ROYAL AIR FORCE SAILING ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
CHARITY REGISTRATION No: 1132197 COMPANY REGISTRATION No: 07030163
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
| ANNUAL REPORT AND FINANCIAL STATEMENTS FOR | |
|---|---|
| ROYAL AIR FORCE SAILING ASSOCIATION | |
| (A COMPANY LIMITED BY GUARANTEE) | |
| CONTENTS | |
| Pages 3 to 5 | Report of the Directors |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 12 | Notes to the Financial Statements |
| Page 13 | Independent Examiners Report on the Accounts |
2
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2022
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1132197 COMPANY REGISTRATION NUMBER 7030163 START OF FINANCIAL YEAR 1st January 2022 END OF FINANCIAL YEAR 31st December 2022 DIRECTORS DURING THE YEAR AND Air Cdre Catherine Coton (Chair) TO DATE Wg Cdr Gillian Anne Burgess (Rear Commodore Offshore) WG Cdr Litten (WEF 7 Dec 22) (Vice Commodore) John Edward Dodwell (Rear Commodore DInghy) Simon Kent (Rear Commodore Windsurf)) Duncan Cooper (Rear Commodore Safety Boat) Jorg Lobbedey (Hon Sec) Robert South (Hon Treasurer) Sqn Ldr Carl Rich (Resigned Nov 22) The Chair is appointed by AOC 22 Trg Group RAF; other directors appointed at AGM. COMPANY SECRETARY Wilsons (Company Secretaries) Limited REGISTERED ADDRESS Alexandra House St Johns Street Salisbury Wiltshire SP1 2SB DATE OF INCORPORATION 25th September 2009 GOVERNING DOCUMENT Memorandum and Articles of Association dated 14th October 2009 BANKERS Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP INDEPENDENT EXAMINER J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
OBJECTS The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing.
3
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR
ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2022
ORGANISATIONAL STRUCTURE
The Charity has an Executive committee that oversees the day to day operation of the Association, which is accountable to a Board of trustees which provides strategic direction.
The Executive Committee Members that served during the year were:
| Name AVM Monahan Sqn Ldr Cook Sgt O’Brien Gp Capt Walker |
Office Admiral Deputy Sec and Membership Advisor Website & Social Media Advisor Advisor |
Dates Acted (if not whole year) |
|---|---|---|
Oct 22 * 11 Nov 22 11 Nov 22 |
- AVM Monahan is eligible to become a Trustee of the Association and has requested that during his initial 6 month period in post as Admiral which coincides with a new primary role appointment, that he not be brought on a Trustee until Jun 23.
POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Newly appointed Trustees are provided with a copies of the Articles of Association, Association Rules and Bylaws and a Trustee brief which provided details of the following:
Duties of a Trustee Requirements (Duties of a Trustee) Summary of RAFSA legal entity and requirements
Including links to Charities Commission “The essential Trustee: what you need to know, what you need to do (CC3)” and “Managing your charity: guidance for trustees” documents. Summary of governing documents
Link to RAF Sports federation – Trustee-Role-Description.
OBJECTIVES AND ACTIVITIES
The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing.
The main activities are the provision of facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support.
The trustees have been mindful of the guidance issued by the Charities on public benefit.
It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents.
ACHIEVEMENTS AND PERFORMANCE
Following the restrictions brought about by COVID19, the Association, in line with government, National Governing Body (Royal Yachting Association (RYA)) and Directorate of RAF Sport (DRS) guidelines the charity has delivered facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support. Participation in and organisation of Service and Inter-Service events across the country have taken place. Opportunities to engage with the wider public and enable visibility of the Service through participation in civilian Yacht Club/National Association organised events such as Junior Offshore Group, Royal Ocean Racing Club, J109 Nationals have been delivered. Overall, the Association supported 44 events which enabled 109 Service Personnel to be introduced to the sport of sailing. Windsurfing and Dinghy Division delivered training courses which have enabled the introduction of personnel to the respective disciplines in a safe and controlled environment. The Safety Boat Division through the provision of an onthe-water rescue capability has been a key enabler to events organised by the other 3 Divisions. The Offshore Division has continued to provide Training Courses which have enabled the development of crew, skipper training and examination (including Day Skipper, Yachtmaster Coastal and Yachtmaster Offshore) as well as training of Cruising Instructors to enable Serving Personnel to provide the required resource for the delivery of unit Adventurous Training and Association activities.
4
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR
ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2022
FINANCIAL REVIEW
The return to a higher level of activity across all RAFSA disciplines has been most welcome, not only in achieving the main aim of getting people out on the water, but also in terms of healthier finances. With 474 people attending 44 RAFSA events throughout the year, 130 of them being new members, this is a healthy picture indeed. As detailed below, this has meant that profits from across RAFSA activity can be utilised to support the cycle of equipment replacement programmes throughout 2023 and beyond.
RAFSA’s general funds were utilised to support the shortfall between grants received and planned organisational activity across the Ops, K&E and NME pillars over the period; however, this was done so at a manageable level. Aiming to drawdown the high level of general funds, without negatively impacting the reserve funds (which grew during 2022), this approach is set to continue.
Regarding use of these reserve funds, Dinghy’s will be used to support planned boat replacement in early 2023. Offshore are watching how RNSA’s sale of their J109 progresses to inform a future replacement decision for Red Arrow. Similarly, condition reviews of RAFSA’s 2 x Hallberg Rassey yachts will inform a decision of when replacement would be optimum. That said, given good ongoing maintenance of the offshore fleet, RAFSA is in no rush to seek replacements and can make that decision on its own terms.
The designated funds for Offshore, Dinghy and Special Projects (safety & windsurfing) provide access to capital for larger equipment replacements that will not be covered by normal in-year income/grants.
At the end of December 2022 the designated funds remained as follows: Offshore Fund £33,309 Dinghy Fund £28,821 Special Project Fund £30,252
RAFSA plans to add the profits from 2022 Offshore and Dinghy training activities to these funds; this will be confirmed at the next BoT meeting (10 Mar 23). This will result in an uplift of circa £15k for the Offshore fund. The Dinghy fund will remain relatively stable as the additional 2022 profits (circa £6k) will be utilised for RAFSA’s required contribution to planned boat purchases.
STATEMENT OF DIRECTOR'S RESPONSIBILITIES:
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
-
state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements;
The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are 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.
The directors are also responsible for the contents of the Report of the Directors, and the responsibility of the independent examiner in relation to the Report of the Directors is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st December 2022, and confirm that I have made available all information necessary for its preparation.
Date: ................................................8 September 2023 Signature ...................................................., Director
Print Name: R SOUTH
5
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR
ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
Incorporating income and expenditure account
| Notes INCOME Income from: Charitable Activities 4(a) Investments 4(b) TOTAL INCOME EXPENDITURE Expenditure on Charitable Activities 5 TOTAL EXPENDITURE Net Income/(expenditure) before Investment gains/(losses) Net gains/(losses) on investments 3 NET INCOME/(EXPENDITURE) Transfers between funds 6/7 NET MOVEMENT IN FUNDS Reconciliation of funds: Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted Total Total Funds Funds Funds 2022 2021 £ £ £ £ £ 14,267 46,130 69,702 130,099 142,306 4,213 - - 4,213 3,114 18,480 46,130 69,702 134,312 145,420 4,530 101,647 68,470 174,647 183,637 4,530 101,647 68,470 174,647 183,637 13,950 (55,517) 1,232 (40,335) (38,217) (16,972) - - (16,972) 11,154 (3,022) (55,517) 1,232 (57,307) (27,063) (5,596) 6,828 (1,232) - - (8,618) (48,689) - (57,307) (27,063) 186,089 431,162 - 617,251 644,314 177,471 382,473 - 559,944 617,251 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 12 form part of these financial statements.
6
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31ST DECEMBER 2022
| Note Fixed Assets Tangible assets 2 Investments 3 Current Assets Debtors and Prepayments 8 Cash at bank and in hand Total Current Assets 9 NET ASSETS Funds of the Charity General Funds Designated Funds 7 Restricted Funds 6 TOTAL FUNDS Creditors:amounts falling due more than one year |
Unrestricted Restricted 31-Dec-22 31-Dec-21 Funds Funds Total Total £ £ £ £ 270,566 - 270,566 338,780 107,817 - 107,817 120,946 21,525 - 21,525 16,546 166,018 3,696 169,714 154,706 187,543 3,696 191,239 171,252 5,982 3,696 9,678 13,727 559,944 - 559,944 617,251 177,471 - 177,471 186,089 382,473 - 382,473 431,162 - - - - 559,944 - 559,944 617,251 |
|---|---|
DIRECTORS' RESPONSIBILITIES:
The charitable company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 13.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Directors on the ..........................................................20238th September Signed on their behalf by ....................................................., Director
Print name: R SOUTH
7
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparation:
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
Preparation of accounts on a going concern basis
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.
Change of accounting policy
No changes have been made to the accounting policies adopted.
Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period
Material prior period errors
No material prior year errors have been identified in the reporting period
The particular accounting policies adopted are set out below.
Income
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the income;
-
it is more likely than not that the trustees will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Tax Reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Contractual Income and Performance Related Grants
This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.
Gifts in Kind
Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.
Legacies
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
Government Grants
The charity has not received government grants in the reporting period.
8
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR
ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Income from membership subscriptions
Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.
Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.
Expenses and liabilities
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Grants with performance conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Changes in Accounting policies and previous accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since the last submission, and no changes to the previous accounts.
Grants payable without performance conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Deferred income
No material item of deferred income has been included in the accounts.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Assets
Tangible Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
| Off-Shore | 10-20% |
|---|---|
| Safety | 10-33.3% |
| Dinghy | 10% |
| Windsurfing | 20% |
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at directors' best estimate of market value.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
9
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
2. TANGIBLE FIXED ASSETS
| EQUIPMENT Cost 01-Jan-22 Adjustment 01-Jan-22 Additions Disposals Cost at 31-Dec-22 Depreciation 01-Jan-22 Adjustment 01-Jan-22 Disposals Charge Depreciation at 31-Dec-22 Net Book Value 31-Dec-22 Net Book Value 31-Dec-21 |
Off-Shore Safety Dinghy Windsurfing Total £ £ £ £ £ 305,831 76,512 235,487 91,754 709,584 - - 10,499 4,661 15,160 - - - 6,828 6,828 - - - - - 305,831 76,512 245,986 103,243 731,572 157,230 39,348 106,760 67,466 370,804 - - 10,499 4,661 15,160 - - - - - 32,083 7,885 24,599 10,475 75,042 189,313 47,233 141,858 82,602 461,006 116,518 29,279 104,128 20,641 270,566 148,601 37,164 128,727 24,288 338,780 |
|---|---|
A fixed asset register verification exercise was performed during 2022, and it was discovered that cost and depreciation of the Dinghy and Windsurfing categories of fixed assets had been inadvertently understated by £10,499 and £4,661 respectively. There is no effect on the Net Book Value.
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31-Dec-22 : None 31-Dec-21 : None
3. FIXED ASSET INVESTMENTS
| Investments Holding value at start of year Accumulated income Net gain/(loss) on revaluation Holding value at end of year 4. INCOME (a) Charitable Activities Grants Insurance Claim Other Charitable Activities (b) Investments Bank Interest Dividends |
£ 120,946 3,843 (16,972) 107,817 Unrestricted Designated Restricted Funds Funds Funds £ £ £ - - 69,702 - - - 14,267 46,130 - 14,267 46,130 69,702 370 - - 3,843 - - 4,213 - - |
TOTAL TOTAL 31-Dec-22 31-Dec-21 £ £ 107,817 120,946 Total Total 2022 2021 £ £ 69,702 74,012 - 9,537 60,397 58,757 130,099 142,306 370 15 3,843 3,099 4,213 3,114 |
|---|---|---|
10
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
5. EXPENDITURE
| Expenditure on Charitable Activities Activity Costs Depreciation Governance 6. RESTRICTED FUNDS RAF Sports Fund Grant RAF Central Fund Grant RAF Sports Fund Grant RAF Central Fund Grant |
Unrestricted Designated Restricted Total Total Funds Funds Funds 2022 2021 £ £ £ £ £ 4,163 26,605 67,210 97,978 99,742 - 75,042 - 75,042 82,238 367 - 1,260 1,627 1,657 4,530 101,647 68,470 174,647 183,637 Balance Balance 01-Jan-22 Income Expenditure Transfers 31-Dec-22 £ £ £ £ £ - 4,700 4,700 - - - 65,002 63,770 (1,232) - - 69,702 68,470 (1,232) - Balance Balance 01-Jan-21 Income Expenditure Transfers 31-Dec-21 £ £ £ £ £ - 718 718 - - - 73,294 58,364 (14,930) - - 74,012 59,082 (14,930) - CURRENT YEAR PREVIOUS YEAR |
|---|---|
Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities. Sports Fund Grant - for equipment
£1,232 (2021: £14,930) has been spent on tangible fixed assets. The terms of the restriction were met upon purchase of the asset, which has subsequently been transferred to the general fund.
7. DESIGNATED FUNDS
| Offshore Fund Dinghy Fund Special Project Fund Depreciation Fund Offshore Fund Dinghy Fund Special Project Fund Depreciation Fund |
Balance Balance 01-Jan-22 Income Expenditure Transfers 31-Dec-22 £ £ £ £ £ 33,309 37,854 22,408 - 48,755 28,821 8,276 4,197 - 32,900 30,252 - - - 30,252 338,780 - 75,042 6,828 270,566 431,162 46,130 101,647 6,828 382,473 Balance Balance 01-Jan-21 Income Expenditure Transfers 31-Dec-21 £ £ £ £ £ 25,258 43,332 35,281 - 33,309 20,688 12,209 4,076 - 28,821 25,017 - - 5,235 30,252 406,088 - 82,238 14,930 338,780 477,051 55,541 121,595 20,165 431,162 CURRENT YEAR PREVIOUS YEAR |
|---|---|
11
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
8. DEBTORS AND PREPAYMENTS
| Sundry Debtors VAT Debtor Prepayments |
Unrestricted Restricted Total Total Funds Funds 31-Dec-22 31-Dec-21 £ £ £ £ 1,024 - 1,024 458 759 - 759 1,001 19,742 - 19,742 15,087 21,525 - 21,525 16,546 |
|---|---|
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Sundry Creditors Accruals Grant to be Returned Deferred Income |
Unrestricted Restricted Total Total Funds Funds 31-Dec-22 31-Dec-21 £ £ £ £ 5,882 - 5,882 11,139 - 1,200 1,200 2,588 - 2,496 2,496 - 100 - 100 - 5,982 3,696 9,678 13,727 |
|---|---|
10. STAFF COSTS AND NUMBERS
There are no staff paid by The Royal Air Force Sailing Association (2021: none).
11. DIRECTORS AND OTHER RELATED PARTIES
No payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
12. RISK ASSESSMENT
The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
13. RESERVES POLICY
The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
14. PUBLIC BENEFIT
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Report of the Directors. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
12
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the tryustees/directors of the Royal Air Force Sailing Association on the accounts for the year ended 31st December 2022 set out on pages 3 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES/DIRECTORS AND EXAMINER
As described on pages 5 & 7, the charity's directors (who are also the trustees of the company for the purposes of charity law) are responsible for the preparation of the financial statements. The directors are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the directors have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
- c) to state whether particular matters have come to my attention.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
Date: 11th September 2023
13