8LJd rathèr than error, as fraud involves intentional concealrnenl.
forgery, collusion, omission or Misrepresentation.
A further description of our responsibililies is av3i13ble on the Finanryal Reporting Council's website at htlps'.11
www.Irc.org.uklaudilorsresponsibililie5. This des¢riplitsn forms part of our audf(ols report.
Use of our report
This repori Is made solety lo the charity's trustees, as a body. in a¢cordan¢e with part 4 Of thè Ch2ritias (Accounts
and Reports) Regulations 2008 and regulation 10 01 the Charities Accounts IScot12ndl Regulations 20(E. Our audit
work has been undertaken so Ihat we might slate to the ¢harty's Iruslges thos8 malters we are réqured to stale lo
thém in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law: we do nol accepl or
assume r&sponsibility lo anyone other than the charity and the chaity'5 trustee5 8$ 8 body. tor our 8udit work. for
this report, or for the tspinlons wè hav8 fonned.
Geen$ LSmltsd
Chartered Accountants
Statutory Auditor
Geens Limited is eligible lor appointment as auditor of the chzrity by ￿irtue of its eligibility for appointment as auditor
of a company under of se￿10n 1212 01 the Companies Act 2006.
13-

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted Restricted Endowment
funds
funds
funds
2023
2023
2023
Totsl
Total
2023
2022
NotÈs
Income from=
Donalions and legauès
Charilable a¢livities
InveslmeNIs
247,962
68.106
76.707
500
248,462
68,1C
98,933
357.839
125.563
99,626
22,226
Total income ond endowmEnts
392,775
500
22,226
415,501
583,028
Ex
éndltur
Raising funds
on:
136,937
6.132
143.069
181,016
Charitable activities
696,100
500
696,600
645,438
Total èxpondltyro
833,037
500
6.132
839,669
B26,452
Nel yainslllosse81 on inveslmenls
12
15,327
5,978
21,305
1370,0891
Net loutgoingvincoming resources before
trtnsfers
I424,9￿)
22.072
1402,8631 1613,5131
Gross transfe[5 between funds
22,228
122,2261
Net movement in funds
1402,7091
11541 1402,863) 1613,5131
Fund balan¢es ai 1 January 2023
2.539.145
8.062
977,856
3.525.063
4.138,576
Fund balances at 31 December 2023
2.136,43e
8,062
977,702
3,122,200 3,525,D63
The slatement of finan¢i31 activrties indudes all gains and losses recognised in the year. All incorne and experidilure delive
from continuing activitiés.
14-

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF"
BALANCE SHEET
AS AT31 DECEMBER 2023
2023
2022
Notes
Fixed assets
Investments
13
3,000,117
3,301.022
Current assets
Debtors
Cash at bank and in hand
44.539
175,931
45,433
277,222
220,470
322,655
Creditors= amounts falling due within
one year
q6
198.3871
198,6141
Net current assets
122,083
224,041
Total assets le$s current liabrlities
3,122,200
3,525,063
The funds ofthe charity
Endowment funds
Restricted Incorne funds
Unrestricted funds
18
21
977,702
8.062
2,126.436
977,856
8,(￿2
2,539,145
3,122,200
3,525,(K33
The financial statemenls were approved by the board ol managemenl tsn 19th June 2024
rim Shov611er
Chalm)an of thè Boanl
Frank Johnson
Trustse
15

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF )
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
Cash flows from operating activities
Cash absorbed by operations
2S
1522,4341
1376,126}
Investing activities
Purchase of investments
PrO￿edS frotn disposal ol investments
Invèstment income re￿ived
11,659.4551
1,981.S65
98,933
I￿2,518)
808,075
99,626
Net cash generatsd from investing
activities
421,143
305,183
Net cash used in financing activltle$
Net decrease in cash and cash equtvalents
1101,2911
170,9431
Cash and cash equivalents al beginning ol year
277,222
348,165
Cash and ¢ash equlvalènts at and of yaar
175,931
277.222
16-

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policios
Cha￿ty information
RaiTrNay Benevoleni Institution is an Incorporaled charily IChaFity Na.2063121, registered in England & Wales
2nd is also rogisterod Ir) Scotland {Charily No. SC0395501. The charity's registered addie5s and prinGipal
place al business Is 1 sl Floor, bAillennium House. 40 Nantwich Road, Crewe, CW2 8AD.
1.1 Accountlng convèntion
The financAal stat&mènls havè beén prepared in accordance with the ¢hariiy's governing document, the
Charities Acl 2011, the Ch3rities and Truslee Investment {Scot12Thdl A¢t 2005, the Charities Accounts
IS¢otlandl Regulations 2006 las amended), FRS 102 "The Financial Reporting Slandaid applic3ble in the UK
and Republic of Ireland C'FRS 102,) and thé Charities SORP 'AccA)unting and Reptsrting by Charities..
Statement ol Recommended Pra¢li¢e applicable to charities p￿ParIng their accounts in a¢cordance with the
Financaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January
20191. The ch2rity is a Public Banèfil Enlily as defined by FRS 102.
The financial statements are prepared in sterling, which is the fvnction£l currency ol the eharrty. Monetary
amounts in these financial statements arè rounded 10 the nearest £.
The financial $t31ements have been prepared under Ihe historical cost convention, or transaction Wdlue unless
otherwise slated in the relevant accounls policy nol8. The principal acwunting poliryes adopted are sel out
below.
1.2 Going concern
AI the litne of approving th8 financial statements, the board of managèment has a reasonabl& gxpectalion that
the chanly ha5 adequate resOUr￿S lo continue in oper31ional existence for the foreseeable future. Thus the
board of management Continues to adopt the going concern b8sis of accounts'ng in preparing the fjnancial
Stalernents
1.3 Charltable funds
Unrestricted funds ar8 a￿lL4b1& for use at the disuelion of the board of management in furtherance of their
charitable objectives.
R8Striaed funds are subject io specific conditions by donors or grantors as lo how they may be used. The
purposes 3nd uses of the r8slricled funds are set out in the notes to Ihe financial slaternenis.
EndowmeNI funds are subject to specific condilions by donors that the ￿prtaI must be mainlained by the
tharity.
1.4 Income
lfl¢ome is recogni5ed when the chaiity is legally enlilled to it aftei any performanty Condrftions have been rnel,
the amounis be measured rella1￿y, and il is pmbabl8 that Income will be recEived.
Gash donations are recognised on receipl. Other donatitsrns are ￿CogniSed once the charty has been notified
of the donation, unless performance conditions r8quire deferral of Ihe amount Income lax recoverable in
relation to donations received under Gifl Aid or deeds ol c¢hvenanl is ￿COgnIsed 21 thè lime of the donation.
Legacies are recognised on r8ceipt or oth8rwisè If Ihe charity has been notified of an impending distribution,
the amount is known, and ieceipl is expected. If the amount is not known, the legacy is treatéd as a
¢onDngeni asset.

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF )
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountinu policies
Icontinuadl
Income from olher SoUr￿S is measured at the fair value ol the consideration re￿iVed or recewable and
repre5enls 3mounls receivable for goods and servicès provided in the normal course of the ¢harity s activities.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitling Ihe
charity to Ihal expenditura. it is probabl8 Ihat settlement will be required and the amount of the obligation can
be measured reliably.
All éxpendilure is ac£ountèd for on an ac(xuals basis. All éxpènses. In¢ludillg support costs and wvernan
costs, are 2llocated or apportioned to the applicable expenditure headings in the statemani of finanaal
The cost of Raising Funds include costs af generating voluntary income, fund raising Irading and investment
fees. plus a share of support costs. The c4sts of generating voluntary income do not Indude the costs of
dissèminatino information in support of Ihe eharitable activities.
Gharilatle Activities comprise grants made plus a share o15UPPOrt Costs. All grants a￿ paid in accordan
with the RBF'S Royal Charter, Rules and Bye-laws. Grants are arLounled lor only when paid with the
exceplion of Quarteily Grall15 which 818 accrued to the end of the year and pledges made in reswcl of Single
Benevolent Granis which are dependent on spe¢ffic condilions which fall outside the control of the charity. No
provision is included in iespecl of Quarteily Granls or Residential Care Grants for future years.
Goveinance costs are those assoualed with the governance arrangements of the charity which relate lo the
general running of the charily. This includes internal and e%temal audit. insurance ¢osls. legal advice for
trustees and costs associated with constitutional and slatutory requirements such as the ¢ost ol trusiee
meetings and preparing the statutory 8c¢ounis. plus 8 sh8re of support costs.
Support Costs are those costs incurred in the support of the fund raising, gov&rnance and charitable acliwties
which ¢annot be directly attributed They h8ve been atlribuled lo a¢tivilies as described in the nctes lo the
fin3ncial slalements.
1.6 Tangible fixed assets
Tangible fixed assets costing more than £5,000, are initially measured al cosl and sub5equenty m&asured 31
cost or valuation, n81 ol d8precialion and any impairment losse5.
D8prècxalion is re￿gnised so as to wrile off the cost or valuation of assets less their residual values over their
Useful lives on the following bases..
Plant 8nd equipTllenl
3 Years slraighl Ilne
The gain or lass arising on the disposal of an asset Is delermined as the difl8rence between the sale proceeds
nd the carrying value of the assel, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Investments are slated at market value. Realised gains and lossès are Calc￿lated as the differen¢e between
sales proceeds and their market value al the start ol the ye3r, or subsequent cost on purchase. Unrealised
gains and lossas r8pres8nt thè movement in martel value during the year. Realise(f and unrealised gains and
losses are combined in th8 apprapiiate section of th8 SOFA.
18-

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE RBF")
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED>
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
(Continued)
1.8 Cash and cash èqulvalenis
Cash 2nd (xsh equivalents indude cash IN hand, deposits held at C211 wilh banks. other short-ierm Iiquld
inveslmenls with original malurities ol three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in cutrenl liabilities.
1.9 Financial instruments
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial Instruments a￿ initially recognised al transaction value and subsequenuy tllea5ured at their
seiiiement value,
1.10 Employee benefits
The ¢osl of 3ny unus8d holid3y enti118ment is recognised in the period in which the employee's sewice5 are
received.
Teimination benefi15 are recognised immediately as an expense when the charity Is demonstrably cotnmitted
lo terminate Ihe employment of an employee or lo pro￿7￿e termination bemefits.
1.11 RetirÈment benefits
Paymenls lo defined contribution retirernenl benafit schemes are charged as an expense as they fall due.
1.12 Forèign èxchanga
Transactions in currenues olher than pounds sterting are recorded at the rates of exchange prevailing al thè
dales of the tr3nsa¢lions. Al Each reporting end date, monetary a55et5 and liabilities that are denotninated in
foreign ¢urrenies are relranslated at the rates prevalling on the reporting end dale. Gaims and losse5 arisillg
on translation aré incjuded in nel in¢omellexpenditurel lor the period.
Crltlcal accountlng estimates and judgements
In the application of the charitys accounting policies, the knaid of managemènt Is required to make
judgements, estimate5 and assumptions about Ihe carrying 8mount of 3ssets and Ipabililies that are Mot readily
apparent from olher sources. The estim31e5 and associated assumptions are based on historical eKperienc8
alld other factors th21 are considered to be relevant. Actual results may differ from these e51iMates.
The estimates and underlying 3Ssumptions are reifjewed on an ongoing basis. Revisions lo accounting
estimates are recognised in Ihe period in wthich the estimate is revised where the revision affecls ￿lY that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Al the year end there were no eslimatas 2nd assumptions that have a signifi¢ant rlsk of ¢ausing a maierial
adjuslmenl ta the carrying atnaunts of 8ssets and Iiabilrf(ies Mqlhim ihe next linanual year
Donations and l&gacies
Unrè$tri¢ied Restricted
funds
funds
Total
Total
2023
2023
2023
2022
Donations and gifts
247.962
500
248.462
357.839
19

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF"
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Donations and legacies
Icontinuedl
Donation5 and gifts
Regu13r Giwng
Individuals
Civil Service Insurance Souely
Rallway Companies
Other businesses and charrf(able bodies
Legacies
GtFt Aid
Other
74.118
43,904
25,500
59,212
8,403
28,797
8,028
74.118
43,904
25.500
59,212
8,903
28,797
8.028
76.717
92.581
24.000
97,377
20,958
13.366
16.610
16.230
500
247.962
500
248,462
357,839
Regular Giving comprise5 iegular paytnenls made by current employees of railw2y companies through thèir
company payroll and by former railway employees through the pensions payroll system or by standing order.
Individual donations InclLJdes generous donations from the farnilies, friends 2nd colleagues of former raI￿aY
Slaff who have passed away and monies by collections made ai Railway Staff Clubs, at BTPF br8nches, 8nd
3 donation from the late HM The Queen.
Charitsble activities
Gharitable
Incoma
2023
Charitable In¢ome
2022
Fund-raising events and awards
88,108
125,563
Investments
Unrestricted Endowment
funds
fund$
gonèral
2023
Totsl
Total
2023
2023
2022
Incorne from listed investments
Interest receivable
75,946
761
22,226
98,172
761
99,504
122
7b,707
22,226
98.933
99.626
For the year ended 31 December 2022
9,204
22,226
99,628
2D_

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Raising funds
UnrestrS¢tsd Endowment
funds
funds
Total
Total
2023
2023
2023
2022
sn
Staging fundraising evenls
Support costs
22,231
100,076
22.231
100,076
58.871
94,757
Fundraising and publicity
122.307
122,307
153,62B
Investment m3nag8menl costs
14.630
6.132
20,762
27,388
136 937
6.132
143,069
181,016
Forthe year ended J1 Dgcemb8r 2022
Fundraising 2nd publicity
Investment m8nagement
153.628
21.256
153.828
27,388
8,132
174.884
6.132
181,016
Charitsble a¢tivities
Charltablè Charftable
Expenditure Expenditure
2023
2022
Grant funding of aclivilie5 (see note 81
378.937
350.468
Share of support cosls (see note 91
Share of governance costs Isee note 91
271,974
45,689
257,750
37,218
696.6LXI
645.436
21

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Grants payable
Charitable Charitable
Expenditure Expendlture
2023
2022
Giants lo individuals-
auartedy Grants
Central Fund Grants
Webb Fund Grants
Child Care Granis
Family Support Fund & Dis¢relionary Grants
Emergency Giants
CitiZ6ns AdvicèlLagal referrals
Othér Grants
Partnerships
Emergency Fuel Fund
Retired Support Fund
6,702
277.157
28.240
1,154
13,335
6.180
11,679
7,16Q
5,79
13,800
7,739
15,786
228,366
31,126
300
12,255
6,260
5,670
fj.1fj2
5.610
38.933
378,937
350.468
-22_

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE RBF")
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Grants payable
Icontinuedl
Quarterly Grants
An annual monetary grant Ipaid quarterly) where a conlinuing need is idenlified. Quarterty granls are being
phased out.
Central Fund
One off grant ol up 10 £3,000 to allemate finanGial hatd5hip. This giant can support, but is not limited lo, costs
relating lo prioiity debts. financial hardship. white goods and household items, funeral costs, and costs ol
disability equipmelll.
Webb Fund Grant$
These grants continue the work of the Webb Orphans Fund whsth wa8 Ir8n8ferred inlo the RBF during 2002.
They are quarterly payrnents to assist the parents ol dependenl children where a continuing need has been
identified.
Child Care Grants
A grant for child related expenses such as disability equipment, clDlhing and furniture.
Other Charitable Grants (Family Support Fund & Discretionary Grants) - £13,33512022- £12,255)
Childrèn's Fund - É11,33512022= £9,055)
Children's Fund is a small grants pragramme (up to £200} that provides support to current raTknJay staff with
dependent children where the annual gross household income does not ex￿ed £40,000. This fund can
support with child ie131ed expenses e.g., school Irips, children's aclivities, clubs, sthotsl uniform. The
Children's Fund was rebmnded Irorn the previous F8miW Support Fund
Discretionary Grants- £2.00012022.. £3,200)
A one-off discretionary granl wilh a m8ximuM award of £400 8CGe85ible to former qu3rterly grant recipients
and Central Fund applicants On￿ Ihey have reached their rnaximurn award limit. Discrelionary grants can
also be paid if 2 Central Fund grant has not rnel full need.
aclnt05h Grants
A one-off vouther of £40 per child at Ghristmas for applic8n15 with dependent children who have accesse
RBF support through other grant schemes wilhin the year.
Emergency Grant$
A small one-off grant of £250 lo Ihose Ihat raquir@ short térm immediaie assistance for exp8nses such as
electiicity or food.
Citizens AdvicelLegal retorrals.
A partnership wlh Citizens Advice ICAI to offer free, conh'dential advi￿ for debt, benefits 2nd budyeting. The
team will make a referral io CA who will then conlacl thè eliènl to help with further suppori. Legal referr819 will
be rnade to Law Express to oHer legal advice.
Partnerships
Law Express- maintain R8F legal Advice app and access to legal specialists throJ9h their helplin&.
Citizens Adviee M8n¢hesler- referrals lo debt specialists offering support Iisled above.
-23-

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE RBF")
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs
Support Governance
costs
costs
2023
2023
Total
Support Governance
costs
costs
2022
2022
Total
2023
2022
Stsff wsts
Information technology
Marketing
aihar costs
290,387
32,832
41,289
7.542
22.457
3,648
312,844
38,480
41,289
9,762
247,801
46,774
40,178
17.754
18,600
5,197
268,401
51,971
40,178
19,904
2.22Q
2.150
Audit Fees
Accounlancy
Insurance
Other direcl casts
5.400
1,248
3,845
6,871
4,470
4.470
1.104
3.463
2.234
1.248
3.845
6.871
3,463
2.234
372.050
45,689
417.739
352.507
37.218
389.725
Analysed between
Fundraising
Charitable activitie5
100,076
271,974
100,076
317,663
g4,757
257,750
94.757
294,£Q8
45,689
37.218
372.050
45,689
417,739
352,507
37.218
389.725
10 Board 01 Management
Neilher Board Members or any persons connecled with them rÈc8ived any remuneration during Ihè year
12022. £nill. The aggregate amount of expenses reimbuised to two 12022.. one) 802rd Membeilsl during the
yaar amount6d lo £341 (2022.. £1491.
Employees
The average rnonthly number of employees during Ihe year was".
2023
Number
2022
Number
Management and adminislr8tion
Employrnent Costs
2023
2022
Wages and salaries
Soaal security Costs
Other pension costs
280,327
20,548
11,989
238,531
18,941
10,929
312,844
266,401
-24_

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
41 Employees
Icontinuedl
The Key Management Personnel are the members of Ihe Senlor Management Team.
The Senior Management Team Gonsists ol the Chief Execulive. the Finance Manager, th& Fundraising
Manager, and the Welfare Services Manager.
The total ernploye8 benefits of th& KMP'S ol Ihe chaiity was £173,08312022." £149,699).
There were no employees whose annu31 remunerglion was more than £60,000.
12 Gains and losses on inv&slmÈnts
Unrestrlcted Endowment
fvnds
funds
2023
2023
Total Unrestrlcted Endowment
funds
fund3
2022
2022
Totsl
2023
2022
Gainslllossesl arising on..
Sale of investments
15,327
5,978
21.305
{266.2381 (103,851) (370,0891
13 Fixed asset investments
Listed
Investsnenls
Cost or valuation
At l January 2023
Additions
Realised g8inlllossl
Unrealised gaiMII10351
Disposals
3,301,022
1,659,455
241.340
1220.0351
11,981,665)
Al 31 December 2023
3,000,117
Carrying amount
Al 31 December 2023
3,000.117
At 31 December 2022
3,301,022
14 Flnanclal Instrumants
2023
2022
Carrying amount of financial assets
Instruments measured al fair value through profil or loss
3.0(￿. 117
3,301,022
-25-

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
15 D8btors
2023
2022
Amounts falling due within one year-
Trade deblor5
Prepayrnenls and accrued incorne
18,767
25.772
14.335
31.098
44.539
45,433
16 Creditor5- amounts falling due within one year
2023
2022
NotÈ$
Deferred income
Trade creditOlS
Other creditors
Accruals and deferred income
17
13.320
14,529
43,882
2S,676
8.705
12,908
56,707
20,294
9S.387
98.614
17 Deferred income
2023
2022
Other deferred incom8
13,320
8.705
2023
2022
Defèrrèd incom8 is induded within.
13,320
8.705
Movements in the yeai..
Deferred income al 1 January 2023
Released from pr8ViOU5 peii(MJs
Rosourcés defer￿d in the year
8,705
18,705)
13,320
8,425
18.4251
8.705
Deferred income at 31 December 2023
13,320
8.705

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18 Endowment fund5
Endtsthjmenl funds ￿present asseis which musi be Theld pérmanently by the oharity. Income arising on the
endowrnent funds can be used In accordance with the obiècls of the charity and is included as uniestricled
incorne. Any capilal gains or losses arising on the asseis form part of the fund.
At 1 January
2023
Incoming
resources
Resources
expended
TransfÈrs
Gains and
losses
At31
December
2a23
Pem1anent endowments
INebb Fund
835.424
Proprietsry
Annuities Fund
Langton Home
Fund
General
Webster Wright
Fund
18 989
15,2391
118,9891
5,108
835,292
96,236
2,187
16031
12,1871
588
96.221
35,802
814
12251
18141
219
35.796
10,394
236
(651
12361
63
10,392
977,856
22,226
16,1321
122,2261
5,978
977,702
Prèvlous yèar:
At 1 January
2022
In¢omlng
rèsourtos
Resources
èXP8nded
Transfers
Gains and
lo$$es
At31
December
2022
Pemianent endowments
Webb Fund
929,387
Proprieiary
Annuities Fund
Lanqton Home
Fund
Géneial
Webster Ilh-ighl
Fund
18.989
15,2391
118,9891
188.724
B35,424
107,060
2,187
{6031
(2.1871
11D.221)
96,236
39,829
814
{2251
18141
13,802
35,802
11.563
236
1651
12361
11,104)
10.394
1,087.839
22.226
16,1321
(22.2261
1103,8511
977,856
27-

RAILWAY BENEVOLENT INSTITUTION
{ KNOWN AS THE RBF")
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 21123
18 Endowment funds
Icontlnuedl
The permanent endowment known as the Webb Fund 15 that portion of the net assets of the Webb orph￿,5
Fund whi¢h originated from monies bequeathed to Ihe Fund al Ils inception in 1906 by Fr8ncis William Webb,
a forrner Chief Methanical Engineer ol the London anLI Westein Rai￿aY Company. Ttte Idvebb Oiphans. Fund
was transferred to the RBF on 1s1 July 2002. No reslriclions weie pla￿d on the us8 of the income from the
Vebb Fund by the Commissioners. but since its transfer the RBF'S Board of Management has untinued to
use the income in 5UPPOrt of children ol railway families who are in nèed.
The Proprietary Annuities Fund is a separaiely fftgistered Scheme, the Trustee ol which is the Inslitulion.
There are no iesliiclions on the use of income deriving from this Fund within the objects of the RBF. bul as ir)
prewous years the Income has been used to provide quarterly giants.
The Langlc>n Home Fund is a separately reglSt8ied charily (No. 2345811 , of whith the RBF was appoinlod
the Trustee by the Chanly Commlssloners on 5 January 1972. Income from this fund MLJSI be used in support
of children ' whose lathÉrs have been killed or permanently disablad whilsl woiking on Ihe railway" or failing
that In support of any olh&r childr&n who are In need.
The General Webster Wright Fund originates from a donation made by the London and North Eastern RaiKvay
in 1942. The income from th15 fund must be used for the general ¢2re and educational assistan￿ of thildren
of railwaymen.
Income from Ihe Webb Fund and Proprietsry Annuities Fund which is not ￿$trIcIed has been transferred lo
unreslricted.
19 Retirement benefft schemes
2023
2022
Defined Contribution scheme$
Charg8 lo profrt or loss in r8specl of defined ￿ntribUtIon schemes
11.969
10,929
The charity operates a defined contribution pension schewne lor all qualfying employees. The ass8ts ol thè
scheme are held sep8ratety from those of the tharily in an independently administered fund.
20 Designated funds
The income funds ol the charity indude the following designated funds which have been set aside out of
unrestricted funds by the Irustees for speafic purpo8es'
At 1 January
2023
Incoming
resources
R8sourc8s
expended
Transfers
Galns an
105ses
At31
December
2023
St Christopherts
Fund
General funds
63.917
2,475.228
1.212
391.563
343
14,984
65,472
2,070.￿4
I8￿,037)
22,226
2,539,145
392.775
1833,037)
22,226
15,327
2,136.436
28-

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2a D8signated funds
(Continued)
Previous year..
At 1 January
2022
Incoming
resourcés
Resources
èxpendèd
Transfers
Gain5 and
lossès
At31
Dè¢ombar
2022
St Chrisiopherfs
Fund
General funds
68,149
2,974,526
1,731
559,071
1s,g831
1260,2751
62,917
2,475,228
IB20,3201
22,226
3,042,875
560,802
1820,3201
22,226
1266,2381
2.539.145
The Sl Christopherfs Fund has been designated by the Bo8rd of M8na9emenl for the benefit of dependenl
children. It was formed from the JS Forbes. LM Appeal Gommillee and G Bass Funds previously asso¢i81ed
with St Christopherfs Railway Orphanage to provide for the care and maintenance of children (including
educational needs) and from legacies made by E Little and L A Maffey in 1994195 where Ihe donors
expressed 8 prelerence for the monies 10 be used for tha banelil of children.
21 Restricted funds
The ie5trictad funds of the charity comprise the follc)win9 unexpended balances of donations and grants held
on trust lor specific puiposes-.
At l January
2023
Incoming
resources
Resources
4xp8nd8d
At31
Decembar
2023
Carers Support Fund
Independemce At Home GraNI
8.(162
8.ffi2
500
15001
8,082
500
15001
8,062
Prevlous year.
At l January
2022
IncomSng
resources
Resources
expended
At11
Decembèr
2022
Carers Suppor( Fund
8,(￿2
8,082
Carer's Support Fund
A fund in partneiship wilh olhor charitiès l012unch a carers helpline in 2019.
29-

RAILWAY BENEVOLENT INSTITUTION
( KNOWN AS THE "RBF")
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22 Analysis of Net assets between funds
Unrestsi¢ted Designatsd Restricted Endowment
funds
funds
funds
fund$
2023
2023
2023
202J
Total
Total
2023
2022
Fund balances at 31
December 2023 are
represenled by..
Inveslménls
Current assetsllliabililiesl
1,956,943
114.021
65.472
977,702
3,000,117 3,30fj.022
122,083
224.041
8.062
2,070,964
65,472
8,062
977,702
3.122.200 3,525,(￿3
23 Operating lease ¢ommltments
Al the reporting end dale the charity had outstanding Gornmitments for future minimum léasé paymènts under
non-¢ancellabl8 opèrating leases, which fall due as follows..
2023
2022
Mthin one year
Bétwèsn two and five ye3rs
8,400
8400
8,400
8,400
16.800
24 Related party tran5action5
There were no disclosab18 related party Iransaclions during the year12022- none).
25 Ca$h llen•rat￿ from operations
2023
2022
Deficit for the yeai
1402,8631
1613.5131
Adjustments for..
Invéstmanl income iecognised in stalemant of financial activilies
IGainlAoss on disp0$81 of invesimanis
198,9331
121,3051
199,6261
370,089
Movements in working capital..
Deixeasellincrease) in debtors
(Decrease) in crèdilDfs
Increase in deferred income
894
14,8421
4,615
P5,9211
17,4351
280
ash absorbed by operatlons
1522,4341
1376,1261
26 Analysis of changes in net funds
The charity hao no material d9bt during the year.
30-