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2025-07-31-accounts

Charity registration number 1188146 (England and Wales)

POST OFFICE REMEMBRANCE FELLOWSHIP CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Kelly
M Bunn
P Mason
T Daffurn
D Terry
A Bealby
D A Brown (Appointed 4 February 2025)
E Dudley
J Cole
Charity number 1188146
Registered office Unit 12 Basepoint
Oakfield Close
Tewkesbury Business Park
Tewkesbury
GL20 8SD
Auditor Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers Natwest Bank PLC
The Round House
2 Bridge Street
Evesham
Worcestershire
WR11 4RS

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

CONTENTS

Page
Trustees report 1 - 4
Statement of Trustees responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 19

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES REPORT

FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their annual report and financial statements for the year ended 31 July 2025.

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

Public benefit

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

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.

As anticipated in last years Trustees Report the POFR CIC has now been dissolved and all assets transferred to PORF CIO.

Mission Statement

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

  1. To distribute assets to charities that will take forward the POFR objectives of being a living memorial to those Post Office workers that died in the two World Wars.

  2. The CIO will adopt a rigorous and professional project management approach in selecting beneficiaries.

  3. To undertake project Post Implementation Reviews to ensure our objectives have been met.

  4. 1 -

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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.

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

Significant activities and achievements against objectives

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 period the charity made a number of grants including grants to:

Commonwealth War Graves Commission £150,000 The Postal Heritage Museum £600,000 The British Normandy Memorial Trust £310,000

The above grants are for memorial and education purposes.

Post implementation reviews will be carried out to ensure the projects are providing their expected benefits.

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

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, and costs associated with the Charity will be benchmarked against published information.

Financial review

The results for the year are set out on page 9.

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's 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.

Plans for future periods

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:

S Kelly

M Bunn P Mason T Daffurn D Terry A Bealby D A Brown (Appointed 4 February 2025) E Dudley J Cole

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Recruitment and appointment 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 Trustees. In selecting individuals for appointment as Trustees, the Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. The Trustees will make available to each new 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.

None of the Trustees have any beneficial interest in the Charity.

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.

J Cole Trustee

20 April 2026

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2025

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.

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF POST OFFICE REMEMBRANCE FELLOWSHIP CIO

Opinion

We have audited the financial statements of Post Office Remembrance Fellowship CIO (the ‘Charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, 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

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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.

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:

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF POST OFFICE REMEMBRANCE FELLOWSHIP CIO

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

Audit response to risks identified

As a result of the outcome of our risk review:

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

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF POST OFFICE REMEMBRANCE FELLOWSHIP CIO

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.

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 auditor’s 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 BA (Hons) ACA (Senior Statutory Auditor)

For and on behalf of Kendall Wadley LLP Chartered Accountants Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS 20 April 2026

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.

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations 3 605,800 -
Investments 4 1,922 7,812
Total income 607,722 7,812
Expenditure on:
Raising funds 5 46,666 25,605
Charitable activities 6 1,100,170 605,342
Total expenditure 1,146,836 630,947
Net gains on investments 11 99,518 150,355
Net expenditure and movement in funds (439,596) (472,780)
Reconciliation of funds:
Fund balances at 1 August 2024 1,536,984 2,009,764
Fund balances at 31 July 2025 1,097,388 1,536,984

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

BALANCE SHEET

AS AT 31 JULY 2025

Notes
Fixed assets
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets/(liabilities)
Total net assets
Creditors: amounts falling due after
more than one year
17
Net assets
The funds of the Charity
Unrestricted funds
18		 2025
£
£
1,163,881
800
216,877
217,677
(164,170)
53,507
1,217,388
(120,000)
1,097,388
1,097,388
1,097,388		 2024
£
£
1,571,341
1,776
662,988
664,764
(699,121)
(34,357)
1,536,984
-
1,536,984
1,536,984
1,536,984

The financial statements were approved by the Trustees on 20 April 2026

J Cole Trustee

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
21
Investing activities
Purchase of investments
Proceeds from disposal of investments
Movement on cash on deposit
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Short term deposits included in current asset
investments		 2025
£
£
(955,011)
(693,914)
1,200,892
(7,266)
1,922
501,634
-
(453,377)
673,305
219,928
216,877
3,051		 2024
£
£
(167,393)
-
-
-
7,812
7,812
-
(159,581)
832,886
673,305
662,988
10,317

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

Charity information

The Post Office Remembrance Fellowship CIO (1188146) is a Charitable Incorporated Organisation registered in England and Wales. The registered office is PORF CIO, Unit 12, Basepoint, Oakfield Close, Tewkesbury Business Park, Tewkesbury, GL20 8SD.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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. 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 and that there are no material uncertainties about its ability to continue. 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.

Dividend income is recognised in the profit and loss on the date on which the right to receive payment is established, for quoted securities this is usually the ex dividend date.

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 once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, 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.

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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 objectives and subject to full board approval.

1.6 Fixed asset 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 debtors 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 are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors 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 creditors 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.

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations 605,800 -

The donations received during the year were made entirely by The Post Office Fellowship of Remembrance CIC which is a related party by virtue of common control.

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 1,922 7,812

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Governance costs 10,500 10,029
Support costs 27,267 2,808
37,767 12,837
Investment management 8,899 12,768
Total costs 46,666 25,605

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

6 Expenditure on charitable activities

Charitable Charitable
Expenditure Expenditure
2025 2024
£ £
Direct costs
Grant funding of activities (see note 7) 1,100,170 605,342
Analysis by fund
Unrestricted funds 1,100,170 605,342
7 Grants payable
Charitable Charitable
Expenditure Expenditure
2025 2024
£ £
Grants to institutions:
Postal Family Fund (formerly known as The Post Office Orphans Benevolent
Institution) - 35,000
Postal Heritage Museum 600,000 -
Commonwealth War Graves Commission 150,000 -
Normandy Memorial Trust 310,000 20,000
National Museum of Computing - 550,000
GPO Memorial Gardens 40,170 -
Other - 342
1,100,170 605,342
2025
Reconciliation of grants payable £
Commitments at 1 August 2024 535,821
Grants made in the year 1,100,170
Grants paid during the year (1,360,821)
Commitments at 31 July 2025 (Note 16) 275,170

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

8 Support costs allocated to activities

Insurance
Mileage
Advertising
Venue hire
Computer running costs
Sundry
Bank charges
Governance costs
Analysed between:
Fundraising		 2025
£
1,264
6,023
408
12,715
6,699
146
12
10,500
37,767
37,767		 2024
£
2,157
243
408
-
-
-
-
10,029
12,837
12,837

Governance costs include payments to the auditors of £5,400 (2024: £4,500) for audit services and £2,100 (2024: £1,750) for accounting services.

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, 7 (2024: 1) Trustees were reimbursed £6,023 (2024:£117) in respect of travel costs incurred performing charitable duties.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 99,518 150,355

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 August 2024
1,561,024
Additions
693,914
Valuation changes
99,518
Dividends received
-
Management charges
-
Withdrawals
-
Disposals
(1,193,626)
At 31 July 2025
1,160,830
Carrying amount
At 31 July 2025
1,160,830
At 31 July 2024
1,561,024
14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments		 Cash in
portfolio
£
10,317
(693,914)
-
1,922
(8,898)
(500,002)
1,193,626
3,051
3,051
10,317
2025
£
1,163,881
2025
£
-
800
800		 Total
£
1,571,341
-
99,518
1,922
(8,898)
(500,002)
-
1,163,881
1,163,881
1,571,341
2024
£
1,571,341
2024
£
916
860
1,776

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

16 Creditors: amounts falling due within one year

Grants payable
Other creditors
Accruals
17
Creditors: amounts falling due after more than one year
Grants payable		 2025
£
155,170
-
9,000
164,170
2025
£
120,000		 2024
£
535,821
155,800
7,500
699,121
2024
£
-

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.

At 1 August Incoming Resources Gains and At 31 July
2024 resources expended losses 2025
£ £ £ £ £
General funds 1,536,984 607,722 (1,146,836) 99,518 1,097,388
Previous year: At 1 August Incoming Resources Gains and At 31 July
2023 resources expended losses 2024
£ £ £ £ £
General funds 2,009,764 7,812 (630,947) 150,355 1,536,984

19 Analysis of net assets between funds

Unrestricted
funds
2025
£
At 31 July 2025:
Investments 1,163,881
Current assets/(liabilities) 53,507
Long term liabilities (120,000)
1,097,388

POST OFFICE REMEMBRANCE FELLOWSHIP CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

19 Analysis of net assets between funds (Continued)
Unrestricted
funds
2024
£
At 31 July 2024:
Investments 1,571,341
Current assets/(liabilities) (34,357)
1,536,984

20 Related party transactions

During the year donations were made to the charity by The Post Office Fellowship of Remembrance CIC totalling £605,800 (2024: £nil).

The Post Office Remembrance Fellowship CIC is a related party by virtue of common control.

21
Cash absorbed by operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 2025
£
(439,596)
(1,922)
(99,518)
976
(414,951)
(955,011)		 2024
£
(472,780)
(7,812)
(150,355)
90
463,464
(167,393)