The Natwest Group Pensioners Bentvolent Fund iStWed¢)￿tyNo.2?7974 8 Langford Road, Seabridge, Newcastle. Staffs. ST5 3JZ Trustees, Annual Re ort for the eriod 29 Februa 2024 to 31 December 2024 Trustee Name Linda Webster Andrew Greenhalgh Nigel Hay Clifton Kendall Walter Brown Megan Virrels Sandra Blaga Tyler Ives Laura Wales Office Period of office Since 27 March 2020 Since 27 March 2020 Since 27 March 2020 Since 27 March 2020 Since 27 July 2021 Sinte 17 May 2022 Since 24 July 2024 Since 24 July 2024 Since 24 July 2024 Chair Treasurer Structure. govemance and management and history: The Benevolent Fund IBFI wa5 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 objettives as those set out in the 1979 deed. The number of trustees shall not be less than 3 and not more than 12 and they shall be appointed by resolution for terms of office of 3 years. A retiring trustee may be reappointed at the end of their term of office subject to a maximum of 3 terms served. On 18 April 2023 Linda Webster, Andrew Greenhalgh, Nigel Hay and Clifton Kendall were reappointed as trustees to serve a second three year term. On 24 July 2024 Walter Brown was reappointed as a trustee to serve a second three year term. We are pleased to welcome Sandra Blaga, Tyler Ives and Laura Wales to our board with effect from 24 July 2024. Our three new trustees offer a fresher and younger outlook and they are quickly making a valuable contribution to our board. In order to simplify our administration the BF financial year end has been changed to 31 Decernber with effect from 2024. Objertives and activities: The prime objective of the BF as set out in the founding governing document is the provision of financial assistance to the pensioners of the Natwest Group INWGI and their dependants,. see the Achievements and Highlights section below for comment on how we can now help formerfemale employees who have been denied a NWG pension. The trustees continue to review and develop the 8F policies and procedures to ensure they remain up to date and compliant with all relevant legislation. During the last 10 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. Achievements and highlights: During the last 10 months the BF distribLFted a total of E34,964 to needy pensioners and their families. Out of this total £30,914 was paid by way of maintenance grants to 28 pensioners which equates to an average of a little over £1,100 per individual. The trustees also made discretionary payments totalling £4.250 to 17 pensioners to help them cope with the continuing impact of inflation on the cost of living. These payments are over and above other grants made in the normal course of meeting the Fund's objectives and we do not commit to making similar payments in the future as our finances are finite. We will continue to review how we can help our needy pensioners meet their financial commitments in addition to other general applications we receive. As part of this process the Trustees sought and received agreement from the Charity Commission to allow our fund to help former female staff who have been denied a pension from the NWG due to their sex or gender. This has allowed us to alter the Fund's eligibility requirements to ensure qualifying fernale ex*mployees can access SUPPOrtfrom the Fund on the same terms as their male counterparts. The trustees continue to be faced wwth the significant challenge of trying to ensure that as many as possible of our former colleagues and their families are aware of our existence and how we can help them. However we are pleased to have been able to assist so many NWG pensioners and their dependants during what continue5 to be a financially challenging time for many people. Over the last few years we have forged close links with the Bank Workers Charity IBWCI 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 dependants in the future. Financial Review.. Assets held as at 31 December 2024 comprise cash of £52.647 and stock market investments valued at £1.697,633. • Investment dividends are our main source of income and we expect that to be the case in the future. We are very grateful to the 11 donors who continue to support Lrs on a regular basis and whose donations totalled £1,304 Reserves Policy: The trustees monitor cash held in the BF bank accounts at least on a quarterly basis 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 attion. The final decision as to what to do depends upon the value of any pending grant applications compared to current cash balances 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. Fund Closure and Wind-up policy: The trustees reviewed the Fund aosure and Wind-up policy on the 29 January 2025 and confirmed that there are no known cirtumstances which will affect their ability to continue to operate the Benevolent Fund in accordance with the aims and objectives set out in our governing documents. Signed Signed Linda Webster Chair of the trustees Andrew Greenhalgh Treasurer Date.... Independent examine￿9 report to the trusteos of NatWe$t Group Pensioners Benevolent Fund for the year ended 28 February 2025 I report to the charity trustees on my exarninak)n of the accounts of the charity for the period ended 31 1)ecember 2024 whth are set oui on the pages above. R•sp•ctlve responslb51Etles of trustees and examiner As the charity's trustees of Natwest Group Pensioners Benevolent Fund. you are responsible for the preparation of acGowts in accordance wrth requi{￿entS of the Charities Act 2011 I'the Act). I r8POrt in respect of my examination ol Nalwest Group Pensioners B￿evO￿nI FUTh accounts carried cwjt uThJer section 145 of the 2011 Act and in carrying out my examination I have followeil 811 thè appli(2ble Directions gNen by the Charity Commission uTrJer section 145(5Kbl of ttE kl. Ind•pènd•nt •xamln•rfs slat•m•nt I have completed my examinth"on. I confimi that no material matters have come to my attentK•n in ojnnection with the examinat￿)n gwing mg Cause lo bdiwe that in any material resp 1. Accounb"ro records y￿e not kept in respect of Natwest Group Pertsiorws Benevolènl Fund as required by section 130 of the Act., or 2. the attounts do not accord with IJK15e reo)rd4 r 3. the acwunts to not comply wsth the 8C(x)untirvJ requirements conceming the form and contgrit of acwunts set OLrt in thè Charities (Accounts and Reports) Regulations 2008 other than any requirerTtent that the aw>untS gwe a 'true and fair view which is not a matter o)n5ide¥ed a5 part of an independent examination. I have concerns and have come ac¥oss m other matters in cDnnection with the examination to which attention should be drawn in this reF*Yt in orderto enable a propgr under5tandirrfJ of the accounis to be reached. Sign Date 03 Daryl Denson ACMA VAST èrs £￿￿n￿￿tIo.27l%7• Nol?" The Istr 10 the Ttusi¢esoe(W 24124 J7 411 4LD2J IOTY 53529 393n 75D 8754 *rt24 242 2BI 1x83 llll