## **ROYAL AIR FORCE GOLF ASSOCIATION CHARITABLE INCORPORATED ORGANISATION**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023**
## **CIO NUMBER 1182978**
Independent Examiners Limited Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
1
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **CONTENTS**
|Pages 3 to 7|Trustees Report|
|---|---|
|Page 8|Independent Examiner's Report on the Accounts|
|Page 9|Statement of Financial Activities|
|Page 10|Balance Sheet|
|Pages 11 to 15|Notes to the Financial Statements|
2
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **TRUSTEES REPORT LEGAL AND ADMINISTRATIVE INFORMATION**
**START OF FINANCIAL PERIOD END OF FINANCIAL PERIOD**
1st January 2023
31st December 2023
Charitable Incorporated Organisation
**LEGAL STATUS GOVERNING INSTRUMENT** CIO Association Constitution
**CIO NUMBER** 1182978
**PRESIDENT** Air Marshall Shell
**TRUSTEES IN OFFICE DURING THE YEAR TO 31ST DECEMBER 2023**
Wg Cdr Jason Sqn Ldr Paul Mardon Sqn Ldr Travis Stone till Oct 23 Flt Lt Craig Paterson from Oct 23 Sqn Ldr Andy Wilson till Oct 23 Flt Lt Matt Mulroney from Oct 23 FS Cameron Kinvig Sgt Samantha Mudd
Chairman is 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.
All trustees receive a full, in person, handover by the previous incumbent. A written handover brief is given to the new trustee along with detailed Terms of Reference. The outgoing trustee will often stay in contact with his/her replacement to act as mentor.
## **CORRESPONDENCE ADDRESS**
## **PRIMARY BANKERS**
## **INDEPENDENT EXAMINER**
## **OBJECTIVES**
Room 43, Kermode Hall Royal Air Force Halton Aylesbury Buckinghamshire HP22 5PG
Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP
J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
The Charity has the powers as defined in the Constitution, which may be exercised only in promoting the Objects.
The objects for which the CIO is established (the “Objects”) are to promote the military efficiency of His Majesty’s Armed Forces in such charitable ways as the Trustees think fit with particular reference to: (a) increasing physical fitness (b) fostering esprit de corps; and (c) raising morale of members of the Royal Air Force; in particular (but not by way of limitation), the Trustees may further the object through encouraging and facilitating the participation in, and provision of or assisting in the provision of facilities for Golf in the Royal Air Force.
3
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **PURPOSES OF CHARITY**
To deliver sporting opportunities through Golf for His Majesty’s Royal Air Force and to build successful teams to win at the highest level thereby promoting RAF ethos and contributing to the recruitment, development, sustainment and retention of our personnel.
## **EXECUTIVE COMMITTEE**
|**EXECUTIVE COMMITTEE**||||
|---|---|---|---|
|**Committee Member Name**|**Office**|**Dates acted**|**Appointed by**|
|Wg Cdr Ross Clarke|Sponsorship||Trustees|
|Flt Lt Tom Howells|Kit & Equipment|till Oct 23|Trustees|
|Sqn Ldr Steve Hollick|Kit & Equipment|from Oct 23|Trustees|
|WO Jason Hellawell|Competitions|till May 23|Trustees|
|Chf Tech Craig Bainbridge|Competitions|from May 23|Trustees|
|Fg Off Stuart Hardy|Communications||Trustees|
|Cpl Steve Von Bargen|Finance|||
## **ACTIVITIES**
- Men’s Representative Team that involves, trg camps, fixtures and playing in the Inter Services.
- ∙ Ladies’ Representative Team that involves, trg camps, fixtures and playing in the Inter Services. ∙ Men’s Development Team that involves, trg camps and fixtures.
- Ladies ‘Get Into Golf Days’ to encourage greater participation in golf by RAF Ladies.
- ∙ Ladies novice coaching day. ∙ RAF Stroke-Play Championships ∙ RAF Handicap Championship
- RAF Match Play Championships.
- 3 Pairs Championships.
- ∙ Team Championship. ∙ Inter Station Championship ∙ 4 x Regional Championships ∙ Various fixtures for all RAFGA members. ∙ Subsidise coaching grants to RAFGA members. ∙ End of Season Presentation Evening.
- 3rd Party Liability Insurance for our members when playing golf.
- Hole In One Insurance
## **PUBLIC BENEFIT**
The trustees have received training and guidance for their role and have been mindful of the guidance issued by the Charity Commission on public benefit
## **GRANT MAKING**
The underlying principle of the RAFGA is to provide serving and veterans, the opportunity to play golf in a competitive environment at a reduced cost. As such, all revenue generated through membership fees and sponsorship provides an opportunity for us to award grants to each competition we run in order to reduce the cost of entry fees. In addition, a system of subsidising coaching is in operation across the association, starting at the grass roots level of ability and benefiting a wide spectrum of serving men and ladies and members of the RAFGA may receive individual grants to subsidise the cost of professional coaching and regions or teams may receive further grants to subsidise the cost of group coaching.
## **SOCIAL INVESTMENT**
Due to the unique nature of each competition, golf remains one of the few sports where individuals of any ability can compete equally with more skilled players due to the handicapping system. As such, the RAFGA is in a position whereby we can offer the opportunity to expose our personnel, irrespective of ability, to a competitive golfing environment. In addition, the basis of the sport is built upon integrity and a unique sporting etiquette where participants indeed ‘referee’ themselves and as such this helps nurture our people, the skills needed to be the best public servant; whilst improving their mental agility, focus, discipline and physical robustness through the demands of the sport.
## **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 competitions 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.
4
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **ACHIEVEMENTS AND PERFORMANCE**
The RAFGA has again increased its current membership levels and therefore, membership income. During the year a total of 12 competitions and 20 fixtures for representative teams were facilitated. This resulted in approximately 2500 rounds of golf being played and 1000 individual opportunities for RAF personnel to participate in sport.
## **ACHIEVEMENTS AGAINST OBJECTIVES**
As the RAFGA aims to provide competitive sport to all abilities at the lowest cost to the individual as possible the delivery of 12 competitions and 20 fixtures resulting in c2500 rounds of golf, the Trustees’ agree that the RAFGA has met its objectives and promoted the effectiveness of the UK 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 golf.
## **FUNDRAISING ACTIVITIES AGAINST OBJECTIVES**
In 2023, the RAFGA has increased its level of membership by nett c100 personnel and sponsorship revenue by £5k.
## **INVESTMENTS**
The RAFGA invested £20k of its reserves in Dec 22 as part of its overall Financial Strategy in a low risk investment fund.
## **TRUSTEE SELECTION METHODS**
Chairman appointed by The Air Officer Commanding Number 22 Group.
Other Trustees and Executive Committee members appointed by other Trustees on behalf of the members.
## **INDUCTION AND TRAINING OF TRUSTEES**
All new Trustees are directed to undertake the training provided through the RAF Sports Federation.
## **FINANCIAL REVIEW**
The RAF Golf Association remains financially viable to deliver golf across all levels in the RAF, including Veterans. The draw down of our excessive reserves over a 5 year period (2021-25) will enable the Association to maintain an appropriate level of reserves for contingency, whilst transitioning to a more sustainable model which will see an increase in membership fees and entry fees based on the current levels of sponsorship and RAF Central Fund support.
## **RESERVES**
The RAF Golf Association was holding unacceptably high reserves that totalled c£110k. Following advice, the Trustees have agreed a drawdown plan over 5 years to a level of c£20-30k. This level of reserves equates to funds that would ensure one year of activity can be delivered in case all sponsorship or charitable donation from the RAF Central Fund was to cease.
Free reserves at the end of the year were £38,146 as represented by unrestricted net current assets.
## **INVESTMENT POLICY**
To provide a better rate of return than available in our current account a low risk charitable investment of £20k has been made; the aim is to ring fence this investment for 5 years before review.
5
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **SOURCES OF FUNDS**
The main sources of funding are:
- Entry Fees – c£50k
- Annual Membership Fees – c£15k
- Sponsorship c£15k
- RAF Central Fund Grant - £30k
- Reserves - £20k
## **RISKS**
The principal risks for the Royal Air Force Golf Association are:
- Cost of hiring golf courses increasing beyond current levels (a c25% increase has occurred over the last 2-3 years.
- Significant loss of membership.
- The continued reduction of support from the RAF Central Fund which has seen our grant reduce from c£40k to £30k in the last 3-4 years.
- Loss of sponsorship income.
In addition to the loss of finance the other principal list remains the ability to recruit the correct volunteers to manage the Association
## **ORGANISATIONAL STRUCTURE**
## **RELATIONSHIPS WITH RELATED PARTIES**
The Directorate of RAF Sport for the policy of conducting golf in the RAF.
The UK Armed Forces Golf Association for participation in the UK Armed Forces Inter Services.
The RAF Sports Federation as the administers of the RAFGA current account and available for Charity SME advice. RAF Central Fund who provide a grant for the delivery of sport.
The Royal & Ancient Golf Club Ltd as the governing body for the Rules of Golf.
England Golf as the NGB for golf in England
## **SERIOUS INCIDENTS**
No serious incidents occurred.
6
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **GOING CONCERN**
There are 3 main income streams for the RAF Golf Association:
- Annual Membership Fees – c£15k
- Sponsorship c£10k
- RAF Central Fund Grant - £30k
The remainder of costs are covered by charging our members to partake in events which is c£50k; a loss of any one of our 3 main income streams would mean either a significant increase in event fees for our members or a reduction in the number of events.
## **TRUSTEES RESPONSIBILITIES**
The Charities Act 2011 require the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the CIO and of the surplus of the CIO for that period. In preparing those financial statements the trustees are required to:
- Select suitable accounting policies and apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- Prepare financial statements on the going concern basis unless it is inappropriate to presume that the CIO will continue in existence.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the CIO. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees :
Print name : PAUL MARDON
Date 30 September 2024
7
## **INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS**
Report to the trustees/members of the Royal Air Force Golf Association on the accounts for the year ended 31st December 2023 set out on pages 9 to 15.
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this period under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- [examine the accounts under section 145 of the Charities Act,]
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- [to state whether particular matters have come to my attention.]
## **BASIS OF INDEPENDENT EXAMINER'S STATEMENT**
My examination was carried out in accordance with 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 the trustees concerning any such matters. The procedures undertaken 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:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF Dated: 15 October 2024
8
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023**
|**Notes**
**INCOME**
Donations and Legacies
**2(a)**
**2(b)**
Activities
Income from Trading Activities
**2(c)**
**TOTAL INCOME**
**EXPENDITURE**
Expenditure on Charitable Activities
**3(a)**
Expenditure on Raising Funds
**3(b)**
**TOTAL EXPENDITURE**
**NET INCOME/(EXPENDITURE) BEFORE**
**INVESTMENTS GAINS/(LOSSES)**
Net Gains/(Losses) on Investments
**NET INCOME/(EXPENDITURE)**
Transfers Between Funds
**NET MOVEMENT IN FUNDS**
Reconciliation of Funds:
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**
Income from Charitable|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2023**
**2022**
£
£
£
**£**
**£**
-
-
32,349
32,349
34,599
62,496
-
-
62,496
48,805
16,500
-
-
16,500
-
**78,996**
**-**
**32,349**
**111,345**
**83,404**
106,404
-
32,349
138,753
106,733
489
-
-
489
600
**106,893**
**-**
**32,349**
**139,242**
**107,333**
**(27,897)**
-
-
**(27,897)**
**(23,929)**
2,581
-
-
2,581
233
**(25,316)**
-
-
**(25,316)**
**(23,696)**
**-**
-
-
**-**
**-**
**(25,316)**
-
-
**(25,316)**
**(23,696)**
63,462
24,111
-
87,573
100,269
**38,146**
**24,111**
**-**
**62,257**
**76,573**|
|---|---|
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 11 to 15 form part of these financial statements.
9
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **BALANCE SHEET AS AT 31ST DECEMBER 2023**
|**Notes**
**Fixed Assets**
**1**
Tangible assets
**Current Assets**
**6**
Debtors
**7**
Cash at bank and in hand
**8**
Investments
**Total Current Assets**
**Creditors:**amounts falling due
**9**
within one year
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**Creditors:**amounts falling due in
**10**
more than one year
**NET ASSETS**
**Funds of the Charity**
Unrestricted Funds
Designated Funds
Restricted Funds
**Total Funds**|Unrestricted
Designated
Restricted
**31-Dec-23 31-Dec-22**
Funds
Funds
Funds
**Total**
**Total**
£
£
£
**£**
**£**
-
-
-
-
-
14,352
-
-
14,352
4,018
2,069
24,111
1,140
27,320
66,351
21,725
-
-
21,725
19,633
**38,146**
**24,111**
**1,140**
**63,397**
**90,002**
-
-
1,140
1,140
2,429
38,146
24,111
-
62,257
87,573
**38,146**
**24,111**
**-**
**24,111**
**87,573**
-
-
-
-
-
**38,146**
**24,111**
**-**
**62,257**
**87,573**
38,146
-
-
38,146
63,462
-
24,111
-
24,111
24,111
-
-
-
-
-
**38,146**
**24,111**
**-**
**62,257**
**87,573**|
|---|---|
Approved by the Trustees on 30 September 2024 , and
Signed on their behalf by , Trustee
Print name PAUL MARDON
10
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **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.
## **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**
## **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 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.
## **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.
11
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **1. ACCOUNTING POLICIES (continued)**
## **EXPENDITURE AND LIABILITIES**
## **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.
## **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.
## **Fixed Assets**
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt. The CIO currently has no tangible fixed assets.
|**2. ANALYSIS OF INCOME**
**a) Donations and Legacies**
Grants - RAF Sports Federation
**b) Charitable Activities**
Membership Fees
Personal Contributions
**c) Other Trading Activities**
**3. ANALYSIS OF EXPENDITURE**
**a) Charitable Activities**
Champs/Inter Service Costs
Go Cardless Fees
Governance: Independent Examination
Grants to Individuals
Inter Region/Inter Station Costs
Kit & Equipment
Operating Costs:
Annual Dinner
Awards, Medals and Trophies
Coaching
Hire Costs
Insurance
Membership and Subscription Fees
Nutrition
Other Costs
Refreshments for Fixtures
Sponsors Entertainment
Training Camps
Travel and Accomodation
Sponsorship|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2023**
**2022**
£
£
£
**£**
**£**
-
-
32,349
32,349
34,599
**-**
**-**
**32,349**
**32,349**
**34,599**
55,296
-
-
55,296
48,254
7,200
-
-
7,200
551
**62,496**
**-**
**-**
**62,496**
**48,805**
16,500
-
-
16,500
11,000
**16,500**
**-**
**-**
**16,500**
**11,000**
Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2023**
**2022**
£
£
£
**£**
**£**
23,720
-
11,820
35,540
22,795
1,396
-
-
1,396
1,289
-
-
1,140
1,140
954
531
-
-
531
334
300
-
5,000
5,300
-
6,462
-
1,215
7,677
13,641
6,649
-
-
6,649
4,528
2,463
-
-
2,463
2,283
2,019
-
-
2,019
3,073
4,900
-
10,905
15,805
20,403
3,359
-
159
3,518
2,299
-
1,850
1,850
-
10,312
-
-
10,312
19,731
2,095
-
260
2,355
2,969
21,348
-
-
21,348
7,355
539
-
-
539
1,840
16,345
-
-
16,345
726
3,966
-
-
3,966
2,513
**106,404**
**-**
**32,349**
**138,753**
**106,733**|
|---|---|
12
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
|||Unrestricted|Designated|Restricted
**TOTAL**
**TOTAL**|
|---|---|---|---|---|
|**3. ANALYSIS OF EXPENDITURE (cont'd)**||Funds|Funds|Funds
**2023**
**2022**|
|||£|£|£
**£**
**£**|
|**b) Expenditure on Raising Funds**|||||
|Investment Management Costs||489
-||-
489
600|
|||**489**
**-**||**-**
**489**
**600**|
|**4. RESTRICTED FUNDS**|||||
|RAF CF Grant|Balance
01-Jan-23
**£**
-|Fund
Transfers
**£**|Transfer btw
**Balance**
Income
Expenditure
Funds
**31-Dec-23**
**£**
**£**
**£**
**£**
-
32,349
(32,349)
-
-
CURRENT YEAR||
||**-**||**-**
**32,349**|**(32,349)**
**-**
**-**|
|RAF CF Grant|Balance
01-Jan-22
£
-|Fund
Transfers
**£**|Transfer btw
**Balance**
Income
Expenditure
Funds
**31-Dec-22**
**£**
**£**
**£**
**£**
-
34,599
(34,599)
-
-
PRIOR YEAR||
||**-**||**-**
**34,599**|**(34,599)**
**-**
**-**|
|Central Fund Grant - to be used for operating costs,||kit and equipment, overseas visits and development activities.|||
|**5. DESIGNATED FUNDS**|||||
|Sponsorship|Balance
01-Jan-23
**£**
24,111|Transfers
**£**|Transfer btw
**Balance**
Income
Expenditure
Funds
**31-Dec-23**
**£**
**£**
**£**
**£**
-
-
-
-
24,111
CURRENT YEAR||
||**24,111**||-
**-**|**-**
**-**
**24,111**|
|Sponsorship|Balance
01-Jan-22
£
24,111|Transfers
**£**|Transfer btw
**Balance**
Income
Expenditure
Funds
**31-Dec-22**
**£**
**£**
**£**
**£**
-
-
-
-
24,111
PRIOR YEAR||
||**24,111**||**-**
**-**|**-**
**-**
**24,111**|
|**6. DEBTORS AND PREPAYMENTS**|||||
|Debtors||Unrestricted
Designated
Fund
Fund
**£**
**£**
14,352
-||Restricted
**Total**
**Total**
Fund
**31-Dec-23 31-Dec-22**
**£**
**£**
**£**
-
14,352
4,018|
|||**14,352**
**-**||**-**
**14,352**
**4,018**|
13
## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **7. CASH AT BANK AND IN HAND**
**----- Start of picture text -----**
Unrestricted Designated Restricted Total Total
Fund Fund Fund 31-Dec-23 31-Dec-22
£ £ £ £ £
Current Account 2,069 24,111 1,140 27,320 66,351
2,069 24,111 1,140 27,320 66,351
8. INVESTMENTS
Cash or cash equivalents
Unrestricted Designated Restricted Total
Fund Fund Fund 31-Dec-23
£ £ £ £
Carrying (fair) value at beginning of period 19,633 - - 19,633
Add: additions to investments during period - - - -
Less: disposals at carrying value - - - -
- -
Less: arrangement and adviser fees (489) (489)
Add/(deduct): transfer in/(out) in the period - - - -
Add/(deduct): net gain/(loss) on revaluation 2,581 - - 2,581
Carrying (fair) value at end of year 21,725 - - 21,725
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As at 31st December 2023 the charity held the following in its investment portfolio:
|Units
Units
No.
Cost.(pence)
1,932.27
2.01
629.87
3.08
705.71
2.75
585.57
3.31
1,066.52
1.82
555.07
3.50
826.58
2.35
1,056.65
1.84
512.96
1.89
118.21
8.21|31-Dec-23
Total Cost
Fund name
Units No.
£
3,880
SJP UK Equity Income Class M
1,920.28
1,940
SJP Global Class M
625.60
1,940
SJP Global Quality Class M
701.32
1,940
SJP Sust & Resp Equity Class M
581.93
1,940
SJP Balanced Managed Class M
1,059.88
1,940
SJP North American Class M
551.63
1,940
SJP Global Equity Class M
821.44
1,940
SJP Managed Growth Class M
1,050.07
970
SJP Emerging Markets Equity Class M
509.76
970
SJP Asia Pacific Class M
117.47
19,400|31-Dec-23
Market value|
|---|---|---|
|||£
4,280
2,390
2,325
2,238
2,216
2,151
2,129
2,107
999
891
21,725|
Note that the units stated above as being held at 31st December 2023 have been taken from the following quarter investment statement, and therefore actually represent units held at 31st March 2024, as sufficient data was not available at the time of the Examination to ascertain the holding at 31st December 2023. The unit holding is not expected to be materially different to this.
## **9. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Creditors
Accrual - Independent Examination(2021)
Accrual - Independent Examination(2022)
Accrual - Independent Examination(2023)|Unrestricted
Designated
Restricted
**Total**
**Total**
Fund
Fund
Fund
**31-Dec-23 31-Dec-22**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
89
-
-
-
-
1,200
-
-
-
-
1,140
-
-
1,140
1,140
-
**-**
**-**
**1,140**
**1,140**
**2,429**|
|---|---|
## **10. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR**
There are no Creditors Accruals and Deferred Income falling due in more than one year held by the Royal Air Force Golf Association (2022: £Nil).
## **11. STAFF COSTS AND NUMBERS**
There are no staff paid by the Royal Air Force Golf Association (2022: £Nil).
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## **ROYAL AIR FORCE GOLF ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **12. TRUSTEES AND OTHER RELATED PARTIES**
Three Trustees were reimbursed a total of £2,586.01 for charitable expenditure they paid personally. One Trustee was reimbursed £122 for inter region and inter service entry fees, these were on the same terms and amounts as the reimbursements for entry fees paid to other non trustee members. No other payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the CIO and a trustee or any person connected with them.
## **13. 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.
## **14. RESERVES POLICY**
The Reserves Policy is described in the Trustees' Report.
## **15. 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 Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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