Charity number: 1129851
PRI Fund Army Foundation College
Trustee's report and financial statements
for the year ended 31 March 2023
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 |
| Income and expenditure account | 6 |
| 7 | |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 - 15 |
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 | SMH Howard Matthews Ltd | |
| 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 2023
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 2023. 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 £15,273 (2022 - £8,526). The sales income for the shop was reduced considerably over the previous 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 35% (2022: 43%) of the total income, this was higher last year 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.
Page 2
PRI Fund Army Foundation College
Report of the trustee for the year ended 31 March 2023
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 31 March 2024
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 2023 set out on pages 2 to 15.
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;
...........................................................
SMH Howard Matthews Ltd Independent examiner Queensgate House, 23 North Park Road, Harrogate, North Yorkshire, HG1 5PD 31 March 2024
Page 4
PRI Fund Army Foundation College
Statement of financial activities
For the year ended 31 March 2023
| Unrestricted Restricted funds funds Notes £ £ Incoming resources Incoming resources from generating funds: Voluntary income 2 33,591 28,518 Activities for generating funds 3 90,759 7,290 Investment income 4 2,150 - Other incoming resources 5 - 58,016 Total incoming resources 126,500 93,824 Resources expended Costs of generating funds: Fundraising trading: cost of goods sold and other costs 6 73,639 - Charitable activities 7 46,451 86,457 Governance costs 9 7,266 - Total resources expended 127,356 86,457 Net incoming/(outgoing) resources before transfers ) (856 7,367 Net incoming/(outgoing) resources for the year ) (856 7,367 Total funds brought forward 227,756 47,227 Total funds carried forward 226,900 54,594 |
Year ended 31/03/23 Total £ 62,109 98,049 2,150 58,016 220,324 73,639 132,908 7,266 213,813 6,511 6,511 274,983 281,494 |
Year ended 31/03/22 Total £ 54,557 125,207 51 53,627 |
|---|---|---|
| 233,442 | ||
| 100,157 95,737 6,766 |
||
| 202,660 | ||
| 30,782 | ||
| 30,782 244,200 |
||
| 274,982 |
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 5
PRI Fund Army Foundation College
Income and expenditure account
For the year ended 31 March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | |||
| Income | 218,174 | 233,391 | |||
| Operating expenditure | (213,809 | ) | (202,650 | ) | |
| Operating surplus | 4,365 | 30,741 | |||
| Other income | |||||
| Interest receivable and similar income | 2,150 | 51 | |||
| 2,150 | 51 | ||||
| Interest payable and similar charges | (4 | ) | (10 | ) | |
| Retained surplus for the financial year | 6,511 | 30,782 |
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 6
PRI Fund Army Foundation College
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 7
PRI Fund Army Foundation College
Statement of financial position as at 31 March 2023
| Notes 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 |
2023 £ £ 23,268 11,879 256,522 291,669 ) (10,175 281,494 281,494 54,594 226,900 281,494 |
2022 £ £ 21,715 8,793 257,496 288,004 ) (13,021 274,983 274,983 47,227 227,756 274,983 |
2022 £ £ 21,715 8,793 257,496 288,004 ) (13,021 274,983 274,983 47,227 227,756 274,983 |
|---|---|---|---|
| 274,983 | |||
| 47,227 227,756 |
|||
| 274,983 |
The financial statements were approved by the trustee on 31 March 2024 and signed on its behalf by
Lt Col M Butler Managing Trustee
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 8
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
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 9
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
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
| Voluntary income | ||||
|---|---|---|---|---|
| Year | Year | |||
| ended | ended | |||
| Unrestricted | Restricted | 31/03/23 | 31/03/22 | |
| funds | funds | Total | Total | |
| £ | £ | £ | £ | |
| Donations | 33,591 | - | 33,591 | 45,652 |
| Donations towards exercises | - | 28,518 | 28,518 | 8,619 |
| Grants receivable | - | - | - | 286 |
| 33,591 | 28,518 | 62,109 | 54,557 |
3. Activities for generating funds
| Unrestricted Restricted funds funds £ £ Shop income 76,316 - Activities for generating funds 14,443 - Company activities for generating funds - 7,290 90,759 7,290 |
Year ended 31/03/23 Total £ 76,316 14,443 7,290 98,049 |
Year ended 31/03/22 Total £ 99,745 17,635 7,827 125,207 |
|---|---|---|
Page 10
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
4. Investment income
| Unrestricted funds £ Bank interest receivable 2,150 2,150 |
Year ended 31/03/23 Total £ 2,150 2,150 |
Year ended 31/03/22 Total £ 51 |
|---|---|---|
| 51 |
| 5. Other incoming resources Restricted funds £ Exercise income 58,016 58,016 |
Year ended 31/03/23 Total £ 58,016 58,016 |
Year ended 31/03/22 Total £ 53,627 |
|---|---|---|
| 53,627 |
6. Fundraising trading
| Unrestricted funds £ Shop purchases and costs 73,639 73,639 |
Year ended 31/03/23 Total £ 73,639 73,639 |
Year ended 31/03/22 Total £ 100,157 |
|---|---|---|
| 100,157 |
| 7. Costs of charitable activities - by fund type Unrestricted Restricted funds funds £ £ PRI Fund 46,451 86,457 46,451 86,457 |
Year ended 31/03/23 Total £ 132,908 132,908 |
Year ended 31/03/22 Total £ 95,737 |
|---|---|---|
| 95,737 |
Page 11
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
8. Costs of charitable activities - by activity
| Costs of charitable activities - by activity | |||
|---|---|---|---|
| Activities undertaken directly £ PRI Fund 106,115 106,115 |
Grant funding activities £ 26,793 26,793 |
Year ended 31/03/23 Total £ 132,908 132,908 |
Year ended 31/03/22 Total £ 95,737 |
| 95,737 |
9. Governance costs
| Governance costs | ||
|---|---|---|
| Unrestricted funds £ Insurance 1,083 Accountancy 5,678 Professional - Vat 501 Interest paid 4 7,266 |
Year ended 31/03/23 Total £ 1,083 5,678 501 4 7,266 |
Year ended 31/03/22 Total £ 1,084 4,865 807 10 |
| 6,766 |
Page 12
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
| 10. | Employees | ||
|---|---|---|---|
| Employment costs | Year | Year | |
| ended | ended | ||
| 31/03/23 | 31/03/22 | ||
| £ | £ | ||
| Wages and salaries | 9,763 | 4,314 | |
| No employee received emoluments of more than £60,000 (2022 : None). | |||
| The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as | |||
| follows: | |||
| Year | Year | ||
| ended | ended | ||
| 31/03/23 | 31/03/22 | ||
| Number | Number | ||
| Shop staff | 1 | 1 |
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 2022: Nil).
| Computer 11. Tangible fixed assets equipment £ Cost At 1 April 2022 and At 31 March 2023 1,262 Depreciation Charge for the year - Net book values At 31 March 2023 - 12. Stocks Stocks |
Total £ 1,262 - - 2023 2022 £ £ 23,268 21,715 |
|---|---|
Page 13
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
| 13. | Debtors | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||||
| £ | £ | ||||||||
| Approved PRI Debtors | 9,350 | 7,710 | |||||||
| Other debtors and Prepayments | 2,529 | 1,083 | |||||||
| 11,879 | 8,793 | ||||||||
| Approved PRI Debtors include £1,250 which is due > 1 year | |||||||||
| 14. | Creditors: amounts falling due | ||||||||
| within one year | 2023 | 2022 | |||||||
| £ | £ | ||||||||
| Trade creditors | 5,928 | 4,320 | |||||||
| Other taxes and social security | 413 | 2,896 | |||||||
| Accruals and deferred income | 3,834 | 5,805 | |||||||
| 10,175 | 13,021 | ||||||||
| 15. | Analysis of net assets between funds | ||||||||
| Unrestricted | Restricted | Total | |||||||
| funds | funds | funds | |||||||
| £ | £ | £ | |||||||
| Fund balances at 31 March 2023 as represented by: | |||||||||
| Current assets | 291,669 | 54,594 | 346,263 | ||||||
| Current liabilities | (10,175 | ) | - | (10,175 | ) | ||||
| 281,494 | 54,594 | 336,088 | |||||||
| 16. | Unrestricted funds | At | At | ||||||
| 1 April | Incoming | Outgoing | 31 March | ||||||
| 2022 | resources | resources | 2023 | ||||||
| £ | £ | £ | £ | ||||||
| General funds | 227,756 | 126,500 | (127,356 | ) | 226,900 |
No transfers were made during this year between unrestricted to restricted funds (2022 - Nil).
Purposes of unrestricted funds
Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objects.
Page 14
PRI Fund Army Foundation College
Notes to financial statements for the year ended 31 March 2023
| 17. | Restricted funds | At | At | ||
|---|---|---|---|---|---|
| 1 April | Incoming | Outgoing | 31 March | ||
| 2022 | resources | resources | 2023 | ||
| £ | £ | £ | £ | ||
| Exercise Funds | 47,227 | 93,824 | ) (86,457 |
54,594 |
No transfers were made during this year between unrestricted and restricted funds (2022 - 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 15
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 2023
| Year | Year | |||||
|---|---|---|---|---|---|---|
| ended | ended | |||||
| 31/03/23 | 31/03/22 | |||||
| £ | £ | £ | £ | |||
| Incoming resources | ||||||
| Incoming resources from generating funds: | ||||||
| Voluntary income | ||||||
| Donations | 33,591 | 45,652 | ||||
| Donations towards exercises | 28,518 | 8,619 | ||||
| Grants receivable | - | 286 | ||||
| 62,109 | 54,557 | |||||
| Activities for generating funds | ||||||
| Shop income | 76,316 | 99,745 | ||||
| Activities for generating funds | 14,443 | 17,635 | ||||
| Company activities for generating funds | 7,290 | 7,827 | ||||
| 98,049 | 125,207 | |||||
| Investment income | ||||||
| Bank interest receivable | 2,150 | 51 | ||||
| 2,150 | 51 | |||||
| Total incoming resources from generating funds | 162,308 | 179,815 | ||||
| Other incoming resources | ||||||
| Exercise income | 58,016 | 53,627 | ||||
| 58,016 | 53,627 | |||||
| Total incoming resources | 220,324 | 233,442 | ||||
| Resources expended | ||||||
| Costs of generating funds: | ||||||
| Fundraising trading: | ||||||
| cost of goods sold and other costs | ||||||
| Shop purchases and costs | ||||||
| Shop costs - Opening stock | 21,715 | 18,650 | ||||
| Shop Purchases | 62,596 | 94,284 | ||||
| Shop costs - Closing stock | (23,268 | ) | (21,715 | ) | ||
| Shop wages | 9,763 | 4,314 | ||||
| Shop costs - Payroll | 450 | 460 | ||||
| Shop costs - Depreciation | - | 174 | ||||
| Other Shop Costs | 2,383 | 3,990 | ||||
| 73,639 | 100,157 | |||||
| Total fundraising trading | ||||||
| cost of goods sold and other costs | 73,639 | 100,157 | ||||
| Total costs of generating funds | 73,639 | 100,157 |
Page 17
PRI Fund Army Foundation College
Detailed statement of financial activities
For the year ended 31 March 2023
| Year | Year | Year | |||
|---|---|---|---|---|---|
| ended | ended | ||||
| 31/03/23 | 31/03/22 | ||||
| £ | £ | ||||
| Charitable activities | |||||
| PRI Fund | |||||
| Activities undertaken directly | |||||
| Company activities - Costs | 7,574 | 6,641 | |||
| Charitable activities | 46,573 | 31,792 | |||
| Restricted exercise costs | 51,968 | 53,164 | |||
| 106,115 | 91,597 | ||||
| Grant funding activities | |||||
| Exercise costs | 15,884 | 936 | |||
| Grants & Donations | 10,909 | 3,204 | |||
| 26,793 | 4,140 | ||||
| PRI Fund total expenditure | 132,908 | 95,737 | |||
| Total charitable activity expenditure | 132,908 | 95,737 | |||
| Governance costs | |||||
| Activities undertaken directly | |||||
| Insurance | 1,083 | 1,084 | |||
| Accountancy | 5,678 | 4,865 | |||
| Professional - Vat | 501 | 807 | |||
| Interest paid | 4 | 10 | |||
| 7,265 | 6,766 | ||||
| Total governance costs | 7,265 | 6,766 | |||
| Net incoming/(outgoing) resources for the year | 6,512 | 30,782 |
Page 18