Charity registration nwnber.. 2￿2704 National Federatlon of Subpostmasters Benevolent Fund Annual Rewrt F￿ancIal Statements forthe Yaar ￿ed 31 DeLember 2023 Natlonal Federatlon of Subpostmasters Benevolent Fund Trust6ey' Report The trusle8s present the ann￿ report logetFw ￿ryth the fina￿1 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 Benevo￿nt Fund wa5 founded in 1944 to help serving or retirgj subpostmasters aThJ their dependants who fall on h￿d times. The charity is constsluted as an unrK0￿0rated 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 IC￿er employees of the National Federa￿n 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 an￿1r￿j 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 Ber￿nt Fund ts to use its funds in Order that those who have contributed shall in times of need be accord￿1 pr￿rity of consideratw. PublK l)8ngfrt The Iruslees confim that they have c￿￿pkned vrith ￿ r￿￿Thnents of S￿l0n 4 of the Charitiès Act 2011 to have due regard to the pubk benefti guidance wknlished by the Charty Commissi￿7 for England and W* The trustees regularfy advertlse thties and the ¢)bjectives to ￿tsUre they are widety known to potential benef￿l￿es. GTrnt licies The charrty prirKipalty provides ￿ants dher financi￿ assistance to eliqible ber*ficiaries which are in need. U88 of voluntee The charity relies upon volunle8rs whth are dra*Tr frrrn the NatM)nal Federation of S￿1p0StmasterS lo undertake its objectNes. Page 2 Natlonal Federntlon of Subpostmastets Benevolent Fund TTUStees' Report {¢ontlnugd) Financial review Polic on reserves The Trusteos hav8 conSider￿j the reserves of the charity and the need for il to hold sufficient funds to enable a8SiStance to be gNen in oses of great hardsh￿1. The Trustees are aclNety seeking new sources (rf funds to the Fund to continue to wovth assKstan¢e when I￿￿1r￿[ in the future. The Benevo￿nI Fund's sources of funding ar& regular d(Thtions from serving subpostmas1e￿. income eamed from investments and fundratsing aclwities. Investn￿nt olic There are no restrKIK)ns otheT than the investrnents be suitable for Charities. The investment of the charivs fund is maw&l by pr￿tr)nd fund managers undor Ihe m￿agement ?￿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 b*nced 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 perfO￿￿onCe reports. The rep￿ts Include the m¢)vement on the Ffm Share Index over the sarne perK)ds. The Trustees periodKally consider ￿ther there is a n￿d 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 Reg￿la1 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 Reg￿nal Council aff￿ted 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 Bene￿￿nCe. 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 Be￿V019n¢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 aSS￿latI(￿ ￿lch assists the Trustees in ensuring that th￿r dulles are caffied I and applicable law. Our responsibilties under those standards further described in th& auditor ressx>ns￿1Ilts0$ for th& audit of the finanoal statements Section of report. We are independent of the charty in accordance with the ￿h￿al 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 eth￿al responsknilibes in accgrdarKe wilh these requirements. We believe that the audit ewdence we have obtained is sufficient and apprryriate to proMd8 a basis for t￿r opinKIn. ConGluslons relating to golng concern In auditing the f￿a￿la1 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 ¢￿di￿OnS that, indivhdUa￿ ￿ cokctivety. may cast signifiLsnt doubl on the charity's ability to continua as a going COn￿M a p8rirJJ of at ￿ twelve months from when the original financial statements were authorised for issue. Our r8sponsibilities and the r8swns1bil￿SS of th8 tn￿teeS wlth rest*d to going concèm are de$￿ibed in the rethnt sections of this report. Other InformatN)n The trustees are responsfok for the other informat￿. The other information comprises the information inc￿￿￿{ in the annual report, olher than the financial stslements and our auditoV8 report thereon. Our opinK)n on the finar￿13[ statements does rnt cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we th) Th)t express any fom) of assurance conclusK)n therg)n. In connecthjn with our audit of the finan￿al statements. responsibility is to r6ad the other infomiation and, in doing so, consider whetw th8 Oth￿ infomalKbn is materially inconsistent ￿th the financial statements or our knowledge c*)lained in the a￿lit or otherW￿e ¥Jpears to be materialy misststed. If we identrfy such rnaterial ]r￿nsistenC1eS or 4par@nl material misstalements, we are required lo delemiine whether there ￿ a material misslatemenl in lh& financial statements or a malgrial misstatement ol the other infomialM)n. If. bas￿ on Ihe wL¥k we have performed, we conclude that thero is a material misstatement ￿thIS other informatic￿. we are required to repcwt that fact. Page 7 Natlonal Federation of Subpostmasters Benevolent Fund Independent AudIt0￿$ 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 kn￿￿edge and understanding of th8 charity and its environment (l)tsined in the ¢our5e ofthe audrt. we have not *Jen11f￿d Mater￿ mr&stst￿nIS in th8 Tn￿te65, Rew)rL We have nothing lo report in respect of the foluwiThJ matters where the Charities (Acco￿18 and Report) Regulations 2008 requires us to rewt to you rf. tn our Opini￿.. adoquate accounting r￿ordS 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$' or certain disclosures of tmstees reinunerakn SFeufied by taw aro not m￿18", or we have not received all th@ infcXmat￿ th 8xt4anations we require for OUT audL Rospon$lblllt19s of trustegs As explained more fuly in thè Statemant OfT￿￿te6s. ReSp￿S￿￿11tIe8 (set on page 6), the trustees are reSponsi￿e for the preparation ot the fina￿la1 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 Stat￿entS th* are free frcffj m*erwl 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 cOn￿rn, 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 Misstatem￿t, vthether duo to fraud or er￿, and lo issue an audrtorfs report that inclLKles OUT C4)inion. Reas￿able 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 m￿Statement 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 p￿￿edureS are capth d del￿tIng 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 (con￿n￿od) Irregularities. inclLKlIr￿ fraud. are instances of norpcompliance with laws and regulations. We d8sign Pro￿dureS in line Trmth our responsbilities, 0uul￿d above, lo detect material misstatements in reSp￿t of iThegulariknes, ncluding fraud. We have considered the nature of the 8th. cffltrol envronment and financkgl porfc*mance.' 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 fina￿la1 statements and Fotsntk41 ind￿allyS of fraud. AS a result of these procedures. we have ¢xnshJereAI the ￿F*￿tunitIeS and i￿ent￿e$ that may eX￿t 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 Sp￿lf procedures to respond to the risk of management OverT￿le. We have also obtained an understsndiro ofthe legal and rgJuFarity framw10￿ that the Fund operates in, focussing on provisions of those laws and regulat￿n$ 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 1Th￿￿ded 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 provisic￿5 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 KJenliF*d lo include the folbwing:_ Re￿e￿ing 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 c￿nplanCe 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 mlsrepresental￿n. A further description of our reswnsbilihes IS Wdffable on the Fi￿￿lar Reporti￿ Councivs website at.. wvm.frc.org.uklaudho￿reSF0n8lbditles. 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 Gainslk*SSaS on investment assets 35,733 10.086 10.086 Not movgmont In funds 14J19 14,319 Reconclllatlon of funds T￿81 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 aCti￿lieS (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 f￿￿ncIal 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 n￿0$ 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 SeC￿d ￿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 t￿efft 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¢CL￿nts. concom The trustees consider that there are no malerHI uncertainti8s aboul the charws ability to continue as going conc8m. Income and 8ndowm￿lS Voluntary income o)clLKling donatton5, grfls. 8nd grants that prov*de 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 dec￿led and notification has b*n recewed of the dNKlend due. l expendNure is recognised once there i8 a leg￿ or (x)nstnJctive Ob1￿jati0n 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 Ch￿8$ 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 actNil￿S 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 VIS￿nS Provisions for grants are made when the Yrtention to make a grant has been comMUn￿ated lo the reciiNent but there is uncertainty about eitr￿r 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[tUt￿l￿a[ 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 TaXat￿n of Chargethe Gain5 Act 1992, to the extent that such ￿r￿m@ or gains are applied exc￿8￿￿¥ to charitable purposes. Ta Ib￿ fNed ass&ts Individual fi¥￿ assets costiryJ £500.00 or more are l￿ded 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 sUbSeq￿lIt cost, and are charg6d or credited lo the Stat￿8n1 of FIllan￿8] Activknes in the period of disposal. ljepreclatlon method and rato 25% - reducing balance Unrealis8d gains and kjsses rap￿sent 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 classif￿atron 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 conttxtL￿I 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 m6￿U￿M9nt 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 e￿lUdIng transaction costs). unl&ss the ar[arvJ￿nI constilutes a financing tranSact￿n. 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$ty. Financi￿ assets are derecognIs￿ when 8nd a) the contrthjal rights to the cash flows fiom the financk81 asset eypire or are settled: bl the charity transfers lo another party substantralty all of the risk8 and rthvards of ¢yémership of the ￿anCIal a55et, or cl the charity, despite havin9 retained some: but not all, signrflcant rtsks and rewards of v4mership, has transferred control of the asset to another paty. Financial liabilit￿5 are der8cryJnised onty the oblvJaI￿ the corbbxct is discharg8d. cancelW or expires. Page 15 Natlonal Fgderatlon of Subposlmastgrs Bonovolont Fund Notss to the Flnanclal Statements for the Year Ended 31 Decembèr 2023 {conllnu8dl 1 A￿untIng policlas (continued) Debl inslmmenls Debt instruments which meet the conditic￿S subsequentty measured al amorti8ed cost using the effth interest melhod: {a) The Contr￿tual retum to the holder is (Ii a fixed amount; (il a positiv8 fLxed rale or a positNe variable raie., or (iiil a cc*nbin*hJn of a positr￿ or a negative tixed rate and a positNe variable rate. {b) The contract may prowde for repa￿￿ents of the princ¥)al or the relum to the holder (but not both) lo be li[)k￿ to a Sing￿ relevant Ll)5erVab￿ irxlex of g￿ra1 Pr￿ infiath.on of the currency in which the debt instrument is der￿MInated, provKJed such links aTe not kveraged. {c) The contract may Pr￿fjde for a d￿e￿inable variati￿) of the retum lo the holder durir@ the lrfe of the instrument, provKled fhal {1} the ne4V rate Satisf￿ C(¥KIrt￿l￿ {a} and the ￿ation is not contingent on future events Other than 11} a change of a Contr￿Ual variable rate,. {21 lo protect the holder against credit deterioration of the issuer. 13) charges in knes appli8d by a central bank or arising from changes in relevant taxat)on or Iw. or {ii) ￿ rvw rate is a market rate of interest aTrJ satisfies condition lal. {d) There ts no contractual p￿¥1$￿￿ 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 P￿11 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 aP￿led 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 instrun￿nt, 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 a￿1 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 Ur￿￿lab￿. the p￿e of a recent tranSact￿n 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( pl￿e. If the market is not actNe and recent transactions of an ident￿1 asset on their ¢y*n are a g)od estimate of fa￿ value, the fair value is estimated by using a valuatK)n ￿hn￿￿Ue. 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 leg￿leS., 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 g￿eratIng 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 r￿MburS￿l expenses or any other beneffts from the charty during the year. 8 Auditors. remuneratlon 2023 2022 Audit of the fina￿la1 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 DeceM￿r 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 gain￿110$se$) Unre5trlcted funds G&n&ral 831A25 39,966 135,733) 10,086 845.744 Balance at 1 January 2022 Other recognisod galnsl{lossesl Balance at 31 l)ecember 2022 Incomlng Resources Unrostrlcted funds General 925,749 33.530 4.765 131876) 147651 {4978) 831,425 Restrlcted fund5 Total funds 925,749 38.295 (37.6411 194,978) 831.425 15 Anatysis of n8t assets belween funds Unre5trfcted General Total funds Tangible fixed assets Ixed asset investments Current assets Current lia￿litieS 137 847.658 89.710 191,7611 137 847.658 89,710 {91,761} Total net assets 845,744 845,744 Natlonal Federntlon of Subpostmaster5 B¢ngvolthrt Fund Notes to the Flnanclal Stat8m8nts for the Year Ended 31 DecembeT 2023 leontinued) 16 Rèlal8d party tran5adlon5 During the year the charity made the related party trans&#i)ns: Natlonal Federntlon of SubPostmaste All of the Chari￿8 tnJ8tee8 are also Membe￿ ￿ the tr￿rd of dweclors of the relaled party. The Charity was set up by the related partls pred￿e$S0￿ organis8￿￿ *￿th the intention of providing assistan￿ and rellef to members ofth& relaw party. Tho related pwty pwdes, free of any charye. administra￿n servvs and facilities to the Charity. During the year the related paty made a restricted donaticffl to th& Ch*ity for the $FeCIf￿ rel￿f of a bng term member and servant of the ryganisatK•n. Tha h)an from the relatad pty is uns￿Ured and interest fr86.. At the balanc& Sheet date the amount due to National Federation of SttPoslmasters was £85.299 {2022 -£107.480). Pag8 23 Natlonal Federation of Subp05tmasters Benavolgnt Fund Statenjent of Flnanclal Actlvltl05 by ￿Thd forthe Year Ended 31 December 2023 Total Total Unrastrfcted Unrestricted Funds Funds 2023 2022 Income and Endowments from: Dor)atvJns and legaues Investment incthme 10,152 29M14 5,051 28,479 33,5XI TO1￿ income 39.966 Expendlturè on: Raising funds Charitable activities {132841 {22M91 {12,272) {20,604) Totsl expenditure GainsnDSS&S on investment assels {35,7331 10.086 {32,876) {94,978) Nel Incomollexpenditure} 14.319 {94,324) N&t movement In funds 14,319 {94,324} Reconcilia￿on of funds Total funds brought forward 831 N25 925,749 Total funds ca￿le{l forward 845,7•14 831,425 This page does not lorm part ofthe statuW financkal statements. Pa3e 24 Natlonal Federatlon of SubpOstmaste￿ Benovolent Fund ststem6nt of Financial Actlvltles by fund forlhe Year Ended 31 Decèmber 2023 {contlnued) Total Total Restrbcted Restrlctod Fund5 Funds 2023 2022 Incom8 and Endowments from: DonalKJns legacies Total income 4766 4765 Expendlture on: Charitable activities 14.7651 Total expendlture (4.76SI N8t in¢omellexpendlturel Reconclliation of funds Total fund$ 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 {anal￿d 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 leg￿leS Legacies and b￿ueStS 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 s￿ICit0rs 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 G*ns/lossès on investrnent assets Reva￿ation règerve. investment assets Realised investment gains 31,820 {21.734) 177.042) 117,936 This page dofys ncrt fomi part ofthe slatutw fir￿￿al sL*ments. Page 27