ROYAL AIR FORCE EQUITATION ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2022
CHARITABLE INCORPORATED ORGANISATION CIO NUMBER 1182739
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
ROYAL AIR FORCE EQUITATION 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. |
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ROYAL AIR FORCE EQUITATION ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
LEGAL AND ADMINISTRATIVE INFORMATION
LEGAL STATUS
Charitable Incorporated Organisation
START OF FINANCIAL PERIOD
1 January 2022
END OF FINANCIAL PERIOD
31 December 2022
TRUSTEES AT 31 DECEMBER 2022
H Norris (Chair) R Gleeson (resigned 9th March 2022) P Hawkins L Tostevin J Hall (appointed 9th March 2022) R Duke (appointed 9th March 2022)
President and Chairman are both appointed by AOC 22Gp. Other Executive Committee members are volunteers, approved by the Chair or Deputy Chair and formally ratified by the full committee at the AGM. Trustees are formally appointed at the AGM.
CORRESPONDENCE ADDRESS
RAF Sports Federation Room 43 Kermode Hall RAF Halton Aylesbury Bucks HP22 5PG
GOVERNING DOCUMENT Constitution
BANKERS
Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP
INDEPENDENT EXAMINER
J Irvine-Smith Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
OBJECTS
The objects for which the CIO 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 Equitation.
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ROYAL AIR FORCE EQUITATION ASSOCIATION
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
OBJECTIVES AND ACTIVITIES
RAFEA AIM: To encourage and facilitate involvement in Equitation in the RAF at all levels.
There are 4 main levels within RAF Equitation as defined in the overarching JSP660 – Defence Sport Policy and the UK Armed Forces Equitation Association’s Competition Policy. There are three Cat 2 disciplines defined in JSP 660 that RAFEA actively supports and enables – Dressage, Show Jumping and Eventing – through the following:
Grassroots: The aim is to promote the sport to those who would like to try the various disciplines without the cost of horse ownership. Station Saddle Clubs predominantly deliver this level through local events and lessons.
Personnel are encouraged to attend grassroots development courses run at significant discount, compared to civilian counterparts, at military establishments, especially the Army Saddle Clubs who have better support in terms of military instructors and horses. Grassroots riders can participate in the Inter Station League (ISL) and competition classes at the RAFEA Annual Championships (RAF Champs) on hired horses.
ISL : The RAFEA Committee runs an ISL each year. This competition series was established in 1978 to promote riding within the RAF and to encourage more novice (now called grassroots) riders to gain experience and challenge themselves through competing. The country is split into regions with 3-4 RAF Station Saddle Clubs in each region. Regional competitions take place between April and October. Regional winners and runners up then compete in a Final in November normally at our Home for Sport at RAF College Cranwell or if this is not available then at suitable riding school.
Development Squad: Development definitions for all three disciplines are set by the UK Armed Forces Equitation Association. In 2014, RAFEA introduced dressage and show jumping to bridge the gap from grassroots to senior level and have now expanded into Eventing at development level too. There are classes for this level at many of the RAFEA and UK Armed Forces Equitation competitions throughout the year, all of which are classed as duty events for those participating. The deputy Chef d’quipe works with Saddle Clubs and individuals to maximise their awareness of these opportunities and participation by helping them understand and negotiate the RAF bureaucracy to get the necessary authorisations to attend. Personnel who show potential to make the squad are encouraged to be active on the civilian competitive circuit and will be invited to attend one of the RAFEA training and selection events. We carry out training as a mix of all levels and select events that both Dev team and senior squad members can attend together to encourage a cohesive organisation that supports people at all levels and learns from each others experiences.
Senior Squad: Definition of this level – those that form the RAF representational team – is set in the UK Armed Forces policy. Senior riders generally own or have regular access to a horse to establish the partnerships needed to compete at this level. Personnel selected for the senior squad will have the opportunity to represent the RAF at events listed below:
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Inter-Services Competition . The LORINERS, a three-leg competition against the Army and Royal Navy, is held at different locations with each leg hosted by a different Service. The competition comprises all three core disciplines of dressage, show jumping and eventing. The overall scores decide the annual champions.
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High profile/civilian events . Royal Windsor Horse Show, Olympia Horse Show, Cricklands SJ and dressage finals and, for dressage riders BD Team and Individual Quest.
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Military Events. The UK Armed Forces Equestrian Competition, the Royal Tournament (Army Champs), the Royal Navy Chaps, and the RAF Championships.
The RAF Championships (RAF Champs):
This annual event serves to encourage those from a basic ability to proficiency in equitation to compete in all three disciplines (dressage, show jumping, and cross country) at all levels (grassroots, development and senior). It is partly self-funded and partly supported by the Central Fund bid allowing subsidies to be applied in entrance fees thus encouraging a large turnout. Personnel are able to hire horses if required, further opening the competitive pool.
The trustees have been mindful of the guidance issued by the Charity Commisssion on public benefit.
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ROYAL AIR FORCE EQUITATION ASSOCIATION
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
OBJECTIVES AND ACTIVITIES (continued)
RAFEA delivers equitation in the RAF in accordance with Defence policy as follows:
Centrally set for all Defence Sports by the UK Armed Forces Sports Board through Joint Service Publication (JSP) 660;
Set for the RAF by the DRS through Air Publication 3415;
Set for equitation through the UK Armed Forces Equestrian Association.
RAFEA does not award financial grants. It uses grants awarded to it by the Central fund to subsidise cost of entries and participation in competitions for the development level, representational senior team and the ISL. It provides in part corporate clothing to eligible senior and Dev riders and their horses and committee members in accordance with DRS policy.
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.
RAFEA delivers its outputs solely through willing, enthusiastic volunteers who undertake roles on the Association Committees, Saddle Clubs, and at events. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents. Committee members provide feedback on more junior members to their chain of command for inclusion by reporting officers in individuals' annual reports.
The RAF Championships draws heavily on a wider pool of volunteers (Air Cadets and local PJC) to help man jumping arenas, secretaries tent, run the additional stables and generally run a major event comprising some 560 separate competition entries from 150 riders and 90 horses.
The Association works closely with the following:
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The RAF Sports Federation
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Central Funds
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Nuffield Trust
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UK Armed Forces Equestrian Association (UKAFEA)
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Royal Navy Equitation Association.
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Army Equestrian Association.
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Hpower – through UKAFEA
SEASON REVIEW
The RAFEA had a great year in 2022, seeing many new riders competing at all levels. Below is a list of all results from the military competitions however we supported riders across all disciplines at various civilian shows with great success.
1. UKAFEC 5-6 Apr 2022 AT BURY FARM, BUCKINGHAMSHIRE
Loriners Dressage leg results: RAF individual 4th; Team 3rd
Other Classes: 40 top-6 placings in SJ and dressage: 8x 1st; 5x 2nd; 8x 3rd plus 19 further placings 4th-6th
25 dev/senior riders in total with 6 new to RAFEA and/or representative riding
2. ROYAL WINDSOR HORSE SHOW 14 May 22 AT WINDSOR CASTLE
1 Team competed Placed 13th
3. ROYAL TOURNAMENT 20-24 JUN 22 held at DATR
Loriners Eventing leg, results: Team 3rd
Other classes: 8 top-6 placings: 1x 1st; 3x 2nd; 3x 3rd; x 4th; 1x 5th; 18 dev/senior riders in total with 3 new to RAFEA and/or representative riding.
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ROYAL AIR FORCE EQUITATION AssocfATXON REPORT OF THE TRUSTEES {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 SEASON AEVZEW (Cvntlnu¢d) 4. RN CHAMPS 19-21 AUG 22 AT DAVID BROOME EVENT CENTRE. MONMOUTHSHIRE Lonners SJ leq.. Team 3rd Intemeéiate Champion and Reserve Champion IRN ChamLJ5). 1st in 80cm and 90cm Team lumplnq. 21 other top-10 placinqs In the Crfcklands das5es 12 dovlsenlor rfders tompp.ted in the whole weekend (plus one additional Lorfners only), I new to RAFEA S. RAF CHAMPS OCTOBER 2022 SPARSHOLT COLLEGE Loriners Combined Traininq leo- RAF Individual Champion. Team 3rd 25 top-6 placings.. 9x 1st.. 6x 2nd., 4x 3rd.. Ix 4th.. 3x 5th,. 2x 2nd {wlthoyt replies from all competitors regarding results) 22 devlsenior riders in total v41th 10 new to RAFFA andlor representative rilling 6. UILAFDC 3-4 SEP 22 AT WESTON LANWS FARM, BEDWORTH UKAFDC Champion.. RAF rfder 3rd 1st place also in Drelim, advanced medium and PSG seeUon5. 12 devlsenior riders competed wlth 3 new to RAFEA andlor repSentatIVe dding. Our Saddle clLJbs have continued to grow and it was ama2Ing to see clubs thlnk outslde the box when la to face training was not possible due to COVID restrfrtlons including onllne tralnlng with thelr instructors. We hosted 4 grass roots camps encouragin9 some new E[S Into the sport while also pushlng morÈ establlshed riders out of theSr comfort zone5. GOVERNING DOCUMENT The RAFEA is governed by the following.. A n5lUtIon that incorporntes the PAFEA overar¢hing policyp The RAFEA Safety Management Plan. INDUrnOII AND TRAIIIING OF TRUSTEES All Executyve Commttee members receive written Terrns of Reference. whlch are s(gned by both the Chalr and the member. Informal tralning Is conduLtsd dudn9 the handover process btheen members when persgna1leS change.. FINANCIAL REVIEW Totsl Income for 2022 was £31,029 {2021: £14.738}. Wlth COVID restrtttlons removed, all equltatton events were available for our rlders to pare5pate In once agaln. Gener)1 Funds at the yeaTrend were £20.077 and Zero Restdrt Fund5 at the vear-end. The charity holds mlnlmal reserves, whlch have accumulated as a result of unspent funds from previous allocatlons by the IiAF CF and by any mlnlmal pmflts ralsed by Champs. There Is no spedfic pollcy regardlng the holdSng of reserves for any defined purpose, however, ihe A55odatlDn utlllses these funds to 06519n•11Y undetwrite in-year actlvltles whllst awaltlng fundlng tranche5. The charity depends on sumclent vglunteer5 of sultable experfentt and lIbr¢ to run thls l•rg¢ and 9rowlng Assodatlon and dellver hlgh rlsk sport solely. Trusttts. Ruponolbllltl The trustees are re5ponslble for keeplng proper accounUn9 records, whlth dlsdose wlth reasonable accuracy at any Vme the flnandal poslvon of the trust. They are also re5ponslble for safeguardlng the a55ets of the trust and hence for tsklng reasonable Steps for the preventton and detettlon of fraud and other Irregulorttle5, Date 2j...7......g.3 Sl9nat(rre..... PRINT NAME....
ROYAL AIR FORCE EQUITATION ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Incorporating income and expenditure account | Incorporating income and expenditure account | Incorporating income and expenditure account | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | TOTAL | TOTAL | ||
| Notes | Funds | Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | ||
| INCOMING RESOURCES | ||||||
| Income and Endowments |
||||||
| from: | ||||||
| Donations and Legacies | 3a | 1,100 | - | 26,444 | 27,544 | 10,360 |
| Charitable Activities | 3b | 3,485 | - | - | 3,485 | 4,350 |
| Other Trading Activities | 3c | - | - | - | - | 28 |
| TOTAL | 4,585 | - | 26,444 | 31,029 | 14,738 | |
| RESOURCES EXPENDED | ||||||
| Expenditure on: | ||||||
| Charitable Activities | 4a | 3,203 | - | 24,444 | 27,647 | 25,601 |
| TOTAL | 3,203 | - | 24,444 | 27,647 | 25,601 | |
| NET INCOME/(EXPENDITURE) BEFORE | 1,382 | - | 2,000 | 3,382 | (10,863) | |
| INVESTMENT GAINS/(LOSSES) | ||||||
| Net gains/(losses) on investments | - | - | - | - | - | |
| NET INCOME/(EXPENDITURE) | 1,382 | - | 2,000 | 3,382 | (10,863) | |
| Transfers between funds | 11 | 2,000 | - | (2,000) | - | - |
| Other recognised gains/(losses): | ||||||
| Gains and losses on revaluation of | fixed | - | - | - | - | - |
| assets for the CIO's own use | ||||||
| NET MOVEMENT IN FUNDS | 3,382 | - | - | 3,382 | (10,863) | |
| RECONCILIATION OF FUNDS: | ||||||
| Total Funds Brought Forward | 16,695 | - | - | 16,695 | 27,558 | |
| TOTAL FUNDS CARRIED FORWARD | 20,077 | - | - | 20,077 | 16,695 |
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.
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ROYAL AIR FORCE EourrATION ASSOCIATION BAIANCE SHEET AS AT 31 DECEMBER 2022 Unrethcted Restricted 31-Dec-22 31-Dec-21 Funds Funds Total Total Flxod Note TangilJlE assers 1,600 1.600 Current Assets Debtors 958 958 Cash at bank and in hand Total Cufftnt Iksots 18,720 5,851 24.580 ?fj.n72 Credltors: ornounts falling due withln one year 1,210 5.851 7.061 8,377 ET CVRREf4T ASS"ET5 18,477 18,477 16,695 TOTAL ASS5 less current liabililles 20.077 20.077 16.695 Credltors: arnounts fallino due In more than nnp year io NEf ASSETS 20 77 Funds of the CIO General Funds 20,077 20,077 16.695 Restdcteo Fund5 li Total Funds 51gned on behalf of all thv trustuc sIgnatre Prlnt Name PC)&0P£ PIRuJcifvJS 23. Dats of )pprovol
ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Basis of preparation:
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
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.
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;
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it is more likely than not that the trustees will receive the resources; and
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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 Trustees' 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.
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ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
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
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
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.
2. TANGIBLE 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 on tangible fixed assets is calculated at a rate to write off their cost on a straight line basis over their estimated useful lives.
| Cost 01-Jan-22 Additions Transfer (see note 11) Cost at 31-Dec-22 Depreciation 01-Jan-22 Charge Depreciation at 31-Dec-22 Net Book Value 31-Dec-22 Net Book Value 31-Dec-21 |
Unrestricted Restricted Total Fund Fund £ £ £ Equipment Equipment - - - - 2,000 2,000 2,000 (2,000) - 2,000 - 2,000 - - - 400 - 400 400 - 400 1,600 - 1,600 - - - |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st December 2022 : None
31st December 2021: None
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ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 3. ANALYSIS OF INCOME a) Donations and Legacies Grants Donations b) Charitable Activities Festival Other Charitable Activities c) Other Trading Activities Sale of Kit |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022 2021 £ £ £ £ £ 1,100 - 26,444 27,544 10,261 - - - - 99 1,100 - 26,444 27,544 10,360 160 - - 160 - 3,325 - - 3,325 4,350 3,485 - - 3,485 4,350 - - - - 28 - - - - 28 |
|---|---|
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ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
4. ANALYSIS OF EXPENDITURE
| a) Charitable Activities Depreciation Kit & Equipment Operating Costs Overseas Visit New Member Engagement/DSF Other Charitable Activities |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022 2021 £ £ £ £ £ 400 - - 400 - - - 1,345 1,345 1,093 601 - 12,799 13,400 17,072 496 - 1,350 1,846 - - - 8,350 8,350 7,436 1,706 - 600 2,306 - 3,203 - 24,444 27,647 25,601 |
|---|---|
5. DETAILS OF CERTAIN TYPES OF EXPENDITURE
| Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner Assurance services other than audit or independent examination Tax advisory fees Independent examiner’s fees |
TOTAL TOTAL 2022 2021 £ £ 1,060 1,020 - - - - - - 1,060 1,020 |
|---|---|
| 6. STOCKS The CIO held no stock at the end of the period. 7. DEBTORS AND PREPAYMENTS Accrued Income 8. CASH AT BANK AND IN HAND Cash at bank and on hand Total |
Unrestricted Restricted 31-Dec-22 31-Dec-21 Fund Fund Total Total £ £ £ £ 958 - 958 - 958 - 958 - Unrestricted Restricted 31-Dec-22 31-Dec-21 Fund Fund Total Total £ £ £ £ 18,729 5,851 24,580 25,072 18,729 5,851 24,580 25,072 |
|---|---|
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ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DUE WITHIN ONE YEAR | Unrestricted | Restricted | 31-Dec-22 | 31-Dec-21 | |
|---|---|---|---|---|---|
| Fund | Fund | Total | Total | ||
| £ | £ | £ | £ | ||
| Creditors | - | 4,791 | 4,791 | 7,357 | |
| Accrual - Independent Examination | - | 1,060 | 1,060 | 1,020 | |
| Other Accruals and Deferred Income | 1,210 | - | 1,210 | - | |
| 1,210 | 5,851 | 7,061 | 8,377 | ||
| Creditors Accruals 10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR |
Unrestricted Fund £ - - |
Restricted Fund £ - - |
31-Dec-22 Total £ - - |
31-Dec-21 Total £ - - |
|
| - | - | - | - | ||
| 11. RESTRICTED FUNDS | CURRENT REPORTING | PERIOD | |||
| RAF Central Fund RAF Sports Federation |
Balance 01-Jan-22 £ - - |
Income £ 24,444 2,000 |
Expenditure £ 24,444 - |
Transfers £ - (2,000) |
Balance 31-Dec-22 £ - - |
| - | 26,444 | 24,444 | (2,000) | - | |
| PRIOR | REPORTING PERIOD | ||||
| RAF Central Fund RAF Sports Federation |
Balance 01-Jan-21 £ 4,909 10,000 |
Income £ 19,061 (9,900) |
Expenditure £ 23,970 100 |
Transfers £ - - |
Balance 31-Dec-21 £ - - |
| 14,909 | 9,161 | 24,070 | - | - |
Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities.
Sports Federation Grant - to be used for the purchase of equipment. In 2022 equipment was purchased costing £2,000. The terms of the restriction were fulfilled once the equipment had been purchased. Therefore the transfer represents the movement of the asset to unrestricted funds.
The restricted funds are wholly represented by cash reserves of the charity.
12. STAFF COSTS
The CIO had no paid staff during the period.
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ROYAL AIR FORCE EQUITATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
13. 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.
14. RISK ASSESSMENT
The trustees actively review the major risks which the charity 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.
15. RESERVES POLICY
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity 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.
16. PUBLIC BENEFIT
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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ROYAL AIR FORCE EQUITATION ASSOCIATION
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees on my examination of the accounts of the above charity for the year ending 31 December 2022.
As the charity'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 charity'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:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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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
Name J Irvinesmith FCIE
Date: 26th July 2023
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF
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