**----- Start of picture text -----**<br>
Apa)?<br>“ i es<br>Oe)<br>I<br>A<br>C<br>L<br>A<br>Y<br>O T<br>O A<br>I<br>R<br>S<br>R<br>S O<br>'S M<br>A N<br>N Y<br>E C<br>M O<br>WO RPS<br>**----- End of picture text -----**<br>


Ber \ opr 



> benevolence and mutual support eo a = io a = to former members of the ATS i i) i ir Soa SS = - fa and WRAC and exert infl uence within the military charity sector —— —— = —— = = to broaden support for female | BS aiefe eeI ee ADEAeanSe 

> veterans. ng ee ae ——“.ee 



BENEVOLENCE SPEND
£188,753
spent on
163
beneficiaries
COMRADESHIP
572
Branches meet every
month around the
globe (mostly in UK)
Members attended
national events
73
MEMBERSHIP
3000"
Members

## Vice President Brig (Retd) Fiona Gardner CBE 

The year started in the shadow of the Covid pandemic, but as restrictions lifted we could resume activities to renew friendships and comradeship.  Our Grand Reunion was a roaring success with over 350 members joining a weekend of celebration in Leeds in March and in May we remembered the 26 members of the ATS killed in a 1943 air raid in Great Yarmouth.  In July we dedicated a new WRAC tree in the line of antecedents at the National Memorial Arboretum, and we attended Remembrance in person 

at both the Cenotaph and in Guildford. 

Our new structure has now bedded in.  The CEO, Paula Rogers, is established as the driving force within our Headquarters, whilst the Membership Council has grown in strength and influence; leading events for our members.  The Board of Trustees have said farewell to Barbara Davies, replaced as Treasurer by Tim Savage.  As Trustees our focus has been on Influence, and we have established a strong Association voice within Cobseo and the Army. 

But the year has been overshadowed by the death of Her Late Majesty Queen Elizabeth II. As the nation remembered our Sovereign, the Association mourned our Queen, our Patron, one of our ATS members.  I was very proud to represent the Association at Her Majesty’s funeral, a most moving and poignant event.  A special edition of the Lioness was produced to commemorate her reign, and her strong connection to the ATS, the WRAC and the Association. 

## Chair of the Membership Council Lt Col (Retd) Rowena Naile MBE 

The Membership Council exists to further the object of the Association, mainly by providing social gatherings to foster friendship amongst women who have served and those still serving and provide comradeship to our Members.  To that end in 2022, we organised 4 events open to all members - the Grand Reunion in March, Commemoration of the ATS memorial in Great Yarmouth in May, Tree dedication at the National Memorial Arboretum in July and a Service of Thanksgiving for 

HM the Queen in September.  To enable as many members to participate we live stream as many events as the weather allows us.  Other events are organised through the Association for external agencies but are for limited numbers e.g. only 100 tickets for the Cenotaph on Remembrance Sunday. 

The Branches and Groups remain the main focus for providing comradeship and these all work in different ways depending on the numbers and age of the members.  We have been unable to recruit an Area Coordinator for the Central Area and as a temporary measure the four branches have been allocated to neighbouring Areas to ensure that the groups and branches have the support that they require. 

Work is ongoing to improve the package for members and the Working Groups – Membership, Lioness, Events and Web (made up of Trustees/Area Coordinators, staff and members) are providing a balance of views to replicate the diversity and wishes of our members.  A Membership Pack has been created for all new members and new Area Coordinators. 



Chair of the Benevolent Fund Col (Retd) Isabel McCord 

The Benevolent Fund awards grants to purchase specific goods, services or facilities for eligible former servicewomen, or their dependents, in need.  The focus of these grants is to offer a “hand up not a hand out”. 

With 53% of our beneficiaries aged 70+, the cornerstone of our activity remains supporting care for those over pension age with annual maintenance grants, nursing home top-ups and care at home.  As energy concerns rose in February 2022, the Trustees agreed to award a fuel crisis payment of £100 to all beneficiaries receiving a recurring grant.  A further award of £250 was made in September, with a total spend of £6,780 to alleviate energy concerns in 2022. 

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. 

Applications received for assistance were up by 61% on the previous year.  Sadly the highest spend for one-off grants was for funerals with a spend of £25,706.  The total spend on benevolence grants was £188,753, which directly benefited 163 female veterans.   Details of how to apply for grants are available on the charity’s website and published in the Lioness. We also produced a poster we would like key players to display in the public domain and have liaised with veteran’s leads within the NHS. 

## Chief Executive Officer Paula Rogers 

It has been a privilege to have spent my first full year working with my dedicated staff team to deliver an active and engaging association for our members.  Meeting more female veterans at events throughout the year has allowed me to hear for myself what our members need from us, and target our future plans to meet these requirements.  2022 saw 30 years since the disbandment of the WRAC – a significant year for us and for our members who saw the end of one era and the start of a new chapter for servicewomen. 

The WRAC Association’s election to the Cobseo Executive Committee in the summer has given me a seat at the table alongside major service charities including RBL, SSAFA and a host of veteran-facing organisations which deliver so many important veteran provisions across the UK.  Working alongside these partners has amplified the voice of female veterans at the top tables, and helps to ensure that their needs will be considered and included in the year to come and beyond. 

Our website has a fresh new look, with more content to be enjoyed by visitors to the site and within our member’s section.  We continue reaching out to our members through social media, as well as via our Lioness magazine, and are always delighted to receive positive feedback from our members.  Offering support and camaraderie in good times and bad, this has been a year of exciting opportunities and strong delivery which I am determined to continue into 2023. 



## “Membership of the WRAC Association raises awareness of the military in society.” 

“The Lioness is a tremendous publication honouring the members of the WRAC Association. I’ve read and re-read the articles.” 

**“ Today I received the special edition of the Association journal commemorating the late Queen - what a fantastic production. I have to admit I shed a few tears.”** 

“Thank you for including Mum’s obituary in the Lioness. Mum so enjoyed receiving your magazine and poured over each new edition.” 



“Great day for the Tree Dedication at the NMA, excellent service, proud to be there! Met my training NCO from intake 1989.” 

“ The Tree Dedication at the NMA was a fabulous day, well worth travelling up from Devon, thank you.” 

**“My mother greatly valued her membership of the WRAC Association”.** 

**“It’s great a plaque will be unveiled to ensure the 26 ATS ladies killed in Great Yarmouth in 1943 are always remembered.”** 

“Thank you; I’ve been travelling all day so the link to the late Queen’s Thanksgiving Service for later viewing is much appreciated.” 

**“Being a part of the WRAC Association & your local Branch gives us all a sense of togetherness, a sense of friendship, loyalty and above all laughter.”** 

**“I found the late Queen’s Thanksgiving service uplifting.”** 

“The camaraderie and friendship we all enjoy will last a lifetime! Such a unique group of likeminded women. Long may these exceptional reunions continue, THANK YOU.” 



## ‘ AA ie Grand Reunion 2022 S 350 members enjoyed a reunion weekend in Leeds. Here we are listening to our guest speaker at the Gala Dinner. 



We know that 49% of female veterans feel less comfortable attending public veteran events and so we encourage female veterans to be WY PETS CULE seen and heard. 



## We Will Remember Her 

**© J M BRICOE** 

On the morning of 11th May 1943, 26 ATS servicewomen were killed when enemy FockeWulf fi ghter planes bombed their living quarters in Great Yarmouth. All were signals operators attached to 103 AA Brigade. Only one survivor was dug from the rubble. 

The WRAC Association is determined to ensure that these servicewomen are remembered at the site where they fell and on their local war memorials. In May 2022 we dedicated a replacement plaque in Great Yarmouth, and recognised the work our members have done to ensure these women will not be forgotten. We will continue the campaign to ensure all servicewomen killed whilst serving their country are remembered on their local memorials. 

# : _ Bow 

_ Bow 

**©NATIONAL ARMY MUSEUM** Ro 



laafilf)iilinp
N•xinMth m*h8Oy￿￿nt•
gkjw
f,*J
yjrs for 26 WOM￿ killed in GTèal
YarmcArth World War bombing
1110iriozl
11
Mercury
20
lielp out if it gets" WOI.

Make En￿aTh] iTh)nq nn I,]0￿5$e8
Dora Cudlipp. 101. marks 80
yeary since women joined
Second World War
Wh•¢•p•b)u&to*)ly•¥oldM•¢4• 8•ton I
-. C¢Mcryted knt0t￿AT5thjlIW1W
P8Ci $￿$￿9$9
htwy i
Tir
61 didnt )1ont to be

The WRAC Association initiated, championed and chairs the Cobseo Female Veterans’ Cluster Group which is currently 40+ members strong. We aim to incorporate the needs of female veterans into the design and delivery of veteran services across the UK. 

We are collaborating across government, other charities, statutory and commercial organisations. This innovative work will turn research undertaken into action in areas including healthcare services (including sexual trauma and mental health), pensions and financial stability, care provisions, employment services, enduring effects of Terms of Service (marriage and pregnancy). housing and homelessness, the criminal justice system, self-identification as a veteran, and loneliness. 

Loneliness has been identified as an issue affecting a significant number of female veterans aged 50+.  We have continued to gather evidence as well as providing support to those of our members who are facing loneliness. 

We and our members have contributed to the Independent Review into the effect that the pre 2000 ban on homosexuality has had on LBGTQ veterans; Lord Etherton’s report is due in 2023. 

We have taken a leading role to understand the issues around previous terms of service on Marriage and Pregnancy, collaborating with our peers within the Navy and RAF.  We hope to have a clear picture of the different experiences of women in the Armed Forces in order to better support their current needs. 



## Combat Stress, 

Prof Dominic Murphy MA PhD DClinPsy, Exploring the Needs of UK Female Veterans, 2021 

## Proud to work alongside: 

## 



**“When I told Mrs R about the award, she burst into tears and stated that she had just been wondering how she was going to pay all these increasing bills.  She is really grateful and always thanks me for the help she gets from SSAFA and the Benevolent Fund.  Thank you.”** 

From a SSAFA Caseworker helping a female veteran who needed extra money each week to pay her bills. Mrs R now receives £50 per week as part of an Annual Maintenance Grant. 

**“A HAND UP, NOT A HAND OUT, BASED ON REAL NEED”** 

**“Thank you so much for helping my client.  She is absolutely delighted and very grateful for your support. Her son is her carer and now their lives will be much easier with these items.  Thank you very much.”** 

From a SSAFA Caseworker helping a female veteran who needed essential white goods for her home. We sent £239. 

**“Thank you for all your assistance with this WW2 veteran’s request for home help costs, it’s greatly appreciated.  Kind regards.”** 

From a SSAFA Caseworker helping a female veteran who needs help with the costs of her care. We send £100 per week as part of a Care Enhancement Grant for Care at Home. 

**Lesa and Liz** 



**As well as paying out vital funds to support female veterans in their time of need we began the Buddy Buddy Scheme during the pandemic in order to combat loneliness.  3 years later Buddies are still chatting on the telephone and we continue to Buddy up veterans with one another or a current servicewoman as an important part of our work to support female veterans.** 

**“Buddy Buddy has made my membership worthwhile”.** 

**Sharon and Irene** y I ————————— KEEP CALM AND BE A BUDDY 

REGISTER NOW AT 

www.wraca.org.uk/support 

or call 0330 400 1992 



## **BENEVOLENCE SUPPORT** 






Xmas presents bought for our ladies residing in the Royal Hospital Chelsea and Erskine Care Homes for Veterans in Scotland 





ladies are helped
with Nursing
Home Fees
52
household
goods purchased
£6,780
£5,022
spend on Fuel Crisis
payments to
spent on EPVS
18
beneficiaries
195+
18=213
requests for
assistance
163 £188,753
were successful
total spend

## Message from the Vice President, Brig (Retd) Fiona Gardner CBE 

The next year brings opportunities and challenges.  As the cost of living crisis bites we will continue to support members and more broadly any ATS or WRAC veteran who is in need through the Benevolence Fund.  Our major event this year will take us to the new Worthy Down to explore our place in the AGC(SPS) antecedents.  The Association branches continue to provide events and gatherings to provide comradeship and companionship for members across the country. 

We will further develop our infl uence in the female veteran sector, especially through the Cobseo Female Veterans Cluster Group and the Cobseo Executive.  We are leading a review of loneliness, and taking forward work to better understand the impact of historical policies that resulted in discharge on marriage, and on pregnancy.  We will continue to contribute to research and calls for evidence to ensure that our members’ perspective is recognised and included in the evidence base that informs charitable, policy and political decision making. 

The Trustees are developing our strategic approach to volunteering to ensure that all our volunteers are properly supported, and their skills and energy are valued and utilised.  The Membership Council will translate that strategy into action, and it is hoped that the numbers and diverse skill sets of volunteers will grow and fl ourish in the Association.  An expectation that the 2021 census data will allow us to see how many female veterans live in the UK provides an exciting opportunity to reach out to many more prospective members. 

**Thank you to our volunteers who help to keep the Association running and our superb fundraisers, who raise much needed funds but boost morale amongst the membership at the same time.** 

to reach out to many more prospective members. is ‘aia **amongst the membership at the same time.** ahi r . ae < = = 7, = <5 ee a ae an eae = a, a 4 pt = Ps ; *. = -_; :| cf » % \ A ce = ee te - i \ =n fc -_som as 7, at 1 . ar i Pome are LIQNESSES _a Se ce!Se r ANDY Tal 



## WOULD YOU LIKE TO HELP? 

Our Annual Report shows you some of the work we do to provide camaraderie, benevolence and mutual support to former members of the ATS and WRAC and our work to exert infl uence within the military charity sector. 

If you believe what we are doing to better the lives of female veterans is important please help us. 

There are lots of diff erent ways you can do this 

**Visit our website www.wraca.org.uk to:** 

   - make a donation 

   - pass this brochure on to a key player in your community 

   - consider the WRAC Association in your will 

   - ask for some posters to put up in your community 

   - encourage a female veteran you know to join us 

- direct a female veteran you know who is in need to SSAFA or RBL so that we 

- can help her. 


**----- Start of picture text -----**<br>
WRAC ASSOCIATION<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
|<br>|<br>| LS<br>\<br>\<br>t<br>he<br>k<br>www.wraca.org.u<br>Supporting Female Vetera ns<br>ip,<br>ne.<br>JOIN the Association for friendsh<br>events and a twice-yearly magaziSEEKfamily member, are in need. benevolence if you, or ar e a<br>**----- End of picture text -----**<br>





**----- Start of picture text -----**<br>
UN<br>Cv)<br>etaJ,<br>I<br>A<br>C<br>L<br>A<br>Y<br>O T<br>O A<br>I<br>R<br>S<br>R<br>S O<br>'S M<br>A N<br>N Y<br>E C<br>M O<br>O R<br>W PS<br>**----- End of picture text -----**<br>


## Supporting Female Veterans 

WRAC Association 

**Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester, Hampshire, SO23 0LD Tel: 0300 400 1992 (local rate call, including mobiles) info@wraca.org.uk  or benfund@wraca.org.uk www.wraca.org.uk** 

**President Her Royal Highness The Duchess of Kent GCVO Registered Charity Number 206184, founded in 1919** 



Registered Charfly Number 206184
REPORT OF THE TRiISTEES AND FIMANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FOR THE WOMEN'S ROYAL ARMY CORPS ASSQGIATION
Rolhmans Audit LLP
Chartered Accountants & Ststulory Auditors
Avebury Houso
St Peter Slreel
Wlnchester
Hampshlre
S023 88N

THE WOMEM'S ROYAL ARMY CORPS ASSOCIATION
Page 1
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees submf( Iheir report and the financial stslements of the Women's Royal Amy Corps
Association for the year ended 30 September 2022. The Trustees agree on the broad str3te9y and
areas of acts'vity including the policies for grant making. investments, and reserves. The management
of As50cialion staff and other charity management responsibilities are delegated lo the Chief Executive
Officer.
The charitable Object of the Association is..
To promote the effiBiency of the Army by..
Maintaining contact between former members of Queen Mary's Auxiliary Corps IQMAACI. the
Auxiliary Territorial Service IATSI, the Auxiliary Territorial Service Terrrtorial Amiy IATS TAI,
Women's Royal Army Corps IWRACI, Women's Royal Army Corps Territorial Army (WRAC
TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women Still seNing in the
Army, ftsstering mutual friendship between them and providing for soaal gatherings.
Fostering eswil de corps, comradeship, welfare and preserving the traditions of the QMAAC,
ATS, ATS ITAI, WRAC. WRAC ITAI and WRAC (TAVRI.
The adminislralion and actlvilies of the WRAC Association are governed by the WRAC Assaeiatyon
Constitulion 2021.
The Trustees have referred to the guidance Contained in the ChaTilies Commission'5 general guidance
on public benefit when reviewing the aims and objectives and in planning the future activities of the
charity. In particular, the TNslees consider how planned activities wll contribute to the aims and
activities they have sel.
CHARITABLE ACTIVITY
The charity settled into its new structure well and all Trustee and Membership Council rneetings took
place in person this year. Working Groups for subject areas i.e. Lioness and Events incoTporate a cross
secty'on of staff, MembeTship Council, Trustee and members, lake place on a regular ba515 and are the
foundation of much of the charity's business. Working Groups lake place in person wf(h the 3ddrtional
use of online tools. better enabling all parties to attend.
The year commenced wth the Remembrance parade at the Cenotaph and service in the Garden of
Remembrance taking place in person after the gap due to the pandemic. 2022 saw a successful Grand
Reunion held in Leeds attended by 350 members. In May the 'VVe wll Remèmber Her, Campaign was
launche(J in Grè81 Yarmouth, honouring the 26 ATS servicewomen killed when their accommodation
was bombed in 1943. July saw our Members gather for a service and pi¢ni¢ at the National Memorial
Arboretum to dedicate a tree lo the WRAC. Throughout Ihe year many smaller gatherings look place
alongside regular Branch meetings In person again. And sadly had the occasion to hold a Service of
Thanksgiving for HM Thfr Queen.
The Lioness was distributed lo all Members as usual, along wth a third edition marking the special
relationship the Late Queen held wlh the Association. This vtds particularly well received by our
membership.
Applications for 8enevolence increased aB a direct Tesutt of Case Workers ability lo visit veterans in
their homes. Additionally Trustees agreed lo make Fuel Crisis payments to all those already in receipt
of annuities. The Buddy Buddy Scheme Gonlinued to pair up veterans with each other or with serving
women for the benefit of phone calls.
FINANCIAL REVIEW
Income derived from the investment portfolio 15 the main income stream for both the Association and
the Benevolent Fund, supplemented by ad hoc legacies and donations. The Associatr'on also receives
income from subscriptions al £10 per member per year.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Aysociation showed net oulgoings of £53,176. The net loss on investments this year was £194,392
The Benevolent Fund showed nel outgoings of £128,855. The net loss on investments W8$ £894,076.
The charity does not a¢lively fundraise or seek legacies, albeit the charity is appreciaiive of those
have made provision for the Association in their willg.
£4000 was received into Ihe Association
comprising 1 legacy and £12,205 comprising 3 legacies into the Benevolent Fund.
INVESTMENT POLICY AND PERFORMANCE
The inveslmenl objectives are set out in the Investment Policy., to balance income and ¢apitsl returns
oveT the long lemi, preserve the real capitsl value of the fijnds and meet the on90ing income
requirement5 of the charity. Trustees in$lrucl Brewin Dolphin to manage the charlty's investments.
The last 12 month5 have been a ¢hallenging period for investors. During the early part of Q1, investors
were initially unnerved by the worsening economic ovllook wlh sharply rising inflation and interest rale5
focusing their attents'on even before the Russialukraine conflict added to fears. Global bond and equ(ty
markets $tsld off in tandem, %Mth very few places for investors to hide ex¢epl for ¢ommodib"es, absolute
return and the energy sector. While capital values came under pressure, income remained resilient wilh
followng wnds from the strength of the mining sector as well as weakening Stoding for returns
generated in foreign currencies. Our investment managers transTtioned the portfolios lo a more
defensive stance earfy in the calendar year, advising that the portfolios remain well diversified and are
Slruslured to withstand the current volatilrty whilst looking to a recovery over the short to medium term.
Perfomiance . Total Returns ngt of fe•s 1 October 2021 . 30 September 2022
4.L¥JX
4LYJIS
5.3411
// / //,//////'//
Investment returns were £221.247,'comprising £38,956 for the Association and £182,291 for the
Benevolent Fund.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 3
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
At the end of the year market values were 8enevolenl Fund £6.259.001 and the Association
£1,408,504.
Investment management costs of £38.532 for the year are charged to the wjrtfolio.
RISK MANAGEMENT
Risk Management IS 8 standing item on the Agenda at Trustees meetings and the Risk Register
reviewed regularfy by the Managernent Board. Suc¢es5ion planning for the Officer5 of the Association
is an ongoing risk and planning is in place, albeit those in place now are so for 3 years and are 5UPPOrted
by the CEO'S ability lo step up. Likewise planning is in place lo manage long term staff absence.
RESERVES STRATEGY
A Reserves Policy provid&$ essential accountability to funders. donors and other stakeholdeis and is
hèld to help the ¢harily operate effi'ciently.
The charity uses easily accessible cash from Special Interest Bearing Accounts (SIBAI lo meet the
usuèl operats.ng costs. The working reserve is 3 months of the budgeted operating costs and is available
from both SIBA and Brewin Dolphin, Liquidity and cash reserves are rnonitored by the Financial Officer
and reported quarterly to the Management Board. When reviewng the Reserves Policy Trustees
always seek advice on market condilions from the Invesknenl Manager.
Al the end of the year the charity held total reserves of £7.724,183 of which £1.404,485 were for Ihe
Association and £6,310,169 were for the Benevolent Fund. (Cash reserves al £6.490 IAssn} and
£11.021 18enll. In addrtion lo the sum held for the Cobseo Female CluyteT Group £9,529.
STRUCTURE. GOVERNANCE AND MANAGEMENT
status ofthe 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 Associalion is governed by the rules and regulations set down in the trust deed.
Fc41owing advice received from the Charity Commissioner during the year ended 31 October 2000.
related bul previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the
Women's Royal Army Corps Benevolent Fund, and The Prin¢e85 Royal's Memorial Fund) wère
amalgamated wth the Association.
The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944.
The Women'5 Royal Army C¢rps 8enevolent Fund was established by a trust deed on 28 December
1950. The Benevolent Funds were cornbined 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 Februaiy 1993 and 3 April 1997.
The combined Benevolent Funds formed a registered charity, governed by the rules and regulalior15
set down in the amended trust deeds. FOllo￿An9 amalgamation with the Associalion, the charitable
registration of the Benevolent Funds, under charity number 247793, was removed and the funds were
re-regi5tered as a subsidiary charity of the WRAC A550cialion.
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 regislralion has ceased.
Charity Name
WRAC Association lincorporaling Queen Mary's Army Auxiliary Corps and The Auxiliary Terriloiial
Service Cornrades A$$ocialionl.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 4
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Charlty Number
206184
Prinel al Address
Unit 11
Basepoinl Business Centre
1 Winnall Valley Road
Winchester
Hampshire
S023 OLD
Bankèr
Royal Bank of Scotland
31-37 Victoria Road
FarnbDrough
Hampshire
GU14 7NR
Auditor
Rothmans Audit LLP
Avebury House
6 Sl Peter Street
Winchester
Hampshire
S023 8BN
Investment Mana
Brewn Dolphin
12 Smithfield Streel
London
EC1A 9BD
er
Th• Tru$t•wJ and Coun¢ll of the Assoclation
The Tru$lees are Ihe Managing Twstees of the WRAC A$$o¢ialion and are..
The Association 1￿cerS - Vice President, Chair of the Membership Council, Chair of the 8enevDlÈnt
Fund and the Treasurer.
Elected Members- up to 9. An Elected Member shall be proposed by any other Trustee and is lo be
approved by the Trustees. An Elected Trustee Mernber shall serve for an Initial period up to 3 years
and thereafter may be re-appointed and Serve lor up to two more consecutive 3 year terms {9 years in
totall wrth annual ratification by the Trustees.
The Membership Council sets the strategy for relationships with WRAC Association Branches,
Members and the wder Service charity sector, particularly in relation to membership relations, and it
retains responsibility for the charity'$ Objects. The Membei$hip Council consists of..
Chair of the Membership Coun¢ll {a Trusleel
Chair of the Benevolent Fund la Trustee)
All Lrfe Vice Presidents
All Area Co-ordinators
Editor of the Lioness- ex officio
Honorary Appointments ￿thin the Association to act as ex officio members le.g. Lawyer and Padre)
except the Trea$urer who 15 an Officer of the Association.
Manag•mont Board
The Management Board is responslble for the execution of the WRAC Association's business in
accordance wth the Tru5tees' and Membership Council's slrategic direction and is accountable to the
Trustees for all aspects of ils delivery in support of the WRAC As$oualion'3 Objects. It1S 5UPPOrted by
other sub committee5 fomied for specific purposes.
The members of the Management Board are..
Vice Presldent & Chair of Board of Trustees
Chair of Membership Council land Deputy Vice President)
Chair of 8enevolent Fund
Treasurer
Chief Executive Officer

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 5
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Trustees who have held office since 1 October 2021 are as follows..
Trustees
Brig (Retdl FH Gardner CBE
Vl¢e Pr•sid•nt
Appointed Vice
March 2021
Appointed Trustee February
2020
Appointed Trustee July 2014
Reappointed Trustee July 2021
President
Lt Col {Reld) RC Naile MBE
Chair of tho M•mbershlp
Council from March 2021
Chair of the EFC to March
2021
Chair of th9 B•n8volent
Fund
Treasur•r appointed July 2022
Col (Reldl IhA hlccord
Appointed Trustee July 2013
Rea
pointed Trustee Jul 2021
Appointed Trustee July 2019
Served as NEM November
2018- June 2019
Appointed Trustee May 2015
Rea
ointed Trustee Jul 2021
Appointed Trustee April 2015
Rèa
ointed Trustee Jul 2021
Appointed Trustee Febnjary
2017
Reap
oinled Trustee Jul 2021
Appoit)led Trustee February
2017
Rea
ointed Trustee Jul 2021
Appointed Trustee August 2017
ReaEDointed Trustee Julv 2021
Resigned July 2022 Treasurer
& Truste8
Appointed Trustee July 2016
Reappointed Trustee Jul 2021
oinled Trustee Jul 2019
Lt Col {Retdl T Savage
Maj (Rèldl MCM Jones
Maj (Retdl CH Merrington-Rust
MBE
Miss B Johnson
DÈputy
Chair
Benevolent Fund
of th•
Mrs S Mackenzie
Col (Retdl A Hassell
Maj IRetd) B Davies
Ms SMF Veillard-Thomas
Non-Exacutive Membèr
Ex-offlcio A
ointments
PRO
ers
Mrs PF Muxworth
NEM
Chlef Executive Offlcer
Assoclatlon Secrets
ointed Ma
ointed Ma
2021
2017
Thè Role of Trustees
To provide the level of Governance necessary for the WRAC Association, the TN51ees are expected
to attend all 3 Trustees Meeting5 annually, the AGM. and at leasttwo Major Grants Committee Meetings
IMGCMI a year, prior to which a newly inducted Trustee would be expected to shadow a MGCM al
least once. The WRAC Asso¢iab"on continue5 to subscribe lo the Charity Commlssion's on4ine
update$, the Cobseo newsletter, Gov.UK updates and NCVO eknbullelins.
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 lo withdraw from decisions where a Conflict of
interest arise5.
KEY MANAGEMENT PERSONNEL REMUNERATION
All Trustees give of their lime freely and no Trustee remuneration was paid in the reporting year. Details
of Trustee expenses and related party transactions are disclosed in this report.

THE WOklEN'S ROYAL ARMY CORPS ASSOCIATION
Page 6
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GOVERNANCE
A Governance Audit look place in June 2022. The Cobseo audit tool, approved by the Charity
Co>mmiss￿on was used. The overall score was 71180,. a green outcome overall indicating good
governance. The Trustees intend to follow thi5 procedure on a 3 yearly basis alongside the audit of
Trustee skills also 3 yearly.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The charity Trustees are responsible for preparing the Trustee5' Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standard$ (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charib.es in England & Wales requires the Trustees to prepare financial slatemenl$
fc*r each financial year that give a true and fair view of the slate of affairs of the charity and of the
incoming resources and application of resources Df the charity for that period. In preparing these
financial statements. the Trustees are required lo..
select suitsble accounting policies and then apply them consistenuy.,
obseNe the rnelhods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
State whether applicable accounting stsndards have been followed, subject to any material
departure5 disclosed and explained in the fi'nancial statements.,
prepare the financial statements on the going concem b8sis unless il is inappropriate to
presume that the charity wll continue in business.
The Trustees are responsible for keeping sufficient accctuntlng records that d15¢1ose wlh ieasonable
accuracy at any lime the financial position of the charity and enable them lo ensure that the financial
statements comply wlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 20D8
and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee5 are responsible for the maintenance and integrity of the charrty and financi81 information
included on the ch8rily'5 web511e in accordance with legislation in the United Kingdom governing the
preparatlDn and dissemIna￿On of financial statements.
Approved by the Trustees on .
Signed on behalf of the board
Brigadier (Reliredl Fiona Gardner CBE, Chairrnan
Dale..

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 7
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Opinion
We have audited the financial statements of The Women'5 Royal Army Corps A650ciation for the year
ended 30 September 2022 which comprise the Statement of Financial Activities, the 8alan¢e Sheet,
the Statement of Cash Flows and the note5 to the financial Statements, including a summary of
Significant accounting poli¢ies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Fin3nGial Reporting
Standard 102." The Financial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally A￿epted Accountsng Pracbcel.
In our tspinion, the financial 5tatements'.
give a true and fair view of the stale of the Charity's affairs as at 30 September 2022 and of
its incoming resources and application of resources for the year then ended..
have been properly prepared in accordance ￿th United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Char(ties Act 2011.
Basis for opinion
We conducted our audit in ac¢ord8nce wi(h International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those slandafds 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 lo our audit of the linancial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirernents. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions rèlating to golng Coneem
In audf(ing the financial slatemenls, we have concluded Ihatthe Iruslee's use of the going ¢oncem basis
of accounling in the preparation of the finanelal 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 signrficanl doubl on the charlty's ability
lo ¢onlinue as ¥ going concern for a period of at least 12 months from when the financial slalementS
are authorised for issue.
Our responsibilitres and the responsibilities of the trustee5 wth respect to going concern are described
In the relevant sections of this report.
Othèr infornialion
The other information comprises the information included in the annual report. including the trustees.
report, other than the financial slalements and our auditor's report Ihereon. The trustees are responsible
for the other information contained ￿￿thin the annual report. Our opinion on the ffinancial stslements
does not cover the olhgr inf¢Ymation and, except lo the extent otherwise explicitly slated in our report,
we do not expre$$ any form of assurance conclusion Ihereon.
Our re5ponsibilily is to read the other infonnalion and, in doing so, consider whether the other
information is materially incon51Stent wth the financial Slalements or our kno￿edge obtsined 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 stalernents themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of ihis other information, we are required
to report that fact.
We have nothing lo report in this legard.

REPORT OF THE INDEPENDENT AUDITORS TO THETRUSTEES OF
Page 8
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Matter5 on whiGh w& arn required to report by exception
In the light of the knowledge and understanding of the charrty and its environment obtained in the course
of the audit, wfr have not Identified material mlsslatements in the Trustees, Annual Report.
We have nothing lo report in respect of the [￿low1ng matters in relation to which the Charities IAccounts
and Reports) Regulations 2008 requires us to report to you rf, in our oplnlon..
the information given in the trustees, report Is inconsistent in any materi81 respect the
financial stalernenls," or
sufficient accounting records have not been kepl.,
the financial ststements are not in agreement wlh the accounting records., OT
we have not obtained all the informats'on and explanations we require for our audit.
R8$pon$lblllllg$ of the tru$t••$
As explained more fully in the Iru5tees' re5ponsibililies stslemenl. the trustees are responsible for the
preparation of the financial statements and for being Satisfied th81 they give a tnje and f¥iT Vlew, and
for such intemal control as they delemiine is necessary tts enable the preparation olfinancial slalemenls
that are free from material misstatement, vthether due lo fraud or error.
In preparing the financial statements, the Iruyteey are responsible for assessing the ChaTil*s ability to
continue as a going concem, digclosing, as applicable, matters related lo going concern and using the
going concern basis of a¢counling unless the Iruslees eiti)er intend lo liquidate the Charity or lo cease
operations. or have no realistic alternative but to do so.
Audltorfs rnsponslbllltios for the audlt of thg flnanclal statements
We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance
ith the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the ffnancial statements as a whole
are free frorn material mi5Statement, 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 IUKI wll always delecl a material misslalemenl when it exists.
Misslalernenls can arise from fraud or error and are considered material rf, indiwdually or in the
aggregate, they could reasonably be expected to influence the economic tleBisions of users taken on
the basis of Ihese financAal statements.
Irregularrties, including fraud, are instances of non-compliance with laws and regulations. We design
proceduTes in line wlh our responsibilTties, outlined abc*ve. to detect material misstatements in respect
of irregu13rib'es, including fraud. The extent to Mthich our procedures are capable of detecting
irregularAies, including fraud is detailed below..
The extent to vknich the audit vrn¥ ¢on$ldered capable of detoctlng Irregularlties Includlng fraud
Our approach lo identifying and as$es$ing the risks of material misstalemenl In respect of irregularrtles,
including fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations".
we identrfied the laws and regulations applicable lo the Charity through discussions ￿th the
tnjstees and other management, and trom our kno￿edge and experlence of the charities
sedor..

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 9
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
we locused on specffic laws and regulations which we considered may have a direct material
effect on the financial slalemenls or the operations of the charity, including the Charities Act
2011, data protection. employment, and health and safety legislation,"
we assessed the exient ol compliance with the laws and regulations identified above through
making enquirie5 of management and inspecting legal correspondence. The identified laws
and regulations were communicated within the audit team regularly and the team remained
alert lo in81once¥ of non-compliance throughout the audit.
We as8eg8eLI the su8¢eplibility of the ch8rity's financial statements to material misstatement, indudlng
obtaining an understanding of how fraud might occur, by..
making enquiries of management as lo ￿ere they considered there was susceptibility to fraud.
their knovledge of acbjal, Suspected and alleged fraud., and
considering the Internal controls in place to mitigate risks of fraud and non-compliance wth laws
and regulations.
To address the risk Df fraud through management bias and override of controls. we..
perform&d analyli¢al procedures lo ifJ$nts'ty any unusual or unexpected relationships,.
tested journal entries during the year and at the year-end to identify unusual transactions.,
assessed whetherjudgemenls and assumptions made in determining the a¢¢ounling estsmates
sel oth in the notes Its the accounts were indicative of potential bias-
investigated the rationale behind significant or unusual trang8¢tlons',
In response lo the risk ot irregularities and nonwcompliance with la￿ and regulations, we designed
procedures which Included, bul were not limited lo..
agreeing financial statement disclosures to underlying supporbng documentation",
reading the minutes of meetings of those charged wilh governan￿..
enquiring of management as to actual 8nd potential litigation and claim5;
revievAng correspondence rElevanl regulators, such as the Charities Commission,. and
reviewed legal and professional expenditure Incurred in the year.
There are inherent lirnitations in our audit Procedures described above. The more removed that laws
and regulations are from financial Iransaclions, the less likely il Is that ￿ would become aware ol non-
compliance. Auditing standard5 also limi( the audi( procedures required lo identify non-compliance wth
laws and regulations lo enquiry of the di￿¢101$ and other management and the inspection of regulatory
and legal correspondence. If any. Material misststements that arise due to fraud can be harder lo delect
th8n those that arise from error as they may involve deliberate con¢ealmenl or collusion.
A further description of our responsibilities for the audit of the financial statements ig located on the
Financial Reporting Ctsuncil's website at.. ww.frG.O
.uklauditorsres
onsibililies. This description fomis
part gf our auditor's report.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 10
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Us? of our Tgport
This report is made solely to the Charity's trustees, as a body, in acGordance with section 144 of the
Charitie$ Act 2011 8nd the regulations made under Section 154 of that Act. Our audrt work has been
undertaken so that we might slate to the Charity's trustees those matters we are requ1￿d lo state to
them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Charity's trustees as a body, for our audit
work, for this report, or for the opinion3 we have formed.
RON_ A&fd&iiP
Rothmans Audit LLP
Chartered A¢countants and Statutory Auditors
Avebury House
Sl Peter Street
Winchester
Hampshi
S023 8BN
Date..
2 March 2023
Rothman$ Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE WOMEN'S ROYAL ARhlY CORPS ASSOCIATION
Page 11
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Total
Total
Year
Ended
30.092022
Year
Endod
3Q.09.2021
Notes
Uthr•ttrfeted
Fund•
RoBtrfctsd
INCOME FROM-.
Donations and legac￿$
Ch&dtable ￿1¥Y￿e$
Inve6tmgnl$
other IncLvne
44,842
22.￿0
38.956
9,740
32,337
77.179
22,360
221.247
111.003
52.676
182,291
313
215,526
1D.144
TOT￿ INCOME
115.898
214,941
33tl,839
276.346
EXPENDITURE ON..
RalsirvJ funds
Chaittable a¢Xi￿leS
7,096
161,978
31,438
310.360
36.53?
472.338
4D.457
366.059
Tot•1 Expand￿1•
169,074
341,786
510,870
406.416
Net Gains I Ilossesl on Inw$bments
1194.3921
1894.0781
11.088.4fj81
1,564,998
NET INCOME I IEXPENDITURÉI
1247.5681
11.020,9311
11,268,499)
1,436,328
rransfers bob￿+#) knd$
16
NET MOVEIIENT IN FUNDS
1247.S681
11,020,931)
11,268,499)
1.436,328
RECONCILIATION OF FUNDS=
Total Funds bmuom foTh¥ard
1.652,053
7.340,62B
8,992,682
7.556,354
Total lunds c8rrfed foTh¥ar
1.404,485
6.319.698
7.724.183
8.992.662
The ytalemenl of financial activities includes all gains and losses recognised in the year.
AJI income and expenditure derive from continuing activities.
The notes on pages 14 10 30 fomi part ofthese Ilnanclal ststements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 12
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
2022
2021
Nott5
FIXEO ASSETS
Intangible assels
Tangible assets
Investments
10.100
3.525
7,667,505
7,681.130
11,994
4,528
8,901,216
8,917,738
10
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
3,982
43,624
17,511
65.117
5,782
31,776
13
104,562
LIABIUTIES
Creditors.. Amounts falling due within one year
14
22.064
29,618
NET CURRENT ASSETS
43,053
74,944
TOTAL NET ASSETS
7,724,183
8.992.682
FUNDS OF THE CHARITY
Restricted Funds-.
The Benevolent Funds
The COBSEO Female Cluster Group Fund
17
18
6,310,169
9.529
7.340,629
Unrestricted funds.,
General Funds
19
1,404,485
1.652.053
Designated fund$'.
Membership life subscription fund
16
TOTAL FUNDS
7,724,183
8,992.682
The financial statements wère approved by the Board of Trustees on
on it5 behalf by..
and were signed
Brigadier IRelired) Fiona Gardner CBE, Chairman
The notes on pages 14 10 30 fonn part ol Ihese financlal slalements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 13
STATEMENT OF CASH FLOWS
AS AT 30 SEPTEMBER 2022
2022
2021
Notes
Net cash lusod inl op•r•tlng artivitlO5:
1415,9831
1307,105)
Cash flows from Investing activiti•s
Dividends and interest from investments
Purchase of intsngible assets
Purchase of property, plant and equipment
Proceeds from sale of inve8tmenl8
Purchase of investrnenls
Net ca$h provld•d by investing acllvltl8$
221.247
215,526
13,767)
325,477
1236.020}
301.216
376.465
1231.2221
366,490
Chang• In cash and Cash equlva19nts In th& yèar
149,493
15,8891
Cash and cash aqulvalonts at the beglnning of th• y•ar
67,004
72,893
Cash and cash •qulvalents at the end of thg yoar
17.511
67,004
NOTES TO THE STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS NOTE 1: RECONCIUATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
2022
2021
Not movement in funds
Adjustments for..
Depreciab'on and amortisation charges
(Gainslllosses on investments
Dividends and interest from investments
Iln¢reaselldecTease in stocks
Ilncreaselldecrease in debtors
Increaselldecreasel in Creditors
Net cash (used in) operatsng activities
11,268,499)
1,436.328
2,897
1,08e.468
<221,2471
1,800
111,8481
7,554
415,9831
2,783
{1,564,3981
1215,5261
810
39,138
16,240
1307,105
STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUIVALENTS
2022
2021
Cash at bank and in hand
Total Cash & Cash Equivalents
17,511
17,511
67,004
67,004

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounts (financial statements) of the charity have been prepared under the historical Cost
convention with items reco9nised al cost or transaction value unless Otherwise stated in the relevant
notes lo these accounts. The accounts have been Prepared in accordance the Charities SORP IFRS
1021 'Accounting and Reporting by Charities.. Statement of Re¢tsmmended Pra¢tice applicable to
charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021 {effective 1 January 20191., Financial Reporting Stsndard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Acl
2011.
The Gharity constylules a public benefit entity a$ defined by FRS 102.
The accounts (financial statement51 have been prepared to give a 'lrue and faif view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to Provide
'Irue and fair view.. This departu￿ has involved following Accounting and Reporting by Ch8riliey
preparing their a¢¢ounls in accordance with the Financial Reporbng Standard applicable in the UK and
Republic of Ireland IFRS 1021 (effective 1 January 20191. rather than the Accounting and Reporting by
Charities.. Ststernent of Recornmended Practice effective from 1 April 2005 vthiGh has since been
thllravm.
The presenlati¢nal and functional Currency of the charity iy Pound Sterling. The 8¢¢ounts are rounded
lo the nearest pound.
The Charity's principle office is Unil 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester.
Hampshlre. S023 OLD.
The trustees consider that there are no material uncertainties about the Ass0¢i3tion's ability to ￿ntInUe
as a going concem and these accounts have been prepared on a going concem basis. There are no
significant judgements which affect the amounts recognised in these financial statements.
With respectto the next reporting period. the most significant areas of uncertainty that affectthe carrying
value of as$e15 held by the Trust are the level of investment retum 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 Corp5 Benevolent Fund, and The Princess Royal's Memorlal Fund) were
amalgamated wth the Associali()n.
The Benevolent Funds including the Princess Roy81 Memorial Fund is the reslricled fund repiesenling
the activities of The Auxiliary Territorial Service and The Women's Royal Amiy Corps Benevolent Fund
lincorporaling the Princes5 Royal's IAemorial Fund) that provides one-off grants. annuitie5 and nursing
home lees lo ex-servoce women. The funds of these amalgamated charits'es are treated as restricted by
the Trustee5, and are only applied for the purposes specified in the original objects of the charitie5
c¢ncerned.
In addition. there is an unreslricted bul designated fund for life subscriptions that make transfers to the
unrestricted fund, as income received in advance is realised.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FUND STRUCTURE Icontinuodl
These financial statements present in aggregate, the results for the year ended 30 September 2022
and the balance sheet position as at 3D September 2022, for the three original charities with
comparatives for the year ended 30 September 2021.
THE BRANCHES OF THE ASS¢XIATION
The Branches of thè Association do not expressly further ils Objects through any explicit or implicit
power provided by the Associats'on's Constitution,. neither control nor management is exercised.
Furthemiore, the Asso¢ialion's Constitution recognises formally the distinctiveness of a 8r8nch's
financial commthents from that of its own. On that basis, the Membership Coun¢il has decided lo
separate any financial connection that has existed anLI recognise in a clear and transparent way that
there is no financial dependency of the Association on the Branches or vi¢e-versa and that neither
control nor management has been or will be exer¢i$ed. As such branch in¢ome and expenditure is not
recognised in these financial statements
INCOME RECOGNITION
All incoming resources are Tecognised once the charity has entitiementto the income, it 15 Probable that
the income wll be received and the monetary value of incoming resources can be measured with
sufficient reliabllity.
Donations are recognised upon recèipt. Membership incorne 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 ¥￿en the administratorlexecutor for the eslale has communicated in wnting bDlh
the amount and settlement date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the charrty,. Ihls is nomially upon notificab'on of the inlere8t P8id or payable by the bank.
Dividends are recognised once the diwdend has been declared and nolffication has been received of
the dividend due. This is normally upon notification by our investment advisor of the dividend yietd of
the investment portfolio.
RESOURCES EXPENDED
All expenditure is 8ccounled for on an accruals basis, and hag been classrfied under headings that
aggregate all cos15 related to that category.
Grants payable are payments made to third parties in the futherance of the charitable objectives of the
Trust. They are accounted for when Ihe recipient has a reasonable expectation that Ihey will receive a
grant, and the Trustees have agreed to pay the grant wilhoul condib'on.
AJI resources expended are inclusThie ol iThecoverable VAT.
ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS
Management and administration costs, including support costs and govemance costs, have been
allocated between charitable activities a5 5hovm in note 7. Where costs ¢annot be diredy attributed to
a particular activity they are allo¢ated on a basis consislenl with the use of resources, for example, staff
costs are allocated based on the propr)rtion of lime Spent by staff member5 on eath activity.
Govemance costs comprise all costs involving the public accountsbility of the ¢haTlly and ils compliancè
with regulation and good practice. These costs include costs related lo statutory audit.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Pagè 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FINANCIAL INSTRUMENTS
The charity only has financial a5se15 and financial liabilities of 8 kind that qualrfy as basic financial
instrurnents. Basic fi'nancial instruments are inib'ally recognised al IransaGtion value and subsequently
mea8ured at their settlement value wth the exception of investments which are measured at their fair
value as described more fully below.
IMTANGIBLE FIXED ASSETS
Intangible assets con51sI of computer software cos15 related lo 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 chari(y intends lo keep updating tho database software as necessary and lo use it
for the foreseeable future so rt is not PO55ible to reliably estimate the actu81 lrfespan of thi5 asset. A 10-
year lifespan has therefore been adopted as this is the longest period pemiitted by FRS102 in these
¢ircum5tance3. Am0￿'saIion costs are included wthin expenditure on charitsble activities In the
Statement of Financial Acts'wties.
TANGIBLE FIXED ASSETS
Assets costing £100 or more are capitalised as tangible fixed assets and are carried al cost. net of
depreciation and any prowsion for impairment, Depreciab'on is provided at the followng annual rates in
c*rder lo wite off each asset over its estimated useful life:
Computer equipmenl
Office equipment
Straight Line over 5 years
Straight Line over 10 years
INVESTMENTS
Inveslments are a fom of bayic fi'nancial in$triJment and are inftially recognised al their transaction
value and subsequently measured al Ihelr lair value as at the balance sheet date using the dosing
quoted market price.
The Twst does not acquire put options, derivatives or other comF4ex financial instruments.
All gains and losses are taken to the Statement of Financial Activilieg 88 they arise. Realised gains and
losse3 on investments are calculated as the drfference be￿een sales proceeds and their opening
carrying value or their purchase value if acquired subsequent lo the first day of the finan¢i81 year.
Unreali5ed gains and losses are calculated as the difference between the fair value at the year-end and
their carrying value. Realised and unrealised investment gains and los$e$ are combined In the
Statement of Financial Aclimlies.
The rnain form of financial risk faced by the charity is that of volatility in equity markets and investment
markets due ID wder economic conditions, the altitude of investois to investment risk. and changes in
senllment conceming equities and wiihin particular sectors or sub sectors.
STOCKS
stocks are slated al the lower of cost and net realisable value.
CREDITORS
Creditors and provisions are recognised where the charity has a pres&nl 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 estim81ed reliably. Creditors and provisions are nG)￿allY recogni8ed at
their selllemenl amount after allowing for any trade discoun15 due.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
LIFE SUBSCRIPTIONS
Life subscriptions gre accotsnted for when received, and allocated to specific designated funds to be
released lo general funds on a slraighl line basis over a period of 20 years. The chanty ceased offering
lrfe subscriptions in April 2015 and released all remaining designated funds in FY21 IFinancial Year
2021).
PENSION COSTS
The company operates a defined contribution pènsion scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. Contributions PaYa￿e for
the year are charged in the income and expenditure account.
FUNDS RECEIVED AS AGENT
Where the charity r*¢trivey resources vthich it is bound lo pay over to a specified third paty the
transaction is not recognised in these accounts a$ the charity ha5 no discretion over the use to which
the funds are applied. The receipt of lunds is not recognised as in¢ome nor 15 the distribution of funds
recognised a5 expenditure.
DONATIONS AND LEGACIES
2022
2021
Unrestri¢tgd
Annual Association sub8cr5pb.ons
Donations to the Assodation
Legacies
13,026
27,816
4,000
44,842
11.499
19,307
11,858
42.664
Restrfcted
The Benevolent Funds..
Donations
Legacies
Gran15 Returned
The COBSEO Female Cluster Group Fund..
COBSEO Fundin9
1.315
12.205
7.662
1,210
2,500
6,302
11.155
32,337
10,012
INCOME FROM CHARITABLE ACTIVITIES
2022
2021
Unrestrictad
Income from Grand Reunion
22,360
22,360

THE WOMEN'S ROYAL ARMY CORPS ASSOGIATION
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
INVESTMENT INCOME
2022
2021
Unrestrlcted
Dividend income
Deposit & SIB accounts interest
38,952
36.321
38,956
36.323
Restrfcted
The Benevolent Funds..
Oividend income
Oeposit & Sl8 accoun15 interest
182,271
20
179,199
182,291
179.203
221,247
215,526
Investment Income arlses from the charity's Investment portfollo, which is a financlal In81rument canled
at fair value through the Statement of Financial Activities.
OTHER INCOME
2022
2021
Unr¢strlcled
Memorabilia Sale8
Prize Draw
GIft￿d Tax
7,138
1,206
1,396
9,740
7,972
1,893
9,865
R•8trlctsd
Glft Aid Tax
313
279
10,053
10,144

THE WOMEM'S ROYAL ARMY CORPS ASSOCIATION
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
EMPLOYEES
2022
2021
The average monthly number of persons (excluding
Trusleesl employed by the Assoclation during the
year was..
Office & Administration
Stsff costs for the above persons..
Wages & Salaries
Social Security Costs
Pension Costs
109.394
4.172
6.377
86,226
916
5,203
119,943
92 345
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 lo the Association in the current or previous year.
Reimbursements for travel expense5 tolalling £5,495 were made lo 10 Truslees12021'. £1,782 to 7
Tru8teesl and Of £5.430 10 9 Council members12021'. £805 10 4 Coun¢il members).
The charity make$ contributions to defined contribution pension schemes on behaK of its employees.
The costs of these contributions are allocated between unrestricted and restricted funds on the basis
of the lirne spent by each employee on the activities undertaken by each fund.
RAISING FUNDS
2022
2021
RESTRICTED
Benevolent Fund - Inve5tsnent Management
31,436
31.436
32,621
32,621
UNRESTRICTED
Investment Management
7,096
7,096
7.836
7,836

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
CHARITABLE ACTIVITIES
Dirnct
Costs
Grant
Fundlng
Support
Costy
Total
2022
Totsl
2021
Unrestricted Funds..
Maintaining contact and
fostering friendships
Re$tri¢led Fund8.'
Fostering 8spril de COTPS,
comradeship and weware
51.782
110.196
161,978
96.074
27,136
188,753
94,471
310.360
269,885
78,918
188.753
204,667
472.338
365.959
2022
2021
UNRESTRICTED
Direct Costs
Grand Reunion
Great Yarmouth
Remembrance
Thanksgiving for Her Majesty Queen Elizabeth11
Ro$e Garden
Statue Unveiling
other Events
National Memorial Arboretum
Memorabilia Purchases for Shop
100 Wonderful Women Book
Christmas Gards
Standard 8earers
Flowprs
Presentations
37,353
1,050
392
557
250
1,075
320
1,860
6,317
1.444
2,239
5.219
104
1.592
97
779
346
11.820
1,477
376
71
684
51.782
Support Costs
Staff Costs
Travel & meeting expenses
Printing, postage & Stationery
Sundry office expenses
Marketing
Governance- Auditors Remuneration - Audlt
Governance- Auditorg Remuneration - Other
Governance- AGM
Governance- Trustees meetings, training & 8dwce
Governance- Trustees Costs
Governance- Coun¢il Cost$
61,548
3,209
2,211
14.845
13,440
1.599
657
2,323
2,042
2,892
5,430
110,196
47.922
573
2.991
14,268
10,835
1,590
648
2.082
1,635
905
805
84.254
TOTAL UNRESTRICTED
161,978
96,074

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
CHARITABLE ACTIVITIES (contin￿d...}
2022
2021
RESTRICTED
Direct Cost$ - Grant Fundlng
Benevolent Funds grants lo 141 12021.. 971 individuals
Prince55 Royal's Memorial Giants lo 1712021.. 221 individuals
Annual Maintenance Grants 10 512021.. 41 individuals
144,901
35,500
8,352
188.753
110,429
46,619
8,600
185,648
Dlrect C09ts18onevolent Funds)
Lioness publication co$15
Thanksgiving for Her Majesty Queen Elizabeth11
Flower5
Christmas Cards
23,1 $4
557
322
1,477
25,510
24.165
1,592
25,757
Dlrect Costs {COBSEO Fèmalè Cluster Qroupl
COBSEO Expenses
1,626
1,628
Support Costs IB&novolent Fund81
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry office expenses
Marketing
Governance - Auditors Remyneration - Audlt
Governance- Auditors Rernuneration - Other
Governance- AGM
Governance- Tm$lees meeb"ngs. training & advice
Govemance- Trustees Costs
58,395
1.180
792
15,208
11,007
1,599
657
2,323
707
2,603
94,471
44.423
540
603
15,711
10,835
1,590
648
2.082
1,172
876
78,480
TOTAL RESTRICTED
310,360
269.885
TOTAL COSTS OF CHARITABLE ACTIVITIES
472.338
365,959
The total amount of Govemance costs, as Sho￿ above. was £22,832 12021.. £14,033), of which
£14.94312021.' £7.6651 relates to unrestricted funds and £7,88912021.. £6.3681 relates lo restricted
funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Pag8 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 30 SEPTEMBER 2022
INTANG18LE ASSETS
Computer
Softwar•
Total
COST
At 01 October 2021
Addrtions
Disposals
AI 30 September 2022
18,938
18,938
18.938
18,938
AMORTISATION
Al 01 October 2021
Charge for year
Elimination on Disposaly
AI 30 September 2022
6,944
1.894
6,944
1,894
8.838
8,838
NET BOOKVALUE
At 30 September 2022
10.100
At 30 September 2021
11 994
11.994
Not?.. Intsngible assets related 501ely lo a database developed for the Restricted Benevolent
Funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 23
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
TANGIBLE FIXED ASSETS
Computor
Equlpment
FIKtures &
Flttlngs
Totsl
COST
At 01 October 2021
Additions
Dlsposals
At 30 September 2022
6,820
3,830
10,650
15881
6,232
15881
10,062
3,830
DEPRECIATION
At 01 October 2021
Charge for year
Elimination on Disposals
At 30 September 2022
3,712
662
588
3,786
2,410
341
6,122
1,003
15881
6,537
2,751
NET BOOK VALUE
At 30 September 2022
2,446
1.079
3,525
At 30 September 2021
3,108
1,420
4,528
Note: Fixed assets are allocated bet￿en fund8 as follows..
Unrestricted Fund
Restricted Funds- Benevolent Funds
Net Book Value a130 Seplember 2022
1,395
1.051
2,446
317
762
1.079
1.712
1,813
3,525
Unrestricted Fund
Restricted Funds- Benevolent Funds
Net Book Value al 30 September 2021
1,772
1.336
3,108
512
908
1,420
2,284
2.244
4.528

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
10.
INVESTMENTS
2022
2021
Unrestricted g•neral funds:
Brewin Dolphin Portfolio
COIF Deposit Account
1,408,504
1,637,675
467
1,638,142
1.408.504
Restricted Benevolent Funds:
Brewin Oolphin Portfolio
6,259,001
6,259,001
7.263.074
7.263,074
Total investments at market value
7,667,505
8.901,216
2022
2021
Investments al fair value comprise..
Listed Investments
Cash held within the investment portfolio
7,535.908
131,597
7.667.505
8,750,194
151,022
8,901,218
2022
2021
Market value brought forward at 1 October
Addrtions
Disposals
Unrealised gains I (losses}
Market value carried foN4ard at 30 September
8.901,216
231,222
1376,4651
11,088,468)
7.667,505
7,426,275
236,020
{325,4771
1,564,398
8.901,216
The hislorlcal cost of these investments, purchased at vari¢JUS dales, Is as follows..
2022
2021
Unrestricted general funds
Restricted tunds..
Benevolent FLtnds
1,181,097
1,216,342
4.995,455
5,105,453
6, 176.552
6,321,795
The investments are a financial asset measuTed at fair value through the Stslement of Financial
Acti￿tieS

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
11
STOCK
2022
2021
Memorabilia Stock
3,982
5,782
5.782
12
DEBTORS
2022
2021
Due Within One Year:
Prepayments
Accrued Income
Other Debtors
40,538
2,000
1,086
30.227
538
1,011
43,624
31,776
Unre3tricled
Restricted
2,fj71
40.953
43,624
3,348
28,428
31,776
13.
CASH AT BANK & IN HAND
2022
2021
Current accounts
Deposit accounts
Cash in hand
16,370
1,021
120
18,423
48,501
80
17,511
67.004
Unrestricted
Restricted
6,490
8,503
58,501
67.004
17,511
Cash al bank and in hand is a financial asset measured at amorfise¢J cost.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2e
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
14.
CREDITORS
2022
2021
Amounts falling due within one year..
Accruals
Taxation & Social Security
Deferred Income
Olher Creditors
14,518
1,517
5,353
676
22,871
1,497
4,574
676
22,064
29618
Unrestricted
Restricted
10,716
11,348
22.064
9,881
19,737
29,618
2022
2021
D•ferred incomfr:
Deferred income brought forward
Incorne released in Burrenl year
Incorne deferred in current year
4.574
(4.5741
5,353
5,383
{5,383}
4,574
Defefred income carried foThvard
5,353
4,574
The deferred income relates lo membership subscrfpllong and other income for Ihe nextfinancial period
which were Teceivecj during the current year.
15.
FUNDS RECEIVED AS AGENT
The charity did not receive any funds a5 an agent in the year ended 30 September 2022 or the year
ended 30 September 2021.
16.
DESIGNATED FUNDS
Llfe
Membershlp
Total
2022
Total
2021
01 O¢lober 2021
Subscription Income
Transfers lo general ftjnds
14,859
114.8591
30 September 2022
The charity has no designated funds as at 30 September 2022.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
17.
THE BENEVOLENT FUNDS
2022
2021
01 October 2021
Incoming resources
Donations and legacies
Investment Incorne
Other income
Resources expended
Raising Funds- Investm&nt management costs
Charitable activities
(Losses) l Gains orb investments
7,340,629
6,155.526
21,182
182,291
313
10.012
179,203
279
131.4361
1308,7341
1894,0761
132,6211
1269,8851
1,298,115
30 Sept?mber 2022
6,310.169
7,340.829
Cumulative unrealised gains on investments induded in The Benevolent Funds balance at the year-
end amounted to £1,263,54612021'. £2,157,621)
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 Arniy Corps Benevolent Fund
(incorporating the Prtn¢ess Royal'5 Memorial Fund), ￿1¢h is a subsidiary charity of the WRAC
association. The funds may be applied only in pursuance of the C&bje¢ts of the charity, namely..
To promote the interests and welfare of persons vkno have served in the Corps in such ways
a5 are charitable in law,. and
The relief of persons in need are either..
Persons who have served in the Corps,. or
The children or dependents of any person (alive or deadl Iptho has served in the Corps
The Trustees may relieve persons in need by..
Anaking grants ol money lo them,. or
Providing or paying for goods. seNces oi facillties for them,. OT
Making grants of money lo other persons or bodies who provide goods. services or facilities lo
those in need.

THE WOAIEN'S ROYAL ARMY CORPS ASSOCIATION
Page 28
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
18.
THE COBSEO Fwnal• V•tsrans Cluster Fund
2022
2021
01 October 2021
Incoming resources
Oonalions and legacies
Resources expended
Charitable activities
11.155
11,6261
30 September 2022
9,529
The COBSEO Female Veterans Cluster restricted fund was created in FY22 and relates to funding
provided to the WRAC for rts work wth the aforementioned group. and costs relate lo fvnding travel and
sub8l$tence and marketing costs for group rnembers.
19.
TOTAL FUNDS OF THE ASSOCIATION
Ioct
2021
Incoming
Othgoing
Rosourcos Resources Tr*n*fo
30 Sop
2022
Unrgjtrictsd Funds:
General funds
1.652,053
115,898
1363.4661
1,404,485
Re$trfctsd Funds:
The Benevolent Funds
C08SEO Female Veterans Cluster
7.340,629
203,786 11,234,248)
11.155
{1,6261
8,310,169
9.529
8.992,682
330,839 11.599,338
7.724,183

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Flxed
Ass•ts
Net Current
A6s•ts
TOTAL
2022
Yeor End•d 30 Soptember 2022
Unrestricted Funds:
General funds
1,410,216
15,7311
1,404,485
RKtrl¢ted Fund8:
The Benevtslent Funds
COBSEO Female Veteran$ Cluster
6,270,914
39,255
9,529
6,310,169
9,529
7,681,130
43,053
7.724,183
Cumulative unrealised gains on Investments included wthin the unrestricted general funds balance 8t the
year-end amounted to £227,40712021'. £421,800)
Flxed
A$$ets
Net Current
Assets
TOTAL
2021
Year Ended 30 Septèmber 2021
Unr8strlcted Funds..
General funds
1.640,426
11,627
1,652.053
Rutrfctsd Funds:
The Benevolent Funds
7,277,312
63.317
7,340.629
8,917,738
74,944
8.992.682

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 30
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
21
ULTIMATE CONTROLLING PARTY
The ¢haNty is controlled by its Trustees.
22
RELATEO PARTY TRANSACTIONS
There were no tran8acllons related parties during the year, other than the relmbursement of
expenseg lo Trustees as dl$close(I In note 5.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
YEAR ENDED 30 SEPTEMBER 2022
IN MEMORIAM
Donations ￿re made by indiwdual$ and Branches In memory of the f￿loWIng..
Kay Holladay-segrave RIP
Diana Weston RIP
Jean Ansell RIP
Mary Ellen Ni¢holl$ RIP
Sue Elksnis RIP
Jean Canning RIP
June Kathleen Green RIP
Margaret Watson RIP
Sue Green RIP

Registered Charfly Number 206184
REPORT OF THE TRiISTEES AND FIMANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FOR THE WOMEN'S ROYAL ARMY CORPS ASSQGIATION
Rolhmans Audit LLP
Chartered Accountants & Ststulory Auditors
Avebury Houso
St Peter Slreel
Wlnchester
Hampshlre
S023 88N

THE WOMEM'S ROYAL ARMY CORPS ASSOCIATION
Page 1
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees submf( Iheir report and the financial stslements of the Women's Royal Amy Corps
Association for the year ended 30 September 2022. The Trustees agree on the broad str3te9y and
areas of acts'vity including the policies for grant making. investments, and reserves. The management
of As50cialion staff and other charity management responsibilities are delegated lo the Chief Executive
Officer.
The charitable Object of the Association is..
To promote the effiBiency of the Army by..
Maintaining contact between former members of Queen Mary's Auxiliary Corps IQMAACI. the
Auxiliary Territorial Service IATSI, the Auxiliary Territorial Service Terrrtorial Amiy IATS TAI,
Women's Royal Army Corps IWRACI, Women's Royal Army Corps Territorial Army (WRAC
TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women Still seNing in the
Army, ftsstering mutual friendship between them and providing for soaal gatherings.
Fostering eswil de corps, comradeship, welfare and preserving the traditions of the QMAAC,
ATS, ATS ITAI, WRAC. WRAC ITAI and WRAC (TAVRI.
The adminislralion and actlvilies of the WRAC Association are governed by the WRAC Assaeiatyon
Constitulion 2021.
The Trustees have referred to the guidance Contained in the ChaTilies Commission'5 general guidance
on public benefit when reviewing the aims and objectives and in planning the future activities of the
charity. In particular, the TNslees consider how planned activities wll contribute to the aims and
activities they have sel.
CHARITABLE ACTIVITY
The charity settled into its new structure well and all Trustee and Membership Council rneetings took
place in person this year. Working Groups for subject areas i.e. Lioness and Events incoTporate a cross
secty'on of staff, MembeTship Council, Trustee and members, lake place on a regular ba515 and are the
foundation of much of the charity's business. Working Groups lake place in person wf(h the 3ddrtional
use of online tools. better enabling all parties to attend.
The year commenced wth the Remembrance parade at the Cenotaph and service in the Garden of
Remembrance taking place in person after the gap due to the pandemic. 2022 saw a successful Grand
Reunion held in Leeds attended by 350 members. In May the 'VVe wll Remèmber Her, Campaign was
launche(J in Grè81 Yarmouth, honouring the 26 ATS servicewomen killed when their accommodation
was bombed in 1943. July saw our Members gather for a service and pi¢ni¢ at the National Memorial
Arboretum to dedicate a tree lo the WRAC. Throughout Ihe year many smaller gatherings look place
alongside regular Branch meetings In person again. And sadly had the occasion to hold a Service of
Thanksgiving for HM Thfr Queen.
The Lioness was distributed lo all Members as usual, along wth a third edition marking the special
relationship the Late Queen held wlh the Association. This vtds particularly well received by our
membership.
Applications for 8enevolence increased aB a direct Tesutt of Case Workers ability lo visit veterans in
their homes. Additionally Trustees agreed lo make Fuel Crisis payments to all those already in receipt
of annuities. The Buddy Buddy Scheme Gonlinued to pair up veterans with each other or with serving
women for the benefit of phone calls.
FINANCIAL REVIEW
Income derived from the investment portfolio 15 the main income stream for both the Association and
the Benevolent Fund, supplemented by ad hoc legacies and donations. The Associatr'on also receives
income from subscriptions al £10 per member per year.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Aysociation showed net oulgoings of £53,176. The net loss on investments this year was £194,392
The Benevolent Fund showed nel outgoings of £128,855. The net loss on investments W8$ £894,076.
The charity does not a¢lively fundraise or seek legacies, albeit the charity is appreciaiive of those
have made provision for the Association in their willg.
£4000 was received into Ihe Association
comprising 1 legacy and £12,205 comprising 3 legacies into the Benevolent Fund.
INVESTMENT POLICY AND PERFORMANCE
The inveslmenl objectives are set out in the Investment Policy., to balance income and ¢apitsl returns
oveT the long lemi, preserve the real capitsl value of the fijnds and meet the on90ing income
requirement5 of the charity. Trustees in$lrucl Brewin Dolphin to manage the charlty's investments.
The last 12 month5 have been a ¢hallenging period for investors. During the early part of Q1, investors
were initially unnerved by the worsening economic ovllook wlh sharply rising inflation and interest rale5
focusing their attents'on even before the Russialukraine conflict added to fears. Global bond and equ(ty
markets $tsld off in tandem, %Mth very few places for investors to hide ex¢epl for ¢ommodib"es, absolute
return and the energy sector. While capital values came under pressure, income remained resilient wilh
followng wnds from the strength of the mining sector as well as weakening Stoding for returns
generated in foreign currencies. Our investment managers transTtioned the portfolios lo a more
defensive stance earfy in the calendar year, advising that the portfolios remain well diversified and are
Slruslured to withstand the current volatilrty whilst looking to a recovery over the short to medium term.
Perfomiance . Total Returns ngt of fe•s 1 October 2021 . 30 September 2022
4.L¥JX
4LYJIS
5.3411
// / //,//////'//
Investment returns were £221.247,'comprising £38,956 for the Association and £182,291 for the
Benevolent Fund.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 3
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
At the end of the year market values were 8enevolenl Fund £6.259.001 and the Association
£1,408,504.
Investment management costs of £38.532 for the year are charged to the wjrtfolio.
RISK MANAGEMENT
Risk Management IS 8 standing item on the Agenda at Trustees meetings and the Risk Register
reviewed regularfy by the Managernent Board. Suc¢es5ion planning for the Officer5 of the Association
is an ongoing risk and planning is in place, albeit those in place now are so for 3 years and are 5UPPOrted
by the CEO'S ability lo step up. Likewise planning is in place lo manage long term staff absence.
RESERVES STRATEGY
A Reserves Policy provid&$ essential accountability to funders. donors and other stakeholdeis and is
hèld to help the ¢harily operate effi'ciently.
The charity uses easily accessible cash from Special Interest Bearing Accounts (SIBAI lo meet the
usuèl operats.ng costs. The working reserve is 3 months of the budgeted operating costs and is available
from both SIBA and Brewin Dolphin, Liquidity and cash reserves are rnonitored by the Financial Officer
and reported quarterly to the Management Board. When reviewng the Reserves Policy Trustees
always seek advice on market condilions from the Invesknenl Manager.
Al the end of the year the charity held total reserves of £7.724,183 of which £1.404,485 were for Ihe
Association and £6,310,169 were for the Benevolent Fund. (Cash reserves al £6.490 IAssn} and
£11.021 18enll. In addrtion lo the sum held for the Cobseo Female CluyteT Group £9,529.
STRUCTURE. GOVERNANCE AND MANAGEMENT
status ofthe 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 Associalion is governed by the rules and regulations set down in the trust deed.
Fc41owing advice received from the Charity Commissioner during the year ended 31 October 2000.
related bul previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the
Women's Royal Army Corps Benevolent Fund, and The Prin¢e85 Royal's Memorial Fund) wère
amalgamated wth the Association.
The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944.
The Women'5 Royal Army C¢rps 8enevolent Fund was established by a trust deed on 28 December
1950. The Benevolent Funds were cornbined 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 Februaiy 1993 and 3 April 1997.
The combined Benevolent Funds formed a registered charity, governed by the rules and regulalior15
set down in the amended trust deeds. FOllo￿An9 amalgamation with the Associalion, the charitable
registration of the Benevolent Funds, under charity number 247793, was removed and the funds were
re-regi5tered as a subsidiary charity of the WRAC A550cialion.
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 regislralion has ceased.
Charity Name
WRAC Association lincorporaling Queen Mary's Army Auxiliary Corps and The Auxiliary Terriloiial
Service Cornrades A$$ocialionl.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 4
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Charlty Number
206184
Prinel al Address
Unit 11
Basepoinl Business Centre
1 Winnall Valley Road
Winchester
Hampshire
S023 OLD
Bankèr
Royal Bank of Scotland
31-37 Victoria Road
FarnbDrough
Hampshire
GU14 7NR
Auditor
Rothmans Audit LLP
Avebury House
6 Sl Peter Street
Winchester
Hampshire
S023 8BN
Investment Mana
Brewn Dolphin
12 Smithfield Streel
London
EC1A 9BD
er
Th• Tru$t•wJ and Coun¢ll of the Assoclation
The Tru$lees are Ihe Managing Twstees of the WRAC A$$o¢ialion and are..
The Association 1￿cerS - Vice President, Chair of the Membership Council, Chair of the 8enevDlÈnt
Fund and the Treasurer.
Elected Members- up to 9. An Elected Member shall be proposed by any other Trustee and is lo be
approved by the Trustees. An Elected Trustee Mernber shall serve for an Initial period up to 3 years
and thereafter may be re-appointed and Serve lor up to two more consecutive 3 year terms {9 years in
totall wrth annual ratification by the Trustees.
The Membership Council sets the strategy for relationships with WRAC Association Branches,
Members and the wder Service charity sector, particularly in relation to membership relations, and it
retains responsibility for the charity'$ Objects. The Membei$hip Council consists of..
Chair of the Membership Coun¢ll {a Trusleel
Chair of the Benevolent Fund la Trustee)
All Lrfe Vice Presidents
All Area Co-ordinators
Editor of the Lioness- ex officio
Honorary Appointments ￿thin the Association to act as ex officio members le.g. Lawyer and Padre)
except the Trea$urer who 15 an Officer of the Association.
Manag•mont Board
The Management Board is responslble for the execution of the WRAC Association's business in
accordance wth the Tru5tees' and Membership Council's slrategic direction and is accountable to the
Trustees for all aspects of ils delivery in support of the WRAC As$oualion'3 Objects. It1S 5UPPOrted by
other sub committee5 fomied for specific purposes.
The members of the Management Board are..
Vice Presldent & Chair of Board of Trustees
Chair of Membership Council land Deputy Vice President)
Chair of 8enevolent Fund
Treasurer
Chief Executive Officer

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 5
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Trustees who have held office since 1 October 2021 are as follows..
Trustees
Brig (Retdl FH Gardner CBE
Vl¢e Pr•sid•nt
Appointed Vice
March 2021
Appointed Trustee February
2020
Appointed Trustee July 2014
Reappointed Trustee July 2021
President
Lt Col {Reld) RC Naile MBE
Chair of tho M•mbershlp
Council from March 2021
Chair of the EFC to March
2021
Chair of th9 B•n8volent
Fund
Treasur•r appointed July 2022
Col (Reldl IhA hlccord
Appointed Trustee July 2013
Rea
pointed Trustee Jul 2021
Appointed Trustee July 2019
Served as NEM November
2018- June 2019
Appointed Trustee May 2015
Rea
ointed Trustee Jul 2021
Appointed Trustee April 2015
Rèa
ointed Trustee Jul 2021
Appointed Trustee Febnjary
2017
Reap
oinled Trustee Jul 2021
Appoit)led Trustee February
2017
Rea
ointed Trustee Jul 2021
Appointed Trustee August 2017
ReaEDointed Trustee Julv 2021
Resigned July 2022 Treasurer
& Truste8
Appointed Trustee July 2016
Reappointed Trustee Jul 2021
oinled Trustee Jul 2019
Lt Col {Retdl T Savage
Maj (Rèldl MCM Jones
Maj (Retdl CH Merrington-Rust
MBE
Miss B Johnson
DÈputy
Chair
Benevolent Fund
of th•
Mrs S Mackenzie
Col (Retdl A Hassell
Maj IRetd) B Davies
Ms SMF Veillard-Thomas
Non-Exacutive Membèr
Ex-offlcio A
ointments
PRO
ers
Mrs PF Muxworth
NEM
Chlef Executive Offlcer
Assoclatlon Secrets
ointed Ma
ointed Ma
2021
2017
Thè Role of Trustees
To provide the level of Governance necessary for the WRAC Association, the TN51ees are expected
to attend all 3 Trustees Meeting5 annually, the AGM. and at leasttwo Major Grants Committee Meetings
IMGCMI a year, prior to which a newly inducted Trustee would be expected to shadow a MGCM al
least once. The WRAC Asso¢iab"on continue5 to subscribe lo the Charity Commlssion's on4ine
update$, the Cobseo newsletter, Gov.UK updates and NCVO eknbullelins.
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 lo withdraw from decisions where a Conflict of
interest arise5.
KEY MANAGEMENT PERSONNEL REMUNERATION
All Trustees give of their lime freely and no Trustee remuneration was paid in the reporting year. Details
of Trustee expenses and related party transactions are disclosed in this report.

THE WOklEN'S ROYAL ARMY CORPS ASSOCIATION
Page 6
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GOVERNANCE
A Governance Audit look place in June 2022. The Cobseo audit tool, approved by the Charity
Co>mmiss￿on was used. The overall score was 71180,. a green outcome overall indicating good
governance. The Trustees intend to follow thi5 procedure on a 3 yearly basis alongside the audit of
Trustee skills also 3 yearly.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The charity Trustees are responsible for preparing the Trustee5' Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standard$ (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charib.es in England & Wales requires the Trustees to prepare financial slatemenl$
fc*r each financial year that give a true and fair view of the slate of affairs of the charity and of the
incoming resources and application of resources Df the charity for that period. In preparing these
financial statements. the Trustees are required lo..
select suitsble accounting policies and then apply them consistenuy.,
obseNe the rnelhods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
State whether applicable accounting stsndards have been followed, subject to any material
departure5 disclosed and explained in the fi'nancial statements.,
prepare the financial statements on the going concem b8sis unless il is inappropriate to
presume that the charity wll continue in business.
The Trustees are responsible for keeping sufficient accctuntlng records that d15¢1ose wlh ieasonable
accuracy at any lime the financial position of the charity and enable them lo ensure that the financial
statements comply wlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 20D8
and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee5 are responsible for the maintenance and integrity of the charrty and financi81 information
included on the ch8rily'5 web511e in accordance with legislation in the United Kingdom governing the
preparatlDn and dissemIna￿On of financial statements.
Approved by the Trustees on .
Signed on behalf of the board
Brigadier (Reliredl Fiona Gardner CBE, Chairrnan
Dale..

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 7
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Opinion
We have audited the financial statements of The Women'5 Royal Army Corps A650ciation for the year
ended 30 September 2022 which comprise the Statement of Financial Activities, the 8alan¢e Sheet,
the Statement of Cash Flows and the note5 to the financial Statements, including a summary of
Significant accounting poli¢ies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Fin3nGial Reporting
Standard 102." The Financial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally A￿epted Accountsng Pracbcel.
In our tspinion, the financial 5tatements'.
give a true and fair view of the stale of the Charity's affairs as at 30 September 2022 and of
its incoming resources and application of resources for the year then ended..
have been properly prepared in accordance ￿th United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Char(ties Act 2011.
Basis for opinion
We conducted our audit in ac¢ord8nce wi(h International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those slandafds 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 lo our audit of the linancial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirernents. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions rèlating to golng Coneem
In audf(ing the financial slatemenls, we have concluded Ihatthe Iruslee's use of the going ¢oncem basis
of accounling in the preparation of the finanelal 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 signrficanl doubl on the charlty's ability
lo ¢onlinue as ¥ going concern for a period of at least 12 months from when the financial slalementS
are authorised for issue.
Our responsibilitres and the responsibilities of the trustee5 wth respect to going concern are described
In the relevant sections of this report.
Othèr infornialion
The other information comprises the information included in the annual report. including the trustees.
report, other than the financial slalements and our auditor's report Ihereon. The trustees are responsible
for the other information contained ￿￿thin the annual report. Our opinion on the ffinancial stslements
does not cover the olhgr inf¢Ymation and, except lo the extent otherwise explicitly slated in our report,
we do not expre$$ any form of assurance conclusion Ihereon.
Our re5ponsibilily is to read the other infonnalion and, in doing so, consider whether the other
information is materially incon51Stent wth the financial Slalements or our kno￿edge obtsined 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 stalernents themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of ihis other information, we are required
to report that fact.
We have nothing lo report in this legard.

REPORT OF THE INDEPENDENT AUDITORS TO THETRUSTEES OF
Page 8
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Matter5 on whiGh w& arn required to report by exception
In the light of the knowledge and understanding of the charrty and its environment obtained in the course
of the audit, wfr have not Identified material mlsslatements in the Trustees, Annual Report.
We have nothing lo report in respect of the [￿low1ng matters in relation to which the Charities IAccounts
and Reports) Regulations 2008 requires us to report to you rf, in our oplnlon..
the information given in the trustees, report Is inconsistent in any materi81 respect the
financial stalernenls," or
sufficient accounting records have not been kepl.,
the financial ststements are not in agreement wlh the accounting records., OT
we have not obtained all the informats'on and explanations we require for our audit.
R8$pon$lblllllg$ of the tru$t••$
As explained more fully in the Iru5tees' re5ponsibililies stslemenl. the trustees are responsible for the
preparation of the financial statements and for being Satisfied th81 they give a tnje and f¥iT Vlew, and
for such intemal control as they delemiine is necessary tts enable the preparation olfinancial slalemenls
that are free from material misstatement, vthether due lo fraud or error.
In preparing the financial statements, the Iruyteey are responsible for assessing the ChaTil*s ability to
continue as a going concem, digclosing, as applicable, matters related lo going concern and using the
going concern basis of a¢counling unless the Iruslees eiti)er intend lo liquidate the Charity or lo cease
operations. or have no realistic alternative but to do so.
Audltorfs rnsponslbllltios for the audlt of thg flnanclal statements
We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance
ith the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the ffnancial statements as a whole
are free frorn material mi5Statement, 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 IUKI wll always delecl a material misslalemenl when it exists.
Misslalernenls can arise from fraud or error and are considered material rf, indiwdually or in the
aggregate, they could reasonably be expected to influence the economic tleBisions of users taken on
the basis of Ihese financAal statements.
Irregularrties, including fraud, are instances of non-compliance with laws and regulations. We design
proceduTes in line wlh our responsibilTties, outlined abc*ve. to detect material misstatements in respect
of irregu13rib'es, including fraud. The extent to Mthich our procedures are capable of detecting
irregularAies, including fraud is detailed below..
The extent to vknich the audit vrn¥ ¢on$ldered capable of detoctlng Irregularlties Includlng fraud
Our approach lo identifying and as$es$ing the risks of material misstalemenl In respect of irregularrtles,
including fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations".
we identrfied the laws and regulations applicable lo the Charity through discussions ￿th the
tnjstees and other management, and trom our kno￿edge and experlence of the charities
sedor..

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 9
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
we locused on specffic laws and regulations which we considered may have a direct material
effect on the financial slalemenls or the operations of the charity, including the Charities Act
2011, data protection. employment, and health and safety legislation,"
we assessed the exient ol compliance with the laws and regulations identified above through
making enquirie5 of management and inspecting legal correspondence. The identified laws
and regulations were communicated within the audit team regularly and the team remained
alert lo in81once¥ of non-compliance throughout the audit.
We as8eg8eLI the su8¢eplibility of the ch8rity's financial statements to material misstatement, indudlng
obtaining an understanding of how fraud might occur, by..
making enquiries of management as lo ￿ere they considered there was susceptibility to fraud.
their knovledge of acbjal, Suspected and alleged fraud., and
considering the Internal controls in place to mitigate risks of fraud and non-compliance wth laws
and regulations.
To address the risk Df fraud through management bias and override of controls. we..
perform&d analyli¢al procedures lo ifJ$nts'ty any unusual or unexpected relationships,.
tested journal entries during the year and at the year-end to identify unusual transactions.,
assessed whetherjudgemenls and assumptions made in determining the a¢¢ounling estsmates
sel oth in the notes Its the accounts were indicative of potential bias-
investigated the rationale behind significant or unusual trang8¢tlons',
In response lo the risk ot irregularities and nonwcompliance with la￿ and regulations, we designed
procedures which Included, bul were not limited lo..
agreeing financial statement disclosures to underlying supporbng documentation",
reading the minutes of meetings of those charged wilh governan￿..
enquiring of management as to actual 8nd potential litigation and claim5;
revievAng correspondence rElevanl regulators, such as the Charities Commission,. and
reviewed legal and professional expenditure Incurred in the year.
There are inherent lirnitations in our audit Procedures described above. The more removed that laws
and regulations are from financial Iransaclions, the less likely il Is that ￿ would become aware ol non-
compliance. Auditing standard5 also limi( the audi( procedures required lo identify non-compliance wth
laws and regulations lo enquiry of the di￿¢101$ and other management and the inspection of regulatory
and legal correspondence. If any. Material misststements that arise due to fraud can be harder lo delect
th8n those that arise from error as they may involve deliberate con¢ealmenl or collusion.
A further description of our responsibilities for the audit of the financial statements ig located on the
Financial Reporting Ctsuncil's website at.. ww.frG.O
.uklauditorsres
onsibililies. This description fomis
part gf our auditor's report.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 10
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Us? of our Tgport
This report is made solely to the Charity's trustees, as a body, in acGordance with section 144 of the
Charitie$ Act 2011 8nd the regulations made under Section 154 of that Act. Our audrt work has been
undertaken so that we might slate to the Charity's trustees those matters we are requ1￿d lo state to
them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Charity's trustees as a body, for our audit
work, for this report, or for the opinion3 we have formed.
RON_ A&fd&iiP
Rothmans Audit LLP
Chartered A¢countants and Statutory Auditors
Avebury House
Sl Peter Street
Winchester
Hampshi
S023 8BN
Date..
2 March 2023
Rothman$ Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE WOMEN'S ROYAL ARhlY CORPS ASSOCIATION
Page 11
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Total
Total
Year
Ended
30.092022
Year
Endod
3Q.09.2021
Notes
Uthr•ttrfeted
Fund•
RoBtrfctsd
INCOME FROM-.
Donations and legac￿$
Ch&dtable ￿1¥Y￿e$
Inve6tmgnl$
other IncLvne
44,842
22.￿0
38.956
9,740
32,337
77.179
22,360
221.247
111.003
52.676
182,291
313
215,526
1D.144
TOT￿ INCOME
115.898
214,941
33tl,839
276.346
EXPENDITURE ON..
RalsirvJ funds
Chaittable a¢Xi￿leS
7,096
161,978
31,438
310.360
36.53?
472.338
4D.457
366.059
Tot•1 Expand￿1•
169,074
341,786
510,870
406.416
Net Gains I Ilossesl on Inw$bments
1194.3921
1894.0781
11.088.4fj81
1,564,998
NET INCOME I IEXPENDITURÉI
1247.5681
11.020,9311
11,268,499)
1,436,328
rransfers bob￿+#) knd$
16
NET MOVEIIENT IN FUNDS
1247.S681
11,020,931)
11,268,499)
1.436,328
RECONCILIATION OF FUNDS=
Total Funds bmuom foTh¥ard
1.652,053
7.340,62B
8,992,682
7.556,354
Total lunds c8rrfed foTh¥ar
1.404,485
6.319.698
7.724.183
8.992.662
The ytalemenl of financial activities includes all gains and losses recognised in the year.
AJI income and expenditure derive from continuing activities.
The notes on pages 14 10 30 fomi part ofthese Ilnanclal ststements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 12
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
2022
2021
Nott5
FIXEO ASSETS
Intangible assels
Tangible assets
Investments
10.100
3.525
7,667,505
7,681.130
11,994
4,528
8,901,216
8,917,738
10
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
3,982
43,624
17,511
65.117
5,782
31,776
13
104,562
LIABIUTIES
Creditors.. Amounts falling due within one year
14
22.064
29,618
NET CURRENT ASSETS
43,053
74,944
TOTAL NET ASSETS
7,724,183
8.992.682
FUNDS OF THE CHARITY
Restricted Funds-.
The Benevolent Funds
The COBSEO Female Cluster Group Fund
17
18
6,310,169
9.529
7.340,629
Unrestricted funds.,
General Funds
19
1,404,485
1.652.053
Designated fund$'.
Membership life subscription fund
16
TOTAL FUNDS
7,724,183
8,992.682
The financial statements wère approved by the Board of Trustees on
on it5 behalf by..
and were signed
Brigadier IRelired) Fiona Gardner CBE, Chairman
The notes on pages 14 10 30 fonn part ol Ihese financlal slalements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 13
STATEMENT OF CASH FLOWS
AS AT 30 SEPTEMBER 2022
2022
2021
Notes
Net cash lusod inl op•r•tlng artivitlO5:
1415,9831
1307,105)
Cash flows from Investing activiti•s
Dividends and interest from investments
Purchase of intsngible assets
Purchase of property, plant and equipment
Proceeds from sale of inve8tmenl8
Purchase of investrnenls
Net ca$h provld•d by investing acllvltl8$
221.247
215,526
13,767)
325,477
1236.020}
301.216
376.465
1231.2221
366,490
Chang• In cash and Cash equlva19nts In th& yèar
149,493
15,8891
Cash and cash aqulvalonts at the beglnning of th• y•ar
67,004
72,893
Cash and cash •qulvalents at the end of thg yoar
17.511
67,004
NOTES TO THE STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS NOTE 1: RECONCIUATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
2022
2021
Not movement in funds
Adjustments for..
Depreciab'on and amortisation charges
(Gainslllosses on investments
Dividends and interest from investments
Iln¢reaselldecTease in stocks
Ilncreaselldecrease in debtors
Increaselldecreasel in Creditors
Net cash (used in) operatsng activities
11,268,499)
1,436.328
2,897
1,08e.468
<221,2471
1,800
111,8481
7,554
415,9831
2,783
{1,564,3981
1215,5261
810
39,138
16,240
1307,105
STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUIVALENTS
2022
2021
Cash at bank and in hand
Total Cash & Cash Equivalents
17,511
17,511
67,004
67,004

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounts (financial statements) of the charity have been prepared under the historical Cost
convention with items reco9nised al cost or transaction value unless Otherwise stated in the relevant
notes lo these accounts. The accounts have been Prepared in accordance the Charities SORP IFRS
1021 'Accounting and Reporting by Charities.. Statement of Re¢tsmmended Pra¢tice applicable to
charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021 {effective 1 January 20191., Financial Reporting Stsndard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Acl
2011.
The Gharity constylules a public benefit entity a$ defined by FRS 102.
The accounts (financial statement51 have been prepared to give a 'lrue and faif view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to Provide
'Irue and fair view.. This departu￿ has involved following Accounting and Reporting by Ch8riliey
preparing their a¢¢ounls in accordance with the Financial Reporbng Standard applicable in the UK and
Republic of Ireland IFRS 1021 (effective 1 January 20191. rather than the Accounting and Reporting by
Charities.. Ststernent of Recornmended Practice effective from 1 April 2005 vthiGh has since been
thllravm.
The presenlati¢nal and functional Currency of the charity iy Pound Sterling. The 8¢¢ounts are rounded
lo the nearest pound.
The Charity's principle office is Unil 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester.
Hampshlre. S023 OLD.
The trustees consider that there are no material uncertainties about the Ass0¢i3tion's ability to ￿ntInUe
as a going concem and these accounts have been prepared on a going concem basis. There are no
significant judgements which affect the amounts recognised in these financial statements.
With respectto the next reporting period. the most significant areas of uncertainty that affectthe carrying
value of as$e15 held by the Trust are the level of investment retum 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 Corp5 Benevolent Fund, and The Princess Royal's Memorlal Fund) were
amalgamated wth the Associali()n.
The Benevolent Funds including the Princess Roy81 Memorial Fund is the reslricled fund repiesenling
the activities of The Auxiliary Territorial Service and The Women's Royal Amiy Corps Benevolent Fund
lincorporaling the Princes5 Royal's IAemorial Fund) that provides one-off grants. annuitie5 and nursing
home lees lo ex-servoce women. The funds of these amalgamated charits'es are treated as restricted by
the Trustee5, and are only applied for the purposes specified in the original objects of the charitie5
c¢ncerned.
In addition. there is an unreslricted bul designated fund for life subscriptions that make transfers to the
unrestricted fund, as income received in advance is realised.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FUND STRUCTURE Icontinuodl
These financial statements present in aggregate, the results for the year ended 30 September 2022
and the balance sheet position as at 3D September 2022, for the three original charities with
comparatives for the year ended 30 September 2021.
THE BRANCHES OF THE ASS¢XIATION
The Branches of thè Association do not expressly further ils Objects through any explicit or implicit
power provided by the Associats'on's Constitution,. neither control nor management is exercised.
Furthemiore, the Asso¢ialion's Constitution recognises formally the distinctiveness of a 8r8nch's
financial commthents from that of its own. On that basis, the Membership Coun¢il has decided lo
separate any financial connection that has existed anLI recognise in a clear and transparent way that
there is no financial dependency of the Association on the Branches or vi¢e-versa and that neither
control nor management has been or will be exer¢i$ed. As such branch in¢ome and expenditure is not
recognised in these financial statements
INCOME RECOGNITION
All incoming resources are Tecognised once the charity has entitiementto the income, it 15 Probable that
the income wll be received and the monetary value of incoming resources can be measured with
sufficient reliabllity.
Donations are recognised upon recèipt. Membership incorne 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 ¥￿en the administratorlexecutor for the eslale has communicated in wnting bDlh
the amount and settlement date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the charrty,. Ihls is nomially upon notificab'on of the inlere8t P8id or payable by the bank.
Dividends are recognised once the diwdend has been declared and nolffication has been received of
the dividend due. This is normally upon notification by our investment advisor of the dividend yietd of
the investment portfolio.
RESOURCES EXPENDED
All expenditure is 8ccounled for on an accruals basis, and hag been classrfied under headings that
aggregate all cos15 related to that category.
Grants payable are payments made to third parties in the futherance of the charitable objectives of the
Trust. They are accounted for when Ihe recipient has a reasonable expectation that Ihey will receive a
grant, and the Trustees have agreed to pay the grant wilhoul condib'on.
AJI resources expended are inclusThie ol iThecoverable VAT.
ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS
Management and administration costs, including support costs and govemance costs, have been
allocated between charitable activities a5 5hovm in note 7. Where costs ¢annot be diredy attributed to
a particular activity they are allo¢ated on a basis consislenl with the use of resources, for example, staff
costs are allocated based on the propr)rtion of lime Spent by staff member5 on eath activity.
Govemance costs comprise all costs involving the public accountsbility of the ¢haTlly and ils compliancè
with regulation and good practice. These costs include costs related lo statutory audit.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Pagè 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
FINANCIAL INSTRUMENTS
The charity only has financial a5se15 and financial liabilities of 8 kind that qualrfy as basic financial
instrurnents. Basic fi'nancial instruments are inib'ally recognised al IransaGtion value and subsequently
mea8ured at their settlement value wth the exception of investments which are measured at their fair
value as described more fully below.
IMTANGIBLE FIXED ASSETS
Intangible assets con51sI of computer software cos15 related lo 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 chari(y intends lo keep updating tho database software as necessary and lo use it
for the foreseeable future so rt is not PO55ible to reliably estimate the actu81 lrfespan of thi5 asset. A 10-
year lifespan has therefore been adopted as this is the longest period pemiitted by FRS102 in these
¢ircum5tance3. Am0￿'saIion costs are included wthin expenditure on charitsble activities In the
Statement of Financial Acts'wties.
TANGIBLE FIXED ASSETS
Assets costing £100 or more are capitalised as tangible fixed assets and are carried al cost. net of
depreciation and any prowsion for impairment, Depreciab'on is provided at the followng annual rates in
c*rder lo wite off each asset over its estimated useful life:
Computer equipmenl
Office equipment
Straight Line over 5 years
Straight Line over 10 years
INVESTMENTS
Inveslments are a fom of bayic fi'nancial in$triJment and are inftially recognised al their transaction
value and subsequently measured al Ihelr lair value as at the balance sheet date using the dosing
quoted market price.
The Twst does not acquire put options, derivatives or other comF4ex financial instruments.
All gains and losses are taken to the Statement of Financial Activilieg 88 they arise. Realised gains and
losse3 on investments are calculated as the drfference be￿een sales proceeds and their opening
carrying value or their purchase value if acquired subsequent lo the first day of the finan¢i81 year.
Unreali5ed gains and losses are calculated as the difference between the fair value at the year-end and
their carrying value. Realised and unrealised investment gains and los$e$ are combined In the
Statement of Financial Aclimlies.
The rnain form of financial risk faced by the charity is that of volatility in equity markets and investment
markets due ID wder economic conditions, the altitude of investois to investment risk. and changes in
senllment conceming equities and wiihin particular sectors or sub sectors.
STOCKS
stocks are slated al the lower of cost and net realisable value.
CREDITORS
Creditors and provisions are recognised where the charity has a pres&nl 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 estim81ed reliably. Creditors and provisions are nG)￿allY recogni8ed at
their selllemenl amount after allowing for any trade discoun15 due.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
LIFE SUBSCRIPTIONS
Life subscriptions gre accotsnted for when received, and allocated to specific designated funds to be
released lo general funds on a slraighl line basis over a period of 20 years. The chanty ceased offering
lrfe subscriptions in April 2015 and released all remaining designated funds in FY21 IFinancial Year
2021).
PENSION COSTS
The company operates a defined contribution pènsion scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. Contributions PaYa￿e for
the year are charged in the income and expenditure account.
FUNDS RECEIVED AS AGENT
Where the charity r*¢trivey resources vthich it is bound lo pay over to a specified third paty the
transaction is not recognised in these accounts a$ the charity ha5 no discretion over the use to which
the funds are applied. The receipt of lunds is not recognised as in¢ome nor 15 the distribution of funds
recognised a5 expenditure.
DONATIONS AND LEGACIES
2022
2021
Unrestri¢tgd
Annual Association sub8cr5pb.ons
Donations to the Assodation
Legacies
13,026
27,816
4,000
44,842
11.499
19,307
11,858
42.664
Restrfcted
The Benevolent Funds..
Donations
Legacies
Gran15 Returned
The COBSEO Female Cluster Group Fund..
COBSEO Fundin9
1.315
12.205
7.662
1,210
2,500
6,302
11.155
32,337
10,012
INCOME FROM CHARITABLE ACTIVITIES
2022
2021
Unrestrictad
Income from Grand Reunion
22,360
22,360

THE WOMEN'S ROYAL ARMY CORPS ASSOGIATION
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
INVESTMENT INCOME
2022
2021
Unrestrlcted
Dividend income
Deposit & SIB accounts interest
38,952
36.321
38,956
36.323
Restrfcted
The Benevolent Funds..
Oividend income
Oeposit & Sl8 accoun15 interest
182,271
20
179,199
182,291
179.203
221,247
215,526
Investment Income arlses from the charity's Investment portfollo, which is a financlal In81rument canled
at fair value through the Statement of Financial Activities.
OTHER INCOME
2022
2021
Unr¢strlcled
Memorabilia Sale8
Prize Draw
GIft￿d Tax
7,138
1,206
1,396
9,740
7,972
1,893
9,865
R•8trlctsd
Glft Aid Tax
313
279
10,053
10,144

THE WOMEM'S ROYAL ARMY CORPS ASSOCIATION
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
EMPLOYEES
2022
2021
The average monthly number of persons (excluding
Trusleesl employed by the Assoclation during the
year was..
Office & Administration
Stsff costs for the above persons..
Wages & Salaries
Social Security Costs
Pension Costs
109.394
4.172
6.377
86,226
916
5,203
119,943
92 345
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 lo the Association in the current or previous year.
Reimbursements for travel expense5 tolalling £5,495 were made lo 10 Truslees12021'. £1,782 to 7
Tru8teesl and Of £5.430 10 9 Council members12021'. £805 10 4 Coun¢il members).
The charity make$ contributions to defined contribution pension schemes on behaK of its employees.
The costs of these contributions are allocated between unrestricted and restricted funds on the basis
of the lirne spent by each employee on the activities undertaken by each fund.
RAISING FUNDS
2022
2021
RESTRICTED
Benevolent Fund - Inve5tsnent Management
31,436
31.436
32,621
32,621
UNRESTRICTED
Investment Management
7,096
7,096
7.836
7,836

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
CHARITABLE ACTIVITIES
Dirnct
Costs
Grant
Fundlng
Support
Costy
Total
2022
Totsl
2021
Unrestricted Funds..
Maintaining contact and
fostering friendships
Re$tri¢led Fund8.'
Fostering 8spril de COTPS,
comradeship and weware
51.782
110.196
161,978
96.074
27,136
188,753
94,471
310.360
269,885
78,918
188.753
204,667
472.338
365.959
2022
2021
UNRESTRICTED
Direct Costs
Grand Reunion
Great Yarmouth
Remembrance
Thanksgiving for Her Majesty Queen Elizabeth11
Ro$e Garden
Statue Unveiling
other Events
National Memorial Arboretum
Memorabilia Purchases for Shop
100 Wonderful Women Book
Christmas Gards
Standard 8earers
Flowprs
Presentations
37,353
1,050
392
557
250
1,075
320
1,860
6,317
1.444
2,239
5.219
104
1.592
97
779
346
11.820
1,477
376
71
684
51.782
Support Costs
Staff Costs
Travel & meeting expenses
Printing, postage & Stationery
Sundry office expenses
Marketing
Governance- Auditors Remuneration - Audlt
Governance- Auditorg Remuneration - Other
Governance- AGM
Governance- Trustees meetings, training & 8dwce
Governance- Trustees Costs
Governance- Coun¢il Cost$
61,548
3,209
2,211
14.845
13,440
1.599
657
2,323
2,042
2,892
5,430
110,196
47.922
573
2.991
14,268
10,835
1,590
648
2.082
1,635
905
805
84.254
TOTAL UNRESTRICTED
161,978
96,074

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
CHARITABLE ACTIVITIES (contin￿d...}
2022
2021
RESTRICTED
Direct Cost$ - Grant Fundlng
Benevolent Funds grants lo 141 12021.. 971 individuals
Prince55 Royal's Memorial Giants lo 1712021.. 221 individuals
Annual Maintenance Grants 10 512021.. 41 individuals
144,901
35,500
8,352
188.753
110,429
46,619
8,600
185,648
Dlrect C09ts18onevolent Funds)
Lioness publication co$15
Thanksgiving for Her Majesty Queen Elizabeth11
Flower5
Christmas Cards
23,1 $4
557
322
1,477
25,510
24.165
1,592
25,757
Dlrect Costs {COBSEO Fèmalè Cluster Qroupl
COBSEO Expenses
1,626
1,628
Support Costs IB&novolent Fund81
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry office expenses
Marketing
Governance - Auditors Remyneration - Audlt
Governance- Auditors Rernuneration - Other
Governance- AGM
Governance- Tm$lees meeb"ngs. training & advice
Govemance- Trustees Costs
58,395
1.180
792
15,208
11,007
1,599
657
2,323
707
2,603
94,471
44.423
540
603
15,711
10,835
1,590
648
2.082
1,172
876
78,480
TOTAL RESTRICTED
310,360
269.885
TOTAL COSTS OF CHARITABLE ACTIVITIES
472.338
365,959
The total amount of Govemance costs, as Sho￿ above. was £22,832 12021.. £14,033), of which
£14.94312021.' £7.6651 relates to unrestricted funds and £7,88912021.. £6.3681 relates lo restricted
funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Pag8 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 30 SEPTEMBER 2022
INTANG18LE ASSETS
Computer
Softwar•
Total
COST
At 01 October 2021
Addrtions
Disposals
AI 30 September 2022
18,938
18,938
18.938
18,938
AMORTISATION
Al 01 October 2021
Charge for year
Elimination on Disposaly
AI 30 September 2022
6,944
1.894
6,944
1,894
8.838
8,838
NET BOOKVALUE
At 30 September 2022
10.100
At 30 September 2021
11 994
11.994
Not?.. Intsngible assets related 501ely lo a database developed for the Restricted Benevolent
Funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 23
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
TANGIBLE FIXED ASSETS
Computor
Equlpment
FIKtures &
Flttlngs
Totsl
COST
At 01 October 2021
Additions
Dlsposals
At 30 September 2022
6,820
3,830
10,650
15881
6,232
15881
10,062
3,830
DEPRECIATION
At 01 October 2021
Charge for year
Elimination on Disposals
At 30 September 2022
3,712
662
588
3,786
2,410
341
6,122
1,003
15881
6,537
2,751
NET BOOK VALUE
At 30 September 2022
2,446
1.079
3,525
At 30 September 2021
3,108
1,420
4,528
Note: Fixed assets are allocated bet￿en fund8 as follows..
Unrestricted Fund
Restricted Funds- Benevolent Funds
Net Book Value a130 Seplember 2022
1,395
1.051
2,446
317
762
1.079
1.712
1,813
3,525
Unrestricted Fund
Restricted Funds- Benevolent Funds
Net Book Value al 30 September 2021
1,772
1.336
3,108
512
908
1,420
2,284
2.244
4.528

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
10.
INVESTMENTS
2022
2021
Unrestricted g•neral funds:
Brewin Dolphin Portfolio
COIF Deposit Account
1,408,504
1,637,675
467
1,638,142
1.408.504
Restricted Benevolent Funds:
Brewin Oolphin Portfolio
6,259,001
6,259,001
7.263.074
7.263,074
Total investments at market value
7,667,505
8.901,216
2022
2021
Investments al fair value comprise..
Listed Investments
Cash held within the investment portfolio
7,535.908
131,597
7.667.505
8,750,194
151,022
8,901,218
2022
2021
Market value brought forward at 1 October
Addrtions
Disposals
Unrealised gains I (losses}
Market value carried foN4ard at 30 September
8.901,216
231,222
1376,4651
11,088,468)
7.667,505
7,426,275
236,020
{325,4771
1,564,398
8.901,216
The hislorlcal cost of these investments, purchased at vari¢JUS dales, Is as follows..
2022
2021
Unrestricted general funds
Restricted tunds..
Benevolent FLtnds
1,181,097
1,216,342
4.995,455
5,105,453
6, 176.552
6,321,795
The investments are a financial asset measuTed at fair value through the Stslement of Financial
Acti￿tieS

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
11
STOCK
2022
2021
Memorabilia Stock
3,982
5,782
5.782
12
DEBTORS
2022
2021
Due Within One Year:
Prepayments
Accrued Income
Other Debtors
40,538
2,000
1,086
30.227
538
1,011
43,624
31,776
Unre3tricled
Restricted
2,fj71
40.953
43,624
3,348
28,428
31,776
13.
CASH AT BANK & IN HAND
2022
2021
Current accounts
Deposit accounts
Cash in hand
16,370
1,021
120
18,423
48,501
80
17,511
67.004
Unrestricted
Restricted
6,490
8,503
58,501
67.004
17,511
Cash al bank and in hand is a financial asset measured at amorfise¢J cost.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2e
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
14.
CREDITORS
2022
2021
Amounts falling due within one year..
Accruals
Taxation & Social Security
Deferred Income
Olher Creditors
14,518
1,517
5,353
676
22,871
1,497
4,574
676
22,064
29618
Unrestricted
Restricted
10,716
11,348
22.064
9,881
19,737
29,618
2022
2021
D•ferred incomfr:
Deferred income brought forward
Incorne released in Burrenl year
Incorne deferred in current year
4.574
(4.5741
5,353
5,383
{5,383}
4,574
Defefred income carried foThvard
5,353
4,574
The deferred income relates lo membership subscrfpllong and other income for Ihe nextfinancial period
which were Teceivecj during the current year.
15.
FUNDS RECEIVED AS AGENT
The charity did not receive any funds a5 an agent in the year ended 30 September 2022 or the year
ended 30 September 2021.
16.
DESIGNATED FUNDS
Llfe
Membershlp
Total
2022
Total
2021
01 O¢lober 2021
Subscription Income
Transfers lo general ftjnds
14,859
114.8591
30 September 2022
The charity has no designated funds as at 30 September 2022.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
17.
THE BENEVOLENT FUNDS
2022
2021
01 October 2021
Incoming resources
Donations and legacies
Investment Incorne
Other income
Resources expended
Raising Funds- Investm&nt management costs
Charitable activities
(Losses) l Gains orb investments
7,340,629
6,155.526
21,182
182,291
313
10.012
179,203
279
131.4361
1308,7341
1894,0761
132,6211
1269,8851
1,298,115
30 Sept?mber 2022
6,310.169
7,340.829
Cumulative unrealised gains on investments induded in The Benevolent Funds balance at the year-
end amounted to £1,263,54612021'. £2,157,621)
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 Arniy Corps Benevolent Fund
(incorporating the Prtn¢ess Royal'5 Memorial Fund), ￿1¢h is a subsidiary charity of the WRAC
association. The funds may be applied only in pursuance of the C&bje¢ts of the charity, namely..
To promote the interests and welfare of persons vkno have served in the Corps in such ways
a5 are charitable in law,. and
The relief of persons in need are either..
Persons who have served in the Corps,. or
The children or dependents of any person (alive or deadl Iptho has served in the Corps
The Trustees may relieve persons in need by..
Anaking grants ol money lo them,. or
Providing or paying for goods. seNces oi facillties for them,. OT
Making grants of money lo other persons or bodies who provide goods. services or facilities lo
those in need.

THE WOAIEN'S ROYAL ARMY CORPS ASSOCIATION
Page 28
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
18.
THE COBSEO Fwnal• V•tsrans Cluster Fund
2022
2021
01 October 2021
Incoming resources
Oonalions and legacies
Resources expended
Charitable activities
11.155
11,6261
30 September 2022
9,529
The COBSEO Female Veterans Cluster restricted fund was created in FY22 and relates to funding
provided to the WRAC for rts work wth the aforementioned group. and costs relate lo fvnding travel and
sub8l$tence and marketing costs for group rnembers.
19.
TOTAL FUNDS OF THE ASSOCIATION
Ioct
2021
Incoming
Othgoing
Rosourcos Resources Tr*n*fo
30 Sop
2022
Unrgjtrictsd Funds:
General funds
1.652,053
115,898
1363.4661
1,404,485
Re$trfctsd Funds:
The Benevolent Funds
C08SEO Female Veterans Cluster
7.340,629
203,786 11,234,248)
11.155
{1,6261
8,310,169
9.529
8.992,682
330,839 11.599,338
7.724,183

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Flxed
Ass•ts
Net Current
A6s•ts
TOTAL
2022
Yeor End•d 30 Soptember 2022
Unrestricted Funds:
General funds
1,410,216
15,7311
1,404,485
RKtrl¢ted Fund8:
The Benevtslent Funds
COBSEO Female Veteran$ Cluster
6,270,914
39,255
9,529
6,310,169
9,529
7,681,130
43,053
7.724,183
Cumulative unrealised gains on Investments included wthin the unrestricted general funds balance 8t the
year-end amounted to £227,40712021'. £421,800)
Flxed
A$$ets
Net Current
Assets
TOTAL
2021
Year Ended 30 Septèmber 2021
Unr8strlcted Funds..
General funds
1.640,426
11,627
1,652.053
Rutrfctsd Funds:
The Benevolent Funds
7,277,312
63.317
7,340.629
8,917,738
74,944
8.992.682

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 30
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
21
ULTIMATE CONTROLLING PARTY
The ¢haNty is controlled by its Trustees.
22
RELATEO PARTY TRANSACTIONS
There were no tran8acllons related parties during the year, other than the relmbursement of
expenseg lo Trustees as dl$close(I In note 5.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
YEAR ENDED 30 SEPTEMBER 2022
IN MEMORIAM
Donations ￿re made by indiwdual$ and Branches In memory of the f￿loWIng..
Kay Holladay-segrave RIP
Diana Weston RIP
Jean Ansell RIP
Mary Ellen Ni¢holl$ RIP
Sue Elksnis RIP
Jean Canning RIP
June Kathleen Green RIP
Margaret Watson RIP
Sue Green RIP