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2024-12-31-accounts

ROYAL AIR FORCE GOLF ASSOCIATION CHARITABLE INCORPORATED ORGANISATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024

CIO NUMBER 1182978

Independent Examiners Limited The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG

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 16 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

LEGAL STATUS GOVERNING INSTRUMENT

1st January 2024

31st December 2024

Charitable Incorporated Organisation

CIO Association Constitution

CIO NUMBER PRESIDENT

1182978

Air Marshall Shell

TRUSTEES IN OFFICE DURING THE YEAR TO 31ST DECEMBER 2024

Wg Cdr Jason Parr Chair to Oct 24 Wg Cdr Ross Clarke Chair from Oct 24 Sqn Ldr Paul Mardon Flt Lt Craig Paterson Flt Lt Matt Mulroney 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 Room 43, Kermode Hall Royal Air Force Halton Aylesbury Buckinghamshire HP22 5PG PRIMARY BANKERS Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP INDEPENDENT EXAMINER Independent Examiners Ltd The Grain Store Hills Barns, Appledram Lane South, Chichester, West Sussex, PO20 7EG

OBJECTIVES

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 2024

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 till Oct 24 Trustees
Sqn Ldr Graham Ivison Sponsorship from Oct 24 Trustees
Flt Lt Tom Howell’s Men’s Captain till Oct 24
Wg Cdr Jamie Nikcless Men’s Captain from Oct 24 Trustees
Sqn Ldr Steve Hollick Kit & Equipment Trustees
Chf Tech Craig Bainbridge Competitions Trustees
Flt Lt Stuart Hardy Communications Trustees
Cpl Steve Von Bargen Finance till Oct 24 Trustees
Sgt Jamie McFee Finance from Oct 24 Trustees

ACTIVITIES

PUBLIC BENEFIT

The trustees 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 2024

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 2024, the RAFGA has increased its level of membership by nett c100 personnel and sponsorship revenue by £3.5k.

INVESTMENTS

The RAFGA invested £20k of its reserves in Dec 22 as part of its overall Financial Strategy in a low risk investment fund. The fund value at 31 December 2024 was £24,285.

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 planned draw down of our excessive reserves over a 5 year period (2021-25) has been extended to 2027. This 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 which occurred in 2024 (£10-£20) 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 £29,564 as represented by unrestricted (excluding designated) 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 was made in 2022; 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 2024

SOURCES OF FUNDS

The main sources of funding are:

RISKS

The principal risks for the Royal Air Force Golf Association are:

In addition to the loss of finance the other principal list remains the ability to recruit the correct volunteers to manage the Association

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 Central Fund as the administrator of the RAFGA current account and available for Charity SME advice. The 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 2024

GOING CONCERN

There are 3 main income streams for the RAF Golf Association:

The remainder of costs are covered by charging our members to partake in events which is c£45k; 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:

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

Paul Mardon Trustee 16 Oct 25

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 2024 set out on pages 9 to 16.

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:

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

On some occasions during the year, it was not possible for the charity to follow its internal policy on the payment or reimbursement of expenses, due to leave and/or overseas detachment. The Trustees are confident that the pre-approval process and subsequent scrutiny and review of all expenditure incurred has adequately managed any actual or potential conflicts of interest and will continue to endeavour to implement its financial control policies whenever possible.

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

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

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. [to prepare accounts which accord with the accounting records and comply with the accounting requirements of ] the Charities Act have not been met; or

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

J Irvinesmith FCIE

Independent Examiners Ltd The Grain Store Hills Barns, Appledram Lane South, Chichester, West Sussex, PO20 7EG

21 October 2025 Dated:.......................................

8

ROYAL AIR FORCE GOLF ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024

INCOME
Notes
Donations and Legacies
2(a)
Income from Charitable
Activities
2(b)
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		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
TOTAL
2024
£
TOTAL
2023
£
-
-
30,099
30,099
32,349
75,322
-
-
75,322
62,496
20,000
-
-
20,000
16,500
95,322
-
30,099
125,421
111,345
100,576
-
30,099
130,675
138,753
548
-
-
548
489
101,124
-
30,099
131,223
139,242
(5,802)
-
-
(5,802)
(27,897)
3,109
-
-
3,109
2,581
(2,693)
-
-
(2,693)
(25,316)
(5,889)
5,889
-
-
-
(8,582)
5,889
-
(2,693)
(25,316)
38,146
24,111
-
62,257
87,573
29,564
30,000
-
59,564
62,257

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 16 form part of these financial statements.

9

ROYAL AIR FORCE GOLF ASSOCIATION

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

BALANCE SHEET AS AT 31ST DECEMBER 2024

Notes
Fixed Assets
Tangible assets
1
Current Assets
Debtors
6
Cash at bank and in hand
7
Investments
8
Total Current Assets
Creditors:amounts falling due
within one year
9
NET CURRENT ASSETS
TOTAL ASSETSless current liabilities
Creditors:amounts falling due in
more than one year
10
NET ASSETS
Funds of the Charity
Unrestricted Funds
Designated Funds
Restricted Funds
Total Funds		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
-
-
-
14,365
-
-
4,411
30,000
1,140
24,285
-
-		 31-Dec-24
Total
£
31-Dec-23
Total
£
-
-
14,365
14,352
35,551
27,320
24,285
21,725
43,061
30,000
1,140		 74,201
63,397
13,497
-
1,140
29,564
30,000
-		 14,637
1,140
59,564
62,257
29,564
30,000
-
-
-
-		 59,564
62,257
-
-
29,564
30,000
-		 59,564
62,257
29,564
-
-
-
30,000
-
-
-
-		 29,564
38,146
30,000
24,111
-
-
29,564
30,000
-		 59,564
62,257

Approved by the Trustees on 16 Oct 25 and Signed on behalf of the Trustees

Paul Mardon Trustee 16 Oct 25

10

ROYAL AIR FORCE GOLF ASSOCIATION io

ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

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:

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.

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.

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 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.

11

ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

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
Entry Fees
Match Fees
Membership Fees
Miscellaneous Income
Personal Contributions
Registration and Syndicate Fees
c) Other Trading Activities
Sponsorship		 Unrestricted
Funds
£
Designated
Funds
£
Restricted
Funds
£
TOTAL
2024
£
TOTAL
2023
£
-
-
30,099
30,099
32,349
-
-
30,099
30,099
32,349
38,070
-
-
38,070
-
2,282
-
-
2,282
-
30,669
-
-
30,669
55,296
50
-
-
50
-
3,750
-
-
3,750
7,200
501
-
-
501
-
75,322
-
-
75,322
62,496
20,000
-
-
20,000
16,500
20,000
-
-
20,000
16,500

12

ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

Unrestricted Designated Restricted TOTAL TOTAL
3. ANALYSIS OF EXPENDITURE Funds Funds Funds 2024 2023
£ £ £ £ £
a) Charitable Activities
Champs/Inter Service Costs 3,797 - - 3,797 35,540
Combined Services 15 - - 15 -
Entrance Fees 2,014 - 240 2,254 -
Go Cardless Fees 1,101 - - 1,101 1,396
Governance: Independent Examination 60 - 1,140 1,200 1,140
Governance: Professional Fees - - - - -
Grants to Individuals - - - - 531
Inter Region/Inter Station Costs 1,455 - - 1,455 5,300
Kit & Equipment 2,614 - 4,743 7,357 7,677
Operating Costs:
Annual Dinner - - - - 6,649
Awards, Medals and Trophies 3,390 - - 3,390 2,463
Coaching 1,721 - - 1,721 2,019
Hire Costs 15,522 - 23,506 39,028 15,805
Insurance 2,736 - - 2,736 3,518
Membership and Subscription Fees 380 - - 380 1,850
Nutrition 387 - - 387 10,312
Officials 6,427 - - 6,427 -
Other Costs 637 - 170 807 2,355
Refreshments for Fixtures 27,381 - 300 27,681 21,348
Sponsors Entertainment 8,298 - - 8,298 539
Training Camps 7,952 - - 7,952 16,345
Travel and Accomodation 14,689 - - 14,689 3,966
100,576 - 30,099 130,675 138,753
b) Expenditure on Raising Funds
Investment Management Costs 548 - - 548 489
548 - - 548 489

4. RESTRICTED FUNDS

RAF CF Grant
RAF CF Grant		 CURRENT YEAR
Balance
Fund
Transfer btw
Balance
01-Jan-24
Transfers
Income
Expenditure
Funds
31-Dec-24
£
£
£
£
£
£
-
-
30,099
(30,099)
-
-
-
-
30,099
(30,099)
-
-
PRIOR YEAR
Balance
Fund
Transfer btwBalance
01-Jan-23
Transfers
Income
Expenditure
Funds
31-Dec-23
£
£
£
£
£
£
-
-
32,349
(32,349)
-
-
-
-
32,349
(32,349)
-
-

Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities.

13

ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

5. DESIGNATED FUNDS

5. DESIGNATED FUNDS
Contingency Reserves
(previously named Sponsorship)
Contingency Reserves
(previouslynamed Sponsorship)		 Balance
01-Jan-24
£
24,111		 CURRENT YEAR
Transfers
Income
Expenditure
Transfer btw
Funds
Balance
31-Dec-24
£
£
£
£
£
-
-
-
5,889
30,000
24,111 -
-
-
5,889
30,000
Balance
01-Jan-23
£
24,111		 PRIOR YEAR
Transfer btw
Balance
Transfers
Income
Expenditure
Funds
31-Dec-23
£
£
£
£
£
-
-
-
-
24,111
6. DEBTORS AND PREPAYMENTS
Debtors
7. CASH AT BANK AND IN HAND
Current Account		 24,111 -
-
-
-
24,111
Unrestricted
Fund
£
Designated
Fund
£
Restricted
Fund
£
Total
31-Dec-24
£
Total
31-Dec-23
£
14,365
-
-
14,365
14,352
14,365
-
-
14,365
14,352
Unrestricted
Fund
£
Designated
Fund
£
Restricted
Fund
£
Total
31-Dec-24
£
Total
31-Dec-23
£
4,411
30,000
1,140
35,551
27,320
4,411
30,000
1,140
35,551
27,320

14

ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

8. INVESTMENTS

Carrying (fair) value at beginning of period
Add: additions to investments during period
Less: disposals at carrying value
Less: arrangement and adviser fees
Add/(deduct): net gain/(loss) on revaluation
Carrying (fair) value at end of year		 Cash or cash equivalents
Unrestricted
Designated
Restricted
Total
Fund
Fund
Fund
31-Dec-24
£
£
£
£
21,725
-
-
21,725
-
-
-
-
-
-
-
-
(115)
-
-
(115)
2,675
-
-
2,675

24,285
-
-
24,285

As at 31st December 2024 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		 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		 Total Cost
Fund name
£
3,880 SJP UK Equity Income Class M
1,940 SJP Global Class M
1,940 SJP Global Quality Class M
1,940 SJP Sust & Resp Equity Class M
1,940 SJP Balanced Managed Class M
1,940 SJP North American Class M
1,940 SJP Global Equity Class M
1,940 SJP Managed Growth Class M
970 SJP Emerging Markets Equity Class M
970SJP Asia Pacific Class M
19,400		 31-Dec-24
31-Dec-24
Units No.
Market value
£
1,920.28
5,003
625.60
2,647
701.32
2,331
581.93
2,283
1,059.88
2,429
551.63
2,380
821.44
2,671
1,050.07
2,380
509.76
1,117
117.47
1,044
24,285		 31-Dec-24
Market value

24,285

9. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR

Creditors
Accrual - Independent Examination
Accrual - Other
Deferred Income (9a)
9a. DEFERRED INCOME
Deferred income brought forward 01-Jan-24
Utilised in the year
Receipts in 2024 for 2025
Deferred income as at 31-Dec-24		 Unrestricted
Designated
Fund
Fund
£
£
9,500
-
60
-
187
-
3,750
-		 Restricted
Total
Total
Fund
31-Dec-24 31-Dec-23
£
£
£
-
9,500
-
1,140
1,200
1,140
-
187
-
-
3,750
-
13,497
-		 1,140
14,637
1,140

£
-
-
3,750
3,750

Some 2024 income has been deferred to 2025 because there are conditions attached to the income regarding future service delivery.

10. CREDITORS : AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

There are no Creditors falling due in more than one year held by the Royal Air Force Golf Association (2023: £Nil).

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ROYAL AIR FORCE GOLF ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024

11. STAFF COSTS AND NUMBERS

There are no staff paid by the Royal Air Force Golf Association (2023: £Nil).

12. TRUSTEES AND OTHER RELATED PARTIES

Three Trustees were reimbursed a total of £2,455.89 (2023: £2,586.01) for charitable expenditure they paid personally. One Trustee was reimbursed £20 for coaching fees, this was on the same terms and amounts as the reimbursements for coaching fees paid to other non trustee members. One Trustee was reimbursed £10.36 for travel expenses incurred whilst attending a charity golf event. 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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