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2021-12-31-accounts
CONTENTS Page
Legal and administrative details
Trustees'
report		 2 —17
Auditors'
report		 18 —20
Consolidated
statement		 offinancial activities 21
Consolidated
statement		 offinancial position (Balance sheet) 22
Charity
statement of financial
position (Balance sheet)		 23
Consolidated
cash flow		 statement 24
Notes to the financial
statements		 25 —34

mmittees which meet as requir ed
and whose cha		 irmen
report		 at each meeting ofthe Trustees:
Committees Chaired b Other Trustee members
Finance, Audit &Risk Fli ht Lieutenant Ian Melia Fli ht Lieutenant Hai
Tyler
House Hon.Grou
Ca tain Jo Salter		 Air Commodore Barbara Coo er
Membershi Win
Commander		 James Hill Wing Commander Paula Willmot
Win
Commander		 James Po ton Grou Ca tain Jim Beldon
Events Air Commodore Dai Whittin am S uadron Leader John Peters
Archive Wing Commander Michael Gilbert (Former
Trustee)
Legacies, Donations & Air Commodore Barbara Cooper Group Captain Al Lockwood
Fundraising

Inhemnt
Risk		 Mitigation
Loss of Key Staff: Reduction
in quality of		 Regular review of recruitment
procedures.		 Regular performance
management
for		 as relevant
Executive team and loss of key staff staff. Regular remuneration
reviews including
benchmarking.
Succession planning.		 Constant
through
redundancy
or other causes.		 review ofstaff establishment.
Offering of		 flexible working,
where practical.
Insufficient
reserves, poor cash flow		 Robust business
plan.
Detailed review of		 monthly
management
accounts and cash		 flows.
management. Improved
balance sheet reporting.
Dashboard
reports.
Membership
Subscriptions:
Impact on
cash flow and budget ofa dramatic
decline in membership.		 Analysis and forecasting through
Twenty year plan. Subscription
levels reviewed
Membership
figures tracked and reviewed
monthly.
Membership
offers.		 annually.
Information
Technology: Computer
system failures, Cyber breach or
loss/corruption
ofdata.		 Regular, external
back-up procedures.
Back-up power supply.
Crisis Management
Regular penetration
tests carried out by a 3rd party.		 plan.
Business Disruption:
Significant
loss of		 Fire/security
prevention
measures.
Health		 &Safety regulation
adherence.
Crisis		 Management
Club facilities through
fire or similar		 plan.
Business Interruption
Insurance.
Fire risk assessment.
Use ofAnsul fire suppression
disaster. system.
Serious breach ofsecurity: Terrorist Appropriate
security measures
based on professional
advice (House Committee
experts,		 civil
Activity police and HQP&SS). Insurance
Coverage.		 BCP in place to facilitate recovery.
Covid-19: Risk ofdownturn
to operation
and availability ofstaff.		 Professional
advice provided
to staff and Members.
Provision ofantibacterial
and PPE products
throughout
Club.
Provision oflateral flow testing for staff. On-going vaccination
programme
in
the country.
European
Employees:
Loss of European
employees
due to Brexit and associated		 Identification
of new recruitment
sources.		 Assisting staff in obtaining
visas/work		 permits,
legislation.
UK Staffing: Reduced availability of UK
staff.		 Identification
of new recruitment
sources		 throughout
the UK Hospitality
industry.
Inflation Regular review of supplier costs. Building a broadened
base of suppliers.
Adjustment
of		 menus
as items increase
in price.

Memhershi
~ Develop
and maintain
the Club's
membership
strategies
in order to		 improve recruitment and retention ofFull
Members
(serving
and former
serving
officers) and to improve
the		 use of the Club's facilities, including to
increase the overall numbers
set out below.
~ Recruit more Serving Members. Increase the overall number ofserving members by 300.
~ Recruit more Reserve Officers and build key relations
with RAF Reserve		 Organisations (FTRS, RAuxAF and
VR).Increase the overall number ofReserve Officers by 100.
~ Recruit more Former-Serving
Members.
Increase the overall number		 offormer-serving members by 280.
~ Recruit more eligible members ofvarious airlines. Increase the overall number of'airline members' by 50.
~ Identi
additional
Reci rocal Clubs.
House
~ Continue
to develop the Masterplan
for redevelopment
ofthe premises		 over a 20 year period.
~ Repair and paint the lightwell
around
the dome.
~ Refurbish
the Victoria Bar using donations
made from a third party.
~ Continue to offer an active programme
ofevents
in response to members'		 demand.
~ Encourage
increased participation
in events through
enhanced
pmmotion		 via the e-news, website and on social
media.
~ Encourage
members
to book other facilities such as bedrooms/Dining		 Room in conjunction with Social Event
bookings, to increase overall revenue.
~ Refreshed social event presence ofthe Club website for 2021 and encourage
booking on-line.
~ As a general rule review the financing ofevents to ensure that events are self-supporting.
~ Develop the concept on online events to increase member participation from afar.
~ Develo
in
a
ro rammeofkeyevents
for Youn er Members.
~ Continue
to seek art to fill remaining
historical
gapa in the collection.
~ Maintain
and update
the catalogue ofthe Club's art collection.
~ Prepare an 'Art evacuation'
plan to be implemented
in the event ofan		 emergency.
~ Ex loit the Art collection for the benefit ofthe Club and its Members.
Archive
~ Produce a summary ofClub activities for 2021.
~ To work with the Events Team to record representative
items for inclusion		 in an annual photograph supplement
to the annual Di est.
Lib
~ To acquire books that fill the gaps in the library history.
~ To encourage
Members
to borrow the books.

Nominations
Continue
to manage the Trustee length oftenure ensuring
the skill gapa are replaced as Trustees leave the Board.
Review Committee
members
and advertise
within
the membership
for more		 Committee Members to fill the skill
a sre uired.
Finance, Audit and Risk Committee
Tomonitor the monthly
trading accounts, evaluate
trends and advise appropriately.
Review and enhance the IT/M IS infrastructure.
To advise on the costs ofrefurbishment
and renovation
programmes,
bedroom		 rates and subscriptions.
To continue to enhance the analysis ofrisk and review mitigating
factors and controls.
Tocontinue
to evaluate
the Club's internal
control systems and recommend		 improvements.
In order to provide
additional
reassurance
develop a policy for an internal		 audit function deploying suitably
qualified
Member volunteers.
To improve
the communication
offinancial
information
to the Trustees.
To ensure
that the Trading
Company
continues
to develop
the non-charitable
revenue		 in keeping with the
Objectives ofthe Club.
To oversee the continued
compliance
with the General Data Protection Regulation (GDPR).
Tobuild Club reserves
in line with the Reserves policy thus achieving
the Board Objective.
To review the Business Recovery Plan.
Tomonitor the cash flow forecast and planned
repayment
schedules for the Centenary
Extension and Coronavirus
Business Interruption
loans.
To provide support to the FD as he implements
a fully integrated
Purchase Order System.
Hmnan Resources
To continue to motivate,
recognise and engage staff during challenging
times.
Tounderstand
market trends in employment
and recruitment
and to continue		 to recruit staff ofthe highest calibre
where required,
within the parameters ofthe new EU Settlement
Scheme.
To continue to share and uphold
the Club's Vision, Mission and Core Values.
To welcome staff back to the Club followin
eriods offurlou
h leave.
En 'romnental
&Sustainabili
Install sensor LED lighting
as areas are refurbished.
Plastic bedroom
laundry
bags replaced with reusable cotton bags
"Green" committee set u
with staff to encoura
e sustainabili
Continue
to develop the Friends ofthe RAF Club.
Produce Bronze, Silver &Gold Supporters
pins.
Organise the Silver &Gold Friends'
Receptions
and the distribution
ofBronze pins.
Ensure all Friends are willing to have their name published
in the 128Magazine.
Claim gift aid on all donations
quarterly.
Enhance
fundraising
communications
with clear Case for Support, identifying		 new capital projects.
Promote Legacies.
Ex lore other fundraisin
initiative.

Unrestricted Restricted Total Total
Funds Funds 2021 2020
Notes f
INCOME FROM:
Charitable
activities
Club income 1 6,166,072 6,166,072 4,259,132
Donations and legacies
Legacies 57,334 57,334 500
Restricted Donations 91,250 91,250
Donations
I'rom appeals		 and Friends 299,666 299,666 400,600
ofthe Club
Government
grant income		 476,835 476,835 1,340,689
Other trading activities
Trading activities 7a 58,394 58,394 48,817
Total income 7,058,301 91,250 7,149,551 6,049,738
EXPENDITURE ON:
Charitable
expenditure
Club operating costs 2 6,196,119 6,196,119 6,688,550
Fine art 2 2,042 2,042 6,454
Donations
made		 2 8,000 8,000 1,112
Other trading
activities
Trading activities 7a 22,744 22,744 28,128
Raisiug funds
Fundraising
costs		 2 15,574 15,574
Total expenditure 2 6,244,479 6,244,479 6,724,244
Net income/(expenditure) before investment
gains/(losses) 813,822 91,250 905,072 (674,506)
Net gain/(loss)
on investment		 ofinterest rate swap 130,505 130,505 (139,851)
Net income/(expenditure) 944,327 91,250 1,035,577 (814,357)
Transfers
between funds		 12 29,421 (29,421)
Balance brought
forward		 6,759,516 6,759,516 7,573,873
Balance carried forward f7,733,264 f61,829 K7,795,093 f6,759,516

Note f 2021 2020
FIXEDASSETS
Tangible assets 11,334,866 12,217,096
CURRENT ASSETS
Stocks 8 99,623 66,556
Debtors 9 316,918 177,844
Cash at bank and in hand 3,086,130 1,574,011
3,502,671 1,818,411
CREDITORS: amounts falling
due within one year 10 (1,738,391) (1,624,454)
NET CURRENT ASSETS 1,764,280 193,957
CREDITORS: amounts falling
due after more than one year (5,304,053) (5,651,537)
TOTAL ASSETSLESS CURRENT
LIABILITIES I7,795,093 f6,759,516
FUNDS
Unrestricted
funds
-Designated
funds		 12 7,733,264 6,759,516
-General
fund		 12
Restricted funds 12 61,829
K7,795,093 F6,759,516

Note f 2021 2020
FIXEDASSETS
Tangible assets 11,334,866 12,217,096
Investments 100 100
11,334,966 12,217,196
CURRENT ASSETS
Stocks 8 99,623 66,556
Debtors 9 380,130 177,334
Cash at bank and in hand 3,011,273 1,572,955
3,491,026 1,816,845
CREDITORS: Amounts falling due
within one year 10 (1,726,846) (1,622,988)
NET CURRENT ASSETS/ 1,764,180 193,857
(LIABILITIES)
CREDITORS: amounts falling
due after more than one year (5,304,053) (5,651,537)
TOTAL ASSETSLESS CURRENT
LIABILITIES f7,795,093 f6,759,516
FUNDS
Unrestricted
funds
-Designated
funds		 12 7,733,264 6,759,516
-General fund 12
Restricted funds 12 61,829
f7,795,093 f6,759,516

2021 2020
f
Cash provided
by operating		 activities 1,609,024 (202,620)
Cash flows from investing
activities
Purchase oftangible fixed assets (29,421) (487,698)
Cash used in investing
activities		 (29,421) (487,698)
Cash flows from financing activities
New secured loan 1,400,000
Loan repayments (67,484) (337,424)
Cash provided
by financing		 activities (67,484) 1,062,576
Increase/(decrease)
in cash and cash equivalents		 in the year 1,512,119 372,258
Cash and cash equivalents
at		 the beginning ofthe year 1,574,011 1,201,753
Total cash and cash equivalents at the end of the year 83,086,130 XI,574,011
ANALYSIS OFCHANGES IN NET DEBT At 1January Cash At 31December
2021 Flows 2021
Cash at bank and in hand 1,574,011 1,512,119 3,086,130
Bank loans due & 1 year (404,904) (280,080) (684,984)
Bank loans due & 1 year (5,651,537) 347,484 (5,304,053)
Net debt (Z4,482,430) K1,579,523 (f2,902,907)
RECONCILIATION
OF NET		 MOVEMENT IN FUNDS TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2021 2020
Net movement
in funds		 1,035,577 (814,357)
Add back depreciation
charge		 911,651 970,894
(Increase)/decrease
in stock		 (33,067) 33,754
(Increase)/decrease
in debtors		 (139,074) 129,984
(Decrease)/increase
in creditors		 (166,063) (522,895)
Net cash provided
by operating		 activities XL609,024 (f202,620)

ANALYSIS OF T OTAL EXPENDIT OTAL EXPENDIT URE URE
Charitable expenditure 2021 2020
Club Fine art Donations Trading Raising Total Total
operating made activities funds
costs
Staffcosts 3,306,055 15,574 3,321,629 4,203,949
Depreciation 911,651 911,651 970,894
Repairs and
maintenance 204,236 204,236 183,222
House supplies 92,805 92,805 60,857
Fine art 2,042 2,042 6,454
Donations
made		 8,000 8,000 1,112
Trading activities 22,744 22,744 28,128
Bank interest 135,093 135,093 133,924
Support
and		 other
costs 1,527,888 1,527,888 1,096,715
Governance costs 18,391 18,391 38,989
f6,196,119 f2,042 f8,000 f22,744 f15,574 f6,244,479 f6,724,244

2020 Charitable expenditure 2020 2019
Club operating Fine art Donations Trading Total Total
costs madef activities
Staffcosts 4,203,949 4,203,949 4,832,934
Depreciation 970,894 970,894 1,026,899
Repairs and maintenance 183,222 183,222 338,612
House supplies 60,857 60,857 170,914
Fine art 6,454 6,454 17,267
Donations made 1,112 1,112 8,000
Trading activities 28,128 28,128 125,615
Bank interest 133,924 133,924 154,189
Support and other costs 1,096,715 1,096,715 2,682,298
Governance
costs		 38,989 38,989 34,480
f6,688,550 f6,454 f1,112 628,128 f6,724,244 f9,391,208
NET EXPENDITURE 2021
f		 2020f
The net expenditure is stated after charging:
Auditors'
remuneration		 —audit 20,400 19,500
Auditors'
remuneration		 —other services 1,050 1,000
Depreciation —on owned assets 911,651 970,894
4. EMPLOYEES AND STAFF COSTS 2021 2020
No. No.
The average number ofcontracts for Full Time and Part Time staff 95 140
Staffcosts were as follows:
Wages and salaries 2,833,459 3,576,964
Agency 72,768 53,481
Social security costs 261,717 257,594
Other pension costs 153,685 182,886
Termination
payments		 133,024
f3,321,629 f4,203,949
The number ofstaff who fell within the following bands were:
f60,001 - f70,000
f70,001 - f80,000
f80,001- f90,000
f130,001 - f140,000
f140,001 - f150,000

TANGIBLE FIXEDASSETS
Freehold land
and buildings Function
and general Rooms and
improvements Bedrooms Equipment Total
GROUP AND CLUB g g
Cost
At 1stJanuary 2021 17,969,317 7,693,438 2,266,825 27,929,580
Additions 29,421 29,421
At 31stDecember 2021 17,969,317 7,693,438 2,296,246 27,959,001
Depreciation
At 1stJanuary 2021 7,258,787 7,045,684 1,408,013 15,712,484
Charge for the year 616,198 139,703 155,750 911,651
At 31stDecember 2021 7,874,985 7,185,387 1,563,763 16,624,135
Net book value
At 31stDecember 2021 Z10,094,332 f508,051 f732,483 811,334,866
At 31stDecember 2020 F10,710,530 2647,754 f858,812 g12,217,096

its surplus to th e Club. The s ubsidiary
is regist		 ered
in England
and W		 ales (registration number 06590556) .
2021 2020f
The Club's investment in the trading company was as follows:
RAFCTC Limited 100 100
7a. TRADING ACTIVITIES 2021 2020
Profit aud Loss Account
Turnover 58,394 48,817
Cost ofsales (12,793) (9,783)
Gross profit 45,601 39,034
Administration expenses (net ofinterest receivable) (9,951) (18,345)
Profit for the financial year F35,650 f20,689
Amount payable under gift aid to the Club 835,650 f20,689
Balance sheet
Net current assets f100 f.100
Share capital 8100 K)00
STOCKS Group and Club
2021 2020
f
Goods for resale 699,623 866,556
9, DEBTORS:Amounts due within one year Group Club
2021 2020 2021 2020
g
Trade debtors 204,196 10,281 185,908 9,771
Other debtors 7,298 19,746 7,298 19,746
Amounts
owed by subsidiary		 undertakings 81,522
Prepayments
and accrued income		 105,424 147,817 105,402 147,817
f316,918 f177,844 f380,130 6177,334

10. CREDITORS: Amounts falling due Group Club
within
one year		 2021
f		 2020
f		 2021 2020
f
Bank loans 684,904 404,904 684,904 404,904
Trade creditors 304,186 196,140 304,133 196,100
Other creditors 93,148 168,524 88,356 167,776
Amounts
owed to subsidiary		 undertakings 4,157
Other taxes and social security 381,474 500,071 375,824 500,071
Accruals and deferred income 265,333 214,964 264,283 210,129
Interest rate swap 9,346 139,851 9,346 139,851
f1,738,391 f1,624,454 f1,726,846 f1,622,988
11. CREDITORS: Amounts falling due Group Club
after one year 2021 2020f 2021 2020
f
Bank loan f5,304,053 f5,651,537 f5,304,053 K5,651,537
Analysis ofbank loans:
Amounts
falling due:
Within one year 684,904 404,904 684,904 404,904
Amounts
falling due:
Between one and two years 684,904 684,904 684,904 684,904
Between two and five years 2,054,712 2,054,712 2,054,712 2,054,712
Aher five years 2,564,437 2,911,921 2,564,437 2,911,921
65,304,053 f5,651,537 f5,304,053 f5,651,537

As at Balance at
IJanuary Net Transfers 31December
2021 Income / between funds 2021
expenditure
Unrestricted
funds:
General fund 889,035 (889,035)
Designated funds:
Fixed asset fund 6,693,785 894,456 7,588,241
Legacy fund 57,185 57,334 114,519
Fine att and stained window fund 8,546 (2,042) 6,504
Staffwelfare 24,000 24,000
Total designated funds 6,759,516 55,292 918,456 7,733,264
Total unrestricted funds 6,759,516 944,327 29,421 7,733,264
Restricted funds:
601 Squadron —Victoria Barrefurbishment 91,250 (29,421) 61,829
Total funds f6,759,516 f1,035,577 f - f7,795,093
As at Balance at
IJanuary Net Transfers 31December
2020 Income
/		 between funds 2020
expenditure
Unrestricted
funds:
General fund (808,403) 808,403
Designated funds:
Fixed asset fund 7,517,188 (823,403) 6,693,785
Legacy fund 56,685 500 57,185
Fine art and stained window fund (6,454) 15,000 8,546
Total designated funds 7,573,873 (5,954) (808,403) 6,759,516
Total unrestricted funds 7,573,873 (814,357) 6,759,516
Restricted funds
Total general funds f7,573,873 (f814,357) f - f6,759,516

Unrestricted Restricted Total
Funds Funds 2020
Notes g f g
INCOME FROM:
Charitable
activities
Club income 1 4,259,132 4,259,132
Doaations and legacies
Legacies 500 500
Donations
Emergency
appeal		 400,600 400,600
Government
grant income		 1,340,689 1,340,689
Other trading
activities
Trading activities 7a 48,817 48,817
Total income 6,049,738 6,049,738
EXPENDITURE ON:
Charitable
expenditure
Club operating costs 2 6,688,550 6,688,550
Fine Art 2 6,454 6,454
Donations
made		 2 1,112 1,112
Raising funds
Trading activities 7a 28,128 28,128
Total expenditure 2 6,724,244 6,724,244
Net income (expenditure) before investment
gains/(losses) (674,506) (674,506)
Net loss on investment ofinterest rate swap (139,851) (139,851)
Net (expenditure)/
income		 (814,357) (814,357)
Transfers between funds 12
Balance brought
forward		 7,573,873 7,573,873
Balance canied forward f6,759,516 j6,759,516