The Britannia Association (A company limited by guarantee) Report and Financial Statements Year ended 30 June 2024 Charlty Number 1158111 Company Number 09119745 The Britannia Association Financial Statements Year ended 30 June 2024 Contents Page Report of the Trustses Report of the Independent Examin8r Statement of Financlal Actlvit16S Balance Sheet 10 Notes Forming part of the Financial Stalements 11 The Britannia Association Report of the Trustees for the year ended 30 June 2024 The Trustees present thelr annual report, together WTth Ihe accounts for the year ended 30 June 2024, which are also prepared to m88t the requirem8nts for a directors. report and accounts for Compani6s Act purposes. The financial statements have been prepared based on the accountlng policies set out in note 1 to the financial statements and comply with the requiremenls of the Charltles Act 2011, th8 Companles Act 2006, the Memorandum and Articles of Association and the Charities SORP {FRS 102>. Legal and Admlnlstratlve Informallon Palron HIS Majesty Klng Charl8s111 Pr8sldent Admlral Slr Mark Stanhope GCB OBE ADC DL Hon Vlce Presidents Captain Graham Robinson RN {5-year temi completed Nov 2023) Charfty Trustees The trustees of the Britannia Associalion all served In office during the year and to the date of this report. They are:. Rear Admiral Slmon Wllllams CB CVO (Chaimian} (retired 18 November 2024) Mr Mark Dowie Rear Admiral Paul Halton OBE (appointed Trustee 7 November 2023, appointed Chainnan 18 November 2024) C8Ptaln Damlan EKworthy, MBE RN# (retired 13 July 2023) Captaln Caroline Dix MBE RN* Commodore Jake Moores OBE RN# {reslgned 7 November 2023) Honorary Captain Adam Gosling RNR Mr Tim Farrow Commander Brian Boxall-Hunt OBE RN Mr Graeme Gordon # Cdr Serena Davis RNR Lt Cdr David Clark'# Captaln Sarah Oak16y RN. (reslgned 19 December 2023) Captain Andrew Bray RN" (appointed 19 DeGember 2023) ('denotes a serving officer) {# denotes member of Finance and Operats'ons Sub Commiltee) CEO Liza Stewart Address Britannia Royal Naval College College Way Dartmouth Devon TQ6 OHJ The day to day running of the charity is delegated to the CEO who may be contacted at the above address, and telephone 01803 677565. The Britannia Association Report of the TTUStees for the year ended 30 June 2024 (¢ontlnued) Independent Examiner Sharon Austen FCCA Franci8 Clark LLP Sigma House Oak View Close Edgin8W@11 Part( Torquay TQ2 7FF Banker8 Barclays Bank Pl¢ P.0, Box 13 20 Lemon Street Truro Comwall BX2 2BB Sollcitors Stephens Scown LLP Osprey House Malpas Road Truro Cornwall TR1 1UT Investment Advisers Rathbone Brothers PIC 30 Gresham Street London EC2V 7QN The Britannia Association Report of the Trustees for the year ended 30 June 2024 (contlnu structure, Governance and Management Inco oration and Governln Document The Charitable Company was incorporated on 7 July 2014 (c￿MpanY number 09119745) and reglstered with the Charity Commissioners as The Britannla Assoclatlon under charlty number 1158111 on 5 August 2014. It is governed by its Memorandum and Articles of Associatlon. Recrultment and Tralnln of the Trustee8 New trustees Inductlon programm8 includes familiarisatlon with the buslne8s plan, minutes of trust88 meetings and the flnancial statements. Or anisational Mana ement The Board continues to meet at least three times a year. In Ilne with th8 financlal milestone8 policy. the Board approves the annually revlsed business plan. A five-year rolling plan is maintalned by the Association's CEO with the Vice Chairman of the Board of Trust88S. The Finance and Operations Sub Commlttee reports to the Board three times a year. The sub committee's terms of reference are set out within the busin8ss plan. Risk Mana ement The Board of Trustees examines the major rfsks fac6d by the charlty each finandal year when preparing and updating the stralegic plan. The charity has developed systems to monitor and control these risks to mitig8te any Impact that they may have on the charity in the future. The charity do¢um8nted BAPC Ltd (Brltannia As50clation Pavilion Committ88 Llmited) within the Risk Management paper. Relat8d Partles The Secretariat and admlnistration of th8 Charlty continuès to operate from Its permanent offices w￿h1n Britannia Royal Naval College (BRNC), Dartmouth. The office Is manned by 3 full tim6 members of staff and augmented by a small team of casual staff who deltV8r educational tours of BRNC, finance admlnistralion, College gift shop. The Britannia Association Report of the Trustees for the year ended 30 June 2024 (¢*)ntlnuod) Objectives and activltles Chaiitable Ob ects The charitys objects as set out in the company's Memorandum of As8oclation are'.- 1, To promote the efficiency of the Royal Nawy by:" a) maintaining contact betW86n College Members, fostering rnutual frfendship between them and providin9 the mechanism and framework to facllltate social gatherings of them. b) fostering esprtt de corps. comradeship and the welfare of College Members and pr88eTving and educating the public in the traditions of Ihe service and of the College. 2. To relieve where appropriate College Members who are in conditions of need, hardship or distr8SS. In planning activltias, the Board of Trustees have given careful consideration lo the Charity Commission's general guidance on public benefit, Board of Trustees Poll The Board of Trustees is dedicated to advancing the membership of the Association through a comprehensive development program. prioritising long-term sustainabillty. Currently, the board's policy direction und8rpins th& importance of raislng awareness about th9 Association and leveraging all available resources to attract eligible individuals to Join. The Board ofTrustees intends to continue in provlding grants to the College as deemed approprlate. I n bri9f the Britannla AssoGlation is committed to c8lebrat5ng the pasL supporting the presenl and building for the future of BRNC. Grant m kin Tha pollcy Is in alignment wlth its charltable obJectSves by offering grants to support inttiatives that lack public funding. The BA is pleased that the successful delivery of grants thal have slgntficantly improved Ihe Ilved experiences of College Cadets. The live-streaming of the Passing-out Parade wlll persist. and th8 BA Is ommitted to addressing the related financial Implications. The BA acknowledges the underspend in the grant budget in recent years and is proactively urging the Britannia Royal Naval College (BRNC) command to address this matt8r. Review f activltles and achievements In accordanc8 wlth the Business Plan, th8 AssociatSon's membership has experienced signlficant growth. now surpassing 5,850 members. A strategic approach to recrultment wilhin Britannla Royal Naval College (BRNC) has enabled conslstent acc856 to courses offered by th8 Royal Nav81 Leadershlp Academy (RNLA), thereby enhancing engagement with OffI￿r Cadets and Royal Naval Reserve courses. The partnership between the BA and the Colleg8's Cadèt population fosters a constructive dialoguo regarding the cadets, training experiences and their exp6Ctatlons of th8 Association. The BA Is committed to supportlng its members who are retumlng to BRNC for 8 varlgty of evants, Includlng College Balls, formal dinnens, reunions, leclur8S, Sporting flxtures. and informal vlsits. The annual dinners organised by th8 BA enjoy robust partidpation from a diverse segment of our membershlp. To assist (iur members In their future planning, we are currently In the process of organising a forward schedule of upcoming dinn8rs. The establishment and implementatlon of CombSngd Reunions has streamlined the process for alumni returnlng to their alma mater to Celebrate slgnificant milestone annlversarles, as proved to ba a Irernendous success and has generated memberships. Dates are scheduled as far in advance as 2027, which has been positively received by those enihusiastic about reconnecting with thelr alma mater. The Britannia Association Report of the Trustees for the year ended 30 June 2024 (contlnued) The BA remalns the principal polnl of contsct for general BRNC enqulrles, providing a comprehenslve signposting facility and an archival enquiry servic&. In the past year, the BA have experi8nced significant expanslon, leading to the addition of Iwo full-time administrators to the team. A consistent approach to socSal media platfonns ha8 lead to significant engagement with our membershlp, Supporters of BRNC and the Royal Navy. The Board of Advisors has consistently malntained its flnanclal support for annual grants, assesslng applications on an individual basis from both BRNC and the wider Naval Servic8. Neverth818ss, the Board of Trustees has conveyed Its concerns regarding the volume of grant applications received. which remains subject of ongoing dialogue with the wllege command. The BA continues to provid8 educational tours on behalf of Captain BRNC. The dates for the 2025 season were announced at the conclusSon of 2024, and the respon88 has be8n notably positlve. Mombers of the public value the opporlunlty to reserve a place on a tour well ahead of their visit. By utilising established altemative platforms for retail sales alongside the face-to-face gFft shop experience for the College communlty and visitors, Ihe gift shop has become a valuab18 source of revenue, including selected products belng stock in Dartmouth tourlst informats'on Genlre. The proactrve engagement wlth the internatlonal alumni of BRNC contSnues to thrive, largely due to the success of the Britannla Medal. This medal is presented to all international students upon successful completion of their trainlng at BRNC. Purchases by eligible graduates from before Aprll 2019 have surpassed forecasted Income, The increase in lull-time staff has enhanced our capaclty to 8xplore potential sales opportunities. The newty implemented operating systems and website offer members access to a comprehensTve gallery, a searchable membership directory. an eff￿lent messaging system, parish notlces, news updat8s, events, and additional features, all supported by 6nhanced security measur6s and a streamlined infrastructure. Furthemiore, the e-commerce compon8nt of the new webslte is fully compatible with the BA'S accounting software package. 'Xaro', as well as the upgraded POS system ulilised In the gift shop. In allgnment with govemance and financial milestones, professlonal ￿)nsultatIon has been sought concemlng VAT (x)mpliance. A trading am for the BA has been estab118hed and will be registered for VAT. Flnanclal Revlew FlnanGig1 Activities and Results The net expenditure before net investment Ioss8s was £41,394 (2023 - £141,890). The net Investment gains for the year were £71,444 (2023- £11,465). resul￿ng in an overall increase in funds of£30,050 {2023 - d&cr8ase £130,425). Membershlp numbers now stand in excess of 5,850. Inv8Stme t Powers Poli d Performance The investm8nt objective of the Britannia Associatlon is to safeguard the capital value of its assets while maximising total retums. Performance 18 evaluated against the benchmarks established in the Investment Management Agreement with the appointed investment advisers. The portfolio is strategically allocated to equities almed at achieving an overall return that exceeds the average performance of the FfsE All Share Index over a five-year period. Investment management responsibilities are entrusted to profgS8ional fund managers, who 8re selected by and report to th6 Flnance and Operations Sub-committee of the Britannia Association. The appointment of investment advl8ers requires the approval of the Board. The managed fijnds of th8 charfty, excluding cash holdings, wlll be insulated from excessive risk. The Britannia ASsoC￿tion refrains from investing In derivatives, 8t¢xk lending, or commodlties. Furth8rmore, the The Britannia Association Report of the Trustees for the year ended 30 June 2024 fet￿tInued) Associalion will not engage in direct investments in unquoted securlties. physical assets, or real estate, nor will it participate in underwriting activities. Rpsarves In addition to the routine review pattern of the investment porttolio held with Rathbones Group Plc, frequent updates have been provlded refl6Ctlng the volatllity of the worlds market. Note 17 fio the financial statements shows the assets and liabilitias and surnmarises the yearfs movements on each fund. Unrestricted funds amounted to £612.297 at 30 June 2024 (2023- 580.115). The Board of TnJstees b81ieve that this is an appropriate level to meet the current and future needs of th8 charity. The Trustees having looked at cash flow and fiscal viability remain positive regarding the going-concem status of the Association for th8 next 12 months and beyond. In making this assessment the valuation of investrnents of £849,085 at 28 February 2024 compared to £878,727 at 30 Jun8 2024 has been consldered. Future Developments The Board of Trustees, objectives for the forthcoming year are to'.- BA Membership To enhance our membership engagement, we ar8 committed to: Increasing overall membership numbers Encouraging current members to remaln active and involved Offering a diverse range of events to foster a sens8 of communlty Ensuring that contact Information is consistently updated We will deliver the Coll8ge Reunion Package with cornprehensive support and asslstance Expanding our seNlces for m8mbers, including providing dlscounts on event tickets whenev8r feasible Facilitatlng connections to access additional RN establTshment events Continuing the sale and distribution of the Britannla Medal Flnanclal Adhere to the 8Stabllshed budgetary con8tralnls. Allocate grants specifically for the Britannia Royal Naval College. Enhance the capital funds of the Association. Encourage an increase in donations to the Britannia Foundation. Communlcatlons The Britsnnla Bulletln will be méticulously compiled and disseminated to all members. The assoclation's marketlng strategy will b8 execLrted gff8Ctively, ensuring a robust social media presence. Efforts will concentrat8 on onhanclng the BA'S new website to establish a strong online pr8sence. Retsil sales and revenue are expected to increas8 through the Brttannla Assoclation Glft Shop and various onllne platforms. The Britannla Association Report of the Trustees for the year ended 30 June 2024 (continued) statement of trustees, Responslbllltle8 The truslees (who are also directors of The 8rltannia Assoclatlon for the purposes of company law) ar8 responsible for preparlng the Trustees, Report and th8 financlal statements in accordance with applicable law and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). Company law requir8s the truslees to prepare financial statements for each financlal year whlch gNe a true and fair view of the state of affairs of the charltable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for the perlod. In preparing these flnancial statements, the trustees ar8 required to.. Select suitable accounting policies and then apply them consistently Observe the methods and principles In the Charities SORP Make judgements and estimates that are reasonable and ptudent State whether applicable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explained in tha financial stat8ment8 Prepare the financial statements on th8 golng concem basls unless it is inappropriate to presume that Ihe charitable company wlll continuè In business The trustees are responslble for keeping proper accounting records that disclose with reasonable accuracy al any tlrne the financial position of the charitab18 company and 8nable them to ensure that the financlal statements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of th8 Gharitable company and hence for taklng reasonablg slaps for the prevention and detection of fraud and other Irregularrties. Small Company Charlty Provislons Thls report has been prepared in accordance with the special provlslons for small companies under Part 15 of the Companies Act 2006. By order of the Board on .. Rear Admiral Paul Halton OBE Chairman 'L Ap(, I lols The Britannia Association Independent Examinerfs Report to the Trustees of The Britannia Association ('the Compan￿) Year ended 30 June 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responslbllltles and basls of report As the charty's ttustees (and also tts directors for the purposes of company law) you are r8sponsible for the preparation of the accounts in accordance with the requlrements of the Companles Act 2006 I'the 2006 Act'>. Having satisfied myself that the accounts of the charitabla company are not required to be audited under Part 16 of the 2006 Act and are eligibFe for independent 8xamination, I report in respect of my examlnation of your charity's accounts as carried out under section 145 of the Charlties Act 2011 ('the 2011 Acf). In carylng out my examination I have followed the Dlr8Ctions given by the Charity Commisslon under section 145(5) (b) of the 2011 Act. Independent examlngr's statement Slnc8 the company'8 gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Associatlon of Chartered Certiled Accountants, which is one of the Ilsted bodles, I have completed my examinatlon. I conflm that no matters have come to my attention in connecti<)n with the examination glving me cause to'believe: accountlng records were not kept In respect of the Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requlrements of section 396 of the 2006 Act other than any requlrement that the accounts give a 'true and fair view which is not a matter consldered as part of an indepandent examlnatlon., or 4. the accounts have not begn prepared in accordance witt) th6 methods and principles of the Statement of Recommended Practice for accounting and reporling by charltlos appllcable to charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connectlon 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. Sharon Aust8n FCCA Francis Clark LLP Sigma House Oak View Clos8 Edginswell Park Torquay TQ2 7FF The Britannia Association Statement of Financial Activities (Incorporating Income and Expenditure Account) Year ended 30 June 2024 Year to 30 June 2024 Total Funds Year to 30 Jun8 2023 Total Funds Unrestricted Restrlcted Funds Funds Notes INCOME FROM Membership and Jolnlng fe8$ Donatlons and legacles Charltable actlvltles Tours Reunion Dinn8r Other ticket Income Other Tradlng Actlvltle8 Investments Other Incorne 78,185 1,831 78.185 1,831 77,862 7,288 ed 40,642 20,235 5,215 95,343 20,253 3,886 40,642 20,235 5,215 95,343 20,253 3,886 38,941 18,754 10,120 84,302 20,640 5,253 Total Income 265,590 265,590 263,160 EXPENDITURE ON Ra151ng funds: Tradlng expenses Investment management costs Charftable activities Charftable activities . tours Event costs Grants and awards 60,756 7.004 134815 41,579 20,456 40,242 60,756 7,004 136,947 41,579 20,456 40,242 60,857 6,768 242,608 46,080 23,889 24,848 6c 2,132 6b Total expendlture 304.852 2,132 306,984 405.050 Net (expendlture) before galns on Investments (39,262) (2,132) {41,394) (141,890) Net galns on Investments 71,444 71,444 11,465 NET INCOMEI{EXPENDITURE> AND MOVEMENT IN FUNDS 32,182 {2,132) 30.050 {130,425) RECONCILIATION OF FUNDS: Total funds brought forward 580,115 2,132 582,247 712,672 Total funds ¢arrled forward 612,297 612,297 582,247 All of the above amounts related to conkn'nuing activlties. The notes on pages 11 to 19 fonn part of these flnanclal statements. The Britannia Assoclation Balance Sheet 30 June 2024 30 June 2024 30 June 2023 Notes FIXED ASSETS Intangible ass8ts Tangible assets Investments 12,176 2,011 878,727 1,808 813,820 892,914 815,628 CURRENT ASSETS Stock Debtors Cash at bank 10 11 37,398 38.724 146,676 38.216 28,175 163,527 222,798 229,918 CREDITORS: due within one year 12 (109,332) (94,240) NET CURRENT ASs￿s 113,486 135,678 TOTAL ASSETS LESS CURRENT LIABILITIES 1,006,380 951.306 CREDITORS: due after more than one year 13 (394,083) (369,059) NET ASSETS 612,297 582,247 FUNDS Unrestrtcted Funds: General RevaluatSon Restrlcted Funds: 17b 405,956 206,341 438.287 141.828 2,132 17a TOTAL FUNDS 612,297 582,247 For the year in question, the charitable company was entitled to exemption from an audit under s8Ction 477 ofthe Companies Act 2006. The members have not required the charitable company to obtaSn an audit of its accounts f(x the year in question in accordance wlth section 476 of the Act. The trusteesldirectors acknowledge their responsibilltles for complying wlth the r8quirements of the Companies Act 2006 with reS￿ct to accounting records and the preparatlon of accounts. Th8se financial statements have been prepared in accordance with th8 speclal provi8lons for small companles under Part 15 cf the Companies Act 2006. of Trustees of The Britannla Associatlon on L A , ! 2otS. and signed on its Approved by the Bo behalf by: Rear Admlral Pa Chalrman Company Reglstratlon Number: 09119745 The notes on pages 11 to 19 form part of the80 flnanclal statem&nts. OBE 10 The Britannia Association Notes and Accounting Policies Year ended 30 June 2024 Accountlng Pollcles The prlnclpal acwunting policies adopted, judgements and key sources of estimation uncertalnty In the preparation of the financial statements are as follows: a) Basls of accountlng The financial statements have been prepared in accordance with Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Flnancial Reports'ng St8ndard applicable in the UK and Republic of Ireland (FRS 102) (11,028) 38,941 {30,610) {15,470) Net (loss)Iprofit {937) (7,139) {e) Staff costs Wages and salarlos Natlonal Insurance Pension costs 98,451 {6,881) 7,228 102,714 4,635 8,143 98,798 115,492 No No Average number of staff employed durlng Ihe year was.. No employ89s re￿iVed employee benefits of more than £60,000. The key tnanagement personnel of the charity comprlse the Trustees and the Association Secretary. The lotal employee benefits of the key management personnel were £51,590 {2023: £48.446). Intanglble assets Webslte Total COST At 1 July 2023 Additlons 16.235 16,235 At 30 June 2024 16,235 16,235 AMORTISATION At 1 July 2023 Charge for p9rtod 4,059 4059 AI 30 June 2024 4,059 4,059 NET BOOK VALUE At 30 June 2024 12,176 12,176 15 The Britannia Association Notes and Accounting Policies Year ended 30 June 2024 Tanglble assets Hawk Boats Flxtures Computer Cannon and flttings Equipment Total COST At 1 July 2023 Additions 61,834 3,000 608 14,942 1,553 80,384 1,553 At 30 June 2024 61,834 3,000 608 16,495 81,937 DEPRECIATION At 1 July 2023 Charge for p8riod 61,834 3,000 608 13,134 1,350 78,576 1,350 At 30 June 2024 61,834 3,000 608 14A84 79,926 NET BOOK VALUE At 30 June 2024 2,011 2.011 At 31 July 2023 1,808 q,808 Investments 2024 Unrestrlcted 2023 Unrestricted Investment portfolio: Brought forward Investment income recelved Withdrawals by charity Charges Realised and unr8alised (losses}Igains on investments 813,820 20,253 (19,786) (7,004) 71,444 809.497 20,640 (21,014) 16,768) 11,465 Charfty balance at 30 June 2024 878,727 813,820 Llsted on Stock Exchang8 Cash deposits 868,280 10,446 801,482 12,337 Investment portfolio Investment In subsidiary 878,726 813.819 878,727 813,820 The Chaiity owns th8 whole of the ordinary share capital, consistlng of one ordlnary share of £1 of BA Pavilion Company Ltd that was incorporated on 11 February 2022. (Company Number 13910741). The Gompany's prlncipal activity is the prospectrve development of BRNC Sports Pavlllon. The company's reglstered office Is CIO Penningtons Manches Cooper LLP, 11th Fbor, 45 Church Street, Birmingham, West Mldlands, B3 2RT. 16 The Britannia Association Notes and Accounting Policies Year ended 30 June 2024 10. stock 2024 2023 Goods for resale 37,398 38,216 11. Debtors 2024 2023 GiftAid due Prepayments and accru8d income 36,324 2,400 17,8T5 10.300 38,724 28,175 12. Credltors: Amounts falllng due wlthln one year 2024 2023 Deférrèd membershlp fees other creditors and accruals 57,272 52,060 59,205 35,035 109.332 94,240 13. Credltors: amounts falling due after more than one year 2024 2023 Deferred memben8hip fees 394,083 369,059 14. Deferred Income Deferred income aris88 when annual or life memberships are purchased part way through tho period. For annual memberships. lh8 proportion deferred relates to the number of months which will occur in the followlng financial period. Life mgmberships are presumed to have a life-span of 16 years. th8refore th8 proporb'on deferred relates to the numbgr of years falling after the @nd of the current financial period. 2024 2023 Balan￿ as at 1 July 2023 Amount released to income Amount defe￿ed In the perlod 428,264 (55,984) 79,075 404.702 (56,743) 80,305 Balance as at 31 June 2024 451,355 428,264 15. Commltments There were no capltal or charitable commitrnents at 30 June 2024 or 30 June 2023. 16. Control and Relaled Party Transaclions The charily is under the control of sts Trustee8. Th8re were no related party transactions durlng the year. The trustees neither received nor waived any emoluments during the period. No trustees claimed expenses during the current or prior year. In addilion, the cost of trustees, meetlngs was £5,428 (2023: £4,652) Met by private, ring-fenced donation, The charity's insurance policy includes truslee Indemnity insurance. 17 The Britannia Association Notes and Accounting Policies Year ended 30 June 2024 17. Net assets of the charlty's funds Th8 charitys net assets belong to the varlous funds as follows... Flxed assets and Net current Long term Investments assets liabllllles Fund balances Restrlcted funds Unrestricted funds 892,914 113,466 {394,083) 612,297 892,914 113,466 (394,083) 612,297 17a. Restrlcted funds: Movements in the current year Balance at 1 July 2023 Incoma Expended Transfers Balance at 30 June 2024 The Gosling Foundatlon 2,132 (2,132) 2.132 {2,132) Movements in Ihe prevlous perlod Balance at 1 July 2022 Income Expended Transfers Balance at 30 Junè 2023 The Gosllng Foundation 100,000 (97,868) 2,132 100,000 {97,868) 2,132 The Gosllng Foundation- for the purpose of a BRNC Pavilion Feasibility Study 17b. Unrestricted funds: movements In the current year Balance at Income 1 July 2023 Investment Expended Transfer Balance at galnl{loss) 30 June 2024 G8neral Fund Revaluauon Fund 438,287 265,590 141,828 6,931 64,513 {304,852) 405,956 206,341 580,115 265,590 71.444 (304,852) 612,297 The general reserva fund represents those funds which are unrestricted and not d8signated for other purpos8S. The revaluatlon fund represents the amount by which th6 markat value of investments held at th8 year end exceeds their book cost. 18 The Britannia Association Notes and Accounting Policies Year ended 30 June 2024 17b. Unre8trlcted funds: movements In the prevlous perlod Balance at Income 1 July 2022 Investment Expended Transfer Balance al galnl(Ios8) 30 June 2023 General Fund Revaluation Fund 472,951 263,160 139,721 9,358 2,107 (307,182) 438,287 141,828 612.672 263,160 11,465 (307,182} 580,115 18. Funds recelved as agent During the year the charity organlsed various events as agent for Britannla Royal Naval College (BRNC). Income of £11.840 {2023: £14,570) and expendlture of £11,840 {2023'. £16,935) was received and pald by the charity In this capaclty during the year and a ba5ance of £4,005 was owed to BRNC at 30 June 2024 (2023: £4,005 owed to BRNC). This income and expenditure Is not included In the accounts of the charity- 19