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← The Britannia Association

2025-06-30-accounts

The Britannia Association (A company limited by guarantee)

Report and Financial Statements Year ended 30 June 2025

Charity Number 1158111 Company Number 09119745

The Britannia Association

Financial Statements

Year ended 30 June 2025

Contents Page
Report of the Trustees 1
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
NotesFormingpartoftheFinancialStatements 11

The Britannia Association

Report of the Trustees for the year ended 30 June 2025

The Trustees present their annual report, together with the accounts for the year ended 30 June 2025, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared based on the accounting policies set out in note 1 to the financial statements and comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP (FRS 102).

Legal and Administrative Information

Patron His Majesty King Charles II| President Admiral Sir Mark Stanhope GCB OBE ADC DL Hon Vice Presidents Rear Admiral Simon Williams CB CVO KStJ (appointed 2 May 2025) Commodore Caroline Dix MBE RN*# (appointed 17 November 2025)

Charity Trustees

The trustees of the Britannia Association all served in office during the year and to the date of this report. They are:-

Rear Admiral Paul Halton OBE (appointed Chairman 18 November 2024) Mr Mark Dowie CBE DL # (Vice Chairman) Captain Caroline Dix MBE RN# (retired 17 November 2025) Honorary Captain Adam Gosling RNR (retired 14 July 2025) Mr Tim Farrow Commander Brian Boxall-Hunt OBE RN Mr Graeme Gordon # Cdr Serena Davis RNR Lt Cdr David Clark * Captain Andrew Bray RN Lieutenant Commander Thomas Lee RN # (appointed 17 November 2025)

(‘denotes a serving officer)

(# denotes member of Finance and Operations Sub Committee)

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.

ma ee

The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continued)

Independent Examiner Sharon Austen FCCA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Bankers Barclays Bank Plc P.O. Box 13 20 Lemon Street Truro Cornwall BX2 2BB Solicitors Stephens Scown LLP Osprey House Malpas Road Truro Cornwall TR1 1UT Investment Advisers Rathbone Brothers Plc 30 Gresham Street London EC2V 7QN

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The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continued)

Structure, Governance and Management

Incorporation and Governing Document

The Charitable Company was incorporated on 7 July 2014 (company number 09119745) and registered with the Charity Commissioners as The Britannia Association under charity number 1158111 on 5 August 2014. It is governed by its Memorandum and Articles of Association.

Recruitment and Training of Trustees

Newly appointed Trustees undertake an induction programme designed to familiarise them with the Association’s governance and operations. This includes reviewing the Business Plan, minutes of Board and Finance & Operations Sub-Committee meetings, the annual financial statements, and participating in a facilities visit. This ensures that Trustees are fully informed and able to contribute effectively to the charity.

Organisational Management

The Board of Trustees meets at least three times per year. In accordance with the Financial Milestones Policy, the Board reviews and approves the annually revised Business Plan. A five-year rolling plan is maintained by the Association’s CEO and the Vice Chairman of the Board of Trustees.

The Finance & Operations Sub-Committee also meets three times annually and reports directly to the Board. Its terms of reference are detailed within the Business Plan.

Risk Management

Each year, when preparing and updating the strategic plan, the Board of Trustees reviews the major risks facing the charity. Systems are in place to monitor and mitigate these risks to safeguard the charity's future operations. The BAPC Ltd (BA Pavilion Company Limited), previously included in the charity’s risk documentation, was formally dissolved on 2 December 2025.

Related Parties

The Secretariat and administrative functions of the charity continue to operate from permanent offices within Britannia Royal Naval College (BRNC), Dartmouth. The office is staffed by three full-time employees, supported by a small team of casual staff who assist with educational tours, finance administration, and the College gift shop.

Objectives and Activities

Charitable Objects

The charity's objects, as set out in its Memorandum of Association, are:

ili To promote the efficiency of the Royal Navy by:

Amendments to the Charitable Objects have been identified and instructed with Stephens Scown LLP.

In planning its activities, the Trustees have given due regard to the Charity Commission's general guidance on public benefit.

Board of Trustees Policy

The Board is committed to strengthening the Association's membership through a long-term development programme focused on sustainability. Raising awareness of the Association and encouraging eligible individuals to join remains a strategic priority. The Board also intends to continue providing grants to BRNC where appropriate, supporting the College’s development and the welfare of its cadets.

2c

The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continued)

The Britannia Association remains dedicated to celebrating the past, supporting the present, and building for the future of BRNC.

Grant-Making Policy

The Association's grant-making activity aligns with its charitable objectives by supporting initiatives that do not receive public funding. Grants awarded in recent years have significantly enhanced the lived experience of College Cadets. The Association will continue to fund the live-streaming of Passing-Out Parades and remains committed to meeting the associated financial obligations. The Board has recognised that the grant budget has been underspent in recent years and is encouraging BRNC Command to make fuller use of the support available by engaging more actively with the grant application process.

Review of Activities and Achievements

Membership has continued to grow in line with the Business Plan, now exceeding 5,850 members.

Strategic recruitment within BRNC has enabled access to Royal Naval Leadership Academy (RNLA) courses, strengthening engagement with their visiting cohorts.

The Association continues to support members returning to BRNC for events such as formal dinners, reunions, lectures, sporting fixtures, and informal visits.

Annual dinners remain well attended. The established Combined Reunions has streamlined alumni engagement and significantly boosted membership growth. Reunion dates secured and published into 2027.

The Association remains the primary point of contact for general BRNC enquiries, providing signposting and archival support. The increased staffing has enabled improved service delivery.

A consistent social-media strategy has strengthened engagement with members and supporters of BRNC and the Royal Navy.

The Board continues to support annual grants to BRNC and the wider Naval Service, although it has expressed concern regarding the limited number of applications received.

Educational tours on behalf of Captain BRNC continue to be highly popular, with 2026 dates released at the end of 2025 and receiving strong early uptake.

The gift shop has grown as a revenue stream, supported by online retail platforms and the stocking of selected products in the Dartmouth Tourist Information Centre.

International alumni engagement remains strong, supported by the continued success of the Britannia Medal.

Sales to eligible graduates from before April 2019 have exceeded expectations.

Recent upgrades to operating systems and the Association’s website have enhanced member services, including access to a gallery, membership directory, messaging system, parish notices, news, events, and improved security.

The e-commerce system is now fully integrated with Xero and the upgraded POS system.

The Association sought professional VAT advice during the year, resulting in the creation of a trading arm. Further advice is now being pursued to guide the next steps.

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The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continued)

Financial Review

Financial Activities and Results

The net expenditure before net investment gains was £60,756 (2024 - £41,394). The net investment gains for the year were £21,013 (2024 - £71,444), resulting in an overall decrease in funds of £39,743 (2024 - increase £30,050).

Membership numbers now stand in excess of 5,540.

Investment Powers, Policy and Performance

The investment objective of the Britannia Association is to safeguard the capital value of its assets while maximising total returns. Performance is evaluated against the benchmarks established in the Investment Management Agreement with the appointed investment advisers. The portfolio is strategically allocated to equities aimed at achieving an overall return that exceeds the average performance of the FTSE All Share Index over a five-year period. Investment management responsibilities are entrusted to professional fund managers, who are selected by and report to the Finance and Operations Sub-Committee of the Britannia Association. The appointment of investment advisers requires the approval of the Board. The managed funds of the charity, excluding cash holdings, will be insulated from excessive risk. The Britannia Association refrains from investing in derivatives, stock lending, or commodities.

Furthermore, the Association will not engage in direct investments in unquoted securities, physical assets, or real estate, nor will it participate in underwriting activities.

Reserves

The investment portfolio held with Rathbones Group Plc continues to be reviewed routinely, with regular updates provided in response to global market volatility.

Note 17 to the financial statements outlines the assets, liabilities, and movements on each fund during the year.

Unrestricted funds amounted to £572,554 as at 30 June 2025 (2024 - £612,297). The Trustees consider this level of reserves appropriate to meet the current and future needs of the charity.

The Trustees remain confident in the Association’s going-concern status for the next 12 months and beyond. This assessment includes consideration of investment valuations, which stood at £849,085 on 28 February 2024 and £877,685 on 30 June 2025.

Future Developments

The Board of Trustees’ objectives for the forthcoming year are to:-

BA Membership

¢ — Increase overall membership numbers

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The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continuea)

Financial

° Operate within established budgetary constraints ° Allocate grants specifically to BRNC ° Strengthen capital funds ° Encourage increased donations to the Britannia Foundation

Communications

iGie

The Britannia Association

Report of the Trustees for the year ended 30 June 2025 (continuea)

Statement of trustees’ Responsibilities

The trustees (who are also directors of The Britannia Association for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for the period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small Company Charity Provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Rear Admiral Paul Halton OBE Chairman

By order of the Board on Sth March 2026 beeees

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The Britannia Association

Independent Examiner's Report to the Trustees of The Britannia Association (‘the Company’)

Year ended 30 June 2025

| report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2025.

Responsibilities and basis of report

As the charity's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act”).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting 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 requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| have no concerns and have come across no other matters in connection 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 Austen FCCA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

pate. S. Aarch coz

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The Britannia Association

Statement of Financial Activities

(Incorporating Income and Expenditure Account)

Year ended 30 June 2025

Year to Year to 30
30 June 2025 June 2024
Unrestricted Restricted Total Total
Notes Funds Funds Funds Funds
£ £ £ £
INCOME FROM
Membership and joining fees 4 77,990 - 77,990 78,185
Donations and legacies 5 4,477 - 4,477 1,831
Charitable activities
Tours 6d 43,070 - 43,070 40,642
Reunion Dinner 6,345 - 6,345 20,235
Other ticket income 11,050 - 11,050 5210
Other Trading Activities 3 97,999 - 97,999 95,343
Investments 9 17,465 - 17,465 20,253
Other income 1,320 - 1,320 3,886
Total income 259,716 - 259,716 265,590
EXPENDITURE ON
Raising funds:
Trading expenses 3 50,356 - 50,356 60,756
Investment management costs 9 6,337 - 6,337 7,004
Charitable activities 6c 166,848 - 166,848 136,947
Charitable activities - tours 6d 59,394 - 59,394 41,579
Event costs 6a 11,955 . 11,955 20,456
Grants and awards 6b 25,582 ” 25,582 40,242
Total expenditure 320,472 - 320,472 306,984
Net (expenditure) before gains
on Investments (60,756) - (60,756) (41,394)
Net gains on Investments 9 21,013 - 21,013 71,444
NET (EXPENDITURE)/INCOME
AND MOVEMENT IN FUNDS (39,743) . (39,743) 30,050
RECONCILIATION OF FUNDS:
Total funds brought forward 612,297 - 612,297 582,247
Totalfundscarriedforward 572,554 - 572,554 612,297

All of the above amounts related to continuing activities.

The notes on pages 11 to 19 form part of these financial statements.

iO)

The Britannia Association

Balance Sheet

30 June 2025
30 June 30 June
FIXED ASSETS Notes 2025
£		 2024
£
Intangible assets qi 8,117 12,176
Tangible assets 8 1,701 2,011
Investments 9 877,685 878,727
887,503 892,914
CURRENT ASSETS
Stock 10 52,770 37,398
Debtors
Cash at bank		 11 22,169
69,803		 38,724
146,676
144,742 222,798
CREDITORS: due within one year 12 (77,034) (109,332)
NET CURRENT ASSETS 67,708 113,466
TOTAL ASSETS LESS CURRENT
LIABILITIES 955,211 1,006,380
CREDITORS: due after more than one year 13 (382,657) (394,083)
NET ASSETS 572,554 612,297
FUNDS
Unrestricted Funds: 17b
General
Revaluation		 556,701
15,853		 405,956
206,341
Restricted Funds: 17a - =
TOTALFUNDS 572,554 612,297

For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Approved by the Board of Trustees of The Britannia Association on oth March 2026and signed on its behalf by:

Rear Admiral Paul Halton OBE

Chairman

Company Registration Number: 09119745

The notes on pages 11 to 19 form part of these financial statements.

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of accounting

The financial statements have been prepared in accordance with 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) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Britannia Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

The functional and presentational currency of these financial statements is sterling.

b) Group accounts

Advantage has been taken of the exemption from preparing group accounts on the basis that the group is a small group. Accordingly, the financial statements present information about the charity as a single entity and not about the group.

c) Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

d) Income

Income is recognised when the charity has entitlement to funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Membership and deferred income

Joining fees are accounted for as received.

Both annual and life memberships are initially deferred and then released to income uniformly over the period from payment. Further details of deferred members fees are included in Note 14.

Life membership fees (both founder and general) are deemed to cover a period of sixteen years.

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The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

1. Accounting Policies (continued)

e) Fund Accounting

Donations received for the general purposes of the Charity are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Trustees.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes irrecoverable VAT and is classified under the following activity headings:

g) Financial Instruments

The charity only 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.

Investments are included at mid-price market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Investment income is accounted for in the period in which the charity is entitled to receipt.

h) Pension costs

The Association participated in a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in the year in which they are incurred.

Intangible fixed assets are initially included at cost.

Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Website - 25% straight line

Tangible fixed assets are initially included at cost.

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% straight line Computer equipment - 25% straight line Cannon - 10% straight line Training boats - 10% straight line

k) Stock

Stock is stated at the lower of cost and estimated selling price.

=e (Je

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

Gift Aid is recognised in the same period as the income to which it relates is received.

m) Funds received as agent

Income and expenditure incurred as agent is not included in the income or expenditure of the charity. For further details see Note 18.

2. Legal Status of the Charity

The Britannia Association is a private company limited by guarantee without share capital incorporated in England and Wales. In the event of the company being wound up the liability of the members is limited to £10 each. The address of the registered office of the Charity is given on page 2.

  1. Other trading activities
Other trading activities
Year to Year to
30 June 30 June
2025 2024
(a) Medals £ £
Turnover 8,065 1,109
Cost ofsales (692) (13,848)
Netprofit/(loss) 7,373 (6,743)

The cost of sales for Medals in 2024 was overstated, due to stock in transit of £5,670 which was not identified as such and so included as an expense. Costs of sales for Medals in 2025 is therefore understated by the same amount.

(b)
Other
Turnover
Cost ofsales		 89,934
(49,664)		 88,238
(46,908)
Netprofit 40,270 41,330

During the period the Charity had trading income from the sale of Association merchandise through events, functions and the website.

4. Income from membership and joining fees

Income from membership and joining fees
Year to Year to
30 June 30 June
2025 2024
z= ra
Life membership fees 45,361 44,915
Annual subscriptions 32,329 32,970
Overseas membership fees 300 300
77,990 78,185
  1. Income from donations and legacies

Donations received in the year of £4,477 includes £nil (2024: £nil) in respect of restricted funds (see note 17). No legacies were received in the current or previous year.

In addition to the above, the Royal Naval College did not charge for accommodation provided to the charity to operate from.

= 43 «

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

6. Analysis ofexpenditure 6. Analysis ofexpenditure Restricted Unrestricted Yearto Year to
Funds Funds 30 June 30 June
2025 2024
f. £ E £
(a) Cost ofevents
BRNC Reunion Dinner		 - 4,993 4,993 119163
2025 Liverpool - 6,962 6,962 -
Rag Dinner 2023 - - . 9,293
. 11,955 11,955 20,456
(b) Analysis of charitable expenditure
Grants and awards to BRNC
BA Sword - . - 2,088
Rec Space - 30 30 734
POP Coverage Grant > 3,600 3,600 3,959
Cinelink Service - . ” 4,000
RNLA Grant - - - 1,631
Prizes Gifts & Awards . 1,541 1,541 2,400
South Western Ambulance - . - 605
Education Grant - - - 543
Suy London
Queen's canopy project seating		 ”
-		 -
.		 “
.		 635
16,346
Marl Buffet - 1,723 1,723 1,487
Aldershot Garrison - 1,500 1,500 -
Sports Grant - 15,700 15,700 4,914
Welfare/ support /sponsorship . 1,045 1,045 900
Carol service support - 443 443 -
- 25,582 25,582 40,242
(c) Charitable activities
Pavillion feasibility study		 - 1,872 1,872 7,889
Marketing and communications
Bank charges and interest		 -
-		 143
3,741		 143
3,741		 598
3,396
Subscriptions and licences
Insurance		 -
-		 15,186
1,835		 15,186
1,835		 11,666
1,797
Recruitment Expenses - 4,054 4,054 1,682
Salaries (note 6e)
Travel and subsistence		 .
.		 85,069
1,935		 85,069
1,935		 68,247
2,213
Postage and stationery
Printing
Telephone
Website development		 -
-
.
-		 7,088
3,230
2,737
9,864		 7,088
3,230
2,730
9,864		 6,175
3,242
1,891
3,585
Depreciation and amortisation - 4,874 4,874 5,409
Other sundry costs - 1,899 1,899 536
Governance costs
Audit and accountancy
Independent Examination - 1,400 1,400 1,200
Other
Cost oftrustee meetings		 -
-		 15,775
5,970		 15,775
5,970		 11,153
5,428
Professional fees - 176 176 840
- 166,848 166,848 136,947

Resources expended for the year to 30 June 2025 included £nil (2024: £2,132) of restricted funds (See Note 17).

a |) ae

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

6. Analysis of expenditure (continued)

Year to Year to
30 June 30 June
2025 2024
£ 2
(d) Tours
Turnover 43,070 40,642
Expenditure: Salaries (note 6e) (45,315) (30,551)
: Other (14,079) (11,028)
Net (loss)/profit (16,324) (937)
(e) Staff costs
Wages and salaries 121,700 98,451
National Insurance 5,050 (6,881)
Pension costs 3,634 7,228
130,384 98,798
No No
Averagenumberofstaffemployedduringtheyearwas: 9 8

No employees received employee benefits of more than £60,000. The key management personnel of the charity comprise the Trustees and the Association Secretary. The total employee benefits of the key management personnel were £47,232 (2024: £51,590).

7. Intangible assets

Website Total
£ £
COST
At 1 July 2024 16,235 16,235
Additions - -
At 30 June 2025 16,235 16235
AMORTISATION
At 1 July 2024 4,059 4,059
Charge for period 4,059 4,059
At 30 June 2025 8,118 8,118
NET BOOK VALUE
At 30 June 2025 8,117 8,117
At30June2024 12,176 12,176

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

  1. Tangible assets
Hawk Fixtures Computer
Boats Cannon andfittings Equipment Total
£ £ £ £ £
COST
At 1 July 2024 61,834 3,000 608 16,495 81,937
Additions - - - 505 505
At 30 June 2025 61,834 3,000 608 17,000 82,442
DEPRECIATION
At 1 July 2024 61,834 3,000 608 14,484 79,926
Charge for period . - . 815 815
At 30 June 2025 61,834 3,000 608 15,299 80,741
NET BOOK VALUE
At 30 June 2025 ~ - . 1,701 1,701
At 30 June 2024 - - - 2,011 2,011
9. Investments
2025 2024
Total Total
£ £
Unrestricted Funds
Market value at 1 July 2024 878,726 813,819
Disposal proceeds (965,622) (56,195)
Investment additions 958,567 49,658
Realised and unrealised gain 21,013 71,444
Cash withdrawn from the investments (15,000) -
Investment in subsidiary 1 1
Marketvalueat30June2025 877,685 878,727

The historical cost of the investments at 30 June 2025 was £853,818 (2024: £661,939).

The Charity owns the whole of the ordinary share capital, consisting of one ordinary share of£1 of BA Pavilion Company Ltd that was incorporated on 11 February 2022. (Company Number 13910741). The company’s principal activity is the prospective development of BRNC Sports Pavilion. The company’s registered office is C/O Penningtons Manches Cooper LLP, 11'" Floor, 45 Church Street, Birmingham, West Midlands, B3 2RT.

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The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

10. Stock
2025 2024
£ £
Goods for resale 52,770 37,398
11. Debtors
2025 2024
£ Fa
Gift Aid due 12,869 36,324
Prepayments and accrued income 9,300 2,400
22,169 38,724
12. Creditors: Amounts falling due within one year
2025 2024
£ £
Deferred membership fees 60,888 57,272
Other creditors and accruals 16,146 52,060
77,034 109,332
13. Creditors: amounts falling due after more than one year
2025 2024
£ ra
Deferredmembershipfees 382,657 394,083

14. Deferred income

Deferred income arises when annual or life memberships are purchased partway through the period. Deferred income arises when annual or life memberships are purchased partway through the period. Deferred income arises when annual or life memberships are purchased partway through the period.
For annual memberships, the proportion deferred relates to the number of months which will occur in
the following financial period. Life memberships are presumed to havea life-span of 16 years,
therefore the proportion deferred relates to the number of years falling after the end of the current
financial period.
2025 2024
£ ral
Balance as at 1 July 2024 451,355 428,264
Amount released to income (58,300) (55,984)
Amount deferred in the period 50,490 79,075
Balanceasat30June2025 443,545 451,355

15. Commitments

There were no capital or charitable commitments at 30 June 2025 or 30 June 2024.

16. Control and Related Party Transactions

The charity is under the control of its Trustees. There were no related party transactions during the year.

The trustees neither received nor waived any emoluments during the period. No trustees claimed expenses during the current or prior year. In addition, the cost of trustees’ meetings was £5,970 (2024: £5,428) are funded from unrestricted funds. The charity’s insurance policy includes trustee indemnity insurance.

=4T7 «

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

17. Net assets of the charity’s funds

The charity’s net assets belong to the various funds as follows:-

Fixed assets
and Netcurrent Long term Fund
investments assets liabilities balances
£ £ £ £
Restricted funds - - - -
Unrestricted funds 887,503 67,708 (382,657) 572,554
887,503 67,708 (382,657) 572,554
17a. Restricted funds:
Movements in the current year
Balance at Income Expended Transfers Balance at
1 July Ee £ = 30 June
2024 2025
= £
The Gosling Foundation - - . - -
Movements in the previous period
Balance at Income Expended Transfers Balance at
1 July 2 = £ 30 June
2023 2024
£ £
The Gosling Foundation 2132 - (2,132) - -
2132 - (2,132) - -

17a. Restricted funds:

The Gosling Foundation — for the purpose of a BRNC Pavilion Feasibility Study

17b. Unrestricted funds: movements in the current year

Balance at Income Investment Expended’ Transfer Balance at
1 July £ gain/(loss) £ £ 30 June
2024 £ 2025
£ £
General Fund 405,956 259,716 211,501 (320,472) 556,701
Revaluation Fund 206,341 - (190,488) - - 15,853
612,297 259,716 21,013 (320,472) - 572,554

The general reserve fund represents those funds which are unrestricted and not designated for other purposes. The revaluation fund represents the amount by which the market value of investments held at the year end exceeds their book cost.

The Britannia Association

Notes and Accounting Policies

Year ended 30 June 2025

17b. Unrestricted funds: movements in the previous period

Balance at Income Investment Expended Transfer Balance at
1 July £ gain/(loss) £ £ 30 June
2023 £ 2024
£ £
General Fund 438,287 265,590 6,931 (304,852) - 405,956
Revaluation Fund 141,828 - 64,513 - - 206,341
580,115 265,590 71,444 (304,852) - 612,297

18. Funds received as agent

During the year the charity organised various events as agent for Britannia Royal Naval College (BRNC). Income of £4,435 (2024: £11,840) and expenditure of £4,290 (2024: £11,840) was received and paid by the charity in this capacity during the year and a balance of £nil was owed to BRNC at 30 June 2025 (2024: £4,005 owed to BRNC). This income and expenditure is not included in the accounts of the charity.

& 19 =