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|Pages||||
|---|---|---|---|
||Legal and administrative||information|
|4-8|Directors' Report|||
|9-11|Independent
Auditor's|Report||
|12|Statement ofFinancial|Activities||
||(including
an income and expenditure||account)|
|13|Balance Sheet|||
|14|Statement ofCash Flows|||
|15 - 28|Notes to the Financial|Statements||
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|||2022 Amount|2022 Number|2021|2021 Number|
|---|---|---|---|---|---|
|Category|||ofgrants|Amount
K|ofgrants|
|Royal Navy/Royal|Marines|534,100|15|684,250|14|
|Youth||238,000||352,714|16|
|Health||473,700||292,475|10|
|Education||2,500||||
|Other||1,209,530||357,500||
|Grants written back in the year||(71,250)|(5)|||
|Total||2,386,580|28|1,686,939|48|
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|||||Unrestricted
Income Fund
2022|Centenary
Fund
2022|Expendable
Fund 2022|Total Funds
2022|Total Funds
2021|
|---|---|---|---|---|---|---|---|---|
|Income:|||||||||
|Investments|||2|4,431,545|||4,431,545|4,026,669|
|Total||||4,431,545|||4,431,545|4,026,669|
|Expenditure:|||||||||
|Raising funds|||||||||
|Property management||costs|3|(79,068)|||(79,068)|(59,166)|
|Investment
managers||fees|3|(264,978)|||(264,978)|(176,451)|
|Charitable
activities|||||||||
|Grant making|||4|(2,386,580)|||(2,386,580)|(1,686,939)|
|Governance
costs|||6|(144,902)|||(144,902)|(150,995)|
|Total||||(2,875,528)|||(2,875,528)|(2,073,551)|
|Net (losses) / gains on investments|||||||||
|Gain/(losses)
on
investment
properties|||9|||K5,725,000|5,725,000|(115,000)|
|Gain/(losses)
on listed
investments|||12|||K2,893,275|2,893,275|3,092,211|
|Unrealised
gains/(losses)|||||||||
|on foreign-exchange|on|||||f43,707|43,707|74,918|
|treasury
cash deposits|||||||||
|Total net profit / (losses)
investments|on|||||8,661,982|8,661,982|3,052,129|
|Net income
/ (expenditure)||for|||||||
|the year, being net movement||||1,556,017||8,661,982|10,217,999|5,005,247|
|in funds|||||||||
|Reconciliation
offunds:|||||||||
|Total funds brought
forward|||17|81,726,402||90,014,595|171,740,997|166,735,750|
|Transfer between reserves|||17|(3,509,135)|3,509,135||||
|Total funds carried forward|||17|79,773,284|3,509,135|98,676,577|181,958,996|171,740,997|
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|||||2022||2021|2021|
|---|---|---|---|---|---|---|---|
||||Notes|||||
|FIXEDASSETS:||||||||
|Investments||||||||
|Investment
properties|||9|61,730,000||56,005,000||
|Listed investments|||11|90,549,866||94,264,101||
|Treasury cash deposits||||26,548,318||4,920,850||
|Tangible fixed assets|||12|1,895|178,830,079||155,189,951|
|CURRENT ASSETS:||||||||
|Debtors||||1,614,381||1,190,846||
|Cash at bank and in hand||||2,897,857||16,567,803||
|||||4,512,238||17,758,649||
|amounts|falling|||||||
|CREDITORS:
due within||one|14|(1,278,322)||(977,603)||
|year||||||||
|Net Current Assets|||||3,233,916||16,781,046|
|Total Assets less Current Liabilities|||||182,063,996||171,970,997|
|CREDITORS:
amounts
due after|fallin
one year||15|(105,000)|(105,000)||(230,000)|
|TOTAL NET ASSETS|||||181,958,996||171,740,997|
|Represented
by:-||||||||
|Called up share capital|||16|3||3||
|Unrestricted
Income Fund|||17|79,773,281|79,773,284|81,726,399|81,726,402|
|Centenary
Fund|||17|3,509,135|3,509,135|||
|Unrealised
Investment
Gains|||18|50,604,393||42,008,257||
|Expendable
Endowment
Fund|||18|48,072,184||48,006,338||
|Total Expendable
Endowment||Fund|||98,676,577||90,014,595|
|Total funds|||18||181,958,996||171,740,997|
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|Cash flows from operating
activities|Cash flows from operating
activities|||||2022|||2021|
|---|---|---|---|---|---|---|---|---|---|
|Net movement
in funds||||||10,217,999|||5,005,247|
|Adjustments
for:||||||||||
|Unrealised
(gains) / losses on investment|||properties|||(5,725,000)|||115,000|
|Deduct gains on listed investments||||||(2,893,275)|||(3,092,211)|
|Increase in treasury
cash deposits||||||(21,627,468)|||(2,764,190)|
|Add depreciation
on tangible fixed assets||||||947||||
|Deduct interest income shown
in|investing|||activities|below|(1,905)|||(12,030)|
|Deduct dividend
income shown in investing||||activities below||(1,968,524)|||(1,440,304)|
|Deduct other investment
income shown
investing
activities below||in||||(2,461,116)|||(2,574,335)|
|(Increase) / Decrease in debtors||||||(423,535)|||49,806,446|
|Increase in creditors||||||175,719|||10,193|
|Cash used in operating
activities||||||(24,706,158)|||45,053,816|
|Cash flows from investing
activities||||||||||
|Interest income||||||1,905|||12,030|
|Dividend
income||||||1,968,524|||1,440,304|
|Other investment
income||||||2,461,116|||2,574,335|
|Purchase oftangible
fixed assets||||||(2,842)||||
|Purchase oflisted investments||||||(92,372,964)|||(99,397,172)|
|Disposal proceeds oflisted investments||||||98,980,473|||51,934,006|
|Cash provided
by investing
activities||||||11,036,212|||(43,436,497)|
|Movement
in cash and cash equivalents||in the year||||(13,669,946)|||1,617,319|
|Cash and cash equivalents
at the beginning||||ofthe year||16,567,803|Note (i)||14,950,484|
|Total cash and cash equivalents
at|the end||ofthe year|||2,897,857|||16,567,803|
|Notes to the financial statements||||||||||
|(i) Analysis ofchanges in
net debt|||||01-Apr-21|Cash flows|Other non-
Cash
changes||31-Mar-22|
|Cash at bank and in hand|[Note|(i)]|||16,567,803|(13,669,946)|||2,897,857|
|Investments:
Treasury cash deposits|||||4,920,850|21,583,761|43,707||26,548,318|
|Total|||||21,488,653|7,913,815|43,707||29,446,175|
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|Investment|income|income||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|---|---|
|||||Income Fund
2022|2022|Income Fund
2021|2021|
|Rent receivable||fiom UK investment|properties|2,453,590|2,453,590|2,574,335|2,574,335|
|Bank interest|receivable (UK)|||1,905|1,905|12,030|12,030|
|Dividends
Irom||listed investments||1,968,524|1,968,524|1,440,304|1,440,304|
|Other income||||7,526|7,526|||
|||||4,431,545|4,431,545|4,026,669|4,026,669|
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|Raising funds||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Income Fund
2022|2022|Income Fund
2021|2021|
|Property insurance||22,284|22,284|26,872|26,872|
|Property expenses||3,384|3,384|||
|Legal 4professional
respect ofinvestment|fees in
properties|53,400|53,400|32,294|32,294|
|Property management|costs|79,068|79,068|59,166|59,166|
|Investment
managers|fees|264,978|264,978|176,451|176,451|
|Costs ofraising funds||344,046|344,046|235,617|235,617|
|||||Paid|Payable||
|---|---|---|---|---|---|---|
|||||2022|2022-24|Total|
|Education|||||||
|Windsor Leadership||Trust|||2,500|2,500|
||||||2,500|2,500|
|Royal Navy/Royal||Marines|||||
|The Submariner|Memorial||Appeal|125,000||125,000|
|Felix Fund - The|Bomb Disposal Charity||||6,000|6,000|
|HMS Northumberland||Central Fund|||5,000|5,000|
|Operation
Christmas||Box||25,000||25,000|
|Subtotal carried|forward|||150,000|11,000|161,000|
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|4|Grant making (continued)|||Paid|Payable||
|---|---|---|---|---|---|---|
|||||2022|2022-24|Total|
||Royal Navy/Royal
Marines||||||
||Subtotal brough forward|||150,000|11,000|161,000|
||The Institute ofMarine Engineering,||Science and Technology|10,000||10,000|
||The White Ensign Association|Limited||5,000||5,000|
||The Soldiers, Sailors, Airmen|and Families Association - Forces H||50,000||50,000|
||The British Maritime
Charitable
Foundation|||6,000||6,000|
||The White Ensign Association|Limited||50,000|100,000|150,000|
||HMS Heron Central Amenities|Fund||30,000||30,000|
||Northwood
Officers' Mess|||600||600|
||The Royal Navy and Royal Marines||Charity||10,000|10,000|
||Veterans Outreach
Support|||6,500||6,500|
||The Britannia Association||||100,000|100,000|
||HMS Temeraire
Central Amenities||Fund|2,500|2,500|5,000|
|||||310,600|223,500|534,100|
||Youth||||||
||The Literacy Pirates Limited|||15,000||15,000|
||UK Sailing Academy|||100,000||100,000|
||Hull Sea Cadets|||3,000||3,000|
||1851Marine Trust|||60,000||60,000|
||Greenhouse
Sports Limited|||10,000||10,000|
||Future Frontiers|||50,000||50,000|
|||||238,000||238,000|
||Health||||||
||Southampton
Hospital
Charity|(Robbie's Rehab)|||5,000|5,000|
||Maggie Keswick Jencks Cancer Caring Centres Trust|||50,000|100,000|150,000|
||Maggie Keswick Jencks Cancer Caring Centres Trust|||125,000||125,000|
||The Sussex Association
for Spina Bifida and Hydrocephalus|||1,000||1,000|
||The Tuberous
Sclerosis Association|||5,200||5,200|
||Treloar Trust||||100,000|100,000|
||DEBRA|||10,000||10,000|
||The ARNI Institute||||77,500|77,500|
|||||191,200|282,500|473,700|
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|4|Grant making|Grant making|(continued)|Paid|Payable||
|---|---|---|---|---|---|---|
|||||2022|2022-24|Total|
||Other||||||
||The Parochial|Church Council ofThe Ecclesiastical Parish ofChid||7,000||7,000|
||The Platinum|Jubilee Pageant Limited||1,197,530||1,197,530|
||Support Through||Court|5,000||5,000|
|||||1,209,530||1,209,530|
|||||1,949,330|508,500|2,457,830|
||Grants written|back in the year||71,250||71,250|
||Total|||1,878,080|508,500|2,386,580|
|5|Analysis of|accruals for grants|payable||2023|2024-25|Total|
|---|---|---|---|---|---|---|---|
|||||Notes||||
||Accruals for|grants payable made in|the year||408,500|100,000|508,500|
||Accruals for|grants payable made in|prior periods||233,000|5,000|238,000|
|||||14,15|641,500|105,000|746,500|
||Prior year:||||2022|2023-24|Total|
||Accruals for|grants payable made in|the year||189,250|180,000|369,250|
||Accruals for|grants payable made in|prior periods||120,000|50,000|170,000|
|||||14,15|309,250|230,000|539,250|
|6|Governance|costs||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Income Fund
2022||Income Fund
2021|2021|
||Accountancy|fees||19,629|19,629|33,943|33,943|
||Grant administration 4professional||fees|103,363|103,363|106,295|106,295|
||Audit fees|||12,053|12,053|10,600|10,600|
||Subtotal carried forward|||135,045|135,045|150,838|150,838|
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||||||||
|---|---|---|---|---|---|---|
|Governance|costs (continued)||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Income Fund
2022|2022|Income Fund
2021|2021|
|Subtotal brought||forward|135,045|135,045|150,838|150,838|
|Depreciation|||947|947|||
|Bank charges|||475|475|157|157|
|Other expenses|||8,435|8,435|||
||||144,902|144,902|150,995|150,995|
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|9|Investment
properties|Investment
properties|||2022|2021|
|---|---|---|---|---|---|---|
||At 01April:||||||
||Historical|cost|||35,768,343|35,768,343|
||Revaluation|brought|forward||20,236,657|20,351,657|
||Fair value||||56,005,000|56,120,000|
||Unrealised|gains on|revaluation|during the year|5,725,000|(115,000)|
||Fair value|at 31March|||61,730,000|56,005,000|
##
|Fut|ure minimum|lease receipts due under non-cancellable
o|perating
leases||
|---|---|---|---|---|
|The|future minimum|lease receipts are as follows:|2022|2021|
||Due not later than one year||2,648,081|2,475,590|
||Later than one|year and not later than five years|9,659,945|10,009,299|
||Later than five|years|72,988,459|75,287,186|
||||85,296,485|87,772,075|
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|11|Listed investments|2022|2021|
|---|---|---|---|
||At 01April:|||
||Opening
market value|94,264,101|43,708,724|
||Additions|92,372,964|99,397,172|
||Less: disposals|(98,980,473)|(51,934,006)|
||Gains/Losses
on investments|2,893,275|3,092,211|
||Closing market value|90,549,S66|94,264,101|
||Historical cost|83,939,938|90,529,486|
||Revaluation
carried forward|6,609,928|3,734,615|
|||90,549,S66|94,264,101|
##
|12|Tangible fixed assets||||
|---|---|---|---|---|
|||Computer|equipment|Total|
||Cost:||||
||As at 31March 2021||||
||Additions||2,842|2,842|
||As at 31March 2022||2,842|2,842|
||Depreciation:||||
||As at 31March 2021||||
||Charge for the year||947|947|
||As at 31March 2022||947|947|
||Net book value:||||
||As at 31March 2021||||
||As at 31March 2022||1,895|1,895|
|13|Debtors||2022|2021|
||Trade debtors||670,962|192,301|
||Other debtors||69,321|102,447|
||Prepayments
and accrued income||874,098|896,098|
||||1,614,381|1,190,846|
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|||||
|---|---|---|---|
|itors: amounts
falling due within one year|Note|2022|2021|
|Accruals for grants payable||641,500|309,250|
|Trade creditors||28,330|26,205|
|Other taxation and social security||64,187|60,545|
|Other accruals||12,000|49,298|
|Deferred income||532,305|532,305|
|||1,278,322|977,603|
|Deferred income reconciliation||2022|2021|
|Deferred income balance bought forward||532,305|539,783|
|Income released in the year||(532,305)|(539,783)|
|Income deferred||532,305|532,305|
|||532,305|532,305|
|itors: amounts
falling due after more than one year|Note|2022|2021|
|Accruals for grants payable|5|105,000|230,000|
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|---|---|---|---|---|---|---|
|16|Share capital||||2022|2021|
||Allotted, called up and||fully paid||||
||3 (2021:3)Ordinary
Shares ofKI each||||||
|17|Trust funds||||||
||Expendable|Endowment|Fund||||
||(including
the Unrealised||Investment|Gains):|||
||Balance as at|I April 2021||||90,014,595|
||Net movement|in funds||||8,661,982|
||Balance as at|31March 2022||||98,676,577|
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|Centenary
Fund|Centenary
Fund|||
|---|---|---|---|
|Balance as at|1 April 2021|||
|Net movement|in funds||3,509,135|
|Balance as at|31March 2022||3,509,135|
|Unrestricted|Income Fund:|||
|Balance as at|1 April 2021||81,726,402|
|Net movement|in funds||(1,953,118)|
|Balance as at|31March 2022||79,773,284|
|Prior year:||||
|Expendable
Endowment
Fund||||
|(including
the|Unrealised
Investment|Gains):||
|Balance as at|1 April 2020||86,962,466|
|Net movement|in funds||3,052,129|
|Balance as at|31March 2021||90,014,595|
|Unrestricted|Income Fund:|||
|Balance as at|1 April 2020||79,773,284|
|Net movement|in funds||1,953,118|
|Balance as at|31March 2021||81,726,402|
||||Unrestricted||Expendable|Unrealised||
|---|---|---|---|---|---|---|---|
|||Share|Income|Centenary|Endowment|Investment|Total|
|||Capital|Fund|Fund|Fund|Gains|Funds|
|Fund|balances at 31March|||||||
|2022|are represented|by:-||||||
||Investments|3|76,644,364|3,509,135|48,072,184|50,604,393|178,830,079|
||Current assets||4,512,238||||4,512,238|
||Liabilities||(1,383,321)||||(1,383,321)|
||Total net assets|3|79,773,281|3,509,135|48,072,184|50,604,393|181,958,996|
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|Analysis ofnet assets
Prior year:|between|funds (continue|d)||||
|---|---|---|---|---|---|---|
|||Unrestricted||Expendable|Unrealised||
||Share|Income|Centenary|Endowment|Investment|Total|
||Capital|Fund|Fund|Fund|Gains|Funds|
|Fund balances at 31March 2021||are|||||
|represented
by:-|||||||
|Investments|3|65,175,353||48,006,338|42,008,257|155,189,951|
|Current assets||17,758,649||||17,758,649|
|Liabilities||(1,207,603)||||(1,207,603)|
|Total net assets|3|81,726,399||48,006,338|42,008,257|171,740,997|
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||||Paid|Payable||
|---|---|---|---|---|---|
||||2021|2021-23|Total|
|Royal Navy/Royal
Marines||||||
|Alabare Christian
Care and Support|||15,000||15,000|
|The Institute ofMarine Engineering,||Science and Technology|10,000||10,000|
|Rock 2 Recovery||||1,500|1,500|
|Royal Marines Association - The Royal Marines Charity|||15,000||15,000|
|The Royal Naval Benevolent|Trust||500,000||500,000|
|The Soldiers, Sailors, Airmen and||Families Association|30,000||30,000|
|Fleet Air Arm Memorial
Church Trust|||5,000|10,000|15,000|
|Operation
Christmas Box|||10,000||10,000|
|HMS Audacious
Central Fund||||20,000|20,000|
|The Soldiers, Sailors, Airmen|and Families Association||20,000||20,000|
|HMS Northumberland
Central|Fund|||1,250|1,250|
|Royal Marines Association - The Royal Marines Charity||||1,500|1,500|
|Royal Marines Association - The Royal Marines Charity|||35,000||35,000|
|Tom Harrison
House|||10,000||10,000|
||||650,000|34,250|684,250|
|Health||||||
|Southampton
Hospital
Charity|(Robbie's Rehab)||12,500||12,500|
|Autsim Bedfordshire|||5,000||5,000|
|Elidyr Communities
Trust||||120,000|120,000|
|The Mary Hare Foundation||||10,000|10,000|
|Scotts Project Trust|||4,500||4,500|
|Special Educational
Needs Families Support Group Limited|||5,475||5,475|
|Tectona Trust|||15,000||15,000|
|The People Hive|||5,000||5,000|
|Treloar Trust|||35,000||35,000|
|Treloar Trust||||35,000|35,000|
|Treloar Trust||||35,000|35,000|
|Treloar Trust|||10,000||10,000|
||||92,475|200,000|292,475|
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##
|||||Paid|Payable||
|---|---|---|---|---|---|---|
|||||2021|2021-23|Total|
|Youth|||||||
|1st Warsash Sea Scout|Group||||10,000|10,000|
|Kids Out UK|||||5,000|5,000|
|Youth and Community|Connexions|||10,000||10,000|
|The Literacy Pirates Limited||||25,000||25,000|
|Cowes Unit 118ofthe|Sea Cadet Corps|||5,000||5,000|
|Llamau Limited||||5,000||5,000|
|Exmouth Unit 395ofthe Sea|||Cadet Corps|10,000||10,000|
|Only Connect UK||||2,000||2,000|
|The Petersham
and Ham Sea|||Scout Group|25,000||25,000|
|Tall Ships Youth Trust||||30,714||30,714|
|The Hull C.U. Ltd||||2,500||2,500|
|Redthread
Youth Limited||||12,000||12,000|
|The Pod||||2,500||2,500|
|The Roundhouse
Trust|||||100,000|100,000|
|The Wheels Project Limited||||8,000||8,000|
|UK Youth||||100,000||100,000|
|||||237,714|115,000|352,714|
|Other|||||||
|Canine Partners for Independence||||5,000||5,000|
|Support Through
Court||||10,000||10,000|
|Queen Elizabeth Scholarship|||Trust Limited||10,000|10,000|
|The Felix Project||||65,000||65,000|
|The Greenwich
Foundation||for the Old Royal Naval College||250,000||250,000|
|Limehouse
Project Ltd||||5,000||5,000|
|The Prince's Foundation|||||10,000|10,000|
|The World's Big Sleep|Out|Trust||2,500||2,500|
|||||337,500|20,000|357,500|
|Grants written back in the year|||||||
|Total||||1,317,689|369,250|1,686,939|