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2024-03-31-accounts

CHARITY REGISTRATION NUMBER: 287936

NHS Retirement Fellowship Unaudited Financial Statements 31 March 2024

FROST & COMPANY

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

NHS Retirement Fellowship

Financial Statements

Year ended 31 March 2024

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 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Chair's report

The period covered by this report has seen significant change in our Fellowship. A new long-term strategy has been agreed by the Board of Trustees and Membership Council and enthusiastic new trustees, Chief Executive and Chief Operating Officer are delivering the changes required to update our systems and operations. After a long, slow decline in membership we have seen new people joining and national and branch initiatives come to fruition. Of course, we remain focussed on the traditional strengths of the Fellowship – bringing mutual aid, friendship and fun to our community of retired health and social care workers.

Change is not always a comfortable thing for an organisation such as ours but our systems and operations date back many years and are no longer supported by IT staff either in our host NHS Trust or the contractors who we have relied on in the past. Essential information that allows us to communicate easily with our members, deliver the services and benefits that we want to, and to manage our affairs is either unavailable or costly and cumbersome to obtain. Our planned changes will bring us up to the standards that our members expect from a modern charity.

We are pleased that we have been able to attract an excellent new member of staff to join the team in Scotland and a new Chief Operating Office directly from the NHS to steer these changes. We have also welcomed back Suzy Brain England, a former trustee, to help advise the Board. The previous Vice– Chair of the Members Council has also agreed to join the board and will bring both her experience of that organisation as well as many years of service as a senior nurse to our deliberations.

Sadly two of our trustees have left the Board recently. George Kempton has retired after many years of service to his branch, region, the Board and latterly as Vice-Chair and Chair. Mark Graham has taken up a senior role in the NHS and no longer has the time needed to continue on our Board. We wish them both well as they embark on new challenges.

- 1 -

NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2024

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 – Interim Vice Chair Mrs S B England OBE (Resigned 31 October 2023) Mr M Graham (Resigned 26 May 2024) Mrs J Hickey (Appointed 1 October 2023) Mr D James (Appointed 11 April 2023) Mr G Kempton (Resigned 9 April 2024) Mr C Kitchin – Interim Chair Mrs B Lawrence Mrs F R Lobo (Appointed 15 May 2024) Mr J Mosley (Resigned 31 October 2023) Dr G Oakland - Honorary Treasurer Mr D Paterson Mrs M Saw

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 (continued)

Year ended 31 March 2024

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 2024, 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; 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 Lincolnshire in October 2023, the next meeting is planned for Derbyshire in October 2024.

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.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2024

Objectives and activities

The charity's activities are coordinated at national and local level. At national level a committee of trustees 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 national 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.

Members join the Fellowship then choose whether to be a national member or linked to a local branch. Regular Zoom meetings offer a variety of opportunities to share interests.

However, much of the work 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 105 branches in the charity and the participation of several hundred volunteers, Fellowship members undertake a huge range of community support services.

Achievements and performance

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.

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NHS Retirement Fellowship

Trustees' Annual Report (continued)

Year ended 31 March 2024

Financial review

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. Members have welcomed 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.

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 collect membership subscriptions and forward them to central funds. National members pay their annual subscription directly into the central fund.

For the year ended 31 March 2024 membership subscriptions were increased from £20 to £30 per member and the total amounts collected were:

2024 2023
£ £
Branches 146,280 114,505
Postal 59,953 56,733
Total 206,233 171,238

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 2024 Gift Aid amounted to £34,686 (2023, £33,814) of this amount £6,833 (2023, £3,158) was returned to branches.

When branches close, their bank account balances are sent to the central fund. In 2024 this amounted to £2,154 (2023, £11,897). To put this into context, branch bank accounts held £456,552 at the beginning of the year, so the closed funds transfers amounted to less than 1% 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, the Scotland Government and the health boards of Wales. Unfortunately, grants for core costs are no longer available and no money was received from the NHS last year, whilst other donations and interest received amounted to only £3,855.

Taken together, income received by central office was:

2024 2023
£ £
Membership (including Gift Aid and closed branches) 243,073 216,949
NHS England (and Scotland in 2022) - 50,000
Other 3,901 42,986
Total income 246,974 309,935

The Trustee Board sets a budget for the year and for 2024 it forecast income of £267,250, so income was lower than budget by some £20,000. The Board recognised this situation was likely after the branch returns were received in September and made a decision to further restrict spending.

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NHS Retirement Fellowship

Trustees' Annual Report

Year ended 31 March 2024

Costs

The costs of running the charity in 2024 can be considered in three broad categories.

First, there are the essential costs required for the safe management of the Fellowship – insurance, post and telephones, computer, the AGM, gift aid payments to the branches, 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 £41,598 (2023, £37,277).

Second, are the salaries of the people who work in branch development, fundraising, finance and membership support roles. We had 9 (2023,12) part-time members of staff, following a reorganisation in Autumn, who earned an average of just over £16,000 each amounting to £169,549 in total (2023, £180,881).

Finally, there are the costs of providing the newsletter and travelling to meetings at branches and for the Board. The newsletter cost £21,511 to produce and deliver in 2024 (2023, £32,143) and all other costs were £13,149 (2023, £24,930).

In 2023 we also carried out an extensive marketing campaign that cost £150,744, no further costs were incurred in 2024 on this campaign.

In total central office costs were:

2024 2023
£ £
Essential management 41,598 38,024
Salaries 169,549 180,881
Newsletter and other costs 39,871 57,130
P60 marketing campaign - 150,744
Total costs 251,018 426,779

The total for all costs was some £12,000 higher than the budget of £239,015 and the Fellowship central office account made a deficit of some £4,000 in 2023 compared to a loss of almost £139,000 in the previous year.

Balance sheet

Central office bank accounts amounted to £293,421 of which £121,000 is held in a strategic reserve. The modernisation of systems and ways of working planned to be completed before March 2025 will absorb some of the surplus cash.

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NHS Retirement Fellowship

Trustees' Annual Report

Year ended 31 March 2024

Budget for the year to March 2025

In December 2023, the Board approved a budget for the Fellowship for the following financial year. We considered the problems obtaining grant funding, membership feedback on any further fee increase, significant inflationary pressure on costs and the essential changes to computer and management systems that are no longer supported by our host NHS Trust. We set ourselves the target to further reduce headcount as we developed more efficient systems and that the total running costs of the organisation should be met from membership fees. Total running costs were set at £238,000 which is in line with the cash costs for 2024.

The reorganisation costs and other initiatives and projects will be met from grants from the NHS (we have already received £50,000 from NHS England and are negotiating with health boards in Wales and the Scotland Government) and other bodies.

The Board has carried out a solvency review and believes that it has sufficient funds to continue to trade for at least the next twelve months. Board has a number of contingency plans in place to ensure that the Charity continues to be solvent

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

C R Kitchin

Chris Kitchin (Tue, 1st Oct 2024 15:20:53 Mr C Kitchin – Interim Chair BST)

Trustee

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NHS Retirement Fellowship

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

Year ended 31 March 2024

I report to the trustees on my examination of the financial statements of NHS Retirement Fellowship ('the charity') for the year ended 31 March 2024.

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 (Tue, 1st Oct 2024 Stephen J Frost 15:30:58 BST) 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 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 234,771 – 234,771 314,987
Charitable activities 5 447,761 – 447,761 391,764
Investment income 6 4,921 – 4,921 3,736
Other income 7 19,336 45 19,381 14,389
-------------------------------- -------------- -------------------------------- --------------------------------
Total income 706,789 45 706,834 724,876
================================ ============== ================================ ================================
Expenditure
Expenditure on charitable activities 8,9 (723,168) (15,047) (738,215) (862,055)
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total expenditure (723,168) (15,047) (738,215) (862,055)
================================ ============================ ================================ ================================
Net gains/(losses) on investments 11 632 – 632 (7,230)
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net expenditure (15,747) (15,002) (30,749) (144,409)
================================ ============================ ================================ ================================
Transfers between funds (9,105) 9,105 – –
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net movement in funds (24,852) (5,897) (30,749) (144,409)
Reconciliation of funds
Total funds brought forward 648,745 55,512 704,257 848,666
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total funds carried forward 623,893 49,615 673,508 704,257
================================ ============================ ================================ ================================

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 2024

2024 2023
Note £ £
Fixed assets
Investments 16 7,604 6,972
Current assets
Stocks 17 7 25
Debtors 18 59,295 64,246
Cash at bank and in hand – Branches 19 428,320 456,552
Cash at bank and in hand – Head office 293,421 237,795
-------------------------------- --------------------------------
781,043 758,618
Creditors: amounts falling due within one year 20 (115,139) (61,333)
-------------------------------- --------------------------------
Net current assets 665,904 697,285
-------------------------------- --------------------------------
Total assets less current liabilities 673,508 704,257
-------------------------------- --------------------------------
Net assets 673,508 704,257
================================ ================================
Funds of the charity
Restricted funds 49,615 55,512
Unrestricted funds 623,893 648,745
-------------------------------- --------------------------------
Total charity funds 21 673,508 704,257
================================ ================================

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

C R Kitchin

Chris Kitchin (Tue, 1st Oct 2024 15:20:53 Mr C Kitchen – Interim Chair BST) 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 2024

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 2024

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 2024

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 2024

4. Donations and legacies
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Other Donations 9,483 – 9,483
Legacies
Legacies 3,386 – 3,386
Grants
NHS/Health Education England Grant – – –
Other Grants 8,838 – 8,838
Sponsorship
Sponsorship – – –
Subscriptions
Subscriptions 213,064 – 213,064
-------------------------------- -------------- --------------------------------
234,771 – 234,771
================================ ============== ================================
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
Sponsorship
Sponsorship 9,000 – 9,000
Subscriptions
Subscriptions 211,725 – 211,725
-------------------------------- ---------------------------- --------------------------------
289,987 25,000 314,987
================================ ============================ ================================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

5. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Seminars & conferences 3,174 3,174 10,523 10,523
Special events 190,462 190,462 149,068 149,068
Lottery income 912 912 1,044 1,044
Outings including Xmas dinner 168,983 168,983 150,182 150,182
Badges and brooches – – 162 162
Fund raising events 49,544 49,544 46,971 46,971
Gift aid income 34,686 34,686 33,814 33,814
-------------------------------- -------------------------------- -------------------------------- --------------------------------
447,761 447,761 391,764 391,764
================================ ================================ ================================ ================================
6. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Bank interest receivable 4,921 4,921 3,736 3,736
======================= ======================= ======================= =======================
7. Other income
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Entrance fees 9,292 – 9,292
Refreshments & AGM lunches 9,357 – 9,357
Miscellaneous income 687 45 732
---------------------------- -------------- ----------------------------
19,336 45 19,381
============================ ============== ============================
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
============================ ======================= ============================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

8. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Fellowship 683,800 15,047 698,847
Support costs 39,368 – 39,368
-------------------------------- ---------------------------- --------------------------------
723,168 15,047 738,215
================================ ============================ ================================
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
================================ ============================ ================================

9. Expenditure on charitable activities by activity type

Activities
undertaken
Support		 Total funds Total fund
directly
costs		 2024 2023
£ £ £ £
Fellowship 698,847
–		 698,847 823,699
Governance costs –
39,368		 39,368 38,356
-------------------------------- ---------------------------- -------------------------------- --------------------------------
698,847
39,368		 738,215 862,055
================================ ============================ ================================ ================================
Analysis of support costs
Analysis of
support costs Total 2024 Total 2023
£ £ £
Staff costs 32,601 32,601 31,534
Support costs - Accountancy fees 6,767 6,767 6,822
---------------------------- ---------------------------- ----------------------------
39,368 39,368 38,356
============================ ============================ ============================

10. Analysis of support costs

11. Net gains/(losses) on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Gains/(losses) on listed investments 632 632 (7,230) (7,230)
============== ============== ======================= =======================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

12. Independent examination fees

2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 6,797 6,822
======================= =======================

13. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as The total staff costs and employee benefits for the reporting period are analysed as follows:
2024 2023
£ £
Wages and salaries 169,549 180,199
================================ ================================
The average head count of employees during the year was 12 (2023: 14). The average number of
full-time equivalent employees during the year is analysed as follows:
2024 2023
No. No.
Number of staff - administration 3 3
============== ==============

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

Key Management Personnel

The total employment benefits of key management personnel were £30,000 (2023: £30,276).

14. Trustee remuneration and expenses

The Trustees received no emoluments in the year (2023: Nil).

During the year the charity paid expenses claims by one or more trustees. The total amount paid in the year was £2,208 (2023: £5,233) and was reimbursement for travel, subsistence, postage & stationery.

There were no other transactions with Trustees that need reporting.

15. Transfers between funds

Transfers comprise of a transfer of £9,105 (2023: £8,045) to the Welsh fund.

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

16. Investments

Investments
Listed
investments
£
Cost or valuation
At 1 April 2023 6,972
Additions –
Fair value movements 632
-----------------------
At 31 March 2024 7,604
=======================
Impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024 7,604
=======================
At 31 March 2023 6,972
=======================

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.

17. Stocks

2024 2023
£ £
Raw materials and consumables 7 25
============== ==============
18. Debtors
2024 2023
£ £
Trade debtors 34,090 36,774
Prepayments and accrued income 25,205 27,472
---------------------------- ----------------------------
59,295 64,246
============================ ============================

19. Cash at bank and in hand - Branches

Cash balances of £428,320 (2023: £456,552) 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.

20. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 115,139 61,333
================================ ============================

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

21. Analysis of charitable funds

Unrestricted funds

At Gains and At
1 Apr 2023 Income Expenditure Transfers losses 31 Mar 2024
£ £ £ £ £ £
General funds 648,745 706,789
(723,168)		 (9,105) 632 623,893
================================ ================================ ================================ ======================= ============== ================================
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
================================ ================================ ================================ ======================= ======================= ================================
Restricted funds
At Gains and At
1 Apr 2023 Income Expenditure Transfers losses 31 Mar 2024
£ £ £ £ £ £
Benevolent Fund 21,834 45
(799)		 – – 21,080
Scottish Fund 23,398 –
(5,143)		 – – 18,255
Welsh Fund – –
(9,105)		 9,105 – –
Heritage 70/40
project 9,886 –
–		 – – 9,886
Manchester
project 394 –
–		 – – 394
P60 Campaign – –
–		 – – –
---------------------------- -------------- ---------------------------- ----------------------- -------------- ----------------------------
55,512 45
(15,047)		 9,105 – 49,615
============================ ============== ============================ ======================= ============== ============================
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
============================ ============================ ============================ ======================= ============== ============================

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NHS Retirement Fellowship

Management Information

Year ended 31 March 2024

Benevolent fund - Funds for the welfare of older 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.

Benevolent project - Funds for the development of the benevolent fund.

Manchester project - Fund to support older people in Manchester.

22. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds - Funds 2024
Head office Branches
£ £ £
Investments - 7,604 – 7,604
Current assets 278,249 453,179 49,615 781,043
Creditors less than 1 year (79,735) (35,404) – (115,139)
-------------------------------- -------------------------------- ---------------------------- --------------------------------
Net assets 198,514 425,379 49,615 673,508
================================ ================================ ============================ ================================

Creditors less than 1 year includes £50,000 deferred income from NHS England.

Unrestricted Restricted Total Funds
Funds Funds 2023
Head office Branches
£ £ £
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
================================ ================================ ============================ ================================

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NHS Retirement Fellowship

Management Information

Year ended 31 March 2024

The following pages do not form part of the financial statements.

- 21 -

NHS Retirement Fellowship

Detailed Statement of Financial Activities (continued)

Year ended 31 March 2024

Income:
Subscription
Fund Raising Events
Interest
Donations
Legacies
Outings including Christmas
dinner
Special Events
Social gatherings
Sponsorship
Conference
Refreshments and welfare
Miscellaneous
Regional Meetings
Entrance Fees
Lottery income
Scottish Gathering
Refunds from outings
Other Grants
NHS Trust Grant
Gift Aid
Other Income
TOTAL		 Branches
Inc.
Scotland
£
153,931
49,544
2,977
8,483
3,386
168,983
190,462
-
-
1,199
2,369
687
6,988
9,292
-
1,975
-
-
8,838
-
-
609,114		 Head Office
General
£
59,133
-
1,944
1,000
-
-
-
-
-
-
-
-
-
912
-
-
-
-
34,686
45
97,720		 TOTAL
£
213,064
49,544
4,921
9,483
3,386
168,983
190,462
-
-
1,199
2,369
687
6,988
9,292
912
1,975
-
-
8,838
34,686
45
706,834

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

21. Analysis of charitable funds (continued)

Expenditure:
Annual Conference/AGM Admin
Badges & Brooches
Bank charges
Rent & room hire
Meeting Costs
Recruitment/Publicity
Other
Annual Conference
Newsletter
Regional Meetings
Special Events
Fund Raising Costs
Welfare
Outings
Donations
Refreshments
Refunds
Benevolent expenditure
Speakers
Staff Salaries & Wages
Insurance
Telephone, printing & stationery
Website costs
Office equipment & software
Gifts and prizes
Audit & Accountancy
Legal & professional fees
Travel and Subsistence
Heritage lottery expenses
P60 Campaign
Promotional & media costs		 Branches
Inc.
Scotland
£
13,594
27
1,485
45,823
-
344
2,226
8,654
342
6,143
187,909
7,024
2,724
173,368
11,104
5,244
300
-
25,795
-
-
-
-
124
1,210
-
-
-
-
-
-
493,440		 Head Office
General
£
3,394
-
1,370
1,154
1,135
299
77
-
21,511
-
-
-
-
-
-
-
-
800
-
169,549
1,874
9,050
5,525
6,785
-
6,767
5,690
8,585
-
180
1,030
244,775		 TOTAL
£
16,988
27
2,855
46,977
1,135
643
2,303
8,654
21,853
6,143
187,909
7,024
2,724
173,368
11,104
5,244
300
800
25,795
169,549
1,874
9,050
5,525
6,909
1,210
6,767
5,690
8,585
-
180
1,030
738,215		 2023
£
17,891
3
2,937
51,283
3,750
469
1,540
11,578
32,520
4,657
159,904
4,882
2,458
151,413
7,769
5,343
2,088
800
23,634
180,881
3,245
11,441
4,564
3,619
1,791
6,822
2,300
8,627
2,540
150,744
562
862,055

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NHS Retirement Fellowship

Notes to the Financial Statements (continued)

Year ended 31 March 2024

21. Analysis of charitable funds (continued)

Net Surplus/ (Deficit)
Net (loss) gain on investment
SURPLUS/(DEFICIT) FOR YEAR		 Branches
Inc.
Scotland
£
115,674
632
116,306		 Head Office
General
£
(147,055)
-
(147,055)		 TOTAL
£
(31,381)
632
(30,749)		 2023
£
(137,179)
(7,230)
(144,409)

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