Charity registration nwnber.. 22704 National Federatlon of Subpostmasters Benevolent Fund Annual Rewrt FancIal Statements forthe Yaar ed 31 DeLember 2023
Natlonal Federatlon of Subpostmasters Benevolent Fund Trust6ey' Report The trusle8s present the ann report logetFw ryth the fina1 stat&1 and auditors, report of the Cha forthe year ended 31 December 2023. Trustee8 Mr Timothy Boclhnan Ms Sue Jude Mr8 Susan Edgar Objectives and actlvRles ects and aims The Benevont Fund wa5 founded in 1944 to help serving or retirgj subpostmasters aThJ their dependants who fall on hd times. The charity is constsluted as an unrK00rated association. Th8 obj'ed of the Fund is lo grant temporary assist in cases of need to." a) Serving or retired subpostmasters.. and b} Serving or ICer employees of the National Federan of SubPostma5ters" and c) Partners and children of the af0reme[TiK)n person5 resutiing fr(.. il 8reakdown in heamh. li} Bereavemenl. iiil Dom8Stic distress. During th8 cumnt r we 7MII Contin to pxknlicFse Fund and lis work. We wil eontinuo our regular remew programme for all ongotrKJ bene{arEs. The Board of Benevolence. ncthtthstaThlirvJ an1rj contained within the rukn. IK)Ids di5cretlDnary POW8r to relieve any exceptiond cases which may be brought to ils notice. The intentK)n of the Bernt Fund ts to use its funds in Order that those who have contributed shall in times of need be accord1 prrity of consideratw. PublK l)8ngfrt The Iruslees confim that they have cpkned vrith rThnents of Sl0n 4 of the Charitiès Act 2011 to have due regard to the pubk benefti guidance wknlished by the Charty Commissi7 for England and W The trustees regularfy advertlse thties and the ¢)bjectives to tsUre they are widety known to potential benefles. GTrnt licies The charrty prirKipalty provides ants dher financi assistance to eliqible berficiaries which are in need. U88 of voluntee The charity relies upon volunle8rs whth are dra*Tr frrrn the NatM)nal Federation of S1p0StmasterS lo undertake its objectNes. Page 2
Natlonal Federntlon of Subpostmastets Benevolent Fund TTUStees' Report {¢ontlnugd) Financial review Polic on reserves The Trusteos hav8 conSiderj the reserves of the charity and the need for il to hold sufficient funds to enable a8SiStance to be gNen in oses of great hardsh1. The Trustees are aclNety seeking new sources (rf funds to the Fund to continue to wovth assKstan¢e when I1r[ in the future. The BenevonI Fund's sources of funding ar& regular d(Thtions from serving subpostmas1e. income eamed from investments and fundratsing aclwities. Investnnt olic There are no restrKIK)ns otheT than the investrnents be suitable for Charities. The investment of the charivs fund is maw&l by prtr)nd fund managers undor Ihe magement ?d scrutiny OF the Truste&s. The investrnenl otyective L8 irrtended to achieve capknl and Kome grcJ¢Ah wthich over the k)ng t8rm will endeavour lo maintain the real value of the assets. This is lo be achieve(J by investment in 8 bnced portfdio Ccffiprising cash based investmonts. fixed interest and equitEs. with a medium risk profile. In order lo M(Or prcvaress Ihe nve5tmenl managers provKle quart capftal perfOonCe reports. The repts Include the m¢)vement on the Ffm Share Index over the sarne perK)ds. The Trustees periodKally consider ther there is a nd to rev& the Investment Policy Statement and if so wiu advise the investm& mwJers. Structure, governance and management Natufft of V8min doGument The charity is controlkd by its goveming (bcumen( a deexl of trust. and conslTtutes an uninccKporated ch&ity. The administration arml (trol cé the fund is vested in th8 BoBrd of Benevolence which consists of one EXecut[e elected frcffl and by each Regla1 Couml of the National Fed&ratIC of SubPosknasters aThl the Executiv6 Offic8r for Nothem Ireland.. the rewesentatNes are declared at the meeting of the Executwe Counc41 of the Nalional Fgjerdtion of SubPostmast6rs held immediately after its Annual Conference. Al members of the B03rd ol Ben8vol&n¢e retire annu8Jly. but are eligi for re-election. In the event of a vacarKy occurring by death or otherwise. during the year, the Regnal Council affted has lh8 pow8r to eknt ancther repre8entar¥e. Recniitmenl and a ointment of tntst8es The Trustees are e¢ted frLYn and by the B¢)ard of Benevolence. The Trustees continue in office during their lives, or until they resign or ctrase lo be a member the Board of BenevoFencg, or are removed by resolution of a meeting of the Boafd of BenenCe. The BLwrd of Benevol8nce has the power to 8ppThnl a Trustee where a vacancy oc(yJrs. Paga 3
Natlonal Fgdoratlon of Subpostmastsrs Benovolent Fund Trnstee5' Report (contlnuedl InductKJn and tTrini of trustees All sewing trustees are long standing members clthe Board of BeV019n¢6 and are familiar wth the practical work of the charity prh?r to being appoinl8d tnjstegs. The Benevolent Fvnd subscrib8s to b(rth relevant publcalvMs and a charity aSSlatI( lch assists the Trustees in ensuring that thr dulles are caffied <NJt a¢darKe with b8st current praclKe. anisation81 stllt The Benevolent Fund is a charity which is separate fr(#n the NaticTrl Federalton of SubPDstmasters, bul tTr oryanisatbns enjoy 8 close working relationshp. The Fund is a membw of the AssLxiatth of ChaTable Oryanisatws IACO) provides Infom)ath)n on knp)rtant issues wi the sector. Relatlonshlps wlth related partles National Federation of SubPosmasters The Benevolent Fund r6 a chartty whKh is swarate fr<Jm tho Nalicffjal F8deralKJn of SthP¢)stma51ers, bul the two OrganlsatiL enjry a close relationsh4D. Flnanclal Instrumfrnts eGbves and icies The charitrfs activfcies exp05e f( to a number of finarKial risks including credit risk, cash flcfvN risk and liquidty risk. The use of finwKial derivatsves ts govemed by the charity's pokies 4)proV by the tK)ard of trustees, which provide written princv on the use of fiar1 derivatives to manage these rtsk8. The Larity does not U8e derivalive financk81 instruments for spulative puwses. Cash fiow nsk The chartys actwrb.es expose it primarity trj the financiat risk5 of chan9es in foreign currency exchange rates and interest rates. The charity uses forevJn exchange forward contracts and interest ral& swap contracts to hedge these eywsures. Interest bearillg asset8 arKI liable5 are held atfixed rate to 8nsure certainty of cash fluws. Crsdit iisk The charitls principal financi assets are bank bnces and cash. trade and other receivaNes, and inveslmenls. Tho charity's credit risk is primanly attribulae lo its trade VableS. The aMcnIS presented in the balance sheel are nel of allowan5 tor doubtfvl rttwvab. An alith¥ae for impaimienl is made where there is an identified k)ss event which. based on prelious ewierKe. is evKJence of 8 reduction in th¢ recoverJility of the cash fk. The credit risk on liquid funds and derNative instwments is limited bBcause the counterparties are banks with high credil•ratings asshJned by intemab.onal cTrdit-rating agencies. The tthariiy has no sTrJnifnI concentration of credii risk. with exposure spread over a large number counterparties and customws. risk In order to maintain IKiuidity to ensure thai SuEnt funds are aw1&) for g01rj operations and future developments. the charity uses a mtUre of ktyerm and short-tem debt Tinar. Further details regarding fNuidity risk can be f(NJrMI in the SLknent of accounting pokies in the financial statements. Page 4
Natlonal Federation of Subpostmastws Benevolent FurKI Trustees. Report {conllnued) Di$¢losure of Infomiatlon to audltor Eh trustee has taken steps that they ought to have taken as a trustee in order to make themselves awwa of any relevant audit inf0m1atn to 8stablish that the charity's auditor is aware of that InfoTfflalH)n. Tho trustges confitm that Is rK) reknnl InfOnnat that they kncw of and of whith they know the dttOr 18 unavrdre. The ILllif nnual report was approv by the tntstees of the chty on .................... and signgj on Its ChaiTman and truslae Page 5
Natlonal Federatlon of Subposlmastgrs Benovolent Fund ststement of Trustges. Responslbllltles The trustses are responsli for prepar thg tnths. rewrt and the financial stslements in accordar wth the United lQrvJd(xn Accnting Standards (United ngdL Generally ApIed AcuntIng PractKel and applicable law and regulatDns. The law app1¢able to charthes requres the trustees lo prq)are ffinancial statements for each fin¢la1 year which give a true and far view of the stste of affaws of the chty and of the incoming resources and application of resour of the chaity for that p. In prepariry tlwe ffiancial sfaknMts, the trustees aro required to: s8l&t suitaw &counting poli¢i85 then appty them consistenty. observe Ihg m8thods and wlncwes In Ihe chareS SORP., make jtKlgwnents and @StnateS are reasonle and prudent. slate whether appllcable account1 standards hav8 been fol1. subie(I to any material departures disdosed and explained in the rla[ Stat)ents.. and prepare tho financi Statemer on the going concern basis unkn it is inappropriate to presume that the charty wll continue In business. The trustegs are responsible for keeping proper accounting rttonls that disclose wtth reasonabb accuracy al any time the financia] position of the charity and enable them to onsure that the financk?I statements CL¥nply wlth the Chartties Act 2011, chaliti {Accwnts and Reports} Regulations 2008, and the Provisitins of the cOnStitIon. The trustees are akn responsible for safeguarding the ass8ts of the charity and hence for takllYJ reas(ble stw for the prevenlion and detedion of fraud and other irregularitses. The trustees are responsibfe lor Ihe MaintnCe 84¥1 Kkngilty of the c#)rporate and financkql infomiation induded on the Charitable wmpanys Site. Legislation governing the preparation and dissemination of finanryol statemenLs may diFferfmm kgi8tation in CtherjLtrldJns. ,1612k roved by the trustees ofthe on .................... and signed on its tehaN ty. Ms Chaimian and tNstee pe6
Natlonal Federation of Subpostmas¢ern Ben9volent Fund Independent Auditorfs Report to the MembeTS of Nadonal Federntlon of Subpostmasters Benevolent Fund Opinlon W8 have audited the financial statements of Nonal Federation of SubFQStmasters BeneVOt Fund (the 'charity'l for the year ended 31 Decemiw 2023. which cr)mprise the Ststement of Financial Actniities. Balance Sheet. arKI Wes to the F1wlat Statefflents, including a summary of signih.cant accounting pICS. The financial retKirting frameth that has been applied in their preparati is United Kingdom Accounting Slandwd5, comprising CharitS SORP FRS 1(r2 'The Financial Reporting Standard applicab in the UK and Republ of Irelar¥J' and appbcablè law {Uniied Kingdom Generalty Accept A¢Unting Practe). In our OlHnion the finar131 statements: gNe a true and fair vw of the state of the charity's affairs as at 31 Decomber 2023 of its incomlng re8ource8 ¥pbcation of resC¥Jr5, Inthd9 ils Wicome and expenditure. foi the year then ended., have been property prepared in acwrdance wlth Urtrt Kg Generally Accepted A()Unting pract8.. and havo baan pr8par8d in OrdanCe t•Alh the requirnents of the Charitiès Act 2011. 8asi5 for opinlon We conducted our aLKlil in xCOrdan with Inlernationd S1K1ards on ALMJiting (UK) {ISAs IUK>I and applicable law. Our responsibilties under those standards further described in th& auditor ressx>ns1Ilts0$ for th& audit of the finanoal statements Section of report. We are independent of the charty in accordance with the hal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S EthKal Standard. and w8 ha fulfflled our other ethal responsknilibes in accgrdarKe wilh these requirements. We believe that the audit ewdence we have obtained is sufficient and apprryriate to proMd8 a basis for tr opinKIn. ConGluslons relating to golng concern In auditing the fala1 statemonts, we have condud8d th81 the trustees use of tha going o)ncern ba8is of cOUntIng in the preparation (rf the financk81 statements is appropriat Based on the work we have perfomied, have not Identif any material uncertainties relating to events or ¢diOnS that, indivhdUa cokctivety. may cast signifiLsnt doubl on the charity's ability to continua as a going COnM a p8rirJJ of at twelve months from when the original financial statements were authorised for issue. Our r8sponsibilities and the r8swns1bilSS of th8 tnteeS wlth restd to going concèm are de$ibed in the rethnt sections of this report. Other InformatN)n The trustees are responsfok for the other informat. The other information comprises the information inc{ in the annual report, olher than the financial stslements and our auditoV8 report thereon. Our opinK)n on the finar13[ statements does rnt cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we th) Th)t express any fom) of assurance conclusK)n therg)n. In connecthjn with our audit of the finanal statements. responsibility is to r6ad the other infomiation and, in doing so, consider whetw th8 Oth infomalKbn is materially inconsistent th the financial statements or our knowledge c)lained in the alit or otherWe ¥Jpears to be materialy misststed. If we identrfy such rnaterial ]rnsistenC1eS or 4par@nl material misstalements, we are required lo delemiine whether there a material misslatemenl in lh& financial statements or a malgrial misstatement ol the other infomialM)n. If. bas on Ihe wL¥k we have performed, we conclude that thero is a material misstatement thIS other informatic. we are required to repcwt that fact. Page 7
Natlonal Federation of Subpostmasters Benevolent Fund Independent AudIt0$ Report to the Membpts of Natklnal Federntlon of Subpostrnaster8 Bènèvolent Fund {contlnued) We have nothing to report in this ryd. Matters on whlch we are requlred to report ty exception In the light of our knedge and understanding of th8 charity and its environment (l)tsined in the ¢our5e ofthe audrt. we have not Jen11fd Mater mr&ststnIS in th8 Tnte65, Rew)rL We have nothing lo report in respect of the foluwiThJ matters where the Charities (Acco18 and Report) Regulations 2008 requires us to rewt to you rf. tn our Opini.. adoquate accounting rordS have not bèen kepL or thms trd4uate for our aLbllt have not beèn recewed from branches not Sited by us., or the financial statements are not in agreement with th8 accounting record8 retum$' or certain disclosures of tmstees reinunerakn SFeufied by taw aro not m18", or we have not received all th@ infcXmat th 8xt4anations we require for OUT audL Rospon$lblllt19s of trustegs As explained more fuly in thè Statemant OfTte6s. ReSpS11tIe8 (set on page 6), the trustees are reSponsie for the preparation ot the finala1 statements and for being satisfied that they give true and fair view. and for such intemat control as the trustees detemiine is Trecess to enable the preparation of financial StatentS th are free frcffj merwl misstatement, whether due to fraud r error. In preparing the financial statements. the trustees are re5ponsbbe for assessir¥J the charitys abllty lo continu8 as a going cOnrn, disctosing, a5 applicable, matters related to going Concern and using the going ¢c)cern basis of aceountry unles5 the trustee5 elher inteThl to INuidate the chaiity or lo cea58 operations, or have no realist atternative but to do so. Auditor Rgsponsibiltties for the audFt of the flnanclal statements Our objectives are lo obtain reasonab assurance about 4th91h@r the financkql statements as a vAKJle are free from material Misstatemt, vthether duo to fraud or er, and lo issue an audrtorfs report that inclLKles OUT C4)inion. Reasable a&SUran is a hwJh level of assurance, but is not a guaranleg Ihal an audrt conducted in accordance wth ISAS (UK) WU aw detect a material mStatement when il exists. Misstatements can arise fr(Kn or error and are consxtered material rf, indNidualty or in the aggreyate, they could reasonably be exwfi to influence the economic decisions of useTS taken on the basis of th&8e finanaal statements. The èxt&nt to which our pedureS are capth d deltIng rregularilies, induding fraud 18 detailed bel(w.
Natlonal Federatlon of Subpostmaster5 B8novolent Fund Independont Auditorfs Report to the Member8 of National Federation of Subpostmasle Benavolent Fund (connod) Irregularities. inclLKlIr fraud. are instances of norpcompliance with laws and regulations. We d8sign ProdureS in line Trmth our responsbilities, 0uuld above, lo detect material misstatements in reSpt of iThegulariknes, ncluding fraud. We have considered the nature of the 8th. cffltrol envronment and financkgl porfcmance.' We have considered the resums of enquiries Nwth mawement aml members in rElation lo thèir own identifi¢ation and assessn3ent of a rigk of irregularities within the enty, and We have rewewed the key processes and controls and perfonned lests of transactions lo confiTm that the systems are operating in fine with the documentatDn. We have considered the matters discussed among the audtt engagement team regarding how and whoro fraud might occur in th8 finala1 statements and Fotsntk41 indallyS of fraud. AS a result of these procedures. we have ¢xnshJereAI the FtunitIeS and iente$ that may eXt wi(hin the organisation for ffaud and idenltheij the hrghest risk area lo be Fn relation lo revenue recognibon. In common with audits under ISAS {UK) arè dso required to perfomi Splf procedures to respond to the risk of management OverTle. We have also obtained an understsndiro ofthe legal and rgJuFarity framw10 that the Fund operates in, focussing on provisions of those laws and regulatn$ that have a direct effect on the leminalion of material amounts and disdosures in the ffiancial statements. The key laws and regulations considered in this Context 1Thded charit Acts 2011. Charity SORP 2019 and the tem)s conditions attaching lo any material grants e1¥1 by the charity. In addition we considered the provisic5 of other I regulations that do not have a direct affect on the financial statements but compliance vAth ¥hi¢h may be fundamental to thè Fund's abilty to operate or avoid material penalty. Our pr(ttdures lo respond to risks KJenliFd lo include the folbwing:_ Reeing finarrial sL2tement discbsures and testing to supporting dLKumentatK)n to a¢$ compliance wth provi%K)ns of relevant kws and regulations described as hawng a direct affect on the financial statements- P8rfoming anatytscal procedures to identfy unusual or relatK)n8hps that may indicate a risk of materi?1 misstatement due to fraud., Rtiviewng Both Meeting mlnutes; Enquiring of management in relatK)n to tUal rthntial clatins or kitrJatiL d.. PefftJm)ing dets1 tran8th•n testing in rdaticfft to wnition of revenue. The risk increases the furth8r removed cnplanCe wlh a arvj regulatK)n is from the events and Iransadions refiected in the financial statpments, given we be les5 likely to be awaro of it, or should the irregularity rmir as a resuk of fraud rather than one-off eTror, as this may involve intentional ¢x)ncealment, forg. ¢lUS)n. omi8skin or mlsrepresentaln. A further description of our reswnsbilihes IS Wdffable on the Filar Reporti Councivs website at.. wvm.frc.org.uklaudhoreSF0n8lbditles. This desNi)tsn fom)s part of Duf audilor's report. Page 9
National Federation of Subpostmastets Benevolent Fund statsment of Flnanclal Actlv515es forthg Y•ar Ended 31 December 2023 Unrestrlcted Total 2023 Income and Endovnnents from: Donations and legacies Investment income 10,152 29,814 10.162 29,814 Total Income 39.966 39,966 Expendtture on: Raising funds Charitable actiwtses {13.284) {22,449) 113,284 {22A491 Total Expendlture GainslkSSaS on investment assets 35,733 10.086 10.086 Not movgmont In funds 14J19 14,319 Reconclllatlon of funds T81 ftjnds brought f(Mward 831,425 831,425 Total funds earrl8d forward 14 845,744 845.744 Unvgstrlctgd Rostrfcted Total 2022 Notè Incomo and Endowments from: Donati)ns and legacie5 Investment inccxne 5,051 28,479 9,816 28,479 Total Income 33.530 38.295 Exp8ndlture on: Raising funds Charitable aCtilieS (12.272} 120.604) 1112721 125.3691 (4.7651 Total Expenditure Gainsllosses Dn investment assels 32,876 194,978} 4765 37.641 194,9781 Net movement in fund5 194,324} 194,3241 Reconclllatlon of funds Total funds brought fotward 925,749 925,749 Totsl funds carried lorward 14 831A25 831N25 All of the charity's athities derive fr(rn conlinuing cWat) duriNJ the thve kn periods. The funds breakdown for 2022 k8 Sh(h #i 14. The rK)tes on pages 13 to 23 fm an integral part of these fncIal statemènts. Page 11
Natlonal Federatlon of Subp05tmastars Benevolent Fund {R8gistration numbor. 262704) Balanco Sheot as at 31 December 2023 2023 2022 Flxed assets Tangible assets Investments 10 11 137 847,658 137 830.651 847,795 830.788 Curr£nt assets Debtors Cash at bar and In hand 12 1,360 88.350 1,872 111,212 89,710 191,761) 113.084 (112.447} Credltors: Amounts falllng duo wlthln one year 13 Net (liabllltlgsllassets 12.0511 637 Net assets 845.744 831A26 Funds of the charity". Unrestrlctod Incomfr funds Unreslricled 845,744 831,425 Totsl funds 14 845,744 831A26 The fi on I statements on pages 11 to 23 were approved by the truslees. and authorised for issue .. and sp3twd on their behalf by. Jude Chairman and Trustee The n0$ on p$ 1310 23 fom an Integral part ofthese financial statemenls. Page 12
National Fèderation of Subpostma5tor¥ Bgnovolent Fund Notos to the Flnanclat stat8m8nts for the Year Ended 31 December 2023 1 Aceountlng poll¢les statem8nt ofcom IAanc8 The financial statements have been prepwed in accordanco with the SeCd l(M)n of the Chafiti88 statement of Recommended Practice issu&l n October 2019. the Financi Reporting Standard applicable in the Kingkn Republic of Ireland {FRS 1021 and the Chaiities Act 2011. Basis of National Federation of Sutyostmasters Bene¥olent Fund m88ts the definition crf a public tefft entity under FRS 102. Th& accounts lfinancrdl Statern) have beon prq)ared under the hkstorical cost converbtion items recogniwl at CL55t or tranwt)n value unless Stat the relevant notelsl to these a¢CLnts. concom The trustees consider that there are no malerHI uncertainti8s aboul the charws ability to continue as going conc8m. Income and 8ndowmlS Voluntary income o)clLKling donatton5, grfls. 8nd grants that provde core funding rx are of gener nature 18 recognised when the chwity has enlitlemenl to the income, it is probablg that the income will be receNed and Ihe amount can be measur8J sufficient reliabilty. Donations and acies Donations and kgaoes are recognKwJ on a TwElVab ba8B than r8C8pI is probable and the amount c8n b8 r8liabty measured. Inv8Stm8nl Iiicomg Dmdends are recognised cmce the dithd has been decled and notification has b*n recewed of the dNKlend due. l expendNure is recognised once there i8 a leg or (x)nstnJctive Ob1jati0n to that expenditure, * is probable settlement Is Tequirad and the amount can measured re11th. AJI costs are alk)caled lo the applicable expenditure he&ling"Ihai aggregate sAnPar costs to that category. Where costs cannot be direclty attributed to particular headings they have been alkicaled on a basis consistent véith the se of resources. with Cen staff costs knated on the basis of tlne spen( and deprecHtion Ch8$ 811oc8ted on the porti of the asset's use. Other costs are alkjcaled based on the spread of staff costs. Rwsi fvnds These are costs incurred tn attracting v(Auntary incry the mwenl of investrments and thos& curred in trading actNilS that raise fuThYs. Cha17table activitses Charitable expenditure comprises those costs incurTed by the charity in the delivery of Tts activities and services for its benefKiaries. It bndtKles costs that can be alk)cated dwectty to such activities and those costs of an indirect naturo necessary to SUPFwJrt them. Pag8 13
Natk)nal F¢deration of Subpostsnasters Bonovolont Fund Notes to tho Flnanclal Statsmonts for the Year Ended 31 D8c8mber 2023 Icontinu8d) 1 Accountlng pollcles Icontlnuod) Grant VISnS Provisions for grants are made when the Yrtention to make a grant has been comMUnated lo the reciiNent but there is uncertainty about eitrr t4 timing of the grant or the amou of grant payable. costs Support costs include central functions and have been albcaled to activrty cost categories on a basis consistent with the u8e of resources. fLY exampk, allocating propety costs by floor afeas, or per capita, staff costs by the time Spent arhj other costs by thew usage. Govgmart8 costs These irKlude the costs altributabk lo the chartys compliance c{st[tUtla[ and statutory r4uirements, induding audiL Strateg management and trustees meetings and reimbursed expenses. Tax•lion The charity is cons¥Jered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore rt meets the deh"nilion of a charitaNe company for UK cory)or8tion lax purposas. Accordingty, the charity r& pcrtenlialty exempt from taxation re8pect of inwme (K capital gains received wthin catsgori8s cove¥ed by Chapler 3 Part 11 of the Corporatvjn Tax Act 2010 or Se¢tK)n 256 of th8 TaXatn of Chargethe Gain5 Act 1992, to the extent that such rm@ or gains are applied exc8¥ to charitable purposes. Ta Ib fNed ass&ts Individual fi¥ assets costiryJ £500.00 or more are lded at ryjst. ation and amortssafio Depreciation is pwdwj on langble fwl assets so as to NwiEe off the cost or valuation, less any estmated residual value, over their expethd useful econom lrfe as fckn.. A5s0t clas3 Furniture and equwbenf Fixed asset investments Fixed asset investrnenls, other than pr(wJramme related investments, are Ir&Ied at market value at the balance sheet date. Realised gains and bjsses on investments are calculated as the difference btheen sajes proceeds and their market Yalue at the start of the year. ¢x their sUbSeqlIt cost, and are charg6d or credited lo the Stat8n1 of FIllan8] Activknes in the period of disposal. ljepreclatlon method and rato 25% - reducing balance Unrealis8d gains and kjsses rapsent the movement in market values during the year and are credit or charyed to Ihe Slalement Financigl Aclmlies based on the mathet alue at the year end. Cash and Gash UN81ents Cash and cash equivalents compris6 cash on hand and call deposts. and other slK)rt4erm huhly liquid investments that are rea(lity convertbie lo a k)ffl amount of cash and are subject lo an insvJnifieanl risk of change in Wdlue. Fund structu Unreslricled income funds are general funds that *e avdli ab for use at the truslees discret#)n in furtherance of the objectives of the charity. P•Je 14
Natlonal Federation of Subpostrnth Benevolent Fund Notes to tho Flnanclal Statements fortho Year Ended 31 December 2023 (conllnuedl 1 Accountlng pollcies Icontlnued) FinanGial mstwm8nls classifatron Financial assets and financial fL7bilities are Teccgnised ¥knen th& charity becomes a paty to the contractual provishms of the instrument Financial liabilities and equty instruments are classified ac£ordirvJ to the substance of tha conttxtLI arrangements enlered into. An equity instrument is any contract that evidences 8 residual interest in the assets of the charity after deductKu dl of its Iwbilths. Rec(ynilFon 8nd m6UM9nt All financial a8881s and Iwbilities are initialty measured at transacknn pr (M)cluding transaclion costs}. except for those financial assets classff*d as at fair value through profft or k)ss. which ar8 inttiapy mèasured at fair value (whth k8 nomi2 the transaction price elUdIng transaction costs). unl&ss the ar[arvJnI constilutes a financing tranSactn. If an arrangement o)nstitules a financiig transactton. the financkn71 asset or financial liability is measured at the present value of the fubjre payTnent8 discounted at a market rate of interest for a sunitar debt instrutnpnt. Financi assets and la)ilits6s are only offset in the 8fatement of finanBtal wsthon when, and onty when there exists a legally enforceab right to set off the recognised amounts and the d)arity intends either lo settle on ? net basis. or to rease the assd arxl Sett the IHblity simulLvou$ty. Financi assets are derecognIs when 8nd a) the contrthjal rights to the cash flows fiom the financk81 asset eypire or are settled: bl the charity transfers lo another party substantralty all of the risk8 and rthvards of ¢yémership of the anCIal a55et, or cl the charity, despite havin9 retained some: but not all, signrflcant rtsks and rewards of v4mership, has transferred control of the asset to another paty. Financial liabilit5 are der8cryJnised onty the oblvJaI the corbbxct is discharg8d. cancelW or expires. Page 15
Natlonal Fgderatlon of Subposlmastgrs Bonovolont Fund Notss to the Flnanclal Statements for the Year Ended 31 Decembèr 2023 {conllnu8dl 1 AuntIng policlas (continued) Debl inslmmenls Debt instruments which meet the conditicS subsequentty measured al amorti8ed cost using the effth interest melhod: {a) The Contrtual retum to the holder is (Ii a fixed amount; (il a positiv8 fLxed rale or a positNe variable raie., or (iiil a ccnbinhJn of a positr or a negative tixed rate and a positNe variable rate. {b) The contract may prowde for repaents of the princ¥)al or the relum to the holder (but not both) lo be li[)k to a Sing relevant Ll)5erVab irxlex of gra1 Pr infiath.on of the currency in which the debt instrument is derMInated, provKJed such links aTe not kveraged. {c) The contract may Prfjde for a deinable variati) of the retum lo the holder durir@ the lrfe of the instrument, provKled fhal {1} the ne4V rate Satisf C(¥KIrtl {a} and the ation is not contingent on future events Other than 11} a change of a ContrUal variable rate,. {21 lo protect the holder against credit deterioration of the issuer. 13) charges in knes appli8d by a central bank or arising from changes in relevant taxat)on or Iw. or {ii) rvw rate is a market rate of interest aTrJ satisfies condition lal. {d) There ts no contractual p¥1$ that c(NM. by its terms, result in the hohjer losin9 tho principal amount or any interest attributable to the current peinj or perv)ds. (e) Contractual prothsions that permii the issuer to prepgy a debt instrument or P11 the Fw)Ider to pth it b8ck to thg issuer before maturty arg not contingent on future events. other than lo protect the holder against the credit deterioration of Ihe issw or a change in ci)ntrol of the issuer. or to protect the holder or issuer against changes in leS aPled by a ntral bank or arisiro trom changes in relevant tak2tion or . 10 Contractual provisions may permri the extensM)n of the term of the debt instrunnt, prowded that the return lo the hokJ8r and any contraciual ptovision8 appliGale dufing the extend8d te satisfy the conditR)ns of paragraphs (al to Ic). Debt instruments that are dassiff&J as payable or rece&)18 Within year on initial reccgnition and which meet the above conditions are measural at th8 undiscounled amount of the cash or other considerath)n expected to be paid or recewed. net of imwm)ent With the exception of some hedjing instruments, cther debt instnmients not meeting thoso condrtions are m8asured at faff value through prof k)ss. Commithents to m8ke a1 knans which med the condilion5 thentioned knve arè measured at cost (which may be niv less impawment Fair value me8suremenl The best evhdence of fair valug a quobj prKe for an bYentrAI asset in an active markeL When quot prices are Urlab. the pe of a recent tranSactn for an ¥Yenlical a$5et provides evKlen¢e of fair valu8 as long as there has nfA be a swJnrficant change in 10m rCUMStanCeS or a 5ignrficant laps6 01 lime th& transactK>n tOL4( ple. If the market is not actNe and recent transactions of an ident1 asset on their ¢yn are a g)od estimate of fa value, the fair value is estimated by using a valuatK)n hnUe. Pag8 16
National Federation of Subpostsnastets Benevolgnt Fund Not8S to th8 Flnanclal Statements for th& Year Endod 31 Dgcember 2023 Icontlnued) 2 Income from donatlons and legacleg Unrnstrict•d funds Restricted Total General funds fvnds Donations and legleS., Donations from indikiduals Legaci&s 5.152 5,152 5.000 Total for 2023 10,152 10.152 Total for 2022 6.051 4.765 9,816 3 Investmant inc(x Unrestricted funds Total General fund5 Interest receivable and similar income" Interest recewable on bank dekKJsits Other income from fLxed asset investments 4,516 25,298 4516 25,298 Total for 2023 29014 29,814 Total for 2022 28A79 28,479 Page17
National Federation of Subpostma5ter5 Benevolent Fund Not05 to tho Flnanclal Statements for the Year Ended 31 December 2023 Icontlnued 4 Expenditure on raising fund5 a) Costs of geratIng donatk)ns and legxies Unrestricted funds Totsl Nole General funds Other direct costs of generating voluntary income 1YI 177 Total for 2023 177 177 b) Invostment management wsts Vnrgstricted funds Total GeneTal funds Other investment management costs. Oth8r portfolio management o)sts 13.107 13.107 Total for 2023 13.107 13.107 Totsl for 2022 12.272 12,272 5 Expenditure on choritable activitles Unrestrlcted funds Reslricted Totsl Gongral funds funds Gwt funding of actiwti8S Albcated support costs Govemanc& costs 9,918 125 12006 9,918 125 12,406 Total for 2023 22W19 22.449 Total for 2022 20,604 4,765 25,369 Page 18
National Fèdèratlon of Subpostmasters Benevolent Fund Notes to th8 Flnanclal Statements for th8 Year Ended 31 December 2023 Icontlnued) 5 Expendlture on charltable a¢tl¥llles leontlnued) 6 Analysls of gov8manc• and support costs Govemance costs Unrestrfctod funds Total General funds Audit fees Audit of tho financial 51atements Legal fee8 other govemance cc6ts 3.480 8,896 30 3.480 8,896 30 Total for 2023 12,406 12,406 Total for 2022 5.936 5.936 7 Trnstees remunerallon and expenses No tnjslees, nor Y persons conneLled wth them, have recwved remuneration from the charity duTing the year. No trustee8 have received any rMburSl expenses or any other beneffts from the charty during the year. 8 Auditors. remuneratlon 2023 2022 Audit of the finala1 statements 3,480 3,480 Page 19
Natbnal FedeTation of Subp05trnaskn Bgngvolgnt Fund Notes to thB Flnanclal Statomwts forthe Year Ended 31 December 2023 Icontlnuad} 9 Taxatlon The charity is a registered charity and is therefore exempt fr(8n taxation. 10 Tanglblo flxed assets Furnlture and oqulpmont Total Cost At 1 January 2023 13,618 13,618 At 31 Dg¢embor 2023 13.618 13,618 Dopreclatlon At l January 2023 13A81 13,481 At 31 Dxember 2023 13A81 13,481 Not bookvalue At 31 December 2023 137 137 At 31 December 2022 137 137 Pa3e 20
Natlonal Fgderatton ol Subpostmaslers Benevolent Fund Notss to the Flnancial Statements for the Year Endad 31 D8c8mber 2023 (contlnuedl 11 Flxgd asset Invgstmonts Other Invostments Listed Inv•stments Total Cost or Valualon At 1 January 2023 RevaluatDn Additions Disposals 830.651 830,651 31.820 31,82Q 152.189 152,189 1167.002> {167,0021 At 31 Dgcgmber 2023 847.658 847,658 Net book value At 31 DeceMr 2023 847.658 847,658 At 31 December 2022 830,651 830,651 12 D8btors 2023 2022 other debtor8 1A60 1,872 72 13 CreditOTS'. amounts falllng due wlthin onè year 2023 2022 Other cr8ditoTS Accruals 88.257 108,942 3,505 91.761 112.4M7 Page 21
Natlonal Fed¢raUon ol Subpostmastws Benevolent Fund Notss to the Financlal Statements for the Year Endod 31 December 2023 {continuod) 14 Funds Balance at l January 2023 Balance at 31 Dfjcember 2023 Incomlng Re%wrces other nded Yecognlsod gain110$se$) Unre5trlcted funds G&n&ral 831A25 39,966 135,733) 10,086 845.744 Balance at 1 January 2022 Other recognisod galnsl{lossesl Balance at 31 l)ecember 2022 Incomlng Resources Unrostrlcted funds General 925,749 33.530 4.765 131876) 147651 {4978) 831,425 Restrlcted fund5 Total funds 925,749 38.295 (37.6411 194,978) 831.425 15 Anatysis of n8t assets belween funds Unre5trfcted General Total funds Tangible fixed assets Ixed asset investments Current assets Current lialitieS 137 847.658 89.710 191,7611 137 847.658 89,710 {91,761} Total net assets 845,744 845,744
Natlonal Federntlon of Subpostmaster5 B¢ngvolthrt Fund Notes to the Flnanclal Stat8m8nts for the Year Ended 31 DecembeT 2023 leontinued) 16 Rèlal8d party tran5adlon5 During the year the charity made the related party trans&#i)ns: Natlonal Federntlon of SubPostmaste All of the Chari8 tnJ8tee8 are also Membe the trrd of dweclors of the relaled party. The Charity was set up by the related partls prede$S0 organis8 th the intention of providing assistan and rellef to members ofth& relaw party. Tho related pwty pwdes, free of any charye. administran servvs and facilities to the Charity. During the year the related paty made a restricted donaticffl to th& Chity for the $FeCIf relf of a bng term member and servant of the ryganisatK•n. Tha h)an from the relatad pty is unsUred and interest fr86.. At the balanc& Sheet date the amount due to National Federation of SttPoslmasters was £85.299 {2022 -£107.480). Pag8 23
Natlonal Federation of Subp05tmasters Benavolgnt Fund Statenjent of Flnanclal Actlvltl05 by Thd forthe Year Ended 31 December 2023 Total Total Unrastrfcted Unrestricted Funds Funds 2023 2022 Income and Endowments from: Dor)atvJns and legaues Investment incthme 10,152 29M14 5,051 28,479 33,5XI TO1 income 39.966 Expendlturè on: Raising funds Charitable activities {132841 {22M91 {12,272) {20,604) Totsl expenditure GainsnDSS&S on investment assels {35,7331 10.086 {32,876) {94,978) Nel Incomollexpenditure} 14.319 {94,324) N&t movement In funds 14,319 {94,324} Reconciliaon of funds Total funds brought forward 831 N25 925,749 Total funds cale{l forward 845,7•14 831,425 This page does not lorm part ofthe statuW financkal statements. Pa3e 24
Natlonal Federatlon of SubpOstmaste Benovolent Fund ststem6nt of Financial Actlvltles by fund forlhe Year Ended 31 Decèmber 2023 {contlnued) Total Total Restrbcted Restrlctod Fund5 Funds 2023 2022 Incom8 and Endowments from: DonalKJns legacies Total income 4766 4765 Expendlture on: Charitable activities 14.7651 Total expendlture (4.76SI N8t in¢omellexpendlturel Reconclliation of funds Total fund$ carrlod forward This pag8 dogs not form part of the statutory financial statements. Pap 25
National Federation of Subpostmasters Benevolent Fund Dots11od Statement of Flnanclal Acllvltl8s forthe Year Ended 31 December 2023 Total 2023 Total 2022 Income and Endowments from: Donations ond legacies {anatysed bepyw) Invesknent incomo (anatysed bekw4) 10,152 29.814 9,816 26,479 Total income 39.966 38395 Expendlture on: Raising funds lanaly3ed below) Charitable actNths lanatysed belryul 113.2841 (22,449) 112,272) 125,3691 Total eXp)dIture Gainwlosses on invesknent assets {anald belcAY) 135.733 10.086 137,6411 194,9781 Not Incomellexpenditurel 14.319 194,324) Net movèment in funds 14319 194,324) Raconciliatlon of funds Total funds br(yJght forv 831.425 925,749 Total funds carrlod foryArd 845,744 831A25 This page does not form part rrf the stattrt(ry finan¢01 statements. P*Je 26
Natlonal Foderntlon of Subposlmasters Benevolent Fund Detailed Statement of Flnanclal Acllvltles forthg Year Ended 31 December 2023 Icontlnued) Total 2023 Total 2022 Donatlons and legleS Legacies and bueStS App8ak and donati)ns Appea& and donati)ns 4,765 5,051 5.152 10.152 Investment Income Income from listed investments Interest on Gash dews((s 25.298 4,516 28,424 2BA79 Ralslng funds Fundmsing costs Portfolio management $ts 117n {13.107) 13,284 (12,272> {12,272 Charitable activities Grants p8yable- indNKJuals Grants payable- indNKluals Travelling Tr8JJe subscriptions The audft of the charitys annuat wjunts sICit0rs fees Printing, postage and stationèry Bank charg&8 {4,7651 (14,5451 178> 145} {3,4801 {2,264) 1192) (9.918) {80) {45) {3.480) {8.896) {30) 22,449) 25.3691 Gns/lossès on investrnent assets Revaation règerve. investment assets Realised investment gains 31,820 {21.734) 177.042) 117,936 This page dofys ncrt fomi part ofthe slatutw firal sLments. Page 27