2021-08-31-accounts - Armed Forces Education Trust

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			Page
Legal and administrative		information
Report ofthe	Trustees		2-7
Statement of	Trustees'	responsibilities
Independent	auditor's	report	9-12
Statement of	financial	activities	13
Statement of	financial	position	14
Notes to the	financial statements		15-22

Trustees		Mr A Behagg			Chair
		IVlr M Willis
		Mrs l Lycett
		Mrs M Clohessy			Treasurer
		Mr TFlasher
		Mr I Buckle
		Ms LG Buckingham	Robinson		Appointed	15March 2021
		Mr D I Toriati			Appointed	15March 2021
		Mrs l IVlelson			Resigned 8iune 2021
Charity	number	1167682
Principal	address	Armed Forces Education		Trust
		PO Box684
		Farnham
		GLI 9 1LP
Auditor		TC Group
		10Bridge Street
		Christchurch
		Dorset
		BH23 1EF

ARMED FORCES EDUCATION TRU5r INDEPENOENT AUDITOR'S REPORT (CONTINUEOI TO THE TRUSTEES OF ARMED FORCES EOUCATION TRUST Owlng to the Inherent limitations of èn audit, there is an unavoidbble risk that we may not have detected some material misststements in the financial staiements, even though we have pr¢pèrly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliante with laws and regulations lirregularitiesl is from the events and trnn5aCti5 refierted in the financial statements. the less likelv the inherently limited procedures required by auditing standards would identify it. The risk Is a150 greater regarding irregularlfje5 occurring due to fraud rather than errw. as fraud involves intentional concealment. forgery. collusion, omi55ion or mi5representauon. We are not responsible fDr preventing non-complian and cannot be expected to detert non<ompliance with all laws and regulations. A further de5criprion of our responsibilities Is available on the Financial Reporting CoLrncil's website at-. https'.// www.frc.org.uklOur-WorVAudiVAudit-and-assurancel5tandards.and.8uidance/Standafds-and-8uidance- forauditor5lAuditors.responsibilitieS.for-auditlDèscription.of-aUditors-re5ponslbll1e5-fOr-aLsdlt.35pX. This description forms part of our auditor's report. Use ol our report This report 15 made solely to the charlly's irustee5. as a b¢dy. in accordance with of Part 4 of the Charities Act 2011. Our audit work has been undertaken str that we might state to the charity's trustees those matters we are rEquiied to State to them in an auditor's repon and fcr no other purposè. Tts the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1he charlty and the charity'5 trustees, as a bodv, for OLtr audlt work, for this report, or for the opinions we have formed. Lucy Filer FCA1Senior St tutory Audltorl for and on behalf of TC Group ststutory Auditor Offlce.. Christchurch 25 January 2022 12-

				Unrestd cted	Total
				funds
				2021	2020
			Notes	E	E
Income from:
Donations and	legacies			500	250
Investment income				409,557	403,016
Totalincome				410,057	403,266
~Ed
Charitable activities				291,164	397,792
Net gains/(losses)		on investments		391,174	487,245
Net moveinent	in	funds		510,067	492.719
Fund balances	at 1September 2020			13,358,438	12,865,719
Fund balances	at 31August 2021			13,868,505	13,358,438

				2021	2020
			Notes	6	E
Fixed assets
Investment	properties		10	11,560,000	11,560,000
Investments			11	2,343,974	1,652,800
				13,903,974	13,212,800
Current assets
Debtors			12	1,171	117,408
Cash at bank and in		hand		250,258	485,284
				251,429	602,692
Creditors: amounts		falling due within
one year				(236,863)	(352,761)
Net current	assets			14,566	249,931
Total assets	less current liabigdes			13,918,540	13,462,731
Creditors: amounts		falling due aher
more than	one year			(50,035)	(104,293)
Net assets				13,868,505	13,358,438
Income funds
Unrestncted	funds			13,868,505	13,358,438
				13,868,505	13,358,438
The financial statements were approved			by the Trustees	on ............~fy... JQ~

	Donations
4	Investment	income

Unrestricted	Unrestricted
funds	funds
2021	2020
	f
500	250

Investment	Investment
income	income
2021	2020
f	f
409,557	403,016

				Charitable	Support	Governance	Total	Total
				activities	costs	costs	2021	2020
				2021	2021	2021
				6	E	f
Grants to	institutions			150,082			150,082	191,230
Grants to	individuals			102,387			102,387	170,171
Salaries					27,102		27,102	25,583
Insurance					1,033		1,D33	1,033
Other establishment					5,077		5,077	4,134
Auditors'	remuneration					4,320	4,320	4,320
Legal and	other professional		fees			1,119	1,119	921
Costs ofTrustees'		meetings				44	44	400
				252,469	33,212	5,483	291,164	397,792
				252,469	33,212	5,483	291,164	397,792

Grants payable
The total grants paid to mstitutions	during the year were as follows:
		2021	2020
Shrivenham Primary School		13,277
Hermitage Primary School		1,500
St Mary's Hadleigh		6,500
Talavera Infants		7,342
Talavera Juniors		18,720
Stamfordham Primary		6,594
Curridge Primary		4,564
Wellington Academy		15,540
StMichaels Primary School		13,890
Reading Force		10,000
Clarendon		13,363
Knocknagoney Primary School		9,600
Buntingsdale Primary School		10,500
Zouch Academy		14,952
Stoke on Tern Primary School		6,480
Upton by Chester High		14,640
Raigmore Primary School		18,444	18,116
South Farnborough Junior School		6,480	5,940
Salisbury Plain Academies		(39,838)	42,666
Carswell Primary School		(648)	26,040
Newton Tony Primary		(1,818)	1,251
The Wavell School			27,378
Mayhill School			23,DDD
Llantwit Major School			21,248
Argyll and Bute Council			14,331
Kinloss Primary School			9,000
Ash Manor School			8,240
Carterton Primary School			6,250
Ringshall Primary School			5,000
Naphig &Walters Ash School			4,176
Corrlngham Primary School			3,672
Wiltshire County Cauncil			(25,078)
Total grants to institutions		150,082	191,230

	Usted
	investments
	E
Cost orvaluation
At 1September 2020	1,652,800
Additions	300,000
valuation changes	391,174
At 31August 2021	2,343,974
Carrying amount
At 31August 2021	2,343,974
At 31August 2020	1,652,800

Debtors
		2021	2020
Amounts	falling due within one year:	E	E
Other debtors		1,171	117,408

			2021	2020
			E	E
Grant credrtors			6,637	27,994
Accruals and deferred		income	230,226	324,767
			236,863	352,761
Included within accruals are grants agreed for future			periods off225,905 (2020 - f218,057).
Creditors: amounts	falling due after more than one		year
			2021	2020
				f
Accruals and deferred		income	50,035	104,293