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Registration number: 09771284

National Federation of Subpostmasters

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

National Federation of Subpostmasters

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 16

 

National Federation of Subpostmasters

Company Information

Chairman

Mr Joseph David Timothy Boothman

Chief executive

Mr Calum Brian Greenhow

Directors

Ms Sue Jude

Mr David Sanghera

Mr Sajjad Hussain

Mrs Susan Edgar

Ms Christine Donnelly

Mr Mohammad Sajid

Mr Vincent Howard Greenman

Mr James Martin McCafferty

Mr David James Agnew

Mr Rajat Vinod Patel

Mr Nilesh Parekh

Registered office

Evelyn House
22 Windlesham Gardens
Shoreham-By-Sea
West Sussex
BN43 5AZ

Auditors

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

National Federation of Subpostmasters

(Registration number: 09771284)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,961

4,869

Tangible assets

5

695,531

708,343

Investments

6

119,000

119,000

Other financial assets

7

1,191,206

1,083,963

 

2,007,698

1,916,175

Current assets

 

Debtors

8

842,023

533,925

Cash at bank and in hand

 

970,696

1,367,507

 

1,812,719

1,901,432

Creditors: Amounts falling due within one year

9

(693,324)

(451,534)

Net current assets

 

1,119,395

1,449,898

Total assets less current liabilities

 

3,127,093

3,366,073

Provisions for liabilities

(9,999)

(16,660)

Net assets

 

3,117,094

3,349,413

Capital and reserves

 

Revaluation reserve

116,883

40,311

Other reserves

2,947,951

2,960,251

Profit and loss account

52,260

348,851

Members' funds

 

3,117,094

3,349,413

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mr Joseph David Timothy Boothman
Chairman

.........................................
Mr Calum Brian Greenhow
Chief executive

 
     
 

National Federation of Subpostmasters

Statement of Changes in Equity for the Year Ended 30 September 2024

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

40,311

2,960,251

348,851

3,349,413

Deficit for the year

-

-

(232,319)

(232,319)

Total comprehensive income

-

-

(232,319)

(232,319)

Transfers

76,572

(12,300)

(64,272)

-

At 30 September 2024

116,883

2,947,951

52,260

3,117,094

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Evelyn House
22 Windlesham Gardens
Shoreham-By-Sea
West Sussex
BN43 5AZ
United Kingdom

These financial statements were authorised for issue by the Board on 30 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Group accounts not prepared

The financial statements present information about National Federation of Subpostmasters as an individual company and do not contain consolidated information about the group. Group accounts have not been prepared by the parent company as the group qualifies as small and as such it is not legally required to file group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 April 2025 was Guy Michael Butterworth, who signed for and on behalf of Lucraft Hodgson & Dawes LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Other grants

Grants of a revenue nature are recognised in income statement over the period to which they relate.

Grants relating to specific projects are recognised in the income statement as the related costs are incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% - Straight line

Computer equipment and software

33% - Straight line

Office equipment

25% - Reducing balance

Business combinations

The acquisition of the undertaking of the National Federation of Subpostmasters has been accounted for under the purchase method. The fair value of the assets acquired, less the actual consideration provided, has been treated as a capital contribution from the members.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33% - Straight line

Investments

Investments are included at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 40).

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 October 2023

61,399

61,399

At 30 September 2024

61,399

61,399

Amortisation

At 1 October 2023

56,530

56,530

Amortisation charge

2,908

2,908

At 30 September 2024

59,438

59,438

Carrying amount

At 30 September 2024

1,961

1,961

At 30 September 2023

4,869

4,869

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

820,000

40,346

860,346

Additions

-

8,208

8,208

At 30 September 2024

820,000

48,554

868,554

Depreciation

At 1 October 2023

123,000

29,003

152,003

Charge for the year

16,400

4,620

21,020

At 30 September 2024

139,400

33,623

173,023

Carrying amount

At 30 September 2024

680,600

14,931

695,531

At 30 September 2023

697,000

11,343

708,343

Included within the net book value of land and buildings above is £680,600 (2023 - £697,000) in respect of freehold land and buildings.
 

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Investments

Subsidiaries

£

Cost or valuation

At 1 October 2023

119,000

Provision

Carrying amount

At 30 September 2024

119,000

At 30 September 2023

119,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company controls 20% or more of the voting rights or rights to capital on dissolution, are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights held

     

2024

2023

Subsidiary undertakings

N.F.S.P Trading Limited

Evelyn House
22 Windlesham Gardens
Shoreham-by-Sea
West Sussex
BN43 5AZ

Sole member

100%

100%

 

England

     

Subsidiary undertakings

N.F.S.P Trading Limited

The principal activity of N.F.S.P Trading Limited is the provision of commercial trading services to the National Federation of Subpostmasters and its members. The profit for the financial period of N.F.S.P Trading Limited was £38,196 and the aggregate amount of Capital and reserves at the end of the period was £227,334.

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Other investments

The market value of the listed investments at 30 September 2024 was £1,191,206 (2023 - £1,083,963).

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

1,083,963

1,083,963

Fair value adjustments

76,572

76,572

Additions

376,400

376,400

Disposals

(345,729)

(345,729)

At 30 September 2024

1,191,206

1,191,206

Carrying amount

At 30 September 2024

1,191,206

1,191,206

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

337,657

1,500

Amounts owed by related parties

12

-

43,326

Prepayments

 

72,774

51,713

Other debtors

 

431,592

437,386

   

842,023

533,925

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

146,249

64,824

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

12,274

-

Taxation and social security

 

100,814

95,571

Accruals and deferred income

 

423,036

277,453

Other creditors

 

10,951

13,686

 

693,324

451,534

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,603

1,603

Later than one year and not later than five years

802

1,604

Later than five years

-

802

2,405

4,009

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,604 (2023 - £1,604).

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

11

Contingent assets

The company is in a process of negotiation with HMRC regarding the VAT treatment of its Annual Grant. HMRC have not yet confirmed their view on the correct treatment.

The accounts have been prepared using the original treatment, if however, HMRC agree to a revised treatment, following changes in the terms of the Annual Grant the Directors anticipate there will be an annual benefit, to the company of £130,000 per annum. This benefit will continue until the end of the Grant Agreement.
.

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

12

Related party transactions

Transactions with directors

Directors' remuneration

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

Summary of transactions with subsidiaries

N.F.S.P. Trading Limited a wholly owned subsidiary.
 This company provided the related party with managerial and publishing services.
 

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Income and receivables from related parties

2024

Subsidiary
£

Receipt of services

65,000

65,000

2023

Subsidiary
£

Receipt of services

65,000

65,000

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

43,326

43,326

Repaid

(43,326)

(43,326)

At end of period

-

-

2023

Subsidiary
£

Total
£

Advanced

43,326

43,326

At end of period

43,326

43,326

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

 

National Federation of Subpostmasters

Notes to the Financial Statements for the Year Ended 30 September 2024

Loans from related parties

2024

Subsidiary
£

Total
£

Advanced

12,274

12,274

At end of period

12,274

12,274

Terms of loans from related parties

The loan is interest free and repayable on demand.