2022-03-31-accounts - Army Air Corps Charity

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Page
1-38	Report ofthe Trustees
39-41	Report ofthe Auditors
42	Statement ofFinancial Activities
	Balance Sheet
	Statement ofCash Flows
45 - 56	Notes to the Accounts

1975	1976	1977	1978	1979	1980	1981	1982
52,323	92,540	53,000	F6,000	F4,500	F8,657	F5,000	59,118
1983	1984	1985	1986	1987	1988	1989	1990
5570	65,920		F7,148	52,475	F12,952	64,915	84,915
1991	1992	1993	1994	1995	1996	1997	1998
57,183	58,688	F1,887	515,701	526,033	F37,783	640,699	641,608
1999	2000	2001	2002	2003	2004	2005
f44,378	F45,700	F73,386	f69,968	f46,407	661,039	F85,414

		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds	31stMarch	31stMarch
				2022	2021
	Note	f
Income and endowments from:
Donations and legacies	2	236,352	131,873	368,225	386,933
Charitable activities	3	3,793	16,045	19,838	14,393
Investments	4	218,712	30	218,742	196,536
Total income and endowments		458,857	147,948	606,805	597,862
Expenditure on:
Raising funds	6	43,545		43,545	38,955
Charitable activities	7	499,138	148,077	647,215	495,793
Other	8	9,041	-	9,041	8,499
Total expenditure		551,724	148,077	699,801	543,247
Net gains/(losses) on
investments	11	426,890		426,890	2,186,812
Net income/(expenditure)		334,0 3	129)	333, 94	~2,24,427
Transfer between funds
Net Incoming Resources before other
recognised gains and losses		334,023	(129)	333,894	2,241,427
Other Recognised Gains and Losses
Net Movement in Funds		334,023	(129)	333,894	2,241,427
Reconciliation offunds
Total funds brought forward		11,405,075	303,118	11,708,193	9,466,766
Total funds carried forward		11,739,098	302,989	12,042,087	11,708,193
The notes on pages 45 —56form part of	these	accounts

				Note	31stMarch	31stMarch
					2022f	2021 E
Fixed Assets
Tangible fixed assets				10
Investments				11	11,806,236	11,358,720
					11,806,236	11,358,720
Current Assets
Debtors				12	29,665	174,624
Cash at bank and	in	hand		13	281,890	217,039
					311,555	391,663
Liabilities
Creditors: Amounts		falling	due
within one		year		14	(75,704)	(42,190)
Net Current Assets					235,851	349,473
Total assets less	current		liabilities		12,042,087	11,708,193
The Funds ofthe	charity
Restricted funds				15	302,989	303,118
Unrestricted funds
Designated				16	300,912	145,225
Other Charitable			Funds	18	11,438,186	11,259,850
Total charity funds					12,042,087	11,708,193

STATEMENT OF C	ASH	FLOWS AS AT 31	STMARCH 2022
			31stMarch	31stMarch
			2022	2021
Cash flows from operating activities
Net income/(expenditure) per SOFA			333,894	2,241,427
Adjustments for:
Depreciation
(Gains)/losses on investments			(426,890)	(2,186,812)
Dividends and interest from investments			(218,742)	(196,536)
(increase)/decrease in debtors in year			144,959	(551)
Increase/(decrease) in creditors in year Net cash provided (used in) by operating		activities	33,514 ~133,268)	2,708 1139,764)
Cash flows from investing activities
Dividends and interest from investments			218,742	196,536
Proceeds from the sale ofinvestments			995,787	1,267,918
Purchase ofinvestments			(1,016,413)	(1,822,744)
Net cash provided by (used in) investing		activities	198,116	(358,290)
Change in cash and cash equivalents	in	the year	64,851	(498,054)
Cash and cash equivalents brought forward			217,039	715,093
Cash and cash equivalents atthe end of		the year	281,890	217,039
The notes on pages 45 - 56 form part ofthese accounts

				Unrestricted	Restricted	31stMarch	31stMarch
				Funds	Funds	2022	2021
2	Income from donations	and legacies
	Regimental subscriptions			172,187	111,493	283,680	278,291
	Association subscriptions			20		20	140
	Other subscriptions				380	380	715
	COIF Charity Fund			800		800	800
	Callendar Charitable Trust			2,500		2,500	2,500
	Donations - Legacies						39,902
	Donated Services (Note 5)			59,080		59,080	58,490
	Other			1,765	20,000	21,765	6,095
				236,352	131,873	368,225	386,933
	Total 2021			270,592	116,341	386,933
3	Income from charitable	activities
	Unused Individual Benevolence		Grants	1,750		1,750	2,418
	Refunds Contribution towards grants/payments			428 1,615 3,793	16,045 16,045	428 17,660 19,838	12,045 ~(7D 14,393
	Total 2021			14,463	(70)	14,393
4	Income from investments
	Income from quoted investments			218,719		218,719	196,437
	Interest on deposit accounts			(7)	30	23	99
				218,712	30	218,742	196,536
	Total 2021			196,508	28	196,536

			Unrestricted	Restricted	Total	Total
			Funds	Funds	31stMarch	31stMarch
					2022	2021
6	Expenditure on raising funds
	Advertising		300		300	85
	Fund Manager Charges		43245		43,245	38,870
			43,545		43,545	38,955
	Total 2021		38,955		38,955
7	Expenditure on charitable activities
	Grants to individuals (2022:45; 2021:45)		39,147		39,147	58,859
	Other grants
	-General Purpose	Fund grants (2022:44;2021:43)	130,946		130,946	92,745
	- HQ Officers Mess grants (2022:59;2021:43)			49,054	49,054	37,381
	-AAC Association	grants (2022: 8;2021:0)	1,980		1,980
	- HQ WOs &Sgts	Mess grant (2022: 10;2021:7)		12,616	12,616	8,500
	-AAC Sports grants (2022:29rest, 4 unrest; 2021:1 rest; 20 unrest)		105,136	20,000	125,136	84,908
	-Sear (2022:0;2021:1)					5,000
	Donations		20,000		20,000	20,000
	Awards, Trophies	&Presentations	2,747	10,485	13,232	8,623
	Sponsorship		35,152	4,181	39,333	83,937
	Repairs		49,274	2,000	51,274	27,000
	Functions		8,520	49,741	58,261	(2,634)
	Memorials		7,597		7,597	1,999
	65th Anniversary		13,611		13,611
	Heritage - history book		181		181	10,490
	Website		24,120		24,120
	Monthly website fees		720		720
	Salaries (note 5)		59,080		59,080	58,490
	Printing, Postage & Stationery		927		927	495
			499,138	148,077	647,215	495,793
	Total 2021		415,189	80,604	495,793

	No remuneration	was paid to Trustees	during the year.	Reimbursed	Reimbursed	costs amounting	to677was paid to two Trustees
	during the year	for meeting costs and	Colonel Commandant		expenses. The Army Air		Corps does not have any employees.
	The services of	the Corps Accountant,	Corps Secretary,	Assistant Corps Secretary and Welfare Assistant are donated
	to the charity by	the Ministry ofDefence (note 5).
8	Other
	Audit					7,200	7,200	6,900
	Meeting Costs					413	413	85
	Bank Charges					528	528	463
	Database					900	900	1,051
						9,041	9,041	8,499
	Total 2021					8,499	8,499

										c E	eec0
						roI	C BI	e	Xe re	e			Total	Total
													31st	31st
													March	March
													2022f	2021 5
Costs directly
allocated to activities
Fund Manager Charges				Direct								43,245	43,245	38,870
Grants				Direct	39,147	297,344			19,980		2,408		358,879	287,393
Donations				Direct	20,000								20,000	20,000
Awards, Presentations		&Trophies		Direct	1,465	11,767							13,232	8,623
Memorials				Direct							7,597		7,597	1,999
Sponsorship				Direct		39,333							39,333	83,937
Repairs to Serving Personnel			Facilities	Direct			2,000				49,274		51,274	27,000
Functions				Direct		58,261							58,261	(2,634)
History Book				Direct							181		181	10,490
PrlnUng, Postage	8 Stationery			Direct	927								927	495
Audit				Direct								7,200	7,200	6,900
Bank Charges				Direct	528								528
Website				Direct	24,120								24,120
65th Anniversary				Direct					13,611				13,611
Database				Direct								900	900	1,051
Sundries				Direct	1,133								1,133	85
Costs apportioned	to activities
Advertising				Activity	225		75						300
Salaries				Activity	44,310	14,770							59,080	58,490
Total Resources Expended					131,855	423,550			33,591		59,460	51,345	699,801	543,247
Total 2021					126,371	357,630					12,210	46,90	543,247

2022	2021
6	6
20,599	20,599
(20,599)
(20,599)	(20,599)
20,599

NOTES TO TH Fixed asset investments	E ACC	OU	NTS FOR THE YEAR EN	DED 31STMARCH 20
				2022
				E
Quoted investments
B/Fwd as at 1 April 2021				11,358,720
Less: Disposals at opening	book	value 2022 proceeds:
F995,787; profit F44,254
(2021 proceeds: f1,267,918;profit: 2232,740)				(951,533)
Add: Acquisitions at cost				1,016,413
Net unrealised investment	gains	/ (losses)		382,636
Market value at 31 March	2022			11,806,236
Historical cost at 31 March	2022			10,623,296
Total profit / (losses) on investments			were 2022 E426,890,2021f2,186,812

			UK	Overseas
			f.
	Listed Investments		3,007,275	4,113,470
	Other Investments		4,122,017	563,474
			7,129,292	4,676,944
12	Debtors
			2022	2021
				E
	Other debtors		29,665	174,624
			29,665	174,624
13	Cash at	bank and in hand
			2022	2021
	Holt's, Royal Bank ofScotland		234,997	175,634
	Investec		46,893	41,405
			281,890	217,039
14	Creditors
	Amounts	falling due within one year:	2022	2021
				E
	Accruals		75,704	42,190
			75,704	42,190

	Balance
	B/fwd				Balance
	1stApril	Transfers	Movement ofResources		31stMarch
	2021f		incoming E	Outgoing f	2022f
Sports	4,181		20,000	(24,181)
HQ WOs' and Sgts' Mess	102,512		37,238	(34,286)	105,464
HQ Oflicers' Mess	196,425		90,709	89,609)	197,525
	303,118		147,947	(148,076)	302,989
	Balance				Balance
	1stApril	Transfers	Movement ofResources		31stMarch
	2020		Incoming	Outgoing	2021
	E		E		E
Sports	4,581		5,000	(5,400)	4,181
HQ WOs' and Sgts' Mess	75,339		37,908	(10,735)	102,512
HQ Officers' Mess	187,503		73,391	(64,469)	196,425
	267,423		116,299	(80,604)	303,118

Financial	Instruments
						2022	2021
						f	6
Financial	assets measured	at fair value through		profit	or loss	11,806,236	11,358,720
Financial	assets that are debt instruments		measured		at amortised cost	311,555	391,663
						12,117,791	11,750,383
Liabilities
Financial	liabilities measured	at amortised	cost			(75,704)	(42,190)

Financial liabilities measured	at amortise	d cost	indudes accruals.
Items ofIncome, expense,	gains orl	osses			Net gains/
				Income	(losses)
				8	5
2022
Financial assets measured	at fair value	through	profit or loss	218,719	426,890
Financial assets measured	at amortised	cost		23
				218,742	426,890
2021
Financial assets measured	at fair value	through	profit or loss	196,437	2,186,812
Financial assets measured	at amortlsed	cost		99
				196,538	2,188,812