2022-12-31-accounts - The White Ensign Association Limited

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Charity Registered	Company Registered	No
Registered ONce	HMS BELFAST
	Tooley Street
	London SE12JH
Bankers	Royal Bank ofScotland	pic
	Holt's Military Banking
	200 Fowler Avenue
	Fowler Business Park
	Farnborough
	Hampshire GU14 7JP
Auditors	Appleby &Wood (London) Limited
	40The Lock Building
	72 High Street
	London E152QB
Solicitors	Ashurst LLP
	Broadwalk House
	5Appold Street
	London EC2A 2HA

, for trustee induction. During the period ofthis report the Association saw the retirement o one member ofthe Council ofManagement, namely the outgoing Chairman, Lord Carlile Berriew. No new trustees were selected or inducted. Risk Assessment and Compliance	, for trustee induction. During the period ofthis report the Association saw the retirement o one member ofthe Council ofManagement, namely the outgoing Chairman, Lord Carlile Berriew. No new trustees were selected or inducted. Risk Assessment and Compliance	, for trustee induction. During the period ofthis report the Association saw the retirement o one member ofthe Council ofManagement, namely the outgoing Chairman, Lord Carlile Berriew. No new trustees were selected or inducted. Risk Assessment and Compliance	, for trustee induction. During the period ofthis report the Association saw the retirement o one member ofthe Council ofManagement, namely the outgoing Chairman, Lord Carlile Berriew. No new trustees were selected or inducted. Risk Assessment and Compliance	f of
16. During the year, the Council (through the F&GPC) has reviewed the full range of
risks to which the Association		could be exposed and the necessary management action to
mitigate them. The Association			has a Risk Management Plan, which integrates the ongoing
assessment ofrisks into the day-to-day management processes ofthe WEA. A summary				of
the main risks associated	with		the WEA's activities are contained in the table below:
Risk Description			Risk Mitigation Activities
Product			Conduct ofa full strategic review involving engagement
Failure to meet the needs	of		with key stakeholders in the Royal Navy and military
beneficiaries because WEA			charity sector to ensure WEA is meeting the needs of	its
services are not tailored	to		beneficiaries. Seek regular customer feedback.
their requirements.			Continually improve, update and augment guidance
			available. Use of modern technology and WEA's digital
			presence to engage with beneficiaries.
Finance			Implementation ofincome generation activities and cost
Inability to deliver outputs			control measures agreed by the Council following CEO's
owing to insufficient income.			review offinancial options. Regular monitoring by
			F&GPC. Maintain 5-yearly financial forecast with
			monthly cash flow projections. Maintain long-term
			investment funding strategy and tangible reserve of6 months' o eratin costs.
Staff performance and calibre Failure to support beneficiaries properly because ofstaff			Meticulous selection ofstaff to maintain staff quality. Tailored staff induction and rolling staff training programme to maintain currency. Regular interaction with RN, MoD and other stakeholders to ensure staff
under-performance.			remain current with relevant legislative and policy
			develo ments.
Business Continuity			Business Continuity Plan to be reviewed regularly.
Inability to deliver outputs			Regular review ofstaff availability to ensure
owing to staffing and/or other issues.			maintenance ofreasonable coverage. Strategic review to consider need for new posts to help build resilience
			into service provision.
Relevance			Monitor MoD activity and charity sector networks for any
			indications ofstrate ic market chan es. Conduct full

Reduction	in demand for WEA	strategic review to ensure WEA remains	relevant and
services owing to a lack of		correctly positioned.
relevance.

				Notes		2022		2021
Income						293,927		272,267
(Losses)/Gains	on	investments			(	400,239 )		161,829
					(	106,312 )		434,096
Expenditure					(	478,568 )	(	496,421 )
Net (expenditure)/income			before tax for the reporting	period	(	584,880 )	(	62,325 )
Tax Payable
Net (expenditure)l		income	for the financial year		(	584,880 )	(	62,325 )

					Unrestricted	Funds
						Total
				Notes	Total Funds	Funds
					2022	2021
Income and endowments			from:
Donations					36,949	176,375
Charitable Activities: Fees
Other Trading activities:
Subscriptions					18,310	22,390
Investment income					116,224	22,351
Other income					122,444	51,151
Total					293,927	272,267
~E* ds
Raising funds					14,618	13,730
Charitable activities					376,688	391,868
Other Costs (including		publicity)			87,261	90,823
Total					478,568	496,421
Net (loss)l gain on investments					(400,239)	161,829
Net (expenditure)					(584,880)	(62,325)
Transfers between	funds
Net movement in funds					(584,880)	(62,325)
Reconciliation offunds:
Total funds brought	forward				6,158,471	6,220,796
Total funds carried	forward at 31st
December 2022				10	5,573,591	6,158,471

									2022	2021
									Number	Number
The average monthly		number	of	persons employed			during	the year was:
The emoluments	of	no employee		exceeded g 100,000
The emoluments	of	two employees			exceeded 660,000
									2022	2021
Staffcosts (for	the above persons):								6
Wages and salaries (including			holiday			pay provision)			289,512	285,137
Social security	costs								41,001	32,422
Pension costs									6,012	17,376
Renuneration Benchmarking									6,000
									342,525	334,935

							Activities
					Cost	of	on the
					Raising		Charity's	Other	Total	Total
					Funds		Objects	Costs	2022	2021
					F		6			6
Staff costs (inc pensions)					13,701		301,422	27,402	342,525	334,935
Communications		(incl IT,Printing,		Postage)			15,273	5,091	20,365	80,862
Rent, rates,	light & heat						11,529	3,842	15,372	12,146
General expenses								1,614	1,613	788
Travel/Corp	Hosting/Training					917	17,430		18,346	6,644
Events							31,035		31,035	21,057
Auditors remuneration								4,100	4,100	3,990
Depreciation								4,137	4,137	3,066
Investment	Fund	Management	Fee					31,242	31,242	20,418
Bank Charges										37
Insurance								1,594	1,594	2,342
Public relations								8,239	8,239	10,136
					14,618		376,688	87,261	478,568	496,421

6	Tangible fixed assets					2022	2021
						Office	Office
						Equipment	Equipment
						E
	Costs
	As at 1 January 2022 Additions					41,180 4,473	40,048 1,132
	Disposals
	As at 31stDecember 2022					45,653	41,180
	Depreciation
	As at1 January 2022					34,856	31,790
	Disposals Charge for year					4,137	3,066
	As at 31st December 2022					38,993)	(34,856
	Net book value
	31stDecember 2022					6,660	6,324
7	Fixed asset investments
	Classification of investments		at	market value:		2022	2021
	Fixed interest —Bonds					511,949	359,550
	Equities (mainly common	investment			funds)	4,436,606	1,858,090
	Cash held as part of investment			porffolio		420,982	3,776,753
						5,469,537	5,994,393

		Notes to	the financial statements —3	1stDecember 2	022
				2022	2021
8	Debtors
	Membership Fees
	Other Debtors:
	Pre-paid	travel		2,418	914
	Pre-paid	Insurance		8,385	1,060
	Accrued	Income		56,467
	Event Paid in advance				29,000
				67,270	30,974
9	Creditors- amounts		falling due within one year
				2022	2021
				8	f.
	VAT creditor
	Holiday	pay entitlement			4,434
	Deferred	Income		4,192
	Other creditors			16,161	4,607
				20,353	9,041

( a) Analys	is offunds balances
		2022	2021
		E
Unrestricted	funds	4,793,593	5,378,471
Restricted	funds
Designated	funds	780,000	780,000
		5,573,593	6,158,471

				Restricted	Unrestricted	Designated
				Funds	Funds	Funds	Total
				6	8	E	8
As at 1stJanuary 2022					5,378,471	780,000	6,158,471
Net Movement in general			funds		584,879		(584,879
As at 31stDecember	2022				4,793,592	780,000	5,573,592
ANALYSIS OF NET		ASSETS BETWEEN FUNDS
Fund Balances at 31stDecember				Unrestricted	Designated
2022 are represented		by		Funds	Funds
						2022	2021
Tangible fixed assets				6,660		6,660	6,324
Investments				4,689,537	780,000	5,469,537	5,994,393
Current assets				117,748		117,748	166,795
Current liabilities				(20,353)		(20,353)	(9,041)
Total Net Assets				4,793,592	780,000	5,573,592	6,158,471
Net movement in funds						2022	2021
							E
This is stated after charging:
Audit fees (including	VAT)					4,100	3,990
Depreciation offixed	assets					4,137	3,066

Statement ofcash flows							Total funds	Total fund
							2022	2021
								f
Cash flows from operating activities:
Net cash provided by (usedin) operating		activities					(321,712)	(287,944)
Cash flows from investing activities:
Dividends and interest from investments							116,224	22,351
Proceeds from the sale ofproperty, plant		and		equipment
Purchase ofproperty, plant and equipment							(4,473)	(1,132)
Movement in investments							124,617	(2,229,581)
Net cash provided by (used in) investing		activities					(85,344)	(2,496,307)
Cash flows from financing activities:
Repayments ofborrowing
Cash inflow from new borrowing
Receipt ofendowment
IVet cash provided by (usedin) finanl ring			activities activities				(85,344)	(2,496,307)
Changein cash and cash equivalentsin		the		reportingperiod			(85,344)	(2,496,307)
Cash and cash equivalents at the beginning ofthe reporting						period	135,821	2,632,128
Change in cash and cash equivalents	due		to exchange		rate movements
Cash and cash equivalents at the end	ofthe reporting				period		50,477	135,821
Reconciliation ofnet income/ ex enditure				to net cash flow from o eratin			activities
Net income/(tctpendi ture) for the reporting				period (asper
tire statement offinancial	activ/ties)						(584,880)	(62,325)
Adjustments for:
Depreciation charges							4,137	3,067
(Gains)/Losses on investments							400,239	(161,829)
Dividends and interest from investments							(116,224)	(22,351)
Loss/(profit) on the sale offixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors Increase/(decrease) in creditors							(36,296) 11,312	(28,127) (IO,379)
/Vet cash provided by (used in) operating		activiidies					(321,712)	(287,944)
							Total funds	Total fund
Anal sis ofcash and cash uivalents							2022	2021
Cash in hand							50,478	135,821
Notice deposits (less than 3 months)
Overdrafl facility repayable on demand
Total cash and cash equivalents							50,478	135,821