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2021-09-30-accounts

Registered Charity Number 206184

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021 FOR THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

Rothmans Audit LLP Chartered Accountants & Statutory Auditors Avebury House St Peter Street Winchester Hampshire SO23 8BN

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Trustees submit their report and the financial statements of the Women’s Royal Army Corps Association for the year ended 30 September 2021. The Trustees agree on the broad strategy and areas of activity including the policies for grant making, investments, and reserves. The line management of Association staff and other charity management responsibilities are delegated to the Chief Operating Officer. The day-to-day administration of the Association is delegated to the Association Secretary, processing and handling of benevolent cases is delegated to the Benevolent Fund Secretary and the day-to-day financial expenditure is delegated to the Chairman of the Grants Committee, the Treasurer, the Benevolent Fund Secretary and the Finance Officer. All of whom are supported by the Office Manager.

CHARITABLE OBJECT

The charitable Object of the Association is:

To promote the efficiency of the Army by:

The administration and activities of the WRAC Association are governed by the WRAC Association Constitution 2021.

The Trustees have referred to the guidance contained in the Charities Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the charity. In particular, the Trustees consider how planned activities will contribute to the aims and activities they have set.

REVIEW OF ACTIVITIES, DEVELOPMENTS AND ACHIEVEMENTS

2021 - Continuation of the Coronavirus Pandemic

Coronavirus disease (Covid-19) has continued to impact society and economies worldwide. Just as last year national Lockdowns were enforced, and measures put in place by the government to help stem the spread of Covid-19. Again there is a running theme throughout the report explaining how this has affected the activities of the charity.

A Strategic Review

This year has been one of some changes. Following a review of the Association’s aims and working structures the Association adopted a new Vision Statement:

“ To provide camaraderie, benevolence and mutual support to former members of the ATS and WRAC and exert influence within the military charity sector to broaden support for female veterans. In addition, we welcome to the Association servicewomen, both serving and retired, of any capbadge.”

With this came a change of Vice President; Brig (Retd) Fiona Gardner CBE was elected at the March 2021 AGM, taking over from Col (Retd) Alison Brown OBE. Additionally the Strategic Review Team, consisting 3 Trustees put into effect the following changes:

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Membership Council, Chair of Benevolence Fund and Treasurer) continued with the majority of the EFC workstreams.

The Membership Council retains responsibility for the Objects of the charity and has met twice during the year, with the Board of Trustees joining them for lunch. The Area Co-ordinators continued to hold the Area Forum meeting the night before Membership Council meetings, delivering their report to the Membership Council in full the next day.

Branch Meetings, Reunions and Events

The Association retains its 7 Areas. Over 60 regional Branches, both physical and ‘virtual’, continue to provide the local focus to and for members. Each Branch arranges its calendar of events in line with their members wishes. The Association headquarters provides support and advice to all members not affiliated with a Branch as well as all Association members, Branches and Areas as and when required.

Each Area holds an annual reunion/AGM, thus promoting the Objects of the WRAC Association, promoting friendship, links and sharing of ideas. Many such activities took place ‘online’, complying with Covid-19 restrictions, but members eagerly met up face-to-face when restrictions permitted.

The November 2020 Remembrance events were severely curtailed by Covid-19 and the national lockdown in place at the time. There was no Association representation at the Field of Remembrance at Westminster Abbey. The arrangements for the National Service of Remembrance at the Cenotaph in London changed several times, but ultimately resulted in no regimental representation, including no Standard Bearers. Regimental Associations were offered the opportunity to submit dedications online, which were attached to poppy wreaths. The Association submitted three on behalf of the ATS & WRAC, Women’s Land Army and Women’s Timber Corps. Similarly most ‘local’ Remembrance events were cancelled or curtailed across the country.

Following government advice and National Lockdown measures put in place in January, and the increase in Covid-19 cases the Association made the difficult decision to hold the AGM via Zoom and to cancel the Dinner event due to be held at the Victory Services Club on the evening of 20 March 2021. The AGM was also streamed through FaceBook reaching 150 members on the day and many more since, upwards of 2,000. Another first was to include external speakers; Sarah Atherton MP Chair Defence Select Sub-Committee, Deirdre Mills CEO Poppy Factory and Chair of Cobseo Female Veterans Cluster Group and Professor Dominic Murphy Head of Research Combat Stress.

After two attempts the previous year, the Association successfully organised an event at the National Memorial Arboretum in July, to formally dedicate the new WRAC Lady statue and the relocated Ack Ack memorial into the plot. With the ever-changing Covid-19 situation, lunch following the dedication took the form of a ‘bring your own picnic’, with a table booked in the NMA restaurant for VIP guests. Since a deposit had been paid against a larger, more formal event comprising AGM, Dedication and lunch a refund of £1,305 was returned to the Association by the NMA.

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With the nation in various levels of Covid-19 lockdowns for most of the year, physical, face-to-face Trustees, Membership Council, Management Board, Area and Branch meetings continued to vary from event to event, month to month. Headquarters maintained its higher-level subscription of Zoom, which gave the ability to conduct video calls. Even when meetings could take place face-to-face some attendees preferred (or needed) to join via Zoom, which was easily accommodated. Areas and Branches continued to connect with their members using all available options as and when possible such as online platforms, face-to-face, cards and phone calls. It has been amazing to see how members have continued to embrace all possible ways to ‘Support Women who Served’.

At the July Trustees and Membership Council meetings it was confirmed that Ali Brown had accepted an offer to be a Life Vice President of the Association. Everyone involved with the charity was also delighted to congratulate Ali on her recent award of an OBE in HM The Queen’s Birthday Honours for her services to the WRAC Association.

The Buddy Buddy Scheme continued to prove its worth and grow in number through the last year. There are now well over 100 pairs of women, both veterans and those still serving, and the connections made have helped make lockdown a little easier. Some ladies have willingly shared their stories with local media as well, to further promote the WRAC Association. Many Branches have continued to operate their own Buddy Buddy Schemes, keeping members and friends connected. Apart from initial telephone calls and introduction letters there has been minimal cost to the Association. The Association has also continued to celebrate all those who reach their 100th birthday with a card and flowers. The cost of £40 is minimal but demonstrates our respect and support for those who have served.

Despite the pandemic and associated restrictions the charity’s two major fundraisers still managed to achieve great things. Marg Davies completed a ‘100 mile Walk’ in April, along the Three Choirs Way between Worcester, Gloucester and Hereford. This year’s walk raised almost £3,000 for the Association. Wendy Hooton once again co-ordinated ‘The Lionesses’ over several events to raise funds for the Association, totalling £7,441. The Association thanks everyone for their fundraising efforts on behalf of the charity, and particularly Marg Davies and Wendy Hooton along with all those who participated in their events. Not only do they raise valuable funds but their events do much towards the Association’s charitable Objects; fostering mutual friendship, esprit de corps and comradeship as well as doing much to raise the Association’s public profile.

This Covid-19 pandemic year has shown the Association’s Objects of fostering mutual friendship, esprit de corps and comradeship to be even more important and relevant than ever. ‘Supporting Women who Served’ is the Association’s strapline. Certainly in this second year of the pandemic the charity’s strapline rings true and evident in all that the charity has achieved.

Membership is at 2,959 members, which is 48 up on last year.

The Lioness Journal

The magazine of the WRAC Association, Lioness, is published twice a year and distributed to all members as part of their membership. The magazine provides opportunity for members to keep in touch with Areas, Branches and each other, trace old comrades and share memories of service, along with promoting past and future events, sharing news from the Benevolence Fund and other associated organisations, and honouring Members who have died during the year.

Despite the pandemic the Lioness magazine has retained its larger-than-average page count. The size of recent editions means it remains impossible to provide audio versions for the time being although this remains under review. Past copies of the WRAC Association journals can still be viewed via the members area of the website. As the distribution of Lioness meets the charitable object (legal advice received 29 June 2015) the Trustees voted in September 2015, confirmed in June 2016, and reconfirmed in July 2021 that the full cost of two editions per year are to be met from the Benevolence Fund, subject to review after 3 years in 2024. The Lioness was distributed to approximately 3,100 members and relatives of deceased members. The Lioness serves a wider public benefit as it is read

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by friends, family and neighbours; as is evident from the submissions received by the Editor i.e. letters, stories and announcements.

Website/Social Media

The Association’s website is an important window into the charity, while also providing the opportunity for memorabilia purchasing, promoting Areas, Branches and work that the charity is involved with, and more. The website has seen a refresh during 2021 which has been well received, and work continues to ensure that our site is easily navigable and provides the level of information which best serves our members and those other visitors with an interest in our work. The charity and its members have continued to embrace and engage with various social media platforms. It has meant the charity is well placed to continue communicating and offering support to our members and followers when traditional forms of meeting up could not take place. The ‘call to action’ remains an important function of the website, enabling women with an interest in the ATS and WRAC to sign up as Members or supporters.

Invitations and Links with other Organisations

Despite the effects of the Covid-19 pandemic on the whole country, many of the organisations that usually send invitations have continued to do so, albeit offering something a little bit different to the norm.

The Royal British Legion kept the Association up to date on ever-changing Remembrance arrangements. Links with ATS and WRAC ladies who are Royal Hospital Chelsea in-pensioners remain strong despite the Royal Hospital Chelsea Founders Day celebrations, and Christmas gift events, again being a casualty of Covid-19.

The Association has continued its memberships of NCVO and Cobseo, utilising the links for training, information sharing and influencing. The Association Vice President and the Chairman of the Benevolent Fund continued to work with the Cobseo Female Veterans Cluster Group. The Association did not attend the Army Servicewomen’s Network event in 2021, nor was it possible to organise, or anyone attend, any Women’s Services Associations meetings in the year.

Public Relations and Marketing

The partnership with Curious PR continued throughout this reporting period, providing specialised public relations (PR) support to the Association. The two principal aims were to attract new members and increase public awareness of and access to the Benevolent Fund, primarily through an increased media presence (whether nationally, locally, on TV, radio, online and/or the printed media). The emphasis has shifted to local press, which has reaped dividends and is often picked up by the nationals. The Association considers the spend to be worthwhile and the output has increased as the relationship with Curious PR has continued.

Thanks are extended to the Trustees and Members who have given their time to be interviewed by the media for the benefit of the charity. Regular meetings are held between the Vice President/COO, Association Secretary and Curious PR to remain up-to-date with the many stories (both Association and Benevolence) now being shared with Curious and the media. A media pro-forma has been initiated and shared with all Branches in an effort to enable them to share their stories. It remains difficult to directly associate new membership with any single event or publication but the Association and Curious continue to provide detailed support to those being interviewed such as to maximise the potential to highlight ‘Join up to Join in’.

Benevolent Grants and Grant Making Policy

The charity awards grants of money to purchase specific goods, services or facilities for eligible former servicewomen, or their dependents, in need.

Annual Maintenance Grants (AMG) were formerly provided by the Princess Royal’s Memorial Fund (PRMF), which was removed from the Register of Charities in July 2000 when it’s monies were

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transferred to the ATS & WRAC Association Benevolent Fund. Since February 2019 the PRMF has been combined with the Benevolent Fund. The memorial to the late Princess Royal survives through the name of the annual maintenance payments to those of state retirement age.

As a result of changes during 2019 the current recurring grants include PRMF AMG, Overseas PRMF AMG, Benevolent Fund AMG and Benevolent Fund Support Supplements. Other recurring grants are Care Enhancement Grants which are split into three categories: Nursing/Care Home Fees Top Up, Care at Home and Personal Expense Allowance.

The Welfare Grant was introduced in 2019, renamed the Membership Support Grant in July 2021, primarily to assist WRAC Association Members in financial hardship to attend either Branch or Association social events where without the grant they would be unable to do so. As a result of the social restrictions introduced by the government due to Covid-19 only one grant was received in this financial year.

The Grants Committee, constituted in accordance with the Charity Commissioners’ Scheme, met on 11 occasions during the 12 month reporting period. The following persons acted as members on one or more occasion:

Trustees
Col (Retd) AK Brown OBE
Maj (Retd) B Davies
Brig (Retd) FH Gardner CBE
Col (Retd) A Hassell
Miss B Johnson
Maj (Retd) MCM Jones
Mrs S Mackenzie
Col (Retd) IM McCord
Maj (Retd) CH Merrington- Rust MBE
Brig (Retd) Nicky Moffat CBE
Lt Col (Retd) RC Naile MBE
Lt Col (Retd) T Savage
Ms SMF Veillard-Thomas		 Council and co-opted members
Mrs BJ Anderson
Miss A Foster
Miss LJ Hatch
Mrs WL Hooton
WO2 CBM Munro MBE
Lt Col (Retd) JM Young

The Trustees balance the short-term need for income to pay grants and annuities to those who served in the QMAAC and the ATS, with the future requirements of those who served in the WRAC up to April 1992. The current policy is that all income, after administration expenses have been met, should be available for grants purposes. This is supplemented by capital when needed. In addition, the Trustees, when reviewing the performance of the Fund, decide whether donations and legacies received during the year can be used for grants purposes or should be invested.

Applications for grants are made through almonising agencies, predominantly SSAFA the Armed Forces charity and The Royal British Legion. The grants are paid to those agencies for disbursement on behalf of the charity rather than direct to applicants. The only exception to this is the Membership Support Grant which is paid directly to the individual Association member supported by receipts.

The grant giving criteria sets out the delegated powers and upper limits for one off grants. The current criteria authorises one-off grants to be made by the Benevolent Fund Secretary up to £2000, the Chairman up to £3000 and the Major Grants Committee Meeting up to £6000. Exceptional awards above £6000 require Trustee approval. The Benevolent Fund Secretary continues to approve renewals of all recurring grants. Major Grants Committee Meetings (MGCM) are convened comprising the Benevolent Fund Chair or Deputy and Secretary plus a Trustee and a Member of Council at least every month. Maximum use is made of Zoom to optimise the opportunity for Trustees and co-opted members to participate.

The MGCMs consider applications for:

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Applicants with one day’s paid service are eligible to apply for help. Grant giving criteria are approved by Trustees for use in deciding applications and financial need remains the determining factor in assessing each individual grant. Details of the grant giving criteria and guidelines are available on the Casework Management System (CMS). This system is owned and operated by SSAFA on behalf of Cobseo and is used by charities in the military service sector.

The current upper limit for one-off awards is £6,000 unless an exception is approved by Trustees.

The current maximum awards for recurring grants are:

Type of Grant Maximum award
PRMF AMG Up to £40 pw plus £70 Christmas Bonus
PRMF AMG Overseas Up to £50 pw plus £70 Christmas Bonus
Ben Fund AMG Up to £40 pw plus £70 Christmas Bonus
Ben Fund Support Supplement Up to £40 pw
Nursing Home Top Up Up to £50 pw
Care at Home Up to £50 pw
Personal Expense Allowance Amount depends on State’s Personal Expense
Allowance Savings Disregard

The circumstances of each recipient of all Recurring Grants is reviewed on an annual basis to assess if assistance is still required. The Trustees will withdraw the assistance if there is no longer any financial need.

Details of how to apply for grants are available on the charity’s website and published in the Lioness.

A REVIEW OF ACHIEVEMENTS AND PERFORMANCE

How the benevolence grants delivered public benefit

In July 2020 the Trustees authorised a budget for Financial Year 2021 of £335,000 for one-off and recurring grants. In the 12 months of this report 131 applications were received of which 90 were successful.

The Breakdown of Applications received in Financial Year 2021

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Applications received were down by 45% on the previous year; a direct consequence of the pandemic. Likewise the spend against the budget was only 50%.

The charity gave a Christmas gift of £25 to each of the former ATS and WRAC servicewomen residing at The Royal Hospital Chelsea and in the four Erskine Homes across Scotland, which totalled 17 gifts.

The chart below depicts the main categories for which one off grants were awarded.

The graph below shows the breakdown between the AMG and CEG categories:

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The hope is that applications return to pre-covid levels and as such so will the number of successful beneficiaries and over time as caseworkers have a better understanding of the grants the charity can award, CEGs in particular, grant spend will also increase in future.

The Benevolent Fund received support from many other Service and civilian charities and the Trustees would like to thank the following organisations for their support:

ABF The Soldiers’ Charity
ssafa the Armed Forces charity
The Royal British Legion
The Royal British Legion (Women’s Section)
PoppyScotland
The Royal Naval Benevolent Trust
The Royal Air Force Benevolent Fund		 The Officers’ Association
Not Forgotten Association
Burma Star Association
Veterans’ Aid
Combat Stress and BLESMA
Royal Commonwealth Ex-Services League
Other Corps and Regimental Associations

Operational Support of the Benevolent Fund

The system administrator role for Salesforce continues to be undertaken by the Office Manager under contract with TJP Solutions. This database continues to be developed to provide timely and relevant information to Trustees. The Benevolent Fund Secretary and the Salesforce Administrator are currently making small changes to Salesforce to match changes brought in with CMS2. Changes are also being made in-house to enable some of the original CMS reporting functions no longer existing within CMS2.

The new Casework Management System (CMS) went live on 25 March 2021; the Benevolent Fund Secretary and the Chair attended training on the new CMS2 during January 2021. The original go live date was pushed back several times due to problems with data migration.

Impact Assessment of Covid-19 on the Benevolent Fund

There remains a significant decrease in cases received during this financial year with very few cases as a direct result of Covid. Despite amending the criteria in April 2020 in order that Ben Fund Support Supplement grants could be awarded more expediently there have been very few requests for financial assistance. This is potentially due to government initiatives such as the uplift in Universal Credit and the furlough scheme. As the furlough scheme came to an end on 30 September 2021, the charity may see cases of those in financial crisis increase over the next financial year. The charity experienced a reduction in requests for removal costs mainly due to the protocols provided under the Coronavirus Act 2020, which provides protection to social and private tenants by delaying when landlords can evict tenants.

Review and Reporting

The grant giving criteria introduced in February 2019 was reviewed in January 2021 after which minor amendments were made. These changes were published at the time on the old CMS, there is no facility for the charity’s grant giving criteria to be attached on the new CMS.

The number of awards made by category are reported at each Trustee meeting as well as the spend to date.

Research

The charity has partnered with Combat Stress in a research project to gain a better understanding of the challenges faced by female veterans both during and after their service. This took the form of an online questionnaire sent out to a sample of 1,680 members of the WRAC Association. 750 responses were received giving a response rate of 44.6%. Combat Stress has analysed the data and written five research papers of which two have been published in the British Medical Journal Military. The other three papers are awaiting publication.

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Combat Stress has proposed conducting two follow on studies to explore the trauma experiences of female veterans and LGBT+ veterans. This would be a qualitative study involving interviews with two groups of 10 volunteers from those of our members who completed the online survey and screened positive for PTSD.

This research will help the charity better support beneficiaries of the Benevolent Fund and Members of the Association. The results will be shared with the Cobseo Veterans Female Cluster.

Monitoring Achievement across the Charity

The charity’s key performance indicators are summarised in the table on page 11. And evidence to demonstrate the difference the charity’s work has made to the circumstances of its beneficiaries and the wider benefits to their families can be found below in a sample of quotations from the letters, emails and FaceBook messages received by the charity’s headquarters.

Below are some comments received after the AGM was held on-line:

"Loved the way everyone could vote so easily and really enjoyed hearing the guest speakers" and asked " will you think about streaming future AGMs so that more of us can take part?".

“Thank you for organising this AGM, and thank you to all the speakers. All very interesting and it worked very well on zoom. I look forward to attending in person at the next one”.

“Congratulations, a first for an online AGM. A successful meeting reaching out to many. Thank you very much to Ali and her team and the guest speakers”.

Some Members attending the WRAC Lady Statue Dedication at the NMA in July said:

“What a wonderful service of dedication. The comradeship we get from the Association is so important to me and many others. Thank you”.

“Great day, thank you to all involved. Lovely to see some old friends (some missed too) xx”.

“Thank you to everyone for a great WRAC dedication service and for all your hard work”.

Major General Celia Harvey, Deputy Commander Field Army attended as VIP and said:

"I had the honour to attend the dedication of the wonderful WRAC Association Lady Statue alongside the relocated Ack Ack Memorial at the NMA. A memorial to the sacrifices and bravery of women in the BritishArmy, past and present, remembered with great comradeship today."

Of the research conducted for a Parliamentary Defence Select sub-committee into female military experiences, Women in the Armed Forces: From Recruitment to Civilian Life, Sarah Atherton MP said:

“I am proud that my ground-breaking inquiry into the female military and veteran experience gave women in our Armed Forces a voice on an unprecedented scale”.

Examples of Thank You Letters from Beneficiaries

“We write to thank you very much for your grant of £990 which was a valued contribution towards our heating upgrade. Our former heating was by weighty wood and coal, and the weighty 25 kg bags had become too heavy for us to handle. Sincerely, we thank you again for your financial assistance”. £990 housing repairs and maintenance.

“I would like to thank you from the bottom of my heart for the assistance you have given me. If it weren’t for your help I wouldn’t have been able to move into my flat”. £574.97 for white goods.

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“I would like to thank you for all the help over the last few years. The money is a godsend as I can get proper food as I’m diabetic and on insulin. Thank you again”. £40 per week PRMF Annual Maintenance Grant.

“Thank you for your assistance in helping me with the bed, chair and scooter. I am as active as I can be, but everything went at once. … Many thanks again for helping me”. £2,767.50 for electrical powered vehicle, profiling bed and riser recliner.

“Your very welcome support for these extra costs has been very timely, and has allowed us to keep XX in XX, a place that she now views as home. The whole family is extremely delighted and relieved that you have made this award. Thank you very much once again from us all”. £50 per week Care Enhancement Grant - Nursing Home Fee Top Up.

Performance Indicators

Performance Indicators
Target
2020		 Outcome 2020 Target
2021		 Outcome
2021
Benevolence Fund Grants Spend £326,200 £282,396 £335,00 £165,648
Number
of
Benevolence
Applications
Received		 to equal or increase
on previous year		 240 to equal or
increase on
previous year		 131
Successful Applications as % - 82% - 69%
Award of Christmas Gifts - £700 - £495
Reach of the Lioness twice a year more 3,150
+
Interim Bulletin
3,000		 more 3,100
Membership numbers more 2,911 more 2,959
Major events held i.e Grand Reunions 2 Major Events:
Dedication of
WRAC Statue,
NMA Summer
Event		 Nil
+
Virtual events
instead: VE Day,
podcasts released,
online VJ Day &
Remembrance
commentary.		 2 Major Event:
Dedication of the
WRAC Statue at
the NMA &
AGM 2021
Dinner
+
parade at the
Cenotaph		 1 Major Event:
Dedication of the
WRAC Statue at
the NMA
+
online AGM event

FINANCIAL REVIEW

The main income stream for both the Association and the Benevolent Fund is the income derived from the investment portfolio supplemented from time to time by legacies and donations. The Association also receives income from subscriptions at £10 per member per year.

In this financial year the Association showed net outgoings of £15,058. The net gain on investments this year was £266,283.

In this financial year the Benevolent Fund showed net outgoings of £113,012. The net gain on investments was £1,298,115.

The charity does not have a fundraising campaign as it does not actively fundraise and nor does it actively seek legacies. Trustees, Council and members are, however, appreciative of those who have made provision for the Association in their wills. Such legacies make a significant difference to the

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operational capability of the charity. In this Financial Year £11,858 was received into the Association comprising 5 legacies and 1 legacy of £2,500 into the Benevolent Fund.

The Internal Financial Controls Policy is reviewed annually in July.

FUNDRAISING ACTIVITIES

In response to amendments made to the Charities Act in 2016 requiring larger charities to report on their fundraising activities please see points below:

INVESTMENT POLICY AND PERFORMANCE

The investment objectives are set out in the Investment Policy; to balance income and capital returns over the long term, preserve the real capital value of the funds and meet the ongoing income requirements of the charity. The Investment Policy directs that Trustees instruct Brewin Dolphin to manage the charity’s investments.

Over the past twelve months, global investment markets continued their recovery from the lows of March 2020 albeit with some volatility during the period. Investment returns were led by equity markets with the UK, North American and Asian markets leading the way while bond markets generally detracted. Investors also saw a notable recovery in dividends following the postponements, cuts and cancellations of 2020. A sharp rise in inflation during the year focussed investors' attention as they conjured with the outlook for possible interest rate rises as well as the tapering of central bank stimulus. These issues coupled with elevated equity valuations, a possible slowdown in growth and supply-chain problems remain the key risks going forward. Brewin Dolphin advised that the portfolios remain well diversified and are structured to withstand these potential headwinds.

Environmental, social and governance (ESG) issues are integrated into our investment analysis in addition stewardship and engagement are important parts of Brewin Dolphin’s investment process. Climate Action 100+ are working with Brewin Dolphin.

Brewin Dolphin holds and protects money in portfolios under the Financial Conduct Authority (FCA) Client Money regulations. The FCA regulates the financial services industry in the UK. It’s role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. The FCA works with HM Treasury.

Performance - Total Returns net of fees 1 October 2020 - 30 September 2021

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Investment returns for Financial Year 2020 total £215,526; comprising £36,323 for the Association and £179,203 for the Benevolent Fund.

As at the end of September 2021, the Benevolent Fund held by Brewin Dolphin had a market value of £7,263,074 and the Association had a value of £1,637,675.

Whilst returns over the past 12 months have been robust, returns over the last Quarter very much reflect the more challenging investment background. High inflation, central bankers hinting that interest rate rises are not far off and a plateauing in global economic growth momentum have provided investors with an opportunity to take profits after the very significant returns of the last 18 months.

The Investment Manager reported quarterly to the Treasurer and twice in person to the Trustees in February and July 2021. Trustees continued to have full visibility through the Quarterly Reports and were able to be fully involved with the management of the portfolio and thus make balanced and adequately informed decisions, balancing short and long term objectives. Realistic income targets are produced to meet ongoing spending requirements.

Investment management costs of £40,457 for the year are charged to the portfolio.

The Investment Policy is reviewed annually in February.

RISK MANAGEMENT

Risk Management is a standing item on the Agenda at Trustees meetings and the Risk Register is regularly reviewed and revised by the Management Board. The most serious risk previously faced by the Association was the lack of succession planning for replacing the key positions amongst the current Officers of the Association. Following a Strategic Review, a replacement Vice President and a separate Chair of the Membership Council are now in place. A Chief Operating Officer has been appointed and undertakes line management of Association

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staff and other charity management responsibilities previously carried out by the Officers of the Association. Succession plans are being developed for all the Officer appointments.

The mitigation strategies/contingency plans in place are considered appropriate. The disaster recovery/major incident procedures were tested by the Association’s response to Covid-19 and worked very well.

RESERVES STRATEGY

Reserves are unspent income, resources that a charity has, or can make available, to spend for any or all of the charity’s aims once it has met its commitments and made provision for its other planned expenditure. A Reserves Policy provides essential accountability to funders, donors and other stakeholders and is held to help the charity operate efficiently. In today’s society everything is becoming more stringent, from core costs to public trust.

The charity uses easily accessible cash reserves (Special Interest Bearing Accounts (SIBA) and Common Investment Funds (COIF) deposit accounts) to meet unforeseen expenditure during the budgetary year such as temporary staff cover for long term sickness of paid staff, short term deficits of cash in bank for operational costs and expenditure taking place before the monthly investment income has been received.

When considering reserves, it is important to consider monies which will be needed over the next two years (short term); those possibly needed in two to five years (medium term); and those not needed in those time periods which would allow longer term investment. It is important to be aware of the importance of good cash management, striving to maintain a balance between prudence and the best possible utilisation of ‘spare’ cash whenever possible.

Income and expenditure as well as the level of cash reserves is monitored by the Financial Officer and reported quarterly to the Vice President and Treasurer through the Management Board. Trustees are responsible for ensuring the cash reserve is sufficient but not too large, particularly in times of low interest rates when cash on deposit loses real value. The Reserves Policy is reviewed annually every February. When reviewing the Reserves Policy Trustees always seek advice on market conditions from the Investment Manager. Brewin Dolphin confirms that the Reserves Policy reads very well and has no further recommendations to add.

As at 30 September 2021 the charity held total reserves of £8,992,682, of which £1,652,053 were Unrestricted and £7,340,629 were Restricted. (Cash reserves at £8,970 (Assn) and £58,501 (Ben)).

PLANS FOR THE FUTURE

This year has seen significant change within the management of the Association. The new Vice President, Fiona Gardner took up position in March 2021 and the outgoing Vice President has accepted the honorific position of Life Vice President. As a result of the Strategic Review, the Association identified four strategic objectives around Governance, Membership, Benevolence and Influence. A Chief Operating Officer (COO) was appointed in May 2021, taking over the management of the HQ office and working primarily on the charity’s development and engagement in the sphere of influence. Additionally, the EFC was dissolved with the Management Board, comprising the four officers of the Association and the COO, overseeing delivery and development in line with the strategic objectives. The Membership Council replaces the Council, and will be focussed on member needs and numbers.,

Following the Covid-19 pandemic, all staff have returned to office working. Lessons learned from pandemic working have allowed us to plan for alternative ways of delivering our core business. Video technology is now being used for more meetings, and whilst the AGM will return to in-person delivery next year, the meeting will be live-streamed to allow full access for all. The Buddy Buddy Scheme has enabled many of our members to have regular contact with either another member or a current servicewoman; it is hoped that these relationships benefit both ladies and could help to prevent and/or minimise isolation and loneliness. The Buddy Buddy Scheme will continue to be a core part of our

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

offering to members. Benevolence Fund applications continue to be lower than previously experienced, but this is expected to return to pre-pandemic levels in the coming year.

As the charity strives to increase its membership, and improve the offering to existing members, several changes have been introduced which it is hoped will pay dividends in the coming financial year. The Membership Council has planned an away day to tackle barriers to membership and meeting member’s needs, and a Trustees away day will develop the means of achieving influence on the wider female veteran agenda and the desired outcomes. The website has been re-launched, making it more easily navigable for members and new visitors alike, and increasing use of social media will continue to bring the Association to wider attention. 2022 will be a triennial Grand Reunion year where members new and old will be welcomed to join the celebratory weekend in Leeds.

Several high profile reports this year have explored the issues faced by women veterans, notably ‘We Also Served’ and ‘Protecting Those Who Protect Us: Women in the Armed Forces from Recruitment to Civilian Life’. Within the Office of Veteran Affairs and within Cobseo, there is increased focus on the female veteran experience, with the Female Veteran Cluster Group now firmly established within Cobseo. The Association is fully engaged with the cluster group and will continue to work closely with its executive committee over the coming year. The Association is committed to carrying out its own influence work with the following objectives:

These areas determine how the charity will prioritise and focus over the coming year, and develop a longer-term influence strategy.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status of the Charity

The Women’s Royal Army Corps Association, incorporating Queen Mary’s Army Auxiliary Corps and Auxiliary Territorial Service Comrades Association, is a registered charity, founded by a trust deed in 1919. The Association is governed by the rules and regulations set down in the trust deed.

Following advice received from the Charity Commissioner during the year ended 31 October 2000, two related but previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the Women’s Royal Army Corps Benevolent Fund, and The Princess Royal’s Memorial Fund) were amalgamated with the Association.

The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944. The Women’s Royal Army Corps Benevolent Fund was established by a trust deed on 28 December 1950. The Benevolent Funds were combined under a scheme of the Charity Commissioner on 28 April 1961. This scheme was superseded by another scheme on 21 October 1964, and subsequent supplemental orders dated 17 February 1993 and 3 April 1997.

The combined Benevolent Funds formed a registered charity, governed by the rules and regulations set down in the amended trust deeds. Following amalgamation with the Association, the charitable registration of the Benevolent Funds, under charity number 247793, was removed and the funds were re-registered as a subsidiary charity of the WRAC Association.

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Princess Royal’s Memorial Fund was established under a trust deed dated 30 March 1966, and was a registered charity, under charity number 248204. Following amalgamation with the Association, the separate charitable registration has ceased.

Charity Name

WRAC Association (incorporating Queen Mary’s Army Auxiliary Corps and The Auxiliary Territorial Service Comrades Association).

Charity Number

206184

Charity Number
206184
Principal Address Banker Auditor

Unit 11
Basepoint Business Centre
1 Winnall Valley Road
Winchester
Hampshire
SO23 0LD		 Royal Bank of Scotland
31-37 Victoria Road
Farnborough
Hampshire
GU14 7NR		 Rothmans Audit LLP
Avebury House
6 St Peter Street
Winchester
Hampshire
SO23 8BN

Investment Manager

Brewin Dolphin 12 Smithfield Street London EC1A 9BD

The Trustees and Council of the Association

The Trustees are the Managing Trustees of the WRAC Association and are:

The Association Officers – Vice President, Chair of the Membership Council, Chair of the Benevolent Fund Grants Committee and the Treasurer.

Elected Members – up to 9. An Elected Member shall be proposed by any other Trustee and is to be approved by the Trustees. An Elected Trustee Member shall serve for an initial period up to 3 years and thereafter may be re-appointed and serve for up to two more consecutive 3 year terms (9 years in total) with annual ratification by the Trustees.

The Membership Council sets the strategy for relationships with WRAC Association Branches, Members and the wider Service charity sector, particularly in relation to membership relations, and it retains responsibility for the charity's Objects. The Membership Council consists of:

Chair of the Membership Council (a Trustee) Chair of the Benevolent Fund (a Trustee) All Life Vice Presidents All Area Co-ordinators Editor of the Lioness - ex officio

Honorary Appointments within the Association to act as ex officio members (e.g. Lawyer and Padre) except the Treasurer who is an Officer of the Association.

Management Board

The Management Board assumed many of the roles and responsibilities of The Executive and Finance Committee (EFC). It is responsible for the execution of the WRAC Association’s business in accordance with the Trustees’ and Membership Council’s strategic direction and is accountable to the Trustees for all aspects of its delivery in support of the WRAC Association’s Objects. It is supported by other sub committees formed for specific purposes.

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

The members of the Management Board are:

Vice President & Chair of Board of Trustees Chair of Membership Council (and Deputy Vice President) Chair of Benevolent Fund Treasurer

Those who have held office since 1 October 2020 are as follows:

Trustees
Brig (Retd) FH Gardner CBE Vice President Appointed Vice President March
2021
Appointed Trustee February 2020
Col (Retd) AK Brown OBE Vice President
Resigned as Vice President &
Trustee March 2021
Appointed Trustee July 2012
Reappointed Trustee July 2020
Lt Col (Retd) RC Naile MBE Chair
of
the
Membership
Councilfrom March 2021
Chair of the EFC to March
2021
Appointed Trustee July 2014
Reappointed Trustee July 2021
Col (Retd) IM McCord Chair of the Benevolent Fund Appointed Trustee July 2013
Reappointed Trustee July 2021
Maj (Retd) B Davies Treasurer Appointed Trustee July 2016
Reappointed Trustee July 2021
Maj (Retd) MCM Jones Deputy Chair of the EFC to
March 2021
Appointed Trustee May 2015
Reappointed Trustee July 2021
Maj (Retd) CH Merrington-Rust
MBE		 Deputy Chair of the Benevolent
Fund
Appointed Trustee April 2015
Reappointed Trustee July 2021
Brig (Retd) NP Moffat CBE Resigned as Trustee July 2021
Appointed Trustee July 2011
Reappointed Trustee July 2020
Miss B Johnson Co-opted member of the EFC to
March 2021
Appointed Trustee February 2017
Reappointed Trustee July 2021
Mrs S Mackenzie Appointed Trustee February 2017
ReappointedTrustee July2021
Col (Retd) A Hassell Appointed Trustee August 2017
Reappointed Trustee July 2021
Lt Col (Retd) T Savage
Appointed Trustee July 2019
Served as NEM November 2018 -
June2019
Ms SMF Veillard-Thomas Appointed Trustee July 2019
Non-Executive Member (NEM)
Miss DJ Ogden Appointed NEM February 2016
Reappointed NEM July 2021
Ex-Officio Appointments
P Rogers Chief Operating Officer Appointed May 2021
MrsPF Muxworthy Association Secretary AppointedMay2017

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Membership Council
post March 2021
Lt Col (Retd) RC Naile MBE Chair of Membership Council
from March 2021
Chair of the EFCto March 2021		 Appointed Chair of EFC July
2014
Resigned as Chair of EFC March
2021
Col (Retd) IM McCord Chair of the Benevolent Fund Appointed Chair of Ben Fund
July 2017
pre March 2021

Association Officers
Col (Retd) AK Brown OBE Vice President Appointed VP July 2014
Resigned March 2021
Lt Col (Retd) RC Naile MBE Chair of the EFC
Appointed Chair of EFC July
2014
Col (Retd) IM McCord Chair of the Benevolent Fund Appointed Chair of Ben Fund
July 2017
Maj (Retd) B Davies Treasurer Appointed Hon Treas July 2017
Life Vice Presidents
Lt Col (Retd) The Lady Martha
Bruce OBE TD		 Appointed 1998
Brig (Retd) SP Nield CBE Appointed November 2003
Died January 2020
Brig (Retd) NP Moffat CBE Appointed July 2011

Lt Col (Retd) SJ Westlake MBE
Appointed August 2015

Col (Retd) AJ Smith
Appointed July 2017
Col (Retd) AK Brown OBE Appointed July 2021
Area Co-ordinator
Miss A Foster South & South West Appointed July 2020
Miss LJ Hatch Eastern Appointed January 2020
Miss NT Smith London & South East Appointed August 2017
Mrs L Roberts Northern
Appointed February 2019
MrsBJAnderson Wales & West Midlands
Appointed July2017
Maj (Retd) H Jephcote Scotland & Northern Ireland Appointed September 2019
Ex-Officio Appointments

MrsPF Muxworthy		 Editor ofLioness AppointedMay2017
Honorary Appointments

The Reverend SM Wing		 Honorary Padre Appointed 2013
Staff Appointments
P Rogers Chief Operating Officer Appointed May 2021
Maj (Retd) JR Doig Finance Officer Appointed October 2015
Mrs J Winks Benevolent Fund Secretary Appointed July2018
T-J Park Office Manager Appointed April 2012

The Role of Trustees

On-going Trustee training is now well established, as is the format of 3 meetings per year with one meeting being an away day for the discussion of strategic issues. The Board of Trustees comprised 11 at the close of this Financial Year, with two trustees, Ali Brown and Nicky Moffat, stepping down during this reporting period. The current skill set of the Trustees means that the Board is better able to provide the Association with the appropriate direction. Nominations for Trustees are regularly

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REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

called for, both in the Lioness and at the AGM. The role of the Trustee is now firmly established and the statutory requirements are being met in full.

On appointment, all Trustees receive a copy of the current Annual Report and Accounts, the latest WRAC Association Constitution with Annex A – ‘Duties of a Trustee’ and a copy of the Charity Commission document ‘The Essential Trustee’. A covering letter from the Vice President accompanies this pack of documents. Annual Trustee training has been introduced for all Trustees and new Trustees are required to attend a formal Trustee training day within 3 months of appointment. All training during 2021 took place online.

To provide the level of Governance necessary for the WRAC Association, the Trustees are expected to attend all 3 Trustees Meetings annually, the AGM, and at least two Major Grants Committee Meetings (MGCM) a year, prior to which a newly inducted Trustee would be expected to shadow a MGCM at least once. The WRAC Association continues to subscribe to the Charity Commission’s on-line updates and the Cobseo newsletter, and distributes updates to Trustees as and when necessary. All Trustees are signed up to the monthly Gov.UK updates on charity governance and regular bulletins from the NCVO.

This year’s away day took place online due to Covid-19 restrictions, as did the February Trustee meeting. In accordance with the Constitution all participants were able to communicate with and see all other participants. In-person Trustee Meetings resumed in July 2021 with the option of attendance via video-link.

Trustees are required to disclose all relevant interests and register them with the Vice President and in accordance with the WRAC Association’s policy are to withdraw from decisions where a conflict of interest arises.

The Role of Area Co-ordinator

The annual commitment for Area Co-ordinators is attendance at the AGM, 2 x Membership Council Meetings, an Area Reunion and at least one Major Grants Committee Meeting (MGCM), prior to which a newly inducted Co-ordinator would be expected to shadow a MGCM at least once. A Membership Council Away Day has been introduced and planned for early next year.

The first Council meeting of the year was held online due to Covid-19 restrictions; in accordance with the Constitution all participants were able to communicate with and see all other participants. In-person meetings resumed in July 2021 with the option of attendance via video-link.

One Area Co-ordinator has signalled her intention to retire and will do so in February 2022. A suitable replacement has been found and is receiving training for her new role. It continues to be difficult to recruit Area Co-ordinators as long-standing appointees retire. The trend continues to be more informal Branches who meet in small groups and communicate by social networks. The Association’s presence on sites such as Facebook continues to increase, and this is supported by the charity’s own Facebook page and website. Membership numbers continue to be a concern, and the Area Co-ordinators are key to this. Membership Council remains the consolidated voice of the membership to the Trustees and the charity aspires to have an output-based approach with the key purpose of ensuring that Part a. of the WRAC Association’s charitable Object is met.

KEY MANAGEMENT PERSONNEL REMUNERATION

The Trustees consider that the Board of Trustees comprise the key management personnel of the charity in charge of directing and controlling the Association; and direct the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the reporting year. Details of Trustee expenses and related party transactions are disclosed in this report.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

Page 20

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Opinion

We have audited the financial statements of The Women’s Royal Army Corps Association for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements 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 other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

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THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine 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 trustees are responsible for assessing the Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives 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 is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

Page 24

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Notes
INCOME FROM:
Donations and legacies
1
Charitable activities
2
Investments
3
Other income
4
TOTAL INCOME
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
Total Expenditure
Net Gains / (losses) on investments
10
NET INCOME / (EXPENDITURE)
Transfers between funds
16
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total Funds brought forward
19
Total funds carried forward		 Unrestricted
General
Designated
Restricted
Funds
Funds
Funds
£
£
£
42,664
-
10,012
-
-
-
36,323
-
179,203
9,865
-
279
88,852
-
189,494
7,836
-
32,621
96,074
-
269,885
103,910
-
302,506
266,283
-
1,298,115
251,225
-
1,185,103
14,859
(14,859)
-
266,084
(14,859)
1,185,103
1,385,969
14,859
6,155,526
1,652,053
-
7,340,629		 Total
Total
Funds
Funds
Year
Year
Ended
Ended
30.09.2021
30.09.2020
£
£
52,676
77,688
-
-
215,526
236,017
10,144
12,022
278,346
325,727
40,457
36,702
365,959
477,864
406,416
514,566
1,564,398
(177,273)
1,436,328
(366,112)
-
-
1,436,328
(366,112)
7,556,354
7,922,466
8,992,682
7,556,354

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 27 to 43 form part of these financial statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION Page 25 BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Notès FIXED ASSETS Inlangible 8ssets Taryible assets Investments 11.994 4,528 8,901,216 8.917.738 13,887 1.651 7,426.275 7.441.813 10 CURRENT ASSETS Stock Debtors Cash 8t bank ar*J in hand 11 12 13 5,782 31.776 67 004 104.562 6,592 70.914 72,893 150.399 LIA8ILrriES Credtlors.. Amounts falling due within year 14 29,618 35.858 NET CURRENT ASSETS 74,944 114.541 TOTAL NEf ASSErs 8,992.682 7,556,354 FLINDS OF THE CHARrr Restrictwj Furxls: The 8enevolenl Funds The WRAC Staiue Fw 17 18 7.340.629 6,155,526 Unrestrided funds.. General Funds 19 1,652.053 1,385.969 Designaled funds: Membership lrfe subs(xiption fund 16 14.859 TOTAL FUNDS 19 8,992,682 The financial staternents were ak￿r0￿d by the Board of Trustees Oll on its behalf by. and were 8ign8d Brigadw (Ret red) FK￿a Gar(kner C8E. Chairman The n￿e8 on pa￿S 27 10 43 fomi part oflhese finan¢lalst8lements.

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

Page 26

STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

Notes
Net cash (used in) operating activities:
1
Cash flows from investing activities
Dividends and interest from investments
Purchase of intangible assets
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
2		 2021
£
(307,105)
215,526
-
(3,767)
325,477
(236,020)
301,216
(5,889)
72,893
67,004		 2020
£
(457,907)
236,017
-
-
436,789
(235,908)
436,898
(21,009)
93,902
72,893

NOTES TO THE STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS NOTE 1: RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds
Adjustments for:
Depreciation and amortisation charges
(Gains)/losses on investments
Dividends and interest from investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (used in) operating activities		 2021
£
1,436,328
2,783
(1,564,398)
(215,526)
810
39,138
(6,240)
(307,105)		 2020
£
(366,112)
3,253
177,273
(236,017)
1,617
(40,129)
2,208
(457,907)
STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
£ £
Cash at bank and in hand 67,004 72,893
Net cash used in operating activities 67,004 72,893
ACCOUNTING POLICIES
BASIS OF ACCOUNTING

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

The accounts (financial statements) of the charity have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The presentational and functional currency of the charity is Pound Sterling. The accounts are rounded to the nearest pound.

The Charity’s principle office is Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester, Hampshire, SO23 0LD.

The trustees consider that there are no material uncertainties about the Association’s ability to continue as a going concern. There are no significant judgements which affect the amounts recognised in these financial statements.

With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.

FUND STRUCTURE

Following advice received from the Charity Commissioners during the year ended 31 October 2001, two related, but previously separate charities (The Auxiliary Territorial Service Benevolent Fund & The Women’s Royal Army Corps Benevolent Fund, and The Princess Royal’s Memorial Fund) were amalgamated with the Association.

The Benevolent Funds including the Princess Royal Memorial Fund is the restricted fund representing the activities of The Auxiliary Territorial Service and The Women’s Royal Army Corps Benevolent Fund (incorporating the Princess Royal’s Memorial Fund) that provides one-off grants, annuities and nursing home fees to ex-service women. The funds of these amalgamated charities are treated as restricted by the Trustees, and are only applied for the purposes specified in the original objects of the charities concerned.

In addition, there is an unrestricted but designated fund for life subscriptions that make transfers to the unrestricted fund, as income received in advance is realised.

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

FUND STRUCTURE (continued)

These financial statements present in aggregate, the results for the year ended 30 September 2021 and the balance sheet position as at 30 September 2021, for the three original charities with comparatives for the year ended 30 September 2020.

THE BRANCHES OF THE ASSOCIATION

The Branches of the Association do not expressly further its Objects through any explicit or implicit power provided by the Association’s Constitution; neither control nor management is exercised. Furthermore, the Association’s Constitution recognises formally the distinctiveness of a Branch’s financial commitments from that of its own. On that basis, Council has decided to separate any financial connection that has existed and recognise in a clear and transparent way that there is no financial dependency of the Association on the Branches or vice-versa and that neither control nor management has been or will be exercised. As such branch income and expenditure is not recognised in these financial statements

INCOME RECOGNITION

All incoming resources are recognised once the charity has entitlement to the income, it is probable that the income will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Donations are recognised upon receipt. Membership income is recognised evenly over a 12-month period from the date of receipt. Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

RESOURCES EXPENDED

All expenditure is accounted for on an accruals basis, and has been classified under headings that aggregate all costs related to that category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. They are accounted for when the recipient has a reasonable expectation that they will receive a grant, and the Trustees have agreed to pay the grant without condition.

All resources expended are inclusive of irrecoverable VAT.

ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS

Management and administration costs, including support costs and governance costs, have been allocated between charitable activities as shown in note 7. Where costs cannot be directly attributed to a particular activity they are allocated on a basis consistent with the use of resources, for example, staff costs are allocated based on the proportion of time spent by staff members on each activity.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit.

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

FINANCIAL INSTRUMENTS

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 investments which are measured at their fair value as described more fully below.

INTANGIBLE FIXED ASSETS

Intangible assets consist of computer software costs related to the design and building of a bespoke online database. The asset was in development as at 30 September 2017 and was brought into use in February 2018. The charity intends to keep updating the database software as necessary and to use it for the foreseeable future so it is not possible to reliably estimate the actual lifespan of this asset. A 10-year lifespan has therefore been adopted as this is the longest period permitted by FRS102 in these circumstances. Amortisation costs are included within expenditure on charitable activities in the Statement of Financial Activities.

TANGIBLE FIXED ASSETS

Assets costing £100 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment – Straight Line over 5 years Office equipment – Straight Line over 10 years

Prior to the year ended 30 September 2021 the charity depreciated computer equipment straight line over 3 years, but this policy has been updated to better reflect actual retention periods.

INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The Trust does not acquire put options, derivatives or other complex financial instruments.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

STOCKS

Stocks are stated at the lower of cost and net realisable value.

CREDITORS

Creditors 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 recognised at their settlement amount after allowing for any trade discounts due.

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

LIFE SUBSCRIPTIONS

Life subscriptions are accounted for when received, and allocated to specific designated funds to be released to general funds on a straight line basis over a period of 20 years. The charity ceased offering life subscriptions in April 2015 and released all remaining designated funds in FY2021.

PENSION COSTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the income and expenditure account.

FUNDS RECEIVED AS AGENT

Where the charity receives resources which it is bound to pay over to a specified third party the transaction is not recognised in these accounts as the charity has no discretion over the use to which the funds are applied. The receipt of funds is not recognised as income nor is the distribution of funds recognised as expenditure.

1. DONATIONS AND LEGACIES

Unrestricted
Annual Association subscriptions
Donations to the Association
Legacies
Restricted
The Benevolent Funds:
Donations
Legacies
Grants Returned
The WRAC Statue Fund:
Donations
2.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Income from Grand Reunion		 2021
£
11,499
19,307
11,858
42,664
1,210
2,500
6,302
-
10,012
2021
£
-
-		 2020
£
11,616
25,306
19,500
56,422
1,595
75
19,012
584
21,266
2020
£
-
-

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

3. INVESTMENT INCOME

Unrestricted
Dividend income
Deposit & SIB accounts interest
Restricted
The Benevolent Funds:
Dividend income
Deposit & SIB accounts interest		 2021
£
36,321
2
36,323
179,199
4
179,203
215,526		 2020
£
38,364
78
38,442
197,543
32
197,575
236,017

Investment income arises from the charity’s investment portfolio, which is a financial instrument carried at fair value through the Statement of Financial Activities.

4. OTHER INCOME

Unrestricted
Memorabilia Sales
Prize Draw
Gift Aid Tax
Restricted
Gift Aid Tax		 2021
£
7,972
-
1,893
9,865
279
10,144		 2020
£
8,140
1,253
2,300
11,693
329
12,022

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

5. EMPLOYEES

The average monthly number of persons (excluding
Trustees) employed by the Association during the
year was:
Office & Administration
Staff costs for the above persons:
Wages & Salaries
Social Security Costs
Pension Costs		 2021
4
£
86,226
916
5,203
92,345		 2020
4
£
71,474
2,136
4,255
77,865

No employees received employee benefits in excess of £60,000.

The charity considers the Board of Trustees to be its key management personnel. No Trustee received any remuneration for services to the Association in the current or previous year. Reimbursements for travel expenses totalling £1,782 were made to 7 Trustees (2020: £6,284 to 8 Trustees) and of £805 to 4 council members (2020: £1,500 to 5 council members).

The charity makes contributions to defined contribution pension schemes on behalf of its employees. The costs of these contributions are allocated between unrestricted and restricted funds on the basis of the time spent by each employee on the activities undertaken by each fund.

6 RAISING FUNDS

RESTRICTED
Benevolent Fund - Investment Management
UNRESTRICTED
Investment Management		 2021
£
32,621
32,621
7,836
7,836		 2020
£
29,770
29,770
6,932
6,932

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

7. CHARITABLE ACTIVITIES

Unrestricted Funds:
Maintaining contact and
fostering friendships
Restricted Funds:
Fostering esprit de corps,
comradeship and welfare		 Direct
Grant
Support
Total
Total
Costs
Funding
Costs
2021
2020
£
£
£
£
£
11,820
-
84,254
96,074
85,760
25,757
165,648
78,480
269,885
392,104
37,577
165,648
162,734
365,959
477,864
UNRESTRICTED
Direct Costs
Grand Reunion
Remembrance
NMA Maintenance
Memorabilia Purchases for Shop
Standard Bearers
Flowers
Presentations
Statue Unveiling
100 Wonderful Women Book (Book)
Christmas Cards
Support Costs
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry office expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governance - AGM
Governance - Trustees meetings, training & advice
Governance - Trustees Costs
Governance - Council Costs
TOTAL UNRESTRICTED		 2021
£
-
1,444
-
5,219
97
779
346
2,239
104
1,592
11,820
47,922
573
2,991
14,268
10,835
1,590
648
2,082
1,635
905
805
84,254
96,074		 2020
£
-
301
1,523
3,204
796
249
590
-
1,916
0
8,579
41,378
341
3,782
11,395
10,769
1,561
630
267
2,416
3,142
1,500
77,181
85,760

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

7. CHARITABLE ACTIVITIES (continued…)

RESTRICTED
Direct Costs - Grant Funding
Benevolent Funds grants to 97 (2020: 215) individuals
Princess Royal's Memorial Grants to 22 (2020: 30) individuals
Annual Maintenance Grants to 4 (2020: 3) individuals
Direct Costs (Benevolent Funds)
Lioness publication costs
Christmas Cards
Direct Costs (WRAC Statue Fund)
WRAC Statue
Support Costs (Benevolent Funds)
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry office expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governance - AGM
Governance - Trustees meetings, training & advice
Governance - Trustees Costs
TOTAL RESTRICTED
TOTAL COSTS OF CHARITABLE ACTIVITIES		 2021
£
110,429
46,619
8,600
165,648
24,165
1,592
25,757
-
-
44,423
540
603
15,711
10,835
1,590
648
2,082
1,172
876
78,480
269,885
365,959		 2020
£
215,002
63,624
3,770
282,396
21,132
-
21,132
14,241
14,241
36,487
451
1,078
17,792
10,753
1,545
630
407
2,050
3,142
74,335
392,104
477,864

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

8. INTANGIBLE ASSETS

COST
At 01 October 2020
Additions
Disposals
At 30 September 2021
AMORTISATION
At 01 October 2020
Charge for year
Elimination on Disposals
At 30 September 2021
NET BOOK VALUE
At 30 September 2021
At 30 September 2020		 Computer
Software
£
18,938
-
-
18,938
5,051
1,893
-
6,944
11,994
13,887		 Total
£
18,938
-
-
18,938
5,051
1,893
-
6,944
11,994
13,887

Note: Intangible assets related solely to a database developed for the Restricted Benevolent Funds.

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

9. TANGIBLE FIXED ASSETS

COST
At 01 October 2020
Additions
Disposals
At 30 September 2021
DEPRECIATION
At 01 October 2020
Charge for year
Elimination on Disposals
At 30 September 2021
NET BOOK VALUE
At 30 September 2021
At 30 September 2020
Note:Fixed assets are allocated between funds as
Unrestricted Fund
Restricted Funds - Benevolent Funds
Net Book Value at 30 September 2021
Unrestricted Fund
Restricted Funds - Benevolent Funds
Net Book Value at 30 September 2020		 Computer
Fixtures &
Equipment
Fittings
£
£
4,879
4,209
3,310
457
(1,368)
(836)
6,821
3,830
4,879
2,558
202
341
(1,368)
(489)
3,713
2,410
3,108
1,420
-
1,651
follows:
1,772
512
1,336
908
3,108
1,420
-
783
-
868
-
1,651		 Total
£
9,088
3,767
(2,204)
10,651
7,437
543
(1,857)
6,123
4,528
1,651
2,284
2,244
4,528
783
868
1,651

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

10. INVESTMENTS

Unrestricted general funds:
Brewin Dolphin Portfolio
COIF Deposit Account
Restricted Benevolent Funds:
Brewin Dolphin Portfolio
Total investments at market value
Investments at fair value comprise:
Listed Investments
Cash held within the investment portfolio
Market value brought forward at 1 October
Additions
Disposals
Unrealised gains / (losses)
Market value carried forward at 30 September		 2021
£
1,637,675
467
1,638,142
7,263,074
7,263,074
8,901,216
2021
£
8,750,194
151,022
8,901,216
2021
£
7,426,275
236,020
(325,477)
1,564,398
8,901,216		 2020
£
1,358,510
10,467
1,368,977
6,057,298
6,057,298
7,426,275
2020
£
7,340,525
85,750
7,426,275
2020
£
7,804,429
235,908
(436,789)
(177,273)
7,426,275

The historical cost of these investments, purchased at various dates, is as follows:

Unrestricted general funds
Restricted funds:
Benevolent Funds		 2021
£
1,216,342
5,105,453
6,321,795		 2020
£
1,213,460
5,197,792
6,411,252

The investments are a financial asset measured at fair value through the Statement of Financial Activities

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

11 STOCK

Memorabilia Stock
12
DEBTORS
Due Within One Year:
Prepayments
Accrued Income
Other Debtors
Unrestricted
Restricted
13.
CASH AT BANK & IN HAND
Current accounts
Deposit accounts
Cash in hand
Unrestricted
Restricted		 2021
£
5,782
5,782
2021
£
30,227
538
1,011
31,776
3,348
28,428
31,776
2021
£
18,423
48,501
80
67,004
8,503
58,501
67,004		 2020
£
6,592
6,592
2020
£
67,119
2,489
1,306
70,914
6,722
64,192
70,914
2020
£
20,000
52,893
-
72,893
25,992
46,901
72,893

Cash at bank and in hand is a financial asset measured at amortised cost.

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

14. CREDITORS

Amounts falling due within one year:
Accruals
Taxation & Social Security
Deferred Income
Other Creditors
Unrestricted
Restricted
Deferred income:
Deferred income brought forward
Income released in current year
Income deferred in current year
Deferred income carried forward		 2021
£
22,871
1,497
4,574
676
29,618
9,881
19,737
29,618
2021
£
5,383
(5,383)
4,574
4,574		 2020
£
29,517
876
5,383
82
35,858
10,747
25,111
35,858
2020
£
3,769
(3,769)
5,383
5,383

The deferred income relates to membership subscriptions and other income for the next financial period which were received during the current year.

15. FUNDS RECEIVED AS AGENT

The charity did not receive any funds as an agent in the year ended 30 September 2021 or the year ended 30 September 2020.

16. DESIGNATED FUNDS

16.
DESIGNATED FUNDS
01 October 2020
Subscription Income
Transfers to general funds
30 September 2021		 Life
Total
Total
Membership
2021
2020
£
£
£
14,859
14,859
16,721
-
-
-
(14,859)
(14,859)
(1,862)
-
-
14,859

Designated funds relate to membership life subscriptions which were released to general funds on a straight line basis over a period of 20 years. The charity ceased offering life subscriptions in April 2015 and in February 2021 the Trustees determined that there was no need to continue holding these funds separately and the remaining balance was released to unrestricted reserves.

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

17. THE BENEVOLENT FUNDS

17.
THE BENEVOLENT FUNDS
01 October 2020
Incoming resources
Donations and legacies
Investment Income
Other income
Resources expended
Raising Funds - Investment management costs
Charitable activities
Gains on investments
Transfer from Princess Royal's Memorial Fund
30 September 2021		 2021
£
6,155,526
10,012
179,203
279
(32,621)
(269,885)
1,298,115
-
7,340,629		 2020
£
6,513,152
20,682
197,575
329
(29,770)
(377,863)
(168,579)
-
6,155,526

Cumulative unrealised gains on investments included in The Benevolent Funds balance at the year-end amounted to £2,157,621 (2020: £859,506)

The Benevolent Funds including the Princess Royal Memorial Fund is the restricted fund representing the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund (incorporating the Princess Royal's Memorial Fund), which is a subsidiary charity of the WRAC association. The funds may be applied only in pursuance of the objects of the charity, namely:

The Trustees may relieve persons in need by:

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

18. THE WRAC STATUE FUND

01 October 2020
Incoming resources
Donations and legacies
Resources expended
Charitable activities
Transfer from Unrestricted Funds
30 September 2021		 2021
£
-
-
-
-
-		 2020
£
7,621
584
(14,241)
6,036
-

The WRAC Statue fund was a fund to create a WRAC Statue to be placed in the charity’s plot at the National Memorial Arboretum in Staffordshire next to the existing ATS Statue, to carve WAAC and WMAAC badges for the ATS Statue and to cover the maintenance costs for the next 10 years. The statue was produced and installed at the NMA in FY2020 and all restricted funding was expended in that year.

19. TOTAL FUNDS OF THE ASSOCIATION

Unrestricted Funds:
General funds
Designated funds:
Membership life subscription fund
Restricted Funds:
The Benevolent Funds
The WRAC Statue Fund		 1 Oct
2020
Incoming
Outgoing
30 Sep
2021
Resources
Resources
Transfers
£
£
£
£
£
1,385,969
355,135
(103,910)
14,859
1,652,053
14,859
-
-
(14,859)
-
6,155,526
1,487,609
(302,506)
-
7,340,629
-
-
-
-
-
7,556,354
1,842,744
(406,416)
-
8,992,682

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Year Ended 30 September 2021
Unrestricted Funds:
General funds
Designated funds: Membership life subscription fund
Restricted Funds:
The Benevolent Funds
The WRAC Statue Fund		 Fixed
Net Current
TOTAL
Assets
Assets
2021
£
£
£
1,640,426
11,627
1,652,053
-
-
-
7,277,312
63,317
7,340,629
-
-
-
8,917,738
74,944
8,992,682

Cumulative unrealised gains on investments included within the unrestricted general funds balance at the year-end amounted to £421,800 (2020: £164,211)

Year Ended 30 September 2020
Unrestricted Funds:
General funds
Designated funds: Membership life subscription fund
Restricted Funds:
The Benevolent Funds
The WRAC Statue Fund		 Fixed
Net Current
TOTAL
Assets
Assets
2020
£
£
£
1,369,760
16,209
1,385,969
-
14,859
14,859
6,072,053
83,473
6,155,526
-
-
-
7,441,813
129,400
7,556,354

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STATEMENT OF CASH FLOWS AS AT 30 SEPTEMBER 2021

21 ULTIMATE CONTROLLING PARTY

The charity is controlled by its Trustees.

22 RELATED PARTY TRANSACTIONS

There were no transactions with related parties during the year, other than the reimbursement of expenses to Trustees as disclosed in note 5.

THE WOMEN’S ROYAL ARMY CORPS ASSOCIATION

YEAR ENDED 30 SEPTEMBER 2021

IN MEMORIAM

Donations were made by individuals and Branches in memory of the following:

Jean Ansell RIP

M Pearce RIP

Margaret Gallafent RIP Kathleen Laurence-Smith RIP

Shirley Knight RIP

J McDougall RIP Daphne Brookes RIP

Joan Bowden RIP

Margaret Wilson RIP

Lynn Ashby RIP

Cicely Anne Dolman RIP

Brig (Retd) Shirley Patricia Nield CBE RIP Irene Eugene Wigley RIP

Pat Stephenson RIP Ann Leyland RIP Emily Tippett RIP