Charity number: 1129851
PRI Fund Army Foundation College
Trustee's report and financial statements
for the year ended 31 March 2022
PRI Fund Army Foundation College
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustee's report | 2 - 3 |
| Independent examiners' report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
PRI Fund Army Foundation College
Legal and administrative information
| Charity number | 1129851 | |
|---|---|---|
| Business address | Uniacke Barracks | |
| Pennypot Lane | ||
| Killinghall | ||
| Harrogate | ||
| HG3 2SE | ||
| Trustees | Lt Col S Farebrother | Resigned 14 October 2022 |
| Lt Col M Butler | Appointed 14 October 2022 | |
| Senior Fund Manager | Major T Wade | |
| Accountants | Howard Matthews Partnership | |
| Chartered Accountants | ||
| Queensgate House | ||
| 23 North Park Road | ||
| Harrogate | ||
| HG1 5PD | ||
| Bankers | The Royal Bank of Scotland | |
| Holt's Farnborough Branch | ||
| Lawrie House | ||
| Victoria Road | ||
| Farnborough, | ||
| GU14 7NR |
Page 1
PRI Fund Army Foundation College
Report of the trustee for the year ended 31 March 2022
The trustee presents his report and the financial statements of the PRI Fund Army Foundation College (Charity No 1129851) for the year ended 31 March 2022. The trustees who served during the year and up to the date of this report is set out on page 1.
Structure, governance and management
The charity has been governed by a constitution dated 1 September 2006 which was updated on 1 November 2015. Trustees are appointed as laid down in the constitution, and any training in regards to being a trustee is provided if needed. The Trustee is regularly provided with management information so that he can review the operations of the charity with the staff dealing with the day to day administration of the charity.
This fund provides public benefit by assisting service personnel to more effectively perform their roles within the Armed Forces of the Crown. It does this by providing and supporting sporting and adventure training activities. This assistance enables service personnel to face the challenges and danger associated with military service by developing and maintaining confidence, character, spirit, attitude and morale. As a result the fund promotes the efficiency of the Armed Forces of the Crown by enhancing the British Army's capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests.
The trustees have paid due regard to the Charity Commision of England and Wales's guidance on public benefit when deciding what activities the charity should undertake.
The trustees have reviewed the major risks to the Charity and established systems and procedures to minimise these risks.
Objectives and activities
The object of the charity is to support all ranks of the Army Foundation College in Unit Cohesion, Expeditions, Sport and Welfare with the emphasis placed on Junior NCO's and below.
Achievements and performance
The charity is primarily set up to provide support to the Permanent Staff and Junior Soldiers of the Army Foundation College in Harrogate by helping to grant and administer funds for expeditions, functions, sporting activities and unit welfare issues.
The charity operates a shop for the use of the College which made a trading profit before shop running costs of £8,526 (2021 - £3,274). The sales income for the shop was reduced considerably over these two years due to the COVID pandemic. The profits are used to assist with the expedition costs.
Financial review
The trustee's reserves policy is to retain sufficient funds to ensure that the liabilities of the charity can be met and that there are sufficient funds available to cover expedition costs and to meet any unforeseen liabilities.
The trustee is satisfied with the results achieved by the charity. The shop income accounts for 43% (2021: 16%) of the total income, this was higher due to limited expeditions completed due to the COVID restrictions. The other main income areas are donations, CRL and funding for specific expeditions.
During the year the charity made no transfers between restricted and unrestricted funds.
Within the restricted funds Junior Soldiers / Welfare Fund had a deficit at the year end, totalling £740, this was cleared after the year end.
Page 2
PRI Fund Army Foundation College
Report of the trustee for the year ended 31 March 2022
Statement of trustee's responsibilities
The trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustee is required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable him to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2015. He is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the trustees
Lt Col M Butler Managing Trustee 23 February 2023
Page 3
PRI Fund Army Foundation College
Independent examiner's report to the trustee on the unaudited financial statements of PRI Fund Army Foundation College.
I report on the accounts of PRI Fund Army Foundation College for the year ended 31 March 2022 set out on pages 2 to 13.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 Section 1A).
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Respective responsibilities of the trustee and independent examiner
As the charity's trustee you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. The charity's gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW.
It is my responsibility to examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as the trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(i) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep proper accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act, and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached except for;
...........................................................
Howard Matthews BA FCA Independent examiner Queensgate House, 23 North Park Road, Harrogate, North Yorkshire, HG1 5PD 23 February 2023
Page 4
PRI Fund Army Foundation College
Statement of financial activities
For the year ended 31 March 2022
| Unrestricted Restricted funds funds Notes £ £ Incoming resources Incoming resources from generating funds: Voluntary income 2 45,938 8,619 Activities for generating funds 3 117,380 7,827 Investment income 4 51 - Other incoming resources 5 - 53,627 Total incoming resources 163,369 70,073 Resources expended Costs of generating funds: Fundraising trading: cost of goods sold and other costs 6 100,157 - Charitable activities 7 39,178 56,559 Governance costs 9 6,765 - Total resources expended 146,100 56,559 Net incoming resources before transfers 17,269 13,514 Net incoming resources for the year 17,269 13,514 Total funds brought forward 210,487 33,713 Total funds carried forward 227,756 47,227 |
Year ended 31/03/22 Total £ 54,557 125,207 51 53,627 233,442 100,157 95,737 6,765 202,659 30,783 30,783 244,200 274,983 |
Year ended 31/03/21 Total £ 125,931 55,833 106 35,738 |
|---|---|---|
| 217,608 | ||
| 45,750 137,631 7,538 |
||
| 190,919 | ||
| 26,689 | ||
| 26,689 217,511 |
||
| 244,200 |
The notes on pages 7 to 13 form an integral part of these financial statements.
Page 5
PRI Fund Army Foundation College
Statement of financial position as at 31 March 2022
| Notes Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Net assets Funds 15 Restricted income funds 17 Unrestricted income funds 16 Total funds |
2022 £ £ - 21,715 8,793 257,496 288,004 ) (13,021 274,983 274,983 47,227 227,756 274,983 |
2021 £ £ 174 18,650 5,983 232,337 256,970 ) (12,944 244,026 244,200 33,713 210,487 244,200 |
2021 £ £ 174 18,650 5,983 232,337 256,970 ) (12,944 244,026 244,200 33,713 210,487 244,200 |
|---|---|---|---|
| 244,200 | |||
| 33,713 210,487 |
|||
| 244,200 |
The financial statements were approved by the trustee on 23 February 2023 and signed on its behalf by
Lt Col M Butler Managing Trustee
The notes on pages 7 to 13 form an integral part of these financial statements.
Page 6
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
General Information
The charity is a registered charity in England and Wales, charity number 1129851. The charity registered address is Uniacke Barracks, Penny Pot Lane, Killinghall, Harrogate, North Yorkshire, HG3 2SE.
The charity is a public benefit entity.
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
1.1. Basis of accounting
The financial statements have been prepared on the historical cost basis.
Statement of Compliance
These financial statements have been prepared in compliance with FRS102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102 Section 1A), the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Accounting and Reporting by Charities (FRS102)) and the Charities Act 2011.
1.2. Fund accounting
Unrestricted funds are general funds that are available for the use at the trustee's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside at the discretion of the trustee for specific use.
Restricted funds are those donated for use in a particular area or for a specific purpose, the use of which is restricted to that area or purpose.
1.3. Incoming resources
All incoming resources are included gross of expenditure in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
Income from the charity shop is included in the year in which it is receivable.
Income from investments is included in the year in which it is receivable.
Page 7
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
1.4. Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
1.5. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Computer equipment
- 33.3% Straight Line
1.6. Stock
Stock is valued at the lower of cost and net realisable value.
2. Voluntary income
| Unrestricted Restricted funds funds £ £ Donations 45,652 - Donations towards exercises - 8,619 Grants receivable 286 - 45,938 8,619 |
Year ended 31/03/22 Total £ 45,652 8,619 286 54,557 |
Year ended 31/03/21 Total £ 118,573 5,041 2,317 |
|---|---|---|
| 125,931 |
3. Activities for generating funds
| Unrestricted Restricted funds funds £ £ Shop income 99,745 - Activities for generating funds 17,635 - Company activities for generating funds - 7,827 117,380 7,827 |
Year ended 31/03/22 Total £ 99,745 17,635 7,827 125,207 |
Year ended 31/03/21 Total £ 34,739 15,305 5,789 55,833 |
|---|---|---|
Page 8
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
| 4. Investment income Year ended Unrestricted 31/03/22 funds Total £ £ Bank interest receivable 51 51 51 51 5. Other incoming resources Year ended Restricted 31/03/22 funds Total £ £ Exercise income 53,627 53,627 53,627 53,627 6. Fundraising trading Year ended Unrestricted 31/03/22 funds Total £ £ Shop purchases and costs 100,157 100,157 100,157 100,157 7. Costs of charitable activities - by fund type Year ended Unrestricted Restricted 31/03/22 funds funds Total £ £ £ PRI Fund 39,178 56,559 95,737 39,178 56,559 95,737 |
Year ended 31/03/21 Total £ 106 106 Year ended 31/03/21 Total £ 35,738 35,738 Year ended 31/03/21 Total £ 45,750 45,750 Year ended 31/03/21 Total £ 137,631 137,631 |
Year ended 31/03/21 Total £ 106 106 Year ended 31/03/21 Total £ 35,738 35,738 Year ended 31/03/21 Total £ 45,750 45,750 Year ended 31/03/21 Total £ 137,631 137,631 |
Year ended 31/03/21 Total £ 106 106 Year ended 31/03/21 Total £ 35,738 35,738 Year ended 31/03/21 Total £ 45,750 45,750 Year ended 31/03/21 Total £ 137,631 137,631 |
|---|---|---|---|
| 137,631 |
Page 9
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
8. Costs of charitable activities - by activity
| Costs of charitable activities - by activity | |||
|---|---|---|---|
| Activities undertaken directly £ PRI Fund 91,597 91,597 |
Grant funding activities £ 4,140 4,140 |
Year ended 31/03/22 Total £ 95,737 95,737 |
Year ended 31/03/21 Total £ 137,631 |
| 137,631 |
9. Governance costs
| Governance costs | ||
|---|---|---|
| Unrestricted funds £ Insurance 1,083 Accountancy 4,865 Professional - Vat 807 Interest paid 10 6,765 |
Year ended 31/03/22 Total £ 1,083 4,865 807 10 6,765 |
Year ended 31/03/21 Total £ 2,332 4,563 643 - |
| 7,538 |
Page 10
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
| 10. Employees Employment costs Wages and salaries No employee received emoluments of more than £60,000 (2021 : None). The average monthly numbers of employees during the year, calculated on the basis of follows: Shop staff |
Year Year ended ended 31/03/22 31/03/21 £ £ 4,314 10,184 full time equivalents, was as Year Year ended ended 31/03/22 31/03/21 Number Number 1 1 |
Year ended 31/03/21 £ 10,184 |
|---|---|---|
Operation of the fund was carried out by members of the Army who are paid by the Army Foundation College. These accounts do not include any costs for the services provided to the charity by these personnel. The wages costs charged in the the year represent the cost of the personnel operating the shop run by the charity at the College.
The trustee received no remuneration or reimbursed expenses in the year (31 March 2021: Nil).
| Computer 11. Tangible fixed assets equipment £ Cost At 1 April 2021 and At 31 March 2022 1,262 Depreciation At 1 April 2021 1,088 Charge for the year 174 At 31 March 2022 1,262 Net book values At 31 March 2022 - At 31 March 2021 174 |
Total £ 1,262 1,088 174 |
|---|---|
| 1,262 | |
| - | |
| 174 |
Page 11
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
| 12. Stocks Stocks 13. Debtors Approved PRI Debtors Other debtors and Prepayments Approved PRI Debtors include £4,000 which is due > 1 year 14. Creditors: amounts falling due within one year Trade creditors Other taxes and social security Accruals and deferred income 15. Analysis of net assets between funds Unrestricted funds £ Fund balances at 31 March 2022 as represented by: Current assets 240,777 Current liabilities ) (13,021 227,756 |
|
|---|---|
Page 12
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2022
| 16. | Unrestricted funds | At | At | |||
|---|---|---|---|---|---|---|
| 1 April | Incoming | Outgoing | 31 March | |||
| 2021 | resources | resources | 2022 | |||
| £ | £ | £ | £ | |||
| General funds | 210,487 | 163,369 | (146,100 | ) | 227,756 |
No transfers were made during this year between unrestricted to restricted funds (2021 - Nil).
Purposes of unrestricted funds
Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objects.
| Restricted funds | At | At | |||
|---|---|---|---|---|---|
| 1 April | Incoming | Outgoing | 31 March | ||
| 2021 | resources | resources | 2022 | ||
| £ | £ | £ | £ | ||
| Exercise Funds | 33,713 | 70,073 | (56,559 | ) | 47,227 |
17. Restricted funds
No transfers were made during this year between unrestricted and restricted funds (2021 - Nil).
Purposes of restricted funds
Exercise Funds
This fund represents monies received for specific exercises to be undertaken by trainees.
18. Related party transactions
When planning expeditions, Army personnel may approach other Army funds to assist with the financing of the activity concerned. During the year funds have been received from other Army fundholders. However, each activity will receive funding on its own merits and these donations and grants are given on an arm's length basis.
There are no related party transactions requiring disclosure.
Page 13
PRI Fund Army Foundation College
The following pages do not form part of the statutory accounts.
PRI Fund Army Foundation College
Detailed statement of financial activities
For the year ended 31 March 2022
| Year | Year | Year | |||||
|---|---|---|---|---|---|---|---|
| ended | ended | ||||||
| 31/03/22 | 31/03/21 | ||||||
| £ | £ | £ | £ | ||||
| Incoming resources | |||||||
| Incoming resources from generating funds: | |||||||
| Voluntary income | |||||||
| Donations | 45,652 | 118,573 | |||||
| Donations towards exercises | 8,619 | 5,041 | |||||
| Grants receivable | 286 | 2,317 | |||||
| 54,557 | 125,931 | ||||||
| Activities for generating funds | |||||||
| Shop income | 99,745 | 34,739 | |||||
| Activities for generating funds | 17,635 | 15,305 | |||||
| Company activities for generating funds | 7,827 | 5,789 | |||||
| 125,207 | 55,833 | ||||||
| Investment income | |||||||
| Bank interest receivable | 51 | 106 | |||||
| 51 | 106 | ||||||
| Total incoming resources from generating funds | 179,815 | 181,870 | |||||
| Other incoming resources | |||||||
| Exercise income | 53,627 | 35,738 | |||||
| 53,627 | 35,738 | ||||||
| Total incoming resources | 233,442 | 217,608 | |||||
| Resources expended | |||||||
| Costs of generating funds: | |||||||
| Fundraising trading: | |||||||
| cost of goods sold and other costs | |||||||
| Shop purchases and costs | |||||||
| Shop costs - Opening stock | 18,650 | 36,779 | |||||
| Shop Purchases | 94,284 | 13,336 | |||||
| Shop costs - Closing stock | (21,715 | ) | (18,650 | ) | |||
| Shop wages | 4,314 | 10,184 | |||||
| Shop costs - Payroll | 460 | 988 | |||||
| Shop costs - Depreciation | 174 | 421 | |||||
| Other Shop Costs | 3,990 | 2,692 | |||||
| 100,157 | 45,750 | ||||||
| Total fundraising trading | |||||||
| cost of goods sold and other costs | 100,157 | 45,750 | |||||
| Total costs of generating funds | 100,157 | 45,750 |
Page 15
PRI Fund Army Foundation College
Detailed statement of financial activities
For the year ended 31 March 2022
| Year | Year | Year | Year | |||
|---|---|---|---|---|---|---|
| ended | ended | |||||
| 31/03/22 | 31/03/21 | |||||
| £ | £ | |||||
| Charitable activities | ||||||
| PRI Fund | ||||||
| Activities undertaken directly | ||||||
| Company activities - Costs | 6,641 | 6,588 | ||||
| Charitable activities | 31,792 | 23,543 | ||||
| Restricted exercise costs | 53,164 | 104,744 | ||||
| 91,597 | 134,875 | |||||
| Grant funding activities | ||||||
| Exercise costs | 936 | 874 | ||||
| Grants & Donations | 3,204 | 1,882 | ||||
| 4,140 | 2,756 | |||||
| PRI Fund total expenditure | 95,737 | 137,631 | ||||
| Total charitable activity expenditure | 95,737 | 137,631 | ||||
| Governance costs | ||||||
| Activities undertaken directly | ||||||
| Insurance | 1,084 | 2,332 | ||||
| Accountancy | 4,865 | 4,563 | ||||
| Professional - Vat | 807 | 643 | ||||
| Interest paid | 10 | - | ||||
| 6,765 | 7,538 | |||||
| Total governance costs | 6,765 | 7,538 | ||||
| Net incoming/(outgoing) resources for the year | 30,783 | 26,689 |
Page 16