THE ROYAL ARTILLERY INSTITUTION LIMITED
IA Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Registered Charity No: 1122002
Registered Company No: 6446232

ROYAL ARTILLERY INSTITUTION LTD
CONTENTS
Page
Trustees, and Administrative Information
Trustees, Report
Report of the Auditors
10-13
Statement of Financial Activitie5
14
alance Sheet
15
Cash Flow Statement
16
Notes to the Financial Statements
17-24
Prior Year Comparative5
25

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES AND ADMINISTRATIVE INFORMATION
Patron
Her Majesty Queen Elizabeth11
RAI Trustees
During the year ended 31 December 2021, and up to date of approval of thi5
report, the trustees were:
Chairman
Major General DM Cullen CB OBE - Chairman
Members
Brigadier NA Clissitt
Colonel LM Forbes TD VR
Col C P31mer
Colonel G Taylor
Colonel RST Murphy TD VR QVRM
Colonel MAA Oornan
Colonel AB Phillips
Lieutenant Colonel JRM Gower MBE VR
Lieutenant Colonel SJR Halliday TD
Major MG Williams
WOI IRASMI L Sanders
WOI IRASMI RR Mealand
Colonel RA Reserves
Deputy Commander I" ISR Brigade
Commander 7 Air Defence Group
Deputy Commander I" Artillery 8rigade (Retired 7 Feb 221
Comdt Royal School of Artillery (Appointed 26 July 211
Comdt Royal School of Artillery (Retired 23 Jul 2111
Royal Artillery Sergeant Major IAppointed 7 Jun 221
Royal Artillery Sergeant Major (Retired 29 Apr 221
A rbumber of trustees are also involved in the governance of other charities referred to in this report. All
trustees have made a declaration listing any related parties and potential conflicts of interest.
Regimental Secretarv
Colonel M G J Carter
Finance Secretary
Mrs B Hoblyn
Bankers
Lloyds Bank PLC
39 Piccadilly
London WIVOAA
501Scltors
Wilsons Solicitors
Alexandra House, St John's Street
Salisbury
Wiltshire SPI 2SB
Audltors
Saffery Champness LLP
71 Queen Victoria Street
London EC4V48E
Investment Managers
Brewin Dolphin
12 Smithfield street
London ECIA 98D
Addre55
Royal Artillery Barracks
Larkhill
Salisbury
Wiltshire SP4 8QT
Registered Charity No
1122002
Company No
6446232

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Introduction
The Board of Trustees of The Royal Artillery Institution Ltd IRAII present their report and Bccounts for
the year ended 31 December 2021 as required under the Companies Act 2006. The accounts comply
with the Companies Act 2006, the charity's governing document and the relevant Statement of
Recommended Practice (the Charities SORP IFRS 10211. The RAI is a charitable company, limited by
guarantee and not having share capital. It is governed by Articles of Association. The Trustees, Report
incorporates the dirertors, report for Companies Act purposes.
The object of the charity, as described in its Articles of A550ciation, is the promotion of the efficiency of
the Royal Regiment of Artillery and the officers. Warrant officers and Other Ranks thereof. The charity
meets that requirement by making grants to regiments, individuals and other regimental organisations
in support of regimental affairs. Regimental affairs are those matters which are essential to the
domestic life of the Regiment as a whose and which are controlled by the Regiment itself, 5tJbject to the
requirements of prevailing legislation. The following activities are included: regimental propertv,.
regimental ceremonies, events and entertainment,. educational, historical and heritage affairs,. support
to units and individuals, regimental sports and adventurous training, publications,. supplementary
support for Royal Artillery bands- policy for regimental matters such as dress, messe5, heritage and
ceremonial, all of which are supported by grants from the charity. Regimental welfare and the fostering
of comradeship among all Gunners, serving and retired, are the responsibility of the Royal Artillery
Charitable Fund IRACFI and Royal Artillery Association IRAAI.
Or
anisation
The duties of the RAI Board of Trustees are laid down in the Articles of Association. The Board members
provide a 5kills-based set of abilities and experience with some representinÈ the serving officers and
soldiers of the Regiment. The RAI works closely with a number of other charities, in particular the ftoyal
Artillery General Charitable Trust IRAGCTI, RACF and RAA, whose objects also support and promote
efficiency within the Royal Artillery. The Board of Trustees meets at least twice a year as part of the
Royal Artillery Board of Management alongside the trustees of the RACF I RAA. The RACF 15 the sole
corporate trustee of the RAA. Subordinate to the Board of Trustees are the Investment Committee and a
Finance and General Purposes Committee. These committees comprise trustees from both RAI and
RACF, who have been co-opted for their skills and knowledge, so as to ensure that high quality advice
may be provided to the RAI Board. The reports of these committees form part of the agenda of the
meetings of the RAI Board of Trustees. The trustees form the membership of the RAI. The Master
Gunnevs Committee sets the strategic framework for the Regiment and acts as an advisory board to the
RAI Board of Trustees as required. The Chairman of the RAI is a member of the Master Gunnerfs
Committee and update5 the committee biannually on business undertaken by the Royal Artillery Board
of Management.
The RAI works closely with other Royal Artillery charities and organisations that support and promote
the Royal Artillery's heritage and traditions, most notably the Royal Artillery Historical Trust, the Royal
Artlllery Historical Society and the Royal Artillery Museum.
While the Charity Commission and Companies House websltes show the name of the company I charlty as
'Royal Artillery Institutlon Ltd,, ils correct tille in accordance wlth its Artlcles ol A550ciation is'The Royal
Artillery Institutlon Ltd,.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Governance
In addition to the Articles of Association, the Investment and Finance & General-purpose committees
have their own directives, which are reviewed and agreed regularly by the trustees. Powers delegated
to the Secretariat are contained in the directives. Secretariat policies, which are agreed by the trustees,
are in place in order to ensure smooth and effective running of the charity. The charity's risk register is
reviewed annually by the trustees. Identified risks are managed as laid down in the Risk Management
Plan. For specific items, detailed briefs are sent to the trustees so they can consider issues in depth
before meetings. Trustees also receive regular reports on the value and movement of the charity's
investment portfolio. The Chairman of the trustees and the Regimental Secretary meet regularly
Iusually weekly) to discuss issues.
Chari
Commission Governance Code
The RAI as one of ihe Royal Artillery charities, comes under the umbrella of the Confederation of Service
Charities Icobseol. Cobseo, in consultation with the Charity Commi55ion, have produced a Service
Charity toolkit based orb the 2017 Charity Commission Governance guide. The trustees carried out a
self-a5sessment process using the toolkit during 2019. This enabled the Board to identify a number of
enhancements which can be considered to improve Eovernance. This included a resolution to limit the
tenure of trustees. It is planned to repeat self-asse5sment process in 2022.
Selectlon of Members of the RAI Board of Mana
ement
The Articles of Association state the process for the appointment of trustees. New trustee5 are
appointed by Resolution of the existing trustees. Trustees are normally seNinB and retired members of
the Royal Artillery.
The Master Gunner St James's Park is the Head of the Regimental Family, but he is not a trustee. The
Master Gunner proposes the Chairman, who will normally have been a Colonel Commandant. The
appointment of the Chairman is then approved by resolution of the existing trustees. Trustees are
selected for their skills and experience and their ability to understand and anticipate the need5 of the
servinE and retired regiment. The trustees will normally include the Commandant, Royal School of
Artillery, Commander 7 AD Group and Deputy Commanders from l Arty Bde and I ISR Bde, who
between them represent a large proportion of serving Gunner soldiers and officers.
Ke
Mana
ement Personnel
The Regimental Secretary is the Chief Executive of the RAI and is responsible for-. the day-to-day
management of the charitvs business,. implementing policies agreed by the trustees and,. the
management of the charity's staff. The Finance Secretary is responsible to the Regimental Secretary for
the accounting of funds and all financial records. The Assistant Regimental Secretary leads on day to day
activities and acts a5 Staff officer to the Master Gunner.
Review of Financial Actlvlties
The charitV5 funds continue to be employed to promote efficiency within the Royal Artillery. The
detailed results for the year under review are shown in the Statement of Financial Activities at page 14.
In 2021 the charity had an excess of income over expenditure before gains on investments of £45,815
12020= Income over expenditure before gains on investments £669,736. After investment gains of
£1,489,87512020.' gain5 of £226,286) there was a net increase in funds of £1,535,69012020'. £896,022).

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Review of Financial Activities continued
Total income decreased by £5,511 in the last financial year to £878,295 mainly due to a decrease in the
grant received from RACF for Gunner. This was not required due to a decrease in publications and
hence expenditure. Investment income from the portfolio achieved in excess of the budgeted £260,000
(the exce55 being retained in the portfolio) but the total £295,229 was £371 less than 2020. There were
no legacies received in 2021 but 217 donations totalling £10,54412020'. 218 - £7,418). The majority of
donations arise from historic standing orders for Gunner Magazine, where recipients have requested to
no longer receive the publication but have chosen not to cancel their slanding order5. Income collected
through the Service Pay Giving Scheme from serving members of the Regiment has increased by £6,266.
General charitable expendlture before the 2020 E500K reversal grant to RAM increased by £110,390 to
£701,00512020.' £590,6161. This was mainly due to increased expenditure on some of the activities
funded by the charity following the lifting of some COVID19 restrictions. The overall expenditure figure
is shown as increasing by £610,389, however, the 2020 account included a significant decrease in
expenditure as a result of reversing the proposed 2020 £500K grant award to the Royal Artillery
Museum. The remaining increase is accounted for by increased draw down on the Baxter Fund.
There are four main income streams. They are..
Investment income
Service Pay Giving Scheme ISPGSI, where all serving personnel are encouraged to give part of
their pay to the charity
Grants
Donations
The majority of funding comes from investment income134Yol and the SPGS140%1. The RAI drew dow
£260,000 of investment income, which was in line with the budget for 2021. The balance of income
from investments1£35,2291 was reinvested within the portfolio.
The trustees approve the forecast of income and expenditure annually and monitor it regularly through
the Finance & General Purpose Committee and at Board meetings.
Bids for major grants are called for annually and are scrutinised as part of the budgetary proces5. Grants
made by the Chairman of the Board and Regimental Secretary under their delegated financial powers
are subsequently reported to the trustees.
Charitable Activitie5
The RAI'5 object is the promotion of efficiency within the Royal Regiment of Artillery. This follows the
Charity Commission's guidance on legitimate charitable purposes, one of which is "The promotion of the
efficiency of the ormedforces of the Crown".
The Charity Commission states.. "The ormedforces existfor public defence and security. It Is chorituble
to promote the efficiency of the armedforces of the Crown us u means of deferjding the country. That
includes ensuring thot thoseforces ore properly trained (ynd equipped during times of conflict. It (Jlso
includes providingfucilities and benefitsfor the armedforces"
The charity's principal activity during the year was the provision of grants to promote efficiency. DurinE
the year the RAI made the following major grants in support of regimental events and activities judged
by the trustees as conducive to the promotion of efficiency within the Royal Artillery..

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Charitable Activities continued
Royal Arlillery sports teams - £143,618 Ilncluding £51,902 from RACFI
Regimental heritage- £101,687
Regimental grant5 - £66,390
Gunner magazine & RA journal within raising funds- £43,539
Recruiting £21,800
RA HQ Mes5- £15,494
Details of additional grants can be found on page 20.
The RAI holds and maintains a collection of chattels comprising pictures, silver and furniture which have
been acquired by bequest, by purchase through subscription of the officers of the Regiment and
through property being held by the charity following the disbandment of regiments and the placing in
Suspended animation of individual Batteries la process that has been on-going since the end of the 2.
World Warl. The charity loans items to regiment5, headquarters and Some individual officers in
representational roles and these are accounted for annually. There are also a number of items on loan
to regiments from the Royal Artillery Museum which are also monitored by the charity in order to
ensure suitable insurance is in place.
Public Benefit
Accounting for the Collection is the principal responsibility of the Assistant Regimental Secretary who
continues to review the holdings and maintain the database as additional items are received or loaned
out. Much of the Collection (which totals more than 13,000 artefactsl is held in the Roy31 Artillery Mess
at Larkhill where it imbues a sense of historical continuity, ethos and tradition to members of the
reEiment, past and present, Other items are loaned to other Royal Artillery messes, other military
messes, museum5 and other public bodies, in all totalling some 120 different locations.
In addition to the above, the RAI continues to provide staff to support the Master Gunner, the Master
Gunnels Committee and the Royal Artillery Board of Management in their representative and
stewardship roles within the Royal Regiment.
The Objects of the RAI are to promote efficiency and welfare within the serving Regiment and to assist
those in need who are serving or who have served their country through service in the Royal Regiment
of Artillery, and their dependants. Inextricably linl(ed with this Object is the aim of contributing to the
public good by seNice to Her Majesty, the Country and all its citizens. The RAI contributes considerable
public benefit to the local and national community by relieving need among members of the regimental
family. This in turn maximises the likelihood of the charity's heneficiaries maintaininE their place as
valuable, self-sufficient members of the community who are able to make a positive contribution to
society. The charity works in tandem with the SSAFA, ABF (the Soldiers Charityl and the Royal British
Legion IRBLI. The trustees have taken due regard of the Charity Commission's guidance on Public
Benefit.
Future Plans
The charity has a sound financial base for future operations. The trustees will continue to support the
evolving needs of the Royal Artillery and in particular the outcome of the Master Gunner St James's
Park's Strategic Review which has six workstreams. The trustees will continue to respond to changes
brought about under the workstreams, which are.. Governance,. People & Ethos,. Operational Purpose &
Distinctive Competenties,. Heritage and,. Charities & Veterans. In particular they will seek to further the
concept of "One Regiment"

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Future Plans continued
In 2020 the trustees agreed to earmark £1.5M of capital funds for future transfer to the Royal Artillery
Museum IRAMI. Of thi5 E500K was to have been in the form of a grant and £l.OM in the form of a loan.
Although the offer of this sum has now been withdrawn following the retraction of the offer of a
suitable site for the museum, the trustees are likely to consider making a similar level of funding
available in the future once the conditions upon which the original offer was made are met. It is
understood that a revised plan will be presented to the Master Gunners Committee in July 2022. It IS
assessed that, following the removal of legally enforced Covid precautions, leve15 of activity will
continue to return to near normal during 2022. The trustee has budgeted accordingly for the current
year.
Reserve5 Polic
The trustees, policy is to maintain a sufficient level of reserves to= provide a stable base and income
generation for the charity'5 continuing activities,. generate sufficient funds to cover routine management
and administrative costs and,. enable the charity to respond to any emergency applications for Erants
which may arise from time to time.
Total fund5 as at 31 December 2021 were £12,681,55012020'. £11,145,860).
Unrestricted reserves were £11,556,10512020= £10,059,931) of which are all free reserves.
Restricted Fund5 were £1,125,445'12020'. £1,085,929) and compromises of Baxter Fund - £1,097,965,.
Regimental Church - £16,980 and RA Church Refurbishment- £10,500 of which a large proportion is
represented by investments.
Our risk-based approach to determining our free reserves requirement is carried out, based on the
anticipated future needs of the regimental family, and the management of financial risk5, particularly
the uncertainty of future income from other sources.
Trustees review the level of reserves regularly to ensure funds are available to deliver welfare services
and programmes, and to secure, as far as possible, future financial viability. Our annual review of
reserves included assessing the impact of Covid-19 on our business plans, projected income and
expenditure, and on our investments.
Following that review, we determined that we should hold a minimum of £10,000,000 in free reserves
to be a55ured that we are able to 5UStain the 5UPPOrt we provide to the regimental family in the long
term as well as meet other obligations, irrespective of fluctuations in income and without creating the
need to actively fundraise. This sum, held as part of our investment portfolio, is judged to be capable of
Benerating sufficient investment income to meet foreseeable needs. This sum, held as part of our
investment portfolio, is judged to be capable of generating sufficient investment income to meet
foreseeable needs, With free reserves of £11,556,105 currently exceed this requirement. The trustees
are content that the additional fund5 we hold provide ability to disinvest in order to support major
capital projects if and when required, but in the meantime are held as investments generating
additional income.
In 2021 the investment portfolio generated £295,229 for the charity, of which RAI received £260,000 as
in year income. The balance of £35,229 was reinvested into the portfolio. The £260,000 wa5 34Yo of
total income received.
Without this level of income the charity's activities would be significantly curtailed.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Reserves Pollc
continued
Trustees believe that investments should be maintained at the current levels, in order to generate
income and provide for current needs whi15t ensuring the charity remains well placed to meet future
requirements. The trustees recogn15e that they have no long term mandated liability for any particular
level of financial grants or activity. They therefore have the ability to reduce expenditure to match
income in the event of income reducing.
Investment oli
The trustees, Investment Committee meets twice a year to consider the performance of the RAI'S
investments which are managed on a discretionary basis by Brewin Dolphin. The investment objective is
to create sufficient income and capital growth to enable the charities to carry out their charitable
objective5. The charity is expected to exist in perpetuity and investments are managed to meet the
investment objective and ensure thls sustainability.
The charity's funds are invested on an aliquot proportion in the same funds as the other Gunner welfare
/ efficiency charities. This 15 in order to achieve economies of scale in re12tion to investment cost5. The
trustees have given the fund managers discretion to manage the portfolio within an agreed risk profile
and against agreed benchmarks. This is contained in a written directive.
At the bi-annual meeting with the investment managers the Investment Committee considers the state
of the financi31 markets and measures the fund managers, on-going performance against specific agreed
benchmarks, namely 30% FTSE All Share Index, 30Yo MSCI World ex UK Index, IOY. MSC1 Emerging
Market5 Index, 7.5% FTSE All Stocks Gilt Index, 5% iBoxx Sterling Non-Gilts Index, IO% IPD UK All
Balanced Funds Index, 5% Alternative (IA Sector Targeted Absolute Return) and 2.5% Cash Isterling
Overnight Index Averagel.Having compared performances over the last 1, 3 and 5 years, the Investment
Committee are of the view that the investments have done reasonably well in relation to the market
and reSevant benchmarks, and that there is currently no case to prompt a change of investment policy.
Envlronmental Governance and Social Consideratlons
The RAI'S investments are not managed with any specific environmental, Social and governance IESGI
restrictions. However it is expected that the RA charities, investment managers have clearly defined ESG
investment policies and that the investments are managed by an investment company which is a
signatory the UN Principles of Responsible Investment and which takes account of Environmental, Social
and Governance IESGI factors in their research and investment decision making process.
Fundralsln
The trustees are very clear that als fundraising must be legal, open, honest and respectful. The charity
does not actively engaEe in regular and organi5ed fundraising, although it does receive donations and
legacie5. It receives the bulk of its income through investments and the Royal Artillery's 'service giving
scheme,. The facility exists for individuals or organisations to make voluntary donations online. The
charity does not work with any commercial partner or professional fundraisers except in order to
operate an online donation facility such 'Enthuse' and 'Just Giving,. When donations are received they
are mainly as a result of advertisements on the Gunner website and publications, and from open, grotjp
brieflngs to members of the serving Regiment. In addition, regiments and other Gunner organisations
are encouraged to engage in sponsored activities to raise funds. The charity does not 501icit funds
through direct approaches to individuals via mailshots or online unless consent has been obtained.
No complaints were received in 2021.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Trustee Trainin
Trustee responsibilities and necessary training are taken very seriously. All new members of the trustee
board are briefed by the Regimental Secretary on their roles and responsibilities. They are provided
with the Charity Commissioners handbook 'The Essential Trustee" a5 well as a copy of the Scheme.
Recent RAI accounts, meeting, minutes and policy documents are also provided. Trustee briefing5 and
training take place and members of the Board are encouraged to attend external trustee traininE and
investment briefs.
Risk Mana
ement
The trustees maintain a continuous oversighi of the principal areas of the charity's operations and the
major risks, which may arise in these areas. In the opinion of the trustees the charity has established
resources and review systems which, under normal conditions, should allow the risks iLfentified to be
mitigated to an acceptable level. A risk management plan is produced and approved by trustees each
year and managed actively by the trustees, the Regimental Secretary and his staff. The main risks are:
Insufficienl income to meet the need: This Is managed by careful budgeting, the investment and
reseNes policy and by controllinE the level of support provided to beneficiaries.
Fraud.. This is guarded against by having policies in place to ensure regLJ13r checks are made and
that all transactions are properly authorised by two signatories.
Conflict of interest amongst trustees. A register of trustee interests is kept and updated
annually. At the start of committee and Board of Management meetings, trustees are
reminded to declare any conflict arising from the agenda so that appropriate action can be
taken.
Reputational damage arising from activities. This is mitigated by oversight of activities by the
trustees and senior management.
Rernuneration Pollc
No trustee is paid as an employee or for services as a trustee, though travel and subsistence costs
incurred a5 3 trustee are reimbursed. One trustee was engaged through his Companyi under contract to
supply consultancy service5 to the charity. This was in line with Clause 6.3 of the Scheme. The trustees
review staff salaries annually and take into account the MOD pay awards for similar grades, when
recommending any pay increases.
Em
ees
The RAI aims to be an organisation for which employees enjoy working and where they feel 5UPPOrted,
valued, empowered and developed. Employees are kept fully informed about the aim5 and objectives of
the charity and how it is achieving them. Employees are encouraged to contribute suggestions to help
improve working processes and to achieve best practice. The charity is an equal opportunities employer
and is committed to training and developing it5 Staff.
Trustees, Liabili
The liability of RAI trustee5 for debts of The Royal Artillery Institution Ltd is limited to an amount not
exceeding one pound.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of Trustees, Res
onsibilities
The trustees (who are also directors of the RAI for the purposes of Company lawl are responsible for
preparing the Trustees, Report and the financial statements in accordance with applicable charity and
company law and United Kingdom Accounting Standards Iunited KinEdom Generally Accepted
Accounting Practice (UK GAAPI.
The Company and Charity law applicable in England & Wales and UK GAAP requires the trustees to
prepare financial statements for each financial year which give a true and fair view of the state of affairs
of the charitable company. This includes details of income and expenditure and the application of
resources for the period. In preparing these financial statements, the trustee are required to..
select suitable accounting policies and then apply them consistentlyi
adhere to the methods and principles in the Charities Statement of Recommended Practice
(Charities SORP IFRS 10211;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures which are to be disclosed and explained in the financial statements-
prepare the financial statements on a going concern basis, unless it is inappropriate to presume
that the charity will continue in business.
The trustees are also responsible for safeguarding the assets of the charity, including taklng reasonable
steps to prevent and detect fraud and other irregularities.
The financial Statements have been prepared in accordance with the accounting policie5 set out in notes
to the accounts and comply with.. the Companies Act 2006,. the charit￿$ governing document,. the
Charities Acts 2011 and,. the SORP applicable to charitie5 preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP
IFRS 10211.
Statement as to Disclosure of Information to Auditors
In so far as the trustees are aware..
There is no relevant audit information of which the charitable company's auditor is unaware,. and
The trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditor is aware of that information.
Thi5 report has been prepared under the special provisions of Part 15 of the Companies Act 2CX)6.
On behalfofthe trustees IK 2022
Major General
M Cullen CB OBE
Chairman RAI Board of Trustees

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
Opinion
We have audited the financial statements of Royal Artillery Institution Limited for the year ended 31
December 2021 which comprise the statement of financial activities, balance sheet, cash flow statement
and notes to the financial statement5, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the charitable company's state of affairs as at 31 December 2021
and of its incoming resources and application of resources, includine its income and
expenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted
AccountinE Practice,. and
have been prepared in accordance with the Companies Act 2006.
Basi5 for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
responsibilities for the audit of the financial statements section of our report. We are independent of
the charitable company in accordance with the ethical requirements that are relevant to our audit of the
financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslon5 relatlng to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertaintie5 relating to
events or conditions that, individually or collectivelyi may cast SlEnificant doubt on the charitable
company's ability to continue as a going concern for a period of at least twelve month5 from when the
financial statement5 are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit or otherwise appear5 to be materially misstated. If we identify such material
incon5iStencies or apparent material misstatements, we are required to determine whether this gives
rlse to a material misstatement in the financial statements themselves. If, based on the work we have
io

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITOF15 REPORTTO THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
performed, we conclude that there is a material misstaternent of this other information we are required
to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, Annual Report which includes the Directors, Report for
the financia5 year for which the f inancial statements are prepared is consistent with the
financial statements,. and
the Trustees, Annual Report which includes the Directors, Report has been prepared in
accordance with applicable legal requirements.
Matters on whlch we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment
obtained in the course of the audit, we have not identified material mi5Statements in the Trustees,
Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or return5 adequate for otjr audit have not
been received from branches not visited by us,. or
the financial statement5 are not in agreement with the accounting records and returns,. or
certain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordance with the small
companies regime and to take advantage of the small companies exemption in preparing the
Trustees, Annual Report and the Strategic Report.
Responsibilities ot trustees
As explained more fully in the Trustees, Responsibilities Statement set out on pages 9, the trustees (who
are also directors of the charitable company for the purposes of company lawl are responsible for the
preparation of the financial statements and for being satisfied that they eive a true and fair view, and for
such internal control a5 the trustees deterTnine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee5 are responsible for assessing the charitable
company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the trustees either intend to liquidate
the charitable company or to cease operations, or have no realistic alternative to do so.
Auditor's responsibllitles for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with
regulations made under that Act.
Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that
an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
li

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
ba515 of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect
of irregularitie5, including fraud. The Specific procedures for this engagement and the extent to which
these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities..
We assessed the susceptibility of the charitable companW5 financial statements to material
misstatement and how fraud might occur, including through di5CUS5ions with informed management,
discussions within our audit team planning meeting, updating our record of internal controls and
ensuring these contro15 operated as intended. We evaluated possible incentives and opportlsnities for
fraudulent manipulation of the financial statements. We identified laws and regulations that are of
significance in the context of the charitable company by discussions with informed management and
updating our understanding of the sector in which the charitable company operate5.
Laws and regulations of direct significance in the context of the charitable company include The
Companies Act 2006, and guidance issued by the Charity Commi55ion for England and Wales.
Audit response to r15k5 identified..
We considered the extent of cornpliance with these laws and regulations as parl of our audit procedures
on the related financial statement items including a review of financial statement disclosures. We
reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings
and correspondence with relevant authorities lo identify potential material misstatement5 arising. We
discussed the charitable company's policies and procedures for compliance with laws and regulations
with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the kev
areas which might involve non-compliance with laws and regulations or fraud. We enquired of
management whether they were aware of any instances of non-compliance with laws and regulations or
knowledge of any actual, suspected or alleged fraud. We addre55ed the risk of fraud through
management override of controls by testing the appropriateness of journal entries and identifying any
significant transactions that were unusual or outside the normal coursè of business. We assessed
whether judgements made in Tnaking accounting estimates gave rise to a possible indication of
management bias. At the completion stage of the audit, the engagement partner's review included
ensuring that the team had approached their work with appropriate professional scepticism and thus
the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financi31
statements, the less likely we would become aware of it. A150, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at-.
www.frc.or
auditorsres
onsibilitie5. This description forms part of our auditorf5 report.
12

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
Use ofour report
This report is made solely to the charitable company'5 members, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the charitable company'5 members those matters we are required to State to them in an auditor's
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the charitable company and the charitable company's members as
body, for our audit work, for this report, or for the opinions we have formed.
Cara Turtington (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC44BE
Date..
IF 2ozE
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
13

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THE ROYAL ARTILLERY INSTITUTION LTD
BALANCE SHEET
AT 31 DECEMBER 2021
2021
2020
Fixed assets
Investments
12,514,425
12,514,425
10,755,035
10,755,035
Current assets
Stocks
Det)tors
Cash at Bank and in hand
15,043
30,095
376,891
422,029
15,957
30,597
495,865
542,419
Current liabilities
Creditors.. Amounts falling due within one year
io
1254,9041
167,125
12,681,550
1151,5941
Net current assets /{liabilitiesl
Total a55ets less Current liabilities
Fund5
390,825
11,145,860
Unrestricted Funds
11,556,105
10,059,931
Restricted Funds
li
1,125,445
1,085,929
12,681,550
11,145,860
The notes on pages 17- 24 form part of these financial statements.
App
ved by the trustees on 2022
Majo
6446232
DM Cullen CB OBE
Chairman
The RAI Board of Trustees
Company number..
15

THE ROYAL ARTILLERY INSTITUTION LTD
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
Note
Net cash used in operating activitie5
1144,6881
1117,3921
Cash flows from investin
activities
Dividends, interest and rent5 from
investments
Purchase of investment5
Proceeds from sale of investments
295,229
12,975,547)
2,949,779
295,600
11,143,114)
1,126,261
Net cash used in investing activities
269,461
278,747
Net increase in cash & cash equivalents
Cash & cash equivalents at the beginning of
the year
124,773
161,355
647,189
485,834
Cash and cash equivalents at end of the year
771,962
647,189
Notes to the cash flow statement
Reconclllatlon of net movement in funds to net
cash flow from operating attivitie5
2021
2020
Net movement in funds
IGainl/loss on investments
Investment income
Increase in investments due to changes in aliquot
Decrease in stock
Decrease in debtors
IncrÈase/lDecreasel in creditors
Net cash used in operatinB activities
1,535,690
11,489,8751
1295,2291
896,022
1226,2861
1295,6001
5,096
982
11,491
1509,0971
1117,3921
914
502
103,310
1144,6881
Analysis of cash and cash equlvalents
and net debt
AtlJan
2021
Cash
flow
At 31 Dec
2021
COIF Charitie5 Deposit
Cash on short term deposit
Cash held in Investments
Net cash provided by operating activities
19,622
476,243
151,324
647,189
119,6221
199,3521
243,747
124,773
376,891
395,071
771,962
16

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies
The Royal Artillery Institution is a company limited by guarantee incorporated in England and Wales. The
registered office is Artillery House, Royal Artillery Barracks, Larkhill, Salisbury, SP4 8QT.
1.1 Basis of accounting
The financial statements have been prepared under the historic cost convention, with the exception of
listed investments which are included at their market value. The accounts (financial statements) have been
prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting bv
Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (Charities SORPIFRS10211, the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006 and UK Generally Accepted
Accounting Practice.
The Royal Artillery Institution constitutes a public benefit entity as defined by FRSIO2.
1.2 Going Concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in
preparing the annual financial statements.
1.3 Investment income
Investment income is credited to the statement of financial activities when its receipt is probable and the
amount receivable can be measured reliably. It is allocated to both restricted and unrestricted funds on the
basis of an aliquot proportion across the whole portfolio.
1.4 Subscriptions, donatlons and legacies
Subscriptions and donations are recognised as income when the amounts are receivable.
Legacie5 are recognised when received or receipt is probable and the value can be measured with sufficient
1.5 Expenditure & support C05t5
Expenditure is recognised in the period in which it is incurred and includes attributable VAT which cannot
be recovered.
Support5 Costs are those costs which have not been directly allocate to an activity of the charity but
nevertheless support these activities.
1.6 Grant expenditure
Grants payable are payments made in furtherance of the charitable objects of the charlty. These are
accrued once the recipient has been notified of the grant award. The notification gives the recipient a
reasonable expectation that they will receive the grant.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient
but there is uncertainty as to the timing of the grant or the amount of grant payable.
17

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.7 Fund a¢¢ounting
Unrestricted funds are available to use to further any of the purposes of the charity.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of
the charity's work or specific projects being undertaken by the charity.
1.8 Fixed asset investments
Fixed as5et5 investments are stated at mid-market value. The unrealised movement in market value from
one year to another is recognised in the statement of financial activities.
1.9 Stocks
Stocks are valued at the lower of cost and net realisable value.
1.10 Pensions
Staff are enrolled in a NEST pension scheme. Contributions are charged in the Statement of Financial
Activities as they become payable.
1.11 Cash & cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid
investments with original maturities of three months or less.
1.12 Assets not included within the balance sheet
The collection of chattels comprising of pictures, silver and furniture which have mainly been acquired
through bequest, by purchase through subscription of the officer5 of the regiment and throuEh property
reverting to the charity upon disbandment of regiments is not included in the balance sheet as the historic
cost of any assets purchased is not known and is considered likely to be immaterial.
The artefacts are largely held at the Royal Artillery Mess at Larkhill with others being held at other military
messes, museum5 and other public bodies. The assets are held as part of the setting of the regiment for
future generations.
The insurance value of these assets Is £7.5 million.
1.13 Financial Instrument5
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently measured at
amortised cost using the effective interest method.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due Credito¥s and provisions are
recognised where the charity has a present obligation resulting from a past event that will probably result
in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditors and provisions are normally reco8nised at their settlement amount after
allowing for any trade discounts due.
18

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.14 Critical estimate and judgements and key source5 of estimation uncertainty
In the application of the Charity's accounting policies, the trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates are recognised in the period in which the estimate is revised where the
revi5i0n affects only that period, or in the period of the revision and future periods where the revision
effects both current and future periods.
There are no critical estimates, judgements or key sources of estimation uncertainty In 2021 or 2020.
Donations and legacies inc SPGS
2021
2020
Officers, stjbscriptions ISPGSI
Soldiers, subscriptions ISPGSI
Reserve Regiments
Donations
Intangible Income- Wages in Kind
196,378
149,449
193,004
146,557
800
9,995
83,986
434,342
10.544
84,237
440,608
Charltable Activities Income.
2021
2020
RA Publications- Subscription
RA Publications- Advertising income
Grant5 IRAI & RACFI
Grant5 Received
Government Grant- FurSough
Officers Mess Fund Iwritebackl
Royalties
Investment Irbcome
32,309
686
39,244
600
82,000
55,742
50,000
11,014
19,622
618
1,125
140,480
152,480
Other Income
2021
2020
Sale of books
Receipts of Laid Down Wines
Bank Interest
Sandown Food
219
362
1,757
47
975
1,978
1,384
19

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YEAR ENDED 31 DECEMBER 2021
Charitable Activitie5- Grants Paid
2021
2020
Annual Allocations..
The Gunner Magazine
The Master Gunnerfs Fund
RA Sports
RA HQ Me5S
RA Central Sergeants Mess Fund
Support of Units- Unit Grants
Support to Units
Senior/Commanding
Officers
Recruiting
Regimental Expenses
Annual Contingency Reserve
1,160
3,376
143,617
15,494
6,500
66,390
8,142
5,000
622
127,477
6,967
13,000
65,190
2,750
21,800
26,817
17,420
310,716
19,561
742
4,894
246,203
Other Grants..
Adventurous Training
Regimental History Vlll
Sandown Transport
Misc
1,758
423
1,025
10,OOD
5,713
521
17,259
38,250
1500,0001
1198.2881
2,181
101,687
Grants in Year to RAM
Grants Payable to RAM Icancelledl
Total Grants Paid
414,584
Support Cost to Charitable Activities..
Salaries
Employers Pension Contributions
Wages in Kind
145,879
10,877
84,237
240,993
145,961
10,805
83,987
240,753
Presentation & Awards
Printing, posta8e & Stationery
Computer software/Hardware
Insurance
Chattels Imaintenaneel
Travelling & Entertainment
Miscellaneous
Audit Fees
Audit Fees Under Provision
Legal and Professional Fees
7,921
3,505
4,370
3,313
12,540
176
899
8,718
18691
3,524
2,121
3,831
16,056
232
2,994
10,170
2,250
7,842
48,151
3,986
45,428
Total Charitable Actlvltles
701,005
90,616
20

THE ROYAL ARTILLERY INSTITUTION LTD
NOTE5 TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2021
Charitable actlvltles- Support Costs continued
The average number of person5 employed by the Fund during the year was..
2021
Number
2020
Number
Office and administration
There were no employees with emoluments above £60,000. The following payments were made to Key
Management Personnel.. £13,59212020.. £14,076).
No trustees received any out of pocket expenses in 202112020.. NILI. One trustee received £468 in respect
of consultancy services to the charity12020'. E2,7281.
Investments
2021
2020
uoted investments
Market value at l January
Purchases
Sales proceed5
Investment Management Fee
Net rea115ed/Lsnrealised Losses
Aliquot Changes
Cash movements
10,755,035 10,516,573
2,975,547
1,143,114
12,949,7791 11,126,261)
150,4641
143,2591
1,489,875
226,286
15,0961
43,678
294,211
Market value at 31 December
12,514,425 10,755,035
Historical value at 31 December
8,808,917
7,278,707
The following holding exceeded 5% of the total portfolio value at the 31" December 2021 and are considered
material.
Vanguard Funds
1,053,713
2021
2020
Investment
Investment5
Income Account
Dealing & Deposit Account
Market value at 31 December
Cash Breakdown
12,119,354 10,603,729
27,241
23,882
367,830
127,424
12,514,425 10,755,035
21

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIALSTATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2021
Stocks
2021
2020
Medals and Sword5
Books
8,652
6,391
9,566
6,391
15,043
15.957
Debtors
2021
2020
Accrued Service Giving Income
Insurance on behalf of third parties
Investment Income
Gift Aid
28,638
122
1,177
158
30,095
29,098
122
1,212
165
30,597
Cash at bank and in hand
2021
2020
COIF Charities Deposit Fund
Bank current accounts
19,622
476,243
495,865
376,891
376,891
10. Credltors
2021
2020
Amounts falling due within one year-
Gunner Investment Income
RAHT Investment Income
CSM Investment Income
Accrual - Audit and accountancy
RAM
Other Creditors
RHA Association
Red Cypher
1,177
8,007
19,547
9,444
48,000
32,191
113,372
23,166
1,212
7,582
17,151
10,170
17,540
97,939
254,904
151,594
22

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2021
ii.
2021 Restricted Fund
Balance
Incoming Outgoing Net Gain on
l January 21 Resources Resources
Investment Transfers
Balance at
31
December
21
Baxter Fund
960,510
97,939
33,988
33,988
137,455
1,097,965
Royal Horse Artillery
Assoc
Regimental Church
Royal Artillery Church
Refurbishment
197,9391
16,980
10,500
16,980
10,500
Total
1,085,929
33,988
33,988
137,455
197,9391
1,125,445
The transfer corrects the presentation of the balance due to the Royal Horse Artillery Association, which is
included within creditor5.
2020 Restricted Fund
Balance
Incoming Outgoing Net Gain on
l January 20 Resources Resource5 InvestmentE Transfers
Balance at
31
December
20
Baxter Fund
938,468
111,159
18,989
1,816
118,9741
117,5551
22,027
2,519
960,510
97,939
Royal Horse Artillery
Assoc
Regimental Church
Royal Artillery Church
Refurbishment
Total
16,980
10,500
16,980
10,500
1,077,107
20,805
136,5291
24,546
1,085,929
The Bèxter Fund is restricted for the benefit of the King's Troop, Royal Horse Artillery. The Regimental
Church Fund is restricted for the benefit of Re8imental Church. The RA Church Refurbishment is restricted
for the refurbishment of the RA Larkhill Garrison Church.
23

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TOTHE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2021
12.
Analysis of net assets between fund5
2021
Current
Iliabilities11
assets
Net
Investments
Total
Restricted fund5-
Baxter Fund
Regimental Church Fund
RA Church Refurb
1,095,113
2,852
16,980
10,500
30,332
1,097,965
16,980
10,500
1.125,445
1,095,113
Unrestricted funds-
General Fund
11,419,312
136,793
11,556,105
12,514,425
167,125
12,681,550
Analysls of net assets between funds
2020
Curyent
Net
Investments
assets
Total
Restricted funds:
Baxter Fund
Royal Horse Artillery
Regimental Church Fund
RA Church Refurb
972,659
69,123
112,1491
1,816
16,980
10,500
17,147
960,510
97,939
16,980
10,500
1,085,929
1,068,782
Unrestricted fund5'.
General Fund
9,686,253
373,678
10,059,931
10,755,035
390,825
11,145,860
14.
Related party transactions
Income of £345,82712020= £339,561) was received from the Royal Artillery General Charitable Trust IRAGCTI of
which both charities have a number of trustees in common. This Income relates to accrued Income from the
Service Giving Scheme, which were voluntary contributions from service personnel.
Income of £8,00712020'. £8,0271 was received on behalf of Royal Artillery Historical Trust of which both charities
have a number of trustees in common or who have the right to become a trustee of both. This Income relates lo
Interest earned on Investments.
Income of £14,39612020'. £14,433) was received on behalf of the Central Sergeant Mess ICSMI of which the Royal
Artillery Sergeant Major IRASMI is an member of the Royal Artillery Institution IRAII and the Chair of the Central
Sergeant Mess. This Income relates to Interest on Investments.
At the year end, balances due to and from related entities are disclosed in notes 8 and 10.
24

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