**CHARITY REGISTRATION NUMBER: 287936**
# **NHS Retirement Fellowship Unaudited Financial Statements 31 March 2022**
## **FROST & COMPANY**
Chartered accountants Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY
## **NHS Retirement Fellowship**
## **Financial Statements**
## **Year ended 31 March 2022**
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Page
Trustees' annual report 1
Independent examiner's report to the trustees 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8
The following pages do not form part of the financial statements
Detailed statement of financial activities 19
Notes to the detailed statement of financial activities 21
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## **NHS Retirement Fellowship**
## **Trustees' Annual Report**
## **Year ended 31 March 2022**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
## **Reference and administrative details**
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||||
|---|---|---|
|Registered charity name|NHS Retirement Fellowship|
|Charity registration number|287936|
|Principal office|Weymouth Community Hospital|
|Melcombe Avenue|
|Weymouth|
|Dorset|
|DT4 7TB|
|The trustees|
|Mr M F Bagnall|(Appointed 1 November 2021)|
|Dr J Brooks|(Appointed 1 June 2021)|
|Mrs S B England OBE|(Appointed 1 November 2021)|
|Mr P Farenden - Honorary|(Resigned 31 March 2022)|
|Treasurer|
|Mr G Kempton - Chairman|
|Mr C Kitchin - Vice Chairman|
|Mrs B Lawrence|(Appointed 10 February 2022)|
|Mrs W Lindley|
|Dr C Matthews|
|Mrs M Moffat|
|Mr D Mortimer|
|Mr J Mosley|(Appointed 1 June 2021)|
|Dr G Oakland|Honorary|(Appointed 1 April 2022)|
|Treasurer|
|Mrs C Panniker|
|Mr D Patterson|
|Independent examiner|Stephen J Frost|
|Unit C, Regent House|
|9 Crown Square|
|Poundbury|
|Dorset|
|DT1 3DY|
**----- End of picture text -----**
**- 1 -**
## **NHS Retirement Fellowship**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 31 March 2022**
## **Structure, governance and management**
. The NHS Retirement Fellowship is an unincorporated association with a constitution as a governing document. A revised constitution was adopted in July 2015. The charity is for current and retired NHS and social care staff and primarily seeks to mitigate the negative effects of retirement and older age through the provision of a range of welfare, social, leisure and educational services. As at 31 March 2022, the organisation had 6572 members and 121 branches across England, Scotland and Wales.
The Board of Trustees comprises up to five co-opted trustees, up to six elected from the membership and three Honorary Officers. A National Council comprises seventeen membership representatives whose role is to support the activities of the charity, represent the views of branches and members and communicate these to the Board of Trustees, disseminate the policies of the charity to branches and members and support and develop local initiatives. Liaison meetings occur in the English regions and in Scotland and Wales, for members to meet with representatives, development officers and the Chief Executive. The AGM and annual conference was held in October 2021. The Board of Trustees has proposed changes to the constitution and organisation and a vote will take place at the next AGM in October 2022.
In accepting office and then annually, trustees declare their eligibility in accordance with Charity Commission guidance. In auditing compliance with good governance, the charity has used Charity Commission Guidance, The Essential Trustee and Taken on Trust, awareness and effectiveness of charity trustees in England and Wales. An audit of trustees was undertaken during the year and six new trustees appointed, bringing much needed diversity and new skills to the board.
A risk register is monitored and updated at each Board of Trustees meeting and covers issues relating to membership levels, financial sustainability, staffing and management
The charity is compliant with General Data Protection Regulation. In March 2018, two subcommittees were established to review the Fellowship's policy on Audit, Risk and Investment and on Remuneration. These subcommittees have met, developed recommendations, new policies and procedures and reported to the Board of Trustees. A Planning group has been set up to develop a strategic plan for the Fellowship that will inform the development of a new business plan.
The trustees pay due regard to the Charity Commission's public benefit guidance when exercising any powers or duties
The Chief Executive of the charity is contracted for 2 days per week and employs part time officers to administer the charity and to forward the objectives of the Fellowship. The Chief Executive is responsible for implementing all policy decisions and for the operational management and administration of the charity. The charity maintains a small office in Dorset that is staffed by four part time staff (2.00w.t.e). Part time officers undertaking development work in England, Scotland and Wales collectively work for 8 days per week.
**- 2 -**
## **NHS Retirement Fellowship**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 31 March 2022**
## **Objectives and activities**
The charity's activities are coordinated at national and local level. At national level a committee of trustees and National Council members administer a Benevolent Fund; they consider applications on the basis of need and report to the Board of Trustees. A review of the Benevolent Fund application and the awards criteria has been undertaken.
Other national activities include the organisation of countrywide events, members' days, holidays and interest groups for branch and postal members designed to enhance the opportunities and address the needs of retired people who may be experiencing loneliness and isolation, and the negotiation of benefits attractive to retired members. The charity is developing mutually beneficial relationships with other organisations such as The Patients Association, Age UK and Age Scotland.
The bedrock of the Fellowship is at local level where branch activities are designed to alleviate loneliness and isolation through social interaction, leisure activities, welfare and education. Members are involved in a range of public benefit initiatives in their local communities, frequently using professional skills, knowledge and expertise from their working lives. With 121 branches in the charity and the participation of several hundred volunteers, Fellowship members undertake a huge range of community support services.
## **Achievements and performance**
As with many organisations, the Fellowship faced significant challenges during the pandemic, with members unable to meet for long periods and most of its national activity forced to remote working and on-line communication. Membership inevitably declined and was forecast to decline to a point where the viability of the organisation would be in doubt.
The Board took the decision to carry out an extensive marketing campaign to recruit new members and every NHS pensioner was sent an invitation to join. Whilst this campaign was expensive, it has reversed the decline in membership, which is now close to 9000.
The continued enthusiasm, resilience and spirit of the Fellowship remains strong with many local initiatives and gatherings taking place to support the Fellowship community. The Trustees are hopeful that this spirit will carry the Fellowship through these difficult times towards a more certain post pandemic future.
**- 3 -**
## **NHS Retirement Fellowship**
**Trustees' Annual Report** _**(continued)**_
## **Year ended 31 March 2022**
## **Financial review and future plans**
During the year the Charity obtained grants of £100,000, which has helped the Charity maintain its normal function throughout the pandemic. Such grants are becoming increasingly difficult to obtain and, given the outlook for public finances, the Board considers the future solvency of the Charity must be mainly through membership subscriptions.
account for branch assets in a different way than in the past. Branches hold their assets mainly for the use of local members and whilst legally they remain assets of the whole Charity, in practice they only come under the control of the Board if the branch closes. As a result, branch funds and net assets are now considered to be Branch Funds and are accounted for accordingly.
As a result of this review and the marketing campaign for new members noted above, the cash available to the Charity for centrally managed activities, administration, marketing and the development of new branches has reduced from £230,380 at the end of March to less than £50,000 at the time of this report. Branch cash holdings amount to more than £450,000 and the Board will discuss how this imbalance between central and branch funds can be addressed with Branch representatives over the coming year.
The Board has carried out an extensive solvency review and believes that, if all the current capitation fees and money promised by NHS England are received, it has sufficient funds to continue to trade for at least the next twelve months. The future remains very uncertain and the Board has a number of contingency plans in place that increase membership income and reduce the scope of central costs so that the Charity continues to operate solvently.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr G Kempton - Chairman Trustee
**- 4 -**
## **NHS Retirement Fellowship**
## **Independent Examiner's Report to the Trustees of NHS Retirement Fellowship**
## **Year ended 31 March 2022**
I report to the trustees on my examination of the financial statements of NHS Retirement Fellowship ('the charity') for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since the charity in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stephen J Frost Independent Examiner
Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY
**- 5 -**
## **NHS Retirement Fellowship**
## **Statement of Financial Activities**
## **Year ended 31 March 2022**
||||**2022**||2021|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**4**|313,621|21,300|**334,921**|_241,181_|
|Charitable activities|**5**|124,858||**124,858**|_60,690_|
|Other trading activities|**6**|3,025||**3,025**||
|Investment income|**7**|747||**747**|_1,275_|
|Other income|**8**|8,916|2,735|**11,651**|_1,038_|
|||--------------------------------|---------------------------|--------------------------------|--------------------------------|
|**Total income**||451,167|24,035|**475,202**|_304,184_|
|||================================|===========================|================================|================================|
|**Expenditure**||||||
|Expenditure on charitable activities|**9,10**|(514,933)|(16,495)|**(531,428)**|_(357,495)_|
|||--------------------------------|---------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||(514,933)|(16,495)|**(531,428)**|_(357,495)_|
|||================================|===========================|================================|================================|
|Net gains on investments|**12**|15,789||**15,789**|_26,677_|
|||--------------------------------|---------------------------|--------------------------------|--------------------------------|
|**Net (expenditure)/income**||(47,977)|7,540|**(40,437)**|_(26,634)_|
|||================================|===========================|================================|================================|
|Transfers between funds||(2,839)|2,839|||
|||--------------------------------|---------------------------|--------------------------------|--------------------------------|
|**Net movement in funds**||(50,816)|10,379|**(40,437)**|_(26,634)_|
|**Reconciliation of funds**||||||
|Total funds brought forward||840,269|48,834|**889,103**|_915,737_|
|||--------------------------------|---------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||789,453|59,213|**848,666**|_889,103_|
|||================================|===========================|================================|================================|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 8 to 17 form part of these financial statements.**
**- 6 -**
## **NHS Retirement Fellowship**
## **Statement of Financial Position**
## **31 March 2022**
||||**2022**|2021|
|---|---|---|---|---|
|||**Note**|**£**|_£_|
|**Fixed assets**|||||
|Investments||**18**|**152,820**|_137,031_|
|**Current assets**|||||
|Stocks||**19**|**18**|_3_|
|Debtors||**20**|**22,834**|_22,580_|
|Cash at bank and in hand|Branches|**21**|**491,611**|_468,372_|
|Cash at bank and in hand|Head office||**230,380**|_291,679_|
||||--------------------------------|--------------------------------|
||||**744,843**|_782,634_|
|**Creditors: amounts falling due within one year**||**22**|**(48,997)**|_(30,562)_|
||||--------------------------------|--------------------------------|
|**Net current assets**|||**695,846**|_752,072_|
||||--------------------------------|--------------------------------|
|**Total assets less current**|**liabilities**||**848,666**|_889,103_|
||||--------------------------------|--------------------------------|
|**Net assets**|||**848,666**|_889,103_|
||||================================|================================|
|**Funds of the charity**|||||
|Restricted funds|||**59,213**|_48,834_|
|Unrestricted funds - Head office|||**316,762**|_372,730_|
|Unrestricted funds - Branches|||**472,691**|_467,539_|
||||--------------------------------|--------------------------------|
|**Total charity funds**||**23**|**848,666**|_889,103_|
||||================================|================================|
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Mr G Kempton - Chairman Trustee
**The notes on pages 8 to 17 form part of these financial statements.**
**- 7 -**
**NHS Retirement Fellowship**
## **Notes to the Financial Statements**
## **Year ended 31 March 2022**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Weymouth Community Hospital, Melcombe Avenue, Weymouth, Dorset, DT4 7TB.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
**- 8 -**
## **NHS Retirement Fellowship**
**Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
**- 9 -**
**NHS Retirement Fellowship**
**Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
## **3. Accounting policies** _**(continued)**_
## **Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
**- 10 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
**----- Start of picture text -----**
4. Donations and legacies
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations
Other Donations 77,306 77,306
Legacies
Legacies 10,416 10,416
Grants
NHS/Health Education England Grant 106,500 106,500
Photography Project Grant
Other Grants 2,288 2,288
National Lottery Community Fund Grant
Scottish Development Grant 20,300 20,300
Manchester Project Grant
Sponsorship
Sponsorship 8,000 1,000 9,000
Subscriptions
Subscriptions 109,111 109,111
-------------------------------- --------------------------- --------------------------------
313,621 21,300 334,921
================================ =========================== ================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Donations
Other Donations 44,963 44,963
Legacies
Legacies
Grants
NHS/Health Education England Grant 11,115 11,115
Photography Project Grant 400 400
Other Grants
National Lottery Community Fund Grant 75,000 75,000
Scottish Development Grant 20,000 20,000
Manchester Project Grant 10,000 10,000
Sponsorship
Sponsorship 2,948 1,000 3,948
Subscriptions
Subscriptions 75,755 75,755
-------------------------------- --------------------------- --------------------------------
210,181 31,000 241,181
================================ =========================== ================================
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**- 11 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
**----- Start of picture text -----**
5. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Seminars & conferences 6,085 6,085
Special events 70,092 70,092 20,101 20,101
Lottery income 1,242 1,242 1,372 1,372
Outings including Xmas dinner 14,706 14,706 24,873 24,873
Fund raising events 23,295 23,295 1,478 1,478
Gift aid income 9,438 9,438 12,866 12,866
-------------------------------- -------------------------------- --------------------------- ---------------------------
124,858 124,858 60,690 60,690
================================ ================================ =========================== ===========================
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Green fees - Golf branch 3,025 3,025
======================= ======================= ============== ==============
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Bank interest receivable 747 747 1,275 1,275
============== ============== ======================= =======================
8. Other income
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Entrance fees 719 719
Refreshments & AGM lunches 6,528 6,528
Miscellaneous income 1,669 2,735 4,404
----------------------- ----------------------- ---------------------------
8,916 2,735 11,651
======================= ======================= ===========================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Entrance fees 160 160
Refreshments & AGM lunches 500 500
Miscellaneous income 163 215 378
-------------- -------------- -----------------------
823 215 1,038
============== ============== =======================
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**- 12 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
**----- Start of picture text -----**
9. Expenditure on charitable activities by fund type
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Fellowship 474,373 16,495 490,868
Support costs 40,560 40,560
-------------------------------- --------------------------- --------------------------------
514,933 16,495 531,428
================================ =========================== ================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fellowship 283,544 36,057 319,601
Support costs 37,894 37,894
-------------------------------- --------------------------- --------------------------------
321,438 36,057 357,495
================================ =========================== ================================
10. Expenditure on charitable activities by activity type
Activities
undertaken Support Total funds Total fund
directly costs 2022 2021
£ £ £ £
Fellowship 490,868 490,868 319,601
Governance costs 40,560 40,560 37,894
-------------------------------- --------------------------- -------------------------------- --------------------------------
490,868 40,560 531,428 357,495
================================ =========================== ================================ ================================
11. Analysis of support costs
Analysis of
support costs Total 2022 Total 2021
£ £ £
Staff costs 31,534 31,534 30,615
Support costs - Accountancy fees 7,188 7,188 6,600
Support costs - Audit fees 1,828 1,828 680
--------------------------- --------------------------- ---------------------------
40,550 40,550 37,895
=========================== =========================== ===========================
12. Net gains on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Gains/(losses) on listed investments 15,789 15,789 26,677 26,677
=========================== =========================== =========================== ===========================
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**- 13 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
|**13.**
**remuneration**|
|---|
|**2022**
2021
**£**
_£_
Fees payable for the audit of the financial statements
**1,838**
_680_
=======================
==============
**14.**
**Independent examination fees**
**2022**
2021
**£**
_£_
Fees payable to the independent examiner for:
Independent examination of the financial statements
**7,188**
_6,600_
=======================
=======================
**15.**
**Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
**2022**
2021
**£**
_£_
Wages and salaries
**180,199**
_171,855_
================================
================================
The average head count of employees during the year was 12 (2021: 12). The average number of
full-time equivalent employees during the year is analysed as follows:
**2022**
2021
**No.**
_No._
Number of staff - administration
**3**
_3_
==============
==============|
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
## **Key Management Personnel**
The total employment benefits of key management personnel were £30,349 (2021: £29,465).
## **16. Trustee remuneration and expenses**
The Trustees received no emoluments in the year (2021: Nil).
During the year the charity paid expenses claims by one or more trustees. The total amount paid in the year was £7,545 (2021: £1,701) and was reimbursement for travel, subsistence, postage & stationery.
There were no other transactions with Trustees that need reporting.
## **17. Transfers between funds**
Transfers comprise of a £3,250 contribution from the Scottish Fund to go towards head office overheads. Transfers also includes a contribution of £2,000 to the Benevolent Fund as well as a transfer of £4,089 to the Welsh Fund.
**- 14 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
## **18. Investments**
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|||
|---|---|
|Listed|
|investments|
|£|
|Cost or valuation|
|At 1 April 2021|137,031|
|Additions|
|Fair value movements|15,789|
|--------------------------------|
|At 31 March 2022|152,820|
|================================|
|Impairment|
|At 1 April 2021 and 31 March 2022|
|Carrying amount|
|At 31 March 2022|152,820|
|================================|
|At 31 March 2021|137,031|
|================================|
**----- End of picture text -----**
All investments shown above are held at valuation.
## **Financial assets held at fair value**
The charity's investments are held in an COIF Charities Investment Fund, which provides a valuation on the year-end date. The basis for fair valuation is equivalent to the market value, using the bid price as quoted by the CCLA Fund Managers Limited.
## **19. Stocks**
**----- Start of picture text -----**
||||
|---|---|---|
|2022|2021|
|£|£|
|Raw materials and consumables|18|3|
|==============|==============|
|20.|Debtors|
|2022|2021|
|£|£|
|Trade debtors|9,604|12,644|
|Prepayments and accrued income|13,230|9,936|
|---------------------------|---------------------------|
|22,834|22,580|
|===========================|===========================|
**----- End of picture text -----**
## **21. Cash at bank and in hand - Branches**
Cash balances of £491,611 (2011: £468,372) are held in current and deposit accounts in the names of the individual branches. Except in the event of the closure of the branch, these balances are not ordinarily available for the use of the central functions of the Charity.
## **22. Creditors: amounts falling due within one year**
**----- Start of picture text -----**
||||
|---|---|---|
|2022|2021|
|£|£|
|Accruals and deferred income|48,997|30,562|
|===========================|===========================|
**----- End of picture text -----**
**- 15 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
## **23. Analysis of charitable funds**
|**Unrestricted funds**
At
1 Apr 2021
£
General funds
840,269
================================
_At_
_1 Apr 2020_
_£_
_General funds_
_858,811_
================================
**Restricted funds**
At
1 Apr 2021
£
Benevolent Fund
17,195
Scottish Fund
25,245
Welsh Fund
148
Heritage 70/40
project
5,852
Manchester
project
394
---------------------------
48,834
===========================
_At_
_1 Apr 2020_
_£_
_Benevolent Fund_
_19,380_
_Scottish Fund_
_31,226_
_Welsh Fund_
_1_
_Heritage 70/40_
_project_
_6,319_
_Manchester_
_project_
_---------------------------_
_56,926_
===========================|Income
£
451,167
================================
_Income _
_£_
_272,969_
================================
Income
£
2,735
20,800
500
---------------------------
24,035
===========================
_Income _
_£_
_215_
_20,500_
_500_
_10,000_
_---------------------------_
_31,215_
===========================|Expenditure
Transfers
£
£
(514,933)
(2,839)
================================
=======================
_Expenditure_
_Transfers_
_£_
_£_
_(321,438)_
_3,250_
================================
=======================
Expenditure
Transfers
£
£
(430)
2,000
(7,902)
(3,250)
(4,737)
4,089
(3,426)
---------------------------
-----------------------
(16,495)
2,839
===========================
=======================
_Expenditure_
_Transfers_
_£_
_£_
_(2,400)_
_(23,231)_
_(3,250)_
_(353)_
_(467)_
_(9,606)_
_---------------------------_
_-----------------------_
_(36,057)_
_(3,250)_
===========================
=======================|Gains and
losses
£
15,789
===========================
_Gains and_
_losses_
_£_
_26,677_
===========================
Gains and
losses
£
--------------
==============
_Gains and_
_losses_
_£_
_--------------_
==============|**At**
**31 Mar 2022**
**£**
**789,453**
================================
_At_
_31 Mar 2021_
_£_
_840,269_
================================
**At**
**31 Mar 2022**
**£**
**21,500**
**34,893**
**2,426**
**394**
---------------------------
**59,213**
===========================
_At_
_31 Mar 2021_
_£_
_17,195_
_25,245_
_148_
_5,852_
_394_
_---------------------------_
_48,834_
===========================|
|---|---|---|---|---|
**- 16 -**
## **NHS Retirement Fellowship**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 March 2022**
## **23. Analysis of charitable funds** _**(continued)**_
Benevolent fund - Funds for the welfare of members in need of financial assistance.
Scottish fund - Funds granted to the Charity for sole use in Scotland.
Welsh fund - Funds granted for the sole use in Wales.
Social Care Project - Funds provided to explore how to recruit social care staff into the NHS Retirement Fellowship.
Benevolent project - Funds for the development of the benevolent fund.
Manchester project - Fund to support older people in Manchester.
## **24. Analysis of net assets between funds**
||Unrestricted|||**Total**|
|---|---|---|---|---|
||Funds||Restricted|**Funds**|
||Head Office|Branches|Funds|**2022**|
||£|£|£|**£**|
|Investments|**145,573**|**7,247**||**152,820**|
|Current assets|**191,352**|**494,278**|**59,213**|**744,843**|
|Creditors less than 1 year|**(20,164)**|**(28,833)**||**(48,997)**|
||--------------------------------|--------------------------------|---------------------------|--------------------------------|
|**Net assets**|**316,761**|**472,692**|**59,213**|**848,666**|
||**================================**|**================================**|**===========================**|================================|
||_Unrestricted_|||_Total_|
||_Funds_||_Restricted_|_Funds_|
||_Head Office_|_Branches_|_Funds_|_2021_|
||_£_|_£_|_£_|_£_|
|_Investments_|_130,360_|_6,671_||_137,031_|
|_Current assets_|_256,995_|_476,805_|_48,834_|_782,634_|
|_Creditors less than 1 year_|_(20,500)_|_(10,062)_||_(30,562)_|
||--------------------------------|--------------------------------|---------------------------|--------------------------------|
|**_Net assets_**|_366,855_|_473,414_|_48,834_|_889,103_|
||================================|================================|===========================|================================|
The current assets included in the unrestricted branch funds are intended for the day to day running and continued operation of the 129 branches within the Charity. These assets are under the control of the individual branches.
**- 17 -**
## **NHS Retirement Fellowship**
## **Management Information**
## **Year ended 31 March 2022**
**The following pages do not form part of the financial statements.**
**- 18 -**
## **NHS Retirement Fellowship**
## **Detailed Statement of Financial Activities**
## **Year ended 31 March 2022**
**----- Start of picture text -----**
Branches
Inc. Head Office
Scotland General TOTAL
£ £ £
Income:
Subscription 95,576 13,535 109,111
-
Fund Raising Events 23,295 23,295
Interest 648 99 747
Donations 12,616 - 12,616
-
Legacies 10,416 10,416
Outings including Christmas
dinner 79,087 - 79,087
-
Special Events 70,092 70,092
-
Social gatherings 2,508 2,508
Sponsorship 4,000 5,000 9,000
Conference 6,085 - 6,085
Refreshments 2,136 - 2,136
Miscellaneous 1,669 - 1,669
-
Regional Meetings 1,883 1,883
Entrance Fees 3,744 - 3,744
-
Lottery income 1,242 1,242
- - -
Scottish Gathering
Refunds from Outings 309 - 309
Other Grants - 20,300 20,300
NHS Trust Grant 8,300 100,000 108,300
Gift Aid - 9,438 9,438
From Closed Branches - - -
Other Income 488 2,735 3,223
TOTAL 312,436 162,765 475,201
**----- End of picture text -----**
**- 19 -**
## **NHS Retirement Fellowship**
## **Detailed Statement of Financial Activities** _**(continued)**_
## **Year ended 31 March 2022**
**----- Start of picture text -----**
Branches
Inc. Head Office
Expenditure: Scotland General TOTAL
£ £ £
Annual Conference/AGM Admin 13,282 6,422 19,704
Badges & Brooches - - -
Bank charges 748 1,031 1,779
Rent & room hire 23,290 986 24,276
Meeting Costs 4,120 4,047 8,167
-
Recruitment/Publicity 1,066 1,066
Other 4,155 364 4,519
Annual Conference 11,549 - 11,549
Newsletter 456 39,011 39,467
-
Regional Meetings 2,030 2,030
-
Special Events 79,148 79,148
-
Fund Raising Costs 2,360 2,360
Welfare 2,534 - 2,534
-
Outings 78,979 78,979
Donations 5,000 - 5,000
-
Payment of Meal 3,724 3,724
Refunds 2,089 - 2,089
Benevolent expenditure - 430 430
Speakers 10,817 3,900 14,717
-
Staff Salaries & Wages 180,199 180,199
Insurance - 3,174 3,174
-
Telephone, printing & stationery 7,815 7,815
- - -
Branch expenses
Website costs - 4,437 4,437
Office equipment & software - 626 626
-
Gifts and prizes 3,124 3,124
-
Audit & Accountancy 9,026 9,026
-
Legal & professional fees 3,700 3,700
Travel and Subsistence - 13,915 13,915
-
Heritage lottery expenses 3,426 3,426
- - -
Photography group expenditure
- - -
Manchester Project
Promotional & media costs - 448 448
248,471 282,957 531,428
**----- End of picture text -----**
**- 20 -**
## **NHS Retirement Fellowship**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 March 2022**
**----- Start of picture text -----**
Branches
Inc. Head Office
Expenditure: Scotland General TOTAL
£ £ £
Net Surplus/ (Deficit) 63,965 (120,192) (56,227)
Net (loss) gain on investment 576 15,213 15,789
SURPLUS/(DEFICIT) FOR YEAR 64,541 (104,979) (40,438)
**----- End of picture text -----**
**- 21 -**