**REGISTERED CHARITY NUMBER: 1134698**
**Report of the Trustees and**
**Audited Financial Statements**
**for the Year Ended 31st March 2024**
**for**
**The Royal Military Academy Sandhurst Commandant's Fund**
**The Royal Military Academy Sandhurst Commandant's Fund**
**Contents of the Financial Statements for the Year Ended 31st March 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Report of the Independent Auditors**|5 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Notes to the Financial Statements**|11 to 19|
|**Detailed Statement of Financial Activities**|20 to 21|
**The Royal Military Academy Sandhurst Commandant's Fund**
**Report of the Trustees for the Year Ended 31st March 2024**
The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The aim of the Commandant's Fund is to provide capital and income to be applied by the Commandant, Royal Military Academy Sandhurst, at his discretion, for the benefit of the officer cadets and other personnel at the Royal Military Academy Sandhurst and for the relief of necessitous cases among the civilian staff employed at the Royal Military Academy Sandhurst. In addition, to provide relief in need to former members of the Academy staff and by the promotion of the efficiency of the armed forces of the Crown.
To achieve these objectives the Commandant's Fund maintains an investment portfolio within the CCLA Fund Management Ltd Investments and other investments as authorised on occasion by the Trustee.
Funds for specific purposes are from time to time received and grants made in accordance with any restrictive covenants.
## **Public benefit**
The Trustee confirms that he has complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Commandant's Fund.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Commandant's Fund provides an annual grant to assist in the upkeep and maintenance of the Sandhurst Collection of various military and other artefacts. This year the Fund has continued to support the Sandhurst Collection including the Virtual museum with a grants of £46,574.
During the year the Commandant approved funding for sundry grants and bid grants, and these grants amounted to £168,494 in the year, the largest of which was £40,294.
A specific area that is of benefit to the officer cadets and other personnel at the Royal Military Academy Sandhurst is the maintenance and improvement of those parts of the fixed infrastructure that do not attract public funding. The Trustee has decided that the income generated from the excess infrastructure grants that were included in the general fund in 2017 should be generally used for these purposes but should not be made a restricted fund. During the year infrastructure grants of £317,878 (2023 £412,071 were approved. These grants have supported the enhancement and improvement of RMAS infrastructure that cannot be provided by the MOD contract through Defence Infrastructure Organisation (DIO). It is expected that Infrastructure spend will remain a big part of the Commandant's Fund expenditure in the next reporting year.
## **Investment performance**
The Commandant's Fund has maintained stability over this audit period. The income generated from the investments has permitted the Commandant's Fund to continue to support the work of the Sandhurst Collection and wider Academy activities as necessary.
The performance of the Fund has been monitored closely by the committee. The investment manager reports to the committee at its twice yearly meetings and at other times as deemed necessary by the Trustee or investment manager. Funds are moved to reduce risk in the markets and income generation has been maintained in line with written instructions and expectations. Despite the turbulence in the financial market income has been improved. The Trustee is confident that the portfolio has achieved the objectives demanded of it over the last year. Under the guidance of CCLA, fund purchases and sales have been made to minimise the impact of market volatility on income.
-1-
**Report of the Trustees for the Year Ended 31st March 2024**
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
During this period the accounts have continued to be reviewed by the fund manager and the committee on a regular basis. These reviews are followed by guidance being provided to CCLA by the Trustee guiding them on the type of investment, risk and return that was being sought by the Fund. The performance of the investment funds underpins the overall financial health of the Fund. The committee are content with the level of financial management of the funds by the investment manager and within the Academy as part of the management process.
The main objective of the investment portfolio is to maintain the income stream for the Fund to allow it to continue to meet its objectives, as detailed above. The Trustee is confident that this objective is being achieved in a suitably, social, ethical and environmentally friendly manner.
## **Reserves policy**
The Fund's main source of income is the return on the investment portfolio and cash deposits. The investment portfolio and cash deposits are therefore held at a sufficient value, to ensure the continued appropriate income flow. The reserves which reflect the investment portfolio and cash deposits are also maintained at a suitable level.
The Fund is currently unrestricted and stands at £10,575,145 (2023 £9,943,910).
## **FUTURE PLANS**
Future plans include continuing to support the Sandhurst Collection and maintaining the fabric and chattels of the Academy. In addition, a number of grants for expenditure during this financial year have been submitted and approved by the Trustee for projects which will enhance the quality of life at the Academy for the Officer Cadets and the staff. A review of plans for the next Financial Year will be conducted by Trustees and External Advisors at the next committee meeting. It is likely that some expenditure will be directed away from Infrastructure projects and focused towards activity directly benefitting Officer Cadets and staff at RMAS with an emphasis on Station activity and bringing people together.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Commandant's Fund was a military welfare fund and, as such, was exempt from registration with the Charity Commission. It was established previously under an Order in the High Court of Justice dated 28 July 1948 as amended. This High Court Order was put aside during the year ended 31 March 2010, and a new Charity Commission Scheme sealed. It registered with the Charity Commission on 8 March 2010.
The Commandant's Fund was a member of the Royal Military Academy Sandhurst Common Investment Fund established by Charity Commission Scheme 142886 dated 17 July 1962 and amended by the further Scheme 3010003 dated 13 July 1995. It held a Charities Official Investment Fund, now gone, and the Sandhurst Pool of Investments which was legally "released" to the new scheme as part of the rewrite. All day-to-day business contact concerning the Fund's investments is made directly between the Commandant's Fund and the Fund's investment managers CCLA.
## **Recruitment and appointment of new Trustee**
The Trustee of the Charity is the Commandant in situ of the Royal Military Academy Sandhurst and therefore the role of Trustee changes automatically with each new appointment to that post.
## **Organisational structure**
The Commandant, Royal Military Academy Sandhurst, is the sole Trustee and is supported by a number of advisers drawn both from within the Academy and outside. A formal committee meeting is held twice each year to review the management of the Fund, while the day-to-day running is managed within the chain of command of the Academy.
The Charity is allowed to use the resources of the Royal Military Academy being mainly volunteer personnel. No charge is currently made for these services, and it is not possible to quantify the value to the Charity.
-2-
**Report of the Trustees for the Year Ended 31st March 2024**
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Key management remuneration**
The Trustee considers the sole Trustee and the Major (SO2 G1) in Situ as comprising the key management personnel of the Charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. The Trustee and Major give their time freely and no remuneration was paid in the year. Details of Trustee expenses are disclosed in note 7 to the accounts.
## **Risk management**
The Trustee has a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustee has examined the major strategic, business and operational risks which the Charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Charity number** 1134698
## **Principal address**
SO2 G1 Sandhurst Group Headquarters The Royal Military Academy Sandhurst Camberley Surrey GU15 4PQ
## **Trustees**
Major General Z R Stenning OBE, The Commandant, Royal Military Academy Sandhurst is the sole trustee.
## **Auditors**
Whiteleys Chartered Certified Accountants & Statutory Auditor Sovereign House 155 High Street Aldershot Hampshire GU11 1TT
## **Bankers**
Royal Bank of Scotland Farnborough Holt's Branch Lawrie House Victoria Road Farnborough Hampshire GU14 7NR
## **Investment Managers**
CCLA Investment Management Limited Senator house 85 Queen Victoria Street London EC4V 4ET
-3-
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **Report of the Trustees for the Year Ended 31st March 2024**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on 30th January 2025 and signed on its behalf by:
## ZStenning
Major General Z R Stenning OBE
The Commandant RMAS - Trustee
-4-
## **Report of the Independent Auditors to the Trustees of The Royal Military Academy Sandhurst Commandant's Fund**
## **Opinion**
We have audited the financial statements of The Royal Military Academy Sandhurst Commandant's Fund (the 'charity') for the year ended 31st March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31st March 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 15 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
-5-
**Report of the Independent Auditors to the Trustees of The Royal Military Academy Sandhurst Commandant's Fund**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
-6-
**Report of the Independent Auditors to the Trustees of The Royal Military Academy Sandhurst Commandant's Fund**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with trustee and other management, and from our knowledge and experience of the charity;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where available; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with the charity's legal advisors, where available.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any.
-7-
**Report of the Independent Auditors to the Trustees of The Royal Military Academy Sandhurst Commandant's Fund**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Whiteleys Chartered Certified Accountants & Statutory Auditor Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Sovereign House 155 High Street Aldershot Hampshire GU11 1TT
31 Jan 25 Date: .............................................
-8-
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **Statement of Financial Activities for the Year Ended 31st March 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
The Sandhurst Collection
General sundry grants
Depreciation on asset used for charitable
purposes
SQM Infrastructure grants
**Total**
Net gains/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
funds
funds
£
£
-
-
895
-
291,212
-
-
-
292,107
-
(10,555)
-
46,574
-
180,824
-
612
-
317,878
-
535,333
-
874,461
-
631,235
-
9,943,910
-
10,575,145
-|2024
Total
funds
£
-
895
291,212
-
292,107
(10,555)
46,574
180,824
612
317,878
535,333
874,461
631,235
9,943,910
10,575,145|2023
Total
funds
£
1,000
269
286,291
749,975
1,037,535
(10,759)
12,348
180,002
720
412,071
594,382
(373,838)
69,315
9,874,595
9,943,910|
|---|---|---|---|
-9-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Balance Sheet 31st March 2024**
||||||2024|2023|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted||Restricted
Total|Total|
|||funds|funds|funds|funds|funds|
||Notes|£|£||£|£|
|**FIXED ASSETS**|||||||
|Tangible assets|9|3,466||-|3,466|4,077|
|Investments|10|10,557,960||-|10,557,960|9,889,715|
|||10,561,426|-||10,561,426|9,893,792|
|**CURRENT ASSETS**|||||||
|Debtors|11|8,500||-|8,500|-|
|Prepayments and accrued income||82,965|-||82,965|79,232|
|Cash in hand||20,339||-|20,339|83,241|
|||111,804|-||111,804|162,473|
|**CREDITORS**|||||||
|Amounts falling due within one year|12|(98,085)|-||(98,085)|(112,355)|
|**NET CURRENT ASSETS**||13,719||-|13,719|50,118|
|**TOTAL ASSETS LESS CURRENT**|||||||
|**LIABILITIES**||10,575,145||-|10,575,145|9,943,910|
|**NET ASSETS**||10,575,145||-|10,575,145|9,943,910|
|**FUNDS**|13||||||
|Unrestricted funds|||||10,575,145|9,943,910|
|**TOTAL FUNDS**|||||10,575,145|9,943,910|
The financial statements were approved by the Board of Trustees and authorised for issue on 30th January 2025 and were signed on its behalf by:
## ZStenning
Major General Z R Stenning OBE
The Commandant RMAS - Trustee
-10-
**Notes to the Financial Statements for the Year Ended 31st March 2024**
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit as defined by FRS102. The trust is a registered charity (registration number 1134698) and the governing document as detailed on page 2 is the Scheme that was set up in 2010. The principal address is noted on page 3.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to the accounts. The accounts are prepared on a going concern basis. There are no material uncertainties about the charity's ability to continue.
These financial statements are in Sterling (£).
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
The Commandant's Fund makes an annual grant to support the upkeep and maintenance of The Sandhurst Collection. Multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant or the trustee has agreed to pay the grant without condition.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
The charity is allowed to use the resources of The Royal Military Academy being mainly volunteer personnel. No charge is currently made for these services and it is not possible to quantify the value to the charity.
## **Allocation and apportionment of costs**
Costs are allocated against the activity to which they relate, or to the governance costs of the charity as applicable. If costs relate to more than one activity then the cost is apportioned between the relevant activities on a reasonable and fair basis.
## **Tangible fixed assets**
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
-11-
**The Royal Military Academy Sandhurst Commandant's Fund**
**Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:
Plant and machinery
-
15% reducing balance
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustee.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Fixed asset investments**
Investments are included in the accounts at their fair value.
Any gain or loss on revaluation is taken to the Statement of Financial Activities.
Realised and unrealised gains and losses on investment assets are included in the accounts as they arise.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## **Financial Instruments**
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
-12-
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **2. OTHER TRADING ACTIVITIES**
|Sandhurst Collection sales
Engraving sales
**3.**
**INVESTMENT INCOME**
CCLA investment income
Deposit account interest
**4.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**5.**
**CHARITABLE ACTIVITIES COSTS**
The Sandhurst Collection
General sundry grants
Depreciation on asset used for
charitable purposes
SQM Infrastructure grants|Grant
funding of
activities
£
46,574
168,494
-
317,878
532,946|2024
£
60
835
895
2024
£
290,130
1,082
291,212
2024
£
(10,555)
Support
costs (see
note 6)
£
-
12,330
612
-
12,942|2023
£
269
-
269
2023
£
281,015
5,276
286,291
2023
£
(10,759)
Totals
£
46,574
180,824
612
317,878
545,888|
|---|---|---|---|
-13-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **6. SUPPORT COSTS**
|**SUPPORT COSTS**||
|---|---|
||Governance|
||costs|
||£|
|General sundry grants|12,330|
|Depreciation on asset used for||
|charitable purposes|612|
||12,942|
Support costs, included in the above, are as follows:
## **Governance costs**
|Auditors' remuneration
Auditors' remuneration for non audit
work
Insurance
Printing, stationery & postage
Depreciation of tangible fixed assets
Sage support costs|Depreciation
on asset
General
used for
sundry
charitable
grants
purposes
£
£
4,620
-
5,400
-
-
-
-
-
-
612
2,310
-
12,330
612|2024
Total
activities
£
4,620
5,400
-
-
612
2,310
12,942|2023
Total
activities
£
4,620
5,400
5,676
140
720
2,232
18,788|
|---|---|---|---|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
-14-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
|**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,000
-
Other trading activities
269
-
Investment income
286,291
-
Other income
749,975
-
**Total**
1,037,535
-
**EXPENDITURE ON**
Raising funds
(10,759)
-
**Charitable activities**
The Sandhurst Collection
12,348
-
General sundry grants
180,002
-
Depreciation on asset used for charitable
purposes
720
-
SQM Infrastructure grants
412,071
-
**Total**
594,382
-
Net gains/(losses) on investments
(373,838)
-
**NET INCOME**
69,315
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
9,874,595
-
**TOTAL FUNDS CARRIED FORWARD**
9,943,910
-|**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,000
-
Other trading activities
269
-
Investment income
286,291
-
Other income
749,975
-
**Total**
1,037,535
-
**EXPENDITURE ON**
Raising funds
(10,759)
-
**Charitable activities**
The Sandhurst Collection
12,348
-
General sundry grants
180,002
-
Depreciation on asset used for charitable
purposes
720
-
SQM Infrastructure grants
412,071
-
**Total**
594,382
-
Net gains/(losses) on investments
(373,838)
-
**NET INCOME**
69,315
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
9,874,595
-
**TOTAL FUNDS CARRIED FORWARD**
9,943,910
-|**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,000
-
Other trading activities
269
-
Investment income
286,291
-
Other income
749,975
-
**Total**
1,037,535
-
**EXPENDITURE ON**
Raising funds
(10,759)
-
**Charitable activities**
The Sandhurst Collection
12,348
-
General sundry grants
180,002
-
Depreciation on asset used for charitable
purposes
720
-
SQM Infrastructure grants
412,071
-
**Total**
594,382
-
Net gains/(losses) on investments
(373,838)
-
**NET INCOME**
69,315
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
9,874,595
-
**TOTAL FUNDS CARRIED FORWARD**
9,943,910
-|
Total
funds
£
1,000
269
286,291
749,975
1,037,535
(10,759)
12,348
180,002
720
412,071
594,382
(373,838)
69,315
9,874,595
9,943,910|
|---|---|---|---|
||594,382
(373,838)|-
-||
||69,315
9,874,595
9,943,910|-
-
-||
-15-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **9. TANGIBLE FIXED ASSETS**
|**COST**
At 1st April 2023 and 31st March 2024
**DEPRECIATION**
At 1st April 2023
Charge for year
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023
**10.**
**FIXED ASSET INVESTMENTS**
Shares
Other|2024
£
10,377,234
180,726
10,557,960|Plant and
machinery
£
12,717
8,640
611
9,251
3,466
4,077
2023
£
9,652,773
236,942
9,889,715|
|---|---|---|
Additional information as follows:
|**MARKET VALUE**
At 1st April 2023
Disposals
Revaluations
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023|CCLA
Minority
Listed
interests
Investments
share
£
£
10,638,799
(986,026)
(150,000)
-
965,030
(90,569)
11,453,829
(1,076,595)
11,453,829
(1,076,595)
10,638,799
(986,026)|Totals
£
9,652,773
(150,000)
874,461
10,377,234
10,377,234
9,652,773|
|---|---|---|
The fair value of global investments outside of the UK included in total investments above is £9,450,537(2023 £8,562,010).
-16-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **10. FIXED ASSET INVESTMENTS - continued**
Investments (neither listed nor unlisted) were as follows:
|CCLA cash deposits
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Minority interests - dividends & interest due
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
At 1.4.23
£
**Unrestricted funds**
General fund
9,943,910
**TOTAL FUNDS**
9,943,910||2024
£
180,726
2024
£
8,500
2024
£
87,915
10,170
98,085
Net
movement
in funds
£
631,235
631,235|2023
£
236,942
2023
£
-
2023
£
101,836
10,519
112,355
At
31.3.24
£
10,575,145
10,575,145|
|---|---|---|---|
|||||
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
292,107
292,107|Resources
expended
£
(535,333)
(535,333)|Gains and
Movement
losses
in funds
£
£
874,461
631,235
874,461
631,235|
|---|---|---|---|
-17-
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **13. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
9,874,595
9,874,595|Net
movement
in funds
£
69,315
69,315|
At
31.3.23
£
9,943,910
9,943,910|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
1,037,535
1,037,535|
Resources
expended
£
(594,382)
(594,382)|
Gains and
losses
£
(373,838)
(373,838)|
Movement
in funds
£
69,315
69,315|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
9,874,595
9,874,595|Net
movement
in funds
£
700,550
700,550|
At
31.3.24
£
10,575,145
10,575,145|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,329,642
(1,129,715)
**TOTAL FUNDS**
1,329,642
(1,129,715)|Gains and
Movement
losses
in funds
£
£
500,623
700,550
500,623
700,550|
|---|---|
-18-
**The Royal Military Academy Sandhurst Commandant's Fund**
**Notes to the Financial Statements - continued for the Year Ended 31st March 2024**
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2024.
## **15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES**
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
-19-
**The Royal Military Academy Sandhurst Commandant's Fund**
## **Detailed Statement of Financial Activities for the Year Ended 31st March 2024**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Sandhurst Collection sales
Engraving sales
**Investment income**
CCLA investment income
Deposit account interest
**Other income**
Other income Kingdom of Bahrain
Other income RMAS
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Charitable activities**
Grants to supported causes
**Support costs**
**Finance**
Bank charges
**Governance costs**
Auditors' remuneration
Auditors' remuneration for non audit work
Insurance
Printing, stationery & postage
Plant and machinery
Sage support costs|2024
£
-
60
835
895
290,130
1,082
291,212
-
-
-
292,107
(10,555)
532,946
-
4,620
5,400
-
-
612
2,310
12,942|2023
£
1,000
269
-
269
281,015
5,276
286,291
449,975
300,000
749,975
1,037,535
(10,759)
586,333
20
4,620
5,400
5,676
140
720
2,232
18,788|
|---|---|---|
This page does not form part of the statutory financial statements
-20-
## **The Royal Military Academy Sandhurst Commandant's Fund**
## **Detailed Statement of Financial Activities for the Year Ended 31st March 2024**
|Total resources expended
**Net (expenditure)/income before gains**
**and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net (expenditure)/income**|2024
£
535,333
(243,226)
1,472
(241,754)|2023
£
594,382
443,153
-
443,153|
|---|---|---|
This page does not form part of the statutory financial statements
-21-