## ## |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|FCCA| |---|---|---|---| |||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| ## ##