CHARITY REGISTRATION NO. 1037208 THE ROYAL ARMY VETERINARY CORPS WELFARE & BENKVOLENT FUND FINANCIAL STATEMENTS 31 MARCH 2024 The Independent Services Agency Ltd POBOX314 Woking SURREY GU24 9FA
THE RAVC WELFARE & BENEVOLENT FUND 31 MARCH 2024 CONTENTS PAGES Referencc and administrative iThforn]ation Trustees, report Independent examin&s report Statement of fUncl81 activities Balance sheet Notes to the financial statements
THE RAVC WELFARE BENEVOLENT FUND YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE INFORMATION Registered charity no. 1037208 Executive trustee central committee Ex-officio members Col Comdt RAVC Major General ZR Stenning OBE CVRO Colonel M Morrison QHVS Hon Col Comdt RAVC Col (Retdl N Smith Commander DATR Lieutenant Colonel l Moran Commander IMWD Lieutenant Colonel A O'Flynn Chairman RAVC Association Lieutenant Colonel IRetd} C Ham Senior Reserve Officer Lieutenant Colonel C Whittle Corps RSM WOI {CRSMI WOI IRSMI M Eade Trustee Secretary Mrs Kristy Mccomiskie Co-opted members Wol J Jacques Address RHQ RAVC Robertson House Slim Road Camberley Surrey GUIS 4NP Independent examiner The Independent Services Agency Ltd PO BOX 314 Woking Surrey GU24 9FA Bankers The Royal Bank of Scotland PIC Bolts Farnborough Branch Lavvrie House Victoria Road Farnborou8h Hampshire GU147NR Investment managers Investec Investment Ltd Festival House Jessop Avenue Cheltenham GL50 3S
THE RAVC WELFARE & BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in presenting their Report together with the Financial Statements and Independent Examiner's Report for the year ended 31 March 24 Structure, governance and management The RAVC Association is constituted under Rules adopted on 15 October 1993 as amended on l April 2007 and l November 2007. The trustees are responsible for holding the capital and income of the fund and applying it for the objects of the fund. The trustees who served during the year and up to the date of this report are set OLIt on page l. The personnel of the Royal Army Veterinary Corps appointed to the title or rank designated in clause five of the rules of the fund become the ex- officio members and trustees of the fund by reason of such appointment. Objectives and activities The objects of the fund, which are for public benefit, as stated in the amended rules, are: 111 to promote the efficiency of the Royal Army Veterinary Corps by fostering esprit de corps, comradeship and the welfare of the Corps and preserving its traditions. 121 the relief of past and present members of the Royal Army Veterinary Corps and their dependents who are in need by virtue of financial hardship, sickness, or the effects of old age by grants, gifts, pensions or otherwise. 131 To produce sufficient income and capital development, to empower the Association to carry out its objects reliably with legitimate thought for the future The fund consists of the investments (particulars of which are contained in the notes heretol and of such further sums as may from time to time be obtained from grants made by regimental institutions and other regimental fund5 and from permissible voluntary and covenanted subscriptions and donations and of the investments for the time being representing the same. The committee may, by a simple majority, decide at any time that on the grounds of expense or otherwise it is necessary or advisable to dissolve the fund. The committee shall have power to dispose of any assets held by or on behalf of the fund. Any assets remaining after the satisfaction of any proper debts and liabilities shall not be distributed among the members of the committee but shall be given or transferred to such other charitable institution or institutions having objects sim ilar to the objects of the fund as the committee may determine and if and in so far as effect cannot be given to this provision then to some other charitable purpose. Achievement5 and performance The trustees continue to have due regard to the guidelines issued by the Charity Commission with regard to public benefit. Benevolence: 08 members or former members of the Royal Army Veterinary Corps or dependents of ' former members applied for relief in furtherance of the objects of the fund, and 08 cases were granted relief during the year, totalling £2450 Memorial gifts were purchased for families, to mark the Anniversaries of three RAVC members who were killed in action.
THE RAVC WELFARE & BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Welfare/Benevolence'. In line with objective (11, the Corps magazine "Chiron Calling was distributed to over one thousand serving and retired members of the Corps both in the UK and overseas. Further Grants were made for the troops taking part on adventurous training activities to train and assess their survival abilities and leadership prowess in arduous conditions and sporting activities to build esprit de corps and comradeship, so a contribution of £3,000 was made to the Army Medical Services Sports Union FY23/24. RAVC Recruits passing out of basic training continue to be presented with an RAVC Corps Stable Belts and Tactical Regimental Flashes in the promotion of Corps ethos. Newly enlisted Officers in the RAVC are also presented with a Stable Belt from the Corps on their pass out at the Royal Military Academy Sandhurst RAVC Soldiers Christmas Day Lunch 15 now paid in full, this has shown to promote comradeship and esprit de corps. Two RAVC In-Pensioners and fifty members of the Corps and Association, have taken part in the yearly Morning Service and small Parade followed by a curry lunch at the Royal Chelsea Hospital, fostering esprit de corps. RAVC History- The work on Volume 3 of the RAVC history covering the period 1962 to 2022 is now complete, and this version of the Corps history has been published and has been available for both Serving and association members to buy. The official book launch went well with HRH The Princess Royal in attendance. Financial review The statement of financial activities on page 4 and the balance sheet on page S reflect the transactions for the year ended 31 March 2024 and the assets and liabilities as at that date. There were net incoming resources for the year of £11,577 compared to net incoming resources of1£16,6491 for the year ended 31 March 2024. SIGNED ON BEHALF OF THE TRUSTEES K Mccomiskie Date: 28 January 2025
Inde endent RMIner*S Re rt e Trustees of the RAVC Welfare & Benevoleht Fund I report on the a¢counts of the Thist for the period ended 31 March 2024 &s set out oll the attached documents. clive re oHsibilllies o the Truslees and the Eyaminer As the Charity'8 Trustees you are responskble for the prepardtion of the accounts. you consider that the audit requirement of s¢ction 43(2) of th¥ Charities Act 1993 (the Act) does NOT apply. It is my responsibility to examine the accounts under section 145 of the Charities Act 2011 (the Act)" aud to follow the procedures laid down in the General DAre¢tions of the Charity Commissioners under section 145(5)b of the Act and to ststs whether particular matters have come to my attention. theInd end ISR ort My examination was Cled out in accordance with the GeneTal Directions given by the Charity Commissioners. An examinatton iDcludes a review of the accounting records kept by the Charity and a ¢omparison of the accounts presented with those on record. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Tru3Èees concerning y such matters. The procedures undertaken do llot provide all th¢ evidence that would be rwuired in an Hudil and consequently I do NOT express an audit opinion on the view given in the accounts. endenl Exa In connection with my examination, NO matter has come to rny attention. {]) which gives me re&80nable ¢ause to believe that In 8ny respect the requirements - to keep accounting records in accordall¢e with the Act. and to prepare accounts which accord with the accounting records and to comply with the accountiiig requir¢ments of the Att hav¢ not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Place; West End Date. Io January 2025 IndtF¢pth Exam1kWrlareh 2012
THE IL4VC WELFARE & BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 INCOME FUNDS UNRESTRicfED BESTRICTED TOTAL 2024 FUNDS FUNDS FUNDS 2023 NOTE JNCOMING RESOURCES Incoming resources from generated funds Voluntary income Investment income 36,456 13,926 36,456 13,926 35,080 12,776 Totsl Incoming resources 50.382 50,382 47.856 RESOURCES EXPENDED Relief granted Donations Adjusttnent Portfolio service ¢harges History Publications Administration Travel Insurance Inspection of Accounts Total resotsrees expended 18.326 18,326 21,227 17 3,862 8,523 3,741 2,532 437 917 450 17 3,862 8,523 3,741 2,532 437 917 450 4,003 29,738 4,052 3,861 257 917 450 38,805 38,805 64,505 NET INCOMING I (OUTGOING) RESOURCES FOR THE YEAR 11,577 11,577 (16,649) OTHER RECOGNISED GAIIYS AND LOSSES Net gains l (losses) on investment assets 2,401 24,456 NET MOVEMENT IN FUNDS 13,978 13,978 (41,105) Balance brought forward at l April 2023 476,936 476 936 518,041 Balance cried forward at 31 March 2024 490,914 490.914 476,936
THE RAVC WELFARE & BENEVOLENT FUND BALANCE SHEET 31 MARCH 2024 2024 2023 NOTE FIXED ASSETS Investments 398,308 410,198 CURRENT ASSETS Debtors Investsnent portfolio manager's account Cash at bank and in hand 15,164 9,479 76,520 13,868 (949) 60.196 101,163 73.115 CURRENT LIABILfTIES Creditors 8,557 6,677 NET CURRENT ASSFTS 92,606 66,438 NET ASSETS 10 490,914 476 636 ACCUMULATED FUNDS Unrestricted Restricted 490,914 476,636 490,914 476,636 Approved by the Central Committee on Dafr: and signed on their behalf by '. K Mecomiskle The notes on pages 7 to 9 fonn part of these fmancial statements
THE RAVC WELFARK & BEIYEVOLENT FUTID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTINC POLICIES Basis of preparation The fman¢ial ststements have been prepared w)deT the historical cost convention, except for the revalu&tion of fixed assets held foT investment pUoses, and in accordance with applirAble accounting standards and the Financial RepoTting StandaTd for Snwller Entities (effective April 2008). In preparing the financial statements the harity has followed best practice as set out in the Statement of Recommended Prdctice "Accounting and Reporting by Charities" (SORP 2005), tsking advantsg¢ of the concessions provided by the SORP for smaller chartties. Income Voluntary income is received by way of donations, gifts and subscriptions and is includ¢d in full in the statement of financial activities as it becomes available to the tharity, any conditions for r¢ceipt are met, it is reasonably certain to be received and the value Can be reliably measured. (The value of services provided by volunteers has Dot been included). Investment incorne is accounted foT on an accruals basis. Resources expended Resources expended ar¢ recognised in the period in which they are incurre¢ and include attributable VAT which cannot be Tecovercd. Fixed asset investments Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA. Fund accountlng Funds held by the charity are.. Unrestricted fimds - these are fimds which can be used in accordance with the charitable objects at the discretion of the trust¢¢s. Rcstricted fvnds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor. VOLUNTARY INCOME 2024 UNRESTRicfED RESTRICTED TOTAL 2023 RAVC Memorial Payroll giving Legacy Donations Books Donations and gifts 34,670 34,670 32,480 2,500 180 1,605 36,455 180 1,605 36,455 34,980 INVESTMENT INCOME 2024 UNRESTiucfED RESTRICTED TOTAL 2023 Portfolio income (Dividends) Investment income from Sales Bank deposit interest 12,635 12,635 12,420 1,291 13.926 1,291 13,926 356 12.776
THE RAVC WELFARE & BEIYEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS 2024 2023 TRANSACTIONS WITH TRUSTEES No expenses payments have been made to any of the trustees during the year. None of the trustees nor any person connected with them has received or is due to Teceive any remuneration for the year directly or indirectly from the charity's fLd$. INDEPENDENT EXAMINATION 2024 2023 External scrutiny 450 450 7. FIXED ASSET INVESTMENTS 2024 2023 Market value at l April 2023 Additions Disposals UnrealisedlRealised GailLOSS on Investment 410,198 120,073 (134.364) 2.401 300,648 24,456 Adjustment Market value at 31 March 2024 398,308 410,456 Historical cost at 31 March 2024 300,648 300,648
THE RAVC WELFARE & BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DEBTOKS 2024 2023 Other debtors A¢¢no income 15,164 13,868 15,164 13,868 9. CREDITORS - amounts falling due within l year 2024 2023 Accruals Other creditors (8,557 6,677 (8,557) 10. SUMMARY OF NET ASSETS BY FUNDS 21124 UNRLSTRirfED RESTRICTED TOTAL 2023 Fixed assets Current assets Cuent Itabilities 398,308 101,163 8,557 398,308 IOE,163 (8,557 410.198 73,415 6,677 490,914 490,914 476,936 I I. MOVEMENTS IN FUNDS BALANCE I APRIL OTHER BALANCE 31 MARCH 2024 GAINS I (LOSSES) 21123 INCO.MING OLrrcoc UNRESTRicfED fuNDS 476,936 50,382 (38,805) 2,401 490,914 476,936 50,382 (38 805) 2,401 490,914