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2021-11-30-accounts

ARMED FORCES PARLIAMENTARY TRUST

REPORT OF THE TRUSTEES AND UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

Registered Charity Number

1159312

ARMED FORCES PARLIAMENTARY TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

Page
Legal and administrative information 3
Report of the Trustees 4
Report of the Independent Examiner 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9
Detailed statement of financial activities 14

ARMED FORCES PARLIAMENTARY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 NOVEMBER 2021

Trustees Stephen Doughty MP (appointed 24 November 2021) Mr John Robert Macara Gardner James Whiteside Gray MP (Chairman) The Baroness Hodgson of Abinger CBE Sir Bill Jeffrey KCB Air Vice-Marshal The Honourable David Paul Murray CVO OBE DL (retired 24 November 2021) The Lord Rogan The Right Honourable Colonel Robert Alexander Stewart DSO MP The Right Honourable The Baroness Stuart of Edgbaston (retired 2 March 2021) Mr William Thomas Tew Colonel Sir Neil Gordon Thorne OBE TD DL (Life President) (retired 7 July 2021) Address House of Commons London SW1A 0AA Registered charity number 1159312 Independent examiner Jonathan Wilkes FCA Bankers Barclays Bank Leicester LE87 2BB

3

ARMED FORCES PARLIAMENTARY TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 NOVEMBER 2021

The Trustees present their report with the financial statements of the charity for the year ended 30 November 2021. The Trustees have adopted the provisions of Financial Reporting Standard 102 Statement of Reporting Practice (FRS 102 SORP) and the Charities Act 2011 in preparing the annual report and financial statements of the charity.

OBJECTIVES & ACTIVITIES

Objects

The advancement of education for the public benefit in the operation and work of Her Majesty's Armed Forces principally through the medium of the Armed Forces Parliamentary Scheme.

Summary of main activities

The Armed Forces Parliamentary Trust runs the Armed Forces Parliamentary Scheme which offers educational visits to bases and units of all three armed services - Royal Navy, Army and Royal Air Force - the purpose of which is to inform participants about the operation and work of Her Majesty's Armed Forces. We confirm the trustees have had regard to the Charity Commission's guidance on public benefit.

Achievements and performance

20 students graduated from the Armed Forces Parliamentary Scheme 2020-21 and 3 from the Royal College of Defence Studies 2020-21.

Reserves policy

The Reserves Policy is to hold a sum equivalent to twelve months' average expenditure. At 30 November 2021, reserves were £120,589, against expenditure for the 12 months of £68,077.

SPONSORSHIP INCOME

The activities of the Trust are funded principally by sponsorship from industry. The trustees are very grateful to the sponsors of the 2020-21 scheme: Airbus Operations UK, Babcock International, BAE Systems, Boeing Defence UK, DXC Technology, Elbit Systems, General Dynamics UK, Leonardo UK, Lockheed Martin UK, QinetiQ, Raytheon UK and Rolls-Royce.

Sponsors enter into a rolling annual Sponsorship Agreement, which has the nature of a corporate social responsibility donation, with the aim being better education of parliamentarians about defence matters, and expressly excludes any lobbying activities.

The trustees have adopted the policy of recognising sponsorship in the scheme year to which it relates. If sponsorship has been pledged but not yet remitted at the balance sheet date, and where the sponsor has indicated its intention to remit the funds, the amount is recognised as a receivable, though the trustees acknowledge that due to the voluntary nature of the sponsorship such a debtor is not legally enforceable.

4

ARMED FORCES PARLIAMENTARY TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 NOVEMBER 2021

CORONAVIRUS PANDEMIC

Impact on activities

The ongoing coronavirus (COVID-19) pandemic and consequential government control measures have resulted in the charity having to restrict activity on the Armed Forces Parliamentary Scheme 2020-21 but with the addition of virtual visits and briefings (via Zoom and Microsoft Teams).

The trustees have assessed the ability of the charity to continue its activities in future. The Armed Forces Parliamentary Scheme for 2021-22 will recommence fully as soon as the pandemic recedes and when government restrictions allow.

Impact on fundraising

The charity has not experienced any reduction in sponsorship as a result of the coronavirus (COVID-19) pandemic.

Financial sustainability and going concern

Whilst the trustees recognise that there are a significant number of national concerns due to the coronavirus (COVID-19) pandemic, they do not consider there to be any serious financial uncertainties regarding the charity’s financial sustainability and consider therefore that the financial statements of the charity for the year ended 30 November 2021 shall be prepared on a going concern basis.

…...............................................................

James Gray MP Chairman

Date: 28 September 2022

5

ARMED FORCES PARLIAMENTARY TRUST

REPORT OF THE INDEPENDENT EXAMINER

FOR THE YEAR ENDED 30 NOVEMBER 2021

I report on the accounts for the year ended 30 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under s.144(2) of the Charities Act 2011 (the “2011Act”) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

…...............................................................

Jonathan Wilkes FCA

Independent Examiner

Date: 28 September 2022

6

ARMED FORCES PARLIAMENTARY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2021

Notes
Income and endowments from:
Donations and legacies
3
Other trading activities
4
Total
Expenditure on:
Other
5
Total
Net gains on investments
Net income
Net income before other
gains / (losses)
Other gains and losses:
Net movement in funds
Reconcilliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2021
£
115,000
(3,235)
111,765
68,077
68,077
-
43,688
43,688
-
43,688
79,093
122,781		 Total funds
2021
£
115,000
(3,235)
111,765
68,077
68,077
-
43,688
43,688
-
43,688
79,093
122,781		 Total funds
2020
£
95,000
(476)
94,524
73,609
73,609
-
20,915
20,915
-
20,915
58,178
79,093

7

ARMED FORCES PARLIAMENTARY TRUST

BALANCE SHEET

FOR THE YEAR ENDED 30 NOVEMBER 2021

Fixed assets
Tangible assets
Current assets
Debtors (Sponsorship receivable)
7
Other debtors
Cash at bank and in hand
Liabilities
Creditors falling due within one year
8
Net current assets
Net assets
The funds of the charity
Restricted funds
Unrestricted funds		 2021
£
2,106
20,000
86
102,072
122,158
(1,483)
120,675
122,781
-
122,781
122,781		 2020
£
2,808
15,000
-
65,605
80,605
(4,320)
76,285
79,093
-
79,093
79,093

The financial statements on pages 7 - 14 were approved by the Trustees and signed on their behalf by:

…............................................................... James Gray MP Chairman

Date: 28 September 2022

8

ARMED FORCES PARLIAMENTARY TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with: SORP (FRS 102): 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), issued in October 2019; the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the
general objects of the charity.
Restricted funds These are available for use subject to restrictions imposed by the donor or through
terms of an appeal.
Income
Recognition of Income is induded in the Statement of Financial Activities (SoFA) when the
income charity becomes entitled to, and virtually certain to receive, the income and the
amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is
expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the
legacies the SoFA when receivable and only when the Charity has unconditional
entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in expenditure)
and facilities where the benefit to the Charity is reasonably quantifiable, measurable and
material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market
revaluation of fixed value at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets

9

ARMED FORCES PARLIAMENTARY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 NOVEMBER 2021

Expenditure

Expenditure
Recognition of Expenditure is recognised on a cash basis. Expenditure includes any VAT which
expenditure cannot be fully recovered, and is reported as part of the expenditure to which it
relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising
raising funds trading costs and investment management costs.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities
charitable activities and services in the furtherance of its objects, including the making of grants and
governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for
grants that have been approved by the trustees at the end of the year but not yet
paid.
Governance costs These include those costs associated with meeting the constitutional and statutory
requirements of the Charity, including any audit/independent examination fees,
costs linked to the strategic management of the Charity, together with a share of
other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Sponsorship amounts receivable are recognised at the amount pledged but not yet remitted. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other shortterm highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

10

ARMED FORCES PARLIAMENTARY TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

2
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Total
Expenditure on:
Raising funds
Other
Total
Net income
Net income before other
gains / (losses)
Other gains and losses:
Net movement in funds
Reconcilliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
4
Income from other trading activities
Costs of generating funds:
Events		 Unrestricted
2021
£
115,000
115,000
Unrestricted
2021
£
(3,235)
(3,235)		 Unrestricted
funds
2020
£
95,000
95,000
476
73,609
74,085
20,915
20,915
-
20,915
58,178
79,093
Total
2021
£
115,000
115,000
Total
2021
£
(3,235)
(3,235)		 Total funds
2020
£
95,000
95,000
476
73,609
74,085
20,915
20,915
-
20,915
58,178
79,093
Total
2020
£
95,000
95,000
Total
2020
£
(476)
(476)

11

ARMED FORCES PARLIAMENTARY TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

5 Other expenditure

Employee costs
Travelling expenses
General administrative costs
6
Staff costs
Salaries and wages
7
Debtors
Sponsorship receivable
8
Creditors: Amounts falling due within one year
Other creditors
9
Movement in funds
At 21
November
Incoming
resources
(including
other
gains/losses)
2020
£
£
Restricted funds:
-
-
Unrestricted funds:
General funds
79,093
115,000
Total funds
79,093
115,000		 Unrestricted
2021
£
58,890
2,237
6,950
68,077
58,890
58,890
Resources
expended
£
-
(71,312)
(71,312)		 Total
2021
£
58,890
2,237
6,950
68,077
58,890
58,890
2021
£
20,000
20,000
2021
£
223
223
Gross
transfers
£
-
-
-		 Total
2020
£
64,487
1,935
7,187
73,609
62,929
62,929
2020
£
15,000
15,000
2020
£
4,020
4,020
At 20
November
2021
£
-
122,781
122,781

12

ARMED FORCES PARLIAMENTARY TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 NOVEMBER 2021

10 Analysis of net assets between funds

Analysis of net assets between funds
Net current assets Unrestricted
funds
£
122,781
122,781		 Total
£
122,781
122,781

13

ARMED FORCES PARLIAMENTARY TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2021

Income and endowments from:
Donations and legacies
Other trading activities
Costs of generating funds: events
Total income and endowments
Expenditure on:
Employee costs
Salaries and wages
Staff welfare
Travelling
General administrative costs,
including depreciation and amortisation
Stationery and printing
Professional fees
Sundry expenses
Depreciation of tangible assets
Total expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains / (losses)
Other gains
Net movement in funds		 Unrestricted
funds
2021
£
115,000
115,000
(3,235)
(3,235)
111,765
58,890
-
58,890
2,237
2,237
383
4,772
344
1,451
6,950
68,077
68,077
-
43,688
43,688
-
43,688		 Total funds
2021
£
115,000
115,000
(3,235)
(3,235)
111,765
58,890
-
58,890
2,237
2,237
383
4,772
344
1,451
6,950
68,077
68,077
-
43,688
43,688
-
43,688		 Total funds
2020
£
95,000
95,000
(476)
(476)
94,524
62,929
1,558
64,487
1,935
1,935
310
5,815
265
797
7,187
73,609
73,609
-
20,915
20,915
-
20,915

14