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2022-07-31-accounts

Charity registration number 1188146

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr. A G Bealby
Mr. S Kelly
Mr. M C Bunn
Mr. P C Mason
Mr. E W Dudley
Ms. J G Cole
Mr D Brown
Mr. T Daffurn
Ms D Terry
Charity number 1188146
Principal address Unit 12
Basepoint, Oakfield Close
Tewkesbury Business Park
Tewkesbury
Gloucestershire
United Kingdom
GL20 8SD
Auditor Kendall Wadley LLP
Merevale House
27 Sansome Walk
Worcester
Worcestershire
United Kingdom
WR1 1NU
Bankers NatWest Bank PLC
The Round House
2 Bridge Street
Evesham
Worcestershire
United Kingdom
WR11 4RS

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 19

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

The trustees present their annual report and financial statements for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

Our vision is to promote good citizenship amongst the public and be a living memorial to the GPO men and women who died in the two World wars by way of making grants, donations and awards for this purpose.

Any funds that are donated to other third-party charities will recognise their sacrifice by acknowledgement and by displaying the reasons under which they have received funds. The funds will be used for the good of the public and facilitate areas such as learning, remembrance, heritage and compassion.

Background to the creation of the new Charitable Incorporated Organisation

The Post Office Fellowship of Remembrance Community Interest Company (POFR CIC) was established nearly 70 years ago as a living war memorial to Post Office employees killed in the two World Wars. It is entirely independent from the current Post Office, BT and Royal Mail and is funded, owned and run by and for its members. It began as holiday/convalescent centres for PO/BT employees only. With a declining membership from PO/BT the Company has had to adapt to ensure its survival. In order to ensure the Company remained under the control of the Membership, in 2009 the decision was taken to convert the Company into a Community Interest Company. This meant that if the Company were dissolved the assets could only be placed with a like minded charity.

The charity has been created to carry on some of the objectives of The Post Office Fellowship of Remembrance Community Interest Company (POFR CIC). Declining Membership means at some point in the near future the company will be unable to operate because of insufficient members of the company and will become difficult to manage due to poor attendance at AGM’s and insufficient Directors to fulfil the requirements of the Memorandum and Articles. The company is in the process of selling off its assets. When the process is completed the cash assets will be transferred into the Charity, invested and funds used to fulfil its objectives.

Mission Statement

Taking the Memorandum and Articles as the base for the Mission statement then The Company, created as a living Memorial to the Post Office War Dead, exists to provide:

  1. A focus for the promotion of a sense of Fellowship.

  2. At all times the charity will promote its objects in a proper and professional manner

  3. Manage and monitor programmes of work to make sure they are carried out in an efficient way to maximise their benefit for the purpose for which they are meant.

  4. A professional and supported staff trained and dedicated to delivering the above services and facilities.

Core Values

The Charity is managed by Trustees. The management process of the Charity includes Trust members responsible for areas of activity or specialism. All decisions affecting the Charity's direction are agreed by the Board of Trustees.

We promote values of respect and support of any staff employed by the Charity.

We will respect and treat other charities and organisations with courtesy and transact with them in a fair and proper manner.

Trustees will act in a professional manner when acting on behalf of the Charity and also outside that activity.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Our Activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

To support projects that help us achieve our objective, i.e. be a living memorial to the men and women of the GPO who died in the two world wars.

To identify and review charities that meet the criteria of PORF CIO objectives

To carry out a process of due diligence, to ensure that any donation will have a high probability of success.

To monitor projects with checks and balances to keep them on course.

To ensure that charity fund investments produce the best returns for the charity

To maintain a rolling 12-month cash flow forecast so that assets can be liquidated and used for forthcoming projects.

To ensure that the name of the POFR and PORF are given prominent positions on projects funded by the charity.

Grant making policy

The Charity has set up a Funds Distribution Team (FDT), a sub-committee of the main Board, which is responsible for the day-to-day management of the grant-making process.

Recommendations will be based on the Vision and Mission statements in the current Business Plan.

The making of grants will be decided by the board of Trustees, based on the merits the project has in furthering the charity's objective and subject to full board approval.

Achievements and performance

The charity will not need to carry out fundraising because it will receive its funds from POFR CIC. The KPI’s associated with fundraising performance are not required. During the initial period the charity received its first donation, totaling £1.5 million

The charity has made a grant of £25k to the Post Office Family Fund formally known as the Post Office Orphans Benevolent Institution and committed two further grants of £50,000 each to BT Benevolent and Rowland Hill Fund. The donations from the Post Office Fellowship of Remembrance will provide the charity with significant resources to make more grants to charities that meet our objectives.

KPI’s will relate to measuring success of funded projects and this will be achieved by monitoring using a scored sheet at milestones as the different projects develop.

Other KPI’s will monitor Trustee attendance, costs associated with the Charity will be bench marked against published information.

Financial review

The results for the year are set out on page 10.

Reserves policy

The board of Trustees monitor the charity's ongoing cash flow position. The Trustees consider that it is prudent to maintain a sufficient reserve to meet the ongoing costs of the charity. It is the intention to distribute the Funds over the next 5-10 years. Each endorsed Grant will be project managed where appropriate and monies released to cover the phases of the project. Each project’ progress will be monitored by the Trustees. This approach will mean that a reserve policy will not be needed as Grants will match the total of the Investment Funds.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Plans for future periods Our Goals

In the next year

The procedures and processes developed will be in place and bids will be subject to a rigorous review. Trust meeting dates and their administration process will be followed.

In the next two to five years

Structure, governance and management

The charity is a Charitable Incorporated Organisation (CIO) governed by its Constitution document

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr. A G Bealby Mr. S Kelly Mr. M C Bunn Mr. P C Mason Mr. E W Dudley Ms. J G Cole Mr D Brown Mr. T Daffurn Ms D Terry

None of the trustees has any beneficial interest in the company.

Appointment and induction of trustees

Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.The charity trustees will make available to each new charity trustee, on or before his or her first appointment a copy of the current version of this constitution; and a copy of the CIO’s latest Trustees’ Annual Report and statement of accounts.

Trustees will be reimbursed reasonable travelling expenses incurred in connection with their role. No other payment, monetary or in kind, will be paid.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Public Benefit

There is currently a high interest in Remembrance themes, and this has been building over the last 10 years. There is a unique story that can be told of the men and women of the GPO who died in the two World Wars that is of interest to the public and relatives of those 12,830 GPO employees. In order to keep this interest, the charity will fund projects that keep this story relevant.

The public as a whole will benefit because projects that the charity funds will be of interest to them and they will gain knowledge. For example, a potential beneficiary could be Bletchley Park Trust. Here learning facilities are being developed to provide STEM learning for young people. This has long-term benefits for society in general.

They will gain knowledge that will educate them about Wars, and they are not good things to have. They will gain knowledge for example how codebreakers at Bletchley Park conducted their work. This may motivate young people to follow an interest in STEM subjects.

The trustees' report was approved by the Board of Trustees.

Mr. A G Bealby Trustee

26 May 2023

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

Opinion

We have audited the financial statements of The Post Office Remembrance Fellowship CIO (the ‘charity’) for the year ended 31 July 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The information obtained through the assessment to risk procedures is reviewed and the following work undertaken:

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Morley ACA (Senior Statutory Auditor) Kendall Wadley LLP

30 May 2023

Chartered Accountants Statutory Auditor

Merevale House 27 Sansome Walk Worcester Worcestershire United Kingdom WR1 1NU

Kendall Wadley LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Donations and legacies 2 1,500,480 1,500,002
Investments 3 8,435 -
Total income 1,508,915 1,500,002
Expenditure on:
Raising funds 4 20,014 3,900
Charitable activities 5 125,000 -
Total expenditure 145,014 3,900
Net losses on investments 11 (84,130) -
Net movement in funds 1,279,771 1,496,102
Fund balances at 1 August 2021 1,496,102 -
Fund balances at 31 July 2022 2,775,873 1,496,102

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

Notes
Fixed assets
Investments
12
Current assets
Trade and other receivables
14
Cash at bank and in hand
Current liabilities
Other payables
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
£
1,413,739
1,866
1,471,377
1,473,243
111,109
1,362,134
2,775,873
2,775,873
2,775,873		 2021
£
£
-
-
1,500,002
1,500,002
3,900
1,496,102
1,496,102
1,496,102
1,496,102		 2021
£
£
-
-
1,500,002
1,500,002
3,900
1,496,102
1,496,102
1,496,102
1,496,102
1,496,102
1,496,102
1,496,102

The financial statements were approved by the Trustees on 26 May 2023

Mr. A G Bealby Trustee

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

2022
Notes
£
£
Cash flows from operating activities
Cash generated from operations
19
1,460,809
Investing activities
Purchase of investments
(1,893,359)
Proceeds on disposal of investments
411,427
Investment income received
8,435
Net cash used in investing activities
(1,473,497)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(12,688)
Cash and cash equivalents at beginning of year
1,500,002
Cash and cash equivalents at end of year
1,487,314
Relating to:
Cash at bank and in hand
1,471,377
Short term deposits included in current asset
investments
15,937		 2021
£
£
1,500,002
-
-
-
-
-
1,500,002
-
1,500,002
1,500,002
-		 2021
£
£
1,500,002
-
-
-
-
-
1,500,002
-
1,500,002
1,500,002
-
1,500,002
-
1,500,002
1,500,002
-

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

The Post Office Remembrance Fellowship CIO is a Charitable Incorporated Organisation in England and Wales. The registered office is PORF CIO, Unit 12, Basepoint, Oakfiled Close, Tewkesbury Business Park, Tewkesbury, GL20 8SD, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds expenditure.

The Charity has set up a Funds Distribution Team (FDT), a sub-committee of the main Board, which is responsible for the day-to-day management of the grant-making process. Recommendations will be based on the Vision and Mission statements in the current Business Plan. The making of grants will be decided by the board of Trustees, based on the merits the project has in furthering the charity's objective and subject to full board approval.

1.6 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.10 Comparative reporting period

The comparative accounting period was extended to 31st July, creating a 17 month period to better suit the needs of the charity. Consequently this period is not entirely comparable to to the period ending 31 July 2022. Authority to extend the period was obtained from the Charity Commission.

2 Donations and legacies

3
4		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Donations and gifts
1,500,480
1,500,002
Investments
Unrestricted
Total
funds
2022
2021
£
£
Income from listed investments
8,435
-
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Governance costs
7,689
3,900
Support costs
1,760
-
Fundraising and publicity
9,449
3,900
Investment management
10,565
-
20,014
3,900		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Donations and gifts
1,500,480
1,500,002
Investments
Unrestricted
Total
funds
2022
2021
£
£
Income from listed investments
8,435
-
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Governance costs
7,689
3,900
Support costs
1,760
-
Fundraising and publicity
9,449
3,900
Investment management
10,565
-
20,014
3,900
3,900
-
3,900

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

5 Charitable activities

Grant funding of activities (see note 6)
Grants payable
Grants to institutions:
Other
Support costs
Support
costs
Governance
costs
£
£
Insurance
934
-
Mileage
277
-
Advertising
245
-
Venue hire
304
-
Audit fees
-
4,500
Accountancy
-
3,189
1,760
7,689
Analysed between
Fundraising
1,760
7,689		 2022
£
934
277
245
304
4,500
3,189
9,449
9,449		 Charitable
Expenditure
2022
£
125,000
Charitable
Expenditure
2022
£
125,000
Support
costs
Governance
costs
£
£
-
-
-
-
-
-
-
-
-
1,800
-
2,100
-
3,900
-
3,900		 2021
£
-
2021
£
-
2021
£
-
-
-
-
1,800
2,100
3,900
3,900

6 Grants payable

7 Support costs

Governance costs includes payments to the auditors of £4,500 (2021: £1,800) for audit fees.

8 Auditor's remuneration

Fees payable to the charity's auditor and associates: 2022 2021
£ £
Audit of the charity's annual accounts 4,500 1,800

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the period one trustee was reimbursed £277 in respect of travel costs incurred performing charitable duties.

10 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2022
Number
-		 2021
Number
-

11 Net gains/(losses) on investments

Unrestricted
funds
2022
£
Revaluation of investments
(62,578)
Gain/(loss) on sale of investments
(21,552)
(84,130)		 Total
2021
£
-
-
-

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 August 2021
-
Additions
1,893,359
Valuation changes
(62,578)
Disposals
(432,979)
At 31 July 2022
1,397,802
Carrying amount
At 31 July 2022
1,397,802
At 31 July 2021
-		 Cash in
portfolio
-
15,937
-
-
15,937
15,937
-		 Total
£
-
1,909,296
(62,578
(432,979
1,413,739
1,413,739
-

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

12 Fixed asset investments (Continued)
13 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,397,802 -
14 Trade and other receivables
2022 2021
Amounts falling due within one year: £ £
Prepayments and accrued income 1,866 -
15 Other creditors falling due within one year
2022 2021
£ £
Trade payables 2,100 -
Accruals and deferred income 109,009 3,900
111,109 3,900
16 Analysis of net assets between funds
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fund balances at 31 July 2022 are represented by:
Investments 1,413,739 -
Current assets/(liabilities) 1,362,134 1,496,102
2,775,873 1,496,102

17 Financial commitments, guarantees and contingent liabilities

At the balance sheet date, POFR CIC were considering a grant to Bletchley Park Trust. Post year end, an amount of £592,000 was agreed and paid to them.

18 Related party transactions

As described in the trustee's report, several of the trustees of this charity, including A G Bealby, M C Bunn, P C Mason, E W Dudley, J G Cole, T Daffurn and D Terry are on the board of The Post Office Fellowship of Remembrance CIC, which donated £1,500,480 to the charity during the year (2021: £1,500,000).

THE POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

19
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
(Increase) in trade and other receivables
Increase in trade and other payables
Cash generated from operations
20
Analysis of changes in net funds
The charity had no debt during the year.		 2022
£
1,279,771
(8,435)
21,552
62,578
(1,866)
107,209
1,460,809		 2021
£
1,496,102
-
-
-
-
3,900
1,500,002