The Natwest Group Pensioners Benevolent Fund Pw"5tWEd Owity No.277974 8 Langford Road, Seabridge, Newcastle. stsffs, ST5 JZ Trustees, Annual Re rt for the riod l March 2023 to 28 Februa 2024 Trustee Name Linda Webster Andrew Greenhal h Nigel Hav Clifton Kendall Walter Brown Megan Virrels Cecily Robinson Period of office Since 27 March 2020 Since 27 March 2020 Since 27 March 2020 Since 27 March 2020 Since 27 July 2021 Since 17 May 2022 Appointed 17 May 2022 Resigned 9 Februa 2024 Chair Treasurer Structure. governance and management and history: The Benevolent Fund IBFI was set up by a trust deed dated 14 May 1979 executed by the National Westminster Group Pensioners Association INWGPAI. On 27 March 2020 following the closure of the NWGPA approval was given by the Charity Commission ICC) which enabled the BF to become a standalone charity with the same objectives as those set out in the 1979 deed. The number of trustees shall not be lessthan 3 and not more than 12 and they shall be appointed by resolution for terms of Offi￿ of 3 years. A retiring trustee may be reappointed at the end of their term of office subjertto a maximum of 3 terms seNed. On 18 April 2023 Linda Webster, Andrew Greenhalgh, Nigel Hay and Clifton Kendall were reappointed as trustees to serve a second three year term. Objectlves and actlvltles: The prime objective of the BF as set out in the governing document is the provision of financial assistance to the pensioners of the Natwest Group INWGI and their dependants. During the last 12 months the trustees have provided financial assistance to NWG pensioners and their dependants who have applied for grants and who fall within the income and capital criteria as defined by our application procedures. Further information about the grants we have made can be found on the following page. The trustees continue to review and develop the BF policies and procedures to ensure they remain up to date and compliant with all relevant le8i51ation. Achievements and highlights: During the last 12 months the BF distributed a total of £46.825 to needy pensioners and their families which is the m05t since the 2017118 financial year. £40,975 of this total was paid in grants to 34 pensioners who applied for help which equates to an average of a little over £1,205 per individual. During this period the trustees also made discretionary payments totalling £5,850 to 26 pensioners to help them cope wÉth the continuing impact of inflation on the cost of living. These payments are over and above other grants made in the normal course of meetingthe Fund's objectives and we do not commtt to making similar payments in the future as ourfinances are finite. We will continue to review how we can help our needy pensioners meet their financial commitments in addf(ion to other general applications we re￿1Ve. The trustees continue to be fa￿d wf£h the significant challenge of trylng to ensure that as many as possible of our former collea8ues and their families are aware of our existence and how we can helpthem. However we are pleased to have been able to assist so many NWG pensioners and their dependants during this difficult time. Over the last few years we have for8ed close links with the Bank Workers Charity {BWC} as well as the ad hoc NWG pensioner groups which exist around the country and we hope that these relationships will enable the trustees to provide ever more financial assistance to NWG pensioners and their dependant5 in the future. Financial Review: Assets held as at 28 February 2024 comprise cash of £53,529 and stock market investments valued at £1,645,055. Investment dividends are our main source of income and we expect thatto be the case in the future. We are very grateful to the 12 donors who continue to support us on a regular basis and whose donations totalled £1.620 plus the ad-hoc donations amounting to £85 bringing the total donations to £1,705. We have reduced our cash reserves this year by addingto our investments as detailed in the accounts which accompany this report but we do not expect to invest any further cash reserves in stock market investments in the foreseeable future. Global stock market5 have been more settled in recent months and this is reflected in the fact that compared to 28 February 2023 the value of our investments ha5 Increased by over £115.IJX) (7.5%). Reserves Policy: The trustees monitor cash held in the BF bank accounts at least on a quarterly basls when the interim statements of accounts are prepared. This monitoring includes consideration of investing any surplus cash: either to earn better rates of interest: to seek longer term stock market related investments,. to raise funds to cover expected cash commitments- or to take no artion. The final decision as to what to do depends upon the value of any pending grant applications compared to current cash balan￿5 and estimated income likely to be received by way of investment dividends. As mentioned above we have no current plans to reduce our cash reserves by making further investments. Si8ned Signed.... Linda Webster Chair of the trustees Andrew Greenhalgh Treasurer z4(.l. zq Independent examlnerfs report to the trustees of Natwest Group Pensioners Benevolent Fund for the year ended 28 February 2024 I rep)rt to the charity trustees on my examinatDn of the ac£ounts of the tharty for Ihg period ended 28 February 2024 whKti are set out on the p&Jes aLw. Ro8pectivg r•sponslbllttle8 of trustees and examinèr As the charity's trustees of Natwest Group Pens¥)neTS Benevolent Fund. you are respon￿ble for the preparatk)n of the ￿lUnts in ￿ordan￿ wrth requirements ofthe Charities Act 2011 (the A¢t). I report in resped of my examinatp)n of NaMÈst Group PensKJners Benevolent Fund accounts carried out under sectK*n 145 of the 2011 Act and in carying out my examination I have followed all the applicab￿ Directions given by the Charity Commissh)n under Section 14515}Ibl of the Act Independent •xamlnorf8 8tatem•nl I have ts)mpleted my examination. I confifm that rK) material matter8 have ¢orne to my attention in COnnec￿n with the examination gmng me ca4Jse lo believe that in any mat8rial respecL 1. A￿OUnting records were kept in respect of Na￿91 Group Pensioners Benevo￿Al Fund as rewired by secticffl 130 of the Act.. or 2. the accounts (h) not ac￿rd ￿ those reco￿ or 3. the accounts to not compty with the accounting requirements ¢XJnceming the fomi and e4)ntsnt of accounts set QLrt in the Chartknes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gwe a Irue and fair vievl whith is not a matter considered as pari of an independent examination. I have no con¢ems and have c£rfne ￿OsS no other matters In ¢onnection with the examination to which attention should be drnwn in this report in orderlo enable a proper understanding ofthe accounts to be reached. Sign Daryl Denso VAST 2.DlO 17.745 33.112 104.yo 7$¥ X•7 r.Y 7ZI.￿> 242¥2 38f 14n852 T471 CO 1 131 4Y20 1510 471