## |Charity Registered|No|206787|Company
Registered|No|00606887| |---|---|---|---|---|---| |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|