REGisfERED CHARITY NUMBER: 1059373 Report of the Trustees And Unaudited FinAnci*l Statements for the Yr Ended 31 March 2024 for The Viscount Ridley North of Engl¥nd Cgdet Forees Trnst Clive Owen LLP Chartered Accounlanls Kepler House Belmoni Business Park DURHAM DHI ITW
The Viscount Ridley North of England Cadet Forces Trus1 Contents of the FinAneixl Stalements for tht Yt%r Ended 31 Mreh 21124 Page Refcretttt and Administrtivt Details Report of the Trustees Independent Examiner's Report Statement of Fin4Dcial Aetiviti Bal•nee Sbeel otes lo the FinaDeil Statements 8 to 14 DetAiled Ststemtnl of Finneixl AttiVTties 15
The Viscount Ridley North of England C*det Force5 Trust Reference and Admini5trntii'e Detgils for the l ear Ended 31 .%IArcb 2024 TRUSTEES A A E Glenton CBE TD DL Chairnwi E H Lnwe OBE DL P J Baker OBE E A Green V B Jassal l Moir R Reed PRINCIPAL ADDRESS 53 Old Elvet Durham Co Durham DHI 3JJ REGISTERED CHARtrY NIIMBER 1059373 INDEPENDENT EXAMINER Clive Owtn LLP Chartered Accountants Kepler House Belmont B lnesS Park DURHAM DHI ITW Page
The Viscount Ridley North of England Cadtt Forre5 Trnst Report ol the Trustees for the I.r Ended 31 Mxrch 2024 The trustee5 present their report Wtth the financial stalements of the charity for the ended 31 March 2024. The truslees have adopled the provisions of Aceounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prewing their accounts in accordance with the Financial RepK)rting Sthndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Public Benefrt The T51,5 aims and achievements are set out within this T¢rL The activities set out in this report have been undertaken to further the Trust's charitable purwses for the public benefJL The trustees have complied with the duty under 5eclion 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and the trn4tee have paid due regard to this 8uidgnce in dKiding wthat tIvItIeS th¢ trust should und¢rtakc. OWEcfivES AND AcfiviTIES History Objectives nd Activities of the Trust The North of England Reserve Forces and Cadets A5Ciall0n (NE RFCA) administers and sUprts the Cadei Forces of the four Services: the Sea Cadet COTPS (SCC). the Arniy cet Force (ACF), the Air Training Corps (ATC) and the Cornbined Cadei Forces (CCF). It operates in the North FAst of England covering Northumberland. Te and Wear, County Durham and T¢¢ssidc. In 1995, th¢ Association PresidenL Colonel The Viscount Kidley, Kti. (JCVO. TD. wished to assist cadets from disadvantaged backgrounds within the Asw¢ialion's area 10 undertake adventure. sporting and leadership activities which would help them to devek)p their life skills. mature and Teach their true )ntIal that they could become w8eful rnembers of soctety. To this end, the Charitable Tru51 w&8 estsblished on 18th (ktoixr 1996 with Lord Ridley as its Patron. tK)rd-Lieutenants of the four Counttes a150 agreed to be Patrons. Both the inilial donation and the additional amunts doned since have been under terrns which allow the trste¢S either to relain them &5 capital or spend thenL IM)wever. the policy has been to build up a capitsl sum and to direct the investment dividends to assisi the cadets. The Trusi deed gives the tnle¢S the power to apply the funds in such a manner as they think fil io or for the benefit of cadets. particularly tlK)se in ne¢es5ilous circumslances. li also allows the trustees to make grdnts to promote the efficiency and welfare of units, sulFunits. companie& wings. detschments and squadrons of the Cadd Forces by improving their facilities and amenities. It may make grants in SUprt of. or donations tn. any nther charitable trust that may exist for the benefit of Cadet Fons generally. The trste¢S identify projects and organisations that tly wish to supwrt and so do not make grants to pwple or organisation5 who apply speculatively. The Trust also has a FK)licy of wl responding to any correswindence unle&s it relaies lo grants it has agreed io make or the general management of the trSt. Tax Status As the Trust is recognised by the Charity Commissioners and HM Revenue and c$10m5 as being established for Charitable purposes, it is exempt from the laxation of its profits. Its Chanty Commission number is 1059373. Procedures and Policy for Grn¢ Mking The trustees nomially meei biannually lo consider what grdnts they will make and to review Jny fttdback they have received. They have identified risks thai the charity faces and confinn thai adequate systems are in place lo lessen these risks. The trustees make annual grdnts to the 6 Cadet Forces (SCC. three ACF Counties. ACF and CCFS). The amount of money given depends on the available incorne from inveslments. In addition. the trustees consider requests for special grants from individuals, which are channelled through their respective Cadd For¢e5. The Secretary is authorised to make single grants of up kn £5.(KKI withoul prior reference to the true¢S. During the year, grants of £15.128 (2023: £32.W2) were made to cadets and £1 11 (2023: £359) was paid as l¥)noraria. The Trust Secretary maintains a record of grants made to advise the tru5es on the type. amount and proryTrrtion of rdnlb made ro each cadei force. The trustees aIways seek feedback on the actual use of the grants give and the ¥hievements made, including those given to individuals. The explanations and feedback received are sufficieni for monitoring the value of the grants made. Richard Reed handles th¢ financial affairs of the charity and the Associalion Cadet Clerk provides the day-tO&day clerical support. Both receive an annual honoraTiUm. Page 2
The Viscount Ridley North of England Cadet Forces Trust Report of the Trustees for the l ear EDded 31 .M¥rcb 2024 ACHIEVEMENT AI% D PERFORMA.NCE Achievement and Perfonn*nce of the Trust During the year. the has been able to continue its supw)rt of the 6 Cadd Forces. li has 5UPPOrted many cadets from disadvantaged backgrounds lo attend annual carnps whereby, the cadets rtteiv¢ opportunities that they would otherwise have difficulty in accessing. In addition. the tnteeS make grants to individual members of the Cadet Forces who would otherwise be unable to take an active part in Cadd activilies. These wants were eSSed on a C-bY-case basis. Financial Review, Ini'estmtnt Poliey and Reserves Th¢ trustee5 have sct a policy that ihc availabl¢ fwid5 should b¢ invested so &s to mlM]se the tothl return (wital Bro plus income) with a medium level of risk. The income frorn inveslments for the year was £34.282 (2023: £33,702). Totsl return from investmenls and other income is split between funds retsined a5 c4pitsI and funds used as income. Although the trustees have the p)wer to spend these fimds. the investment of capital is the only regular source of ongoing income and so the fund is invested with the ObjIlVe of ensuring that the fimd retains approximately its real value In the medium lemi. "I his approach means the money available to spend as income can (]uciuaie, however io ensure the amount available for grants remains relatively stsble from year io year. the trustees have sel the level of grants what is seen be achievable and suslainable. The Trust ernploy5 Brewin Dolphin Ltd as inveslmeni advi)rS and managers. They charge a fee of 0.80/0 of the p)rtfolio value per annum and under their managemenl the portfolio has produced a loLql return of 2.V/o during the year. trust has chosen not to adopi fomial ethical investment p)licies. There w&$ a net excess of income over expenses for the year amounting to £7.993. (2023: net exce55 0 expenses over income of £1 1.275), after grants and operdlional expenses of £26.539 (2023: £44,977) and before nei gain{lOs$cs) of £71.411, {2023.. loss of £186.410). It is the wlicy of the charity tt) maintain unrestricted funds, which are the free reserves of the charity. at a level. which equales to approximatel). twelve month5 unre5tricied expenditure. This provides sulTicient funds lo cover managemenL administrniion and support costs and io resw)nd to planned and emergency applications for gran which arise from time to tirne. The remaining balance in reserves is available for future investhient * ihe discrelion of the tnte¢S and investment managers. The level of unrestrled reserves &s at 31 Mah 2024 w&8 £866.085 (2023.. £789,586). whtch cxceeds the levels required per the reserves tK)liey. FUTURE PLANS Th¢ trustees intend to continue providing grants in a similar Wdy to the recent p, with annual payments to the six Cadet Forces and grants to individuals. continuing the emphasis on supporting youngsters to achieve their true potentials through involvement in the life-skills aclivities provided by the Cadet Forces. STRUCtURE, GOI'ERNANCE AND MAI%.4GEMENT Management and Governance Arrangements The charity is conlrolled by its governing documenL a deed of trust and conslitules an unincorporated chanty. Page 3
The Viscount Ridley North of Englnd Cde¢ Forces Trust Keport of the Trustees for the Year Endtd 31 .larCh 2024 The TNSI deed provides for a minimum of two and a maximum of six CIFOPt trustees (currently six). who shall hold office for renewable period5 of three years. In addition. the tn1 deed provides for the Chief Executive of the NE RFCA to be an ex1¢10 trustee. The Deputy Chief Executive is the Tn1 Secretary. The trustees who served during the year Colonel A A E Glenton CBE TD DL (Chairnian) Wng Cdr E H LA)we OBE DL Brigadier P J Baker OB, Ex-officio Trustee. A E Green V B Jassal l Moir R Reed The c(OPled trustees elect the chainnw4 is responsible for the induction of any new trStee. He erureS that I*¢5 are aware of their responsibilities, the governing documenL adrninistraiive procedures. the history and philosophical approach of the charity. A new trte¢ would receive copics of the previous yearfs annual report and accounts and a copy of the ChaTity Commission leaflet The Essential Trustee: What You Need to Know. The tnLStees annually review the risks that the charity faces. To date. these have malnly related to investment management and have been ameliorated by diversified rtfoliO nwwment under the guidance of professional advisors. The trustees are aware of the risks associated with making grants (for example fraud and charities seeking tm ants for the same project) and, as rnore moncy becomes available. demand assurances from recipients that money is spent in accordance with the trusvs pre-conditions. Approved by order of the board of trt¢S on 29 OctobeT 2024 and sigKd on its behalf by: A A E Glenton CBE TD Page 4
Independent EIaminer's Report to the Trustees of The I'iscount RidleF North of England Cadet Forees Trnst Independent examiner's report to the trnstees of The Viseount Ridle) North of Engl*Dd Cadet For¢ Trust J report lo the charity trustees on my examinaiion of the accounts of The Viscount Ridle). North of England Cadet Forces Trust (the Trust) for the year ended 31 March 2024. Responsibilities 4nd basi5 of report As ihe Charity truslee5 of the Trus1 you are responsible for ihe preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Act.). I report in respect of my eqMinatiOn of the Trust's accounts Carried under Section 145 of the Aet and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515Kb) of the Act. Independent examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in conneclion with the examinalion giving me cause to believe thal in any material r¢5pect.' accounting records were not kept in respect of the Tn1 as required by Section 130 of the Act; or the accounts do nol accord with those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chariiies {Accounts and Rew)rts) Regu110nS 2008 other than any requirement thai the accounts give a true and fair view which is not a matter ¢on5idered &8 part of an independent examination. I have no concerns and have Come acr055 no other matters in conneciion with the examination to which attention should be drawn in ihi5 report in order to enable a proper understanding of the accounts io be reached. N J BelleTby FCA CTA Clive Owen LLP Chartered Accountsnts Kepler House Belmont Business Park DURHAM DHI ITW 29 October 2024 Page 5
The Viscount Ridley North of Ettghnd Cadet Forees Trust statement of Financil Activities for the I"eAr Ended 31 March 2024 2024 Tolal nds 2023 Total funds Unrestricted fid Restricted fund Notes INCOME AND ENDOWMEKfs FROM Donations 250 250 Investment Income 34.282 34,282 33.702 Total 34.532 34.532 33.702 EXPENDITURE ON Raising fund5 7.839 7.839 8,586 Chritsble activities Grant funding 15.128 15.128 32,902 Other 3.572 3.572 3,489 Totsl 26.539 26,539 44,977 Net gainsl(losses) on investrnents 68,506 2.905 71,411 (186.410) NET INCOMEJ{EXPENDITURE) 76.499 2.905 79.404 (197.685) RECONCILIATION OF FUNDS Total funds brought forward 789.586 296,376 1.085.962 1.283.647 TOTAL FUNDS CARRIED FORWARD 866,085 299.281 1.165.366 1.085.962 The notes fonn part of these financial ststements Pag¢ 6
The Viseount Ridlty North of Engl*Dd Cadet Forcts Trust Balance Sheel 31 .March 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricled fund Notes FIXED ASSETS Investments 10 833.383 299.281 .132.664 1.033.957 CURRENT ASSETS Debiors Cash at bank ,572 32.930 ,572 32.930 1,6 54,086 34,502 34.502 55,730 CREDITORS Amounts falling due within one year 12 (1.800) (1.800) (3.725) NET CURRENf ASSET5 32.702 32.702 52.005 TOTAL ASSETS LESS CURRENT LIABILITIES 866.085 299.281 .165,366 1.085,962 NET ASSETS 866.085 299.281 .165,366 1.085.962 FUNDS Unrestricted funds Restricted funds 13 866,085 299.281 789.586 296,376 TOTAL FUNDS 1.165,366 1.085.962 The financial 5talernents were approved by the Board of Tru51ees and authorised for issue on 29 October 2024 and were signed on its behalf by= 1._{4(. A A E Glenton CBE - Ttee The notes forni part of these financial slatements Page 7
The Viscount Ridley North of England Cadtt FDrce5 Trust otes lo the Financial Statements for the Yegr Ended 31 Mrch 2024 STATirroRY INFORMATION The Viscount Ridley North of England Cadet Forces Trusl is a charity, reglstered in England and Wales. The charity's gistered number and registered office address can be found on the Charity Inforniation page. ACCOUKllNG POLICIES Basis of preparing the ststements The financial statements of the charity, which is a public benefii enlity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and RertIng by Charilie5: Sthtement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial RertIng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) and the Charities Act 201 l. The financial thternents have been prepared under hislorical cost convention. There were no material departures from that standard. The principal accounting policies adopled in the preparation of the financial statements are set out below and liavt ieiiaai¥irJ un[h4Ed frurn thr prcvious y¢ar. and also have been consisienily applied within the same accounts. Cash flow eiemption The charity has taken advantsge of the following disclosure exemption in preparing these financial statements. as perniitled by FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statemenl of Cash FIows. Ineome All income is recognised in the Statement of Financial Actlvilies once the charity has entitlement to the funds. it is probable thai the income will be received and the amount can be Mured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construclive obligalion committing ihe charity to that expenditure. it is probable that a transfer of tnOmiC benefits will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is accounled for on an accruals basis and has been classified under headings thai aggregate all cost related to the category. Where Costs cannoi be directly atiribuled to particu18r headlngs they have been allocated to athivities on a basis consistent with the use of resources. Granls offered subject to conditions which have not been rnet at the year end date are noted as a cornmitmeni but not accrued as expenditure. Support costs The costs of the prepardtion and examination of statutory aCCoLts, the costs of trusiee rneetings and cost of any legal advice to trustees on governance or constitutional matters are included in the SOFA as support Costs. Allocation and apportionment of eosts Support cos15 direcily attributable to an athivity have been allocated to thal aclivity. Where support Costs cannol be directly attribLkted to any activity they have been alloced in proportion tr) direct expenditure. T4x reclaims oll donations and gifts The charity is exempt from t&x on its charitabl¢ activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the di$¢tIOn of the trustees. Restricted funds can only b¢ used for particular restrict¢d puryyoses within the objects of the charity. Restrictions arise when specified by the donor or when funds are rnised for particular re5trided purposes. Page 8 continued...
The Viseount Ridley North of England Cadet Forces Trnst Notes to the FinAncial SIAtements- continued for the l'ear Ended 31 %1Arch 2024 ACCOLIIYTI*G POLICIES- continutd Fund accounting Further explanation of the nature and purw)se of exh fiuKI is included in th¢ noles lo the financial stalements. Finantial instruments The charity has financial &ts and liabilities of a kind that qualify as basic financial instruments. B&sic financial instruments are initially recognised at ¢raDsaction value and subs¢quently measured at their settlement value. Investments Investmenls quoted on a recognised sk)ck exchange are valued at market value at the year end. DONATIONS 2024 2023 Donations 250 Income from donations were £250 (2023.. £Nill which was unrestricted in the current and previous year. INVESTMENT INCOME 2024 2023 Dividends and interest from managed funds 34.282 33,702 Income from investments were £34.282 {2023: £33.702) which unrestricted in the current and previous RAISING FIINDS RAising donations and legacies 2024 2023 Honordrium payments 359 Investment m8nagement eosts 2024 2023 Investment management costs 7.728 .227 Expenditure from raising funds were £7.728 (2023: £8,227) which Wds urwestrict¢d during the current and previous year. Aggregate amounts 7,839 8.586 Page 9 continued...
The Vis¢ouDI Ridley North of England C*dtt Forces Trust Iyoles to the Financial StsitmentS- CODtinued for the l'ear Ended 31 March 2024 CHARITABLE ACTIVITIES cosrs Grani Funding 2024 2023 Cleveland ACF Durham ACF Northumbria ACF Sea Cadets RAF Air Cadets Combined Cadets Other 3,534 4.312 2245 1,618 85 2292 1,042 3.290 2.595 2.504 5.562 670 11,407 6.874 15.128 32.902 Expenditure on charitable activities were £15.128 (2023: £32.gX)2) of which £15.128 was unrestricted (2023.. £32,902} and £Nil was rcstricted (2023: £ Nil) SUPPORT cosrs Govenwice costs Management Totals OtheT resources expended .736 1,836 3,572 Supwrt costs. included in the above. as follows: Management 2024 2023 Total activities expended Insurawe 1.736 1,743 GovtrD4nce costs 2024 Other resources expended 2023 Total activities Independent examiner fees 1.836 1.746 Pa8e 10 ntinued...
The Viseount Ridley North of England Cadet Forces Trust Notes to the Financial Statements- continued for the l'ear Ended 311larch 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustce5' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expeD5es There were no trustees. expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrcstrictcd fund Rcstrictcd fund Totyl funds INCOME AND ENDoWMEfS FROM Investment income 33.702 33,702 EXPENDITURE ON Raising funds 8.586 8.586 Charitable activities Grant funding 32.902 32.902 Other 3.489 3.489 Total 44.977 44,977 Net gainsl(losses) on investments (154.008) (32.402) (186.410) NET INCOMEI(EXPENDITURE) (165283) {32.402) (197.685) RECONCILIATION OF FUNDS Totsl funds brought fon¥ard 954.869 328,778 1.283.647 TOTAL FUNDS CARRIED FORWARD 789.586 296.376 1,085,962 Pagell ntinued.-.
The Viseouni Ridlty North of England Cadet Forces Trusl Notes to the Financial StAtemen¢s - continued ror Ihe Year Ended 31 .MAr¢h 2024 io. FIXED ASSET INVESTMEKrs Listed investments MARKET VALUE Ai l April 2023 Additions Disposals Revaluations 1.033,957 78.052 (35,793) 56.448 At 31 March 2024 1,132,664 NET BOOK VALUE At 31 March 2024 1,132.664 At 31 March 2023 1.033,957 There were no investmenl assets outside the UK. Cost or valuation at 31 Mah 2024 is represented by: Lisied investments Valuation in 2024 1,132,664 ii. DEwfoRS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 Prepajinents .572 12. CREDITOILS: AMOUNTS FALLING DUE wrfHIN ONE YEAR 2024 2023 Other creditors 1.800 3.725 13. MOVEMENT IN FUNDS Net movement in fidS At 31.3.24 At 1.4.23 Unrestrieted funds General fund 789.586 76,499 866.085 Restricted funds Restricted funds 296.376 2,905 299.281 TOTAL FUNDS 1,085.962 79,404 1.165.366 Page 12 continued...
The Viscount Ridley North of England Cgdet Forees Trust Notes to the Finsncial Statements - continued for lh¢ I'e¥r Ended 31 .%larch 2024 13. MOVEMENT IN FUNDS- continued Net movemenl in fimds, included in the aknve are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Gene fund 34.532 {26,539) 68.506 76.499 R¢stricted fulld5 Restricted funds 2.9)5 2,905 TOTAL FUNDS 34.532 (26.539) 71.411 79,404 Comparatives for movement in fun Nei movement in fimds At 31.3.23 At 1.4.22 Unrestricted funds General fund 954.869 {165.283) 789.586 Restricted funds Restricled funds 328.778 (32.402) 296.376 TOTAL FUNDS 1.283.647 (197.685) 1,085,962 Comparative net llM)vement in fimds, included in the aiK)ve aTe ls follows: Incoming resources R¢50urees expended Gains and losses Movement in funds Ilnrestricted fun(Ls General fund 33.702 (44,977) {154.008) (165,283) Restricted funds Restricled fimds (32.402) (32,402) TOTAL FUNDS 33,702 (44.977) (186.410) (197,685) Page 13 continued..-
The Viscount Ridley North of England Cadet Forees Tru5¢ tyotts to the Financial Statements- eontinued for the Year Ended 31 .M4rch 2024 13. MOVEMEwf IN FUNDS- continued A current year 12 mnths and prior yeaT 12 months combined wsition is as follows: Net movement in fimds At 31.3.24 Ai 1.4.22 Unrestricted fund5 General fund 954,869 (88,784) 866.085 Restricted funds Restricted funds 328.778 {29.497) 299.281 TOTAL FUNDS 1.283.647 (118.281) 1.165.366 A current year 12 months and prior year 12 nN)nths combined net rnovement in fill)ds. included in the above are as follows: Incorning resources Resources expended Gains and losses Movement in funds UrtriCted funds General fund 68.234 {71,516) {85,502) (88.784} Restricted fund8 Restricted funds (29,497) (29,497) TOTAL FUNDS 68.234 (71.516) (114,999) (118,281) Unrestricled general fimds are available for use in accorda¢ with the charitable objectives at the discretion of the trustees. Restricted funds represents: - A donation from the Audrey Dance Tn1 for the benefit of Northumbria ACF. The donation w&$ invested and generates an income from dividenits. - A donation of the proceed5 from the closure of the IA1ndonde Hall TnLSt for the benefit of Durham Arniy Cadet Force.The donation was invested and generates an income from dividends. 14. RELATED PARTY DISCLOSURES There were no related party transaction5 for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 14
The I'istount Ridley North of England Cadet Forces Trust Dttxiled Stgtemeni of FlnAnri41 .4ctii'iries for the l'ear Endtd 31 Ilarch 2024 2024 2023 INCOME AIYD ENDOwmErS Don8tions Donations 250 Investment income Dividends and interest from managed funds 34,282 33,702 Tot1 incoming resourr 34,532 33,702 EXPENDITURE Raising donation5 nd legei 14onordrium payments 359 Investmtnl mangemenl costs Investment management costs 7.728 8227 Cbaritble activities Grant funding 15,128 32.902 Support costs nggement Insurdnce .736 1,743 Governwnce costs Independent examiner fees 1.836 1.746 Totsl resources expended 26.539 44,977 Net ineomel{espendilure) before gains and losse5 7,993 (11275) Realised reeognised gains Ind losses Gainsl(105ses) on fixed &%set investments 71.411 (186.410) Nel incomel(expendilur¢) 79.404 (197,685) This page dnes nni fnrm part of the SlatOry fin2ncial statements Page 15