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← Royal Military Academy Sandhurst Commandant's Fund

2021-03-31-accounts

Page
Report ofthe Trustee 1 to 5
Report ofthe Independent
Auditors		 6 to 9
Statement ofFinancial Activities 10
Balance Sheet
Notes to the Financial Statements 12 to 21
Detailed Statement ofFinancial Activities 22 to 23

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes 6
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 24,512
Other trading
activities		 2 162 162 1,792
Investment
income		 3 311,171 311,171 300,243
Total 311,333 311,333 326,547
EXPENDITURE ON
Raising funds 4 8,979 8,979 22,508
Charitable
activities
The Sandhurst
Collection		 64,103 64,103 54,675
General sundry grants 69,756 69,756 173,205
Depreciation
on asset used for charitable
purposes 996 996 1,172
SQM Infrastructure
grants		 346,235 346,235 275,707
Total 490,069 490,069 527,267
Net gains/(losses)
on investments		 1,454,048 1,454,048 ~877,9377
NET INCOME/(EXPENDITURE) 1,275,312 1,275,312 (878,651)
RECONCILIATION
OF FUNDS
Total funds brought forward
As previously
reported		 8,046,408 8,046,408 8,924,263
Prior year adjustment 9 37 134 37,134 37,930
As restated 8,083,542 8,083,542 8,962,193
TOTAL FUNDS CARRIED FORWARD 9.358.854 - 9,358,854 8,083.542

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes f as restated
FIXEDASSETS
Tangible assets 10 5,643 5,643 6,639
Investments 11 9,252,478 9,252,478 7,908,459
9,258,121 9,258,121 7,915,098
CURRENT ASSETS
Debtors 12 29,957 29,957 12,295
Prepayments
and accrued income		 76,270 76,270 40,218
Cash in hand 52,711 52,711 164,422
158,938 158,938 216,935
CREDITORS
Amounts
falling due within one year		 13 (58,205) (58,205) (48,491)
NET CURRENT ASSETS 100,733 100,733 168,444
TOTAL ASSETS LESSCURRENT
LIABILITIES 9,358,854 9,358,854 8,083,542
NET ASSETS 9,358,854 9,358,854 8,083,542
FUNDS 14
Unrestricted
funds		 9,358,854 8,083,542
TOTAL FUNDS 5358,854 8,883542

2021 2020
as restated
5 F
Sandhurst Collection sales 162 372
Sandhurst book sales 1,420
162 1,792
3. INVESTNIENT INCOME
2021 2020
f as restated
Sandhurst pool invest. income 74,467 153,736
CCLA investment
income		 236,579 145,744
Deposit account interest 125 763
311,171 300,243
4. RAISING FUNDS
Investment management costs
2021 2020
as restated
F
Porffolio management 8,979 22,508
5. CHARITABLE ACTIVITIES COSTS
Grant Support
funding of costs (see
activities note 6) Totals
6
The Sandhurst
Collection		 58,933 5,170 64,103
General
sundry grants		 55,951 13,805 69,756
Depreciation
on asset used		 for
charitable purposes 996 996
SQM Infrastructure
grants		 346,235 346,235
461,119 19,971 481,090

Governance
costs
6
The Sandhurst Collection 5,170
General sundry grants 13,805
Depreciation on asset used for charitable
purposes 996
19,971
Support costs, included in the above, are as follows:
Governance costs
2021 2020
as restated
Depreciation
on asset
The General used for
Sandhurst sundry charitable Total Total
Collection
E		 grants
E		 purposes
6		 activities
f		 activities
Auditors' remuneration 6,360 6,360 6,350
Auditors' remuneration for
non audit work 5,454 5,454 5,920
Insurance 5,170 5,170 5,390
Printing, stationery &
postage 189 189 635
Sundries 4,395
Committee meetings 70
Depreciation oftangible
fixed assets 996 996 1,172
Sage support costs 1,802 1,802 1,551
5,170 13,805 996 19,971 25,483

There were no trustee's
expenses
paid
for the year ended
31st March 20
31stMarch 2020.		 There were no trustee's
expenses
paid
for the year ended
31st March 20
31stMarch 2020.		 There were no trustee's
expenses
paid
for the year ended
31st March 20
31stMarch 2020.		 21 nor for th e year ended
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
as restated
8
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 24,512 24,512
Other trading
activities		 1,792 1,792
Investment
income		 300,243 300,243
Total 326,547 326,547
EXPENDITURE ON
Raising funds 22,508 22,508
Charitable
activities
The Sandhurst
Collection		 54,675 54,675
General sundry grants 173,205 173,205
Depreciation
on asset		 used for charitable
purposes 1,172 1,172
SQM Infrastructure
grants		 275,707 275,707
Total 527,267 527,267
Net gains/(losses)
on		 investments ~677,6317 677,931
NET INCOME/(EXPENDITURE) (878,651) (878,651)
RECONCILIATION
OF FUNDS
Total funds brought forward
As previously
reported		 8,924,263 8,924,263
Prior year adjustment 37,930 37,930
As restated 8,962,193 8,962,193

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
as restated
f
TOTAL FUNDS CARRIED FORWARD 8003542 8083542
10. TANGIBLE FIXEDASSETS
Plant and
machinery
COST
At 1st April 2020 and 31st March 2021 12,717
DEPRECIATION
At 1st April 2020 6,078
Charge for year 996
At 31st March 2021 7,074
NET BOOK VALUE
At 31st March 2021 5,643
At 31stMarch 2020 6,639
11. FIXEDASSET INVESTMENTS
2021 2020
f as restated
f
Shares 9,239,968 7,746,970
Other 12,610 161,489
9.252.478 7.908459

Additional
information
as follows:
Sandhurst
Pool of CCLA Minority
Listed Listed interests
Investments Investments share Totals
f f f
NIARKET VALUE
At 1stApril 2020 4,381,686 4,173,149 (807,865) 7,746,970
Additions 299,436 4,975,087 5,274,523
Disposals
Revaluations		 (4,681,122) 1,034,445 ~)34,848) (4,681,122)
899,597
At 31stMarch 2021 10,182,681 ~942,7)3) 9,239,968
NET BOOK VALUE
At 31st March 2021 10,182,681 ~9427)3) 9239,968
At 31st March 2020 4,381,686 4,173,149 ~807,865) 7,?46,9711
Investments (neither
listed nor unlisted)
were as follow		 s:
2021 2020
as restated
f
Sandhurst pool cash deposits 1,892 29,538
CCLA cash deposits 10,618 131,951
12,510 161,489

DEB TO RS:AMO UNTS FALLING DUE WITHIN ON E YEAR
2021 2020
as restated
f f
Loan to Sandhurst Trust 3,257 4,895
Loan to Saddle Club 26,700 7,400
29,957 12,295

2021 2020
as restated
f
Minority interests - dividends &interest due 48,306 34,201
Accrued expenses 9,899 14,290
58,205 48,491
MOVEMENT IN FUNDS
Prior Net
At 1.4.20
f		 year
adjustment
f		 movement
in funds
f		 At
31.3.21
f
Unrestricted funds
General fund 8,046,408 37,134 1,275,312 9,358,854
TOTAL FUNDS 8,046 4D8 37,134 1,275,312 9,358,854
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended
f		 losses
f		 in funds
f
Unrestricted funds
General fund 311,333 (490,069) 1,454,048 1,275,312
TOTAL FUNDS 311.333 ~4900697 1.454048 1,275312

Prior Net
year movement At
At 1.4.19 adjustment in funds 31.3.20
E 8
Unrestricted funds
General fund 8,924,263 37,930 (878,651) 8,083,542
TOTAL FUNDS 8,083,542
Compara tive net movement
in fun		 ds,
included
in the above		 are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
F 6
Unrestricted funds
General fund 326,547 (527,267) (677,931) (878,651)
TOTAL FUNDS 326,547 ~527,267 ~677,931) j878,651)
A curren t yea r 12months
and pri		 or year 12months
combined		 position
is as		 follows:
Prior Net
year movement At
At 1.4.19 adjustment in funds 31.3.21
E
Unrestricted funds
General fund 8,924,263 37,930 396,661 9,358,854
TOTAL FUNDS 8,924,263 37,930 396,661 9,358,854
above a re as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
E 6 6
Unrestricted funds
General fund 637,880 (1,017,336) 776,117 396,661
TOTAL FUNDS 637 88tl ~1,017,336) 776,117 396661

2021 2020
as restated
5 5
INCOME AND ENDOWMENTS
Donations
and legacies
Donations 24,512
Other trading activities
Sandhurst
Collection sales		 162 372
Sandhurst
book sales		 1,420
162 1,792
Investment
income
Sandhurst
pool invest. income		 74,467 153,736
CCLA investment
income		 236,579 145,744
Deposit account interest 125 763
311,171 300,243
Total incoming resources 311,333 326,547
EXPENDITURE
Investment
management		 costs
Portfolio management 8,979 22,508
Charitable
activities
Charitable
reception expenses		 2,464
Grants to supported
causes		 461,119 312,428
Sundry grants and donations 164,384
461,119 479,276
Support costs
Governance costs
Auditors'
remuneration		 6,360 6,350
Auditors'
remuneration		 for non audit work 5,454 5,920
Insurance 5,170 5,390
Printing,
stationery
&postage		 189 635
Sundries 4,395
Committee
meetings		 70
Carried forward 17,173 22,760

2021 2020
as restated
6
Governance costs
Brought forward 17,173 22,760
Plant and machinery 996 1,172
Sage support costs 1,802 1,551
19,971 25,483
Total resources expended 490,069 527,267
Net expenditure
before gains and losses		 (178,736) (200,720)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 450,840 43,650
Net income/(expenditure) 272,104 (157,070)