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 g￿Ven 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 CoMpr￿se 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
th￿S 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 Incons￿st8nI 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 r￿SkS 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