THE CIVIL SERVICE RETIREMENT FELLOWSHIP CS The CIVIL Service Retirement Fellowship Report and Financial Statements For the Year Ended 31 December 2021 A charity registered in England and Wales No. 25S465 and in Scotland No. SC039049 and a company limited by guarantee registered in England and Wales No. 6297479 C5 REPORT & FINANCIAL STATEME1￿s For Ihe year eThJed 31 December 2021 Corthnts Ch&fs Rep 2to3 Rewt ot the P•Jard of D¥c*icxs Jto7 RelweneÈ and A(1fflintstratNC Dctails 8t011 In¢ependeni Exarnir&s ReF(Kt 12 Sy*emert ol FinancAI 13 cornpara￿e Staiemerrt of Financial l( Year Enoing 31 [l￿nber 2020 14 Bal9n￿ sheet 15 Cash flow &al(￿Ment 16 Notes to financkij statemL¥rt5 17to32 REPORT & FINANCIAL STATEMENTS For the year ended 31 December 2021 Report of thÈ Board of Directors The Board of Directors we pICas￿ to present tr*ir annual report togettrw with the finanaal stat￿￿￿ts of the thanty for ycar endir4 31 DwnLv 2021. Chairfs report Wc were tested ty the Covid pandemic thrwglKyrt 2021. ￿t￿l￿gh sorne of our groups cINJse to SUspu￿ their acrivit)es in the winter dL* to ￿ Omicron variant, we kM* towards 2022 wrth d gre8ter sense of ¢)Ptsmism: the vacone5 have proved effective and savcyl mèny IIVL and treatments for those who succumb to Covid arc far more thancaj than thcy wore. But at the tsme of WTitiry, with thc reducing of restri(tiors across the Uniled knThJdorn l am t ihat Vde can rettim to a world vthith allows ￿ to intcract with each other freety. the w 12 montts. our small team in the CSRF office have cOn￿nUed to Mar￿Je their way throu9h the twists tums of gUIda￿e and regulatiors. Through0￿ 2021. we have continued to priorits.se the health a￿1 safery of our stdff and subscnbers. makiThJ use of the furlough scherne and at Dmes. rogrL%lably. suspending both our group netsyork meetings ar our homc bcfnending service. I wa5 delighte¢ thcrcfore to see that many of our groups did get back tTrJether when it was safe to do so. T knovi that the energy arxl ￿eaSure that 1th￿se of y(Ks who were able to attend drcw from these n￿1r￿j$ was really wgty"vc. l arn optifftstsc that by SpriNJ ttle cntirc group ￿ty￿rk wll te in full swing once again. Also on a rh)sifive note. in 2021 we saw a rewed interest in our tC1cp￿)nC befriendiThJ service, the launch of a rth PM Pal S(tr￿le, continued strong eTrJagcmcnt in our Ch)ef Execubvc's b￿k dub steaty use of our nv+Y Freephone telephone line for signposb.ng a￿1 advice. And in July we held our first eve.r thgital Conference Yrfhich. while differwt from an in- peryA>n confererKe. 5ti11 eniibled us lo reo)nnoct wjth old friends. make s(ffne new oncs and talk about the dosc to the CSRF hearL The kxNtive feedback from this twent will feed into some of our artr4ilies to ra￿ a￿arr3￿￿ of digitsl teCtrmk￿Y in 2022. Inevitably. Covid has alg) impaaed M rNr atsrty to hoki fundraisiNJ ￿￿"￿tr"e5. N{￿helesS. 1 arn pleased to repNt that f(* the fifth c(¥)seofft year. we recorded a small surplus in our finanoal statements thanks to thc cxpcrt steNardship of the CSRF team wh(h, duc to some departures in 2021. rw con$￿S of Just Dawd arthj Jean. l am Sure Ihat ev￿0￿ aswated th thc Fello¥￿hIP will want to join me in thanking them for t￿1r tirele55 arKI dedicated work througrK)Ut anoirmy challeThJing year. The year saw some Chang￿ to srrucrure of the Board of Directors which were approvLYi at the 2021 Annual General Meeting. As a rcsult, we welcomed Eltiabeth Gèrdincr and Robert McIntyre as ncw memtVs of thc Board and we said farewell to Margaret Carter. We aiso creaied a ncw Board working group to I￿k at attttudes to ageing in later lrfc. As I ￿lte. group 6 in the pr￿¢55 of cotte(tiTNJ ferjjback arKI vil￿ from those within our community aro grOv￿n9 ohjer. I reflcctcd last year on the nL￿d for w organisatiM to ensu￿ rt remains able to connett with those approaching retirement arMJ attract rtw 5ulrAriI)ers. TO SUPPOrt th6, the eA)ard of Direcrors bcgan a convcrsanon in L)ccemt)er the futu￿ straiegy for our Fellowship. We will continue this over the coming year. seeking your in the pr(xess. to ensu￿ that our C5 REPORT & FINANCIAL STATEMENTS For the year ended 31 tle¢eml>er 2021 collethve vision arKI aspirations are Ur￿erpinDCd by souThJ finarKes and are appwiatdy staffed by trf)th wr offKe tearn our p￿)1 of volunteus. The CSRF would f4)i have toen able to ddiver anythirg In 2021 wrthout th¢ support of o subscritvs a￿1 (kJnor5, our stsff. our volunteers and rny fellow Dircttor5. Vlhether you have given your time or your treasure - Of both - ttlank you. We k￿k forward to a bnghtu 2022 and to a strong. purposeful future for the Fell(h￿)lP. Madeleine Alessandri CMG National Honorary Chair Purposes and actsvitles Our main mission is 10 pro￿￿je fr￿tshIp and support to hdp fomv civil $￿ants and It￿'r dependants enjoy a more futfilled reb'remenL puryM)ses are: to value retirees and their partn￿￿dep￿dOnts ty grrfiThJ them a VOIC£ thrwh involvernent in the chanty; to tacsje lo￿linesS and allcviate sooal i5(A&ion by continuirffj to support the national campaign io end lonelirv•5 arKI v40rking to ensure a better quality of life for any retired civil servant wtK) may ￿ expcnenoThJ lor*liness or sooal i9)laMn: and to work t(wther y￿th other organisations 10 delNer the bc5t PD55ible sepites to all bcncficiarics and to fflake the besi 16e of the ovuall ar￿ to redu￿ gap5 aTr1 dupl•catw)n in We eThJeavour to promorc acce59bilty to our servKes a￿$ Srtth￿S and erthira9e our benefioanes to tske parL The stratcgics ￿Pknyed io athie4e tt* chant inclLMle those enjoy the art of letter wnty'w. Thc P& Stheme taund)cd in May 2021 and has al￿adY attractod a number of ser¥Ke users. The befriending scrvices trends in 2021 rcfic£tc*J ttrthe from We￿￿*￿s years and reinfo￿ th¢ prloritse5 for the sd)emes as bcing that of volunteer ￿rurtment ar#J service user rJyagement. Speofically. this ncots to ft)cus on encoura9iThJ more ser4Ke users to regster for the seTrKes. improve the volunteer ConVers￿n rate {e.g. scc more people followiTrJ through from an initial expression of Intcrest) and source neéi voluntccr5 for area5 where we have no voluntews to fknall in 2021 wt provided 2,4CQ Calls arnl visits to ser#ice users (2020.. 2,050) which was an IrKrease on our fKJures for thc prTr4K)us year des￿le tr* drop in active users. Local Group Networ1( After remaining closed most of the year, the greffi li9ht was giv￿ for gn)ups to restart their activtties fmm A￿)usL g)me managed to resume meotirys in A￿uSt with many OPtirMJ instead for first meetings In September and October. C￿r groups in Norttr￿ IreldThJ arKI some of tr￿e in Wales were slower to r*¢)pen to variab.ons In COV￿ restrittions fr(m the Nort Ireland A5sembty aThJ Wdsh Govcynment. Sadly ￿ year has seen the ck>sv￿ of a nuffltu of our sm*1 to medium gzod grw due to change in priorities for group leadcrs [￿t pand•n* and a lack of active volunteers williNJ and ble to take on the res[￿￿￿11[￿ Invfftd with running a griKIP. Fellowship offi￿ maintsinetl regular contart with group throUg￿Ut the year with the Chief Executive sendin9 regular emails with updates, news arwj useful infonnation as well as maintainirKJ the use of ￿nt and iym for those rK)t LtsirKJ email. The provision of mnthty printL¥l newssheets for those groups that requ￿ th￿ alw cononued until July 2021. Ensuring we provKJe apkwopnate supwrt aTrJ guN1a￿e to 9foLWS as tty retum io 'Th)rrnal' will remain a priority in 2022. Howcver the path to re￿￿Ing was slight ddayed by the arrival in Dcccmbu 2021 of the Omicron variant whKh n5ulted in some grrwps deciding to susperKI their meetings in January 2022. re are still funds in the Local C(xnmunity (knup Support FurKI (a deggnated fund set up to SUp￿rt group costs) arKI 2022 natsonal fundrdising appeal wlll bc roc￿ed on rai51r￿ mon to support our grow)s. REPORT & FINANCIAL 5TATEMEpirs For the year ended 31 December 2021 As the group netsYor* remained closed for most of 2021 Our annual cOl￿tt10n of group attenda￿e r￿ureS was weTrJed for a second corGecutive year alth)ugh thLS wili be resumed in 2022. Inforniation & Advice provision ot information arml thice to be￿ries runained an imp)rtant part of o charitable Sep￿ceS in 2021. Although Fellowship Officc remai1￿Y1 dosed for sc#ne of the year ¥￿ wtte still able to re¥)ornl to Ipttcr5. ca115 and ￿lts from ber￿neS w a réngc of subjects suth as pensions, financial supp)rt, care homes and b￿eaVernenL We havc conb"nuLYI to de￿0p aThJ build our ncrwork of partnerships aThJ collabordtsve work]ng wlth other organisations to ensure we can respond to these requests via the provision of leafiets. guidL5 or %gnposb'ng to other or9anisats"ons. In 2021 Ihesc Includt)J Marie Curie (we supported their Day of Rcfiethon). Htstory Begins at Home (launched by the National Records offi￿). FricTrts Against Scams (kaunct*d by Nauonal TrddiTr9 Standards) and thc J)y Oub (who provide lasure athitses for those in ￿tcr lrfo). Thanks to funds ratsed the previous year we laurKhed a Frceptrm)r￿ number to pyowde easy access to Fellow￿lp offi￿ and to enable be￿fician(S to requcst assstance on any Subject. The number went live in Apnl 2021 a￿1 receNed ¢)ver ICK) calls in it5 fif5t six n)onts. Overall in 2021 handled 350 ￿uIreS for Informati￿ ajvice via telephone, email and letter. Our volunteers The CSRF deliver5 many of its 5ervKe5 thank5 to tre b.me giv￿ by its natM)nwide team of volunteers. From those vigt or oll a be￿lary on our befrierKJing s￿￿meS to the volunteers who hclp run our group thrk recogni5irKJ," 5uppJrbng and &krM)wled9irwJ their contnbution is ar thc Wrt of our voluntcLYing p)licy. We a￿ very graieful 10 the resilien￿ and commitrneni shown by all our V￿UnteerS in 2021 whKh wa5 arx)ther d￿l￿ngIr￿j year. As Ouf services gradually return to 'n(￿mal. In 2022 wc bMII bc hopiry that we can improve our recruiiment of new volunteers and see an IrKrcasc to thc usc of somc of our services. Engaganent with the Civil Service Our Board of Dircaors indudcs a numt4y of ser4iTrJ civil s￿Vants. Our CThil servi￿ ChampK)n (fvtst ParI￿rnentary Counsel aThJ Pennancnt Sccretsry of tt Govemment in Parliament Group in the Cabinet Office) Darne Elizabeth Gardiner LK8 QC (Hon). Chair Madcleine AlessarHdri CMG and Director Patn"ck Gallagher (who work5 ft)r the Executive offi￿ of Northern Ireland Owl Se￿1￿) all C(Jnt1nL￿ to wovmle reWe5￿￿tiOn wtthin the Civil SeThtt in 2021. The Government CommunKation servi￿ offered to arculate some of Cmjr wom011c￿al materials thin dcpJrtm￿ts to help rJisc aWarrs, volunteers arwj supportcrs in 2021. Thanks also go to CMI Service InSUra￿e Sc(iety Chanty FuTrl tor tr￿1r continLE SLJpporf of charitab￿. and th&'r unrt*ricted grdnt ot £5.lJ)o towards our work which wa5 received in 2021. CS REPORT & FINANCIAL STATEMEKrs For the year ended 31 December 2(r21 NAN FINANC The CSRF'5 ¢KperKir(ure is dosdy ryb)nitored by the Board of Dirertors regularly revthys trt finanoal wsibon of the or9anisabon. The day.itrday finanoal administration is ovcrseen by Chief Executive ihe support of our part-tsme tKN)kkewr Tracey Darby. Tr CSRF remains committed to building wJdLtional revenue streams thrO￿h tUr￿raIsi￿J ￿tIvities. now and cxisb.ng subscn'pbons and opti¢)ns fv investment and to continue to preseNe its finarKial reserves. Thc prc￿￿tiOn of legaLry gNing as part of the CSRF'S furKJr4i5ing artivrties continued during the year arKI the fflon￿ rec•ved from all in 2021 are ackrMJ¥ledged with gTrtitude. Investment powers afid policy All investrnent decisions a￿ mado Board of Direct(xs afv.ce from the Tr￿ur￿. Bookkeeper and Chref Executivc. In 2021. the CW maintsined ts investrn for the fore5eeatAe future. It s therefore the current polscy of thc Board of Director5 to maintain Ihc charitys rcserves at a level whth is at least equivalent to six months operau'orkil eX[￿liture. The Boar(l of Directors r￿je￿5 the reseThe5 on a quarte.dy basis at PA%ird meetings to ensure that are adequate to fuffil the charivs continuing obl￿atrOn5. It should be Tr)ted whilst the of reserves retained by the CSRF might appcar to be high. a pn)w)rtion are held 9) thc Board of Directors are able to maintain the CSRFS current responsibility to the aos£¥J Pu￿"0n Str￿rne. Going Concern The Board of Dircttors are satisfied that the orw1$atK￿ is a goiry concem for the next 12 )nths. This condusion has twi drawn followng assessmcnt of the CSRF'S financial twyforniance in 2021 and although the fundrasing dimate remains challer)ging due to the impact of Covid they a￿ confi(lent with tt¥4t thp. tharity has (￿Ugh resources to continue its 0￿ra[10n5. The Board of Directors congder that thc Icvd and nature of the finar￿la1 reserv at 31 December 2021 and up to tt* date of ygning the annual report and financial statements, dc¢s noi impact UFK)n the assumpb'on that the organisatit)n 6 a goiThJ concem. cs REPORT & FINANCIAL STATEMENTS For the year ermjed 31 December 2021 AND ADMINISniA r Advi Company Secretsry Unit I i. Pcw5 House Greenwich QLWI claren￿ Road London SE8 3EY Independent Examiner N1{￿1a5 Simkirs FCA Thc House Bonehill StaffordshI￿ B78 3HX Bankers Uoyds Bank pk Harb￿r Island Branch 24-27 HartrK)ur Excharye Square London E14 Directors Madeleine AlessaThJri CMG* National HoTh)rary Chair Michelle Wyeff. NatKJnal Honorary Vice Chair Michaet Hamm¢)nd CBE* Nat￿n31 Honorary Treasurer Liz Beedie" Margaret Carter (stocKI (kn¥n in Jur* 2021) An￿ Guess (5tr*Jd dovm d￿ to Illness Ortober 2021) Rthrt Mdntyre. (eletted in June 2021) )atrick Gall4her" Civil knice Champion Dame Elizabeth Gardiner ￿8, QC (Hon)* Firsr Parliamentary Counsd aTrl Pemianent Secrctary of t Govemmenl in Parliament Group In the cabi￿ Offi (elecled as C*rector in JurÉ 2021) Patron Elizabeth S￿l0r6. BarorKss s￿￿OrG of Vernham Dean. PC Lord Sedwill of Shertx)uff* KCMG FRGS IctrPresidents Sir Aex Allan KCB Paul Gray CB Pctcr X)nes CB Keitn knawran Milbum lan Rathjen FCA Jenny Rowe CB cs REPORT & FINANCIAL STATEMEKrs For the year ended 31 Deeefflber 2021 VERNANCE AND NA EME Governing D(K￿n￿t The CSRF's wlioes are set by the Board of ￿rectOrS a5 the g0vem1￿j LK#Jy in acCOrda￿t wtth the Arltcles of Association. infornied ty the wishes of ts rn￿nber$ as exF￿eSSed at the Annual Gcncral Meetsng. Governance Relorni & Annual General 14eeting 2021 Annual General Mcct]ng was hdd as a pwal event wih C(Mnpany Members r￿cknng detailed infomiats.on outlining the proposed re￿ubOnS and CO￿"e5 of the Annual Report (induding Chair and Treasurers Report5). In addition, a Digital thiference was hdd in Juty to discuss ￿SUeS relcvant ro those in l¢]ler life and nattonal rnatte￿ of interesL cfver 50 ddegates partiapated in the event {thcy indudcd Company Mernbers. Board Dir￿ and Volunteer 8cfriendws) and the feedback recuved from (Jdcytes was gen￿allY p05the. The 9ovcming trfjdy of the CSRF Is the Board of txrcrtors. The knJctvre of the Board consists of the Officers of ￿ CSRF and other members. Three are Elcttcd Directors ele(t(xl by the Company Members at It* Annual Gen￿31 M&tirrfJ. three a￿ A55otsaie Dircttor5 ap￿inted by nominat￿n5 panel based on their skills and expertise. All ed)ard Directors 5eNe for a of no more than six year5. The 'off￿s. are the Chairman armj tro Treasurer (nominatcd by the Cabinet Office). the WKe Chair (nominatcd by the Nat￿nal Trade Union CommJrree) and the Chief Executive. who is also Company Sccretary aKI apwintcd by the E4)ard of Dire(tors. Followirrfj unanimous approval ai the 2021 Annual GenwaS Mcetiw, the Company Memt¥J5 voted to tt￿nge the currcnt stnxture ot Board of Director5. The nUrn￿r of Director5 elected by tho group r)etwork were reduccyt from three to arxl the Associate Dire(lor posts wcrc atdished (the than9es to take effect frvm ihc AnnL￿1 General Meeting in 2022). The poytion of Civil SefvKe Champion vdas made Dircttor and ty40 thrcctor Posts were created (one to ￿￿rnE the Befric￿lIr0 Schemes and ￿ ottror to represenr Later Ltfe t55ue5). Candidates for t￿b"onS will election at ￿ 2022 Annual (knral Meeting. Trustee induction and training New dire*tors roccNe an intrrMJuction pa(* of infmation atoul the Fdlow5hip that indudes ihar legal obligatiors under charity and company law. the Charity Commission guidance (K) public beneftL the Memtrandum and Artsdes of As50Oati￿. the cornmttee and decision- making processe5, the bvyness plan and recent financial wfomiance ot the charity. They also have the optM)rtunity to participate in reknnt Erainiry wlwe it will help f￿]lItate ￿1r role as a t*re(ior. Or9aniSation The Civil servi￿ Rctrrcmcnt Fell0V￿hip is a charity that operated as an unincorpcrdted bcrtly unts'l 31 De(crnbcr 2007 when its assets, l￿bilitIes. business operati¢y6 activtknes were transferred to a compary limited by guarantc¢ calkd The Gvil ScrvKe Retirement Fellowship The CSRF ooeratcs throughout the United KI￿d(￿n. Ind￿Jir0 haviTrJ Groups in Scotland. It has therefore regtStcrcd u￿r tre charifi￿ & TrustLY InVestm￿t (thr￿) Art 2(M)5 wrth the of the Scothsh Charity Regulator fQSCR?. C5 REPORT & FINANCIAL STATEMEKrs For the year ended 31 December 2Q1 The CSRF'S day-to-day administration and 0￿ra￿n5 arc run by the Chief Executive and his team from Fellowship Office. which is based In Grccnwith. London. The olTiCC is resp)nsible for handling all the administration assc(iated Yiith tr* organisation: recorts, fironce. group I.￿1$¢n, communicaDons & partrtrships, fuTrJrdisirKJ, vOl￿teer managemaiL of Servi￿ aThl secretanai support to tr Board of ￿"re￿or5. The CSRF adopts a flexi￿C v￿r*I[￿j h(Kr5 [￿iCY ar￿ has a of full and part-time staff wl)o are supported where necessary by offi￿ volunteers. At thc cnd of 2021 ￿re We￿ two slaff posts fillod. One full b'me (Chief Executive) and ￿ part time (Admin & Group Supwt Officcr). Pay Policy senilx staff The pay of senior stsff is Jgrecd by the Board of thrcrtors. In view of the nature arKI size of the Fellowship. thc Board of Director5 benchmiirk agaI￿t pay Scvds in other equival￿t or9an6ations orthting wrthin the Third Sector and also tske into Considtrat￿ bre￿ of re5ponsilylities senior staff w(￿ld be asked ro urKJertake. Risk Mana9wnent The Board of Dir￿ have a risk rnanaggwit strategy which comprises: a quarterty rLviLW of the w"napal nsks WKI urKcrtainties that the CSRF f￿e$ the L*ablishment of any wlioes, systerr6 and P￿￿L¥Jure5 to mibgate those rsks; aThJ, tre implcmcntation of pKcKedures desKJned to minimise or manage any ￿t￿￿tIal impact on thc Fcllow5hip 5h)ukl those risks materialLse The Board of Directors revTrL*hS and updates the Rtsk Register (where necessary) at each of rts mcetir¥Js througkK)ut the year. DATA PROTEcfioN In 2021. the CSRF maintsined its [M)I1￿ ft)r data collection, data sharir￿￿ dara protection to ensure compliancy with arma confO￿rtY to the Gewal Oata PrOtett￿jn Regulation {GDPR). As the Data Protection Lead for the Fetlowship, the Chief ExecutTve continues to er￿u￿ that the Board of Director5, FeElowship Office staff, voluntCÉY5 and Group officer5 a￿ kept utKlated on the Icgislation aThJ er￿re that any charKJes are ￿fie(red within the Fdlowship'5 polioes arwj proccdurL5. SAFEGUARDING The Board of Directors regukty miews Safeguardi￿ as part of the5r regular revie*Y of tre r6k re9Ster at all meth'ngs. THE CHARrrY GOVERNANCE CODE How CSRF measures up io ihe ￿ell prirKipl(5 Sct out in The Charity Govemantr C(MJe (CGC) is assessed annualty by the Board of Directors. The Vicc Chair and Treasurer carr￿d out comprehensive rewew of CGC in 2021 and the Board agreed that the CSRF'S current appr￿h, ￿licieS and prc(edurcs to Charity Governan￿ Code's svien pnnciVeS, but this W￿Uld be kept wular annL41 rc4iew and rf necessary. tt￿r￿je$ V￿uld be considued in the future. io cs REPORT & FINANCIAL STATEMENTS For the year erKled 31 December 2tr21 DIREcfoRS' RESPONSIBILtTIES The Dirc(ror5 are respor6it>le for preparing the Rerth of the ￿"reCtorS and ￿ financial stateM￿ts in accordance Yith applicable law and Un"rted Kirydom ACa)Untir￿ Standards (Unrted Kin9dom Generalty Actrpted AccouDbty Prattice). Company law r￿Uir{S the D1￿CtOrS to prepar¢ fifianoal ststpmpnts fnr pxh financial year which qive a true arKJ fair view of the slate of affairs of thc CSRF of thc incoming rwurces ano applicatK)n of r￿ur￿, Induding the Irwne and expeTrJiture, of the CSRF for that pericmd. In weparing these financi stst￿nents. the Th"rectors are required to: sdcyt sjitable KcountiThJ tKA￿leS arKI apthi CO￿$ten￿. obseNe the methods aThd priwples of the CharitKS SORP (Statement of ReCom￿￿nded Pracbce); make JLMdgen￿ts ar￿ esrimates that a￿ r&is(¥wble a￿1 [￿￿en( state whthr applicable UK Accwntinq Stsndards have teen followeil. subject to any material departu￿ to'rvj disdosed and explained in financial 5taternents: and prepare the fir$a￿al statements on thc gcing concem basi5 unlw it is inappropnate to presume the CSRF ￿111 conunue in business. The Directors a￿ r(sponsible for keeping adequate ￿Cryjntj￿) rec£*ts which are SLJffioent to show and explain the CSRF'5 tr8nsa(tions and whjch disdose vnth reasonable a¢(urary at any time the finanoal p05itw)n of the CSRF and to enablc them io ensurc that the finarKial statcments comply with the Companie5 Art 2(N)6, thc Charities and Trustee Investment (Scotlar¥J) Act 2CK15. the Charities Accounts (Scotland) RegulaDons and the ChariWs constjtubon. Thy are reSt￿)nSIble for ofeguardin9 the assets ol Fdlowship arsd for takn.ng reascwbk step5 fDr the rnnon and dete(tsn of fra￿ any other Irre¢Juiarit1￿. As far as the thrector5 are awarc is rm) relevant audit inf0m￿tIOn of whth ihe CSRF'S IrKlependent Examiw is unawarc and the ￿reCtorS have taken all stcps thai they ought to have taken to make thernselves awarc of any relevant infonnats'on arKi to establish that the Independent Examiner is aware of that infomation. The Dirertors a￿ responsible for mainre.nance and integrity of the C*F finarbial informat)on Lnduded on CSRF'S website, legslab.on in the United ￿1n￿￿orn 9oveming thc paration and dtsseminaljon of finartial ststcma)ts may dtffer in ots juris(licti￿6. Appointment of xTrde￿nt Examiiier The rcsolub.on to deodo on the appropriate audtt prc(ess costs for the awlit for the Year ended 31 Decernber 2021 was approve(i as part of the 2021 Postal Annual Gcneral Meeting in June arKI Juty. It was decided f01b￿n9 ths to ￿appr￿n1 an Independent Examiner. Small company provi510ns This r(a)ort ha5 been prepared in accordarKe with the speoal wovfjion5 ￿ gnall comparues urKler Part 15 of thc Companies Act 2CK)6. Approved by the Board of Dire¢bys M 4th May 2022 and signed on its behalf by: Madeleine Ale55andri CMG National Honorary Chair li cs REPORT & FINANCIAL STATEMENTS For the year ended 31 December 2021 INDEPENDENT EXA141NER'S REPORT TO THE MEMBERS AND TRUSTEES OF THE CIVIL SERVICE RETIREMENT FELLOWSHIP 2021. Aw•ibilb*s *hd basls for veport A5 charfg tnth5 01 the CA￿￿ry rts t*eclf*s lty c(xTrpJny law) under 145 of Owrtjps kt 2011 fft 2011 ktl. In (￿rg nry I hht the c*retrtt6 9￿7 (￿¥T*s%(0 urthr 145(51 Ibl rA thE 20111￿. 145 01 the 2011 that l am quakfxd to un(btske tt* beLAust i am b folknv ol the InstrtLie examinatim; or tA*h the FinarKh¥ Rep>try gar#&fd UK aThJ ReNth (FRS 1021. . 14itholas Srnkins FCA (TCAEW) Tr May 2022 Staffordshre B78 JIiK 12 cs REPORT & FINANCIAL STATEMEpirs For the year ended 31 Decembef 2021 STATEMENT QF ￿NANc￿L ACTMnES THE YEAR ENDED 31 DECEMBER 2021 the Income and ExwKlityre Accoynt for the year ended 31 Decembef 2021) Tnt31 ds Funts 2Q21 2011 2021 2020 ISW2 15 30,713 4395 24508 163NOO 191,908 223,￿& 15,917 Toial lfficoming res¢xY 25* 187,986 214494 272 A•i5in9 17.414 17A14 16.975 io&ii 16,947 181.553 198 230,169 967 I9￿215 914 Met incvme 11561 (10.981> ReconciSation fvnds: 48.$61 666￿7 715rt48 @￿.319 22123 C5 REPORT & FINANCIAL STATEMENTS For the year ended 31 t>ecemlJeT 2021 STATEMEIIT OF FINANCtAL ACTIVIllts FOR ThE YEAR ENDED 31 DECtMeER 2010 (Incornrating the inc¥4ne and Expe*diture Acrount for the year énded 31 Oe£ernbtr 2020) T4)t•l Funds Fund5 2020 Funds Funds 2020 20 2019 AND 713 30,n3 85.078 4J95 4J95 3.148 17AII8 206.2>) 223,248 256.023 13.917 13.917 17 25S 255 27 273 Raixity funds L4975 IA•7S JS,7XI io&ii 30.758 199hii 2Jo.169 238.632 216,316 (13.740) 129 78,117 Tot•1 funds 6UOI 624018 690J19 612.202 2212J 715 14 cs REPOFIT & FINANCIAL STATEMEpirs For the year erKled 31 December 2021 ALAIICE SHE￿ AS AT 31 DECEMBER 2021 (Comp•ny number (16297479) 2021 2020 T•ffi91b￿ Assets 14 264 3.$11 15 16 16.267 17.785 710.414 728.199 Gish at Bank and in Hand 724.616 Tmilhin one y¢•r 17 (12 423L 715m9 715.n6 719.617 (13351 {4.164) Funds 21 22 666,8B7 48.5Gi 60.122 22123 716 15 d the (￿n￿nIeS kr Madèleine Abessandri CMG f4aboMI Hononry Chair Is C5 REPORT & FINANCIAL STATEMENTS For the year en(kd 31 December 21r21 CASHFLOW ￿ATEmENT AS AT 31 DECEMBER 2021 2021 l*t *I{[fA￿ in) 27a {Il96) 17.322 S￿5 22>7 710.414 688.￿1 710.414 16 cs REPORT & FINANCIAL STATEMENTS For the year erNJed 31 December 2021 I. COMPANY INFORIIATION ScTvKe RetYer￿nt Fefy)rthip Ye￿r0) In Eryla￿ w*5 11). 255465 ￿ In SctdaThJ No. SCD39Tr19. It ￿ a lth)tsJ * 94wrrtee r•4igued in Iki. (629747). Its cwriry of incorkv&w 6 EffjLaTh4. The Re9pAered (h*ce E Unrt I I, Pew5 HQK￿c. Gre8M*h i>w. ONerKe IlÈJ•d. Lwth. SE8 3EY. (a) tsasi5 of acrwrt¥¥ of Reccfflmerth1 P*KtKg"A£ctyJnting Rep>rr4 ty charrt￿￿ Wic3tlÈ iD preD3nng thcir xcounts #i ccxdancc tmth h¢13￿31 Reptrthw. In trt ux cl Ireland (FRS 102)-. ttt Ccrfnwt5 ki 2OX* a¢KI the ￿nanc￿ Rcpxythj aOK¢Ytk in UK and ReputdK ￿ Irel**l {FPS 102). Trt tl¥*. -PBL" wefrxed paragraF*s of FR5102. a￿ at histlical c(rA c¢ tran￿r (ton va￿* unlw c*trerw6e sta￿d reici¥rt p*y rvxe(:). Tr fmonrAI State￿nts ha%* teen rxg.pared tr) a prrfj CC￿ern tk yC<s 2017.2021 fn¥tial ¢n ￿ t¥￿e￿ing ktrK¥A ￿ ￿.nt COVID 19 ourt¢*3k has thp Cws 0￿rat￿)i¥ and fmanc41 wlorrn3r￿ ths h Fell(v4th"p a snN315uW. At 31 Ettoxttr 20?I, nrt a￿ets £716.Im vBs Cag) Wted ty 17Ce,349 b￿k. Tlw ta r￿.p￿S are tn￿ In bank cvrrent ￿7r￿J5 rrf) aEcoated risk ofo tsll In Val￿ rfthE TrNyket The eé)¥d of Chrcctors 11￿ arkd nawrc fffjawal rese￿ at 31 Ixypmber 2021 ar￿ (p to V ¢* ￿ &grMng the annual ret(¥r financ￿ 5t&¢ft￿ts, does nct irn￿ U[￿ assurnpbc￿ that rynis)tts) 15 J cthypm. 17 C5 AEPORT & FINANCIAL STATEMETr￿S For the year efi(￿ 31 Dewnber Pth)TES FORMING PART OF THE FDWICW sfATEMEfn5 folkxin9 pYin(wl K£(￿rts¥j tten aw: (c) Incoming re>yirces subscn¢tyns rffeNèJ ats 2013 6￿ owtsten ￿or5." r￿t￿rI1 m to th[5 arc Grants pert(xmm.TEkrtLxI ((YiJIt￿￿lE. in whKh case. It*. TectW¢i*J Certwrrk3￿e.rck}tthl are (d) T•ngiblè fixed assets [wnittJre and eqtmpn￿t at 15% pw o rrykn¥vJ bak)Ke t6>9f. Tderknr* ws*rm at 20% rtt ￿urn on ctyA (e) Expemlit tharty gKh a5 tt* tost of toard meetrys, W ccryI44￿È. cc&s io tr* strat4K manawwE c¢ 18 C5 REPORT & FINANCIAL STATEMEKrs For the year ended 31 December 2021 IIOTES FORMIIIG PART OF THE FINANCIAL STATEIIENTS {rJ ￿￿KatI[￿ d suPp￿t costs SuFpJrt co￿5 we thr£e Vwt ¥¥ryk ￿ tt* thanty diredty Chartsb￿ ￿11￿. CpJrdmrrr> ÉirKI ￿tr￿￿*s. cffj ttknjrrtèble actMt£s. genErdtry ful￿ ￿ 9￿t￿rre. year a gaff survey 6 urth*takcn to (9) Reco¥erable tax (h) Pub￿ accwbtin9 ti) Cash at b** ih hand C￿"h al iWk JNJ 17th in hand IK1￿ aThl 5hyt iym highty gK*t three month5 or less from ts datc 0fx0ur)￿ LY simil¥ ￿[[￿￿. (k) CT•ditor% c4kiW r￿llU￿ ffi the tr¥6fcr ol fur￿1$ w ) ttwd p3rty JrKyJnt dLt to can be measured diThnt5 d￿. (l) Flnancial ir&Twn¢nlS Fe&>rtthip ￿ has finaW assets aTrJ fIr￿n{￿ cl a that qUa￿Y as bJ5ic finartial inthmerts. Bas￿ financo initiolty r&DJnJtA at trd￿K[m>7 and at tyrir 5ettJur• 19 C5 REPORT & FINANCIAL STATEMENTS For the year ended 31 December 2021 NOTES FOAMING PART OF ThE FIMAIICIAL STATEMEIITS (m) Pension d(ei 694188 67 93 12.171 698.C63 67 93 At bank and In h•fvd •t Ornnches 710414 2022. 2021 4263 4.350 413 1.657 1034 2.937 4.150 771 years; ththt ruci4td to Vx5 ￿￿ beiry arrhyty￿ tr•t¥ ffteen subyty)￿s to t* bythin 12 n*ye than (Nrte 18). 2021 2020 171 B.281 &di￿n5 (UK12) 4.169 Toial 6.170 T(*al arrw falry (k wrthirfl ￿aT 2,CKII 4.169 6,170 335 4.169 26 C5 REPORT & FINANCIAL STATEMEKrs For the year erKled 31 December 2021 2021 2020 Thè duc 5 )B¥s & Énd12020.. £nO1. 19. Employees 2021 X120 Grtri5 ￿l￿r*S Lmthp.fs nattyJwl In￿anCe 75.657 118.6SO 437 41J47 57.086 378 Totsl 51off crtsts Co# c* gerfsabn9 fthjs EXlx￿ltUre ￿ charth KbvilK N￿￿￿)a1 VI**rr￿J ttIAr thE 15 ￿t a lao man sckn and L> 5U(h there oblwpiyJn wn&*JywJ io I￿1*[￿S of dlly eW A %knyl515 valuatiffj I4.￿? {14.9)7) 28.924 )rets F*oJect 62.XJl ThE to t¢lricfthJ t￿￿¢￿e0 from tr* ¢yT•.ratvd frryn our 2021 N*bJrwl whKh wa5 raF￿ng TrrKey tD Sutrth rAJr arKJ ttlTthJing SLy￿ts. We è total of £18253 Irryn rctewed tene1w￿￿ a w-reStr￿ grart d £S.CO) ftt*m tr* SefvKe As our group netr￿c(k rern?1￿ fLY rrTht It¥ Tr) were re(*¥tx1 IEY (￿nc4 suA)x( uriiiy 202 1. 9icw cont]tw io In 2022 ¢ expected that financ4¥-4UPPYt rw to LE to wr dnd ffdium 92e(l ¥) to t￿nn9 up thar rc￿￿ hye costs. Wrth that in mirbj our 2022 funthsry apteal is Ic£used M the aThJ al￿ ro to tup up cs REPORT & FINANCIAL STATEMENTS Fly the year ended 31 December 2021 14(yfES FQRMThG PART OF ThE FIMANCEAL STATEHEPtrs TOTAL 2020 TOTAL 2020 Fryed a55ets Current assels Currtnt li•tslit 3,264 664,494 {9a17) {1335)_ 3.264 3.841 724,616 728.198 [9￿17) (12,422) (￿￿35 ￿4,16eJ}_ 60,122 TOTAL 2020 Fixed assets 3,841 679.637 112.422) 3.841 728.198 {12.4221 41691. 48.561 24. Vdufitew¥ fello￿th4? Is ats￿. to rrwry of *s to ts Iwrp. team cé v(kn These tho* whts.. iygaTh5e aThJ run fl￿aralyYj èverrts tknng ￿ VCaT b￿(2020.,£Y) wa5 ￿￿rett rE1T1x￿ px*et t4￿se5 tD £rMI (2020: 2) Trufft> T￿£ (c￿s15red ￿ 194 {2020.' £94) cé K.nil (2020.. £nil) hctel ￿((%￿r￿aDC￿. m*. Tnsrees made trtr the t¢￿n9 Él7 C￿?0. K??S) ard meM￿rSh￿ gthtr1rt￿ c< 1210 nil). 31 cs REPORT & FINANCIAL sTATEME1￿s For the ye3r ended 31 December 2021 2021 710.414 Firwnckil troa9Jr*Y at arThytrrtd c05r 243 2 723 927 720 FiTrJrKv41 meaAwed at •i#Yt1￿ c05t FUW￿la1 ￿r￿ts rreasurrd & foir ¥alue conrA5t d cash èt tr￿nk and in ￿Thj. Tr Val￿ asset ￿ Oeiemined 2021 2020 25,129 Iments tr. S77 (40) 1.426 678 (4.3951 6,873 Inttrrt on cath deFrf)5i5 {1￿￿￿1/<￿trease m debtfY5 Irrreastll¢*ueaJe) ￿ uèJQNS Pk*cash k¥cNthY tyllused in} c¢￿•) xtr4tr5 2021 2020 ath ￿ hand Nrt¢e t1¢(￿￿¥ {Ix£ than 3 rroJrth5) Total ash ¢tywv•lents 10.161 698.188_ 9 710414 12.331 32