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2023-03-31-accounts

CHARITY REGISTRATION NUMBER: 287936

NHS Retirement Fellowship Unaudited Financial Statements

31 March 2023

FROST & COMPANY

Chartered accountants Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY

NHS Retirement Fellowship

Financial Statements

Year ended 31 March 2023

Page
Trustees' annual report 1
Independent examiner's report to the trustees 8
Statement of financial activities 9
Statement of financial position 10
Notes to the financial statements 11

NHS Retirement Fellowship

Trustees' Annual Report

Year ended 31 March 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.

Reference and administrative details

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 Dr J Brooks Mrs S B England OBE Mr G Kempton - Chairman Mr C Kitchin - Vice Chairman Mrs B Lawrence Dr C Matthews (Resigned 31 October 2022) Mrs M Moffat (Resigned 31 October 2022) Mr D Mortimer (Resigned 31 October 2022) Mr J Mosley Dr G Oakland - Honorary (Appointed 1 April 2022) Treasurer Mrs C Panniker (Resigned 31 October 2022) Mr D Patterson Mrs M Saw (Appointed 1 April 2022) Independent examiner Stephen J Frost Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY

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NHS Retirement Fellowship

Trustees' Annual Report

Year ended 31 March 2023

Chairman’s Review

The year was marked by a number of arrivals and departures and we were particularly pleased to welcome our new CEO, Mike Seaton, who was appointed early in 2023. Mike brings a wealth of experience of working in the charity sector. It has fallen to him to guide the Fellowship though the changes agreed at the 2022 AGM. These included the changes to the timing of the collection of the capitation fees, the formation of the Members Council, the implementation of the Constitutional changes and the development of the strategic plan for the next five years. The Board is looking forward to many years of working with Mike in ensuring the growth of the organisation.

The new Members Council, which replaced the National Council, came into fruition in early 2023 and appointed Lorraine Taylor as its first Chair and Ros Lobo as Vice Chair. I wish them both every success as they ensure that the Board is better placed to hear members’ voices.

One of the outcomes of the P60 campaign has been a growth in our postal membership and the Board is working to ensure that they are fully engaged with the Fellowship and the many benefits of membership.

I am delighted to report that over the past 12 months the Board has appointed three new external Trustees, David James who was appointed in April 2023 and Mark Graham and Julia Hickey both of whom take up their appointments in October 2023. We look forward to their contributions to the Board’s work in the future.

The Trust Board said a fond goodbye to John Rostill OBE, after ten years of total commitment to the Fellowship as CEO. He was respected by both staff and members for being unafraid of being controversial if he believed his ideas would help the Fellowship grow. His contribution and wisdom over the years has been much appreciated by the Trustees. Ken Jarrold CBE, our Patron and a loyal and valuable advocate for the Fellowship has also decided this year it was time to give up this role. They will both be very much missed.

Sadly, the Board has lost two valuable trustees over the past year. Danny Mortimer resigned in late 2022 due to his increasingly heavy work commitments within the NHS, and Suzy Brain England will leave us after the AGM 2023 at the end of her term as a trustee. Both have been very valuable members of the Board offering constructive criticism and knowledgeable guidance.

The past 12 months have been particularly challenging for the Trustees as they strived to ensure the financial viability of the Fellowship for the future. The loss of the annual grants made a big hole in our income and the Fellowship now must rely solely on the fees it receives from its members. Although the Trust Board had agreed stringent cuts in the expenditure that it can control it became obvious that our reduced income was insufficient to achieve financial sustainability for the Fellowship’s future. It was with considerable regret therefore that the Trustees agreed an increase in the capitation and national membership fees. A review of financial matters is set out below.

As we move forward to 2024, I look forward to the continuing growth of the Fellowship and ensuring that we achieve our objectives of fun, fellowship and friendship.

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NHS Retirement Fellowship

Trustees' Annual Report

Year ended 31 March 2023

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 October 2022. The charity exists in England, Scotland and Wales and is for those retiring and retired from health and social care organisations 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 2023, the organisation had almost 8500 members and 113 branches across England, Scotland and Wales.

The Constitution provides for a Board of Trustees comprising six member trustees, five external trustees and three Honorary Officers. It is committed to building a more diverse and inclusive organisation and particularly welcomes candidate applications from a wide range of different backgrounds. An audit of trustees’ skills was undertaken to identify gaps in skills and experience and this was used in the recruitment programme. Recent appointments reflect that approach. The Board has established subcommittees for Audit, Risk and Investment; Remuneration; and Planning for the future. 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 trustees pay due regard to the Charity Commission's public benefit guidance when exercising any powers or duties. 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.

The Annual General Meeting and Conference was held in Leicestershire in 2022 when changes were agreed to the Constitution to give members a greater voice. A newly formed Members Council comprises regional, country and national member representatives and is in its early days of formation. Its purpose is to represent the views of members to the Board of Trustees.

The Chief Executive of the charity is contracted for two 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 (two full time equivalents). Part time officers undertaking development work in England, Scotland and Wales collectively work for eight days per week.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2023

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 113 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 with their P60. Whilst this campaign was expensive, it reversed the decline in membership, which reached over 8500. Unfortunately, the serious state of the organisation’s finances and the withdrawal of support from NHS bodies in England, Scotland and Wales led the board to decide to increase capitation fees for Branch members and membership fees for postal members from £20 to £30. This has resulted in many members deciding not to renew their membership and the current membership is just over 7000 people.

Despite the upheavals of the past few years, the organisation remains resilient and the Fellowship has many local initiatives and gatherings to support its community. The Trustees are hopeful that this spirit will carry the Fellowship through these difficult times towards a more certain future.

Financial review and future plans

The financial statements that follow this report comply with the regulations set out for charities however as they combine the activities of all the branches and head office they are not always easy to follow and, whilst the Board has legal oversight of branch activity, it devolves day-to-day management to local officers. Some members have asked for a simplified version of our accounts as they relate to the way central office operates and this is shown in the analysis below. The numbers are drawn from the same records but are not subject to the Independent Examination.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2023

Income

The Trustees do not control the finances of the branches and, except when a branch closes, do not have access to their funds. Branches make an annual payment to central funds based on the number of members in their branch (capitation fees). Postal or National members pay their annual subscription directly into the central fund. For the years ended 31 March 2023 and 2022 (when fees were reduced because of the pandemic) these amounts were:

2023
2022
£ £
Branches 114,505 58,260
Postal 56,989
13,665
Total 171,494 71,925

Some of these subscriptions are subject to Gift Aid (if the member completes a form to say they are a UK taxpayer, then central office is able to claim money from the government). In 2023 this amounted to £9,624 (2022, £12,496) of this amount £4,284 (2022, £4,796) was returned to branches.

When branches close, their bank account balances are sent to the central fund. In 2023 this amounted to £11,897 (2022, £5,613). To put this into context, branch bank accounts held £491,611 at the beginning of the year, so the closed funds transfers amounted to less than 3% of total balances.

In addition to membership income, central office also receives a number of grants and donations. In the past this has included significant amounts from NHS England and the health boards of Scotland and Wales. Unfortunately, these are no longer available and only £50,000 was received last year, whilst other donations and interest received amounted to £44,302.

Taken together, income received by central office was:

2023 2022
£ £
Membership (including Gift Aid and closed branches) 193,015 90,034
NHS England (and Scotland in 2022) 50,000 71,300
Other 44,302 36,362
Total income 287,317 197,696

The Trustee Board sets a budget for the year and for 2023 it forecast income of £273,000, so income was higher than budget by some £14,000 which is made up of the closed branch funds (which we do not budget for) and higher Gift Aid than expected.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2023

Costs

The costs of running the charity in 2023 can be considered in four broad categories. First there is the cost of the P60 marketing campaign, designed to arrest the steady decline of our membership and bring new people in to it. The budget for this work was set at £120,000 whilst the actual costs were £150,743, £15,000 of which were met by a donation from CSIS.

Second there are the essential costs required for the safe management of the Fellowship – insurance, post and telephones, computer, the AGM, legal advice, and our independent examiner. We are fortunate that our offices and payroll provision are provided free of charge by the NHS Trust that hosts us. In total the essential costs amounted to £37,277 (2022, £43,164).

Third there are the salaries of the people who work in branch development, fundraising, finance and membership support roles. We had 12 part-time members of staff, who earned an average of just over £15,000 each amounting to £180,882 in total (2022, £180,198).

Finally, there are the costs of providing the newsletter and travelling to meetings at branches and for the Board. These costs were subject to an extensive review and reduced as far as possible during the year. The newsletter cost £32,143 to produce and deliver in 2023 (2022, £39,011) and all other costs were £24,390 (2022, £28,970).

In total central office costs were:

2023 2022
£ £
P60 marketing campaign 150,743 -
Essential management 38,024 43,164
Salaries 180,882 180,198
Newsletter and other costs 56,533 67,981
Total costs **426,182 ** 291,343

The total for all costs excluding the P60 campaign was £275,439 (2022, £291,343) compared to a budget of £283,000, the difference being mainly the reduced costs of the newsletter compared to previous years. Without the one-off costs of the marketing campaign, the Fellowship Central Office account made a small surplus in 2023 compared to a loss of almost £100,000 in the previous year.

Balance sheet

During the year the Fellowship faced the real possibility that it would run out of cash because we spend most of our costs on a monthly basis but our income was only received in January and February at the end of our financial year. For this reason, our investment bond (which was broadly the same as the cost of the P60 campaign) was liquidated and moved into cash balances. We were then able to pay outstanding invoices. Once money was received from NHS England and the branch subscriptions, we were able to move £70,000 into a reserve account to ensure that, in the unlikely event we have to close the Fellowship, enough funds are available. Whilst there are some other assets and liabilities, the balance sheet is now made up largely of available cash.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2023

Budget for the year to March 2024

In December 2022, the Board approved a budget for the Fellowship for the following financial year. We considered the problems obtaining grant funding and the significant inflationary pressure on costs and we decided to further reduce the cost base from £275,000 to £240,000. Much of this was planned to be achieved through Zoom meetings and moving the newsletter on-line. As we were unable to guarantee any contribution from outside organisations, we decided that the cost base would have to be met only from membership fees. Regrettably, this has meant an increase in both the national fee and the amount collected from branches. All other initiatives and projects would either have to be self-funding or grants sought to cover the cost.

In the first six months of the current (2023-24) financial year, income has been lower and costs higher than expected and so a number of actions to further reduce the cost base and to seek outside funding have been put in place, The Board has carried out a solvency review and, taken together with the actions outlined above, believes that the Fellowship is solvent and has sufficient funds to continue to trade for at least the next twelve months.

08 Nov 2023

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

G E Kem ton p

George Kempton (Nov 8, 2023, 7:48pm)

Mr G Kempton - Chairman Trustee

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NHS Retirement Fellowship

Independent Examiner's Report to the Trustees of NHS Retirement Fellowship

Year ended 31 March 2023

I report to the trustees on my examination of the financial statements of NHS Retirement Fellowship ('the charity') for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

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’s gross income exceeded £250,000 your examiner must be a member of a body listed 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 other than any requirement that the accounts give a ‘true and fair' view which is not a matter 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.

Ste hen Frost p

Stephen Frost (Nov 9, 2023, 9:22am) Stephen J Frost Independent Examiner

Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY

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NHS Retirement Fellowship

Statement of Financial Activities

Year ended 31 March 2023

2023 2022
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 289,987 25,000 314,987 334,921
Charitable activities 5 391,764 – 391,764 124,858
Other trading activities 6 – – – 3,025
Investment income 7 3,736 – 3,736 747
Other income 8 13,255 1,134 14,389 11,651
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total income 698,742 26,134 724,876 475,202
================================ ============================ ================================ ================================
Expenditure
Expenditure on charitable activities 9,10 (824,175) (37,880) (862,055) (531,428)
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total expenditure (824,175) (37,880) (862,055) (531,428)
================================ ============================ ================================ ================================
Net (losses)/gains on investments 12 (7,230) – (7,230) 15,789
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net expenditure (132,663) (11,746) (144,409) (40,437)
================================ ============================ ================================ ================================
Transfers between funds (8,045) 8,045 – –
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net movement in funds (140,708) (3,701) (144,409) (40,437)
Reconciliation of funds
Total funds brought forward 789,453 59,213 848,666 889,103
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total funds carried forward 648,745 55,512 704,257 848,666
================================ ============================ ================================ ================================

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 11 to 20 form part of these financial statements.

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NHS Retirement Fellowship

Statement of Financial Position

31 March 2023

2023 2022
Note £ £
Fixed assets
Investments 18 6,972 152,820
Current assets
Stocks 19 25 18
Debtors 20 64,246 22,834
Cash at bank and in hand - Branches 21 456,552 491,611
Cash at bank and in hand – Head office 237,795 230,380
-------------------------------- --------------------------------
758,618 744,843
Creditors: amounts falling due within one year 22 (61,333) (48,997)
-------------------------------- --------------------------------
Net current assets 697,285 695,846
-------------------------------- --------------------------------
Total assets less current liabilities 704,257 848,666
-------------------------------- --------------------------------
Net assets 704,257 848,666
================================ ================================
Funds of the charity
Restricted funds 55,512 59,213
Unrestricted funds – Head office 196,662 316,762
Unrestricted funds - Branches 452,083 472,691
-------------------------------- --------------------------------
Total charity funds 23 704,257 848,666
================================ ================================

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

G E Kem ton p

George Kempton (Nov 8, 2023, 7:48pm) Mr G Kempton - Chairman Trustee

The notes on pages 11 to 20 form part of these financial statements.

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NHS Retirement Fellowship

Notes to the Financial Statements

Year ended 31 March 2023

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.

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

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:

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:

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.

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

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.

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

4. Donations and legacies
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Other Donations 6,076 – 6,076
Legacies
Legacies 4,066 – 4,066
Grants
NHS/Health Education England Grant 50,000 – 50,000
Other Grants 9,120 25,000 34,120
Scottish Development Grant – – –
Sponsorship
Sponsorship 9,000 – 9,000
Subscriptions
Subscriptions 211,725 – 211,725
-------------------------------- ---------------------------- --------------------------------
289,987 25,000 314,987
================================ ============================ ================================
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
Other Grants 2,288 – 2,288
Scottish Development Grant – 20,300 20,300
Sponsorship
Sponsorship 8,000 1,000 9,000
Subscriptions
Subscriptions 109,111 – 109,111
-------------------------------- ---------------------------- --------------------------------
313,621 21,300 334,921
================================ ============================ ================================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Seminars & conferences 10,523 10,523 6,085 6,085
Special events 149,068 149,068 70,092 70,092
Lottery income 1,044 1,044 1,242 1,242
Outings including Xmas dinner 150,182 150,182 14,706 14,706
Badges and brooches 162 162 – –
Fund raising events 46,971 46,971 23,295 23,295
Gift aid income 33,814 33,814 9,438 9,438
-------------------------------- -------------------------------- -------------------------------- --------------------------------
391,764 391,764 124,858 124,858
================================ ================================ ================================ ================================

6. Other trading activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Green fees - Golf branch – – 3,025 3,025
============== ============== ======================= =======================
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Bank interest receivable 3,736 3,736 747 747
======================= ======================= ============== ==============
8. Other income
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Entrance fees 3,002 – 3,002
Refreshments & AGM lunches 9,460 – 9,460
Miscellaneous income 793 1,134 1,927
---------------------------- ----------------------- ----------------------------
13,255 1,134 14,389
============================ ======================= ============================
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
======================= ======================= ============================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Fellowship 785,819 37,880 823,699
Support costs 38,356 – 38,356
-------------------------------- ---------------------------- --------------------------------
824,175 37,880 862,055
================================ ============================ ================================
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
================================ ============================ ================================

10. Expenditure on charitable activities by activity type

Activities
undertaken Support Total funds Total fund
directly costs 2023 2022
£ £ £ £
Fellowship 823,699 – 823,699 490,868
Governance costs – 38,356 38,356 40,560
-------------------------------- ---------------------------- -------------------------------- --------------------------------
823,699 38,356 862,055 531,428
================================ ============================ ================================ ================================
11. Analysis of support costs
Analysis of
support costs Total 2023 Total 2022
£ £ £
Staff costs 31,534 31,534 31,534
Support costs - Accountancy fees 6,822 6,822 7,188
Support costs - Audit fees – – 1,828
---------------------------- ---------------------------- ----------------------------
38,356 38,356 40,550
============================ ============================ ============================
12. Net (losses)/gains on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Gains/(losses) on listed investments (7,230)
(7,230)		 15,789 15,789
======================= ======================= ============================ ============================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

13. Auditors remuneration

2023 2022
£ £
Fees payable for the audit of the financial statements – 1,838
============== =======================
14. Independent examination fees
2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 6,822 7,188
======================= =======================

15. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows: The total staff costs and employee benefits for the reporting period are analysed as follows: The total staff costs and employee benefits for the reporting period are analysed as follows:
2023 2022
£ £
Wages and salaries 180,881 180,199
================================ ================================
The average head count of employees during the year was 14 (2022: 12). The average number of
full-time equivalent employees during the year is analysed as follows:
2023 2022
No. No.
Number of staff - administration 3 3
============== ==============

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

Key Management Personnel

The total employment benefits of key management personnel were £30,276 (2022: £30,349).

16. Trustee remuneration and expenses

The Trustees received no emoluments in the year (2022: Nil).

During the year the charity paid expenses claims by one or more trustees. The total amount paid in the year was £5,233 (2022: £7,545) 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 transfer of £8,045 to the Welsh fund.

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

18. Investments

Listed
investments
£
Cost or valuation
At 1 April 2022 152,820
Additions –
Disposals (145,574)
Fair value movements (274)
--------------------------------
At 31 March 2023 6,972
================================
Impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023 6,972
================================
At 31 March 2022 152,820
================================

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

2023 2022
£ £
Raw materials and consumables 25 18
============== ==============
20. Debtors
2023 2022
£ £
Trade debtors 36,774 9,604
Prepayments and accrued income 27,472 13,230
---------------------------- ----------------------------
64,246 22,834
============================ ============================

21. Cash at bank and in hand - Branches

Cash balances of £456,552 (2022: £491,611) 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

2023 2022
£ £
Accruals and deferred income 61,333 48,997
============================ ============================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2023

23. Analysis of charitable funds

Unrestricted funds

At Gains and At
1 Apr 2022 Income Expenditure Transfers losses 31 Mar 2023
£ £ £ £ £ £
General funds 789,453 698,742
(824,175)		 (8,045) (7,230)
648,745
================================ ================================ ================================ ======================= ======================= ================================
At Gains and At
1 Apr 2021 Income Expenditure Transfers losses 31 Mar 2022
£ £ £ £ £ £
General funds 840,269 451,167
(514,933)		 (2,839) 15,789 789,453
================================ ================================ ================================ ======================= ============================ ================================
Restricted funds
At Gains and At
1 Apr 2022 Income Expenditure Transfers losses 31 Mar 2023
£ £ £ £ £ £
Benevolent Fund 21,500 1,134
(800)		 – – 21,834
Scottish Fund 34,893 –
(11,495)		 – – 23,398
Welsh Fund – –
(8,045)		 8,045 – –
Heritage 70/40
project 2,426 10,000
(2,540)		 – – 9,886
Manchester
project 394 –
–		 – – 394
P60 Campaign – 15,000
(15,000)		 – – –
---------------------------- ---------------------------- ---------------------------- ----------------------- -------------- ----------------------------
59,213 26,134
(37,880)		 8,045 – 55,512
============================ ============================ ============================ ======================= ============== ============================
At Gains and At
1 Apr 2021 Income Expenditure Transfers losses 31 Mar 2022
£ £ £ £ £ £
Benevolent Fund 17,195 2,735
(430)		 2,000 – 21,500
Scottish Fund 25,245 20,800
(7,902)		 (3,250) – 34,893
Welsh Fund 148 500
(4,737)		 4,089 – –
Heritage 70/40
project 5,852 –
(3,426)		 – – 2,426
Manchester
project 394 –
–		 – – 394
P60 Campaign – –
–		 – – –
---------------------------- ---------------------------- ---------------------------- ----------------------- -------------- ----------------------------
48,834 24,035
(16,495)		 2,839 – 59,213
============================ ============================ ============================ ======================= ============== ============================

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NHS Retirement Fellowship

Notes to the Detailed Statement of Financial Activities

Year ended 31 March 2023

Benevolent fund - Funds for the welfare of old 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.

P60 Campaign – Funds to promote recruitment marketing campaign to all NHS staff.

24. Analysis of net assets between funds

Unrestricted Total
Funds – Restricted Funds
Head Office Branches Funds 2023
£ £ £ £
Investments -
6,972		 – 6,972
Current assets 224,034
479,072
55,512		 758,618
Creditors less than 1 year (27,372)
(33,961)		 – (61,333)
-------------------------------- -------------------------------- --------------------------- --------------------------------
Net assets 196,662
452,083
55,512		 704,257
================================ ================================ =========================== ================================
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
================================ ================================ =========================== ================================

The current assets included in the unrestricted branch funds are intended for the day to day running and continued operation of the branches within the Charity. These assets are under the control of the individual branches.

- 20 -