2023-12-31-accounts - Royal Naval Association Belfast Branch

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REGISTERED CHARITY NUMBER: NIC107333

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Royal Naval Association Belfast Branch

Lynn Drake & Co Ltd Chartered Accountants 1st Floor 34 B-D Main Street Moira Co. Armagh BT67 0LE

Royal Naval Association Belfast Branch

Contents of the Financial Statements for the Year Ended 31 December 2023

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Statement of Financial Position	6
Notes to the Financial Statements	7 to 14
Detailed Statement of Financial Activities	15

Royal Naval Association Belfast Branch

Reference and Administrative Details for the Year Ended 31 December 2023

TRUSTEES	A Johnstone
	A Ferguson
	T Lockhart
	W Russell
	R Cherry
	E White
PRINCIPAL ADDRESS	79-81 Great Victoria Street
	Belfast
	ANTRIM
	BT2 7AF
REGISTERED CHARITY	NIC107333
NUMBER
INDEPENDENT EXAMINER	Lynn Drake & Co Ltd
	Chartered Accountants
	1st Floor
	34 B-D Main Street
	Moira
	Co. Armagh
	BT67 0LE
BANKERS	Ulster Bank
	91-93 University Road
	Belfast
	BT7 1NG

Royal Naval Association Belfast Branch

Report of the Trustees

for the Year Ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Royal Naval Association Belfast Branch is registered with The Charity Commission for Northern Ireland NIC 107333.

Significant activities

We Support veterans mainly from the Royal Navy but also try to support members from all the armed forces.

Public benefit

We provide a space for comradship and social well being to our veterans. The benefits are demonstrated by our continued membership. There is no harm arising from the purposes of the organisation.

The beneficiaries include those who have served and continue to serve for the Royal Navy.

There is no private benefit concerns.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Royal Naval Association is still in recovery mode from the covid pandemic but there has been some improvement in new members coming forward. Our general aim to support veterans from the Royal Navy continues to be our main focus but helping other armed forces associations with free use of our facilities continues. The Irish Guards are to hold their annual St Patricks day issuing of the shamrock in our premises this year and the N.I.Submariners Association are to host the Submariners Association annual conference in Belfast using our facilities.

The Belfast branch continues to take the lead in promoting the Royal Naval Association with all our branches throughout Area 12 (Ireland) and will be hosting the AGM this year with the branches from Antrim, East Antrim, Ballymena, Bangor, Cork, Dublin, Limavady, Lisburn and Londonderry attending.

In the future we have been asked to host the National Uckers Championship which will involve the associations of England, Ireland, Scotland and Wales. This will indeed be an honour for the branch as it is just a step in the road to the world championship which is normally held in Portsmouth.

The branch does not perform any public collections but relies on donations from members and other organisations. It is still a struggle but we continue to believe we can continue to support our veterans to associate and socialise in comfortable and welcoming surroundings.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

Royal Naval Association Belfast Branch

Report of the Trustees

for the Year Ended 31 December 2023

Approved by order of the board of trustees on 16 February 2024 and signed on its behalf by:

E White - Trustee

Independent Examiner's Report to the Trustees of Royal Naval Association Belfast Branch

I report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages five to fourteen.

Respective responsibilities of charity trustees and examiner

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008.

It is my responsiblity to:
examine the accounts under Section 65 of the Charities Act
follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act
state whether particular matters have come to my attention.

Basis of the independent examiner's report

I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

That accounting records were not kept in accordance with Section 63 of the Charities Act
That the accounts do not accord with those accounting records
That the accounts do not comply with the accounting requirements of the Charities Act
That there is further information needed for a proper understanding of the accounts to be reached.

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Mr Alistair Wells The Institute of Chartered Accountants in Ireland

Lynn Drake & Co Ltd Chartered Accountants 1st Floor 34 B-D Main Street Moira Co. Armagh BT67 0LE

16 February 2024

Royal Naval Association Belfast Branch

Statement of Financial Activities

for the Year Ended 31 December 2023

		31.12.23	31.12.22
		Unrestricted	Total
		fund	funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	2	2,058	4,424
Other trading activities	3	5,000	15,000
Investment income	4	1,608	161
Total		8,666	19,585
EXPENDITURE ON
Charitable activities
Charitable Expenditure		6,673	3,421
NET INCOME		1,993	16,164
RECONCILIATION OF FUNDS
Total funds brought forward		57,812	41,648
TOTAL FUNDS CARRIED FORWARD		59,805	57,812

The notes form part of these financial statements

Royal Naval Association Belfast Branch

Statement of Financial Position

31 December 2023

31.12.23 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 137,003 CREDITORS Amounts falling due within one year 6 (77,198) NET CURRENT ASSETS 59,805 TOTAL ASSETS LESS CURRENT LIABILITIES 59,805 NET ASSETS 59,805 FUNDS 7 Unrestricted funds 59,805 TOTAL FUNDS 59,805	31.12.22 Total funds £ 145,882 (88,070) 57,812 57,812 57,812 57,812 57,812

The financial statements were approved by the Board of Trustees and authorised for issue on 16 February 2024 and were signed on its behalf by:

E White - Trustee

R Cherry - Trustee

The notes form part of these financial statements

Royal Naval Association Belfast Branch

Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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 (Northern Ireland) 2008. The financial statements have been prepared under the historical cost convention.

(a) General information and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in 2019 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity..

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Basis of preparing the financial statements

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SoFA) when receivable. Income received from collections is recognised when received.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants which are detailed within the notes to these financial statements. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

(D) Expenditure recognition

All expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categories under the following headings:

Costs of raising funds includes the costs associated with attracting voluntary incomes; Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them; and Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Basis of preparing the financial statements

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the use of resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures & Fittings - 25% Straight Line

(g) Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provision of the instrument.

Basic financial instruments are initially recognised at the amounts receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or relived and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Basis of preparing the financial statements

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designed hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. if there is objective evidence of impairment an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain is recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

(h) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(j) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(k) Tax

No provision is required for taxation as the company is defined as a charity for taxation purposes.

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Basis of preparing the financial statements

The charity is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

(J) Judgements estimates

The following judgements including those involving estimates that have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

(i) depreciation method and asset useful lives

The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions.

Taxation

Royal Naval Association Belfast Branch is a registered charity and such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
	31.12.23	31.12.22
	£	£
Donations	379	1,767
Subscriptions	1,679	2,657
	2,058	4,424

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

3. OTHER TRADING ACTIVITIES

3.	OTHER TRADING ACTIVITIES
		31.12.23	31.12.22
		£	£
	Investment Income	5,000	15,000
4.	INVESTMENT INCOME
		31.12.23	31.12.22
		£	£
	Deposit account interest	1,608	161

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

			31.12.23	31.12.22
			£	£
	Other creditors		77,198	88,070
7.	MOVEMENT IN FUNDS
			Net
			movement	At
		At 1/1/23	in funds	31/12/23
		£	£	£
	Unrestricted funds
	General fund	57,812	1,993	59,805
	TOTAL FUNDS	57,812	1,993	59,805
	Net movement in funds, included in the above are as follows:
		Incoming	Resources	Movement
		resources	expended	in funds
		£	£	£
	Unrestricted funds
	General fund	8,666	(6,673)	1,993
	TOTAL FUNDS	8,666	(6,673)	1,993

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

7. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

		Net
		movement	At
	At 1/1/22	in funds	31/12/22
	£	£	£
Unrestricted funds
General fund	41,648	16,164	57,812
TOTAL FUNDS	41,648	16,164	57,812
Comparative net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	19,585	(3,421)	16,164
TOTAL FUNDS	19,585	(3,421)	16,164

8. CONTINGENT LIABILITIES

A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charity.

9. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

10. POST BALANCE SHEET EVENTS

There were no events after the reporting period therefore no material issues need disclosed.

continued...

Royal Naval Association Belfast Branch

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

11. COVID-19

The trustees continue to monitor the impact of Covid 19. The trustees believe there is no adjusting events to report after the reporting date. The trustees will continue to monitor the situation closely to secure the viability of the organisation.

Royal Naval Association Belfast Branch

Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
	31.12.23	31.12.22
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	379	1,767
Subscriptions	1,679	2,657
	2,058	4,424
Other trading activities
Investment Income	5,000	15,000
Investment income
Deposit account interest	1,608	161
Total incoming resources	8,666	19,585
EXPENDITURE
Charitable activities
Purchases of RNA Goods	-	1,187
Donations	965	400
Catering Costs	3,613	515
Capitation Costs	636	-
Committee Expenses	1,200	1,000
Sundries	179	225
	6,593	3,327
Support costs
Finance
Bank charges	80	94
Total resources expended	6,673	3,421
Net income	1,993	16,164

This page does not form part of the statutory financial statements