ROYAL AIR FORCE SAILING ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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 6 | Report of the Directors |
| Page 7 | Statement of Financial Activities |
| Page 8 | Balance Sheet |
| Pages 9 to 14 | Notes to the Financial Statements |
| Page 15 | Independent Examiners Report on the Accounts |
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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 2023
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1132197 COMPANY REGISTRATION NUMBER 7030163 START OF FINANCIAL YEAR 1st January 2023 END OF FINANCIAL YEAR 31st December 2023 DIRECTORS DURING THE YEAR AND Air Cdre Coton (resigned Oct 23) (Chair) TO DATE Gp Capt Walker (WEF Oct 23) (Chair) WG Cdr Litten (Vice Commodore) Wg Cdr Burgess (Rear Commodore Offshore) Wg Cdr Kent (Rear Commodore Windsurfing) Wg Cdr Dodwell (Rear Commodore Dinghy) WO Cooper (Rear Commodore Safety Boat) Wg Cdr Lobbedey (Hon Secretary) Wg Cdr South (Hon Treasurer) 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 His 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.
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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 2023
ORGANISATIONAL STRUCTURE
The Charity is managed by a Board of Trustees with 4 sub-divisions; Offshore (Racing, Training and Expeditions), Dinghy (Racing, Training), Windsurfing (Racing, Training) and Safety Boat Division (safety support to the other 3 Divisions within the Charity).
The Royal Yachting Association is the National Governing Body for all activity undertaken by the Charity.
The Charity has the support of Advisors as listed below. The Board of Trustees provide strategic direction.
Advisors to the Trustees that served during the year were:
| Name AVM Monahan * Sqn Ldr Cook CT O’Brien |
Office Admiral Deputy Sec and Membership Advisor Website & Social Media Advisor |
Dates Acted (if not whole year) |
|---|---|---|
Resigned Oct 23 |
- AVM Monahan was appointed as Admiral of the Association, but has not been brought on as a Trustee of the Association. It was recommended during an independent governance audit arranged through the Directorate of RAF Sport during 2023 that Presidents of Sport Association should not routinely assume the responsibility of a Trustee.
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. The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. 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.
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 and supporting personnel, 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. Within the RAF Sailing Association, there is significant support provided by retired Service Personnel giving up their own time, often occupying positions within divisional committees. Without this support, the Association would not be able to deliver its range of activities.
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.
In addition at the start of each meeting of the Board of Trustees, Trustees are reminded of their responsibilities.
TRUSTEE SELECTION METHOD
Chair appointed by The Air Officer Commanding (AOC) Number 22 (Training) Group. Whilst the chair is appointed by the AOC 22 Gp, all Trustees are elected to be brought on as Trustee through BoT election process.
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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 2023
ACHIEVEMENTS AND PERFORMANCE
The charity has delivered facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support in line with the objects. 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. The Association supported events which enabled in excess of 80 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 on[1]the-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. In addition the Offshore Division entered the bi-annual Fastnet Race; however, owing to deteriorating weather conditions was required to retire from the race demonstrating that safety of personnel is paramount to the delivery of the activities.
FINANCIAL REVIEW
Asset purchases totalled £31,967 this year, this is in addition to the most notable draw on RAFSA funds which were linked to planned and unscheduled maintenance required within the offshore fleet. That said, given that activity across all divisions remained buoyant, these costs have been covered in part through draw down of the general fund so as to limit impact on special/replacement funds. This is a manageable and positive course of action, protecting our replacement funds for potential boat replacements over the next few years, whilst maintaining a general fund that is still capable of meeting unforeseen equipment and/or operating costs in the medium term. Any further larger scale asset replacements which could alter this position will be subject to further Trustee discussion and agreement.
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 2023 these designated funds remained as follows: Offshore Fund £33,628 Dinghy Fund £29,425 Special Project Fund £30,252
Despite the reduction in the Offshore fund from the previous year, this still represents a positive position and supports plans to replace Offshore’s racing vessel through re-capitalisation activity during 2025-2026.
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 :-
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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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.
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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 2023
STATEMENT OF DIRECTOR'S RESPONSIBILITIES:
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 2023, and confirm that I have made available all information necessary for its preparation.
Date: ................................................11 Sep 2024
Signature ...................................................., Director
Print Name: R South
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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 2023
| 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 2023 2022 £ £ £ £ £ 14,255 35,647 78,453 128,355 130,099 6,266 - - 6,266 4,213 20,521 35,647 78,453 134,621 134,312 31,714 128,410 58,357 218,481 174,647 31,714 128,410 58,357 218,481 174,647 (11,193) (92,763) 20,096 (83,860) (40,335) 357 - - 357 (16,972) (10,836) (92,763) 20,096 (83,503) (57,307) (8,133) 28,229 (20,096) - - (18,969) (64,534) - (83,503) (57,307) 177,471 382,473 - 559,944 617,251 158,502 317,939 - 476,441 559,944 |
|---|---|
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 9 to 14 form part of these financial statements.
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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31ST DECEMBER 2023
| 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-23 31-Dec-22 Funds Funds Total Total £ £ £ £ 224,995 - 224,995 270,566 112,548 - 112,548 107,817 22,559 - 22,559 21,525 117,849 - 117,849 169,714 140,408 - 140,408 191,239 1,510 - 1,510 9,678 476,441 - 476,441 559,944 158,502 - 158,502 177,471 317,939 - 317,939 382,473 - - - - 476,441 - 476,441 559,944 |
|---|---|
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 15.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
11 September Approved by the Directors on the ..........................................................2024 Signed on their behalf by ....................................................., Director
Print name: R South
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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 2023
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
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
Some items of income and expenditure have been re-classified to provide better clarity. Overall figures have not been restated.
The particular accounting policies adopted are set out below.
Income
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the income;
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it is more likely than not that the trustees will receive the resources; and
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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.
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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 2023
Government Grants
The charity has not received government grants in the reporting period.
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.
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
One 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.
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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 2023
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.
2. TANGIBLE FIXED ASSETS
| EQUIPMENT Cost 01-Jan-23 Additions Cost at 31-Dec-23 Depreciation 01-Jan-23 Charge Depreciation at 31-Dec-23 Net Book Value 31-Dec-23 Net Book Value 31-Dec-22 |
Off-Shore Safety Dinghy Windsurfing Total £ £ £ £ £ 305,831 76,512 245,986 103,243 731,572 - - 13,752 18,215 31,967 305,831 76,512 259,738 121,458 763,539 189,313 47,233 141,858 82,602 461,006 32,083 7,885 25,974 11,596 77,538 221,396 55,118 167,832 94,198 538,544 84,435 21,394 91,906 27,260 224,995 116,518 29,279 104,128 20,641 270,566 |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31-Dec-23 : None 31-Dec-22 : 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 |
£ 107,817 4,374 357 112,548 |
TOTAL TOTAL 31-Dec-23 31-Dec-22 £ £ 112,548 107,817 |
|---|---|---|
4. INCOME
| (a) Charitable Activities Grants Annual Dinner Rental, Charter, Hire and Lease Income Coaching and Training Course Income Other Charitable Activities Sale of Equipment, Ensigns, Bunting (b) Investments Bank Interest Dividends Subscriptions and Membership Income |
Unrestricted Designated Restricted Total Total Funds Funds Funds 2023 2022 £ £ £ £ £ - - 78,453 78,453 69,702 - 1,236 - 1,236 - 10,335 - 10,335 8,115 2,460 26,852 - 29,312 40,216 1,428 2,925 - 4,353 3,735 32 3,617 - 3,649 5,336 1,017 - 1,017 2,995 14,255 35,647 78,453 128,355 130,099 1,892 - - 1,892 370 4,374 - - 4,374 3,843 6,266 - - 6,266 4,213 |
|---|---|
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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 2023
5. EXPENDITURE
| Expenditure on Charitable Activities Activity Costs * Depreciation Governance Annual Dinner Provision for Doubtful Debt |
Unrestricted Designated Restricted Total Total Funds Funds Funds 2023 2022 £ £ £ £ £ 30,117 46,998 58,357 135,472 97,978 - 77,538 - 77,538 75,042 1,597 - - 1,597 1,627 - 1,214 - 1,214 - - 2,660 - 2,660 - 31,714 128,410 58,357 218,481 174,647 |
|---|---|
DETAILS OF MATERIAL EXPENDITURE
| The following expenditure is included in activity costs: Kit and Equipment Repairs and Maintenance Insurance RAF Champs and Inter Services Ground Rent and Mooring Fees Registration, Affiliation and Entrance Fees Travel and Accomodation Hire costs and Berthing Fees Other Charitable Activities New Member Engagement |
TOTAL TOTAL 2023 2022 £ £ 7,447 14,434 73,175 33,673 18,687 14,518 3,963 4,466 6,214 5,317 6,877 6,370 1,520 1,329 7,842 8,308 2,945 5,602 6,802 3,961 135,472 97,978 |
|---|---|
6. RESTRICTED FUNDS
| RAF Sports Fund Grant RAF Central Fund Grant RAF Sports Fund Grant RAF Central Fund Grant |
Balance Balance 01-Jan-23 Income Expenditure Transfers 31-Dec-23 £ £ £ £ £ - 18,100 (485) (17,615) - - 60,353 (57,872) (2,481) - - 78,453 (58,357) (20,096) - 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) - CURRENT YEAR PREVIOUS YEAR |
|---|---|
Sports Fund Grant - for equipment
Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities.
£20,096 (2022: £1,232) 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.
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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 2023
7. DESIGNATED FUNDS
| Offshore Fund Dinghy Fund Special Project Fund Depreciation Fund Offshore Fund Dinghy Fund Special Project Fund Depreciation Fund 8. DEBTORS AND PREPAYMENTS Sundry Debtors Allowance for Doubtful Debts VAT Debtor Prepayments |
Balance 01-Jan-23 £ 48,755 32,900 30,252 270,566 382,473 Balance 01-Jan-22 £ 33,309 28,821 30,252 338,780 431,162 |
Balance Income Expenditure Transfers 31-Dec-23 £ £ £ £ 29,350 (44,837) - 33,268 6,297 (6,035) (3,737) 29,425 - - - 30,252 - (77,538) 31,966 224,994 35,647 (128,410) 28,229 317,939 Balance Income Expenditure Transfers 31-Dec-22 £ £ £ £ 37,854 (22,408) - 48,755 8,276 (4,197) - 32,900 - - - 30,252 - (75,042) 6,828 270,566 46,130 (101,647) 6,828 382,473 Unrestricted Restricted Total Total Funds Funds 31-Dec-23 31-Dec-22 £ £ £ £ 2,664 - 2,664 1,024 (2,660) - (2,660) - 912 - 912 759 21,643 - 21,643 19,742 22,559 - 22,559 21,525 CURRENT YEAR PREVIOUS YEAR |
|---|---|---|
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-23 31-Dec-22 £ £ £ £ 280 - 280 5,882 1,230 - 1,230 1,200 - - - 2,496 - - - 100 1,510 - 1,510 9,678 |
|---|---|
10. STAFF COSTS AND NUMBERS
There are no staff paid by The Royal Air Force Sailing Association (2022: none).
11. DIRECTORS AND OTHER RELATED PARTIES
No payments were made to directors or any persons connected with them during this financial period, apart from the reimbursement of charitable expenditure paid personally. No material transaction took place between the organisation and a director or any person connected with them.
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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 2023
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.
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/directors of the Royal Air Force Sailing Association on the accounts for the year ended 31st December 2023 set out on pages 3 to 14.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES/DIRECTORS AND EXAMINER
As described on pages 6 & 8, 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 accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
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:
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the accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts did not accord with the accounting records; or
· the accounts did not comply with the applicable requirements under section 396 of the Companies Act 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.
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J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
Date: 12 September 2024
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