NASUWT - Tlie Teacl?ers' Unlon CENTRAL BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Noles INCOME AND EXPENDITURE Incomlng Resources: Incoming resources Irom generated lunds.. Donation Irom NASUWT Oonaled services from NASUWT Oonalions. legacies and sundry incoffl& Inveslment income 230,025 194,187 361,934 250,484 179,641 3,529 Tolal Incoming resources 862,616 493.298 Resour¢es expended: Raising funds- Investment and properly management lees Investment property costs Finance costs Charitable aclivilies: General granls Slalf costs Premises costs Benevolenl loans wrillen off Legal and Prolessional Tolal resources expended 10,959 11,249 28 8,216 2,063 254,236 186,118 8,068 169.100 171,158 8,483 1,295 13,215 373 530 481797 Net Income before revaluations 380,818 119,768 Gainslliossesl on inv8slmenl assels Revalualion ol inveslmenl property Net movement In lunds lor the year 42,572 {143,8141 423,391 17S.8941 Fund balances brought forward al 1 January 2023 Fund balances carrSed forward at 31 December 2023 2495617 2,572.511 10 2919008 2,495.617 All of above income and expenditure relales to unreslricled ILbnds. Ntsiès 110 12 lorm parl ol these accounts 40
NASUWT - The Teachers. Unlon CENTRAL BENEVOLENT FUND BALANCE SHEET 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Inveslmenls 2,442,765 1,517,173 OEBTORS.. Oue after more than one year Benevolent loans 57,951 59,056 CURRENT ASSETS Sundry debtors eenevolenl loans Cash al bank 14.954 900 428.162 31,579 1,020 930,703 444,016 963,302 CURREt4T LIABILITIES Sunijry cieéilors 125,726) {43,9141 NET CURRENT ASSETS 418,290 919,388 NET ASSETS 2,919,007 2,495,617 FUNDS General - Unreslrlcted 10 2,919,007 2,495,617 Approved by the TrusleÈs on 29 February 2024 and slgned on Ihelr behalf: Chrls Holland Trustee 41
NASUWT- The Teachers. Unlon CENTRAL BENEVOLENT FUND STATEMENT OF CASHFLOWS 31 DECEMBER 2023 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Nel incomellexpendilurel lor Ilie reporting periDd Interest received Renl from inveslmenls Dividends received IGainsiilosses on investments Inveslmenl managem8111 lees (Gainsiiiosses on revaluation of investm8nl property Ilncreasel,, decrease in deblors Increaselldecreasel in creditors Net cash provlded byl(used in) operating acttvltles 423,391 (5,809) (16,830) 153,8311 142,5721 7,305 (76.8941 {1,4901 118,,3SOI 139,7941 1143,8141 5.222 52,848 254.008 4.714 17,847 118,188) 311,312 324.068 CASH FLOWS FROM INVESTING ACTIVITIES Interest received Renl Irom investments Dividends receiveé Invested funds Inveslinenl incom6 reinvesled 5,809 16,830 53,831 {890,000) (325) {813,855) 1.490 18,360 39.794 276 (5151 59,405 Nel cash providèd byl(used In) Invesllng acllvltles INCREASEI(DECREASE) IN CASH AND CASH EQUIVALENTS IN THE YEAR {502,543) 383,473 Cash and cash equivalents al Ihe beginning of Ihg year 930,703 547.230 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 428,160 930.703 Notes I 10 12 form parl ol these accounls 42
NASUWT - The Teachers. Union CENTRAL BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY INFORMATION The Central Benevol?nl Fund Ithe charilyl is sel aside lof geneial benevolenl purposes of the NASUWT in alleviating hardship lo membeis. The funcl is managed as a separale entity Ifom the NASUWT. ACCOUNTING POLICIES Basls of preparallon ol financial statements The accounts {linancial slalemenlsl have been prepared under the historical cost Convention. with the exception ol investments which are slated al market valualion, The linaN¢ial slalemenls have been prepared in accordance with the Slalemenl ol Recommended Pra¢lice= Accounling and RepDrling by Charities preparing Ihgir accounts in accordance with the Financial A8porling Standard applicable in the UK and R8public ol Ireland IFRS 102) and th8 Charitl8s Act 2011. The Central Benevolenl Fund conslilules a public benefit enlily as defined by FRS 102. The Trustees have gVen due consideration to the Charity's Commission's published guidance on Ihe Public 88n8fit requirement under th8 Charilies Acl 2011. The preparation ol financial slal6menls in complianco wilh FRS 102 require5 th8 use ol certain critical accounling eslimales. 11 also feouires managemenl lo exercise judgemenl in applying the company's accoun1ing policies (see note 31. The Iruslees consider Ihal there are no material un¢erlainlies about the Central Benevolent Fund's abilily lo continue as a going concern. b. Fund$ structure General lunds are unreslricled lunds that are available loi use at Ihe discrelion of the Iruslees in furtherance ol Ihe general objects ol the chaiily and that have nct been d&signat8d lor specilic purposes. c. Income recognition All incoming resoufces are included in Ihe Slalemenl ol Fiftancial Aclivilies ISOFAI when the charily is legally entitled to the income and the ainounl can be quanlilied wilh reasonable accuracy. Incotne lax recoverable in relalion lo donations received undei Gill Aid or deed ol covenant is recognisacS al Ihe lime ol the donalion. d. Resources expended All resources expended are accotsnled lor on an accruals basis. Charilable aclivili&s includ8 cosls of services and ol granls including support costs. Liabililies are recognised where there is a legal or conslruclive obligation commilling the charity to the obllgalion. 14esour¢es expended include irrecoverable VAT. Financial instruments Fixed asset Inveslments Investments are slaled al markel value. Gains and losses representing the Inovemenl in markel values dLbring Ihe period are credited or charged lo the SOFA in the period ol gain or loss. D8btors Short teim debtors aT6 measured al Iransaclion price, less any impairmenl. Creditors Short terffl l(ade creéilois are measured al the l(ansaclion price. 43
NASUWT- The Teacl?eis' Unlon CENTRAL BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Financial instruments Iconlinuedl There ar8 no complex financial inslrumenls. Donated servlces Donal&cl services are included lor stall cosls and preniises Gosls al the value the charity would have paid lor ihem in Ihe open market. g. Benevolent loans Benevolent loans are considered lo meet the crileria of concessionary loans under FRS 102. They are recorded in the financial slalemenls al lace value. 3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Preparalior) ol the linan¢ial slalen)enls requires management lo make signilicanl judgements and estimates. The items in the financial slalemenls where these judgemenls and eslimales have been made may iAclude'. Revajualion ol Inveslmenl propertl8S The ¢harily ca(ries ils inveslm&nl property al lair value. with changa9 in lair value being re¢ognised in the Slalemenl ol Financial Aclivilies. The Truslees use a professional valuation lo delerinine the current market value of the property at regular intervals as d88med appropriate. In intervening years tho Trustees review market inlormalion and UF)dale the valuation based on Iheir estimate ol market movement since th8 previous professional valuation. Donated services Irom NASUIVT The charily recelves donaled services which are analysed In nole 4. The slafl cosls are calculated based on Ihe percentage ol each stall members. lime spent on providing adminislralion services to the charily. Prerrises costs are calculaled by apportioning the lolal propèrly costs over the proporlion of staff costs donated. 4. DONATED SERVICES FROM NASUWT 2023 2022 Stall costs Premises costs 186,118 8,068 194,187 171,158 179,641 Governan¢e costs incurred by Central Benevolent Fund consist only of auditors. femuneralion ol £8.90012022. £10,260) S. INVESTMENT INCOME 2023 2022 Dividends Rental income Bank deposit inleiesl 53,831 16.830 39,794 18,360 1,49CI 59,644 76,470 44
NASUWT- The Teachers. Unlon CENTRAL BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) GRANTS PAYABLE 2023 2022 B8nevolenl loans converteil lo granls To individuals 59412022.. 3961 To NASUWT Federations 6412022.. 431 Legal and management expenses 226,780 22,374 150,886 15,823 254,236 169,100 The ultimate beneficiaries of NASUWT Federations Grants are indiviéuals. 7. INVESTMENTS Inveslinents are slated al market value. 2023 2022 MARKET VALUE.. At l Januafy 2023 Income AccoLJnl Mov8mgnl New inveslmenl funds Inveslmenl mana9emgnl lees Revalualior) lo fair value At 31 December 2023 1,092,173 325 890.000 (7,3051 1,240,970 239 15.2221 143.814 1,092,173 2,017,765 2023 2022 Markel value made up as follows: UK Fixed Inleresl Emerging Markel Government Bonds Qverseas Fixed inlerest UK Equilies Overseas Equili6S Allernalives 8roker account 187,097 211,827 17,074 702,930 620,509 155.388 122940 87,787 17,287 562.611 270.250 116,890 37,348 1092 173 Total Ilsted Inveslmenls Properly Al 1 January 2023 Revaluation At 31 December 2023 Tolal Inveslm8nts 2017765 425,000 477.848 52.848 425,000 1,517,173 425.000 2 442 765 Malerlal Investments Pioperly - Genesla Road S4 Capital PIC Edinbuigh Dragon Trust Royal Dutch Shell Astrazeneca PIC Expeiian Barclays Bank PIC BP PIC 425.000 425,000 16,271 12,360 48,846 52,725 28,130 37,532 30,869 54.002 43.460 32.020 33.458 30.300 45
NASUWT - The Teachers. Unlon CENTRAL BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (contlnued) 7. INVESTMENTS (CONTINUED) Berkshire Hathaway Inc Diageo PIC Merck & Co Inc Novo-Nordisk AS Pershing Square Holdings Limited Ralhbones Unil TTUSI Management Relx PIC Standard Chartered PIC Treasury O°/. T-8ill 210112024 Treasury 4.25V. Gill 711212040 44.764 45.696 32.070 40.574 54.597 44.340 37.320 33,330 150.000 61,827 1,773,235 16,787 21,098 22,880 8,714 Historlc cost ol Investmenls 888,419 8, DEBTORS 2023 2022 Benevolenl loans Due under 1 year Due over 1 year 900 1.Q20 59,056 Benevolent Soans are interest Iree and are repayable by monihly inslalmenls or In a lump sum triggered by a specified event. g. CREDITORS 2023 2022 Dividends Renlal income 120 43,914 43,914 25,726 10. ANALYSIS OF CHARITABLE FUNDS Fund balances 1 January 2023 Income Expenditure Galns and Fund {losses) balances 31 December 2023 Central benevolent func5 2,548,465 862,616 481,797 42,572 2 881,856 Fund balances 1 January 2022 Income Expendlture Galns and Fund (losses) balances 31 Decembèr 2022 C8ntral benevolent fund 2 572 511 373.530 493,298 2548465 143.814 46
All charitable lunds are unreslricled. NASUWT- The Teacheis. Unlon CENTRAL BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 11. RELATED PARTY TRANSACTIONS Only Trustee5 are considered key management personnel. During the year. no Trustees received any remuneration or reimbuised expenses. There are no other related party transactions during the year. 12. FINANCIAL INSTRUMENTS 2023 2022 Financial assets Financial assets measufed al lair value 2,017,765 1,092,174 Financial assels Ihal are debt instruments measurecl al amoriised cosl 501 967 91,655 2023 2022 Flnanclal Llabllltles Finanoial liabilities m8asured al amortised cost 43,914 Financial assets measured al lair value Ihrough income and expenditure ¢omprises investments in listed securi118S. Financial assels measurerj al amortised cost comprise benevo18nl loans and sund(y deblors. Financial liabilities measured al amortised cost CoMprse sundry creditors. The enlily s income, expense. gains and losses in respect ol linancial inslrumenls are summarised below: 2023 2022 Total investment income lor financial assets measured al lair value through income and expenditure Nel gainslllossesl on linancial asseis measured ai lair value through income and expenditure Total interest income lor lir)ancial assets measured al amDriised cost through incoffle and expenditure 53,831 39,794 {42,572) 1143.8141 1,490 47
NASUWT - The Teachers. Union CENTRAL BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Oblectlves and AclSvSlles Under the Rules, the objective of the Benevolent Fund is the relief ol poverty amongst members. lormer memb8rs. Ihe dependants ol rllembers and lormei membeTS and the dependanls ol deceased members. This r8mained the central objeciive ol the charily lor 2023. The public benefit aims ol the chafily are lullilled in rneeling ils obje¢iive. Ouring 2023, new appllcalions lor benevolence assislance were carefully considered on a <Saily basis by th8 Legal ané Casework Team. Benovolenl Fund monies in the form of non-repayable grants were awarded as appropriate lo applicants who were considered lo be in financial hardship, thereby lullilling the objective of Ihe Fund. In addilion, exisiing benevolent cases were reviewed Ihroughoul the year and the Legal and Casework Team aulhorised further financial support in Circumstances where the beneliciafy conlinued lo suller financial hardship. NASUWT Cenlral 8enevolenl Fund continues to rely on Ihe supporl ol lay members lo lullil ihe lunclions ol a 'benevolence visitor,. Benevolence vi5ilors are volunteers, some ol whom hold olher lay official posls within the Union and some who have been elected with specific responsibilily lor benevelen¢e ¢asework in their area. Th8 role ol the visitor is lo meet wilh applicants and complete the application form on their behall. The contribution ol benevolence visilors is very signilicant and valuable in ensuring Ihal the current application process can be compleled. Whilst il is not possible lo quanlily the number ol houfs of work undertaken by benevolence visilors, 441 new applications weie received in 2023. Achièvements and Perlorman¢e Funding conlinues to be received in the form ol a donation from the Union's General Fund in accordance iih Ihe number ol subscribing members. The available funding enabled the Trustees lo lullil Ihe objective ol relievin9 poverty amonosl members, lornier members, the dependanls ol mambers and former members and the depenolanls of deceased members who app5y for ben6volenc8 assislanca or conlinJe to require linancial support from the Union. The Trustees recognise ihe irllportanl additional contribution donated by the Union via the donated service lo support the smooth running ol ihe luncl. 01 Ihg £654.263 available IOT dislribvlion ialler adininislralion expenses) lor the period Ifom the General Fund. th& Iwuslees approved charitable expenditure am¢unling lo £254.236 iesulling in a surplus ol £384,474. As always, we are indebled lo all Iliose wlio have supported the Benevolent Fund during the year. Particular thanks going lo our commilled team ol volunteers. There are approximately 110 volunteers underlaking benevolence visils and performing other dulles in the local federations and their involvement is a crucial part ol b)Ih the charity and the Union's work. A number ol courses will be rolled out during 2024 to gain a 9fealer numbBr of visitors ar)d to improve the geDgraphi¢al spread. lollowing Ihe retirement ol many DI our visitors. The investments iex¢luding properly) are managed by Ralhbone Investment Management subject to certain reslriclions over the type ol investment and with Ihe objeclive ol oblaining reasonable long-lerm overall growth at mDdeiale risk. The inveslmenl increase in the year based on average investments held is 1.40°/o 12022.. 12.33°/. decreasel. The investment income return lor the year based on average inveslmenls held is 3.46°1•12022= 3.41°/•I. Th8 Trustees ar8 satislied with this performance. 49
NASUWT - The Teacl7eis' Unlon CENTRAL BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Benevolence The Benevolent Team coiisidered 441 new applications during Ihe year. This is an inciease 0179 cases from the previous year. It is envisaged with the conlinued cost of living crisis. high energy bills and mDrtgage rates. Ihe number ol applicanls lo the Fund will remain consislenl ancl may increase further the following year. A lolal ol £254,23S was paid out from the Central Benevolent Fund in the form ol grants lo applicants. 01 thS tDtal'. £130.528 was lor single-paymenl grants to applicants who were lacing financial hardship lor a whole variely ol reasons., £61 .100 svas lor convalescence grants to aid applicants during a lirne ol physical or emotional illness: £18.550 was lor holKJay grants: £7.052 was lor monthly grai)ls: £7.600 was lor education grants- and £1,950 was lor graiils lor renl and morlgage paymeiils. In total, the Benevolenl Federations feceived £22,374 into their imprest accounts lo provide grant aid al a local level. The Central Benevolent Coinmillee recovered £1,225 Irom recipi8nts repaying loans awarded lo them from Ihe Fund. No loans were %Yriiien oll or converted lo grants this year. The loan book lor Ihe Fund stands al £58.851 al the end ol the year. Applicants conlinued lo be regularly relerred to Payplan and Cilizen Advice 8ureau lor money and debt managemenl services, at no cosl lo the member or the Union. Flnanclal Review The Trustees consider that in Ihe case ol th& Benevolenl Fund, the assets are suNicienl and ade9uate to lu51il the obligations ol the lund, in the foreseeable lulure. Unreslricled ILJncls amount tD £2,919,007 01 which, after deducting Benevolenl loans, £2,860,156 is freely available. Th8 Truslees consider Ihe current level ol free r8s8rv8s comlorlable, wilhoul being excessive. This places them in Ihe lortunale position ol being able lo meet their policies of lunding membeis ol the NASUWT and having funds available lo lullil the objects ol Ihe Benevolent Fund when call&d upon. Th8 reserves policy ensures that all 8enevolenl Federalions are funded on an equal basis and avoids unused reserves being carried forward each year. The Trustees have idenlilied and assessed Ihe major risks lo which the charity is exposed, in particular those relalecl lo the opeialions and finances ol Ihe ¢hafily. A formal risk assessment slalemenl is In place which. amongst other Ihings, r8118cls lh& chang8s 111 the adminislralion ol the Fund, This will continue lo be reviewed annually. The Trustee5 are salislied that the risks have been idenlilied and Ihal controls are in place lo manage Ihem as lar as possible. It is recognised Ihal systems can only provide reasonable ancl not absolute assurance Ihal fisks have been adequately managed. 50
NASUWT - The Teachers. Unlon CENTRAL BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Structure Governance and Managemenl Th? NASUWT Benevolent Fund Flules, which were adopted al Special Rules Conference in November 1996 ancl amended at Conference 2004. govern the operation ol the Ben8volent Fund. Whilst NASUWt Benevolent Fund is a separate, charilable fund, il is considered lo be an asset ol the Union. The Benevolent Funds are manageé as a separate enlily bul both Ihe Fund and Ihe Union afe deemed to be under common conlrol. The Trustees ol the Central 8enevolenl Fund are appointed by a resolution ol the National Executive lor a lerm ol one year commencing on Ihe dale of appointment. The six appoinied Trustees form Ihe Cenlral Benevolent Fund Commillee and are charged with reswnsibilily lor the Benevoleni Funol. The Truslees ol the Central Benevolent Fund concentrate on the strategic and governance issues relaling to the managemenl ol the Fund. The day to day operation of the Fund is managed by Ihe Legal and Casework team, who have resFK)nsibilily for Ihe adminislfalion of the Fund, Delegaied stall within the Legal and Casework Team work under clear guidelines and criteria agreed by Trustees. They determinè eligibility for assislance from the Fund and the most appropriale IDrm ol assistance, according lo the applicant's financial circumstances and individual needs. This information is gaihered by a beftevolence visitor who may make a recommendalion. Further grants may be made lollowing receipt ol a linancial updale form as part ol periodie case review process. The Rules provide lor the lormalion ol Benevolent Federalions which are comprised ol Looal Associations. There are nine 8gnevolenl Federations in operation. The Flules lurlher provide that the Commillea may publish model rules lor Ihe condLtct of Benevolenl Federation business which musl be adopted by each Benevolent Federalion. The charity and the NASUWT are under common Conlrol. The majority ol th8 income ol th8 charily is donations from the NASUWT. Fundralslng The charily had no lundraising aclivilies requiring disclosure under S162A of the Charilies Act 2011. Charllles Governance Code The Trustees are aware ol the new guidance and during the coming year plan lo undertake a review lo produce recomniendations ané an action plan lo ensure Ihal the charily lakes positive steps lowards working in line with Ihe Code in all ways where il is practicable lo do so. Approved by the Trustees on 29 February 2024 Chris Holland Truslee 51
NASUWT - The Teachers. Unlon CENTRAL BENEVOLENT FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The purpose ol this slalement is lo distinguish the Truslees ol the NASUWT Central Benevolent Fund's respDnsibililies lor Ihe linancial slaleinenls from those ol the auditors as staled ir) their report. The Uniletl Kingdom Charilios Act 2011 requires the Trusloes lo keep proper books ol a¢¢ounl wtlh respect lo the allairs ol th& charity, and lo prepare slalemenls ol account lor each a¢counling period consisting ol an income and expenditure account and balance sheet. The TTuslees are also responsible lor saleguarding the charity's assels, and hence lor taking reasonable steps lor Ihe prevention and deleclion ol error. Iraud and oiher irfegularilies. In preparing the linancial statements Ihe Truslees of the NASUWT Central Benevolent FLJnd are expected lo.. selecl suitable accounting policies and Ihen apply them consislenlly, making judgernenls and eslimales Ihal are reasonable and prudent,. follow the reconimendalions ol Ihe Charity Commission and ol the accounting profession with regard to form and conlenl ol the financial slalemenls, or lo dis¢lose and explain any departures Iherelrom., prepare the linancial slalemenls on the going concern basis unless il is inappropiiate lo assume Ihal the charily will continue lo meet ils objectives. the maintenance and inlegrily ol th8 NASUWT website is Ihe responsibility ol the Honorary Treasurer: the work carried out by the auditors does not involve the consideration ol these malleis and, accordingly. the audilors accept no responsibility for any changes Ihal may have occurred in the financial slalemgnts since they were inilially presented on Ihe web51te', legislation in th8 Uniled Kingdom governing the preparation and dissemination ol the linancial slalemenls and Ihe olher information included in annual reports may diller Ifom legislation in other jurisdiclions. 52
INDEPENDENT AUDITORS. REPORT TO THE TFIUSTEES OF NASUWT - The reachers, Unlon CENTRAL BENEVOLENT FUND Oplnlon We have audited the linaneial statements ol NASUWT Cenlral 8enevolenl Fund lor the year ended 31 December 2023 which comprise the Slalemenl ol Financial Aciivilies. th6 Balance Sheet, the Slalemenl ol Cash Flows and noles lo Ihe financial slalemenls, includiilg signili¢anl accounting policies. The linancial reporiino framework Ihal has been applied in their preparation is applicable law ar¢d Uniled Kingdom Accounting Standards. including Financial Repoiling Standard 102 The Financial Fleporting Slandard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Praclicel- In our opinion th8 financial slalements.. give a true and lair view ol the stale ol the ¢harily's allairs as at 31 December 2023 aThJ of ils incoming resources and application ol fesources, in¢luding ils income and expendilvre lor the year Ihen ended; have beèn propefly prepared in accordance wilh Uniled Kingdoni Generally Accepted AccoLtnling Praclice- and have been prepafed in accordance with Ihe iequiremer)Is of the Charities Act 2011. Basls tor opinion We conducted our audit in accordance with International Standards on Auditing {UK} IISAS {UKII and applicable law. Our responsibililies under those slandards are further described in the AuditOT'S responsibililies lor Ihe audil ol the linancial slalements section ol our report. We are independent ol the charity in accordance wilh Ihe ethical fequiremenls Ihal are relevant lo our audil ol Ihe financial slalemenls in the UK, including the FFIC'S Ethical Standard, and we have lullilled our other elhlcal responsibililies in accordance Nvilh Ihese iequiremenls. We believe Ihal the audit evidence we have oblained is sullicienl and appropriate lo provide a basis lor our opinion. Concluslons relatlng to going concern In audiling the financial statements, we hav8 concluded that the truslees, use of Ihe going concern basis ol a¢¢ounling in the preparalion of Ihe financial stalemenls is appropriate. Based on the work we have perlormed, we have not idenlilied any material uncertainlies relating lo evenls or concjilions that. individually or collectively, may cast signilicanl doubl on Ihe charily's abilily lo conlinue as a going concerr) lor a period cl al leasl twelve monlhs from when the linancial slalemenls are authorised lor issue. Our responsibilities and the responsibilities ol the Iruslees wilh respe¢l to going concern are des(xibed In the relevanl secliDns ol this report. Olher Informatlon The Iruslees are responsible lor the olher information contained within the annual reporl. The olher inlormalion comprises the inlormalion included in Ihe annual report, other Ihan the linancial slalemenls and our audilor's report thereon. Our opinion on Ihe financial slalemenls does not cover the other nlormalion and we do not express any form ol assurance conclusion Ihèreon. 53
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF NASUWT - The Teachers, Unlon CENTRAL BENEVOLENT FUND (conlinued) Other informalion {contlnued) Our rosponsibi1ily is to read the olher information and, in doing so, consider whelher the other inloimaliDn is materially Inconsst8nI with Ihe financial slalem&nls or our knowl8dge obtained in the audit or olherwise appears lo be materially misstated. 11 we idenlily such material inconsislencifrs or appaTenl rllalerial misslalemeiils, we afe required lo determine whelher this gives rise lo a material misslalemenl in the financial slalem8nls Ih8mselves.11, based on the work we have performed. we conclude Ihal there is a nialerial misslalement ol this olhei inlcrmation, we ale required lo ieport Ihal lacl. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respecl ol the following mallers in relation lo which Ihe Charities IAc¢ounls and Reports) Regulations 2008 require us lo reporl lo you il. in our opinion-. the information given in the linancial slalements is inconsislenl in any mal8rial respect with thg Iruslees, reporl,. or sullicienl accounting records have not been kepi., or the linancial slalemenls are not in agreement with the accounting rtrcords and returns; or we have nol received all the inlormalion and explanations we require lor our audit Responsibllitles of trustees As explained more lully in thè Iruslees, responsibilities slalemeni sel out on page 51. the Iruslees are responsible lor Ihe preparation ol the financial slalemenls and lor being salislied Ihal they give a Irue and lair view, and lor such internal conlrol as Ihe Iruslees determine is necessary lo enable the preparalion ol financial slalemenls Ihal are Iree Ironi malerial misslalemenl, wh&ihor duo lo liaud or error. In preparing the financial slalemenls, the Iruslees are responsible lor assessing Ihe charily's abilily to conlinue as a going concérn, disclosing, as applicable, mailers related lo goir)g concern and using the going concern basis ol accounlillg unless the Iruslees eilhei intend lo liquidate Ihe charily or lo cease OP8ralions. or have no realistic allernalive but lo do so. 54
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF NASUWT - The Teachers, Unlon CENTRAL BENEVOLENT FUND (conlinuedl AudSlor's responsibllities for the audit of the financlal statèments We have been appoinled as auditor under section 144 01 Ihe Chafiliès Acl 2011 and report in accordance with the Act and relevant iegulalions made or having ellecl Ihereunder. Qur objectives are lo obtain reasonable assurance about whelher the linancial slatemenls as a whol8 are Iree Irom material misslalemenl, whelher due lo Iraud or error. and lo issue an auditor's report Ihal includes our opinion. Reasonable assLJrance is a high level ol assuyance, bul is nol a guarantee Ihal an audit conducted in accoidance wilh ISAS IUKI will always dolecl a material misslalemenl when il exists. Misslalemenls can arise from Iraud or error and are considered material il, individually or in the aggregale, they could ieasonably be expecled lo inlluence the economic decisions ol users laken on Ihe basis ol Ihese linancial statements. Iriegularilies, including Iraud, are instances ol non-compliance wllh laws ancl regulalions. We design procedures in line wilh our responsibililies, outlined at)ove, lo delecl material misslatemenls in respect of irregularities. including l(aud. The exlenl lo which our proceduies are Capable ol delecling irregularities. including liaud is delailed below- A further description ol our responsibilities for Ihe audit ol the financial statements is located on the Financial Reporting Council's webslle al.. www.Irc.org.uKlaudilorsfesponsibililies. This d8s¢ription lorms parl ol our auditor's report. Extent to whlch the audll was consldered capable of delecllng Irregularllles, In¢ludlng fraud IrregulaTilies. including Iraud, afe inslan¢es ol non.complSance wilh laws and regulalions. We idenlilied and assessed the risks ol material misslalemenl ol the financial slalemenls from iriegularilies. whelhei due lo l(aud or error. and discussed Ihese between our audit team mernbeis. We then designed and pèrlormed audit procedures responsive lo those risks. including oblaining auclil evidence sullicienl and appropriate lo provide a basis loi our oplnion. We obtained an understandin9 of the legal and regulalory Irameworks within which the charily operates. focusing on IhDse laws and regulations that have a direct ellecl on Ihe determination ol maierial amounts and disclosures in Ihe linancial sialemenls. The laws and regulalions we considered in this context were Ihg Charities SORP IFRS10212019. We assessed the required compliance with Ihese laws and regulalioris as part ol oui audil procedures on the relaled linancial slalemenl items. In addition, we considered provisions ol other laws and Iegulalions that do nol have a direct elle¢l on the linancial slalemenls bul coniplianc& wilh which might b8 lundamenlal lo th8 charity s and Ihe group s abilily lo operate or lo avoicS a malerial penally. We also considered the opportunities and incentives that may exist within Ihe charity and the group lor Iraud. The laws ancl regulaliDns we considered in this context lor the UK opeialions were Chafily Commission regulations. General Oala Proleclion Regulation IGDPR). Anli-fraud, bribery and corruplion legislation, Environmental proleclion legislation, Health and safely legislation. Taxation legislation and Employment legislalion. Auditin9 slandards limit ihe required audit procedures lo idenlily non-compliance with these laws and regulations lo enquiry of the Trustees and other manageillenl and inspection ol regulatory and legal coriespondence. il any. 55
INDEPENOENT AUDITORS. REPORT TO THE TRUSTEES OF NASUWT - The Teachers. Union CENTRAL BENEVOLENT FUND (continued) Extent lo which Ihe audit was considered capable ol detectlng Irregularllles, Includlng fraud (conllnued) We idenlilied Ihe giealesl risk DI material impact on Ihe financial slalemenls from irregularilies, including Iraud, lo be wilhin the liming ol recognilion ol donation income and the override ol conlrols by management. OUY audit procedures lo respond lo these risks included a review ol Ihe income recognition accounting policy, gaiTbing an understanding ol the relevant income systems and controls. sarnple lesling on other donations, enquiries ol management about their own idenlilicalion and assessment ol the rSkS ol irregularities. sample lesiing on the posting ol journals. reviewing accounling eslimales lor biases, reviewing regvlalory correspondence svilh the Charity Commission, and rèading minutes ol meetings ol Ihose chargecl wilh governance. Owing to ihe inherent limitations ol an audil. Ihere is an unavoidable rlsk that we may not have delecled sorne malerial misslalemenls in Ihe linancial slalemenls, even Ihovgh we have properly planned an performed our audit in ac¢ordancè wilh auditing standards. For example, Ihe lurther removed non- cornpliance wilh1aws and regulations lirregulariligsl is from Ihe evenls and Iransaclions rellecled in the financial slalemenls. the less likely the inherenily limited procedures required by auditing standards would idenlify it. In addilion. as with any audil. there remained a highef risk ol non-deloclion ol irregularilies, as these may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override ol inleinal conliols. We are not responsible lor PTevenling non-compliance and cannot be expected lo detect non-compllance wilh all laws and regulalior)s. Use of our reporl This reporl is made solely lo Ihe charity's Iruslees, as a body, in accordance with Part 4 01 the Charities (Accounts and Reports) Rogulalions 2008. Our audil WDrk has begn undertaken so Ihal we mi9hi slate to thè charity's Iruslees those mallers we ar& required to slale to them in an auditor's reporl and lor no Other purpose. To Ihe ILJllesl exlenl permittgcS by law. we do nol accept or assume responsibility lo anyone other Ihaft the charily and the charity's Iruslees as a body, lor our audit work, lor this report. or lor the opinions we have lormeLI. LLJ Crow6 U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury Wesl Midlands B69 20G Date: 4 March 2024 56