CHARITY REGISTRATION NUMBER.. 287936 NHS Retirement Fellowship Unaudited Financial Statements 31 March 2025 FROST & COMPANY Chartered accountants Unit C, Regent House 9 Crown Square Poundbury Dorset DT13DY NHS Retirement Fellowship Financial Statements Year ended 31 Ma￿h 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements 10 NHS Retirement Fellowship Trustees, Annual Report Year ended 31 Ma￿h 2025 The trustees present their report and the unaudited financial statements of the charity forthe year ended 31 March 2025. Chalrfs report 2024125 was a very successful year for the Fellowship, with the organisalion achieving the majority of key priorities sel out in the strategic plan. This resulted in another year of significant change as we continued to modernise the organisalion. Al the centre of this work was the Digital Transfomialion Project which has delivered significant improvements in our IT infrastructure, our systems and pro￿sses. 11 has enabled us to support our existing membership more efficiently and is providing the data lo enable us lo respond lo the needs of future members. The project included the development of significantly improved website, which has been received positively by our members and other stakeholders. In parallel, the Board look the decision to close the office in Weymouth. Again this was a significant change for the Fellowship as the move lo a completely remote model of working together with changes within the staff team was challenging. However implementation was SUC￿$sful and together with the modernisation of our systems has pul the organisalion in a strong position. One of the key components of our strategy is giving our members a greater voice and we have put in place processes for engaging with and responding to our membership. This Included a member's survey in the summer of 2024, the feedback from which has resulted In a number of measures to increase the support for our members. Trustees and staff have also visited a number of branches, providing an opportunity lo link directly with members and another rich source of feedback. There have been a number of changes within the Board and management team. George Kempton retired as chair early in the financial year and was replaced by Chris Kitchin on an interim basis. Our current chair, Mark Bailey was appointed al the AGM in October 2024. Mark Graham left the Board as a result of a work conflict, and Ros Lobo, formedy the deputy chair of the membership council, joined the board. Five long serving members of staff also left the organisation in October 2024 al the time of the Central Office closure. We thank trustees and staff for the service they have given to the Fellowship. Three new posts of Chief Operating Officer, Finance and Governance Officer and Membership Support Officer were successfully established during the financial year. NHS Retirement Fellowship Trustees, Annual Report (tontinuÈdJ Year ended 31 Ma￿h 2025 Reference and administrative details Reglstered charlty name NHS Retirement Fellowship Charlty reglstratlon number 287936 Principal office Unil C, Regent House 9 Crown Square Poundbury Dorchesler Dorset The trustees Mr M F Bagnall Dr J Brooks Mr M Bailey - Chair Mr M Graham Mrs J Hickey Mr D James Mr G Kemplon - Chair (Appointed 12 October 20241 (Resigned 26 May 20241 (Resigned 9 April 20241 Mr C Kilchin - Interim Chair Ilnlerim chair until 12 October 2024. Continued to serve as a Trustee after this datel Mrs B Lawrence Mrs F R Lobo Dr G Oakland - Honorary Treasurer Mr D Paterson Mrs M Saw (Appointed 15 May 20241 Independent examlner Stephen J Frost Unit C, Regent House 9 Crown Square Poundbury Dorset DT13DY NHS Retirement Fellowship Trustees, Annual Report (tontinuÈdJ Year ended 31 Ma￿h 2025 Structure, governance and management The NHS Retirement Fellowship is an unincorporated association with a constitution as a governing document. The charity operates in England, Scotland and Wales and supports those retiring and retired from health and social Ca￿ organisalions. It primarily seeks to miligale the negative effects of retirement and older age through the provision of a range of welfare, social, leisure, educational services and financial benefits. As at 31 March 2025, the organisation had approximately 7500 members and 95 branches across England, Scotland and Wales. The Constitution provides for a Board of Trustees comprising six member trustees, five external Iruslees and three Honorary OffI￿rS. It is committed lo building a more diverse and inclusive organisalion and particularfy welcomes candidate applications from a wide range of different backgrounds. The Board has a governan￿ structure in place with sub-committees supporting the Board. A review of g0veMan￿ with a revised structure is currently being undertaken. A risk register is monitored and updated al each Audit Committee meeting and covers issues relating lo membership levels, financial sustainability, staffing and management. The Iruslees pay due regard lo the Charity Commission's public benefit guidance when exercising any powers or duties. In a¢￿ptIng offiTr trustees declare their eligibility in accordance with Charity Commission guidance. In reviewing compliance with good governance, the charity has undertaken an assessment using Charity Commission Guidance. The Annual Gener81 Meeting and Conference was held in Derbyshire in October 2024, the next meeting is planned for Bristol in October 2025. 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 adminislralion of the charity. NHS Retirement Fellowship Trustees, Annual Report (tontinuÈdJ Year ended 31 Ma￿h 2025 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 lo the Board of Trustees. A review of the Benevolent Fund application and the awards criteria is being 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 allractive lo retired members. Regular Zoom meetings offer a variety of opportunities to share interests. Members join the Fellowship then choose whether to be a national member or linked to a local branch. Much of the work of the Fellowship is al local level where branch activities are designed lo alleviate loneliness and isolation through social inleraclion, leisure aclivilies, 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. Vvilh 95 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 financially resilient and is achieving its objectives as set out in the strategic plan. The Fellowship has many local initiatives and gatherings to SLJPPOrt ils community and continues to explore opportunities lo expand the range of benefits available lo members. This creates a strong foundation for the organisalion lo develop and grow in the future. Flnanclal revlew The fi'nancial statements that follow this report comply with the regulations sel out for charities however as they combine the activities of all the branches and head Offi￿ they are not always easy to follow. Members have in the past welcomed a simplified version of our accounts as they relate lo the way head Offi￿ operates and this is shown in the analysis below. The numbers are drawn from the same records bul are not subject lo Independent Examination. Income The Trustees do not directly control the finances of the branches and except when a branch closes, do not have aC￿sS lo their funds. Branches collect membership subscriptions and forward them to ￿ntral funds. National members pay their annual subscription directly into the ￿ntral fund. For the year ended 31 March 2025 membership subscriptions were £30 per annum and the total amounts collected were.. 2024125 2023124 Branch Members National Members 132,555 69,507 146.280 59,953 Total 202,062 206,233 NHS Retirement Fellowship Trustees, Annual Report (tontinuÈdJ Year ended 31 Ma￿h 2025 Some of these subscriptions are subject to Gift Aid lif the member completes a form to say they are a UK taxpayer, then head office is able lo claim money from the govemmentl. In 2024125 Gift Aid amounted to £37,00012023124 £34,686). Of this amount £3, 11812023124 £6,833) related to branches. When branches close their bank account, balances are sent to the central fund. In 2024125 this amounted to £1,74412023124 £2,1541. In addition to membership income, head office also receives grants and donations. In 2024125 this included grants from NHS England lo fund the digital transformation project1£50,0001 and the health boards of Wales1£20,000}. Taken to ether income received b head office was.. 2024125 2023124 Membershi Grants Other includin Gift Aid and closed branches 240,806 70,000 5,025 243,073 3,901 Totsl 315,831 246,974 Costs The cost of running the charity in 2024125 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, information technology, the AGM, Gift Aid payments to branches, legal advice and our independent examiner. These were higher than 2023124 due to one-off expenditure on digital transformation which was funded by an NHS England grant. Second are the salaries of the people who work in branch support, communications and benefits, finance and govemance, and membership support roles. We had seven part time members of staff following a re-organisation in the Autumn of 2024. The one-off cost of people leaving the organisalion 1£29,9781 are included in salaries below. Finally there are the costs ofcommunicalion and engagement, travelling lo branches and other meetings and for the Board. The reason for the increase in 2024125 is an additional fa￿ to face meeting and trusteelslafflrepresentalives travel to regional events and branches as part of our engagement strategy. In total central office costs were.. 2024125 2023124 Essential Mana Salaries Communication and meetin emenl 75,141 200,538 22,544 48,054 169,549 33,415 Total Costs 298,223 251,018 Surplus In 2024125 head office made a surplus of £17,608, compared lo a deficit of £4,044 in 2023124. Balance Sheet Head office bank accounts at 31 March 2025 amounted lo £237,450 of which £175,267 was held in a high interest account. NHS Retirement Fellowship Trustees, Annual Report (tontinuÈdJ Year ended 31 Ma￿h 2025 Budget for the year to March 2026 In February 2025 the Board approved a balanced budget for the financial year to M8rch 2026. As an organisalion we wanted to ensure that the core costs of running the organisation, eslimaled at £255,000 for the year, could be funded by membership subscriptions and Gift Aid, and that non-recurrent developmental expenditure would only be undertaken if grants are received. Savings from the restructuring enabled the Fellowship lo set a wages budget of £159,099. These savings together with those from streamlining processes have been utilised to cover inflation and other cost pressures including the 1 D/0 employers national insurance increase. This has enabled the organisation to hold membership subscriptions at £30 for a third successive year. The Board has carried out a solvency review and believes that il has sufficient funds to continue to trade for al least the next ￿e1ve months. The Board has contingency plans and reserves in place lo ensure that the Charity continues lo remain solvent. The trustees, annual report was approved on trustees by.. and 51gned on behalf of the board of $rk Bail* INOV 11. 2025, 6-59aml Mr M Bailey - Chair Trustee NHS Retirement Fellowship Independent Examiner's Report to the Trustees of NHS Retirement Fellowship Year ended 31 Ma￿h 2025 I report to the trustees on my examination of the financial ststemenls of NHS Retirement Fellowship I the charity'l for the year ended 31 March 2025. Responslbllltles and basls 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 I'lhe Act'l. I report in respect of my examination of the charity's financial ststemenls 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 14515llbl of the Act. Independent examiner's statement Since the charity's gross income ex￿eded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am member of the Inslilule of Chartered Accountants in England and Wales IICAEW), which is one of the listed bodies. I h8ve Completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me Cause to believe that in any material respe¢l' accounb'ng records were not kept in respect of the charity as required by section 130 of the Act", or the financial statements do not accord with those records", or the financial statements do not comply with the applicable requirements con￿mIng the form and content of aecounts set out in the Charib'es IAecounls and Reports) Regulations 2008 other than any ￿qUirement 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 lo be reached. Stephen Frost INOV 11 2025, 11.15affll Stephen J Fmst Independent Examiner Unit C, Regent House 9 Crown Square Poundbury Dorsel DT1 3DY **----- Start of picture text -----**
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NHS Retirement Fellowship Notes to the Financial Statements Year ended 31 Ma￿h 2025 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 Unit C Regent House, Poundbury, Dorchester, Dorset DT1 3DY. Statement of Compllance 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. 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 al fair value through income or expenditure. The financial stslements are prepared in sterling, which is the functional currency of the entity. Going eoneern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The p￿paratiOn of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien￿ and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unreslricled funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 10 NHS Retirement Fellowship Notes to the Financial Statements (¢¢)nfynuÈd) Year ended 31 Ma￿h 2025 Accounting policies (conllnuedj Incomlng resourees All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., il 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 entillement 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 impfftclical lo measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and setvices are recognised in the accounts when ￿te1Ved 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 il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as reslricled. 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 stslemenl of financial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraising aclivilies, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils 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 ils expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that a¢livily. Shared costs are apportioned be￿een the activities they contribute lo on a reasonable, iusb"fiable and consislenl basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured al 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 expenditu￿. 11 NHS Retirement Fellowship Notes to the Financial Statements (¢¢)nfynuÈd) Year ended 31 Ma￿h 2025 Accounting policies (conllnuedj Stocks Stocks are measured at the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo ils 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 al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or re￿iVed and not discounted. Debt instruments are subsequently measured al amortised cost. INhere investments in shares are publicly traded or their fair value can otherwise be measured reliab￿. 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 les5 impairment. Other financial instruments, including derivab'ves, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt inslrumenl. Other financial instruments are subsequently measured al 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 significan￿, 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 characlerislics. Any reversals of impairment are recognised immediately, to the exlenl 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. 12 **----- Start of picture text -----**
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Cash balances of £406,798 (2024: £428,320) 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. **----- Start of picture text -----**
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NHS Retirement Fellowship Notes to the Financial Statements (¢¢)nfynuÈd) Year ended 31 Ma￿h 2025 The following pages do not form part of the financial statements. 20 **----- Start of picture text -----**
Branches
Inc. Head Office
Scotland General TOTAL 2024
£ £ £ £
Income:
Subscription 153,153 67,782 220,935 213,064
-
Fund Raising Events 49,690 49,690 49,544
Interest 3,732 3,914 7,646 4,921
Donations 9,618 236 9,854 9,483
- - -
Legacies 3,386
Outings including Christmas
dinner 207,847 - 207,847 168,983
-
Special Events 84,549 84,549 190,462
Social gatherings 292 - 292 -
- - -
Sponsorship
Conference 2,595 - 2,595 1,199
Refreshments and welfare 8,093 - 8,093 2,369
Miscellaneous 924 - 924 687
-
Regional Meetings 3,232 3,232 6,988
Entrance Fees 12,493 - 12,493 9,292
Lottery income - 845 845 912
-
Scottish Gathering 1,029 1,029 1,975
- - - -
Refunds from outings
Other Grants - 70,000 70,000 -
NHS Trust Grant 6,899 - 6,899 8,838
Gift Aid 173 37,000 37,173 34,686
Other Income - 30 30 45
TOTAL 544,319 179,807 724,126 706,834
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Branches
Inc. Head Office
Expenditure: Scotland General TOTAL 2024
£ £ £ £
Annual Conference/AGM Admin 12,706 - 12,706 16,988
Badges & Brooches 351 - 351 27
Bank charges 1,738 1,692 3,430 2,855
Rent & room hire 41,206 - 41,206 46,977
Meeting Costs 1,188 1,399 2,587 1,135
Recruitment/Publicity 264 740 1,004 643
Other 3,040 465 3,505 2,303
Annual Conference 9,065 5,433 14,498 8,654
Newsletter 141 4,660 4,801 21,853
-
Regional Meetings 5,696 5,696 6,143
-
Special Events 143,578 143,578 187,909
-
Fund Raising Costs 4,172 4,172 7,024
Welfare 2,875 - 2,875 2,724
-
Outings 170,736 170,736 173,368
Donations 9,974 - 9,974 11,104
Refreshments 20,369 - 20,369 5,244
Refunds 2,348 - 2,348 300
Benevolent expenditure - 475 475 800
-
Speakers 25,247 25,247 25,795
-
Staff Salaries & Wages 178,504 178,504 169,549
Insurance - 2,888 2,888 1,874
-
Telephone, printing & stationery 7,649 7,649 9,050
Website costs - 9,281 9,281 5,525
Office equipment & software 1,745 13,776 15,521 6,909
-
Gifts and prizes 3,675 3,675 1,210
-
Audit & Accountancy 8,957 8,957 6,767
-
Legal & professional fees 9,592 9,592 5,690
Travel and Subsistence - 16,210 16,210 8,585
- -
Restructuring expenditure 29,421 29,421
- -
Heritage lottery expenses 1,749 1,749
P60 Campaign - - - 180
- -
Database expenditure 1,939 1,939
Promotional & media costs - 274 274 1,030
460,114 295,104 755,218 738,215
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Branches
Inc. Head Office
Scotland General TOTAL 2024
£ £ £ £
Net Surplus/ (Deficit) 84,205 (115,297) (31,092) (31,381)
Net (loss) gain on investment (354) - (354) 632
SURPLUS/(DEFICIT) FOR YEAR 83,881 (115,297) (31,446) (30,749)
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