# **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2022** **CHARITABLE INCORPORATED ORGANISATION CIO NUMBER 1178000** Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **CONTENTS** |Pages 3 to 6|Report of the Trustees| |---|---| |Page 7|Statement of Financial Activities| |Page 8|Balance Sheet| |Pages 9 to 14|Notes to the Financial Statements| |Page 15|Independent Examiners Report to the Trustees.| 2 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **CIO NUMBER** 1178000 ## **START OF FINANCIAL PERIOD** 1 January 2022 ## **END OF FINANCIAL PERIOD** 31 December 2022 **TRUSTEES THAT SERVED DURING THE YEAR TO 31ST DECEMBER 2022** Sqn Ldr H Ratnage-Black Chair Jan – 27 May 22 Sqn Ldr L Mitchell Chair 27 May 22 – present Sqn Ldr M Smith Trustee Sqn Ldr S Preston Trustee / BLSA Safety Manager WO N Lashbrook Trustee FS M Silva Trustee Chf Tech H Carr Trustee AOC no. 22 (Training) Group may appoint one trustee who will be the Chair of the CIO. The remaining trustees are elected at AGM. ## **CORRESPONDENCE ADDRESS** Room 43, Kermode Hall RAF Halton Aylesbury Buckinghamshire HP22 5PG ## **GOVERNING DOCUMENT** CIO Association document registered 18th April 2018 **BANKERS** Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP ## **INDEPENDENT EXAMINER** J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF ## **OBJECTS** The objects for which the Charitable Incorporated Organisation is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Bobsleigh, Luge and Skeleton Winter Sports. 3 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **OBJECTIVES AND ACTIVITIES** The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Bobsleigh, Luge and Skeleton Winter Sports. The BLSA as a whole conduct a minimum of three, although traditionally four, main overseas events during the seasonal year, one for Natural Luge and the remaining for the rest of the association. In support of these events, the BLSA conduct a number of training and selection events to support athlete development. These events consist of wheeled luge events, push track training, general fitness and conditioning, equipment training days and administrative days for committee members. The overseas events consist of on ice training, general strength and conditioning, development of athlete sliding through feedback session and track walks culminating in a race at the end of each week to enable athletes to test their abilities in race conditions. ## **STATEMENT ON PUBLIC BENEFIT** The trustees have been mindful of the guidance issued by the Charity Commission on public benefit. ## **CONTRIBUTION BY VOLUNTEERS** It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents. ## **EXECUTIVE COMMITTEE** |**Committee member name**|**Office (if any)**|**Dates acted if not for whole year**| |---|---|---| |FLt Lt R Thornbury|Skeleton Team Manager|| |Flt Lt K McLaughlin|Bobsleigh Team Manager|| |Flt Lt A Wright|Olympic Luge Team Manager|| |Flt Lt S Cecy|BLSA Ops Director|| |WO C Dupee|Natural Luge Team Manager|| |WO K Isaacs|BLSA Treasurer|Sep 22 – present| |Cpl L Prentice|BLSA Secretary|| ## **ORGANISATIONAL STRUCTURE** The BLSA is headed by a nominated President who provides oversight, advice, and guidance to the BLSA Committee. The BLSA Committee is headed by a chairperson, supported by the following roles: - Ops Director - Safety Manager - Treasurer - Secretary - Discipline Team Managers - Trustees Each Discipline Team Manager is supported by a discipline specific team for equipment, admin, and finance. 4 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **SOCIAL INVESTMENT** The BLSA does not have an income that can be used to make a profit for the association as all funding is received from the RAFCF therefore does not conduct social investment. However, funds that are given to the association are split predominantly between operating costs and clothing and equipment. Operating cost expenditure typically has a single application as it contributes towards overseas location activity. The majority of clothing and equipment expenditure is always seen as in investment which supports athlete development, PPE for sliding or physical sliding equipment, items purchased within this context is expected to remain in use by the BLSA for up to 20 years subject to any damage sustained that cannot be rectified. A small amount of funding is utilised for consumables such as sandpaper, grease, and tape, all of which are single use but ensure equipment is serviced appropriately to enable safe activity. ## **ACHIEVEMENTS AND PERFORMANCE** The BLSA primarily benefits each individual who has the opportunity to become involved either as an athlete, a BLSA committee member, safety official or any combination of the three. As athletes, individuals are challenged, both on and off the track, enabling them to put themselves into stretch in a controlled environment developing their ability to push beyond their understood limits developing their war fighter spirit. The also have the opportunity as they develop as athletes within their disciplines to begin so share their experience to more junior athletes. All personnel are exposed to a high level of staff work, organisational, managerial and leadership challenges which supports personal and team learning and development. This helps individuals to try new leadership and management styles in a controlled but demanding environment which can be transferred directly back into their military roles. In 2022, the BLSA was able to provide training opportunities for in excess of 200 athletes ranging from basic skills training to on ice training and racing. In addition, there was also opportunities for athletes to represent their country at the Winter Olympic Games and on the International Race Circuit in both Bobsleigh and Skeleton with athletes reaching the height of representation as competitive athletes. The athletes who were selected to represent their country have developed a substantial skill set which has had direct benefit back to the military. In addition, their success has inspired a whole new generation of potential athletes to display interest, commitment, and drive to join the BLSA as athletes and staff members ensuring there is a competitive pool of people to drive the skill and competition. ## **FUNDRAISING** The BLSA does not individually fundraise however, through their association with the RAFCF they have been ensuring RAF Sports Lottery is supported by all athletes and where possible supporting the positive work of the RAF CF through social media. ## **INVESTMENTS** Investment of given grants has been carefully managed to ensure funds are being spent wisely to ensure current and future objectives can be met. ## **RELATIONSHIP WITH ANY RELATED PARTIES** The BLSA maintains a good relationship with the RAF CF and RAF Sports Federation. ## **FINANCIAL REVIEW** The BLSA continue to sit in a suitable position having rebuilt a reserve of unrestricted funds over the previous 2 years. Following COVID there has been a slower than initially anticipated return to overseas events due to a lack of track availability with international competition taking priority. The single overseas event remained within budget and Natural Luge conducted a UK based event in Q3 2022 due to the cancellation of their OV in Q1 2022 due to COVID. The BLSA have continued to receive the required grants for operational costs and overseas activities in line with the Committee 5-year plan and have been able to remain within set budgets of training and competition. The BLSA report a surplus of income over expenditure of £12,746 in the financial year. 5 ## **FOR THI! Yl!AR l!NDl!D 31 Dl!Cl!MBl!R 2022 Rl!PORT OF THI! TRU9Tl!l!9 (Continued) ROYAL AIR FORCI! 8O85LUOH, LUOI! • 9Kl!Ll!TON ASSOCIATION** **POUCY ON RESERVl!S 310. be additional unexpected costs I.e. maintenance, medical etc. Reserves held at 31st December 2022 were £34, GOING CONCERN Treasurer will continue to monitor the situation. PRINCIPAL SOURCES OF FUNDS such as replacement of protective winter clothing for the entire BLSA and provide a buffer for the disciplines should there flexibility. Reserves are held to support extraordinary expenditure that Is not covered by RAFCF or other grants There are currently no concerns as to the charity's Immediate future with sight of the 2023 budget. However, the i ing costs of accommodation and the 2024 has resulted n a further reduction of around 8.5%, this combined with ris RAF Central Fund and all po ltlons within the organisation are voluntary, retaining some reserves does require i inability to bo k in advance due to a lack of confirmation over track availab lity has raised some uncertainty. There BLSA It Is unne e sary to hold reserves due to the funding avenues from the Whilst for the general conduct of th tes. the Nuffield Trust and personal contributions from the athle ill be unable to support the four planned events across the disciplines due to the is a possibility thal the BLSA w spl it down mto the 4 separate d1sc1pllnes. Additional funding Is rece ve rom e rising costs making athlete personal contributions unachievable, particularly** _**for**_ **junior ranks. The BLSA Chair and are beinq considered in an attempt to source sponsorship in 23/24. i t e same unng • Traditionally sponsorship has been d fficult to source. This remains i i _ The Assoc ations princ pal source of funding Is from the annual grant received from the RAF Central Fund' w�ich is J:NVESTMENT POUCY ired. longer safe to use any further and is replaced as requ there The Association may invest in new equipment however, PRJ:NCJ:PAL RJ:SKS FACiNG THE CHARITY The key risks fac ing the char ity are as follows: Inflation rates in Europe. · · · · · 1 d f th RAF Winters Sports Assoc1at1on, · · h** _**d**_ **• 2022 However new initiatives ' ·1s no set policy as equipment is used until it is no** **. . . . I' 't'** _**d**_ **[UK based suppliers. ] Am[erica an d canada due to im1 e ] .N$I[PIL,TIES][,.][' ] TRU[STEES' R,E][.][SP0] sible[for keeping proper accounting ]** _[r�][c][f:��� ]_ **::�;:[ua'�J]** _**d.**_ **[i] I[�: ] e[t][he assets of the ][with reasonable accuracy at any ][t][rust and hence ] The[trustees arE:? r,espon][. ] .[o] f[t][he ][t][rus][t][. They are also res�ons1r ] f rau d an[d other irregularities. ] tim[e the financial pos1t1on] for[the prevention and de][t][ection o ] for[taking reasonable steps ] • lower rate - peak season. . . . which would then increase civilian coaching costs. Exchange rates. r . . . • . Limited specialist equipment s�pp _1ers. Import taxes. Lack of track availability resulting in con ense odation at a d** _**d**_ **sliding activity and inability to source accomm** - **----- Start of picture text -----**
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**6** ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |Note
**INCOME**
Donations and Legacies
3a
Charitable Activities
3b
Other Trading Activities
3c
**TOTAL**
**EXPENDITURE**
**Expenditure on:**
Raising Funds
4a
Charitable Activities
4b
**TOTAL**
**NET INCOME/(EXPENDITURE) BEFORE**
**INVESTMENT GAINS/(LOSSES)**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
Transfers between funds
**Other recognised gains/(losses):**
Gains and losses on revaluation of fixed assets
for the CIO's own use
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**
**Income and Endowments from:**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
6,789
80,109
86,898
80,667
16,330
-
16,330
7,740
22
-
22
-
**23,141**
**80,109**
**103,250**
**88,407**
-
-
-
-
3,383
87,121
90,504
74,009
**3,383**
**87,121**
**90,504**
**74,009**
**19,758**
**(7,012)**
**12,746**
**14,398**
**19,758**
**(7,012)**
**12,746**
**14,398**
-
-
-
-
-
-
-
-
**19,758**
**(7,012)**
**12,746**
**14,398**
34,417
114,421
148,838
134,440
**54,175**
**107,409**
**161,584**
**148,838**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 9 to 14 form part of these financial statements. 7 ## ## |||Unrestricted|Restricted|**31-Dec-22**|**31-Dec-21**| |---|---|---|---|---|---| |||Funds|Funds|**Total**|**Total**| ||Note|£|£|£|£| |**Fixed Assets**|||||| |Tangible assets|2|19,865|93,399|113,264|136,924| |**CuiTent Assets**|||||| |Stocks|||||| |Debtors|6|28,138||28,138|6,789| |Cashatbank and in hand|7|9,790|40,972|50,762|76,233| |**Total Current Assets**||**37,928**|**40,972**|**78,900**|**83,022**| |**Creditor:**amounts falling due within one|,8|3,618|26,962|30,580|71,108| |year|||||| |**NET CURRENTASSETS**||34,310|14,010|48,320|11,914| |**TOTAL ASSETS**less current liabilities||**54,175**|**107,409**|**161,584**|**148,838**| |**Creditor:amounts**falling due in more|9||||| |than one year|||||| |**NET ASSETS**||**54,175**|**107,409**|**161,584**|**148,838**| |**FundsoftheCIO**|||||| |General Funds||54,175||54,175|34,417| |Restricted Funds|10||107,409|107,409|114,421| |**TotalFunds**||**54,175**|**107,409**|**161,584**|**148,838**| ## ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **Basis of preparation** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The CIO constitutes a public benefit entity as defined by FRS 102. The Trustees confirm, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO. ## **Changes to accounting estimates** No changes to accounting estimates have occurred in the reporting period ## **Material prior period errors** No material prior year error have been identified in the reporting period ## **1. ACCOUNTING POLICIES** The particular accounting policies adopted are set out below. ## **INCOME** ## **Recognition of Income** These are included in the Statement of Financial Activities (SOFA) when: - the CIO becomes entitled to the income; - it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability. ## **Offsetting** There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. ## **Grants and Donations** Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). ## **Contractual Income and Performance Related Grants** This is only included in the SoFA once the CIO has provided the related goods or services or met the performance related conditions. ## **Gifts in Kind** Gifts in kind for use by the CIO are included in the SoFA as income from donations when receivable. ## **Volunteer Help** The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. ## **Income from interest, royalties and dividends** This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. ## **Investment Gains and Losses** This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. ## **Insurance claims** Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA. ## **Income from membership subscriptions** Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities. 9 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES (continued)** ## **EXPENDITURE AND LIABILITIES** ## **Liability Recognition** Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty. ## **Grants with Performance Conditions** Where the CIO gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. ## **Grants Payable without Performance Conditions** Where there are no conditions attaching to the grant that enables the donor CIO to realistically avoid the commitment, a liability for the full funding obligation must be recognised. ## **Deferred income** No material item of deferred income has been included in the accounts. ## **Provisions for liabilities** A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date ## **Assets** ## **Debtors** Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the CIO. Subsequently, they are measured at the cash or other consideration expected to be received. ## **Fixed Assets** These are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or, if gifted, at the value to the CIO on receipt. ## **Depreciation Expense** Depreciation on tangible fixed assets is calculated at a rate to write off their cost on a straight line basis over their estimated useful lives. The rates applied per annum are as follows: |Bobsleigh
10% - 20%
20%
20%
Skeleton
20%
**2. TANGIBLE FIXED ASSETS**
EQUIPMENT
Cost
01-Jan-22
Additions
Disposals
Cost at
31-Dec-22
Depreciation
01-Jan-22
Charge
Disposals
Depreciation at
31-Dec-22
Net Book Value
31-Dec-22
Net Book Value
31-Dec-21
Olympic Luge
Natural Luge|Unrestricted
Restricted
TOTAL
£
£
£
28,379
192,911
221,290
-
8,788
8,788
-
-
-
28,379
201,699
230,078
5,676
78,690
84,366
2,838
29,610
32,448
-
-
-
8,514
108,300
116,814
**19,865**
**93,399**
**113,264**
22,703
114,221
136,924| |---|---| Tangible fixed assets purchased from restricted grants are held in restricted funds until they are fully depreciated. There were no annual commitments under non-cancelling operating leases and capital commitments. 10 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022** |**3. ANALYSIS OF INCOME**
**a) Donations and Legacies**
Grants
**b) Charitable Activities**
Income from Charitable Activities:
Inter Service Championships
RAF Championships
Other
**c) Other Trading Activities**
Sale of clothing and equipment|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
6,789
80,109
86,898
80,667
**6,789**
**80,109**
**86,898**
**80,667**
13,180
-
13,180
-
3,150
-
3,150
7,700
-
-
-
40
**16,330**
**-**
**16,330**
**7,740**
22
-
22
-
**22**
**-**
**22**
**-**| |---|---| 11 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **4. ANALYSIS OF EXPENDITURE** |**a) Raising Funds**
**b) Charitable Activities**
Expenditure on Charitable Activities:
Kit & Equipment
RAF Championships
Inter Services Championships
Operating Costs
New Member Engagement
Depreciation
Other
**5. DETAILS OF CERTAIN TYPES OF EXPENDITURE**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2022**
**2021**
£
£
**£**
**£**
**-**
**-**
**-**
**-**
483
17,348
17,831
14,838
-
-
-
18,086
-
24,679
24,679
-
59
12,662
12,721
9,565
-
2,822
2,822
1,404
2,838
29,610
32,448
30,101
3
-
3
15
**3,383**
**87,121**
**90,504**
**74,009**| |---|---| |**TOTAL**
**TOTAL**
**2022**
**2021**
Included in Operating Costs
**£**
**£**
1,020
900
-
-
-
-
-
-
1,020
900
Independent examiner’s fees
Assurance services other than audit or independent examination
Other fees (for example: financial advice, consultancy, accountancy services) paid to
the independent examiner
Tax advisory fees|| |Included in Operating Costs
Independent examiner’s fees
Assurance services other than audit or independent examination
Other fees (for example: financial advice, consultancy, accountancy services) paid to
the independent examiner
Tax advisory fees|**TOTAL**
**TOTAL**
**2022**
**2021**
**£**
**£**
1,020
900
-
-
-
-
-
-
1,020
900| |---|---| 12 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022** |**6. DEBTORS AND PREPAYMENTS**|**6. DEBTORS AND PREPAYMENTS**|**6. DEBTORS AND PREPAYMENTS**||Unrestricted|Restricted|**Total**|**Total**| |---|---|---|---|---|---|---|---| |||||Fund|Fund|**31-Dec-22**|**31-Dec-21**| |||||£|£|**£**|**£**| |Prepayments||||28,138|-|28,138|-| |Accrued Income||||-|-|-|6,789| |||||**28,138**|-|**28,138**|**6,789**| |**7. CASH AT BANK AND IN**||**HAND**||Unrestricted|Restricted|**Total**|**Total**| |Cash at bank and on hand||||Fund
£
9,790|Fund
£
40,972|**31-Dec-22**
**£**
50,762|**31-Dec-21**
**£**
76,233| |Total||||9,790|40,972|**50,762**|**76,233**| |**8.**
**CREDITORS**|**AND**|**ACCRUALS:**|**AMOUNTS**||||| |**FALLING DUE WITHIN ONE YEAR**||||Unrestricted|Restricted|**Total**|**Total**| |Creditors||||Fund
£
3,558|Fund
£
-|**31-Dec-22**
**£**
3,558|**31-Dec-21**
**£**
70,148| |Accrual - Independent Examination||||60|960|1,020|960| |Accruals - Grant to be Returned||||-|26,002|26,002|-| |||||3,618|26,962|**30,580**|**71,108**| |**9.**
**CREDITORS**|**AND**|**ACCRUALS:**|**AMOUNTS**||||| |**FALLING DUE IN MORE THAN ONE YEAR**||||Unrestricted|Restricted|**Total**|**Total**| |Creditors||||Fund
£
-|Fund
£
-|**31-Dec-22**
**£**
-|**31-Dec-21**
**£**
-| |Accruals||||-|-|-|-| |||||-|-|**-**|**-**| |**10. RESTRICTED FUNDS**||||CURRENT REPORTING PERIOD|||| |RAF Central Fund|||Balance
01-Jan-22
£
-|Income
£
80,109|Expenditure
£
57,311|Transfers
£
(8,788)|Balance
31-Dec-22
£
14,010| |Nuffield Trust Grant|||200|-|200|-|-| |BLS Depn Fund|||110,713|-|27,550|8,788|91,951| |Natural Luge Depn Fund|||3,508|-|2,060|-|1,448| ||||114,421|80,109|87,121|-|107,409| |||||PRIOR|REPORTING PERIOD||| |RAF Central Fund|||Balance
01-Jan-21
£
-|Income
£
49,478|Expenditure
£
40,622|Transfers
£
(8,856)|Balance
31-Dec-21
£
-| |Nuffield Trust Grant|||-|24,400|200|(24,000)|200| |BLS Depn Fund|||103,061|-|25,204|32,856|110,713| |Natural Luge Depn Fund|||5,567|-|2,059|-|3,508| ||||108,628|73,878|68,085|-|114,421| 13 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **10. RESTRICTED FUNDS (continued)** The Central Fund Grant is to be used for operating costs, kit and equipment, overseas visits and development activities. The BLS and Natural Luge funds are to be used to depreciate the fixed assets. The Nuffield Trust Grant was to purchase equipment which has been transferred to fixed assets. Restricted Funds are represented by: |Fixed Assets
Cash at Bank|31-Dec-22
£
93,399
40,972
134,371|31-Dec-21
£
114,221
34,617
148,838| |---|---|---| ## **11. TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES** No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. ## **12. RISK ASSESSMENT** The trustees actively review the major risks which the CIO faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. ## **13. RESERVES POLICY** The trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily. ## **14. PUBLIC BENEFIT** The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the CIO Commission guidance on public benefit before deciding what activities the CIO should undertake. 14 ## **ROYAL AIR FORCE BOBSLEIGH, LUGE & SKELETON ASSOCIATION** ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** I report to the trustees on my examination of the accounts of the Royal Air Force Bobsleigh, Luge and Skeleton Association Charitable Incorporated Organisation ("the CIO") for the year ended 31st December 2022. As the CIO's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). ## **Responsibilties and basis of report** I report in respect of my examination of the CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I 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. Signed: J Irvine-Smith FCIE Date: 11th October 2023 Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF 15