2022-06-30-accounts - The Britannia Association

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Contents				Page
Report of	the Trustees
Report of	the Independent		Examiner
Statement	of Financial	Activities
Balance Sheet				10
Notes Forming part of		the	Financial Statements

Independent	Examiner	Sharon Austen
		Francis Clark LLP
		Sigma House
		Oak View Close
		Edginswell Park
		Torquay
		TQ2 7FF
Bankers		Barclays Bank Plc
		P.O. Box1320
		Lemon Street Truro
		Cornwall
		BX22BB
Solicitors		Mrs Laurie Trounce
		Stephens Scown LLP
		Osprey House
		Malpas Road
		Truro
		Cornwall
		TR1 1UT
Investment	Advisers	Mr Alex Dow
		Rathbone Brothers Plc
		1, Curzon Street
		London
		W1J 5FB

Reserves	Reserves	Reserves
In addition			to the routine review pattern of the investment		portfolio	held		with		Rathbones			Group			Plc,
frequent		updates have been provided reflecting the global impact ofCOVID19							and the			war in		Ukraine.
Note 15		to the financial statements shows the assets			and liabilities		and		summarises				the		year' s
movements			on each fund.
Unrestricted			funds amounted tof612,672 at 30June	2022, with a further			f100,000				in	restricted			funds.
The Board			ofTrustees believe that this is an appropriate level to meet the					current and				future		needs of
the charity.
Future	Developments
The Board			ofTrustees' objectives for the forthcoming	year	are to:-
BA Membership
			increase membership
			encourage retention ofexisting membership
			to deliver a social programme
			maintain up-to-date contact links with	the membership
			grow services to membership, including preferential			rates		obtained			via bulk			purchase
			ofevent tickets when possible.
			forge relationships to allow access to	other	RN establishment				events
			maintain the sale and delivery ofthe	Britannia Medal
Financial
			to stay within the operating budget
			make grants where appropriate in support		of Britannia	Royal Naval College
			build up the Association's capital funds
			encourage and increase donations to	the Britannia Foundation
Commu	n	ica	tions
	~		compile and circulate the Britannia Bulletin		to all members
	~		implement the association's marketing	strategy
	~		deliver a Reunion Package offering support		and administrative				assistance				with potential
			reunions
	~		maintain a Social Media presence
	~		introduce a new BAwebsite to ensure	strong and confident				placement				on	the internet
	~		to expand retail trading activities and	income both via Britannia						Association				Gift		Shop
			and on-line
	~		to source a POS system which compliments		and provides			efficiency			with Xero

			30June	30June	Year to	Year to 30
			2022	2022	30June 2022	June 2021
			Unrestricted	Restricted	Total	Total
		Notes	Funds	Funds	Funds	Funds
					E	E
INCOME FROM
Membership and joining Donations and legacies Charitable activities	fees		74,402 8,524	103,000	74,402 111,524	73,813 12,735
Toui's		6d	31,058		31,058	707
Royal Yacht Dinner			13,185		13,185
Other ticket income Other Trading Activities Investments CJRS furlough receipts Other income			3,336 71,087 22,113 5,963 124		3,336 71,087 22,113 5,963 124	39,535 18,060 27,040 27
Total income			229,792	103,000	332,792	171,917
EXPENDITURE ON
Raising funds:
Trading expenses		3	44,947		44,947	23,939
Investment management costs Charitable activities Charitable activities - tours Event costs		8 6c 6d 6a	7,330 126,318 36,616 17,627		7,330 126,318 36,616 17,627	6,565 126,480 19,067
Grants and awards		6b	22,978		22,978	26,241
Total expenditure			255,816		255,816	202,292
Net income / (expenditure)
before transfers and gains on
Investments Transfers			(26,024) 3,000	103,000 (3,000)	76,976	(30,375)
Net gains/ (losses) on Investments		8	(37,930)		(37,930)	105,418
NET INCOME / (EXPENDITURE)
AND MOVEMENT IN FUNDS			(60,954)	100,000	39,046	(75,043)
RECONCILIATION OF FUNDS:
Total funds brought forward			673,626		673,626	598,583
Total funds carried forward			612,672	100,000	712,672	673,626

30June 20	22
			30June	30June
		Notes	2022	2021
FIXEDASSETS			E
Tangible assets			7,330	14,123
Investments			809,498	854,374
			816,828	868,497
CURRENT ASSETS
Stock			39,775	33,632
Debtors			64,757	47,518
Cash at bank			218,727	103,451
			323,259	184,601
CREDITORS:	due within one year	10	(82,676)	(64,808)
NET CURRENT ASSETS			240,583	119,793
TOTAL ASSETS LESSCURRENT
LIABILITIES			1,057,411	988,290
CREDITORS:	due after more than one year		(344,739)	(314,664)
NET ASSETS			712,672	673,626
FUNDS
Unrestricted	Funds:	15b
General			472,951	452,686
Revaluation			139,721	220,940
Restricted Funds:		15a	100,000
TOTAL FUNDS			712,672	673,626

Other trading activities
	Yearto	Year to
	30June	30June
(a) Medals	2022	2021f
Turnover	9,554	12,815
Cost ofsales	(9,069)	(9,616)
Net profit	485	3,199
(b) Other
Turnover	61,533	26,720
Cost ofsales	(35,878)	(14,323)
Net profit	25,655	12,397

Income	fr	om m	embers	hip and joining fees
					Year to	Year to
					30June	30June
					2022	2021
					E
Life membership			fees		37,837	33,477
Annual	subscriptions				36,166	39,736
Overseas		membership		fees	399	600
					74,402	73,813

s and Accounting Polici ended 30June 2022	s and Accounting Polici ended 30June 2022	es
6Analysis ofexpenditure			Restricted	Unrestricted	Yearto	Year to
			Funds	Funds	30June	30June
					2022	2021
					E	E
(a)	Cost ofevents BRNC Reunion Dinner BA21"Dinner			3„590 14,037	3,590 14,037
				17,627	17,627
(b)	Analysis ofcharitable	expenditure
	Grants and awards to BRNC
	BA Sword			1,530	1,530	208
	BYC Merchandise Grant Divisional Kit			2,434 8,153	2,434 8,153	10,004
	Nav Block Grant LHA Banner			6,435	6,435	5,542 240
	POP Coverage Grant Junior Officers Guide			2,649 101	2,649 101	8,325 407
	Harrison Cup					330
	Wittall Support					473
	RNLA Support			97	97	712
	Prizes Gifts 8 Awards			529	529
	INMS Amenities Fund			300	300
	Education Grant			750	750
				22,978	22,978	26,241
	(c) Charitable activities
	Marketing and communications Membership cards			1,236	1,236	1,066 728
	Bank charges and interest Subscriptions and licences			3,273 5,101	3,273 5,101	2,198 1,357
	Insurance Recruitment Expenses Salaries (note 6e)			1,572 2,980 79,927	1,572 2,980 79,927	1,499 1,556 84,224
	Travel and subsistence			711	711
	Postage and stationery Printing Telephone Website development			5,223 3117 1,479 4,039	5,223 3,117 1,479 4,039	4,951 2,232 1,693 4,017
	Depreciation			6,793	6,793	7,094
	Other sundry costs			963	963	384
	Governance costs
	Audit and accountancy
	Independent Examination			1,000	1 000	1 000
	Other Cost oftrustee meetings Professional fees			5,042 1,533 2,329	5,042 1,533 2,329	12,090 391
				126,318	126,318	126,480

				Year to	Year to
				30June	30June
				2022f	2021
(d) Tours
Turnover					707
Expenditure:		Salaries (note 6e)		(29,302)	(17,242)
		:Other		(7,314)	(1,825)
Net (loss)/profit				(36,616)	(18,360)
(e) Staff costs
Wages and		salaries		95,624	89,657
National	insurance			6,105	5,257
Pension	costs			7,500	6,552
				109,229	101,466
				No	No
Average number		of staff employed	during the year was:	8	8

of the key management p Tangible assets	ersonnel were F	45,525 (202	1:F45,450).
	Hawk		Fixtures	Computer
	Boats	Cannon	and fittings	Equipment	Total
	E
COST
At 1 July 2021	61,834	3,000	608	13,244	78,686
Additions
At 30June 2022	61,834	3,000	608	13,244	78,686
DEPRECIATION
At 1 July 2021	49,464	3,000	608	11,491	64,563
Charge for period	6,183			610	6,793
At 30June 2022	55,647	3,000	608	12,101	71,356
NET BOOK VALUE
At 30June 2022	6,187			1,143	7,330
At 31 July 2021	12,370			1,753	14,123

Ye	ar ended 3	0June 20	22
8.	Investments
					2022	2021
					Unrestricted	Unrestricted
					E	E
	Investmenf.	portfolio:
	Brought forward				854,374	755,465
	Investment	income received			22,113	18,060
	Withdrawals	by charity			(21,729)	(18,004)
	Charges				(7,330)	(6,565)
	Realised and unrealised		(losses)/gains	on investments	(37,931)	105,418
	Charity balance at 30		June 2022		809,497	854,374
	Listed on Stock Exchange				773,134	837,082
	Cash deposits				36,363	17,292
	Investment	portfolio			809,497	854,374
					1
					809,498	854,374

				2022	2021
				E
	Gift Aid due			52,812	33,118
	Prepayments	and accrued income		11,945	14,400
				64,757	47,518
10.	Creditors: Amounts		falling due within one year
				2022	2021
					E
	Deferred membership		fees	59,963	53,026
	Other creditors	and accruals		22,713	11,782
				82,676	64,808

			2022	2021
			E
Deferred	membership	fees	344,739	314,664

			2022	2021
			f.	E
Balance	as at 1 July 2021		367,690	358,579
Amount	released	to income	(49,806)	(48,913)
Amount	deferred	in the period	86,818	58,024
Balance	as at 31	June 2022	404,702	367,690

The charity'	s net assets belon	g to the various funds as	follows:-
		Fixed assets
		and	Net current	Long term	Fund
		investmentsf	assets f.	liabilitiesf	balances
Restricted	funds		100,000		100,000
Unrestricted	funds	816,828	140,583	(344,739)	612,672
		816,828	240,583	(344,739)	712,672

Movement	s	in th	e current y	ear
					Balance at	Income	Expended	Transfers	Balance at
					1 July	E		E	30June
					2021				2022
Nav Block		RecSpace				3,000		(3,000)
The Gosling Foundation						100,000			100,000
						103,000		(3,000)	100,000
Movements		in the previous		period
					Balance at	Income	Expended	Transfers	Balance at
					1 July				30June
					2020				2021
									f.
Communications			fund
T-shirts						9,155		(9,155)
Divisional		kit				4,153		(4,153)
Harrison	Cup					10		(10)
						9,165		(9,165)

5b.Unr	estri	cted f	unds: movemen	ts in the	current year
			Balance at	Income	Investment	Expended	Transfer	Balance at
			1 July	F	gain/(loss)	F		30June
			2021					2022
			E					E
General	Fund		452,686	229,792	43,289	(255,816)	3000	472,951
Revaluation		Fund	220,940		(81,219)			139,721
			673,626	229,792	(37,930)	(255,816)	3,000	612,672