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2021-09-30-accounts

Annual Report and Accounts

2020-21

Contents

Governance and Management ..........................................................................................4 Vice Patrons .....................................................................................................................4 Trustees of the Charity......................................................................................................5 Senior Management Team ................................................................................................5 Reference and Administrative Information .......................................................................5 Trustees Report 2020 – 2021 .............................................................................................6 1. Introduction ......................................................................................................................... 6 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................................................................................................................................................... 9 Contract Funding .............................................................................................................................................. 9 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 veterans and Service leavers into tech and cyber roles..............................................................13 Supporting unemployed veterans in London ................................................................................................14 Supporting female veterans ...........................................................................................................................14 Supporting veterans in the Criminal Justice System ......................................................................................15 Covid-19 .........................................................................................................................................................16 11. Introduction to the Financial Review ................................................................................. 16 12. Our Funds ......................................................................................................................... 16 13. Fundraising ....................................................................................................................... 16 14. Our Reserves..................................................................................................................... 16 15. Investment Policy and Performance .................................................................................. 17 16. Remuneration ................................................................................................................... 17 17. Risk Management ............................................................................................................. 17 18. Review of the Financial Position ........................................................................................ 18 19. Future Plans ...................................................................................................................... 18 20. Statement of Trustees’ and Directors’ Responsibilities ....................................................... 19

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21. Small Company Provisions ................................................................................................. 20
22. Auditor ............................................................................................................................. 20
Independent Auditor’s Report to the Trustees and Members of RFEA Limited ................. 21
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 Financial Statements for the year ended 30 September 2021....................... 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 ..................................................................................... 30
6
Net Incoming Resources ................................................................................................... 32
7
Staff Costs ....................................................................................................................... 33
8
Fixed Asset Investments ................................................................................................... 34
9
Tangible Fixed Assets ....................................................................................................... 34
10 Debtors ........................................................................................................................... 34
11 Creditors.......................................................................................................................... 35
11a Deferred income ............................................................................................................. 35
12 Funds .............................................................................................................................. 35
13 Trustees........................................................................................................................... 38
14 Financial Commitments .................................................................................................... 39
15 Financial Instruments ....................................................................................................... 39
16 Post-Balance Sheet .......................................................................................................... 39
Thank you ...................................................................................................................... 40

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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 and to the date of this Annual Report:

Chair

Miss E G CASSIDY

Major General A RITCHIE CBE

(until February 2021) (from February 2021)

Trustees

Dr Sarah BUNTING

Mr Ian RAND

Chair of the Nominations Committee (from February 2021)

Chair of the Finance Committee (from November 2020 until February 2022)

Ms Susan JOHNSON OBE

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

Major General A RITCHIE CBE Mr Ian WEBBER

Air Commodore Malcolm WHITE OBE

Chair of the Remunerations Committee Chair of the Nominations Committee (until February 2021)

(from August 2020) Chair of the Finance Committee (from February 2022)

(from February 2021)

Senior Management Team

Commodore Alistair HALLIDAY Chief Executive and Company Secretary Chloe MACKAY Chief Operating Officer Lorraine CADLE Head of CTP Employment Daniel BROOK Head of Finance Graham LILEY Head of Business Support

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 (updated February2018)

Nature of governing document

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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 TechVets in partnership with Technology Veterans Foundation Limited, a not-for-profit company designed to support veterans transition into careers in the tech and cyber industries. In 2021, TechVets continued to grow into a successful tech careers' programme to the Forces community. Further details can be found under Notes 12 and 13 to the financial statements.

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

Bates Wells: 10 Queen Street Place, London, EC4R 1BE

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

Trustees Report 2020 – 2021

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 Limited) and covers the period 1 October 2020 to 30 September 2021. The Report has been prepared in accordance with RFEA’s governing document, The Charities’ Statement of

Recommended Practice (FRS102), The Companies Act 2006, and applicable accounting

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standards. The governing document is the RFEA’s Articles of Association, updated in February 2018.

2. Corporate Structure

RFEA was established in 1885. It is registered as Charity Number 1061212 in England and Wales and Charity Number SC039262 in Scotland. RFEA Limited 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 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:

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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 grants from Service charities and other Trusts, Foundations and organisations; and through the delivery of contracted services including the MOD’s Career Transition Partnership (CTP).

Grant Funding

RFEA receives funds from generous donations made by Service charities and other organisations.

We are enormously grateful for our funders 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 principal 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

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Early Service Leavers through the Future Horizons Programme. Both these programmes are delivered by RFEA. The CTP contract has run initially for six years from 1 October 2015 and been extended by two years to October 2023 when it is expected that a new contract will commence.

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 our beneficiaries through the following programmes:

9. Our People

RFEA’s operations are managed by the 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 clients. The majority have experience of working in the welfare to work and career advisory sectors; and many have also served 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

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which are suitable for our Service Leaver, Veteran, Reservist and Spousal Clients. They are employed for their knowledge of business, recruitment and marketing. Many have also served in the Armed Forces. All have the Recruitment and Employment Confederation Certificate in Recruitment Practice.

10. Operations

Supporting transition

RFEA successfully delivers employment services to Right Management for the Career Transition Partnership (CTP) MoD resettlement contract.

Since the end of the Covid lockdowns, the employment markets have been highly buoyant for job seekers as employers face many skills shortages and struggle to attract staff. Our Employer Engagement Team continued to promote the key benefits of hiring ex-Forces personnel, generating a record number of vacancies and 3,602 new employers looking to recruit. Employment Fairs return in 2022 and will run alongside our successful virtual employment events.

Through excellent engagement with Armed Forces training establishments and units, the CTP Future Horizons Team delivered support to a record number of Early Service Leavers and additionally supported a further 227 vulnerable leavers. Dedicated Employment Advisors provide support at the point of need to all clients who have served less than four years to assist them into further education, training or employment.

The CTP Assist Team continued to provide bespoke support to Wounded, Injured and Sick clients. Specialist Employment Consultants work closely with the Personnel Recovery Units to ensure a joined-up approach with the Chain of Command. Each client receives personalised support to meet their individual needs.

Our CTP Support Team is critical to engaging with Service leavers post-discharge and enables delivery of greater support to those who need it most. The team has developed innovative solutions to improve how clients are notified of job opportunities prior to their departure from the Services. This improved engagement is via the online jobs board – CTP RightJob.

As an employer of Service leavers and veterans we have a strong relationship with RFEA’s CTP Employer Engagement team, ensuring we can help with the transition to the world of field engineering. Mark Comerford, Resourcing Manager, Openreach

This year, our CTP teams:

CTP Employer Engagement Hosted 78 online Team generated 97,826 job employment events vacancies for ex-Forces attended by 2,784 clients personnel – a 47% year on year increase

CTP Future Horizons supported 3,519 clients

CTP Support Team handled 27,427 calls and 16,599 emails with Service leavers and employers

CTP Employment Service Programmes:

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Supporting veterans

RFEA’s Ex-Forces Programme continues to offer all veterans and reservists life-long employment support and advice. We work throughout the UK: in England, Scotland, Wales and Northern Ireland as well as supporting veterans from overseas to re-enter the UK employment market.

We support veterans who have transitioned from the Armed Forces but face redundancy, a need to relocate, or a need to change employment because they have not found the right fit. Although veterans start to build up civilian work experience, their track record in their chosen industry sector is shorter and their experience of recruitment processes more limited than civilian competitors for jobs. We provide the continued support they need to live a fulfilling working life.

At the end of a second year of Covid impacting UK employment, unemployment and rates of economic inactivity remain higher than pre-Covid levels. Last year saw surges of demand for RFEA services, as many employers rolled out redundancy programmes early in 2021. In the autumn 2021, however the situation changed with rising job vacancies creating a job seekers market and increasing demand from employers generating new employment opportunities.

My advisor helped me reposition my skills and experience, so they made sense in civilian terms. With her coaching I was able to convey my passion for the role and I got the job! Celine, now an Early Years Practitioner

This year:

Our veterans’ advisors 63% increased their supported 4,210 clients aspiration and motivation

55% of Veterans’ Programme clients were supported into jobs

Veterans’ Employment Programmes:

Supporting those who need specialist help

Veterans further from employment need more intensive support to successfully access employment or another meaningful occupation such as volunteering.

Our Specialist Vocational Advisors provide support over longer and more complex journeys into employment, including for veterans with physical and mental health issues and those who are long-term unemployed. Advisors spend time building trust and confidence and work with military charity and statutory partners to ensure that veterans receive help for other needs that may stop them from getting or keeping a job, such as mental health, debt issues or accommodation.

In 2021 RFEA continued to provide this support. The high level of job vacancies in the employment market in the second half of the year, particularly in healthcare, logistics, retail and hospitality, benefited veterans further from employment, with an increase in numbers able to re-enter the workforce from long-term unemployment.

I didn’t know what I wanted to do and that can be quite daunting, but my advisor made me realise that doing something is better than doing nothing. Thanks to her guidance

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and support, I gained qualifications that have led to my current job, helping people with their mental health issues. Lance, now a Peer Support Worker in the NHS

This year:

Our specialist advisors 75% of clients improved supported 329 clients their health and wellbeing

95% of SVA clients were supported into jobs

Specialist Programmes:

Supporting families

Our support means that families in the Armed Forces community can increase their resilience for times of uncertainty that happen in most lives at one point or another.

Supporting military partners and spouses to establish and continue their careers limits the impact on family finances if one adult is unable to earn. Thanks to our help, a second wage provides the family with stability. With a spouse or partner working in a civilian role, military families establish stronger links to local communities beyond their armed forces colleagues and friends. These links are beneficial when the time comes for the serving member of the family to transition.

The Families Programme had an excellent year. Operating at three key military locations - Plymouth, Tidworth and Catterick - the programme exceeded expectations both in reach and engagement of military spouses and partners, and the number and strength of jobs RFEA has supported them into. We work collaboratively with Forces Families Jobs, and other initiatives supporting military spouses and partners, together providing a strong, joined-up journey of support.

My advisor made me realise there were places offering help that I never knew existed. She introduced me to the Royal British Legion for funding and now I’m taking a night class. I don’t know how I could ever repay RFEA! Senorita, now working part-time while studying

This year:

Our Families Advisors 94% of clients improved 78% of Families Programme supported 370 spouses, their job search skills clients were supported into partners and widows jobs

Supporting veterans and Service leavers into tech and cyber roles

TechVets is RFEA’s highly innovative programme supporting Service leavers and veterans to find work in the cyber and technology sectors. Cyber and tech continue to be significant areas of growth in the UK economy, with tech skills essential within most industry sectors.

Service leavers and veterans who have the aptitude must be able to understand this growth area and the opportunities it offers. They need to be able to move into cyber and tech specialist roles, as well as more general business roles in tech companies and jobs

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requiring tech skills across all sectors. TechVets provides the vital link to be able to achieve this.

The programme benefits from a powerhouse of 30 strategic partnerships, together with a team of ex-Military and civilian experienced cyber and tech volunteers who support TechVets clients, working to guide them through the training and recruitment process. Clients have access to a web-based academy, 12 UK regional hubs and the TechVets’ Discord community.

RFEA has been a solid rock for me since I contacted them. They recommended me to TechVets which has also helped me greatly as I get access to unlimited labs and resources. Daniel, now training for a career in cyber security

This year:

TechVets supported 3,084 Each TechVets client The average income of a serving military, service received free training up to successful TechVets client is leavers and veterans a value of £25,000 over £44,000 per annum

Supporting unemployed veterans in London

35% of veterans Forces for London clients supported were from BAME backgrounds

The need to support veterans in London deepened due to the impact of Covid on the capital’s economy. London’s jobs market was the worst hit in the UK, with the unemployment rate reaching 6.5% (ONS June 2021) in summer 2021 due to the impact of lockdown on the service sector. London also saw the largest percentage increase in unemployment figures anywhere in the UK.

The veterans we supported on this unique programme have diverse backgrounds. Clients include London-born veterans and those recruited into the UK Armed Forces from outside the UK who want to build their lives here following their service.

Our focus continues to be to support veterans to find work, overcoming any challenges from their military service, and from their ethnicity, which can be a barrier to finding work in the UK.

Veterans can face certain challenges when it comes to translating Military experience into skills relevant to the civilian world, so having the RFEA team behind you helps you know that you’re not going it alone. Ernest, looking for work in finance

This year: Our Forces for London 94% improved their 60% of Forces for London advisors supported 106 workplace and social skills clients were supported into clients jobs

Supporting female veterans

Launched in 2020, the Military Women Programme has increased the proportion of women applying to RFEA for advice and support, from 8% in 2019 to 10% in 2021. In 2021, the proportion of women in the UK armed forces was 11% (UK Defence Personnel Statistics).

The programme provides a dedicated source of advice and guidance based on a clear understanding of the issues faced by female veterans, through the civilian recruitment process and in work. A particular focus is promoting their unique skills and building

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confidence to be able to access jobs that may be a higher management level or salary than female veterans themselves believe they can achieve.

We also provide career advice tailored for those military women who are parents of preschool and school-age children, enabling them to develop their careers alongside their parenting responsibilities.

My advisor made sure I met targets we’d set, whether it was CV writing or personal development. The support really helped me realise my potential and I ended up with two job offers. Alex, now an adventure training course designer

This year:

Our Military Women 76% of clients advisor supported 159 increased their job clients search skills

50% of Military Women clients were supported into jobs

Supporting veterans in the Criminal Justice System

We deliver support to veterans in the Criminal Justice System in partnership with 24 police forces, who identify veterans in custody and link them to us. We are hugely grateful for our continued partnerships with the police, enabling us to reach and engage veterans who otherwise lack support.

Project Nova provides support for veterans who have been arrested, are at risk of arrest, are in prison, or are supervised by probation services, enabling them to live more stable lives. Stability is key to enabling them to reduce their reoffending. The programme’s work is life-changing and often life-saving.

Developments in 2021 saw us starting to work with Derbyshire Police; we now have a Project Nova Co-ordinator working across Derbyshire. Delivery of the HM Prison and Probation Service Veterans Hub began at Holme House Prison, and we delivered a Pilot Project for Veterans on Probation working in partnership with the Probation Service in London.

I felt so lost and like everything was down to me and that got me down, I felt like I had nowhere to turn. Project Nova’ support made a big difference to me and my family, they have definitely helped us through some rough patches. Rachel, now a self-employed massage therapist

This year:

Our Project Nova advisors supported 1,226 clients

86% of Project Nova 19% of Project Nova clients improved their clients were supported health and wellbeing into jobs

Criminal Justice Programmes:

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Covid-19

It has been another extraordinary year. We started with a challenging employment market due to high unemployment and limited vacancies and ended with a record number of vacancies and skills shortages. While unemployment has been less than predicted post-furlough, there is much regional variation. Younger and older veterans, as well as women and wounded, injured and sick have found it more challenging to find work. The numbers in need and the complexity of their needs have risen as a result.

RFEA continued to operate as usual throughout the year. Our staff worked tirelessly to deliver full support to larger numbers of beneficiaries. Passion and commitment for the work, along with flexibility and adaptability to changed working practices, have been the hallmarks of the past year. Once again, 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 modest operating surplus to (a) ensure a small positive annual cash flow, (b) fund the modest 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 2020-2021 with an operating surplus, one-third of which has been designated as restricted. In addition, we utilised £190,000 of our designated improvement fund to develop the quality of our services and our outreach.

12. Our Funds

The total income for the year ended 30 September 2021 was £5,443,986 compared to £5,081,445 in the previous year. Expenditure was £5,102,349 compared to £4,785,958 in the previous year. As a result, net income before investment gains was £341,637, of which £112,263 was restricted and £192,783 was designated for future periods, leaving £36,591 in general funds. After taking into account the unrealised gain on investments of £416,422, the effect on the value of RFEA’s funds was a net increase of £758,059.

At 30 September 2021, our CCLA managed investments stood at £2,999,453, of which approximately 50% was an unrealised gain. The year-end value marked an impressive performance given the uncertainty that existed at the start of the first lockdown in March 2020. By year-end, in addition to a return to unrealised gains, the CCLA-managed funds had performed better than certain international indices.

Our Funds at 30 September 2021 totalled £4,275,567 of which £340,311 was Restricted, £1,009,783 was Designated and £2,925,472 was General.

13. Fundraising

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

14. Our Reserves

The policy for reserves was reviewed by the Trustees in November 2021, where it was agreed that a reserve should be held to ensure continuity of services under our charitable purposes in the event of any or all of the following:

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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 Right Management, under which contract RFEA currently derives the largest part of its operating income, including potential 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 examined the needs reflected above and concluded that the reserve should be £4,560,000, which is approximately 90% of expenditure in the year ended 30 September 2021, to ensure RFEA can continue to deliver services in accordance with its charitable objects. As at 30 September 2021 the total funds held were £4,275,567, including Restricted and Designated funds which are not available for general purposes. Our General Fund stood at £2,925,472, or 64% of the required reserve, of which approximately £1.5 million comprises unrealised gains on investments. The Trustees have agreed an objective of reaching the required level of reserves over the next three years, including 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 2021 was £2,999,453 compared with £2,583,031 at the end of the previous financial year; reflecting a 16% unrealised gain on investments in the year ended 30 September 2021.

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 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 has established systems and procedures to manage them as follows:

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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 Service charities and other funders, 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 RFEA 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:

Key to the success of increasing numbers of beneficiaries supported are a number of new programmes which RFEA will be taking on in 2022. These include delivery of a new

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programme in the EM3 Local Enterprise Partnership (LEP) area. This Department of Work and Pensions programme is funded by the European Social Fund and will provide enhanced employment support to veterans and spouses in this LEP area, complimenting the CTP and Ex Forces programmes, along with support for Service children. Similarly, RFEA has led on a pilot countering digital poverty amongst veterans called Project STRIDE which aims to provide equipment, training and mentoring to veterans in need of technical and IT support to help them improve their digital abilities and gain jobs and support online. The pilots are being trialled in NW and SW England with the aim to roll out nationwide in 2022.

While RFEA has been successful in maintaining delivery of all its programmes despite the effect of Covid-19, there is increased drive towards greater collaboration and partnership in the sector. To this end, The Officers' Association (OA) and RFEA have announced their intention to combine their employment related work to create a single charity, with a new name, to provide exceptional career support to all Service leavers, veterans, reservists, and their families throughout the UK, whatever their circumstances, rank, length of service, or reasons for leaving. Non-binding Heads of Terms were signed by RFEA and OA in December 2021, facilitating further discussions which were announced in January 2022.

The primary driver for the combination is to create improved support to beneficiaries through a single source go-to place for employment support for every Service leaver, veteran, reservist spouse of any rank or rate, irrespective of circumstance or reason for leaving, throughout the UK.

20. Statement of Trustees’ and Directors’ Responsibilities

The Trustees (who are also Directors of RFEA Limited 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.

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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.

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 auditor by RFEA’s Trustees in February 2020.

Approved by the Trustees on 22 February 2022 and signed on their behalf by:

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

Major General Andrew Ritchie CBE

Chairman

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

We have audited the financial statements of RFEA Limited (the ‘charitable company’) for the year ended 30 September 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on RFEA Limited's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance

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Page 21

conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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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Page 22

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Page 23

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

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 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)

Date: 16 March 2022

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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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
Charitable activities
4
Investments
Total incoming resources
Resources expended
Charitable activities:
Employment Support
Programmes
Improvement Fund
Total resources expended
5
Net 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 2021		 Unrestricted
funds 2021
Total funds
2021		 Restricted
funds 2020		 Unrestricted
funds 2020		 Total funds
2020
992,414
650,184
-		 131,953
1,124,367
3,669,261
4,319,445
174
174		 £
656,356
697,199
-		 £
98,338
3,628,577
975		 £
754,694
4,325,776
975
1,642,598 3,801,388
5,443,986		 1,353,555 3,727,890 5,081,445
1,530,335
-		 3,382,412
4,912,747
189,602
189,602		 1,158,779
-		 3,508,912
118,267		 4,667,691
118,267
1,530,335 3,572,014
5,102,349		 1,158,779 3,627,179 4,785,958
112,263
-
13,297		 229,374
341,637
416,422
416,422
(13,297)
-		 194,776
-
8,750		 100,711
167,003
(8,750)		 295,487
167,003
-
125,559
214,752		 632,499
758,059
3,302,756
3,517,508		 203,526
11,226		 258,964
3,043,792		 462,490
3,055,018
340,311 3,935,255
4,275,567		 214,752 3,302,756 3,517,508

All recognised gains and losses for year ended 30 September 2021 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		 2021 2021
£
2,999,453
50,318
3,049,771
1,225,796
4,275,567
3,935,255
340,311
4,275,567		 2020 2020
£
469,585
1,814,031		 £
246,665
1,379,828		 £
2,583,031
47,991
2,631,022
886,486
2,283,616
1,057,820		 1,626,493
740,007
2,925,472
1,009,783		 2,920,371
382,385
3,517,508
3,302,756
214,752
3,517,508

The financial statements were approved by the Trustees (Directors) and authorised for issue on 22 February 2022 and are signed on their behalf by:

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

Mr Ian Webber, 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

Cash flow from operating activities:
Net cash provided by operating activities below
Cash flows from investing activities:
Dividends and interest from investments
Purchase 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		 Notes 2021
£
461,819
174
(27,791)
(27,617)
434,202
1,379,828
1,814,031		 2020
9 £
369,659
975
(30,378)
(29,403)
340,256
1,039,572
1,379,828

Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period
Adjustments for:
Depreciation charges
(Gains) on revaluation of investments
Dividends and interest from investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities		 Notes 2021
£
758,059
25,464
(416,422)
(174)
(222,920)
317,813
461,819		 2020
9
8
10
11		 £
462,490
21,869
(167,003)
(975)
54,301
(1,023)
369,659

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Page 27

Company registration number 03270369

RFEA Limited

Notes to the Financial Statements for the year ended 30 September 2021

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 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 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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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
Zendesk Neighbor Foundation
PA Consulting Services Limited
Donations from other sources		 Restricted
2021
Unrestricted
2021
Total
2021		 Restricted
2020
Unrestricted
2020
Total
2020
£
£
£
267,750
-
267,750
-
87,366
87,366
58,890
-
58,890
609,236
-
609,236
31,538
-
31,538
25,000
-
25,000
-
19,390
19,390
-
11,800
11,800		 £
£
£
266,820
-
266,820
-
87,422
87,422
58,208
-
58,208
277,536
-
277,536
53,792
-
53,792
-
-
-
-
-
-
-
-
-
992,414
118,556
1,110970
-
13,397
13,397		 656,356
87,422
743,778
-
10,916
10,916
992,414
131,953
1,124,367		 656,356
98,338
754,694

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Page 29

Company registration number 03270369

RFEA Limited

4 Income from Charitable Activities

Career Transition Partnership
Ingeus UK Ltd
Reed in Partnership
MoJ National Probation Service
NHS England
Devon Partnership NHS Trust
QinetiQ Limited
X-Forces
WWTW (Project Nova Regroup)
WWTW (Project Nova)
WWTW Grant (Project Nova)
WWTW (Home Straight)
University of Warwick
Activision Blizzard
ABF (WIS)
RAF Wellbeing & Employment
PCC Derbyshire
PCC Humberside
PCC Merseyside
PCC Northamptonshire
PCC Northumbria
PCC South Yorkshire
Norfolk Community Foundation
Suffolk Community Foundation
Charles Hayward Foundation
Drapers’ Charitable Fund
RNRMC Greenwich Hospital
Armed Forces Covenant Fund
Scottish Veterans Fund
Veterans Foundation
Greater London Authority
The Fishmongers’ Company’s
Charitable Trust
Lloyd’s Patriotic Fund
Lloyds of London Corporation
GEO Returners’ Fund
Veterans’ Foundation
Ark Data Centres Limited
6point6 Limited
CFMS Services Limited
TechUK Limited
Royal British Legion
Technology Veterans Foundation
Help for Heroes (Career Advisors)		 Restricted
2021
Unrestricted
2021
Total
2021		 Restricted
2020
Unrestricted
2020
Total
2020
£
£
£
-
2,447,113
2,447,113
-
181,832
181,832
-
10,441
10,441
-
29,167
29,167
-
298,000
298,000
-
25,000
25,000
-
6,326
6,326
-
4,800
4,800
-
206,574
206,574
-
283,718
283,718
-
119,464
119,464
-
-
-
-
-
-
-
-
-
-
-
-
-
12,885
12,885
9,000
-
9,000
48,000
-
48,000
-
-
-
-
42,941
42,941
-
-
-
5,000
-
5,000
-
-
-
20,000
-
20,000
25,000
-
25,000
15,000
-
15,000
50,000
-
50,000
135,875
-
135,875
7,573
-
7,573
20,000
-
20,000
52,000
-
52,000
-
1,000
1,000
100,000
-
100,000
100,000
-
100,000
12,500
-
12,500
25,236
-
25,236
10,000
-
10,000
5,000
-
5,000
5,000
-
5,000
5,000
-
5,000
-
-
-
-
-
-
-
-
-		 £
£
£
-
2,526,517
2,526,517
-
174,636
174,636
-
-
-
-
-
-
-
-
-
-
62,500
62,500
-
2,000
2,000
-
4,800
4,800
-
181,641
181,641
-
454,508
454,508
-
-
-
-
86,296
86,296
-
1,147
1,147
-
10,000
10,000
98,540
-
98,540
-
49,120
49,120
-
-
-
-
-
-
-
60,840
60,840
-
-
-
-
16,931
16,931
16,930
-
16,930
20,000
-
20,000
-
-
-
-
-
-
-
-
-
50,000
-
50,000
125,000
-
125,000
25,782
-
25,782
25,000
-
25,000
23,000
(12,359)
10,641
-
-
-
75,000
10,000
85,000
-
-
-
48,000
-
48,000
-
-
-
15,000
-
15,000
-
-
-
-
-
-
-
-
-
30,000
-
30,000
75,000
-
75,000
69,947
-
69,947
650,184
3,669,261
4,319,445		 697,199
3,628,577
4,325,776

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Page 30

RFEA Limited

Company registration number 03270369

5 Total Resources Expended

2021 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		 Designated
Improvement
Fund
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2021
Total 2020
£
£
£
£
£
£
10,558
1,324,349
2,901,569
70,421
4,306,897
4,176,109
118
24,504
122,167
-
146,789
140,661
180
11,779
40,236
-
52,195
113,348
117,354
50,367
29,487
-
197,208
49,077
40,008
14,828
7,456
-
62,292
45,113
-
-
-
10,010
10,010
10,014
168,218
1,425,827
3,100,915
80,431
4,775,391
4,534,322
-
22,115
60,975
-
83,090
78,087
-
1,827
33,764
1,516
37,107
8,726
-
4,567
18,492
36
23,095
17,444
15,838
71,323
42,658
-
129,819
112,274
-
128
9,131
-
9,259
8,237
5,546
3,120
14,956
1,187
24,809
7,723
-
1,428
16,932
-
18,360
17,668
-
-
-
1,419
1,419
1,477
21,384
104,508
196,908
4,158
326,958
251,636
189,602
1,530,335
3,297,823
84,589
5,102,349
4,785,958

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Page 31

Company registration number 03270369

RFEA Limited

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		 Designated
Improvement
Fund
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2020
£
£
£
£
£
17,692
1,071,898
3,018,825
67,694
4,176,109
2,797
8,999
128,865
-
140,661
-
19,428
93,920
-
113,348
18,220
7,770
23,087
-
49,077
20,560
10,198
14,355
-
45,113
-
-
-
10,014
10,014
59,269
1,118,293
3,279,052
77,708
4,534,322
-
12,710
65,377
-
78,087
2,628
1,576
3,887
635
8,726
126
3,227
14,091
-
17,444
51,684
15,961
44,629
-
112,274
-
2,142
6,095
-
8,237
4,560
680
1,287
1,196
7,723
-
4,190
13,478
-
17,668
-
-
-
1,477
1,477
58,998
40,486
148,844
3,308
251,636
118,267
1,158,779
3,427,896
81,016
4,785,958

6 Net Incoming Resources

Stated after charging:
Land and Buildings
Equipment Hire
Depreciation
Auditors Remuneration		 Total
2021
Total
2020
£
£
114,083
108,429
17,784
8,196
25,464
21,869
10,010
10,014

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Page 32

RFEA Limited

Company registration number 03270369

7 Staff Costs


Staff Costs
Wages and salaries
Social security costs
Employer pension costs
Holiday accrual
Redundancy & termination costs
Bank Staff		 Total
2021
Total
2020
£
£
3,810,235
3,623,194
363,273
342,314
139,143
130,522
(16,934)
55,161
8,300
20,758
2,880
4,160
4,306,897
4,176,109

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		 2021 2020
34
83
10		 29
84
9
127 122
4 3

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000-£69,999
£70,000-£79,999
£90,000-£99,999
£100,000 - £110,000		 2021
2020
2
1
1
1
-
1
1
-

KMP

The key management personnel consist of the Chief Executive Officer, Chief Operating Officer, Head of CTP Employment and TechVets Programme Director. Total KMP remuneration in the year totalled £355,724 (2020: £273,851).

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Page 33

Company registration number 03270369

RFEA Limited

8 Fixed Asset Investments

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

Book Value at 30 September 2020
Net unrealised gains on revaluation
Market Value at 30 September 2021
Investments at market value
COIF Charities Inv Fund
Investments at cost
At 30 September		 2021
£
2,583,031
416,422
2,999,453
£
2,999,453
2,999,453
£
1,500,000		 2020
£
2,416,028
167,003
2,583,031
£
2,583,031
2,583,031
£
1,500,000

9 Tangible Fixed Assets

Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation
At 1 October 2020
Charge
At 30 September 2021
NBV at 30 September 2021
NBV at 30 September 2020
10 Debtors
Prepayments
Debtors
Staff Loans		 IT
equipment
£
160,735
27,791
188,526
112,744
25,464
138,208
50,318
47,991
2021
£
51,409
409,486
8,690
469,585
2020
£
20,812
223,728
2,125
246,665

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Page 34

RFEA Limited

Company registration number 03270369

11 Creditors

1 Creditors 1 Creditors
Notes
Deferred Income
11a
Creditors
Social Security
Pension
VAT
Accruals
1a
Deferred income

ABF The Soldiers’ Charity
Royal Air Force Benevolent Fund
Royal British Legion
Call of Duty Endowment
NHS England
Charles Hayward Foundation
Suffolk Community Foundation
Lloyd’s Patriotic Fund		 2021
£
597,151
44,821
105,981
25,802
218,987
65,078
1,057,820		 2020
£
331,710
22,550
95,448
23,623
173,612
93,064
740,007
At 1 Oct
2020
Released
into Year
Deferred
out of Year
At 30 Sept
2021
£
£
£
£
66,750
(66,750)
202,500
202,500
34,125
(34,125)
34,671
34,671
31,537
(31,537)
-
-
129,298
(129,298)
159,980
159,980
-
-
200,000
200,000
25,000
(25,000)
-
-
20,000
(20,000)
-
-
25,000
(25,000)
-
-
331,710
(331,710)
597,151
597,151

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.

12 Funds

2 Funds
At 30 September 2021
Fixed Assets
Current Assets
Current Liabilities
At 30 September 2020
Fixed Assets
Current Assets
Current Liabilities		 General Restricted
Designated		 Total
£
3,049,771
933,521
(1,057,820)		 £
£
-
-
340,311
1,009,783
-
-		 £
3,049,771
2,283,616
(1,057,820)
2,925,472 340,311
1,009,783		 4,275,567
General Restricted
Designated		 Total
£
2,631,022
1,029,356
(740,007)		 £
£
-
-
214,752
382,385
-
-		 £
2,631,022
1,626,493
(740,007)
2,920,371 214,752
382,385		 3,517,508

www.rfea.org.uk

Page 35

Company registration number 03270369

RFEA Limited

Restricted funds
ABF The Soldiers’ Charity
RAF Benevolent Fund
Call of Duty Endowment
Royal British Legion
Poppyscotland
Scottish Veterans Fund
Veterans’ Foundation
Greater London Authority
Lloyd’s Patriotic Fund
Lloyds of London Corporation
GEO Returners Fund
PCC Derbyshire
PCC Humberside
PCC South Yorkshire
Norfolk Community Foundation
Suffolk Community Foundation
Forward Trust
Charles Hayward Foundation
Drapers’ Charitable Fund
RNRMC Greenwich Hospital
Armed Forces Covenant Fund
Families & Homestraight
Sustaining Communities
Greater Manchester
South Yorkshire & Humberside
Positive Pathways
One Is Too Many
TechVets: Force for Change
Veterans’ Foundationfor TechVets
Ark Data Centres Limited
6point6 Limited
CFMS Services Limited
TechUK Limited
Royal British Legion – TV
Technology Veterans Foundation
FHP FiMT
Unrestricted funds
General Funds
Designated Funds
Total funds		 At 30 Sept
2020
Incoming
resources
Outgoing
resources
Investment
gain/loss
Transfers
At 30 Sept
2021
-
267,750
(266,040)
-
-
1,710
1,365
58,890
(60,167)
-
-
88
24,771
609,236
(513,990)
-
-
120,017
-
31,538
(31,441)
-
-
97
-
25,000
(22,744)
-
-
2,256
-
7,573
(7,573)
-
-
-
7,010
20,000
(14,759)
-
-
12,251
20,305
52,000
(78,752)
-
6,447
-
11,248
100,000
(110,584)
-
-
664
-
100,000
(50,867)
-
-
49,133
-
12,500
(12,500)
-
-
-
-
9,000
(7,674)
-
-
1,326
-
48,000
(48,945)
-
945
-
-
5,000
(10,000)
-
5,000
-
16,667
-
(16,667)
-
-
-
-
20,000
(20,000)
-
-
-
-
-
(855)
-
855
-
-
25,000
(25,000)
-
-
-
-
15,000
(5,498)
-
-
9,502
16,653
50,000
(54,002)
-
-
12,651
13,780
-
(13,830)
-
50
-
-
47,500
-
-
-
47,500
3,333
-
(3,333)
-
-
-
6,667
-
(6,667)
-
-
-
15,691
45,000
(35,043)
-
-
25,648
-
24,375
(12,679)
-
-
11,696
-
19,000
(12,667)
-
-
6,333
-
25,236
(12,736)
-
-
12,500
13,500
10,000
(23,500)
-
-
-
-
5,000
(5,000)
-
-
-
-
5,000
(5,000)
-
-
-
-
5,000
(5,000)
-
-
-
30,000
-
(13,175)
-
-
16,825
23,647
-
(23,647)
-
-
-
10,115
-
-
-
-
10,115
214,752
1,642,598
(1,530,335)
-
13,297
340,311
2,920,371
3,801,388
(3,382,412)
416,422
(830,297)
2,925,472
382,385
-
(189,602)
-
817,000
1,009,783
3,302,756
3,801,388
(3,572,014)
416,422
(13,297)
3,935,255
3,517,508
5,443,986
(5,102,349)
416,422
-
4,275,567

www.rfea.org.uk

Page 36

RFEA Limited

Company registration number 03270369

Restricted funds in 2020
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
Investment
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.

Veterans Employment Programme

www.rfea.org.uk

Page 37

Company registration number 03270369

RFEA Limited

Project Nova

Armed Forces Covenant Fund Trust grants

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.

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.

Designated Funds

The charity has two designated funds totalling £1,009,783 as at 30 September 2021:

13 Trustees

Trustees received no remunerations (2020: nil).

Out of pocket expenses amounting to £576 (2020: £635) were reimbursed to two Trustees for travel and meeting expenses (2020: five Trustees).

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

The Company had one related party transaction in 2021 (2020: one) in that the Chief Executive of Technology Veterans Foundation is an employee of RFEA. The charity received no donations from Technology Veterans Foundation in 2021 (2020: £75,000).

www.rfea.org.uk

Page 38

RFEA Limited

Company registration number 03270369

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		 2021
2020
£
£
108,125
97,453
112,942
143,192
-
-
19,438
19,677
22,689
40,777

The lease payments recognised as an expense in the year were £114,083 (2020: £108,429) for leases of Land and Buildings and £17,784 (2020: £8,196) for Equipment leases.

15 Financial Instruments

5 Financial Instruments
Financial assets measured at fair value
Financial assets measured at amortised cost		 2021
2020
£
£
1,814,031
1,379,828
418,176
225,853

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 £460,669 £408,297

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

16 Post-Balance Sheet

On 28 January 2022, the Company announced that it intended to combine its employment related work with that of The Officers’ Association (OA) to create a single charity to provide exceptional career support to all Service leavers, veterans, reservists and their families throughout the UK, whatever their circumstances, rank, length of service or reason for leaving. Non-binding Heads of Terms were signed in December 2021, facilitating further discussions.

The new organisation will be based upon the RFEA legal entity, which will change its name to the Forces Employment Charity, reflecting the purpose and heritage of the two constituent organisations.

www.rfea.org.uk

Page 39

Company registration number 03270369

RFEA Limited

Thank you

2021 has been another exceptional year, with the constant challenge of a changing employment market and a backdrop of uncertainty. I am extremely proud of how our people have stepped up to the challenges and increased the number of beneficiaries we support.

In a busy twelve months, we supported 21,698 Service leavers, veterans and partners whose needs increased during the year. Our part in CTP continues to produce notable results, with a record number of Early Service Leavers benefitting from the Future Horizons programme. Our veterans' programmes, Families Employment and Military Women programmes continue to grow. The unique Project Nova expanded, both in numbers and geographic reach, as more organisations such as HM Probation Service realise the need for this life-changing and life-saving support. New initiatives include a pilot to support veterans out of digital poverty and developing a programme helping Afghans with a defence connection find work.

Once again, we have fully supported Cobseo and the drive towards greater collaboration across the sector, contributing to the Veterans' Strategy Action Plan.

None of this would have been possible without the amazing support of our partners, who share our desire to help those in need into employment. We are hugely thankful to you all and are honoured to deliver this vital assistance on your behalf.

ALISTAIR HALLIDAY, CHIEF EXECUTIVE

www.rfea.org.uk

Page 40

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 2022 Registered charity 1061212 & SCO39262