THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
CHARITY REGISTRATION No: 1133113 COMPANY REGISTRATION No: 07002524
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
THE ROYAL AIR FORCE WINTER SPORTS ALPINE 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 15 | Notes to the Financial Statements. |
| Page 16 | Independent Examiners Report on the Accounts. |
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023
CHARITY NUMBER 1133113 COMPANY REGISTRATION NUMBER 07002524 START OF FINANCIAL YEAR 1st January 2023 END OF FINANCIAL YEAR 31st December 2023
31st December 2023
DIRECTORS THAT SERVED DURING YEAR ENDED 31ST DECEMBER 2023
Martin Cunningham Chair Michael Waring Joanna Bland (resigned 27 September 2023) Brian Wood Nicola Duncan Robert Jackson David Tozer (resigned 31 October 2023) Adam Shave (appointed 1st June 2023) Louise McClurg (appointed 1st June 2023)
The Chair is appointed by AOC 22 Group. Other Trustees are elected at AGM.
COMPANY SECRETARY Wilsons (Company Secretaries) Ltd
REGISTERED ADDRESS Alexandra House St John's Street Salisbury Wiltshire SP1 2SB DATE OF INCORPORATION 27th August 2009 GOVERNING DOCUMENT Memorandum and Articles of Association Incorporated 27th August 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 West Sussex 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 Winter Sports.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2023
OBJECTS AND ACTIVITIES
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 Winter Sports.
The main activities are: to hold an annual championships to further promote the charitable objectives and introduce “grass root” individuals to winter sports; and provision of tuition to improve and extend personnel beyond their current capabilities in the areas of alpine skiing, snowboarding and telemarking.
The trustees have been mindful of the guidance issued by the Charities on public benefit.
Grants made by the Charity are done with the interests of further developing individuals’ participation at representative level and ensuring access to sport for all.
Development squads, training camps and ‘taster’ sessions are widely offered to allow individuals to access sport and determine their level of interest and suitability.
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
Providing access to winter sports for military personnel through UK indoor training and competitions, developmental overseas training camps and delivery of a competitive platform through the RAF Alpine Championships. Supported RAF coaching development and individual qualifications to improve and develop all such personnel, within alpine skiing, snowboarding and telemark skiing domains. Provided financial assistance to the RAF alpine skiing, snowboarding and telemark skiing squads in order to facilitate their respective training programmes.
A full programme of planned activity and development took place during 2023. The overseas RAF championships returned to full participation facilitating development of grass roots and competition opportunities for over 800 RAF serving personnel. Similarly, there was excellent participation for UK Indoor training throughout the year and at the annual Indoor Festival and Indoor competition, all allowing access for more grass root individuals than ever before and the opportunity for competition for those unable to take part in overseas events. There was full participation from all RAF squads for the Inter Service Competition with the excellent results demonstrating the value of the year’s efforts.
Planning activity and a greater focus on internal instructor development to deliver a full programme of activity for 2024 also took place in the reporting period.
SERIOUS INCIDENTS
No serious incidents occurred during this reporting period.
FINANCIAL REVIEW
The Charity started the year in a healthy position, following a few years of lighter activity, However, the funds were run down throughout the year with the resumption of a full-scale training, activity and competition programme coupled with the increase in activity costs in the UK and Europe. The year ended with the base line reserves.
A thorough review of the estimated costs for the next 24-month period was completed, to take account of inflation estimates and a change in the primary resort contractor for the Alpine Championships. This will aim to ensure the Charity can balance the output commitments with financial stability.
RESERVES POLICY
Reserves are held to ensure planned activity is not adversely affected if: income streams do not match anticipated levels, to allow for changes in cash flow throughout the year, and to account for unexpected or higher than anticipated expenditures.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2023
RESERVES POLICY (continued)
2023 saw a significant shift to greater than 50% of the Charity’s income being received from voluntary donations which, although are carefully managed, are an unreliable source of income and are received on a rolling basis throughout the FY, not tied to the periods of activity expenditure.
Reserves held at 31st December 2023 were £281,882 as represented by unrestricted net current asssets on the balance sheet.
PRINCIPAL SOURCES OF FUNDS
The RAF Winter Sports Alpine Association receives grants from the RAF Central Fund, RAF Sports Lottery and UK Armed Forces. In addition, sponsorship and donations are sought to provide additional, non-public funds which are used to support the objects of the Association, in particular the development of alpine sports at all levels in the RAF.
PRINCIPAL RISKS FACING THE CHARITY
A significant reduction in Central Fund grant funding was received in 2023 and some additional underspends awarded late in the FY. This made planning activity a challenge and presented risks to cash flow management. It is anticipated the significant increase in the cost of delivering training and activities (due to global inflation rates) will continue over the next 5 years and without guaranteed and increasing income, places a considerable risk to the ambitions of the Winter Sports Alpine Association.
To mitigate an element of the risk, which is within the trustee’s AOR, sponsorship and donation agreements will be revised in 2024. The aim is to attract more partners, increase the donation income agreements and plan in annual increments to ensure sustainability.
There remains a large, and growing demand for “grass roots” RAF personnel to engage with Winter Sports activity and in particular within the female domains. To meet this demand the number and scale of planned training and activity has been increased and plans to be retained despite the rising costs, but when faced with reduced and uncertain grant income the shift towards higher external funding solutions (such as sponsorship and donations) are now an essential element of the costed plan.
GOVERNANCE
The Chairman is appointed by AOC 22 Group. Other Trustees are appointed according to the charity's memorandum and articles of association by member vote at AGM by virtue of their role and background in terms of being suitably qualified and experienced personnel. Trustees serve a maximum of a 3 year term before resigning but can be re-elected an unlimited number of times if required.
STATEMENT OF DIRECTORS RESPONSIBILITIES:
The Charities Act and the Companies Act require the Board of Directors 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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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2023
STATEMENT OF DIRECTORS RESPONSIBILITIES (continued):
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.
Signature: ......................................................, Director Date: ........................................
Print Name:
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes INCOME FROM: Donations and Legacies 3a Charitable Activities 3b Other Trading Activities 3c TOTAL EXPENDITURE ON: Expenditure on: Charitable Activities 4 TOTAL NET INCOME/(EXPENDITURE) Transfers between Funds NET MOVEMENT IN FUNDS Reconciliation of Funds: Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
12 months 7 months Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ 109,150 95,977 205,127 201,920 175,974 - 175,974 31,277 62,014 - 62,014 60,025 347,138 95,977 443,115 293,222 378,266 99,254 477,520 196,945 378,266 99,254 477,520 196,945 (31,128) (3,277) (34,405) 96,277 (2,977) 2,977 - - (34,105) (300) (34,405) 96,277 317,055 300 317,355 221,078 282,950 - 282,950 317,355 |
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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 15 form part of these financial statements.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET AS AT 31ST DECEMBER 2023
| Note Fixed Assets Tangible assets 2 Current Assets Debtors 6 Cash at bank and in hand Total Current Assets 7 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES TOTAL NET ASSETS/(LIABILITIES) FUNDS OF THE CHARITY Unrestricted Funds Restricted Funds 5 TOTAL FUNDS Creditors:amounts falling due after one year Creditors:amounts falling due within one year |
Unrestricted Restricted 31-Dec-23 31-Dec-22 Funds Funds Total Total £ £ £ £ 1,068 - 1,068 1,822 177,795 - 177,795 171,627 198,154 - 198,154 236,028 375,949 - 375,949 407,655 94,067 - 94,067 92,122 281,882 - 281,882 315,533 282,950 - 282,950 317,355 - - - - 282,950 - 282,950 317,355 282,950 - 282,950 317,055 - - - 300 282,950 - 282,950 317,355 |
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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 16.
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….................................
Signed on their behalf by ....................................................................., Director
Print Name:
Company Number: 7002524
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE 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 accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP [FRS 102]) and the Charities Act 2011.
The Royal Air Force Winter Sports Alpine Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
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.
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 SORP.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
The particular accounting policies adopted are set out below.
Changes in Accounting policies and previous accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
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 resources;
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it is more likely than not that the charity 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).
Contract
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 are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Investment Income
This is included in the accounts when receivable.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES
Expenditure and liabilities
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
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
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
If the charity receives income which has conditions attached that prevents entitlement and use, the receipt is not included in the SOFA until the precondition has been met (i.e. until the money can lawfully be spent). The amount of deferred income is shown on the balance sheet as a liability.
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.
Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over their estimated useful lives. The rates applied per annum are as follows:
Snowboard 10%
Fund Structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Charity Status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the asets of the charity in the event of liquidation.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
2. TANGIBLE FIXED ASSETS
| Snowboard Assets 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 |
Unrestricted Restricted Total £ £ £ 7,540 - 7,540 - - - 7,540 - 7,540 5,718 - 5,718 754 - 754 6,472 - 6,472 1,068 - 1,068 1,822 - 1,822 |
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The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31-Dec-23 : None 31-Dec-22 : None
| 3. ANALYSIS OF INCOME a) Donations and Legacies RAF Central Fund grants Donations b) Charitable Activities Personal contributions for activities c) Trading Activities Sponsorship |
12 months 7 months Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ - 95,977 95,977 81,670 109,150 - 109,150 120,250 109,150 95,977 205,127 201,920 175,974 - 175,974 31,277 175,974 - 175,974 31,277 62,014 - 62,014 60,025 62,014 - 62,014 60,025 |
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
4. EXPENDITURE ON CHARITABLE ACTIVITIES
| RAF Championships RAFSF Grant Expenditure Indoor Champs Training Camps Inter Services Overseas Visits Clothing, Kit & Equipment Coaching & Course Costs Sponsorship Costs Operational Costs Governance Costs New Member Engagement Grants awarded to individuals Other Expenses Depreciation |
12 months 7 months Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ 192,308 18,147 210,455 14,711 - - - 23,359 5,704 11,800 17,504 13,363 52,452 4,943 57,395 32,873 67,945 - 67,945 14,038 1,333 753 2,086 6,631 9,346 27,330 36,676 47,338 5,704 34,311 40,015 19,024 3,989 - 3,989 4,603 30,490 - 30,490 14,868 5,763 - 5,763 3,780 642 1,970 2,612 - 1,000 - 1,000 202 836 - 836 1,715 754 - 754 440 378,266 99,254 477,520 196,945 |
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Within the expenditure items above the following items are within operating costs:
| Operating costs Accommodation, Refreshments , Travel and Hire Costs Annual Dinner Bank Charges, Website, Printing, Postage, Telephone and Stationery First Aid, Medals and Trophies and Officials Insurance Registration and Affiliation Fees Training, Subscriptions, Membership, Entrance Fees and Coaching |
12 months 7 months 2023 2022 £ £ 19,034 12,502 1,465 - 1,480 961 587 565 6,316 - 140 - 1,468 840 30,490 14,868 |
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Within the expenditure items above the following items are within governance costs:
| Governance costs Solicitor's Fees - Company Secretarial Solicitor's Fees - VAT Advisory Solicitor's Fees - Charity law and Commercial Contracting Advisory Costs relating to the Annual General Meeting Independent Examiner's Fees (Less prior year over accrual) *Grants Awarded: Other RAF Winter Sports Associations Individual Awards |
12 months 7 months 2023 2022 £ £ 367 367 - 675 3,323 - 993 1,418 1,260 1,380 (180) (60) 5,763 3,780 - 23,359 1,000 202 1,000 23,561 |
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
5. RESTRICTED FUNDS
| 5. RESTRICTED FUNDS | |||||
|---|---|---|---|---|---|
| CURRENT PERIOD | |||||
| BALANCE | Income | Expenditure | Transfers | BALANCE | |
| 01-Jan-23 | 31-Dec-23 | ||||
| £ | £ | £ | £ | £ | |
| RAF Central Fund Grants: | |||||
| Association/Champs: CF Grant 2023 | - | 74,478 | (26,592) | (47,886) | - |
| Ski: CF Grant 2023 | - | - | (21,740) | 21,740 | - |
| Snowboard: CF Grant 2023 | - | - | (23,664) | 23,664 | - |
| Telemark: CF Grant 2023 | - | - | (5,607) | 5,607 | - |
| RAF Sports Federation Grant (Association) | 21,499 | (18,476) | (3,023) | - | |
| RAF Sports Federation Grant (Ski) | 300 | - | (426) | 126 | - |
| RAF Sports Federation Grant (Telemark) | - | (2,749) | 2,749 | - | |
| 300 | 95,977 | (99,254) | 2,977 | - |
Central Fund Grant is for operating costs, kit and equipment, overseas visits and development activities. A new grant is given each year, and any unspent from the previous year is returned.
| Transfers are represented by: Association Restricted Fund Ski Restricted Fund Snowboard Restricted Fund Telemark Restricted Fund RAFSF - Ski Restricted Fund RAFSF - Telemark Restricted Fund Unrestricted funds to RAFSF Association Restricted fund Unrestricted funds to Association Restricted fund |
£ (54,187) transfer between disciplines 21740 transfer between disciplines 23664 transfer between disciplines 5607 transfer between disciplines 126 transfer between disciplines 2749 transfer between disciplines 3,125 top up shortfall 153 top up shortfall 2,977 |
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5. RESTRICTED FUNDS (continued)
| BALANCE 01-Jun-22 £ RAF Central Fund Grants: Association/Champs: CF Grant 2022 9,967 Ski: CF Grant 2022 - Snowboard: CF Grant 2022 - Telemark: CF Grant 2022 10,941 RAF Sports Federation Grant (Ski) 300 21,208 Transfers are represented by: Unrestricted funds to Association Restricted fund Unrestricted funds to Ski Restricted fund Unrestricted funds to Telemark Restricted fund Unrestricted funds to Snowboard Restricted fund Ski Restricted Fund to Unrestricted Funds Ski Restricted Fund to Snowboard Restricted Fund Ski Restricted Fund to Snowboard Restricted Fund Telemark Restricted Fund to Assoc'n Restricted Fund RAFSF (Ski) to Unrestricted Funds |
Income Expenditure Transfers BALANCE 31-Dec-22 £ £ £ £ 5,600 (16,925) 1,358 - 14,200 (12,451) (1,749) - 9,000 (12,125) 3,125 - 8,695 (19,686) 50 - 44,175 (44,105) (70) 300 81,670 (105,292) 2,714 300 £ 1,358 top up shortfall 296 top up shortfall 649 top up shortfall 2,450 top up shortfall (1,369) replenish funds paid from unrestricted (675) transfer between disciplines 675 transfer between disciplines (600) transfer between disciplines (70) unspent funds 2,714 PRIOR YEAR (7 month period) |
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
6. DEBTORS AND PREPAYMENTS
| Debtors | Unrestricted Restricted Total Total Fund Fund 31-Dec-23 31-Dec-22 £ £ £ £ 177,795 - 177,795 120,537 177,795 - 177,795 120,537 |
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7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Creditors Accruals & Deferred Income 7a. DEFERRED INCOME Deferred income brought forward 01/01/23 Utilised in the year Receipts in 2023 for 2024 Deferred income as at 31/12/23 |
Unrestricted Fund £ 38,391 55,676 94,067 |
Restricted Total Total Fund 31-Dec-23 31-Dec-22 £ £ £ - 38,391 28,768 - 55,676 63,354 - 94,067 92,122 £ 50,939 (50,939) - 54,416 54,416 |
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Some 2023 income has been deferred to 2024 because there are conditions attached to the income regarding future service delivery.
8. STAFF COSTS AND NUMBERS
There are no staff paid by The Royal Air Force Winter Sports Alpine Association (2022: Nil).
| D OTHER RELATED PARTIES Total directors expenses Number of directors receiving expenses |
12 months 7 months Total Total 2023 2022 £5,895 11,517 £ 5 6 |
|---|---|
9. DIRECTORS AND OTHER RELATED PARTIES
The expenses above mainly relate to reimbursement of accommodation and travel booked for group overseas visits, as well as minor expenditure enabling directors to carry out their duties.
No other 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 director or any person connected with them.
10. 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.
11. 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.
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THE ROYAL AIR FORCE WINTER SPORTS ALPINE ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
12. 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 Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
13. COMPARATIVES
Care needs to be taken when using the comparatives as the 2022 figures are for the 7 months 1st June 2022 to 31st December 2022 as the financial year was changed from 31st May 2022 to 31st December 2022.
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/members of The Royal Air Force Winter Sports Alpine Association on the accounts for the year ended 31st December 2023 set out on pages 7 to 15.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you 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.
The company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Charity Independent Examiners.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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; or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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 West Sussex PO18 8NF Date:
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