WOMEN’S ROYAL ARMY CORPS ASSOCIATION ANNUAL REPORT 2023 




Vision To provide camaraderie, benevolence and mutual support to former members of the ATS and WRAC, and exert influence within the military charity sector to broaden support for female veterans. 



BENEVOLENCE SPEND
£262,980
spent on
144
beneficiaries
COMRADESHIP
395
58
Branches meet every
month around the
globe (mostly in UK)
Members attended
national events
MEMBERSHIP
Census 2021 data
tells lls there are
approxiTnately
85,000
felnale Neterans in the
UK M,ho sen'ed in the
AIS orWRAC.
3000,
Members


## Vice President Brig (Retd) Fiona Gardner CBE 

It has been an active year for the Association. We have raised our profile on social media as part of our plan to be more visible and to reach out to the 85,000 plus female Army veterans reported in the Census. Our members have come together across the UK, with a large contingent marching at the Cenotaph on Remembrance Sunday and of course the Association branches and groups continuing to provide comradeship and companionship for members through varied events and activities. 

We continue to support former ATS and WRAC ladies through our individual grant giving, and have joined forces with the Veterans Charity to fund immediate emergency assistance where needed. 

The Board of Trustees have welcomed two new members. Dawn Menday is an ex-WRAC NCO who has pursued a career in finance, and Shelley Whitehead is an ex Reserve WRAC and Infantry NCO, and Cadet officer, working in sport management. Isabel McCord has handed over the Chair of the Benevolent Fund Grants Committee to Monica Jones. 

The LGBT Veterans Independent Review was published, reflecting the evidence submitted by respondents of whom 69% were women, and we have been engaged with the recommendations to ensure our affected members are supported. With grants of £360k awarded by the Armed Forces Covenant Fund Trust and the NHS we have joined forces with Cobseo to launch the Female Veterans Transformation Programme, ensuring service providers build the needs of female veterans into the design and delivery of their services. 


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

The Association’s national, regional and local events continue to further the Association’s Object of fostering esprit de corps and comradeship. Among the events taking place during 2023 was our first event of the year - the dedication of the Association Centenary plaque in Guildford Cathedral that had been delayed due to Covid. Members filled the space around the plaque which now sits alongside our Books of Remembrance before enjoying afternoon tea together. Our spring-time AGM had to be held 

remotely at the last minute because of a rail strike, resulting in a much larger attendance than normal with over 1200 views of the meeting online. The ‘We Will Remember Her’ campaign brought together members across the length and breadth of the UK holding simultaneous services at the war memorials or graves of the 26 ATS killed on 11 May 1943 with the main focus being in Great Yarmouth where they lost their lives. Our well attended Summer Event at Worthy Down enabled our members to appreciate how much the Army has progressed with regards to accommodation and barracks facilities. 

The Branches and Groups remain the main focus for providing our members with comradeship, and this year we have had new branches form in Sheffield and Northern Ireland. Work continues to improve the package for the members through the various working groups, and this year we have provided Association table top banners to Areas and blankets for wheelchair users which were proudly on display as we marched past the Cenotaph on Remembrance Sunday. 



Chair of the Benevolent Fund Grants Committee Major (Retd) Monica Jones 


It was a privilege to take on the role of Chair of the Benevolent Fund from July 2023. I will continue the legacy of ensuring that the benevolence the charity provides stays relevant to current problems facing our beneficiaries. Also that it continues to build the varying ways in which they can be assisted with the focus of grants to offer a “hand up not a hand out”. The last year has seen many beneficiaries struggling with the rise in the cost of living.   This year’s highest spend for one-off 

grants was for priority debt with a spend of £26,363 which is indicative of the financial hardship currently facing our beneficiaries. During this year £262,980 was spent on benevolence grants benefitting 144 female veterans. The Trustees continue to regularly review the Grant Giving Criteria and Guidelines to ensure that it meets the needs of its beneficiaries and that the charitable funds are put to best use to support those most in need. 

This year the Benevolent Fund formed a new partnership with The Veterans Charity, delivering rapid support to supply essentials including food shopping, clothing, household goods, utilities support, smartphones/tablets and even temporary emergency accommodation. The partnership means that they will assess and deliver immediate needs support on behalf of and funded by the WRAC Association, whilst requests for non-urgent items and long term support will still be submitted through SSAFA or RBL. 

Details of how to apply for support are available on our website and published in the Lioness. 

## Chief Executive Officer Paula Rogers 

2023 has seen the WRAC Association increase our status within the veteran community and our visibility in the public eye, ensuring that the contribution of our trailblazing women is recognised across UK society. 

As we continue to engage with the wider veteran population on a variety of issues, we are heartened that the Office for Veterans’ Affairs has begun to develop a stand-alone strategy for women veterans to sit as part of its overall strategic plan. We are proud 


to have been engaged with the development of this work throughout the year, ensuring that the needs of older female veterans remain sharply in focus, and look forward to the launch in 2024. Within the Coseo Executive Board we continue to be a strong voice for women within the veteran community - sitting on the Executive Committee of the Female Veterans Cluster Group and now leading the programme which is set to deliver meaningful change to female veterans accessing support and services through statutory, charity and commercial sectors. 

As one of the four lead organisations in the Single Cap-Badge Associations Network, we have brought together the heads of other similar military organisations to share best practice and learn from each other’s delivery. Our get-togethers in 2023 have offered the chance to really learn from one another and improve our own offer to members of the WRAC Association. This Annual Report captures just some of the achievements of our Association over a twelve month period. I hope you enjoy reading about our work and continue to support us as we support women who served. 



Simply the BL.
I••T•II





## “The Lioness magazine just keeps getting better!” 

“I look forward so much to my copy of the Lioness”. 

**‘‘On behalf of the Portsmouth Branch I would like to thank you for the great Lioness, it was a lovely surprise to everyone I have spoken to.”** 

**“The much-improved Lioness ensures we remember happy times and see photos of people I remember.”** 

“I would like to congratulate all of the team on the wonderful commemorative issue of the Lioness on our past patron and Life Member, Queen Elizabeth II. It was a fantastic read.” 

“Thank you so very very much for mailing the Lioness magazines. They are phenomenal! Outstanding and tremendous. I have thoroughly been humbled by all the remarkable endeavours of the fine Lioness staff, all ATS and WRAC members, these past many years. Their loyalty, friendships and duty is remarkable! It is a joy to read, the photographs and stories are beautiful. Congratulations to everyone who submitted and shared and also for putting these remarkable Lioness magazines together.” 






“I felt a sense of belonging again when I joined the WRAC Association. I was able to meet up with old friends of like mindedness.” 

**“The Association is a way to still feel part of the WRAC and a great way of tracing ladies you have long lost touch with.”** 

”My mother reached the marvellous age of 100 on 26th June. She would like to thank the Association for the muchappreciated birthday card and message which she was honoured to receive.” 

“The WRACA gives me a sense of belonging and access to wonderful events.” 

**“Just a quick note to say thank you so much for including Mum’s obituary in the latest edition of ‘The Lioness’. She would have been extremely pleased to have been remembered in a magazine she regularly enjoyed reading.”** 

## “I like being part of a group of  likeminded people.” 

**“I would like to thank the WRAC Association HQ for the very generous Christmas gift, and also the wrapped parcel. I will open that Christmas morning. It was wonderful seeing you when you came up to visit us all.” (From a Chelsea pensioner)** 







At 1400 hours on Sunday 14th May 2023 members of the WRAC Association stopped to commemorate those who died as a result of a bombing raid on the 11th of May 1943. Killed as they returned to their quarters in Great Yarmouth following morning PT, these young women are commemorated annually at the spot where the tragedy occurred. This year, on the 80th anniversary, the WRAC Association held individual ceremonies all across the UK for each of those who died in the locations where they had been buried or remembered on memorials. 

Some of our members discovered that one of the ATS servicewomen was buried minutes from their home, whilst others travelled hundreds of miles to pay their respects. One of our members was able to attend thanks to a Membership Support Grant from our Benevolent Fund. Some services were attended by the families of those who were killed, and some by complete strangers who wished to give thanks for their sacrifice. Newspapers, local radio and even BBC TV news covered the events as the stories of these women captured the hearts of the nation. 

From the Isle of Lewis to the shores of Dorset, twenty-six simultaneous acts of Remembrance marking one tragic event – the single largest loss of female life in the history of the British Army. 



tJUENEWS
Rotherham veterans commemorate
80th anniversary of Great Yarmouth
mbing tragedy
Events honour 26 women killed i
Great Yarniouth WW2 bombing
W02Caih*iknièMwhr
••

apr*dslstwh••d
Women's Royal Amiy Corps veteran
from Halilax chosen for London
Cenotaph March Past
TALKiiiawoKIMa
nlailonline
Pip's a marvel-
it was great t
highlight her vzk
M•rchlng lo tr•gedy: New pleiure8 •rn
r￿•aled ol the ATS glrls killod by th•
M#zis- 26 lo#t thèir livè# in Great
Y•rTnouth bornbing in worst WWII
•tro¢hyto hh Br[￿¥h •mty 80
years ago
I1￿.1
J￿4
Aj¥￿.
-' Sti)rnowavgirl
.kiUed bi. enL'mv
I I".


## **85%** 

**91%** 

described some impact of military service on their physical or mental health as a civilian[1] and less than 31% identify with the term ‘veteran’[2] . 


## **2%** 

of women reported feeling that they were treated differently to their male counterparts 

Only 2% of veteran research focuses on females[5] . The Female Veterans Transformation Programme aims to change this. 

during their military service[3] with 60% stating that they had received little support or preparation for life as a civilian[4] . 

## Proud to work alongside: 















1Hooks, Morgan et al., ‘Where are all the Women?’, 31. 

2Christina Dodds and Matthew Kiernan, “Hidden Veterans: A Review of the Literature on Women Veterans in Contemporary Society,” Illness Crisis and Loss 27, no. 4 (2019): 295. 

- 3Lauren Godier-McBard, Nicola Gillin and Matt Fossey, We Also Served: The Health and Wellbeing of Female Veterans in the UK (Chelmsford: Anglia Ruskin University, 2021), 27. 

4Paula Edwards and Tony Wright, No Man’s Land, (Dudley: Salute Her UK, 2019), 16. 

5Lauren Godier-McBard, Graham Cable, Abigail Wood and Matt Fossey. “Gender differences in barriers to mental healthcare for UK military veterans: A preliminary investigation.” BMJ Military Health 168(1), (2022): 70–75 



Running from 2023 until 2026 and funded by the Armed Forces Covenant Fund Trust and the NHS, The Female Veterans Transformation Programme is raising awareness of the specific needs of female veterans and ensuring those needs are built into the design and delivery of the services they access. 



The programme is being delivered by the WRAC Association’s project team of Liza Jarvis (Project Lead), supported by Hannah West (Communications and Engagement Officer) and reports to the Cobseo Female Veteran Cluster. 

We have been busily reading all of the research about female veterans to make sure we have fully understood these needs and how they vary for different groups and individuals. Liza and Hannah will now be turning their attention to engaging with female veterans, service providers, advocates and policy makers who work in charities, as employers and in government, amongst others. They will work collaboratively to produce a practical toolkit for those who provide support services to make sure that female veterans are considered and represented by them. We are in close contact with the Office for Veterans’ Affairs as they develop the Women’s Veterans Strategy with our toolkit providing a practical way of implementing their recommendations. 








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





ladies were helped
with debt.
75
household
goods purchased
£9,700
£12,060
spend on cost of living
payments to
spent on EPVS
35
beneficiaries
177 +09 =186'.:
assistance
144 £262,980
were successful
total spend


Letter received from Anne who sent a photo of herself on the scooter purchased with a £1004 grant 


**“Very many thanks for renewing Miss M’s care home grant. I know her family will be delighted, she would also if she could communicate.”** 

From a SSAFA Caseworker helping a female veteran with a £5,200.00 Care Enhancement Grant for Nursing Home Top Up Fees. 

**“Thank you so much for supporting our case for Ms C and replying so quickly. It will be a great weight off her mind and she can now look forward to moving into her new home.”** 

From a SSAFA Caseworker helping a WRAC veteran who needed help with removal costs (£580) and fitted carpets (£1,930.00) 

Thank you card from Francine who was awarded a grant for priority debt of £2431 and a Benevolent Fund Support Grant of £50 per week for 6 months. 

All support applications are processed within strict confidentiality guidelines. Anne and Francine were happy to waive their anonymity to encourage others to reach out for help. 



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

2024 will bring the 75th Anniversary of the formation of the WRAC, with commemorative events planned in Guildford and at the National Army Museum, and planning for our summer event is well advanced.  Our branches, activity groups and fundraising cohort will be providing a network of events throughout the year. 

Trustees have reviewed our financial governance and have agreed to combine the Association HQ Fund and the Benevolent Fund, which will ensure the financial sustainability of the Association and enable greater support to members, while maintaining our individual grant giving to any former ATS or WRAC servicewoman in need. Trustees have also initiated Part 2 of our Strategic Review, reviewing the organisational structure of the Association staff to ensure it meets the needs of the Association moving forward. 

We will continue to have a voice within Cobseo and the female veterans sector, contributing to the understanding of the needs of female veterans and ensuring those needs are considered and incorporated in policy and service provision. In particular, we look forward to seeing the emerging outcomes from the Female Veterans Transformation Programme as it looks to transform the support available to female veterans. 

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

## 




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 influence 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 different ways you can do this: 

- 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. 

## 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 Charity Number 206184
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FOR THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Rothmans Audit LLP
Chartered Accountsnls & Statutory Auditors
Avebury House
St Peter Street
Winchester
Hampshire
S023 8BN

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 1
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Trustees submit their report and the financial statements of the Women's Royal Army Corps
Association for the year ended 30 September 2023. The Trustees agree on the broad strategy and
areas of activity including the policies for grant making, inveslmenls, and reserves. The management
of Association staff and other charity management responsibilities are delegated lo the Chief Executive
Officer.
The charitable Object of the Association is..
To promote the efficiency of the Army by..
Maintaining contact betseen former members of Queen Mary's Auxiliary Corps IQMAACI, the
Auxiliary Territorial Service IATSI, the Auxiliary Territorial Service Territorial Army IATS TAI,
Women's Royal Army Corps IVIRACI, Women's Royal Army Corps Territorial Army IWRAC
TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women still serving in the
Army, fostering mutual friendship between them and providing for social gatherings.
Fostering esprit de corps, comradeship, welfare and preserving the traditions of the QMAAC,
ATS, ATS ITAI, VVRAC, WRAC ITAI and IhRAC ITAVRI.
The administration and activities of the WRAC Association are governed by the VVRAC Association
Constitution 2021.
The Trustees have referred lo the guidance contained in the Charities Commission's general guidance
on public benefit when reviewing the aims and objectives and in planning the future activities of the
charity. In particular, the Trustees consider how planned activities will contribute to the aims and
activities they have sel.
CHARITABLE ACTIVITY
The VIRAC Association continues lo further the Association's object of fostering esprit de corps and
comradeshipas we provide support and opportunities for members whilst advocating for female
veterans publicly and slralegically.
Branches and groups remain the main focus for providing comradeship lo our members with new branches
forming in Northem Ireland and Yorkshire. Throughout the year, events have brought our members
together with a large conlingenl marching al the Cenotaph and across the UK on Remembran
Sunday. Further events included the ded￿atIOn of the Asswialion Centenary plaque in GuildFord Cathedral,
and our well attended Summer Event al Worthy Down Barracks which enabled members lo appreciate how
much the Army has progressed.
Our ongoing 'We Wll RerrEmber Herf campaign to ensure Army women are appropriately rerrEmbered on
war memorials hrt a signrficant milestrjne this year as members the length and breadth of the UK held
simubneous servres al the war rrEmorials and graves of the 26 ATS killed on 11 May 1943 on the 80th
anniversary of the bombing. Public and media interest around this event raised the profile of female veterans
Signth￿￿￿Y. The AGM was held remote￿ because of a rail stn"ke, but we were delighted to count over 1200
views of the meeb.ng online.
We have raised our profile on social media as part of our plan lo be more visible and to reach out lo the
80,000 plus female Army veterans reported in the latest UK Census. We conb'nue to support former
ATS and WRAC ladies through our individual grant giving, and have joined forces with the Veterans
Charity lo fund immediate emergency assistance where needed.
With a grant of £300k over three years awarded by the Armed Forces Covenant Trust, we have joined
forces with COBSEO lo launch the Female Veterans, Transformation Programme, working lo deliver a
toolkit that will assist all service providers lo build the needs of female veterans into the design and
delivery of veteran services of the future.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FINANCIAL REVIEW
Income derived from the investment portfolio is the main income stream for both the Association and
the Benevolent Fund, supplemented by ad hoc legacies and donations. The Association also re￿iVeS
income from subscriptions at £10 per member per year.
The Association showed net oulgoings of £28,640. The net gain on investments this year was £17,606.
The Benevolent Fund showed net oulgoings of £224.695. The net gain on Investments was £102,015.
The charity does not actively ftjndraise or seek legacies, albeit the charity is appreciative of those who
have made provision for the Association in their wills. £11,200 was received into the Association
comprising 4 legacies and £2,000 comprising 1 legacy into the Benevolent Fund.
INVESTMENT POLICY AND PERFORMANCE
The investment objectives are sel out in the Investment Policy., to balance income and capital returns
over the long term, preserve the real capital value of the funds and meet the ongoing income
requirements of the charity. Trustees instruct Brewin Dolphin lo manage the charity's investments.
The last 12 months have been another challenging period for investors. During the first half of the year,
global markets performed better than expected before falling back in the third quarter due to rising oil
prices, inflation and higher Interest rates. Income continLJes to hold up well though and equity dividends
remained resilient and bond markets provided more attractive levels of income.
Looking ahead, the forecast is for bond yields to remain steady with cash an increasingly attractive
option given the high levels of interest rates in the UK. Stocks in the US, particularly technology stocks
are looking overpriced. In Europe, the advice is steady as she goes. For China, GDP growth is still
likely to outpace the rest of the wodd but the riSkI￿ward balance remains unattractive.
Our investment managers suggest that fixed income markets have remained under pressure with this
backdrop and other interest rate sensitive instruments have also suffered, particularly in the investment
trust sector where a significant widening in discounts has exacerbated the challenged performan￿.
These factors, combined with the very focussed returns that we have seen partiCLJlarly from the US
market have impacted performance and have potential lo do so al least over the short term. However,
our portfolios remain well diversified and are structured to wilhsland the current volatility whilst looking
to a recovery over the short to medium term.
Investment returns were £224,414., comprising £42,567 for the Association and £181,847 for the
Benevolent Fund.
Al the end of the year market values were Benevolent Fund £6,098,743 and the Association
£1,396,047.
Investment management costs of £36,590 for the year are charged to the portfolio.
RISK MANAGEMENT
Risk Management is a standing item on the Agenda at Trustees meetings and the Risk Register
reviewed regularly by the Management Board. sUC￿sSion planning for the Officers of the Association
is an ongoing risk and planning is in place, albeit those in place now are so for 3 years and are supported
by the CEO'S ability to step up. Likewise, planning is in place lo manage long term staff absence.
RESERVES STRATEGY
A Reserves Policy provides essential accounlabilily lo funders, donors and other stskeholders and is
held lo help the charity operate efficiently.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 3
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The charity uses easily accessible cash from Special Interest Bearing Accounts ISIBAI lo meet the
usual operating 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 monitored by the Financial OffI￿r
and reported quarterly lo the Management Board. Vvhen reviewing the Reserves Policy Trustees
always seek advi￿ on market conditions from the Investment Manager.
Al the end of the year the charity held total reserves of £7,590,469 of which £1,393,451 were for the
Association, and £6,155,806 were for the Benevolent Fund. (Cash reserves al £26,653 (Assn) and
£33,138 (Benll. In addition, the sum of £5,541 was held for the COBSEO Female Cluster Group and
£35,671 for the Female Veterans, Transformation Programme
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status of the Charity
The Women's Royal Army Corps Association, incorporating Queen Mary's Army Auxiliary Corps and
Auxiliary Territorial Service Comodes Associats'on, is a registered charity, founded by a trust deed in
1919. The Association is governed by the rules and regulations sel down in the trust deed.
Following advice received from the Charity Commissioner during the year ended 31 October 2000, two
related bul previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the
Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fund) were
amalgamated with the Association.
The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944.
The Women's Royal Army Corps Benevolent Fund was estsblished by a trust deed on 28 December
1950. The Benevolent Funds were combined under a scheme of the Charity Commissioner on 28 April
1961. This scheme was superseded by another scheme on 21 October 1964, and subsequent
supplemental orders dated 17 February 1993 and 3 April 1997.
The combined Benevolent Funds formed a registered charity, governed by the rules and regulations
sel down in the amended trust deeds. Following amalgamation with the Association, the charitable
registration of the Benevolent Funds, under charity number 247793, was removed and the funds were
re-registered as a subsidiary charity of the WRAC Association.
The Princess Royal's Memorial Fund was established under a trust deed dated 30 March 1966, and
was a registered charity, under charity number 248204. Following amalgamation with the Association,
the separate charitable registration has ceased.
Charity Name
WRAC Association lineorporating Queen Mary's Army Auxiliary Corps and The Auxiliary Territorial
Service Comrades Associalionl.
Charity Nurnber
206184
Princi
Unil 11
Basepoint Business Centre
1 Winnall Valley Road
Winchester
Hampshire
S023 OLD
al Address
Banker
Royal Bank of Scotland
31-37 Victoria Road
Farnborough
Hampshire
GU14 7NR
Auditor
Rolhmans Audit LLP
Avebury House
6 St Peter Street
nchesler
Hampshire
S023 88N

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 4
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Investment Mana
Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD
gr
The Trustees and Councll of the Assoclatlon
The Trustees are the Managing Trustees of the VWRAC Association and are..
The Association OffiTrrs- Vice President, Chair of the Membership Council, Chair of the Benevolent
Fund and the Treasurer.
Elected Members - up lo 9. An Elected Member shall be proposed by any other Trustee and is to be
approved by the Trustees. An Elected Trustee Member shall serve for an initial period up lo 3 years
and thereafter may be re-appointed and serve for up lo two more consecutive 3-year terms19 years in
totall with annual ratification by the Trustees.
The Membership Council is responsible for offering advice and recommendations lo Trustees on
membership mallers for WRAC Association Branches, Members and the wider Service charity sector,
particularly in relation to membership relations. The Membership Council consists of..
Chair of the Membership Council la Trustee)
Chair of the Benevolent Fund la Trustee)
All Life Vice Presidents
All Area Co-ordinators
Editor of the Lioness- ex officio
Honorary Appointments within the Association lo act as ex officio members le.g. Lawyer and Padre)
except the Treasurer who is an Officer of the Association.
Management Board
The Membership Council is responsible lo the Management Board for growing, reviewing, monitoring
and making decisions on membership, membership strLJCture and events. The Membership Council
sets the direction for relationships with VVRAC Association Branches and the wider Service charity
sector and is a forum for recommending change lo Trustees as it affects the Membership. It 15
supported by other sub committees formed for specific purposes.
The members ofthe Management Board are..
Vice President & Chair of Board of Trustees
Chair of Membership Council land Deputy Vice President)
Chair of Benevolent 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 2023
Trustees who have held Offi￿ since 1 October 2022 are as follows..
Trustees
Brig (Reldl FH Gardner CBE
Vice President
Appointed
March 2021
Appointed Trustee February
2020
Appointed Trustee July 2013
Rea
oinled Trustee Jul 2021
Appointed Trustee July 2014
Reappointed Trustee July 2021
Vice
President
Col (Reldl IM Mccord
Chair of the Benevolent
Fund
until Jul 2023
Chair of the Membership
Council from March 2021
Chair of the EFC from July
2014 to March 2021
Chair of the Benevolent
Fund
from Ju
2023
Deputy
Chair
of the
Benevolent Fund
Treasurer appointed July 2022
Ll Col (Retdl RC Naile MBE
Maj IReldl MCM Jones
Appointed Trustee May 2015
Rea
oinled Trustee Jul 2021
Appointed Trustee April 2015
Rea
oinled Trustee Jul 2021
Appointed Trustee JLJIY 2019
Served as NEM November
2018- June 2019
Appointed Trustee February
2017
Rea
oinled Trustee Jul 2021
Appointed Trustee February
2017
Rea
oinled Trustee Jul 2021
Appointed Trustee August 2017
Rea
oinled Trustee Jul 2021
ointed Trustee Jul 2019
ointed Trustee June 2023
ointed Trustee June 2023
Maj (Retdl CH Merrington-Rusl
MBE
Ll Col (Retdl TR Savage
Miss B Johnson
Mrs S Mackenzie
Col (Reldl A Hassell
Ms SMF Veillard-Thomas
Ms Dawn Menda
Ms Shelle
Whitehead
Non-Executive Member
Ex-officio A
ointments
PRO
ers
Mrs PF Muxworth
NEM
Chief Executive Officer
Association Secreta
ointed Ma
ointed Ma
2021
2017
The Role of Trustees
To provide the level of Governance necessary for the WRAC Association, the Trustees are expected
to attend all 3 Trustees Meetings annually, the AGM, and at leasttwo Major Grants Committee Meetings
IMGCMI a year, prior to which a newly inducted Trustee would be expected lo shadow a MGCM al
least once. The WRAC Association continues lo subscribe lo the Charity Commission's on-line
updates, the COBSEO newsletter, Gov.UK updates and NCVO e-bullelins.
Trustees are required to disclose all relevant interests and register them with the VI￿ President and in
accordan￿ with the WRAC Association's policy are lo withdraw from decisions where a conflict of
interest arises.
KEY MANAGEMENT PERSONNEL REMUNERATION
All Trustees give of Iheirtime freely and no Trustee remuneration was paid in the reporting year. Details
of Trustee expenses and related paty transactions are disclosed in this report.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 6
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
GOVERNANCE
A Governance Audit took place in June 2022. The COBSEO audit tool, approved by the Charity
Commission was used. The overall score was 71180", a green outcome overall indicating good
governance. The Trustees intend lo follow this 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 Trustees, Report and the financial statements in
accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
AC￿pted Accounting Practice}.
The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalements
for each financial year that give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources of the charity for that period. In preparing these
financial statements, the Trustees are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent,.
slate whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The TTuslees are responsible for keeping sufficient accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008
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 Trustees are ￿sponSible for the maintenance and integrity of the charity and financial information
included on the charity's website in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial ststemenls.
2010312024
Approved by the Trustees on .
Signed on behalf of the board
2010312024
Dale........................
Brigadier (Retired) Fiona Gardner CBE, Chairman

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 7
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Opinion
We have audited the financial statements of The Women's Royal Army Corps Association for the year
ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet,
the Statement of Cash Flows and the notes lo the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied In their
preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting
Standard 102.. The Financial Reporting Standard applicable In the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial stalemenls..
give a true and fair view of the slate of the Charity's affairs as al 30 September 2023 and of
its incoming reSoUr￿S and application of resources for the year then ended.,
have been properfy prepared in accordan￿ with United Kingdom Generally Accepted
Accounting Pffictice",
have been prepared in accordan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
Charity in accordance with the ethical requirements that are relevant to our audit of the financial
ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial stalemenls, we have concluded that the trustee's use of the going con￿rn basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubl on the charity's ability
to continue as a going concern for a period of al least 12 months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described
in the relevant sections of this report.
Other infomiation
The other information comprises the information included in the annual report, including the trustees,
report, olherthan the financial statements and our audilorfs report thereon. The trustees are responsible
for the other information contained within the annual report. Our opinion on the financial statements
does not cover the other information and, except to the exlenl othenmise explicitly slated in our report,
we do not express any form of assurance conclusion thereon.
Our responsibility is lo read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
eourse of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstalemenls, we are required to determine whether this gives
rise lo a material misststemenl in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misslatemenl of this other information, we are required
to report that fact.
We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 8
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course
of the audit, we have not identified material misslatemenls in the Trustees, Annual Report.
We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts
and Reports) Regulations 2008 requires us to report to you If, in our opinion..
the information given in the trustees, report is inconsislenl in any material respect with the
financial slatemenls", or
sufficient accounting records have not been kept.,
the financial statements are not In agreement with the accounting records., or
we have not obtained all the information and explanations we require for our audit.
Responsibilities of the trustees
As explained more fully in the trustees, responsibilities statement, the Iruslees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such internal control as they determine is necessary lo enable the preparation offinancial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Iruslees are responsible for assessing the Charity's ability to
continue as a going concern, disclosing, as applicable, mallers related lo going cOn￿M and using the
going con￿rn basis of accounting unless the trustees either intend to liquidate the Charity or to cease
operations, or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial ststements
We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misslatemenl, whether due to fraud or error, and to iSSLJe an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected lo influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect
of irregularities, including fraud.
The extent to vthl¢h the audlt was consldered capable of detectlng Irregularltles Includlng fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills lo identify or recognise non-compliance with applicable laws
and regulations.,
we Identified the laws and regulations applicable lo the charity through discussions with the
trustees and other management, and from our knowledge and experience of the charities
sector.,

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 9
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
we focused on specific laws and regulations which we considered may have a direct Material
effe¢l on the financial statements or the operations of the charity, including the Charities Act
2011, data protection, employment, and health and safety legislation,"
we assessed the exlenl of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence. The identified laws and
regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstalemenl, including
obtaining an understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility lo fraud,
their knowledge of actual, suspected and alleged fraud," and
considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws
and regulations.
We Identified the greatest risk of material Impact on the financial slalements from irregularities, including
fraud, lo be within the recognition of income and the override of controls by management. To address
the risk of fraud in these areas, we..
selected a sample of transactions from Material income streams and compared expected
income to that recorded within the financial stslements.
performed analylieal procedures lo identify any unusual or unexpected relationships",
lesled journal entries during the year and al the year-end lo identify unusual transactions.,
assessed whelherjudgements and assumptions made in determining the accounting estimates
set out in the notes lo the accounts were indicative of potential bias.,
investigated the rationale behind significant or unusual transactions.,
In response to the risk of irregularities and non-compliance with laws and regulations, we designe
procedures which included, bul were not limited lo..
agreeing financial statement disclosures to underlying supporting documentation.,
reading the minutes of meetings of those charged with governance.,
enquiring of management as lo actual and potential litigation and claims.,
reviewing correspondence with relevant regulators, such as the Charities Commission., and
reviewed legal and professional expenditure incurred in the year.
There are inherent limitstions in our audit procedures described above. The more removed that laws
and regulations are from financial transactions, the less likely il is that we would become aware of non-
compliance. Auditing standards also limit the audit procedures required to identify non-compliance with
laws and regulations to enquiry of the directors and other management and the inspection of regulatory
and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect
than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website al.. www.frc.or
.uklaudilorsres
onsibilities. This description forms
part of 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 2023
Use of our report
This report is made solely lo the Charity's trustees, as a body, in accordance with section 144 of the
Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been
undertaken so that we might stale to the Charity's trustees those matters we are required to stale to
them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility lo anyone other than the Charity's trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
RON_ /knLLP
Rothmans Audit LLP
Chartered Accountsnts and Ststutory Auditors
Avebury House
Sl Peter Street
Winchester
Hampshire
S023 8BN
Date..
29 April 2024
Rothmans Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 11
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Totsl
Fund5
Year
Ended
30.09.2023
Total
Funds
Yèar
Ended
30.09.2022
Notes
UnrestriGtsd
Funds
Restricted
Funds
INCOME FROM..
Donations and legaci&s
Charilabk activities
Investments
Other income
55.874
61.153
117,027
77.179
22,360
221.247
10,053
42.567
5,659
181.847
256
224,414
5,915
TOTAL INCOME
104,100
243.256
347,356
330,839
EXPENDITURE ON:
Raising funds
Charilabk activities
6.728
126,012
29.862
438.089
36,590
564,101
38.532
472,338
Total Exp8ndlture
132,740
467.951
SQO,691
510,870
Net Gains I Ilossesl on invesknents
10
17,606
102.015
119,621
11.088.468)
NET INCOME I IEXPENDITUREI
1122,6801
1133,7141
11.268,4991
Transfers between funds
NET MOVEMENT IN FUNDS
1122,6801
1133,7141
11.268.499)
RECONCILIATION OF FUNDS..
Total Fund$ brought fotward
19
1.404.485
6.319.e98
7,724,183
8,992.682
Total fund5 carrRd forward
1.393.451
6.197.018
7,590,469
7,724.183
The statement of financial activities includes all gains and losses recognised In the year.
All income and expenditure derive from continuing activities.
The notgs on pages 14 to 30 fom? part ofthgse financial statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 12
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
2023
2022
Notes
FIXED ASSETS
Intangible assets
Tangible assets
Investments
8,206
2,480
7,494,790
7,505,476
10,100
3,525
7,667,505
7,681,130
10
CURRENT ASSETS
Stock
Debtors
Cash al bank and in hand
4,464
32,832
59,791
97,087
3,982
43,624
17,511
65,117
13
LIABILITIES
Creditors.. Amounts falling due within one year
14
12,094
22,064
NET CURRENT ASSETS
84,993
43,053
TOTAL NET ASSETS
7,590,469
7,724,183
FUNDS OF THE CHARITY
Restricted Funds.
The Benevolent Funds
The COBSEO Female Cluster Group Fund
The Female Veterans Transformation
Programme
16
17
6,155,806
5,541
6,310,169
9,529
18
35,671
Unrestricted funds..
General Funds
19
1,393,451
1,404,485
TOTAL FUNDS
19
7,590,469
7,724,183
The financial statements were approved by the Board of Trustees on
on its behalf by..
2010312024
and were signed
Brigadier (Retired) Fiona Gardner CBE, Chairman
The notes on pages 74 to 30 fom7 Part ofthese fin8nci81 statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 13
STATEMENT OF CASH FLOWS
AS AT 30 SEPTEMBER 2023
2023
2022
Notes
Net cash lused inl operating activities:
{474,4701
{415,9831
Cash flows from investing activities
Dividends and interest from investments
Purchase of intangible assets
Purchase of propety, plant and equipment
PrO￿edS from sale of investments
Purchase of investments
224,414
221,247
516,387
224,051
516,750
376,465
231,222
366,490
Net cash provided by investing activities
Change in ¢a5h and cash equivalents in the year
42,280
149,4931
Cash and cash equivalents at the beginning of the year
17,511
67,004
Cash and cash equivalents at the end of the year
59,791
17,511
NOTES TO THE STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS NOTE 1: RECONCILIATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
2023
2022
Nel movement in funds
Adjuslmenls for..
Depreciation and amortisation charges
IGainslllosses on investments
Dividends and interest from investments
Ilncreaselldecrease in stocks
Ilncreaselldeerease in debtors
Increaselldecreasel in creditors
Nel cash lused inl operating activities
1133,7141
11,268,499)
2,939
1119,6211
1224,4141
14821
10,792
9,970
474,470
2,897
1,088,468
1221,247)
1,800
111,8481
7,554
415,983
STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUPrfALENTS
2023
2022
Cash at bank and in hand
Total Cash & Cash Equivalents
59,791
59,791
17,511
17,511

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounts (financial stalemenlsl of the charity have been prepared under the historical cost
convention with items recognised al cost or transaction value unless otherwise slated in the relevant
notes to these a¢¢ounts. The accounts have been prepared In accordance the Charities SORP IFRS
1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191,. Financial Reporting Stsndard 102
'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the Charities Act
2011.
The charity conslitules a public benefit entity as defined by FRS 102.
The accounts (financial stalementsl have been prepared to give a 'lrue and fair, view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a
'true and fair view,. This departure has involved following Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 leffective 1 January 20191, rather than the Accounting and Reporting by
Charities.. Statement of Recommended Practs.￿ effective from 1 April 2005 which has since been
withdrawn.
The presentational and functional currency of the charity is Pound Sterling. The accounts are rounded
to the nearest pound.
The Charity's principal office is Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester,
Hampshire, S023 OLD.
The trustees consider that there are no material Un￿rtaInlieS about the Association's ability to continue
as a going COn￿M and these accounts have been prepared on a going concern basis. There are no
significant judgements which affect the amounts recognised in these financial statements.
vwth respect to the next reporting period, the most significant areas of uncertainly that affect the carrying
value of assets held by the Trust are the level of investment return and the performance of investment
markets.
FUND STRUCTURE
Following advice received from the Charity Commissioners during the year ended 31 October 2001,
two related, but previously separate charities (The Auxiliary Territorial Service Benevolent Fund & The
Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fundl were
amalgamated with the Association.
The Benevolent Funds including the Princess Royal Memorial Fund is the restricted fund representing
the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund
(incorporating the prIn￿sS Royal's Memorial Fund) that provides one-off grants, annuities and nursing
home fees to ex-service women. The funds of these amalgamated charities are treated as reslricled by
the Trustees, and are only applied for the purposes specified in the original objects of the charities
concerned.
In addition, there is an unrestricted bul designated fund for life subscriptions that make transfers to the
unreslricled 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 2023
FUND STRUCTURE {continuedl
These financial statements present in aggregate, the results for the year ended 30 September 2023
and the balance sheet position as al 30 September 2023, for the three original charities with
comparatives for the year ended 30 September 2022.
THE BRANCHES OF THE ASSOCIATION
The Branches of the Association do not expressly further its Objects through any explicit or implicit
power provided by the Association's Constitution,. neither Control nor management is exercised.
Furthermore, the Association's Constitution recognises formally the dislin¢liveness of a Branch's
financial ¢ommilmenls from that of its own. On that basis, the Membership Council has decided to
separate any financial Connection that has existed and recognise in a clear and transparent way that
there is no financial dependency of the Association on the Branches or vice-versa and that neither
control nor management has been or will be exercised. As such branch income and expenditure is not
recognised in these financial statements
INCOME RECOGNITION
All incoming resources are recognised once the charity has entillement lo the income, il is pmbable that
the income will be received and the monetary value of incoming resources can be measured with
sufficient reliability.
Donations are recognised upon receipt. Membership income is recognised evenly over a 12-month
period from the dale of receipt. Legacy gifts are recognised on a case by case basis following the
granting of probate when the adminislralorlexecutor for the estate has communicated in writing both
the amount and selllemenl dale.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the charity., this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and nolificalion has been received of
the dividend due. This is normally upon notification by our investment advisor of the dividend yield of
the investment portfolio.
RESOURCES EXPENDED
All expenditure is accounted for on an accruals basis, and has been classified under headings that
aggregate all costs related lo that category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the
Trust. They are accounted for when the recipient has a reasonable expectation that they will receive a
gmnl, and the Trustees have agreed lo pay the grant without Condition.
All resources expended are inclusive of Ir￿cove￿b1e VAT.
ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS
Management and administration costs, including support costs and governance costs, have been
allocated be￿een charitable activities as shown in note 7. Vvhere costs cannot be direcuy attributed to
a particular activity they are allocated on a basis consislenl with the use of resources, for example, staff
costs are allocated based on the proportion of time spent by staff members on each activity.
Governance costs comprise all costs involving the public accountability of the charity and its compliance
with regulation and good practi￿. These costs include costs related to stalulory audit.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and subsequently
measured at their settlement value with the ex￿ptIOn of investments which are measured at their fair
value as described more fully below.
INTANGIBLE FIXED ASSETS
Intangible assets consist of computer software costs related to the design and building of a bespoke
online database. The asset was in development as at 30 September 2017 and was brought into use in
February 2018. The charity intends lo keep updating the database software as necessary and to use il
for the foreseeable future so il is not possible to reliably estimate the actual lifespan of this asset. A 10-
year lifespan has therefore been adopted as this is the longest period permitted by FRS102 in these
circumstances. Amortisation costs are included within expenditure on charitable activities in the
Statement of Financial Activities.
TANGIBLE FIXED ASSETS
Assets costing £100 or more are capilalised as tangible fixed assets and are carried al cost, nel of
depreciation and any provision for impairment. Depreciation is provided al the following annual rates in
order to write off each asset over its estimated useful life..
Computer equipment
Office equipment
Straight Line over 5 years
Straight Line over 10 years
INVESTMENTS
Investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as al the balan￿ sheet dale using the closing
quoted market pri￿.
The Trust does not acquire pul options, derivatives or other complex financial inslrumenls.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and
losses on investments are calculated as the difference between sales proceeds and their opening
carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value al the year-end and
their carrying value. Realised and unrealised investment gains and losses are combined in the
Statement of Financial Activities.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment
markets due to wider economic conditions, the attitude of investors to investment risk, and changes in
sentiment concerning equities and within particular sectors or sub sectors.
STOCKS
Stocks are slated al the lower of cost and nel realisable value.
CREDITORS
Creditors and provisions are recognised where the charity has a present obligation resulting from a past
event that will probably result in the transfer of funds lo a third party and the amount due lo settle the
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al
their selllement amount after allowing for any trade discounts due.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PENSION COSTS
The company operates a defined contribution pension scheme. The assets of the scheme are held
separatety from those of the company In an independently administered fvnd. Contributions payable for
the year are charged in the income and expenditure account.
FUNDS RECEIVED AS AGENT
)￿ere the charity receives resources which it is bound lo pay over to a specified third party the
transaction is not recognised in these accounts as the charity has no discretion over the use lo which
the funds are applied. The receipt of funds is not recognised as Income nor is the distribution of funds
recognised as expenditure.
DONATIONS AND LEGACIES
2023
2022
Unrestricted
Annual Association subscriptions
Donations lo the Association
Legacie5
13,932
20,742
21,200
55,874
13,026
27,816
4,000
44,842
Restricted
The Benevolent Funds..
Donations
Legacies
Grants Returned
The COBSEO Female Cluster Group Fund".
COBSEO Funding
The Female Veterans Transformation Programme Fund..
COBSEO Funding
1,156
1,315
12,205
7,662
12,497
11,155
47,500
61,153
32,337
117,027
77,179
INCOME FROM CHARITABLE ACTIVITIES
2023
2022
Unrestricted
Income from Grand Reunion
22,360
22,360

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
INVESTMENT INCOME
2023
2022
Unrestricted
Dividend income
Deposit & SIB accounts interest
42,156
411
42,567
38,952
38,956
Restricted
The Benevolent Funds..
Dividend income
Deposit & SIB aecounls interest
181,688
159
182,271
20
181,847
182,291
224,414
221,247
Investment income arises from the charity's investment porfolio, which is a financial instrument carried
al fair value through the Statement of Financial Activities.
OTHER INCOME
2023
2022
Unrestricted
Memorabilia Sales
Pryze Draw
Gift Aid Tax
2,215
7,138
1,206
1,396
9,740
3,444
5,659
Restricted
Gift Aid Tax
256
313
5,915
10,053

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
EMPLOYEES
2023
2022
The average monthly number of persons lexclLJding
Trustees) employed by the Association during the
year was..
Office & Administration
staff costs for the above persons..
Wages & Salaries
Social Security Costs
Pension Costs
123,964
5,413
7,095
109,394
4,172
6,377
136,472
119,943
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 expenses tolalling £5,006 were made lo 9 Trustees12022.' £5,495 to 10
Trustees) and of £4,823 10 10 Council members12022'. £5,430 to g Council members).
The charity makes contributions to defined contribution pension schemes on behalf of its employees.
The costs of these contributions are allocated between unrestricted and reslricled funds on the basis
of the time spent by each employee on the activities undertaken by each fund.
RAISING FUNDS
2023
2022
RESTRICTED
Benevolent Fund - Investment Management
29,862
29,862
31,436
31,436
UNRESTRICTED
Investment Management
6,728
6,728
7,096
7,096

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CHARITABLE ACTIVITIES
Direct
Costs
Grant
Funding
Support
Costs
Total
2023
Total
2022
Unreslricled Funds..
Maintaining contact and
fostering friendships
Restricted Funds.
Fostering esprit de corps,
comradèship and welfare
17,686
108,326
126,012
161,978
59,707
262,967
115,415
438,089
310,360
77,393
262,967
223,741
564,101
472,338
2023
2022
UNRESTRICTED
Direct Costs
Grand Reunion
Great Yarmouth
Remembrance
Worthy Down
Thanksgiving for Her Majesty Queen Elizabeth11
Rose Garden
Other Events
ststues & Staluelles
National Memorial Arboretum
Memorabilia Purchases for Shop
Christmas Cards
Standard Bearers
Flowers
Presentations
936
1,250
1,311
2,754
37,353
1,050
392
557
250
320
1,075
1,860
6,317
1,477
376
71
684
51,782
32
4,518
2,046
1,958
1,603
793
318
167
17,686
Support Costs
staff Costs
Travel & Meeting expenses
Printing, postsge & stationery
Sundry office expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governance- AGM
Governance - Trustees meetings, training & advice
Governance- Trustees Costs
Governance - Council Costs
62,722
1,945
1,635
14,535
15,630
1,701
738
3,001
2,075
2,456
1,888
108,326
61,548
3,209
2,211
14,845
13,440
1,599
657
2,323
2,042
2,892
5,430
110,196
TOTAL UNRESTRICTED
126,012
161,978

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CHARITABLE ACTIVITIES (continued...)
2023
2022
RESTRICTED
Direct Costs- Grant Funding
Benevolent Funds grants to 17912022.. 1411 individuals
PrIn￿$S Royal's Memorial Grants to 1312022.. 171 individuals
Annual maintenan￿ Grants lo 712022.. 51 individuals
210,697
35,750
16,520
262,967
144,901
35,500
8,352
188,753
Olrect Costs (Benevolent Funds)
Lioness publication costs
Thanksgiving for Her Majesty Queen Elizabeth11
Flowers
Christmas Cards
42,143
144
23,154
557
322
1,477
25,510
1,603
43,890
Direct Costs ICOBSEO Female Cluster Group)
COBSEO Expenses
3,988
3,988
1,626
1,626
Direct Costs (Female Veteran$ Transfomiation Programme)
FVTP expenses
11,829
11,829
Support Costs (Benevolent Funds)
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry Offi￿ expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governan¢e- AGM
Governance - Trustees meetings, training & advice
Governance- Trustees Costs
Governance - Council Costs
68.952
1,422
2,205
18,637
11,120
1,699
738
3,008
2,149
2,550
2,935
115,415
58,395
1,180
792
15,208
11,007
1,599
857
2,323
707
2,603
94,471
TOTAL RESTRICTED
438,089
310,360
TOTAL COSTS OF CHARITABLE ACTIVITIES
564.101
472.338
The total amount of Governance costs, as shown above, was £22,00312022". £22,832), of which
£11,859 12022. £14,943) relates to unrestricted funds and £10,144 12022." £7,889) relates lo
restricted funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
INTANGIBLE ASSETS
Computer
Software
Total
COST
At 01 October 2022
Additions
Disposals
At 30 September 2023
18,938
18,938
18,938
18,938
AMORTISATION
At 01 October 2022
Charge for year
Elimination on Disposals
At 30 September 2023
8,838
1,894
8,838
1,894
10,732
10,732
NET BOOK VALUE
At 30 September 2023
8,206
8,206
At 30 September 2022
10,100
10,100
Note- Intangible assets related solely to a database developed for the Restricted Benevolent Funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
TANGIBLE FIXED ASSETS
Computer
Equipment
Fixtures &
Fittings
Total
COST
At 01 October 2022
Additions
Disposals
At 30 September 2023
6,232
3,830
10,062
6,232
3,830
10,062
DEPRECIATION
At 01 October 2022
Charge for year
Elimination on Disposals
At 30 September 2023
3,786
662
2,751
383
6,537
1,045
4,448
3,134
7,582
NET BOOK VALUE
At 30 September 2023
1,784
2,480
At 30 September 2022
2,446
1,079
3,525
Noto: Fixed assets are allocated belween funds as follows..
Unrestricted Fund
Restricted Funds - Benevolent Funds
Nel Book Value al 30 September 2023
1,016
768
1,784
113
583
1,129
1,351
2.480
Unreslricled Fund
Restricted Funds - Benevolent Funds
Nel Book Value al 30 September 2022
1,395
1,051
2,446
317
762
1,079
1,712
1,813
3,525

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10.
INVESTMENTS
2023
2022
Unrestricted general funds:
Brewin Dolphin Portfolio
1,396,047
1,396,047
1,408,504
1,408,504
Restricted Benevolent Funds:
Brewin Dolphin Portfolio
6,098,743
6,098,743
6,259,001
6,259,001
Total Investments at market value
7,494,790
7,667,505
2023
2022
Investments al fair value comprise..
Listed Investments
Cash held within the investment F)Ortfolio
7,347,939
146,851
7,494,790
7,535,908
131,597
7,667,505
2023
2022
Market value brought forward al 1 October
Additions
Disposals
Unrealised gains I Ilossesl
Market value carried forward at 30 September
7,667,505
224,051
1516,3871
119,621
7,494,790
8,901,216
231,222
1376,4651
1,088,468
7,667,505
The historical cost of these investments, purchased al various dates, is as follows..
2023
2022
Unrestricted general fvnds
Restricted funds..
Benevolent Funds
1,150,827
1,181,097
4,733,184
4,995,455
5,884,011
6,176,552
The investments are a financial asset measured at fair value through the Statement of Financial
Activities

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11
STOCK
2023
2022
Memorabilia Stock
4,464
3,982
4,464
3,982
12
DEBTORS
2023
2022
Due Within One Year..
Prepayments
Accrued Income
Other Debtors
20,697
10,000
2,135
40,538
2,000
1,086
32,832
43,624
Unrestricted
Restricted
14,662
18.170
32,832
2,671
40.953
43,624
13.
CASH AT BANK & IN HAND
2023
2022
Current accounts
Deposit accounts
10,233
49,438
16,370
1,021
Cash in hand
120
120
59,791
17,511
Unrestricted
Restricted
26,653
33,138
59,791
6,490
11,021
17,511
Cash at bank and in hand is a financial asset measured at amortised cost.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
14.
CRED￿oRs
2023
2022
Amounts falling due within one year..
Accruals
Taxation & Social Security
Deferred Income
Other Creditors
6,629
14,518
1,517
5,353
676
5,465
12,094
22,064
Unrestricted
Restricted
8,816
3,278
12,094
10,716
11,348
22,064
2023
2022
Deferred Income:
Deferred income brought forward
Income released in Current year
Income deferred In current year
5,353
15,3531
5,465
4,574
14,5741
5,353
Deferred income carried forward
5,465
5,353
The deferred ineome relates to membership subscriptions and other ineome for the next financial period
whieh were received during the current year.
15.
FUNDS RECEIVED AS AGENT
The charity did not receive any funds as an agent in the year ended 30 September 2023 or the year
ended 30 September 2022.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
16.
THE BENEVOLENT FUNDS
2023
2022
01 October 2022
Incoming resources
Donations and legacies
Investment Income
Other income
Resources expended
Raising Funds - Investment management costs
Charitable activities
(Losses) l Gains on investments
6,310,169
7,340,629
13,653
181,847
256
21,182
182,291
313
129,8621
1422,2721
102,015
131,4361
1308,7341
1894,0761
30 September2023
6,155,806
6.310,169
Cumulative unrealised gains on investments included in The Benevolent Funds balance at the year-
end amounted to £1,365,55912022. £1,263,546)
The Benevolent Funds, including the Princess Royal Memorial Fund, is the restricted fund representing
the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund
(incorporating the Princess Royal's Memorial Fundl, which is a subsidiary charity of the WRAC
association. The funds may be applied only in pursuance of the objects of the charity, namely".
To promote the interests and welfare of persons who have served in the Corps in such ways
as are charitable in law", and
The relief of persons in need who are either..
Persons who have served in the Corps., or
The children or dependents of any person lalive or deadl who has served in the Corps
The Trustees may relieve persons in need by..
Making grants of money lo them., or
Providing or paying for goods, setvices or facilities for them., or
Making grants of money lo other persons or bodies who provide goods, services or facilities to
those in need.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17.
THE COBSEO Female Veterans Cluster Fund
2023
2022
01 October 2022
Incoming resources
Donations and legacies
Resources expended
Charitable activities
9,529
11,155
13,9881
11,6261
30 September2023
5,541
9,529
The COBSEO Female Veterans Cluster reslricled fund was created in FY22 and relates lo funding
provided lo the WRAC for its work with the aft)rementioned group, and costs relate to funding travel and
subsistence and marketing costs for group members.
18.
The Female Veterans Transfomiation Programme Fund
2023
2022
01 October 2022
Incoming resources
Donations and legacies
ReSoUr￿S expended
Charitable activities
47,500
111,8291
30 September 2023
35,671
The Female Veterans Transformation Programme restricted fund was created in FY23 and is funded
by a grant from the Armed Forces Covenant Fund Trust and NHS England. The programme is designed
to make female veterans 'visible' and deliver long-lerm, systemic change al veleran-facing
organisalions such as healthcare servI￿s, care homes and charities.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
19.
TOTAL FUNDS OF THE ASSOCIATION
10et
2022
Incomlng
Outgolng
Resources Resources Transfers
30 Sep
2023
UnTestrieted Funds:
General funds
1,404,485
121,706
1132,7401
1,393,451
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
Female Veterans Transformation
Programme
6,310,169
9,529
297,771
1452,134}
{3,988}
6,155,806
5,541
47,500
111,8291
35,671
7,724,183
466,977
600,691
7,590,469

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed
Assets
Net Current
Assets
TOTAL
2023
Year Ended 30 September 2023
Unrestricted Funds:
General funds
1,397,176
13,7251
1,393,451
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
The Female Veterans Transformation Project
6,108,300
47,506
5,541
35,671
6,155,806
5,541
35,671
7,505,476
84,993
7,590,469
Cumulative unrealised gains on investments included within the unrestricted general funds balance al the
year-end amounted lo £245,22012022.' £227,407)
Fixed
Assets
Net Current
As$et$
TOTAL
2022
Year Ended 30 September 2022
Unrestricted Funds:
General funds
1,410,216
15,7311
1,404,485
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
6,270,914
39,255
9,529
6,310,169
9,529
7,681,130
43,053
7,724,183
21
ULTIMATE CONTROLLING PARTY
The charity is Controlled by its Trustees.
22
RELATED PARTY TRANSACTIONS
There were no transactions with related parties during the year, other than the reimbursement of
expenses to Trustees as disclosed in note 5.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
YEAR ENDEO 30 SEPTEMBER 2023

Registered Charity Number 206184
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FOR THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Rothmans Audit LLP
Chartered Accountsnls & Statutory Auditors
Avebury House
St Peter Street
Winchester
Hampshire
S023 8BN

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 1
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Trustees submit their report and the financial statements of the Women's Royal Army Corps
Association for the year ended 30 September 2023. The Trustees agree on the broad strategy and
areas of activity including the policies for grant making, inveslmenls, and reserves. The management
of Association staff and other charity management responsibilities are delegated lo the Chief Executive
Officer.
The charitable Object of the Association is..
To promote the efficiency of the Army by..
Maintaining contact betseen former members of Queen Mary's Auxiliary Corps IQMAACI, the
Auxiliary Territorial Service IATSI, the Auxiliary Territorial Service Territorial Army IATS TAI,
Women's Royal Army Corps IVIRACI, Women's Royal Army Corps Territorial Army IWRAC
TAI, WRAC Territorial and Volunteer Reserve IWRAC TAVRI and women still serving in the
Army, fostering mutual friendship between them and providing for social gatherings.
Fostering esprit de corps, comradeship, welfare and preserving the traditions of the QMAAC,
ATS, ATS ITAI, VVRAC, WRAC ITAI and IhRAC ITAVRI.
The administration and activities of the WRAC Association are governed by the VVRAC Association
Constitution 2021.
The Trustees have referred lo the guidance contained in the Charities Commission's general guidance
on public benefit when reviewing the aims and objectives and in planning the future activities of the
charity. In particular, the Trustees consider how planned activities will contribute to the aims and
activities they have sel.
CHARITABLE ACTIVITY
The VIRAC Association continues lo further the Association's object of fostering esprit de corps and
comradeshipas we provide support and opportunities for members whilst advocating for female
veterans publicly and slralegically.
Branches and groups remain the main focus for providing comradeship lo our members with new branches
forming in Northem Ireland and Yorkshire. Throughout the year, events have brought our members
together with a large conlingenl marching al the Cenotaph and across the UK on Remembran
Sunday. Further events included the ded￿atIOn of the Asswialion Centenary plaque in GuildFord Cathedral,
and our well attended Summer Event al Worthy Down Barracks which enabled members lo appreciate how
much the Army has progressed.
Our ongoing 'We Wll RerrEmber Herf campaign to ensure Army women are appropriately rerrEmbered on
war memorials hrt a signrficant milestrjne this year as members the length and breadth of the UK held
simubneous servres al the war rrEmorials and graves of the 26 ATS killed on 11 May 1943 on the 80th
anniversary of the bombing. Public and media interest around this event raised the profile of female veterans
Signth￿￿￿Y. The AGM was held remote￿ because of a rail stn"ke, but we were delighted to count over 1200
views of the meeb.ng online.
We have raised our profile on social media as part of our plan lo be more visible and to reach out lo the
80,000 plus female Army veterans reported in the latest UK Census. We conb'nue to support former
ATS and WRAC ladies through our individual grant giving, and have joined forces with the Veterans
Charity lo fund immediate emergency assistance where needed.
With a grant of £300k over three years awarded by the Armed Forces Covenant Trust, we have joined
forces with COBSEO lo launch the Female Veterans, Transformation Programme, working lo deliver a
toolkit that will assist all service providers lo build the needs of female veterans into the design and
delivery of veteran services of the future.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 2
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FINANCIAL REVIEW
Income derived from the investment portfolio is the main income stream for both the Association and
the Benevolent Fund, supplemented by ad hoc legacies and donations. The Association also re￿iVeS
income from subscriptions at £10 per member per year.
The Association showed net oulgoings of £28,640. The net gain on investments this year was £17,606.
The Benevolent Fund showed net oulgoings of £224.695. The net gain on Investments was £102,015.
The charity does not actively ftjndraise or seek legacies, albeit the charity is appreciative of those who
have made provision for the Association in their wills. £11,200 was received into the Association
comprising 4 legacies and £2,000 comprising 1 legacy into the Benevolent Fund.
INVESTMENT POLICY AND PERFORMANCE
The investment objectives are sel out in the Investment Policy., to balance income and capital returns
over the long term, preserve the real capital value of the funds and meet the ongoing income
requirements of the charity. Trustees instruct Brewin Dolphin lo manage the charity's investments.
The last 12 months have been another challenging period for investors. During the first half of the year,
global markets performed better than expected before falling back in the third quarter due to rising oil
prices, inflation and higher Interest rates. Income continLJes to hold up well though and equity dividends
remained resilient and bond markets provided more attractive levels of income.
Looking ahead, the forecast is for bond yields to remain steady with cash an increasingly attractive
option given the high levels of interest rates in the UK. Stocks in the US, particularly technology stocks
are looking overpriced. In Europe, the advice is steady as she goes. For China, GDP growth is still
likely to outpace the rest of the wodd but the riSkI￿ward balance remains unattractive.
Our investment managers suggest that fixed income markets have remained under pressure with this
backdrop and other interest rate sensitive instruments have also suffered, particularly in the investment
trust sector where a significant widening in discounts has exacerbated the challenged performan￿.
These factors, combined with the very focussed returns that we have seen partiCLJlarly from the US
market have impacted performance and have potential lo do so al least over the short term. However,
our portfolios remain well diversified and are structured to wilhsland the current volatility whilst looking
to a recovery over the short to medium term.
Investment returns were £224,414., comprising £42,567 for the Association and £181,847 for the
Benevolent Fund.
Al the end of the year market values were Benevolent Fund £6,098,743 and the Association
£1,396,047.
Investment management costs of £36,590 for the year are charged to the portfolio.
RISK MANAGEMENT
Risk Management is a standing item on the Agenda at Trustees meetings and the Risk Register
reviewed regularly by the Management Board. sUC￿sSion planning for the Officers of the Association
is an ongoing risk and planning is in place, albeit those in place now are so for 3 years and are supported
by the CEO'S ability to step up. Likewise, planning is in place lo manage long term staff absence.
RESERVES STRATEGY
A Reserves Policy provides essential accounlabilily lo funders, donors and other stskeholders and is
held lo help the charity operate efficiently.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 3
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The charity uses easily accessible cash from Special Interest Bearing Accounts ISIBAI lo meet the
usual operating 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 monitored by the Financial OffI￿r
and reported quarterly lo the Management Board. Vvhen reviewing the Reserves Policy Trustees
always seek advi￿ on market conditions from the Investment Manager.
Al the end of the year the charity held total reserves of £7,590,469 of which £1,393,451 were for the
Association, and £6,155,806 were for the Benevolent Fund. (Cash reserves al £26,653 (Assn) and
£33,138 (Benll. In addition, the sum of £5,541 was held for the COBSEO Female Cluster Group and
£35,671 for the Female Veterans, Transformation Programme
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status of the Charity
The Women's Royal Army Corps Association, incorporating Queen Mary's Army Auxiliary Corps and
Auxiliary Territorial Service Comodes Associats'on, is a registered charity, founded by a trust deed in
1919. The Association is governed by the rules and regulations sel down in the trust deed.
Following advice received from the Charity Commissioner during the year ended 31 October 2000, two
related bul previously separate charities (The Auxiliary Territorial Service Benevolent Fund & the
Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fund) were
amalgamated with the Association.
The Auxiliary Territorial Service Benevolent Fund was established by a trust deed on 1 August 1944.
The Women's Royal Army Corps Benevolent Fund was estsblished by a trust deed on 28 December
1950. The Benevolent Funds were combined under a scheme of the Charity Commissioner on 28 April
1961. This scheme was superseded by another scheme on 21 October 1964, and subsequent
supplemental orders dated 17 February 1993 and 3 April 1997.
The combined Benevolent Funds formed a registered charity, governed by the rules and regulations
sel down in the amended trust deeds. Following amalgamation with the Association, the charitable
registration of the Benevolent Funds, under charity number 247793, was removed and the funds were
re-registered as a subsidiary charity of the WRAC Association.
The Princess Royal's Memorial Fund was established under a trust deed dated 30 March 1966, and
was a registered charity, under charity number 248204. Following amalgamation with the Association,
the separate charitable registration has ceased.
Charity Name
WRAC Association lineorporating Queen Mary's Army Auxiliary Corps and The Auxiliary Territorial
Service Comrades Associalionl.
Charity Nurnber
206184
Princi
Unil 11
Basepoint Business Centre
1 Winnall Valley Road
Winchester
Hampshire
S023 OLD
al Address
Banker
Royal Bank of Scotland
31-37 Victoria Road
Farnborough
Hampshire
GU14 7NR
Auditor
Rolhmans Audit LLP
Avebury House
6 St Peter Street
nchesler
Hampshire
S023 88N

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 4
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Investment Mana
Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD
gr
The Trustees and Councll of the Assoclatlon
The Trustees are the Managing Trustees of the VWRAC Association and are..
The Association OffiTrrs- Vice President, Chair of the Membership Council, Chair of the Benevolent
Fund and the Treasurer.
Elected Members - up lo 9. An Elected Member shall be proposed by any other Trustee and is to be
approved by the Trustees. An Elected Trustee Member shall serve for an initial period up lo 3 years
and thereafter may be re-appointed and serve for up lo two more consecutive 3-year terms19 years in
totall with annual ratification by the Trustees.
The Membership Council is responsible for offering advice and recommendations lo Trustees on
membership mallers for WRAC Association Branches, Members and the wider Service charity sector,
particularly in relation to membership relations. The Membership Council consists of..
Chair of the Membership Council la Trustee)
Chair of the Benevolent Fund la Trustee)
All Life Vice Presidents
All Area Co-ordinators
Editor of the Lioness- ex officio
Honorary Appointments within the Association lo act as ex officio members le.g. Lawyer and Padre)
except the Treasurer who is an Officer of the Association.
Management Board
The Membership Council is responsible lo the Management Board for growing, reviewing, monitoring
and making decisions on membership, membership strLJCture and events. The Membership Council
sets the direction for relationships with VVRAC Association Branches and the wider Service charity
sector and is a forum for recommending change lo Trustees as it affects the Membership. It 15
supported by other sub committees formed for specific purposes.
The members ofthe Management Board are..
Vice President & Chair of Board of Trustees
Chair of Membership Council land Deputy Vice President)
Chair of Benevolent 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 2023
Trustees who have held Offi￿ since 1 October 2022 are as follows..
Trustees
Brig (Reldl FH Gardner CBE
Vice President
Appointed
March 2021
Appointed Trustee February
2020
Appointed Trustee July 2013
Rea
oinled Trustee Jul 2021
Appointed Trustee July 2014
Reappointed Trustee July 2021
Vice
President
Col (Reldl IM Mccord
Chair of the Benevolent
Fund
until Jul 2023
Chair of the Membership
Council from March 2021
Chair of the EFC from July
2014 to March 2021
Chair of the Benevolent
Fund
from Ju
2023
Deputy
Chair
of the
Benevolent Fund
Treasurer appointed July 2022
Ll Col (Retdl RC Naile MBE
Maj IReldl MCM Jones
Appointed Trustee May 2015
Rea
oinled Trustee Jul 2021
Appointed Trustee April 2015
Rea
oinled Trustee Jul 2021
Appointed Trustee JLJIY 2019
Served as NEM November
2018- June 2019
Appointed Trustee February
2017
Rea
oinled Trustee Jul 2021
Appointed Trustee February
2017
Rea
oinled Trustee Jul 2021
Appointed Trustee August 2017
Rea
oinled Trustee Jul 2021
ointed Trustee Jul 2019
ointed Trustee June 2023
ointed Trustee June 2023
Maj (Retdl CH Merrington-Rusl
MBE
Ll Col (Retdl TR Savage
Miss B Johnson
Mrs S Mackenzie
Col (Reldl A Hassell
Ms SMF Veillard-Thomas
Ms Dawn Menda
Ms Shelle
Whitehead
Non-Executive Member
Ex-officio A
ointments
PRO
ers
Mrs PF Muxworth
NEM
Chief Executive Officer
Association Secreta
ointed Ma
ointed Ma
2021
2017
The Role of Trustees
To provide the level of Governance necessary for the WRAC Association, the Trustees are expected
to attend all 3 Trustees Meetings annually, the AGM, and at leasttwo Major Grants Committee Meetings
IMGCMI a year, prior to which a newly inducted Trustee would be expected lo shadow a MGCM al
least once. The WRAC Association continues lo subscribe lo the Charity Commission's on-line
updates, the COBSEO newsletter, Gov.UK updates and NCVO e-bullelins.
Trustees are required to disclose all relevant interests and register them with the VI￿ President and in
accordan￿ with the WRAC Association's policy are lo withdraw from decisions where a conflict of
interest arises.
KEY MANAGEMENT PERSONNEL REMUNERATION
All Trustees give of Iheirtime freely and no Trustee remuneration was paid in the reporting year. Details
of Trustee expenses and related paty transactions are disclosed in this report.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 6
REPORT OF THE TRUSTEES AND COUNCIL OF THE ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
GOVERNANCE
A Governance Audit took place in June 2022. The COBSEO audit tool, approved by the Charity
Commission was used. The overall score was 71180", a green outcome overall indicating good
governance. The Trustees intend lo follow this 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 Trustees, Report and the financial statements in
accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
AC￿pted Accounting Practice}.
The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalements
for each financial year that give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources of the charity for that period. In preparing these
financial statements, the Trustees are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent,.
slate whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The TTuslees are responsible for keeping sufficient accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008
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 Trustees are ￿sponSible for the maintenance and integrity of the charity and financial information
included on the charity's website in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial ststemenls.
2010312024
Approved by the Trustees on .
Signed on behalf of the board
2010312024
Dale........................
Brigadier (Retired) Fiona Gardner CBE, Chairman

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 7
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Opinion
We have audited the financial statements of The Women's Royal Army Corps Association for the year
ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet,
the Statement of Cash Flows and the notes lo the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied In their
preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting
Standard 102.. The Financial Reporting Standard applicable In the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial stalemenls..
give a true and fair view of the slate of the Charity's affairs as al 30 September 2023 and of
its incoming reSoUr￿S and application of resources for the year then ended.,
have been properfy prepared in accordan￿ with United Kingdom Generally Accepted
Accounting Pffictice",
have been prepared in accordan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
Charity in accordance with the ethical requirements that are relevant to our audit of the financial
ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial stalemenls, we have concluded that the trustee's use of the going con￿rn basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubl on the charity's ability
to continue as a going concern for a period of al least 12 months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described
in the relevant sections of this report.
Other infomiation
The other information comprises the information included in the annual report, including the trustees,
report, olherthan the financial statements and our audilorfs report thereon. The trustees are responsible
for the other information contained within the annual report. Our opinion on the financial statements
does not cover the other information and, except to the exlenl othenmise explicitly slated in our report,
we do not express any form of assurance conclusion thereon.
Our responsibility is lo read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
eourse of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstalemenls, we are required to determine whether this gives
rise lo a material misststemenl in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misslatemenl of this other information, we are required
to report that fact.
We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 8
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course
of the audit, we have not identified material misslatemenls in the Trustees, Annual Report.
We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts
and Reports) Regulations 2008 requires us to report to you If, in our opinion..
the information given in the trustees, report is inconsislenl in any material respect with the
financial slatemenls", or
sufficient accounting records have not been kept.,
the financial statements are not In agreement with the accounting records., or
we have not obtained all the information and explanations we require for our audit.
Responsibilities of the trustees
As explained more fully in the trustees, responsibilities statement, the Iruslees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such internal control as they determine is necessary lo enable the preparation offinancial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Iruslees are responsible for assessing the Charity's ability to
continue as a going concern, disclosing, as applicable, mallers related lo going cOn￿M and using the
going con￿rn basis of accounting unless the trustees either intend to liquidate the Charity or to cease
operations, or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial ststements
We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misslatemenl, whether due to fraud or error, and to iSSLJe an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected lo influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect
of irregularities, including fraud.
The extent to vthl¢h the audlt was consldered capable of detectlng Irregularltles Includlng fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills lo identify or recognise non-compliance with applicable laws
and regulations.,
we Identified the laws and regulations applicable lo the charity through discussions with the
trustees and other management, and from our knowledge and experience of the charities
sector.,

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
Page 9
THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023
we focused on specific laws and regulations which we considered may have a direct Material
effe¢l on the financial statements or the operations of the charity, including the Charities Act
2011, data protection, employment, and health and safety legislation,"
we assessed the exlenl of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence. The identified laws and
regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstalemenl, including
obtaining an understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility lo fraud,
their knowledge of actual, suspected and alleged fraud," and
considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws
and regulations.
We Identified the greatest risk of material Impact on the financial slalements from irregularities, including
fraud, lo be within the recognition of income and the override of controls by management. To address
the risk of fraud in these areas, we..
selected a sample of transactions from Material income streams and compared expected
income to that recorded within the financial stslements.
performed analylieal procedures lo identify any unusual or unexpected relationships",
lesled journal entries during the year and al the year-end lo identify unusual transactions.,
assessed whelherjudgements and assumptions made in determining the accounting estimates
set out in the notes lo the accounts were indicative of potential bias.,
investigated the rationale behind significant or unusual transactions.,
In response to the risk of irregularities and non-compliance with laws and regulations, we designe
procedures which included, bul were not limited lo..
agreeing financial statement disclosures to underlying supporting documentation.,
reading the minutes of meetings of those charged with governance.,
enquiring of management as lo actual and potential litigation and claims.,
reviewing correspondence with relevant regulators, such as the Charities Commission., and
reviewed legal and professional expenditure incurred in the year.
There are inherent limitstions in our audit procedures described above. The more removed that laws
and regulations are from financial transactions, the less likely il is that we would become aware of non-
compliance. Auditing standards also limit the audit procedures required to identify non-compliance with
laws and regulations to enquiry of the directors and other management and the inspection of regulatory
and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect
than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website al.. www.frc.or
.uklaudilorsres
onsibilities. This description forms
part of 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 2023
Use of our report
This report is made solely lo the Charity's trustees, as a body, in accordance with section 144 of the
Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been
undertaken so that we might stale to the Charity's trustees those matters we are required to stale to
them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility lo anyone other than the Charity's trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
RON_ /knLLP
Rothmans Audit LLP
Chartered Accountsnts and Ststutory Auditors
Avebury House
Sl Peter Street
Winchester
Hampshire
S023 8BN
Date..
29 April 2024
Rothmans Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 11
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Totsl
Fund5
Year
Ended
30.09.2023
Total
Funds
Yèar
Ended
30.09.2022
Notes
UnrestriGtsd
Funds
Restricted
Funds
INCOME FROM..
Donations and legaci&s
Charilabk activities
Investments
Other income
55.874
61.153
117,027
77.179
22,360
221.247
10,053
42.567
5,659
181.847
256
224,414
5,915
TOTAL INCOME
104,100
243.256
347,356
330,839
EXPENDITURE ON:
Raising funds
Charilabk activities
6.728
126,012
29.862
438.089
36,590
564,101
38.532
472,338
Total Exp8ndlture
132,740
467.951
SQO,691
510,870
Net Gains I Ilossesl on invesknents
10
17,606
102.015
119,621
11.088.468)
NET INCOME I IEXPENDITUREI
1122,6801
1133,7141
11.268,4991
Transfers between funds
NET MOVEMENT IN FUNDS
1122,6801
1133,7141
11.268.499)
RECONCILIATION OF FUNDS..
Total Fund$ brought fotward
19
1.404.485
6.319.e98
7,724,183
8,992.682
Total fund5 carrRd forward
1.393.451
6.197.018
7,590,469
7,724.183
The statement of financial activities includes all gains and losses recognised In the year.
All income and expenditure derive from continuing activities.
The notgs on pages 14 to 30 fom? part ofthgse financial statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 12
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
2023
2022
Notes
FIXED ASSETS
Intangible assets
Tangible assets
Investments
8,206
2,480
7,494,790
7,505,476
10,100
3,525
7,667,505
7,681,130
10
CURRENT ASSETS
Stock
Debtors
Cash al bank and in hand
4,464
32,832
59,791
97,087
3,982
43,624
17,511
65,117
13
LIABILITIES
Creditors.. Amounts falling due within one year
14
12,094
22,064
NET CURRENT ASSETS
84,993
43,053
TOTAL NET ASSETS
7,590,469
7,724,183
FUNDS OF THE CHARITY
Restricted Funds.
The Benevolent Funds
The COBSEO Female Cluster Group Fund
The Female Veterans Transformation
Programme
16
17
6,155,806
5,541
6,310,169
9,529
18
35,671
Unrestricted funds..
General Funds
19
1,393,451
1,404,485
TOTAL FUNDS
19
7,590,469
7,724,183
The financial statements were approved by the Board of Trustees on
on its behalf by..
2010312024
and were signed
Brigadier (Retired) Fiona Gardner CBE, Chairman
The notes on pages 74 to 30 fom7 Part ofthese fin8nci81 statements.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 13
STATEMENT OF CASH FLOWS
AS AT 30 SEPTEMBER 2023
2023
2022
Notes
Net cash lused inl operating activities:
{474,4701
{415,9831
Cash flows from investing activities
Dividends and interest from investments
Purchase of intangible assets
Purchase of propety, plant and equipment
PrO￿edS from sale of investments
Purchase of investments
224,414
221,247
516,387
224,051
516,750
376,465
231,222
366,490
Net cash provided by investing activities
Change in ¢a5h and cash equivalents in the year
42,280
149,4931
Cash and cash equivalents at the beginning of the year
17,511
67,004
Cash and cash equivalents at the end of the year
59,791
17,511
NOTES TO THE STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS NOTE 1: RECONCILIATION OF NET INCOME TO NET CASH
FLOW FROM OPERATING ACTIVITIES
2023
2022
Nel movement in funds
Adjuslmenls for..
Depreciation and amortisation charges
IGainslllosses on investments
Dividends and interest from investments
Ilncreaselldecrease in stocks
Ilncreaselldeerease in debtors
Increaselldecreasel in creditors
Nel cash lused inl operating activities
1133,7141
11,268,499)
2,939
1119,6211
1224,4141
14821
10,792
9,970
474,470
2,897
1,088,468
1221,247)
1,800
111,8481
7,554
415,983
STATEMENT OF CASH FLOWS NOTE 2: ANALYSIS OF CASH AND CASH EQUPrfALENTS
2023
2022
Cash at bank and in hand
Total Cash & Cash Equivalents
59,791
59,791
17,511
17,511

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounts (financial stalemenlsl of the charity have been prepared under the historical cost
convention with items recognised al cost or transaction value unless otherwise slated in the relevant
notes to these a¢¢ounts. The accounts have been prepared In accordance the Charities SORP IFRS
1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191,. Financial Reporting Stsndard 102
'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the Charities Act
2011.
The charity conslitules a public benefit entity as defined by FRS 102.
The accounts (financial stalementsl have been prepared to give a 'lrue and fair, view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a
'true and fair view,. This departure has involved following Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 leffective 1 January 20191, rather than the Accounting and Reporting by
Charities.. Statement of Recommended Practs.￿ effective from 1 April 2005 which has since been
withdrawn.
The presentational and functional currency of the charity is Pound Sterling. The accounts are rounded
to the nearest pound.
The Charity's principal office is Unit 11, Basepoint Business Centre, 1 Winnall Valley Road, Winchester,
Hampshire, S023 OLD.
The trustees consider that there are no material Un￿rtaInlieS about the Association's ability to continue
as a going COn￿M and these accounts have been prepared on a going concern basis. There are no
significant judgements which affect the amounts recognised in these financial statements.
vwth respect to the next reporting period, the most significant areas of uncertainly that affect the carrying
value of assets held by the Trust are the level of investment return and the performance of investment
markets.
FUND STRUCTURE
Following advice received from the Charity Commissioners during the year ended 31 October 2001,
two related, but previously separate charities (The Auxiliary Territorial Service Benevolent Fund & The
Women's Royal Army Corps Benevolent Fund, and The Princess Royal's Memorial Fundl were
amalgamated with the Association.
The Benevolent Funds including the Princess Royal Memorial Fund is the restricted fund representing
the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund
(incorporating the prIn￿sS Royal's Memorial Fund) that provides one-off grants, annuities and nursing
home fees to ex-service women. The funds of these amalgamated charities are treated as reslricled by
the Trustees, and are only applied for the purposes specified in the original objects of the charities
concerned.
In addition, there is an unrestricted bul designated fund for life subscriptions that make transfers to the
unreslricled 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 2023
FUND STRUCTURE {continuedl
These financial statements present in aggregate, the results for the year ended 30 September 2023
and the balance sheet position as al 30 September 2023, for the three original charities with
comparatives for the year ended 30 September 2022.
THE BRANCHES OF THE ASSOCIATION
The Branches of the Association do not expressly further its Objects through any explicit or implicit
power provided by the Association's Constitution,. neither Control nor management is exercised.
Furthermore, the Association's Constitution recognises formally the dislin¢liveness of a Branch's
financial ¢ommilmenls from that of its own. On that basis, the Membership Council has decided to
separate any financial Connection that has existed and recognise in a clear and transparent way that
there is no financial dependency of the Association on the Branches or vice-versa and that neither
control nor management has been or will be exercised. As such branch income and expenditure is not
recognised in these financial statements
INCOME RECOGNITION
All incoming resources are recognised once the charity has entillement lo the income, il is pmbable that
the income will be received and the monetary value of incoming resources can be measured with
sufficient reliability.
Donations are recognised upon receipt. Membership income is recognised evenly over a 12-month
period from the dale of receipt. Legacy gifts are recognised on a case by case basis following the
granting of probate when the adminislralorlexecutor for the estate has communicated in writing both
the amount and selllemenl dale.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the charity., this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and nolificalion has been received of
the dividend due. This is normally upon notification by our investment advisor of the dividend yield of
the investment portfolio.
RESOURCES EXPENDED
All expenditure is accounted for on an accruals basis, and has been classified under headings that
aggregate all costs related lo that category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the
Trust. They are accounted for when the recipient has a reasonable expectation that they will receive a
gmnl, and the Trustees have agreed lo pay the grant without Condition.
All resources expended are inclusive of Ir￿cove￿b1e VAT.
ALLOCATION OF MANAGEMENT AND ADMINISTRATION COSTS
Management and administration costs, including support costs and governance costs, have been
allocated be￿een charitable activities as shown in note 7. Vvhere costs cannot be direcuy attributed to
a particular activity they are allocated on a basis consislenl with the use of resources, for example, staff
costs are allocated based on the proportion of time spent by staff members on each activity.
Governance costs comprise all costs involving the public accountability of the charity and its compliance
with regulation and good practi￿. These costs include costs related to stalulory audit.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and subsequently
measured at their settlement value with the ex￿ptIOn of investments which are measured at their fair
value as described more fully below.
INTANGIBLE FIXED ASSETS
Intangible assets consist of computer software costs related to the design and building of a bespoke
online database. The asset was in development as at 30 September 2017 and was brought into use in
February 2018. The charity intends lo keep updating the database software as necessary and to use il
for the foreseeable future so il is not possible to reliably estimate the actual lifespan of this asset. A 10-
year lifespan has therefore been adopted as this is the longest period permitted by FRS102 in these
circumstances. Amortisation costs are included within expenditure on charitable activities in the
Statement of Financial Activities.
TANGIBLE FIXED ASSETS
Assets costing £100 or more are capilalised as tangible fixed assets and are carried al cost, nel of
depreciation and any provision for impairment. Depreciation is provided al the following annual rates in
order to write off each asset over its estimated useful life..
Computer equipment
Office equipment
Straight Line over 5 years
Straight Line over 10 years
INVESTMENTS
Investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as al the balan￿ sheet dale using the closing
quoted market pri￿.
The Trust does not acquire pul options, derivatives or other complex financial inslrumenls.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and
losses on investments are calculated as the difference between sales proceeds and their opening
carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value al the year-end and
their carrying value. Realised and unrealised investment gains and losses are combined in the
Statement of Financial Activities.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment
markets due to wider economic conditions, the attitude of investors to investment risk, and changes in
sentiment concerning equities and within particular sectors or sub sectors.
STOCKS
Stocks are slated al the lower of cost and nel realisable value.
CREDITORS
Creditors and provisions are recognised where the charity has a present obligation resulting from a past
event that will probably result in the transfer of funds lo a third party and the amount due lo settle the
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al
their selllement amount after allowing for any trade discounts due.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PENSION COSTS
The company operates a defined contribution pension scheme. The assets of the scheme are held
separatety from those of the company In an independently administered fvnd. Contributions payable for
the year are charged in the income and expenditure account.
FUNDS RECEIVED AS AGENT
)￿ere the charity receives resources which it is bound lo pay over to a specified third party the
transaction is not recognised in these accounts as the charity has no discretion over the use lo which
the funds are applied. The receipt of funds is not recognised as Income nor is the distribution of funds
recognised as expenditure.
DONATIONS AND LEGACIES
2023
2022
Unrestricted
Annual Association subscriptions
Donations lo the Association
Legacie5
13,932
20,742
21,200
55,874
13,026
27,816
4,000
44,842
Restricted
The Benevolent Funds..
Donations
Legacies
Grants Returned
The COBSEO Female Cluster Group Fund".
COBSEO Funding
The Female Veterans Transformation Programme Fund..
COBSEO Funding
1,156
1,315
12,205
7,662
12,497
11,155
47,500
61,153
32,337
117,027
77,179
INCOME FROM CHARITABLE ACTIVITIES
2023
2022
Unrestricted
Income from Grand Reunion
22,360
22,360

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
INVESTMENT INCOME
2023
2022
Unrestricted
Dividend income
Deposit & SIB accounts interest
42,156
411
42,567
38,952
38,956
Restricted
The Benevolent Funds..
Dividend income
Deposit & SIB aecounls interest
181,688
159
182,271
20
181,847
182,291
224,414
221,247
Investment income arises from the charity's investment porfolio, which is a financial instrument carried
al fair value through the Statement of Financial Activities.
OTHER INCOME
2023
2022
Unrestricted
Memorabilia Sales
Pryze Draw
Gift Aid Tax
2,215
7,138
1,206
1,396
9,740
3,444
5,659
Restricted
Gift Aid Tax
256
313
5,915
10,053

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
EMPLOYEES
2023
2022
The average monthly number of persons lexclLJding
Trustees) employed by the Association during the
year was..
Office & Administration
staff costs for the above persons..
Wages & Salaries
Social Security Costs
Pension Costs
123,964
5,413
7,095
109,394
4,172
6,377
136,472
119,943
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 expenses tolalling £5,006 were made lo 9 Trustees12022.' £5,495 to 10
Trustees) and of £4,823 10 10 Council members12022'. £5,430 to g Council members).
The charity makes contributions to defined contribution pension schemes on behalf of its employees.
The costs of these contributions are allocated between unrestricted and reslricled funds on the basis
of the time spent by each employee on the activities undertaken by each fund.
RAISING FUNDS
2023
2022
RESTRICTED
Benevolent Fund - Investment Management
29,862
29,862
31,436
31,436
UNRESTRICTED
Investment Management
6,728
6,728
7,096
7,096

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CHARITABLE ACTIVITIES
Direct
Costs
Grant
Funding
Support
Costs
Total
2023
Total
2022
Unreslricled Funds..
Maintaining contact and
fostering friendships
Restricted Funds.
Fostering esprit de corps,
comradèship and welfare
17,686
108,326
126,012
161,978
59,707
262,967
115,415
438,089
310,360
77,393
262,967
223,741
564,101
472,338
2023
2022
UNRESTRICTED
Direct Costs
Grand Reunion
Great Yarmouth
Remembrance
Worthy Down
Thanksgiving for Her Majesty Queen Elizabeth11
Rose Garden
Other Events
ststues & Staluelles
National Memorial Arboretum
Memorabilia Purchases for Shop
Christmas Cards
Standard Bearers
Flowers
Presentations
936
1,250
1,311
2,754
37,353
1,050
392
557
250
320
1,075
1,860
6,317
1,477
376
71
684
51,782
32
4,518
2,046
1,958
1,603
793
318
167
17,686
Support Costs
staff Costs
Travel & Meeting expenses
Printing, postsge & stationery
Sundry office expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governance- AGM
Governance - Trustees meetings, training & advice
Governance- Trustees Costs
Governance - Council Costs
62,722
1,945
1,635
14,535
15,630
1,701
738
3,001
2,075
2,456
1,888
108,326
61,548
3,209
2,211
14,845
13,440
1,599
657
2,323
2,042
2,892
5,430
110,196
TOTAL UNRESTRICTED
126,012
161,978

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CHARITABLE ACTIVITIES (continued...)
2023
2022
RESTRICTED
Direct Costs- Grant Funding
Benevolent Funds grants to 17912022.. 1411 individuals
PrIn￿$S Royal's Memorial Grants to 1312022.. 171 individuals
Annual maintenan￿ Grants lo 712022.. 51 individuals
210,697
35,750
16,520
262,967
144,901
35,500
8,352
188,753
Olrect Costs (Benevolent Funds)
Lioness publication costs
Thanksgiving for Her Majesty Queen Elizabeth11
Flowers
Christmas Cards
42,143
144
23,154
557
322
1,477
25,510
1,603
43,890
Direct Costs ICOBSEO Female Cluster Group)
COBSEO Expenses
3,988
3,988
1,626
1,626
Direct Costs (Female Veteran$ Transfomiation Programme)
FVTP expenses
11,829
11,829
Support Costs (Benevolent Funds)
Staff Costs
Travel & meeting expenses
Printing, postage & stationery
Sundry Offi￿ expenses
Marketing
Governance - Auditors Remuneration - Audit
Governance - Auditors Remuneration - Other
Governan¢e- AGM
Governance - Trustees meetings, training & advice
Governance- Trustees Costs
Governance - Council Costs
68.952
1,422
2,205
18,637
11,120
1,699
738
3,008
2,149
2,550
2,935
115,415
58,395
1,180
792
15,208
11,007
1,599
857
2,323
707
2,603
94,471
TOTAL RESTRICTED
438,089
310,360
TOTAL COSTS OF CHARITABLE ACTIVITIES
564.101
472.338
The total amount of Governance costs, as shown above, was £22,00312022". £22,832), of which
£11,859 12022. £14,943) relates to unrestricted funds and £10,144 12022." £7,889) relates lo
restricted funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
INTANGIBLE ASSETS
Computer
Software
Total
COST
At 01 October 2022
Additions
Disposals
At 30 September 2023
18,938
18,938
18,938
18,938
AMORTISATION
At 01 October 2022
Charge for year
Elimination on Disposals
At 30 September 2023
8,838
1,894
8,838
1,894
10,732
10,732
NET BOOK VALUE
At 30 September 2023
8,206
8,206
At 30 September 2022
10,100
10,100
Note- Intangible assets related solely to a database developed for the Restricted Benevolent Funds.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
TANGIBLE FIXED ASSETS
Computer
Equipment
Fixtures &
Fittings
Total
COST
At 01 October 2022
Additions
Disposals
At 30 September 2023
6,232
3,830
10,062
6,232
3,830
10,062
DEPRECIATION
At 01 October 2022
Charge for year
Elimination on Disposals
At 30 September 2023
3,786
662
2,751
383
6,537
1,045
4,448
3,134
7,582
NET BOOK VALUE
At 30 September 2023
1,784
2,480
At 30 September 2022
2,446
1,079
3,525
Noto: Fixed assets are allocated belween funds as follows..
Unrestricted Fund
Restricted Funds - Benevolent Funds
Nel Book Value al 30 September 2023
1,016
768
1,784
113
583
1,129
1,351
2.480
Unreslricled Fund
Restricted Funds - Benevolent Funds
Nel Book Value al 30 September 2022
1,395
1,051
2,446
317
762
1,079
1,712
1,813
3,525

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10.
INVESTMENTS
2023
2022
Unrestricted general funds:
Brewin Dolphin Portfolio
1,396,047
1,396,047
1,408,504
1,408,504
Restricted Benevolent Funds:
Brewin Dolphin Portfolio
6,098,743
6,098,743
6,259,001
6,259,001
Total Investments at market value
7,494,790
7,667,505
2023
2022
Investments al fair value comprise..
Listed Investments
Cash held within the investment F)Ortfolio
7,347,939
146,851
7,494,790
7,535,908
131,597
7,667,505
2023
2022
Market value brought forward al 1 October
Additions
Disposals
Unrealised gains I Ilossesl
Market value carried forward at 30 September
7,667,505
224,051
1516,3871
119,621
7,494,790
8,901,216
231,222
1376,4651
1,088,468
7,667,505
The historical cost of these investments, purchased al various dates, is as follows..
2023
2022
Unrestricted general fvnds
Restricted funds..
Benevolent Funds
1,150,827
1,181,097
4,733,184
4,995,455
5,884,011
6,176,552
The investments are a financial asset measured at fair value through the Statement of Financial
Activities

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11
STOCK
2023
2022
Memorabilia Stock
4,464
3,982
4,464
3,982
12
DEBTORS
2023
2022
Due Within One Year..
Prepayments
Accrued Income
Other Debtors
20,697
10,000
2,135
40,538
2,000
1,086
32,832
43,624
Unrestricted
Restricted
14,662
18.170
32,832
2,671
40.953
43,624
13.
CASH AT BANK & IN HAND
2023
2022
Current accounts
Deposit accounts
10,233
49,438
16,370
1,021
Cash in hand
120
120
59,791
17,511
Unrestricted
Restricted
26,653
33,138
59,791
6,490
11,021
17,511
Cash at bank and in hand is a financial asset measured at amortised cost.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
14.
CRED￿oRs
2023
2022
Amounts falling due within one year..
Accruals
Taxation & Social Security
Deferred Income
Other Creditors
6,629
14,518
1,517
5,353
676
5,465
12,094
22,064
Unrestricted
Restricted
8,816
3,278
12,094
10,716
11,348
22,064
2023
2022
Deferred Income:
Deferred income brought forward
Income released in Current year
Income deferred In current year
5,353
15,3531
5,465
4,574
14,5741
5,353
Deferred income carried forward
5,465
5,353
The deferred ineome relates to membership subscriptions and other ineome for the next financial period
whieh were received during the current year.
15.
FUNDS RECEIVED AS AGENT
The charity did not receive any funds as an agent in the year ended 30 September 2023 or the year
ended 30 September 2022.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
16.
THE BENEVOLENT FUNDS
2023
2022
01 October 2022
Incoming resources
Donations and legacies
Investment Income
Other income
Resources expended
Raising Funds - Investment management costs
Charitable activities
(Losses) l Gains on investments
6,310,169
7,340,629
13,653
181,847
256
21,182
182,291
313
129,8621
1422,2721
102,015
131,4361
1308,7341
1894,0761
30 September2023
6,155,806
6.310,169
Cumulative unrealised gains on investments included in The Benevolent Funds balance at the year-
end amounted to £1,365,55912022. £1,263,546)
The Benevolent Funds, including the Princess Royal Memorial Fund, is the restricted fund representing
the activities of The Auxiliary Territorial Service and The Women's Royal Army Corps Benevolent Fund
(incorporating the Princess Royal's Memorial Fundl, which is a subsidiary charity of the WRAC
association. The funds may be applied only in pursuance of the objects of the charity, namely".
To promote the interests and welfare of persons who have served in the Corps in such ways
as are charitable in law", and
The relief of persons in need who are either..
Persons who have served in the Corps., or
The children or dependents of any person lalive or deadl who has served in the Corps
The Trustees may relieve persons in need by..
Making grants of money lo them., or
Providing or paying for goods, setvices or facilities for them., or
Making grants of money lo other persons or bodies who provide goods, services or facilities to
those in need.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17.
THE COBSEO Female Veterans Cluster Fund
2023
2022
01 October 2022
Incoming resources
Donations and legacies
Resources expended
Charitable activities
9,529
11,155
13,9881
11,6261
30 September2023
5,541
9,529
The COBSEO Female Veterans Cluster reslricled fund was created in FY22 and relates lo funding
provided lo the WRAC for its work with the aft)rementioned group, and costs relate to funding travel and
subsistence and marketing costs for group members.
18.
The Female Veterans Transfomiation Programme Fund
2023
2022
01 October 2022
Incoming resources
Donations and legacies
ReSoUr￿S expended
Charitable activities
47,500
111,8291
30 September 2023
35,671
The Female Veterans Transformation Programme restricted fund was created in FY23 and is funded
by a grant from the Armed Forces Covenant Fund Trust and NHS England. The programme is designed
to make female veterans 'visible' and deliver long-lerm, systemic change al veleran-facing
organisalions such as healthcare servI￿s, care homes and charities.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
19.
TOTAL FUNDS OF THE ASSOCIATION
10et
2022
Incomlng
Outgolng
Resources Resources Transfers
30 Sep
2023
UnTestrieted Funds:
General funds
1,404,485
121,706
1132,7401
1,393,451
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
Female Veterans Transformation
Programme
6,310,169
9,529
297,771
1452,134}
{3,988}
6,155,806
5,541
47,500
111,8291
35,671
7,724,183
466,977
600,691
7,590,469

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed
Assets
Net Current
Assets
TOTAL
2023
Year Ended 30 September 2023
Unrestricted Funds:
General funds
1,397,176
13,7251
1,393,451
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
The Female Veterans Transformation Project
6,108,300
47,506
5,541
35,671
6,155,806
5,541
35,671
7,505,476
84,993
7,590,469
Cumulative unrealised gains on investments included within the unrestricted general funds balance al the
year-end amounted lo £245,22012022.' £227,407)
Fixed
Assets
Net Current
As$et$
TOTAL
2022
Year Ended 30 September 2022
Unrestricted Funds:
General funds
1,410,216
15,7311
1,404,485
Restricted Funds..
The Benevolent Funds
COBSEO Female Veterans Cluster
6,270,914
39,255
9,529
6,310,169
9,529
7,681,130
43,053
7,724,183
21
ULTIMATE CONTROLLING PARTY
The charity is Controlled by its Trustees.
22
RELATED PARTY TRANSACTIONS
There were no transactions with related parties during the year, other than the reimbursement of
expenses to Trustees as disclosed in note 5.

THE WOMEN'S ROYAL ARMY CORPS ASSOCIATION
YEAR ENDEO 30 SEPTEMBER 2023