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2020-09-30-accounts

Annual Report and Accounts

2019-20

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RFEA Limited company number 03270369
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Contents

Governance and Management ........................................................................................... 4 Vice Patrons ....................................................................................................................... 4 Trustees of the Charity ....................................................................................................... 5 Senior Management Team ................................................................................................. 5 Reference and Administrative Information......................................................................... 6 Trustees Report 2019 – 2020 .............................................................................................. 7 1. Introduction ........................................................................................................................... 7 2. Corporate Structure ................................................................................................................ 7 3. Our Mission Statement ........................................................................................................... 7 4. Charitable Objectives .............................................................................................................. 7 5. Public Benefit ......................................................................................................................... 8 6. Governance ............................................................................................................................ 8 7. Funding Our Charitable Work ................................................................................................. 9 Grant Funding ............................................................................................................................................... 10 Contract Funding .......................................................................................................................................... 10 8. Delivering our Charitable Services .......................................................................................... 10 9. Our People ............................................................................................................................ 10 10. Operations ........................................................................................................................... 11 Supporting transition .................................................................................................................................... 11 Supporting veterans ..................................................................................................................................... 12 Supporting those who need specialist help .................................................................................................. 12 Supporting families ....................................................................................................................................... 13 Supporting unemployed veterans in London ............................................................................................... 13 Supporting female veterans ......................................................................................................................... 14 Supporting veterans in the Criminal Justice System ..................................................................................... 14 Covid-19 ........................................................................................................................................................ 15 11. Introduction to the Financial Review .................................................................................... 15 12. Our Funds ............................................................................................................................ 15 13. Fundraising .......................................................................................................................... 16 14. Our Reserves ....................................................................................................................... 16 15. Investment Policy and Performance ..................................................................................... 16 16. Remuneration ...................................................................................................................... 16 17. Risk Management ................................................................................................................ 17 18. Review of the Financial Position .......................................................................................... 17 19. Future Plans ......................................................................................................................... 18 20. Statement of Trustees’ and Directors’ Responsibilities ......................................................... 19 21. Small Company Provisions ................................................................................................... 20

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22. Auditor ................................................................................................................................ 20
Independent Auditor’s Report to the Trustees and Members of RFEA Limited ................. 21
Opinion ..................................................................................................................................... 21
Basis for opinion ........................................................................................................................ 21
Conclusions relating to going concern ........................................................................................ 21
Other information ..................................................................................................................... 21
Opinions on other matters prescribed by the Companies Act 2006 ............................................ 22
Matters on which we are required to report by exception ......................................................... 22
Responsibilities of trustees ........................................................................................................ 22
Auditor’s responsibilities for the audit of the financial statements ............................................ 23
Use of our report ....................................................................................................................... 23
Statement of Financial Activities (including an income and expenditure account) for the
years ended 30 September ............................................................................................... 25
Balance Sheet as at 30 September .................................................................................... 26
Cash Flow Statement for the years ended 30 September .................................................. 27
Notes to the Accounts for the year ended 30 September 2020 ......................................... 28
1
Accounting Policies ............................................................................................................. 28
2
Judgements in applying accounting policies and key sources of estimation uncertainty ...... 28
3
Income from Donations and Legacies .................................................................................. 29
4
Income from Charitable Activities ....................................................................................... 29
5
Total Resources Expended .................................................................................................. 30
6
Net Incoming Resources ..................................................................................................... 31
7
Staff Costs .......................................................................................................................... 32
8
Fixed Asset Investments ..................................................................................................... 33
9
Tangible Fixed Assets .......................................................................................................... 33
10 Debtors .............................................................................................................................. 33
11 Creditors ............................................................................................................................. 34
11a Deferred income ................................................................................................................ 34
12 Funds .................................................................................................................................. 35
13 Trustees .............................................................................................................................. 37
14 Financial Commitments ...................................................................................................... 38
15 Financial Instruments ......................................................................................................... 38
Thank you ......................................................................................................................... 39
RFEA is supported by ........................................................................................................ 39

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Governance and Management

Royal Patron: Her Majesty The Queen

© www.royalimages.co.uk

Vice Patrons

Air Chief Marshal Sir Andrew PULFORD GCB CBE Vice Admiral Sir Clive JOHNSTONE KBE CB

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Trustees of the Charity

The following persons were Trustees of the Charity and Directors under the Companies Act during the period under review:

Chair

Miss E G CASSIDY

Major General A RITCHIE CBE

(until February 2021) (from February 2021)

Trustees

Dr Sarah BUNTING

Chair of the Nominations Committee (from February 2021)

Air Commodore Stuart BURDESS BEng CEng FRAeS (until November 2019)

Chair of the Finance Committee (until November 2019)

Major J D G MILL TD CA

(until August 2020)

Chair of the Finance Committee (until August 2020)

Mr Ian RAND

Commodore Tony JOHNS Ms Susan JOHNSON OBE Mr A McKAY FCMI FRAeS

Chair of the Finance Committee (from November 2020)

(until July 2020)

(from February 2020) (until November 2019)

Chair of the Remunerations Committee (until November 2019)

Lieutenant Colonel R A ‘Mac’ McPHERSON MBE Air Vice Marshal John PONSONBY

Chair of the Remunerations Committee

Major General A RITCHIE CBE

Mr Ian WEBBER

Chair of the Nominations Committee (until February 2021)

(from August 2020)

Senior Management Team

Commodore Alistair HALLIDAY

Chloe MACKAY

Lorraine CADLE Daniel BROOK Graham LILEY

Chief Executive and Company Secretary

Chief Operating Officer

Head of CTP Employment Head of Finance

Head of Business Support

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Reference and Administrative Information

Full name RFEA – The Forces Employment Charity Limited (RFEA Limited) Operating name RFEA – The Forces Employment Charity Nature of governing document Articles of Association (re-published 2018) How constituted Company limited by guarantee, incorporated 29 October 1996 Company Registered Number 03270369 Charity Registration Number 1061212 Scottish Charity Registration SC039262 Address of Head Office First Floor Mountbarrow House, and Registered Office 12 Elizabeth Street, London SW1W 9RB Telephone Number 020 7808 4184 Website www.rfea.org.uk Email headoffice@rfea.org.uk

Related Parties

In 2020 RFEA developed a partnership with TechVets, a not-for-profit entity designed to support veterans into the Tech and Cyber industries. This was initially a loose arrangement whereby RFEA provided some levels of support (such as payroll, expenses and HR) as the programme developed. Due to the programme’s success, this is expected to mature in 2021 into the integration of TechVets as a full RFEA programme with associated governance. Further details can be found under Note 13 to the accounts.

Organisations and Memberships

RFEA is a key deliverer of Employment Support to the three Services, the Ministry of Defence, the Department for Work and Pensions and Right Management in contributing to resettlement services for the Armed Forces. RFEA is a member of the Confederation of Service Charities (COBSEO) and Veterans’ Scotland, chairs the Cobseo Employment Cluster and Co-Chairs the Cobseo Criminal Justice Cluster.

Solicitors

Sampson Coward: St Mary’s Chambers, 51 New Street, Salisbury, SP1 2PH

Wilsons: Alexandra House, St Johns Street, Salisbury SP1 2SB

Auditor

Sayer Vincent LLP: Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

Bankers

Messrs Coutts & Co: St Martin’s Office, 440 Strand, London, WC1B 6QB

Investment Managers

CCLA Fund Managers Ltd: 85 Queen Victoria Street, London, EC4V 4ET

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Trustees Report 2019 – 2020

1. Introduction

This Report is by the Trustees of RFEA – The Forces Employment Charity (RFEA) who are also the Directors of RFEA – The Forces Employment Charity Limited (RFEA Ltd) and covers the period 1 October 2019 to 30 September 2020. The Report has been prepared in accordance with our governing document, The Charities’ Statement of Recommended Practice (102), The Companies Act 2006, and applicable accounting standards. The governing document is called RFEA’s Articles of Association, updated and adopted in February 2018.

2. Corporate Structure

RFEA was first established in 1885. It is registered as Charity Number 1061212 in England and Wales and Charity Number SC039262 in Scotland. RFEA Ltd was incorporated as a company limited by guarantee, number 3270369, on 29 October 1996.

3. Our Mission Statement

To provide life-long, life-changing employability support, jobs and training opportunities to all Service Leavers, Reservists, Veterans and their Families, irrespective of circumstances, rank, length of service or reason for leaving.

4. Charitable Objectives

The charitable objectives of RFEA are:

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5. Public Benefit

By successfully delivering its objects RFEA also meets the Charity Commission’s two key principles of public benefit: first, that there must be identifiable benefit or benefits and second, there must be benefit to the public or a section of the public.

6. Governance

RFEA has no members or guarantors other than the Trustees. The Board has a balanced composition of ex-Service senior officers and business executives. Trustees are selected in accordance with RFEA Trustee competency requirements, which includes previous experience at Board level in a charity or other organisation. All new Trustees receive

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extensive induction training and further training to remain up to date with statute and best practice affecting charities.

The Board has three Committees:

Trustees are responsible for all policy decisions on the running and future direction of RFEA. Specifically, they are responsible for:

The Board delegates responsibility for day to day management of the Charity’s operations to the Chief Executive and Senior Management Team. They are responsible for delivering the Board directed charitable services in accordance with the agreed Budget. They provide detailed operational and budget reports to each Board Meeting.

7. Funding Our Charitable Work

The delivery of our charitable objects is funded in two ways: through donations from Service charities and other Trusts and Foundations; and through the delivery of contracted services including the MOD’s Career Transition Partnership (CTP).

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Grant Funding

RFEA receives funds from generous donations made by Service charities and other organisations. A full list of funders may be found on page 39.

We are enormously grateful for their continued support which enables us to deliver employment support and job-finding services to our clients.

Contract Funding

The MOD delivers resettlement support to Service Leavers through the CTP Contract. The contract was re-let in October 2015 with Right Management as the prime contractor. In a competitive commercial environment RFEA were selected as the principle subcontractor to Right Management to deliver the CTP’s Employment Service. The current contract has been enhanced and now includes provision of specialist case-working support to Wounded, Injured and Sick through CTP Assist Programme and support for Early Service Leavers through the Future Horizons Programme. Both these programmes are delivered by RFEA. The CTP contract runs initially for six years from 1 October 2015 and is extendable out to ten years.

8. Delivering our Charitable Services

By combining our grant income with that from the CTP and other contracts to ensure maximum synergy and efficiencies, we are able to provide fully integrated employment and job-finding help to all out beneficiaries through the following programmes:

9. Our People

RFEA’s operations are managed by a Chief Executive, Chief Operating Officer and Head of CTP Employment. They are supported by the Head of Business Support, Head of Finance and operational team managers.

Effectively delivering RFEA’s Mission requires dedicated, motivated and highly trained staff of the highest quality. All our staff receive comprehensive induction training, continuation training, annual performance reviews and further support when required.

Our principal deliverers of job-finding advice and guidance are Employment Advisors, Specialist Employment Consultants and Client Advisors. They are employed for their knowledge and skill in providing tailored employment support to ‘at risk’ clients. The majority have experience of working in the welfare to work and career advisory sectors; and many have also served for several years in the Armed Forces. All are qualified or trained to a minimum of NVQ Level 4 in Advice and Guidance.

Our Key Account Managers and Employer Relationship Managers are responsible for working with Employers to generate job vacancies and other vocational opportunities which are suitable for our Service Leaver and Veteran Clients. They are employed for their knowledge of business, recruitment and marketing. Many have also served in one of the three Services. All have the Recruitment and Employment Confederation Certificate in Recruitment Practice.

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10. Operations

Supporting transition

RFEA continues to provide effective employment services to Right Management within the Career Transition Partnership MoD resettlement contract.

Adaptability remains our prime strength. Covid-19 required a shift to remote and virtual delivery across all teams, employment changed overnight and we developed innovative ways to engage clients.

When Employment Fairs were cancelled, the Employer Engagement Team created Virtual Employment Events to connect veterans and employers. These events have been extremely successful, with 90+ employers engaged with 896 candidates. Vacancies have reduced but our relationships have ensured that we are well placed to promote opportunities when hiring plans change.

The CTP Future Horizons Team successfully navigated the Covid-19 restrictions by developing a process for capturing all Early Service Leaver (ESL) registrations remotely, whilst at the same time supporting record numbers coming into the programme due to increased recruitment and numbers not reaching training requirements. Our Employment Advisors met the challenges with minimal disruption to ESL support.

The CTP Assist Team provides tailored support to wounded, injured and sick clients. There has been a rise in both the number of active Serving clients and the number of veteran clients returning for additional support in the Covid-19 era.

Our CTP Support Team is critical to our successful delivery. The tracking and evidencing of the Service leavers’ outcomes allows us to deliver greater support to those who need it most. Investment in a new state-of-the-art telephony system has improved our resilience and customer experience considerably.

I’ve been given CV and job advice and pointed in the direction of jobs and job fairs specifically for ex-Forces. Ryan, Army

This year, our CTP Employer Engagement team:

Generated 65,800 job Hosted 139 online live vacancies for ex-Forces events allowing 3,847 personnel clients to engage with companies

Future Horizons Team supported 3,525 clients – an increase of 19% year on year.

The CTP Support Team handled 29,528 calls with Service leavers and employers.

CTP Employment Service Programmes:

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Supporting veterans

Our Ex-Forces Programme supports all veterans and reservists who need help to find work once they have left the armed forces.

This has been an extraordinary year for employment. The lockdown from late March to the beginning of July saw recruitment stall and job opportunities in some sectors shrink away. The summer and autumn saw unemployment rise sharply. From July onwards, we had a surge of veterans signing up for our support as well as successful placements into work as some sectors, such as logistics and technology, grew strongly.

We are very grateful to our funders for enabling us to both maintain delivery and sustain our team of Regional Employment Advisors as they provide employment support within Scotland, Northern Ireland, Wales and every region of England. The team is busier than ever before, and we expect this to continue into 2021.

My advisors have been outstanding, helping me in so many ways that go far beyond the scope of what I was expecting. Hadley – Royal Marines

This year:

Our veterans’ advisors 57% of clients 58% of unemployed supported 4,387 clients increased their veterans were supported aspiration and into jobs motivation

Veterans’ Employment Programmes:

Supporting those who need specialist help

We continued to provide specialist support to veterans who have more complex lives and are further from employment.

We have long understood that we are most effective when we can support these veterans face-to-face, building up our understanding of their lives and developing their trust and confidence. We work with other military charities to put specialist support in place, improving lives and enabling veterans to progress towards employment.

During this year, we have suspended face-to-face delivery during lockdowns but have done everything we can to sustain the first meeting face-to-face when it has been possible to do so. At the end of 2020, we concluded our partnerships delivering employment support via the team embedded within Help for Heroes and Walking With The Wounded. These partnerships lasted for six and seven years respectively and we are proud of our achievements over this time.

My advisor has no idea of the positive impact she has – knowing someone is there to support you makes a massive difference. Steve - Army

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This year:

Our specialist advisors 67% of clients improved 66% of unemployed supported 384 clients their health and veterans were supported wellbeing into jobs

Specialist Programmes:

Supporting families

Our Families Programme seeks to ensure that more military partners work, closing the gap between the armed forces community and civilian families.

Our successful Families Programme, supporting the partners of serving personnel and veterans, expanded in 2020 and we now have Families Employment Advisors in Plymouth, Tidworth and Catterick plus a part-time role in Scotland. We are expert at reaching partners and understanding their lives. Frequent moves, relatively isolated locations, employer reluctance and the complexities of building a normal career often mean that many military spouses and partners can face unique challenges getting back into work.

The partners on our Programme have been empowered to successfully enter employment in a broad range of industries and roles. Many have returned to using skills and experience that they developed earlier in their lives, and it is great to observe how their ability to continue their career boosts their confidence and strengthens their individual identity.

I am so thankful to the invaluable support I had from my advisor. Nothing was ever too much trouble – she was worth her weight in gold. Danielle - military spouse

This year:

Our Families Advisors supported 247 spouses, partners and widows

83% of clients improved 50% of clients improved their job search skills their health and wellbeing

Supporting unemployed veterans in London

Our Forces For London Programme continues to enable us to develop our support for a diverse group of veterans.

Our Partnership with the Mayor of London continued in 2020 and as a result we have been able to continue our Programme within London. Over fifty percent of the veterans we support in London are from Black and Minority Ethnic backgrounds. It would appear that, for our clients, ethnicity remains a barrier to employment in our capital and we have changed our delivery to ensure that we give everyone on the Programme the best possible chance of successfully obtaining employment.

Our Forces for London advisors supported 105 clients

56% of Forces for London clients are BAME

59% of unemployed veterans were supported into jobs

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Supporting female veterans

For the first time, our new Military Women Programme allows us to provide dedicated support for female veterans.

2020 saw the launch of our Military Women Programme. For the first time, we are providing specialist support to female veterans. The initiative comes as research reveals female veterans are more than twice as likely to be economically inactive (20% compared with 9% for male veterans)[1] and face more barriers to employment than men[2] .

Our Military Women 77% of clients 65% of clients advisor supported 89 increased their job increased their clients search skills aspiration and motivation

Supporting veterans in the Criminal Justice System

We continue our commitment to reach and support veterans who are in the Criminal Justice System, improving lives and reducing re-offending.

Project Nova continued its life-changing and lifesaving delivery, supporting veterans in the Criminal Justice System in five regions of the UK. Discussions for delivery to Merseyside, Cambridgeshire and Northamptonshire were advanced before the first lockdown. This meant that we were able to extend our delivery to these new areas during summer 2020.

We are enormously grateful for the support that we receive from the police. Our work on Project Nova is reliant on those who work within police custody suites and beyond wanting to help the veterans who are arrested or come into contact with the police and are at risk of arrest.

Our work with Her Majesty’s Prison and Probation Service has continued and, in many parts of the UK, we are now reaching veterans at every stage of the Criminal Justice System.

Project Nova is helping me get my life back on track and is always a call away when times are hard. Paul - Army

This year: Our Project Nova 89% of Project Nova advisors supported clients improved their 1,623 clients health and wellbeing

79% of Project Nova clients improved their anger management

1 https://www.fim-trust.org/news/female-veterans-face-more-barriers-to-employment-than-male-veterans/

2 Women were more likely to cite lack of confidence (17% compared with 12%) and family commitments (10% versus 6%) as barriers to career progression than men. https://www.cipd.co.uk/Images/over-skilled-and-underused-investigating-the-untapped-potential-of-uk-skills_tcm1848001.pdf

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Criminal Justice Programmes:

Covid-19

Covid-19 made 2020 a challenging year for everyone. This has particularly been the case for our veterans and beneficiaries who, with the deepening economic downturn, are finding it increasingly challenging to find or keep work. As unemployment rises while vacancies reduce, we have seen a significant surge (35%) in veterans’ need for employment support.

RFEA continued to operate as usual throughout the year, delivering full support to rising numbers of Service leavers and veterans in need. With a business model that lends itself to remote working, via laptops and mobiles, all of our staff have been able to work effectively in or out of lockdown. While we remained fully open and “business as usual”, we have made some adjustments. Our RFEA Support Centre in Birmingham was issued with laptops and phones and after a successful trial managed all their call centre work from home. This was critical as it maintained initial and follow up contact with clients and managed referrals effectively. Face-to-face meetings with clients were suspended along with non-essential travel, but these are not affecting our service delivery. With no need to run expensive buildings or assets, RFEA has a lean back office function with digital HR, finance and expenses systems enabling prioritisation of all effort into delivery for our clients. In sum, Covid-19 has not prevented us from delivering our mission and providing full support to our clients.

11. Introduction to the Financial Review

By careful management of financial resources, together with operating efficiencies and salary restraint, RFEA aims to achieve a very modest operating surplus to (a) ensure a slightly positive annual cash flow, (b) fund the small levels of capital expenditure needed (mainly IT equipment) and (c) to add to our reserves which are currently below the desired level. RFEA has ended the financial year 2019-2020 with a healthy surplus, twothirds of which is restricted. In addition, our charity allocated and spent £118k of our reserves as part of our designated improvement fund to develop the quality of our services and our outreach.

12. Our Funds

The total income for the year was £5,081,445 as compared to £4,519,421 in the previous year. Expenditure increased to £4,785,958 as compared to £4,585,026 in the previous year. This resulted in a net income of £295,487, of which £194,776 is restricted for future periods. This also marked a recovery of the previous two years’ loss. After taking into account an in-year unrealised gain on investments of £167,003, the effect on the value of RFEA’s funds was a net movement of £462,490.

At 30 September 2020, our CCLA investment fund stood at £2,583,031, of which 42%, £1m, was unrealised gain. This year-end performance marked an impressive recovery from the mid-year loss at the start of the first lockdown in March 2020, at which point we saw an unrealised loss of (£220,830). By year-end, in addition to a return to unrealised gains, the CCLA managed funds had performed considerably better than international indices and our Board was confident in CCLA’s management of the funds.

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13. Fundraising

RFEA programmes are funded from a range of public, private and third sector funders. RFEA does not engage in public fundraising but instead applies for grants, donations and contracts directly from charitable trusts, charities, companies and government sources, to fund our programmes.

14. Our Reserves

The policy for reserves as reviewed by Trustees in May 2018 is that a Reserve be held by RFEA to ensure continuity of services under our charitable purposes in the event of any or all of the following:

a) An exceptional surge in resettlement demands or the employment needs of vulnerable veterans.

b) The need to invest in improving and making more efficient our structure for providing services to Service Leavers and Veterans.

c) The non-continuation of the contract with RM, from which contract RFEA currently derives the largest part of its operating income, including closure costs.

d) Loss or significant reduction in charitable grant income.

e) To meet planned capital expenditure to further the objectives of RFEA.

The Board analysed the needs reflected above and concluded that the reserve should be £3,447,000 to ensure RFEA can continue to deliver services in accordance with its charitable objects. As at 30 September 2020 the total funds held were £3,517,508. After identifying restricted and designated funds, functional assets, and other commitments which are not available for general purposes, our Reserves stood at £2,872,380 or 83% of the required reserve of which over £1million comprised unrealised gains on investments. The Trustees agreed the aim of reaching the required level of reserves over the next three years through growth in investments in order to safeguard RFEA’s ongoing work.

15. Investment Policy and Performance

The Trustees of RFEA have wide powers of investment governed by the Charities Act. RFEA has an investment policy that is approved by the Board, based on current market conditions and with a recommendation from the Finance Committee. Following a selection process at its November 2015 meeting the Board agreed that our Investments should be transferred to CCLA Fund Managers Ltd, an FCA regulated firm of Fund Managers. The investment assets are invested in the CCLA COIF Charities Investment Fund Accumulation Units. This large-pooled fund is designed to enhance real value over a three to five-year period. It adopts a moderate investment risk which means some volatility in asset values should be expected. The Fund's performance is measured against three specific benchmarks which have been agreed with CCLA. The value of investments on the 30 September 2020 was £2,583,031 compared with £2,416,028 at the end of the previous 2019 financial year; this reflects a 7% unrealised gain on investments by 30 September 2020.

16. Remuneration

Making effective decisions in relation to staff remuneration is considered central to the continued successful delivery of the Charity’s overall aims. The Board’s Remuneration Committee is responsible for evaluating and benchmarking salaries against the sector

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and wider comparators, to ensure the Charity attracts, rewards and retains appropriately skilled and motived staff. The Committee also considers and submits to the Board of Trustees for approval, recommendations for any general annual salary increase, including changes to the remuneration of the Senior Management Team.

17. Risk Management

The Board has reviewed the major risks to which RFEA is exposed and established systems and procedures to manage them as follows:

18. Review of the Financial Position

RFEA’s financial position remains sound. With the extension of the CTP contract to 2023, including delivery of an enhanced range of services; development of additional programmes to support Veterans and their families; and the continued support of the

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Service charities, RFEA continues to provide high quality employment help to Service leavers, Veterans and their partners as required by its charitable objectives.

The trustees consider that the charity is a going concern and that there are no material uncertainties to cast doubt on the organisation’s ability to continue operating for the foreseeable future.

19. Future Plans

RFEA vision is: ”A UK where all veterans and their partners lead fulfilling working lives”. To achieve this, the principal objectives for future years are to achieve our charitable aims by:

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20. Statement of Trustees’ and Directors’ Responsibilities

The Trustees (who are also Directors of RFEA Ltd for the purposes company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

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21. Small Company Provisions

  1. This Report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

22. Auditor

Sayer Vincent LLP was appointed as our auditor by RFEA’s Trustees at the February 2020 Board meeting.

Approved by the Trustees on 26 February 2021 and signed on their behalf by:

.........................................................................................................................

Miss E G Cassidy

Chair

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Independent Auditor’s Report to the Trustees and Members of RFEA Limited

Opinion

We have audited the financial statements of RFEA Limited (the ‘charitable company’) for the year ended 30 September 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our

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report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable,

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matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been

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Page 23

undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

..........................................................................................................................

Joanna Pittman (Senior statutory auditor)

4 March 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Page 24

RFEA Limited

Company registration number 03270369

Statement of Financial Activities (including an income and expenditure account) for the years ended 30 September

Notes
Incoming resources
Income and endowments
from:
Donations and legacies
3
Investments
Charitable activities
4
Total incoming resources
Resources expended
Charitable activities:
Employment Support
Programmes
Improvement Fund
Total resources expended
5
Net (expenditure) / income
before investment gains
6
Unrealised gain on revaluation of
investments
8
Transfers between Funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
12		 Restricted
funds 2020
Unrestricted
funds 2020
Total funds
2020
Restricted
funds 2019
Unrestricted
funds 2019
Total funds
2019
£
£
£
£
£
£
656,356
98,338
754,694
397,613
85,371
482,984
-
975
975
-
2,175
2,175
697,199
3,628,577
4,325,776
454,539
3,579,723
4,034,262
1,353,555
3,727,890
5,081,445
852,152
3,667,269
4,519,421
1,158,779
3,508,912
4,667,691
872,074
3,658,280
4,530,354
-
118,267
118,267
-
54,672
54,672
1,158,779
3,627,179
4,785,958
872,074
3,712,952
4,585,026
194,776
100,711
295,487
(19,922)
(45,683)
(65,605)
-
167,003
167,003
-
219,112
219,112
8,750
(8,750)
6,629
(6,629)
-
203,526
258,964
462,490
(13,293)
166,800
153,507
11,226
3,043,792
3,055,018
24,519
2,876,992
2,901,511
214,752
3,302,756
3,517,508
11,226
3,043,792
3,055,018

All recognised gains and losses for year ended 30 September 2020 are included above and derive from continuing activities.

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Page 25

Company registration number 03270369

RFEA Limited

Balance Sheet as at 30 September

Notes
Non-current Assets
Investments
8
Tangible fixed assets
9
Current Assets
Debtors
10
Cash at bank and in hand
Current and Deposit Accounts
Creditors
Amounts falling due within one year
11
Net current assets
Total assets
Represented by:
General Fund
Designated Fund
Total unrestricted funds
Restricted funds
Total funds
12		 2020 2020
£
2,583,031
47,991
2,631,022
886,486
3,517,508
3,302,756
214,752
3,517,508		 2019 2019
£
246,665
1,379,828		 £
300,966
1,039,572		 £
2,416,028
39,482
2,455,510
599,508
1,626,493
740,007		 1,340,538
741,030
2,920,371
382,385		 2,843,140
200,652
3,055,018
3,043,792
11,226
3,055,018

The financial statements were approved by the Trustees (Directors) and authorised for issue on 26 February 2021 and are signed on their behalf by:

............................................................................................................................................. Mr Ian Rand, Chairman Finance Committee

.............................................................................................................................................

Commodore D A Halliday, Chief Executive

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Page 26

RFEA Limited

Company registration number 03270369

Cash Flow Statement for the years ended 30 September

Notes
Cash flow from operating activities:
Net cash provided by (used in) operating activities below
Cash flows from investing activities:
Dividends and interest from investments
Purchase of property, plant and equipment
9
Proceeds from sale of property, plant and equipment
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net income to net cash flow from operating activities		 Notes 2020
£
369,659
975
(30,378)
-
(29,403)
340,256
1,039,572
1,379,828
 2019
£
(99,924)
2,175
(30,427)
70
(28,182)
(128,106)
1,167,678
1,039,572
Net income for the reporting period
Adjustments for:
Depreciation charges
Losses on sale of equipment
(Gains) on revaluation of investments
Dividends and interest from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by (used in) operating activities		 Notes 2020
£
462,490
21,869
-
(167,003)
(975)
54,301
(1,023)
369,659		 2019
9
8
10
11		 £
153,507
17,439
1,796
(219,112)
(2,175)
(113,300)
61,921
(99,924)

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Page 27

Company registration number 03270369

RFEA Limited

Notes to the Accounts for the year ended 30 September 2020

1 Accounting Policies

RFEA Limited is a company limited by guarantee not having a share capital. The company registered number is 03270369. The liability of members is limited to £1 each. The Company is a registered Charity. It is incorporated in England and Wales and the registered office is located at 1[st] Floor, Mountbarrow House, 12 Elizabeth Street, London SW1W 9RB.

The Charity’s principal activity is to provide life-long, life-changing employability support, jobs and training opportunities to all Service Leavers, Reservists, Veterans and their families, irrespective of circumstances, rank, length of service or reason for leaving.

i The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The company constitutes a public benefit entity as defined by FRS 102.

Having assessed the Company’s financial position and plans for the foreseeable future, the Trustees are satisfied that, as there are no material uncertainties in relation to the ability to continue operating for the foreseeable future, it remains appropriate to prepare the financial statements on a going concern basis.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charitable Company’s accounting policies (see note 2).

ii All incoming resources becoming available to the company are recognised in the Statement of Financial Activities when there is entitlement, measurement and probability of receipt. Grants given to finance activities over a specified period of time are recognised over that period.

iii Charitable Activities comprises all expenditure directly relating to the objects of the charity, specifically the costs of operating employment branches. Governance costs include compliance with constitutional and statutory requirements, including audit fees and Trustee costs.

Staff costs and overhead expenses are allocated to activities on the basis described in note 5 to the accounts.

iv Investments are stated at mid-market value at the year end, with unrealised and realised gains or losses being shown separately in the Statement of Financial Activities.

v Tangible fixed assets above £500 are stated at cost less depreciation, which is provided in annual instalments over the estimated useful lives of the assets. The rates of depreciation applied to the assets are:

Computer equipment – 3 years straight line

vi The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents the contribution payable under the scheme.

vii Rentals payable under operating leases are charged to the Statement of Financial Activities in the year in which they fall due.

viii Funds held by the charity are either:

Unrestricted general funds – these are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds – these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

ix The charitable Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities and disclosure of any contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustments in the next financial year.

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Page 28

RFEA Limited

Company registration number 03270369

3 Income from Donations and Legacies

ABF The Soldiers’ Charity
Royal Navy & Royal Marines’ Charity
Royal Air Force Benevolent Fund
Call of Duty Endowment
Royal British Legion
Poppyscotland
Donations from other sources		 Restricted
2020
Unrestricted
2020
Total
2020		 Restricted
2019
Unrestricted
2019
Total
2019
£
£
£
266,820
-
266,820
-
87,422
87,422
58,208
-
58,208
277,536
-
277,536
53,792
-
53,792
-
-
-		 £
£
£
190,747
-
190,747
-
63,750
63,750
24,167
14,240
38,407
108,646
-
108,646
44,053
-
44,053
30,000
-
30,000
656,356
87,422
743,778
-
10,916
10,916		 397,613
77,990
475,603
-
7,381
7,381
656,356
89,338
754,694		 397,613
85,371
482,984

4 Income from Charitable Activities

Career Transition Partnership
Advanced Personnel Management
QinetiQ Limited
University of Warwick
Activision Blizzard
X-Forces
Barclays After Programme
Shaw Trust & ChangeGrowLive
ABF (WIS)
RAF Wellbeing & Employment
Scottish Veterans Fund
Veterans Foundation
WWTW (Project Nova)
WWTW (Project Nova Regroup)
WWTW (Home Straight)
PCC Merseyside
PCC Northumbria
PCC South Yorkshire
Devon Partnership NHS Trust
Norfolk Community Foundation
RNRMC Greenwich Hospital
Armed Forces Covenant Fund
Greater London Authority
Lloyd’s Patriotic Fund
GEO Returners’ Fund
Help for Heroes (Career Advisors)
Technology Veterans Foundation
Ark Data Centres Limited
Royal British Legion
NYPCC
Drapers’ Charitable Fund		 Restricted
2020
Unrestricted
2020
Total
2020		 Restricted
2019
Unrestricted
2019
Total
2019
£
£
£
-
2,526,517
2,526,517
-
174,636
174,636
-
2,000
2,000
-
1,147
1,147
-
10,000
10,000
-
4,800
4,800
-
-
-
-
-
-
98,540
-
98,540
-
49,120
49,120
25,782
-
25,782
25,000
-
25,000
-
454,508
454,508
-
181,641
181,641
-
86,296
86,296
-
60,840
60,840
-
16,931
16,931
16,930
-
16,930
-
62,500
62,500
20,000
-
20,000
50,000
-
50,000
125,000
-
125,000
23,000
(12,359)
10,641
75,000
10,000
85,000
48,000
-
48,000
69,947
-
69,947
75,000
-
75,000
15,000
-
15,000
30,000
-
30,000
-
-
-
-
-
-		 £
£
£
-
2,506,917
2,506,917
-
115,927
115,927
-
-
-
-
3,825
3,825
-
-
-
-
4,800
4,800
-
16,979
16,979
-
1,800
1,800
159,179
-
159,179
-
44,235
44,235
30,060
-
30,060
-
-
-
-
709,851
709,851
-
14,893
14,893
-
131,540
131,540
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
80,000
-
80,000
-
21,456
21,456
36,000
-
36,000
-
-
-
134,300
-
134,300
-
-
-
-
-
-
-
-
-
-
7,500
7,500
15,000
-
15,000
697,199
3,628,577
4,325,776		 454,539
3,579,723
4,034,262

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Page 29

Company registration number 03270369

RFEA Limited

5 Total Resources Expended

2020 resources expended:

Notes
Cost directly allocated
to activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and
marketing
Training and
development
Audit Fees
Support costs
allocated to activities
Communications
Conferences & Meetings
Office Sundries
IT Equipment
Recruitment
Legal & professional
General insurance
Bank Charges
Total Resources
Expended		 Basis of
allocation		 Designated
Improvement
Fund
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2020
Total 2019
Direct
Direct
Direct
Usage
Direct
Direct
Usage
Usage
Usage
Direct
Process
Usage
Premium
Transactions		 £
£
£
£
£
£
17,682
1,071,898
3,018,825
67,694
4,176,109
3,866,440
2,797
8,999
128,865
-
140,661
145,296
-
19,428
93,920
-
113,348
210,927
18,220
7,770
23,087
-
49,077
49,074
20,560
10,198
14,355
-
45,113
66,577
-
-
-
10,014
10,014
9,989
59,269
1,118,293
3,279,052
77,708
4,534,322
4,348,303
-
12,710
65,377
-
78,087
83,225
2,628
1,576
3,887
635
8,726
33,170
126
3,227
14,091
-
17,444
16,369
51,684
15,961
44,629
-
112,274
54,923
-
2,142
6,095
-
8,237
11,269
4,560
680
1,287
1,196
7,723
17,099
-
4,190
13,478
-
17,668
19,232
-
-
-
1,477
1,477
1,436
58,998
40,486
148,844
3,308
251,636
236,723
118,267
1,158,779
3,427,896
81,016
4,785,958
4,585,026

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Page 30

RFEA Limited

Company registration number 03270369

2019 resources expended:

Notes
Cost directly allocated
to activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and
marketing
Training and
development
Audit Fees
Support costs
allocated to activities
Communications
Conferences & Meetings
Office Sundries
IT Equipment
Recruitment
Legal & professional
General insurance
Bank Charges
Total Resources
Expended		 Basis of
allocation		 Designated
Improvement
Fund
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2019
Total 2018
Direct
Direct
Direct
Usage
Direct
Direct
Usage
Usage
Usage
Direct
Process
Usage
Premium
Transactions		 £
£
£
£
£
£
-
788,830
3,014,574
63,036
3,866,440
3,642,120
-
5,264
138,927
1,105
145,296
139,326
408
43,092
167,427
-
210,927
223,183
25,700
5,114
18,260
-
49,074
44,102
20,921
4,953
40,703
-
66,577
60,186
-
-
-
9,989
9,989
12,960
47,029
847,253
3,379,891
74,130
4,348,303
4,121,877
-
6,939
76,286
-
83,225
77,085
-
4,513
27,261
1,396
33,170
36,322
-
1,983
14,183
203
16,369
14,522
7,643
5,783
41,497
-
54,923
47,460
-
1,359
9,910
-
11,269
43,296
-
1,425
14,355
1,319
17,099
9,241
-
2,819
16,413
-
19,232
16,679
-
-
-
1,436
1,436
1,226
7,643
24,821
199,905
4,354
236,723
245,831
54,672
872,074
3,579,796
78,484
4,585,026
4,367,708

6 Net Incoming Resources

Stated after charging:
Land and Buildings
Equipment Hire
Depreciation
Auditors Remuneration		 Total
2020
Total
2019
£
£
108,429
104,343
8,196
3,971
21,869
17,439
10,014
9,989

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Page 31

Company registration number 03270369

RFEA Limited

7 Staff Costs


Staff Costs
Wages and salaries
Social security costs
Employer pension costs
Holiday accrual
Redundancy & termination costs
Bank Staff		 Total
2020
Total
2019
£
£
3,623,194
3,364,414
342,314
316,056
130,522
111,942
55,161
(7,999)
20,758
28,195
4,160
53,832
4,176,109
3,866,440

There were two redundancies/terminations in the year (2019: six).

The average monthly number of employees during the year was made up as follows:

Employment Support
Restricted
Unrestricted
Head Office staff
Number of staff earning above
£60,000
£60,000-£69,999
£70,000-£79,999
£80,000-£89,999
£90,000-£99,999		 2020
2019
29
19
84
90
9
9
122
118
3
2
1
2
1
-
-
-
1
-

KMP

The key management personnel consist of the Chief Executive Officer, Chief Operating Officer, and Head of CTP Employment whose employee benefits totalled £273,851 (2019: £280,656).

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Page 32

RFEA Limited

Company registration number 03270369

8 Fixed Asset Investments

The investments below are held in the “CCLA COIF Charities Investment Fund”:

Book Value at 30 September 2019
Net unrealised gains on revaluation
Market Value at 30 September 2020
Investments at market value
COIF Charities Inv Fund
Investments at cost
At 30 September 2019
At 30 September 2020		 2020
£
2,416,028
167,003
2,583,031
£
2,583,031
2,583,031
£
1,500,000
1,500,000		 2019
£
2,196,916
219,112
2,416,028
£
2,416,028
2,416,028
£
1,500,000
1,500,000

9 Tangible Fixed Assets

Cost
At 1 October 2019
Additions
At 30 September 2020
Depreciation
At 1 October 2019
Charge
At 30 September 2020
NBV at 30 September 2020
NBV at 30 September 2019
10 Debtors
Prepayments
Debtors
Staff Loans		 IT
equipment
£
130,357
30,378
160,735
90,875
21,869
112,744
47,991
39,482
2020
£
20,812
223,728
2,125
246,665
2019
£
23,946
267,524
9,496
300,966

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Page 33

Company registration number 03270369

RFEA Limited

11 Creditors

1 Creditors 1 Creditors
Notes
2020
2019
£
£
Deferred Income
11a
331,710
364,318
Creditors
22,550
64,639
Social Security
95,448
87,141
Pension
23,623
21,335
VAT
173,612
166,606
Accruals
93,064
36,991
740,007
741,030
1a
Deferred income
At 1 Oct
2019
Released
into Year
Deferred
out of Year
At 30 Sept
2020
£
£
£
£
ABF The Soldiers’ Charity
200,070
(200,070)
66,750
66,750
ABF WIS
98,540
(98,540)
-
-
Royal Navy & Royal Marines Charity
31,875
(31,875)
-
-
Royal Air Force Benevolent Fund
33,833
(33,833)
34125
34,125
Royal British Legion
-
-
31,537
31,537
Call of Duty Endowment
-
-
129,298
129,298
Charles Hayward Foundation
-
-
25,000
25,000
Suffolk Community Foundation
-
-
20,000
20,000
Lloyd’s Patriotic Fund
-
-
25,000
25,000
364,318
(364,318)
331,710
331,710		 2020
£
331,710
22,550
95,448
23,623
173,612
93,064
740,007		 2019
£
364,318
64,639
87,141
21,335
166,606
36,991
741,030
At 1 Oct
2019
Released
into Year
Deferred
out of Year
At 30 Sept
2020
£
£
£
£
200,070
(200,070)
66,750
66,750
98,540
(98,540)
-
-
31,875
(31,875)
-
-
33,833
(33,833)
34125
34,125
-
-
31,537
31,537
-
-
129,298
129,298
-
-
25,000
25,000
-
-
20,000
20,000
-
-
25,000
25,000
364,318
(364,318)
331,710
331,710

11a Deferred income

Deferred income arises from income received in advance of the period being funded and which is being performance measured by the funder.

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Page 34

RFEA Limited

Company registration number 03270369

12 Funds

Restricted funds
Call of Duty Endowment
ABF The Soldiers’ Charity
ABF-WIS ‘Bridging the Gap’
Royal British Legion
RAF Benevolent Fund
Scottish Veterans Fund
Veterans Foundation
Sorted Consortium
Help for Heroes (CA)
Greater London Authority
GEO Returners Fund
Lloyd’s Patriotic Fund
Armed Forces Covenant Fund
PCC South Yorkshire
Norfolk Community Foundation
Armed Forces Covenant Fund
Greater Manchester
South Yorkshire & Humberside
Positive Pathways
RNRMC Greenwich Hospital
Technology Veterans Foundation
Ark Data Centres Limited
Royal British Legion – TV
FHP FiMT
Unrestricted funds
General Funds
Designated Funds
Total funds		 At 30 Sept
2019
Incoming
resources
Outgoing
resources
Investmen
t gain/loss
Transfers
At 30 Sept
2020
-
277,536
(252,765)
-
-
24,771
-
266,820
(267,162)
-
342
-
-
98,540
(99,254)
-
714
-
-
53,792
(59,986)
-
6,194
-
604
58,208
(57,447)
-
-
1,365
-
25,782
(25,782)
-
-
-
-
25,000
(17,990)
-
-
7,010
-
-
(1,500)
-
1,500
-
507
69,947
(70,454)
-
-
-
-
23,000
(2,695)
-
-
20,305
-
48,000
(48,000)
-
-
-
-
75,000
(63,752)
-
-
11,248
-
50,000
(36,220)
-
-
13,780
-
16,930
(16,930)
-
-
-
-
20,000
(3,333)
-
-
16,667
-
20,000
(16,667)
-
-
3,333
-
20,000
(13,333)
-
-
6,667
-
35,000
(19,309)
-
-
15,691
-
50,000
(33,347)
-
-
16,653
-
75,000
(51,353)
-
-
23,647
-
15,000
(1,500)
-
-
13,500
-
30,000
-
-
-
30,000
10,115
-
-
-
-
10,115
11,226
1,353,555
(1,158,779)
-
8,750
214,752
2,843,140
3,727,890
(3,508,912)
167,003
(308,750)
2,920,371
200,652
-
(118,267)
-
300,000
382,385
3,043,792
3,727,890
(3,627,179)
167,003
(8,750)
3,302,756
3,055,018
5,081,445
(4,785,958)
167,003
-
3,517,508

Transfers were entered when the charity overspent on a restricted fund. A transfer from unrestricted funds was allocated.

The restricted closing balances reflect differences in financial year-ends; we fully expect to spend these balances in accordance with the agreements with funders.

Ex-Forces Programme

Sorted

The Sorted Consortium consists of seven charities (RFEA, The Officers’ Association, The Royal British Legion, The Poppy Factory, Officers’ Association Scotland, Royal British Legion Industries and Poppyscotland) who have agreed to work together to improve the employability services provided to the Military community.

Specialist Employment Programmes

www.rfea.org.uk

Page 35

Company registration number 03270369

RFEA Limited

Project Nova

Early Service Leavers

The Forces In Mind Trust fund FHP FIMT is in relation to the Future Horizons Programme to provide transitional support to +/1000 ESLs from Catterick Garrison.

TechVets

TechVets is a charitable programme for veterans and service leavers who wish to work in cyber security and other technology careers. It is run in conjunction with the Technology Veterans Foundation, a not-for-profit company limited by guarantee.

Designated Funds

The charity has two designated funds:

Restricted funds
FHP FIMT
Call of Duty
ABF The Soldiers’ Charity
ABF-WIS ‘Bridging the Gap’
Help for Heroes (CA)
Help for Heroes (UNSWIS)
Royal British Legion
RAF Benevolent Fund
Poppyscotland
Lloyd’s Patriotic Fund
Armed Forces Covenant Fund
Scottish Veterans Fund
Drapers’ Charitable Fund
Sorted Consortium
Unrestricted funds
General Funds
Designated Funds		 At 30 Sept
2018
Incoming
resources
Outgoing
resources
Investment
gain/loss
Transfers
At 30 Sept
2019
£
£
£
£
£
£
10,115
-
-
-
-
10,115
-
108,646
(108,646)
-
-
-
-
190,747
(190,747)
-
-
-
-
159,179
(159,179)
-
-
-
-
134,300
(133,793)
-
-
507
2,598
-
(3,051)
-
453
-
-
44,053
(47,369)
-
3,316
-
-
24,167
(23,563)
-
-
604
-
30,000
(31,020)
-
1,020
-
11,806
36,000
(48,003)
-
197
-
-
80,000
(80,102)
-
102
-
-
30,060
(30,091)
-
31
-
-
15,000
(15,010)
-
10
-
-
-
(1,500)
-
1,500
-
24,519
852,152
(872,074)
-
6,629
11,226
2,621,668
3,667,269
(3,658,280)
219,112
(6,629)
2,843,140
255,324
-
(54,672)
-
-
200,652
2,876,992
3,667,269
(3,712,952)
219,112
(6,629)
3,043,792
2,901,511
4,519,421
(4,585,026)
219,112
-
3,055,018

www.rfea.org.uk

Page 36

RFEA Limited

Company registration number 03270369

At 30 Sept 2020
Fixed Assets
Current Assets
Current Liabilities
At 30 Sept 2019
Fixed Assets
Current Assets
Current Liabilities		 General
Restricted
Designated
Total
£
£
£
£
2,631,022
-
-
2,631,022
1,029,356
214,752
382,385
1,626,493
(740,007)
-
-
(740,007)
2,920,371
214,752
382,385
3,517,508
General
Restricted
Designated
Total
£
£
£
£
2,455,510
-
-
2,455,510
1,128,660
11,226
200,652
1,340,538
(741,030)
-
-
(741,030)
2,843,140
11,226
200,652
3,055,018

13 Trustees

Trustees received no remunerations (2019: nil).

Out of pocket expenses amounting to £6356 (2019: £1,396) were reimbursed to five Trustees for travel and meeting expenses (2019: five Trustees).

There were no donations from Trustees or other transactions with Trustees in the year.

The Charity transacted with one related party in 2020 (2019: nil).

The Chief Executive of Technology Veterans Foundation is an employee of RFEA. The Charity received £75,000 in donations from Technology Veterans Foundation which the Charity restricted. Of this, £51,353 was spent leaving £23,647 unspent by 30 September 2020.

www.rfea.org.uk

Page 37

Company registration number 03270369

RFEA Limited

14 Financial Commitments

The company has future minimum lease payments under non-cancellable operating leases, as follows:

Leases of land and
buildings
Amounts due within 1 year
Amounts due within 2-5 years
Amounts due over 5 years
Equipment leases
Amounts due within 1 year
Amounts due within 2-5 years		 Restricted
2020
Unrestricted
2020
Total
2020		 Restricted
2019
Unrestricted
2019
Total
2019
£
£
£
-
97,453
97,453
-
143,192
143,192
-
-
-
-
19,677
19,677
-
40,777
40,777		 £
£
£
-
97,453
97,453
-
7,352
7,352
-
-
-
-
5,298
5,298
-
13,006
13,006

The lease payments recognised as an expense in the year were £108,429 (2019: £104,343) for leases of Land and Buildings and £8,196 (2019: £3,971) for Equipment leases.

15 Financial Instruments

5 Financial Instruments
Financial assets measured at fair value
Financial assets measured at amortised cost		 2020
2019
£
£
1,379,828
1,039,572
225,853
277,020

Financial assets measured at fair value comprise cash held at bank and in hand.

Financial assets measured at amortised cost comprise debtors and staff loans.

Financial liabilities measured at amortised cost £408,297 £376,712

Financial liabilities measured at amortised cost comprise creditors, social security, pension, VAT and accruals.

www.rfea.org.uk

Page 38

Thank you

In 2020, RFEA’s 135th anniversary, our celebration turned to a campaign in tackling Covid’s impact on employment.

With rising unemployment and an economic downturn making it increasingly difficult for our veterans, I am immensely proud of the way in which our committed and compassionate staff have risen to the challenge, never ceasing our delivery of full support to an ever-increasing number of beneficiaries.

We have supported over 19,000 Service Leavers, veterans and partners, whose needs have risen steadily as the effects of Covid have begun to bite. Our flagship pathway, CTP, has continued to produce stunning results, with record numbers in the Future Horizons programme for Early Service Leavers. Our veterans’ employment programmes increased by 37%; our new Military Women programme supported almost 90 clients in its first six months; and the Families programme continued to expand its support to partners across the UK. Project Nova continues to provide life-changing and life-saving support and, with ReGroup, end-to-end support to veterans in the Criminal Justice System.

We have welcomed increased collaboration across the employment arena (especially in the Cobseo Employment Cluster) which has encouraged many innovative ideas and mutual support as we collectively tackle the “double whammy” of rising need and reduced funding.

Of course, none of this would be possible without the amazing support of our many partners who share our desire to help those in need into employment. We are honoured to be able to deliver this employment assistance and are immensely grateful and indebted to you all.

ALISTAIR HALLIDAY, CHIEF EXECUTIVE

RFEA is supported by

ABF The Soldiers’ Charity

APM

Armed Forces Covenant Trust Call of Duty Endowment Charles Hayward Foundation Career Transition Partnership Devon NHS Trust The Drapers’ Company European Social Fund Government Equalities Office Greenwich Hospital Help for Heroes Lloyd’s Patriotic Fund Mayor of London Merseyside Police Commissioner

National Lottery Community Fund NHS Norfolk Community Foundation Northumbria Police and Crime Commissioner Poppyscotland Royal Air Force Benevolent Fund Royal British Legion Royal Navy and Royal Marines Charity Shaw Trust South Yorkshire Violence Reduction Unit

Suffolk Community Foundation through Suffolk Police & Crime Commissioner’s Fund Veterans’ Foundation Veterans Scotland Walking With The Wounded X Forces

www.rfea.org.uk

Page 39

RFEA – The Forces Employment Charity Mountbarrow House 12 Elizabeth Street London SW1W 9RB

E info@rfea.org.uk T 0121 262 3058

www.rfea.org.uk

© RFEA Ltd 2021 Registered charity 1061212 & SCO39262