| | | | ## THE ROYAL ARTILLERY CHARITABLE FUND Incorporated under the Companies Act and Limited by Guarantee REPORT AND FINANCIAL STATEMENTS | FOR THE YEAR ENDED 31 DECEMBER 2021 | | and FINANCIAL STATEMENTS FOR THE ROYAL ARTILLERY CHARITABLE FUND , (PERMANENT ENDOWMENT) (210202-18) and the : ARTILLERY BENEVOLENT FUND (210202-19) YEAR ENDED 31 DECEMBER 2021 ARE INCLUDED UNDER A A UNITING DIRECTION | and the : ROYAL ARTILLERY BENEVOLENT FUND (210202-19) FOR THE YEAR ENDED 31 DECEMBER 2021 ARE INCLUDED UNDER A A UNITING DIRECTION Registered Company No: 163205 Registered Charity No: 210202 | ## CONTENTS ## —_--sSs **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Page| |Trustees|and|Administrative|Information|1| |Trustees|Report|2-10| |Report|of the|Auditors|11-14| |Statement|of|Financial|Activities|15| |Statement|of Income|and|Expenditure|16| |Balance|Sheet|17-18| |Cash|Flow|Statement|19| |Notes to the|Financial Statements|20-32| **----- End of picture text -----**
* THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021 || | | | | | | ## **i** ## President The Master Gunner, St James’s Park, Lieutenant General Sir Andrew Gregory KBE CB DL ## Royal Artillery Charitable Fund (RACF) Trustees The members of the RACF Trustee Board during the year ended 31 December 2021 and up to the date of the approval of this report, were as follows:- **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Chairman|Major General|DM|Cullen|CB|OBE| |Trustees| |Brigadier|MN|Pountain|CBE| |Colonel WG|Prior|MBE|Retired|23|Nov|21| |Colonel|CE|Comport OBE TD|DL| |Colonel|C|Fletcher-Wood|OBE| |Colonel|MD|Relph|MBE|;| |Colonel G Taylor|CBE|Commander 7" Air Defence Group| |Col|R Murphy TD VR QVRM|Deputy Commander|1* Artillery|Brigade|(Retired|7|Feb|22)| |Colonel|AB|Phillips|Commandant|Royal School|of Artillery|(Retired|23|Jul|21| |Colonel|C Palmer|Deputy Commander|1*|ISR|Brigade| |Colonel MAA Dornan|Comat|Royal|School|of Artillery|(Appointed|26 July 21)| |Major S Howe|Chief of Staff Regimental|Headquarters|(Appointed|8|Dec 21)| |Major|AJ|Dines TD| |Major JO|Leighton TD| **----- End of picture text -----**
A number of trustees are also involved in the governance of other charities referred to in this report. All trustees have made a declaration listing any related parties and potential conflicts of interest. Regimental Secretary Colonel M G J Carter **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Finance|Secretary|Mrs|B|Hoblyn| |Professional|Advisors| |Bankers|Lloyds|Bank|PLC,|39|Piccadilly,|London, W1V OAA| |Solicitors|Wilsons,|Alexandra|House,|St John’s|Street,|Salisbury,|Wiltshire, SP1|2SB| |Auditors|Saffery Champness|LLP,|71 Queen|Victoria|Street,|London,|EC4V 4BE| |Investment|Managers|BlackRock|Investment|Management|(UK)|Ltd,|12 Throgmorton|Avenue,|London,| |EC2N|2DL| |Address|Artillery|House,|Royal|Artillery|Barracks,|Larkhill,|Wiltshire SP4 8QT.| |Registered|Company|No|163205| |Registered|Charity No|210202| **----- End of picture text -----**
Page 1 THE ROYAL ARTILLERY CHARITABLE FUND n ## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ## Introduction The RACF Trustees submit their annual report for the year ended 31% December 2021 under the Companies Act 2006, together with the audited financial statements for that year. The accounts comply with the Companies Act 2006, the Charity’s governing document and the relevant Statement of Recommended Practice (the Charities SORP (FRS102)). The RACF is a company not for profit, limited by guarantee and not having share | capital. It is governed by its Articles of Association. The Trustees’ Report incorporates the directors’ report for | Companies Act purposes. | Objects The objects of the RACF are to apply the charity’s funds: - a) In promoting the efficiency and welfare of all ranks of the Royal Artillery, whether Regular, Special Reserve, Reserve or Temporary and; b) In relief and assistance of any past, present or future members of the Royal Artillery whether Regular, Special Reserve, Reserve or Temporary and their dependants, and families and dependants of any deceased members, who are in need of such relief and assistance by reason of poverty, disability, sickness, infirmity or otherwise. ## Organisation Theprovide duties ofa skills-based the RACFset Boardof abilities of Trusteesand areexperience, laid downwithin thesome Articlesrepresenting of Association.the serving The Boardofficers membersand soldiers of the Regiment. The RACF works closely with a number of other charities, in particular the Royal Artillery General Charitable Trust (RAGCT), the Royal Artillery Institution (RAI) and the Royal Artillery Association (RAA), whose objects also support and promote efficiency within the Royal Artillery. The RACF is the soie corporate trustee for the RAA. The Board of Trustees meets at least twice a year as part of the Royal Artillery Board of Management alongside the trustees of the RAI. Subordinate to the Board of Trustees are the Investment Committee, the Welfare Committee and a Finance and General Purposes Committee. These committees comprise trustees from both RAI and RACF and others who have been co-opted for their skills and knowledge so as to ensure that high quality advice may be provided to the RACF Board. The reports of these committees form part of the agenda of the meetings of the RACF Board of Trustees. The trustees form the membership of the RACF. The Master Gunner’s Committee sets the strategic framework for the Regiment and acts as an advisory board to the RACF Board of Trustees as required. The Chairman of the RACF is a member of the Master Gunner’s Committee and updates the committee biannually on business undertaken by the Royal Artillery Board of Management. ## Governance In addition to the Articles of Association, the Welfare, Investment and Finance & General-Purpose committees have their own directives, which are reviewed and agreed regularly by the trustees. Powers delegated to the Secretariat are contained in the directives. Secretariat policies, which are agreed by the trustees, are in place in order to ensure smooth and effective running of the charity. The charity’s risk register is reviewed annually by the trustees. Identified risks are managed as laid down in the Risk Management Plan. For specific items, detailed briefs are sent to the trustees so they can consider issues in depth before meetings. Trustees also receive regular reports on the value and movement of the charity’s investment portfolio. The Chairman of the trustees and the Regimental Secretary meet regularly (usually weekly) to discuss issues. : Page 2 ‘THE ROYAL ARTILLERY CHARITABLE FUND . TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ## I Charity Commission Governance Code The RACE as one of the Royal Artillery charities, comes under the umbrella of the Confederation of Service Charities (Cobseo). Cobseo, in consultation with the Charity Commission, have produced a Service Charity toolkit based on the 2017 Charity Commission Governance guide. The trustees carried out a self-assessment process using the toolkit in 2019. This enabled the Board to identify a number of enhancements which can be considered to improve governance. This included a resolution to limit the tenure of trustees. A further selfassessment review will be conducted in 2022. ## Selection of Trustees of the RACF Board of Management The Articles of Association state the process for the appointment of trustees. New trustees are appointed by Resolution of the existing trustees. Trustees are normally serving and retired members of the Royal Artillery. | The Master Gunner St James’s Park as President is an ex-officio member of the RACF and is the Head of the | Regimental Family, but he is not a trustee. The President proposes the Chairman, who will normally have been | a Colonel Commandant. The appointment of the Chairman is then approved by resolution of the existing | trustees. Trustees are selected for their skills and experience and their ability to understand and anticipate the needs of the serving and retired regiment. The trustees will normally include the Commandant, Royal School of Artillery, Commander 7 AD Group and Deputy Commanders from 1 Arty Bde and 1 ISR Bde, who represent the | interests of a large proportion of serving Gunner soldiers and officers. Corporate Trustee ) The RACF is the sole corporate trustee of the Royal Artillery Charitable Fund (Permanent Endowment) (RACF : (PE) (210202-18), the Royal Artillery Benevolent Fund (RABF) (210202-19), the Royal Artillery Association (RAA) : (238197) and the Kelly Holdsworth Artillery Trust (KHAT) (208359). | ## Uniting Direction Under a uniting direction the accounts of the RACF (PE), and the RABF, are shown in these accounts. Those of the KHAT are attached for ease of reference. RAA accounts are prepared and audited separately. ## Key Management Personnel The Regimental Secretary is the Chief Executive of the RACF and is responsible for: the day-to-day management of the charity’s business; implementing policies agreed by the trustees and; the management of the charity’s staff. The Finance Secretary is responsible to the Regimental Secretary for the accounting of funds and all financial records. The Welfare Secretary is responsible to the Regimental Secretary for processing all welfare applications and individual grants. ## Review of Financial Activities The charity’s funds continue to be employed to support the efficiency and welfare of members of the Royal Artillery and to provide relief and assistance to past, present or future members of the Royal Artillery. The results of the charity’s activities are summarised on page 15. In 2021 the charity had an excess of Income over expenditure before gains on investments of £264,471 (2020: £554,059 excess of Income over expenditure). After investment gains of £3,515,166 (2020: losses of £406,046) there was a net increase of funds, of £3,779,637 (2020: net gain of £148,013). Page 3 THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 SEERcc Review of Financial Activities continued : Total income increased by £24,193 to £1,323,428, mainly due to an increase in declared legacies. It should be : Dividendnoted howeverpayments that were despitereduced an increaseto movein investmentinto the global value,equity there fund, wasbut a decrease this loss wasin investment income.offset by the declared legacy. : Income from the Service Giving Scheme increased by £4,073 to £220,852, which was 14% of income received. There were 10 legacies totalling £188,744. This income reflects 2 accrued legacies of £91,000, which were | notified in 2021. £90,000 has since been received in the early part of 2022. There were an additional 155 | donations, totalling £39,850. Investment income also decreased by £101,261 but achieved 18.9% higher than was budgeted. Raising Funds increased by £70,177 to £70,793 (2020: £616) due to a change in policy with our investment manager, such that quarterly investment fee will now be paid at on receipt of quarterly invoices and not taken at source. Charitable activities increased by £243,604 to £988,164 (2020: £744,560). This was mainly due to increased expenditure on some of the activities funded by the charity following the lifting of some COVID19 restrictions, however, the 2020 account included a significant decrease in expenditure as a result of reversing the proposed 2020 £300K grant award to the Royal Artillery Museum. Grants to individual beneficiaries totalled £523,545, of which £198,194 was spent from the restricted RABF Funds, and the remaining £325,351 from the RACF (2020: £540,215: RABF £211,832, RACF £328,383). It is assessed that this reduction is as a result of reduced casework activity during COVID19 restrictions, coupled with difficulties with a new case management system, as opposed to a reduction in need, grants to regiments and totalled £224,889 (2020: £258,812), There are four main income streams. They are: - e Investment income. e Service Pay Giving Scheme (SPGS), where all serving personnel are encouraged to give part of their pay to the charity. - ® Legacies. ¢ Donations. The trustees approve the forecast of income and expenditure annually and monitor it regularly through the Finance & General Purpose Committee and at Board meetings. Whilst the interest earned on investments and income from the SGS can be reasonably estimated, the income from both legacies and donations will fluctuate from year to year. ## Charitable Activities The Company’s principal activities during the year were as follows: - ¢ Provision of assistance to those in need by reason of poverty, disability, sickness, infirmity or otherwise - £523,545, of which the £198,194 was spent from the restricted RABF Funds, and the remaining £325,351 from the RACF. - " The prime method of achieving this object is by making grants to individuals. * Gunners in need, both serving and retired, are identified in a variety of ways and cases - ; normally come from one of the following organisations: Social Services, Soldiers Sailors Airmen and Families Association (SSAFA), Royal British Legion (RBL), Officers Association (OA), Unit Welfare Officers, RAA and other regimental charities. - "Once a Gunner, or his / her dependant, is identified as being in need, a trained external assessor, normally a member of SSAFA, OA or the RBL, interviews the potential recipient and then makes a report to the RACF. If the case involves a serving Gunner then the Unit Welfare Officer may initiate a report. Page 4 ., THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 | | | | ## Charitable Activities continued The RACF and RABF then assesses the case report and allocates charitable funds, in consultation with other eligible charities if appropriate. The proportion found by the RACF/RABF can vary depending on circumstances and is not guaranteed. On average during the year it was 35% of the total. The external assessor decides whether the need has been met. - = Funds to relieve need are paid through the almonising organisation rather than to the individual. - " The charity assisted 607 cases in 2021 (2020:817 cases), of which 60 (2020:73) were serving members of the Regiment. 20 other ineligible cases were declined, as they were not Gunners or the request for support was out of scope (eg medical or legal fees) or duplications. - " In addition to the above £66,120 (2020: £48,730) was paid in grants to 47 (2020: 47) Kelly Holdsworth beneficiaries and a further £20,857 (2020: £20,144) in Christmas grants to 377 (2020: 392) recipients. - = A further 20 cases were closed without a grant being made as a result of lack of information or need being resolved by other means. - =" No case that was assessed as eligible for and still requiring assistance was declined. = Among the 607 individual cases, the average gross grant was £717 per case. In most instances additional funds were granted by the RBL, Army Benevolent Fund (ABF), the OA and other military and civilian charities. : - = Funds to relieve need are paid through the almonising organisation rather than to the individual. - ¢ Promotion of efficiency and Welfare: | | - «" Welfare grants totalling £84.2K were made to 23 Regular : " and Reserve regiments welfare initiatives. / units, in order to help deal with individual cases and support unit - = Grants totalling £51.9K were made to Gunner sport, via the RAI, in order to assist in the maintenance of fitness and morale. - e ABF the Soldiers’ Charity. ABF has supported a large number of Gunner cases. This year the RACF donated £79,500 to the ABF to assist them in making grants towards other smaller, specific purpose charities that support Gunners and their dependants. - : e General. The RACF has provision, where appropriate, through the KHAT, to help with dependants’ : education costs when serving Gunners die or are in need. The RABF owns four cottages, which house Gunners in need. The RACF also helps maintain Gunner memorials. ## Public Benefit The Objects of the RACF are to promote efficiency and welfare within the serving Regiment and to assist those in need who are serving or who have served their country through service in the Royal Regiment of Artillery, and their dependants. Inextricably linked with this Object is the aim of contributing to the public good by service to Her Majesty, the Country and all its citizens. The RACF contributes considerable public benefit to the local and national community by relieving need among members of the regimental family. This in turn maximises the likelinood of the charity’s beneficiaries maintaining their place as valuable, self-sufficient members of the community who are able to make a positive contribution to society. The charity works in tandem with the SSAFA, the ABF and the RBL. The trustees have taken due regard of the charity Commission’s guidance on Public Benefit. : Page 5 : THE ROYAL ARTILLERY CHARITABLE FUND | TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 va ## Future Plans : The charity has sufficient funds to support its future operations and deliver its charitable Objects. Research carried out by the RBL has shown that there is still a very large ex-Service community, however the number of ex-servicemen who saw service in the Second World War and during National Service will gradually diminish over the next 10 years. In the future it is assessed that, while the volume of cases might reduce, the greater complexity of needs arising from service in the iraq and Afghanistan campaigns, may increase the cost of providing support to those in need. It is also anticipated that the recent significant increases in food and fuel costs may generate additional requests for support. | Based on an assessment that future income will remain steady in the long term, the trustees aim to maintain | current expenditure in order that RACF continues to support efficiency and welfare in the Royal Regiment | and to provide assistance to all members of the regimental family who are in need. Should income levels drop significantly, trustees have the ability to generate additional funds by liquidating investment assets, however | this would need to be balanced by the requirement to maintain investment income for future generations. | in 2020 the trustees agreed to earmark £1.8M of capital funds for future transfer to the Royal Artillery Museum | (RAM). Of this £300K was to have been in the form of a grant and £1.5M in the form of a loan. Although the ? offer of this sum has now been withdrawn following the retraction of the offer of a suitable site for the | museum, the trustees are likely to consider , making a similar level of funding available in the future once the : conditions upon which the original offer was made are met. It is understood that a revised plan will be presented to the Master Gunners Committee in July 2022. It is assessed that, following the removal of legally enforced Covid precautions, levels of activity will continue to return to near normal during 2022. The trustees have budgeted accordingly for the current year. ## Reserves Policy The trustees’ policy is to maintain a sufficient level of reserves to: provide a stable base and income generation for the charity’s continuing activities; generate sufficient funds to cover routine management and administrative costs and: enable the charity to respond to any emergency applications for grants which may arise from time to time. Total funds as at 31 December 2021 were £39,374,464 (2020: £35,594,827). Unrestricted reserves were £26,094,984 (2020: £23,452,542) of which £25,989,900 are free reserves. Restricted Income funds for Benevolence were £5,841,800 (2020: £5,288,338) of which a large proportion is represented by investments. Permanent Endowment were £7,437,680 (2020: £6,853,947) of which a large proportion is represented by investments. Designated Funds were £105,084 (2020: £105,084) for the purpose of memorials. Our risk-based approach to determining our free reserves requirement is carried out, based on the anticipated future needs of the regimental family, and the management of financial risks, particularly the uncertainty of future income from other sources. Trustees review the level of reserves regularly to ensure funds are available to deliver welfare services and programmes, and to secure, as far as possible, future financial viability. Our annual review of reserves included assessing the impact of Covid-19 on our business plans, projected income and expenditure, and on our investments. Following that review, we determined that we should hold a minimum of £20,000,000 in free reserves to be assured that we are able to sustain the support we provide to the regimental family in the long term as well as Page 6 +s THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 ## Reserves Policy continued meet other obligations, irrespective of fluctuations in income and without creating the need to actively fundraise. This sum, held as part of our investment portfolio, is judged to be capable of generating sufficient investment income to meet foreseeable needs. With free reserves of £25,989,900 currently exceed this requirement. The trustees are content that the additional funds we hold provide ability to disinvest in order to support major capital projects if and when required, but in the meantime are held as investments generating additional income. In 2021 the investment portfolio generated £706,505 for the charity, of which RACF received as in year income., which represent 45% of total income received. Without this level of income the charity’s activities would be significantly curtailed. Trustees believe that investments should be maintained at the current levels, in order to generate income and provide for current needs whilst ensuring the charity remains well placed to meet future requirements. The trustees recognise that they have no long term mandated liability for any particular level of financial grants or 7 activity. They therefore have the ability to reduce expenditure to match income in the event of income | reducing. | Investment Polic | | The trustees’ Investment Committee meets twice a year to consider the performance of the RACF’s investments | which are managed ona discretionary basis by BlackRock Investment Management (UK) Ltd. ; | The investment objective is to create sufficient income and capital growth to enable the charity to carry out | their charitable objectives. The charity is expected to exist in perpetuity and investments are managed to meet | the investment objective and ensure this sustainability. The charity’s funds are invested on an aliquot proportion in the same funds as the other Gunner welfare / efficiency charities. This is in order to achieve economies of scale in relation to investment cost. , The trustees have given the fund managers discretion to manage the portfolio within an agreed risk profile and : against agreed benchmarks. This is contained in a written directive. ; At the bi-annual meeting with the investment managers the Investment Committee considers the state of the | financial markets and measures the fund managers’ on-going performance against specific agreed benchmarks, | namely 30% FTSE All Share Index, 30% MSCI World ex UK Index, 10% MSCI Emerging Markets Index, 7.5% FTSE All Stocks Gilt Index, 5% iBoxx Sterling Non-Gilts Index, 10% IPD UK All Balanced Funds index, 5% Alternative (IA Sector Targeted Absolute Return) and 2.5% Cash ( Sterling Overnight Index Average). Having compared performances over the last 1, 3 and 5 years, the Investment Committee are of the view that the investments have done reasonably well in relation to the market and relevant benchmarks over the longer term. While there is currently no case to prompt a change of investment policy, the performance of the fund manager will be subject to further review this year. ## Environmental Governance and Social Considerations The RACF’s investments are not managed with any specific environmental, social and governance (ESG) restrictions. However it is expected that the RA charities’ investment managers have clearly defined ESG investment policies and that the investments are managed by an investment company which is a signatory the UN Principles of Responsible Investment and which takes account of Environmental, Social and Governance (ESG) factors in their research and investment decision making process. Page 7 THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 = ## Fundraising | The trustees are very clear that all fundraising must be legal, open, honest and respectful. The charity does not actively engage in regular and organised fundraising, although it does receive donations and legacies. It receives the bulk of its income through investments and the Royal Artillery’s ‘service giving scheme’. : The facility exists for individuals or organisations to make voluntary donations online. The . charityonline doesdonationnot workfacilitywith suchany‘Enthuse’ commercialand ‘JustpartnerGiving’.or professionalWhen donationsfundraisersare receivedexcept theyin orderare tomainly operateas a anresult | of advertisements on the Gunner website and publications, and from open, group briefings to members of the | serving Regiment. In addition, regiments and other Gunner organisations are encouraged to engage in | sponsored activities to raise funds. The charity does not solicit funds through direct approaches to individuals | via mailshots or online unless consent has been obtained. | Regiments, units, RAA Branches and individuals who raise funds for the charity are provided with sealed | collection buckets. In the event of a complaint about any such activity, it is investigated by the Regimental | Secretary. (No complaints were received in 2021). As a charity that deals with vulnerable service personnel, | veterans and their dependants, all staff are aware of the requirement to treat everyone fairly and kindly with no : intrusive or persistent requests or approaches for funds or undue pressure to donate. ## Trustee Training Trustee responsibilities and necessary training is taken very seriously. All new trustees are briefed by the Regimental Secretary on their roles and responsibilities. They are provided with the Charity Commissioners handbook “The Essential Trustee” as well as the Articles of Association as part of their induction. Recent RACF accounts, meeting minutes and policy documents are also provided. Trustee briefings and training take place, and members of the Board are encouraged to attend external trustee training and investment briefs. ## Risk Management The trustees maintain a continuous oversight of the principal areas of the charity’s operations and the major risks, which may arise in these areas. In the opinion of the trustees the charity has established resources and review systems which, under normal conditions, should allow the risks identified to be mitigated to an acceptable level. A risk management plan is produced and approved by trustees each year and managed actively by the trustees, the Regimental Secretary and his staff. The main risks are: - e Insufficient income to meet the need: This is managed by careful budgeting, the investment and reserves policy and by controlling the level of support provided to beneficiaries. - e Fraud: This is guarded against by having policies in place to ensure regular checks are made and that all transactions are properly authorised by two signatories. - e Conflict of interest amongst trustee members. A register of trustee interests is kept and updated annually. At the start of committee and BoM meetings, trustees are reminded to declare any conflict arising from the agenda so that appropriate action can be taken. - e Reputational damage arising from activities such as inappropriate fundraising. This is mitigated by robust RAA Rules and General Administrative Instructions (GAls) and the monitoring of branch fundraising activities. ## Remuneration Policy No trustee is paid for services as a trustee or related work, though travel and subsistence costs incurred as a trustee are reimbursed. The trustees review staff salaries annually, and take into account the MoD pay awards for similar grades, when recommending any pay increases. Page 8 ‘+ THE ROYAL ARTILLERY CHARITABLE FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 | : / ## ai ## Employees The RACF aims to be an organisation for which employees enjoy working and where they feel supported, valued, empowered and developed. Employees are kept fully informed about the aims and objectives of the charity and how it is achieving them. Employees are encouraged to contribute suggestions to help improve working processes and to achieve best practice. The charity is an equal opportunities employer and is committed to training and developing its staff. ## Trustees’ Liability The trustees are the members of the RACF and the liability of the members for the debts of the RACE is limited to an amount not exceeding one pound. ## Statement of Trustees’ Responsibilities ; The trustees (who are also directors of the RACF for the purposes of Company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable charity and company law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice (UK GAAP). The Company and charity law applicable in England & Wales and UK GAAP requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company. This includes details of income and expenditure and the application of resources for the period. In preparing these financial statements, the trustee are required to: - e select suitable accounting policies and then apply them consistently; e adhere to the methods and principles in the Charities Statement of Recommended Practice (Charities SORP (FRS 102)); - e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures which are to be disclosed and explained in the financial statements; - e prepare the financial statements on a going-concern basis, unless it is inappropriate to presume that the charity will continue in business. The trustees are also responsible for safeguarding the assets of the charity, including taking reasonable steps to prevent and detect fraud and other irregularities. ## Statement as to Disclosure of Information to Auditors The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with: the Companies Act 2006; the charity’s governing document; the Charities Acts 2011 and; the SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)). in so far as the trustees are aware: - ° there is no relevant audit information of which the charitable company’s auditor is unaware; and ° the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Page 9 THE ROYAL ARTILLERY CHARITABLE FUND as | ## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 This report has been prepared under the special provisions of Part 15 of the Companies Act 2006. On behalf of the trustees Fin June 2022 W\\ AOA, Major General DM Cullen CB OBE Chairman RACF Board of Management Page 10 THE ROYAL ARTILLERY CHARITABLE FUND INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 , ## i ## Opinion We have audited the financial statements of Royal Artillery Charitable Fund for the year ended 31 December 2021 which comprise the statement of financial activities, summary income and expenditure, the balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - ° give a true and fair view of the charitable company’s state of affairs as at 31 December-2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - ° have been prepared in accordance with the Companies Act 2006. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, | including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with | these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to | provide a basis for our opinion. Conclusions relating to going concern : In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | Based on the work we have performed, we have not identified any material uncertainties relating to events or | conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information **----- Start of picture text -----**
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The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information we are required to report that fact. Page 11 | THE ROYAL ARTILLERY CHARITABLE FUND INDEPENDENT AUDITORS REPORT TO THE TRUSTEES | FOR THE YEAR ENDED 31 DECEMBER 2021 | Other information continued . | Opinions on other matters prescribed by the Companies Act 2006 | In our opinion, our opinion, opinion, based on the work undertaken the work undertaken work undertaken undertaken in the course of the the course of the course of the of the the : e the information given in the Trustees’ Annual Report | financial year for which for which which the financial statements are | statements; and | e the Trustees’ Annual Report which which includes the the Directors’ | with applicable legal requirements. | Matters on which we are required to report by exception || in the light of the of the the knowledge and understanding of the the charitable company and We have nothing to report in this regard. - In our opinion, our opinion, opinion, based on the work undertaken the work undertaken work undertaken undertaken in the course of the the course of the course of the of the the audit: e the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which for which which the financial statements are prepared is consistent with the financial statements; and - e the Trustees’ Annual Report which which includes the the Directors’ Report has been prepared in accordance with applicable legal requirements. in the light of the of the the knowledge and understanding of the the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - ° adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - ° the financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of trustees’ remuneration specified by law are not made; or - ° we have not received all the information and explanations we require for our audit; or - ° the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report. ## Responsibilities of trustees As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees (who are also directors of the charitable company for the purposes of company law) 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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. ## Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 12 * THE ROYAL ARTILLERY CHARITABLE FUND INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 aee Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. , ## identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company ‘by discussions with informed management and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. | There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Page 13 THE ROYAL ARTILLERY CHARITABLE FUND vo INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 , : | Cara Turtington — Senior statutory auditor Saffery Champness LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4 4BE Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 14 w et Go ise] fa ||BBwWwOoOnma alm
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¢| THE ROYAL ARTILLERY CHARITABLE FUND = | SUMMARY OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2021 | | Revaluation of Investments Investments 2,898,169 (342,316) : Net income for the year income for the year for the year the year year 3,195,904 232,943 | Total Income comprised of £1,097,769 for unrestricted funds and £225,659 for restricted funds. A detailed analysis of : income and expenditure by source is provided in the Statement of Financial Activities. | | | | **----- Start of picture text -----**
|||||| |---|---|---|---|---| |a| |2021|2020| |£|£| |Total|Income|1,323,428|1,299,235| |Total|Expenditure|1,025,693|723,976| |Unrealised/realised|gains|and|losses|on:| |Revaluation|of Investments Investments|2,898,169|(342,316)| |Net income for the year income for the year for the year the year year|3,195,904|232,943| **----- End of picture text -----**
Expenditure comprises £1,008,813 for unrestricted funds and £6,266 for restricted funds and excludes the permanent endowment funds. The revaluation of investments excludes the permanent endowment funds. The summary income and expenditure account is derived from the Statement of Financial Activities on page 15 which together with the notes to the financial statements on pages 20-32 provide full information on the movement during the year on all funds of the charity. Page 16 > @ 00 c a. | **----- Start of picture text -----**
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| foe) a oO LoY) oO a 2, , c N [cB] . £ : wo 2; ©i) ic [S) F 2 c j 3 vay 2 . ov ~ 5 : Fa : 4 S i : eZ ‘03 7 | t me}: asEE ~ wn : + fs)ac>2 x ob: 5sa :-|i a : 5 : =bE eg ce Da-Sos&: =: 5 c wim 2 —s a 7| a yy}r| = **r** y. 5 > w| Y re} ~ONESgE oOma Waale Ze2 Si s **s** jleeBfPe od : E§ & ||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |Note|£|£| |Net cash|used|in|operating|activities|1|(424,871)|'|(525,454)| |Cash|flows|from|investing|activities| |Dividends,|interest and|rents from|investments|706,602|807,863| |Purchase|of|investments|(37,873,745)|(11,585,304)| |Proceeds from|sale|of|investments|37,871,812|11,580,902| |Net|cash generated|in|investing|activities|704,669|803,461| |Net|increase|in|cash|&|cash|equivalents|279,798|’|278,008| |Cash|and|cash|equivalents|at the|beginning|of the|year|928,371|650,363| |||Cash|and|cash|equivalents|at end|of the year|2|1,208,169|928,371| |||Notes to the|cash flow statement| |||1.|Reconciliation|of net movement|in funds to net|2021|2020| |||cash flow from|operating|activities|£|«€£| |||Net movement|in funds|3,779,637|_|148,013| |(Gains)/losses|on|Investments|(3,515,166)|406,044| |||Investment income|(706,602)|(807,863)| |Decrease/(increase)|in|debtors|(83,415)|(11,908)| |Increase/(Decrease)|in|creditors|79,475|(280,942)| |,|Depreciation|charge|21,200|21,200| |:|Net cash|used|in|operating|activities|(424,871)|(525,454)| |||2.|Analysis of cash and cash equivalents|At1 Jan|Cash|At 31 Dec| |:|and|net debt|2021|flow|2021| |Cash|on|short term|deposit|841,262|337,279|1,178,541| |!|CashCash|currentbalance|accountheld|in|investments|.|33,57353,536|(10,611)(46,870)|22,9626,666| |||Net cash|provided|by operating activities|928,371|279,798|1,208,169| **----- End of picture text -----**
, : Page 19 THE ROYAL ARTILLERY CHARITABLE FUND oe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 : | ## 1. Accounting policies The Royal Artillery Charitable Fund is a company limited by guarantee incorporated in England and Wales. The registered office is Artillery House, Royal Artillery Barracks, Larkhill, Salisbury, SP4 8QT. ## Basis of accounting The financial statements have been prepared under the historic cost convention, with the exception of listed investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charites SORP (FRS 102)) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Companies Act 2006 and UK Generally Accepted Accounting Practice. The Royal Artillery Charitable Fund constitutes a public benefit entity as defined by FRS102. ## Going Concern The trustees have a reasonable expectation that the charity has adequate resources to continue in operational annualexistencefinancial for the foreseeablestatements. future. Thus they continue to adopt the going concern basis in preparing the ## Subscriptions and donations Subscriptions and donations have been included on the basis of amounts receivable during the year. ## Legacy income Income from legacies is taken to the Statement of Financial Activities when received or receipt is probable and the value can be measured with sufficient reliability. ## Interest and dividends on investments Income from investments including interest on short term deposits are included on a receivable basis. ## Expenditure and support costs Expenditure is recognised in the period in which it is incurred and includes attributable VAT which cannot be recovered. Supports costs are those costs which have not been directly allocate to an activity of the charity but nevertheless support these activities. ## Grant expenditure Grants payable are payments made in furtherance of the charitable objects of the charity. These are accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. Page 20 THE ROYAL ARTILLERY CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ## Fixed asset investments Investments are stated at market value. The unrealised movement in market value from one year to another is recognised in the statement of financial activities. ## Tangible Fixed assets Freehold properties are stated at deemed cost and are depreciated over their estimated useful lives of 50 years. Land is stated at deemed cost and is not depreciated. ## Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. ## Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. | Fund accounting | Unrestricted funds are available to use to further any of the purposes of the charity. : | | Designated funds are unrestricted funds of the charity which which the trustees have decided at their | aside to use for a specific purpose. Designated funds are unrestricted funds of the charity which which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or specific projects being undertaken by the charity. . | The permanent endowment fund relates to funds received over the years from the investment portfolio where the capital received needs to be retained for the long term. ## Prior Year restatement : The presentation of Royal Artillery Charitable Fund have been amended this year so that the permanent endowments are reflected in accordance with the Charity SORP and Charity Law. The changes made do not affect the reported total funds but instead reflect the income and capital elements of the fund separately. In reviewing : the presentation grants between funds have been eliminated from the reported total. Therefore in the comparative figures for 2020 total income and total expenditure have reduced by £246,745. The | net income of £148,013 and total funds of £35,594,827 remain unchanged. | . Page 21 THE ROYAL ARTILLERY CHARITABLE FUND at NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 | Pensions | Staff are enrolled in a NEST pension scheme. Contributions are charged in the Statement of Financial Activities | as they become payable | | | | | | ! | | ## Critical estimates and judgements and key sources of estimation uncertainty In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. There are no critical estimates, judgements or key sources of estimation uncertainty in 2021 or 2020. 2. 2021 Donations and legacies inc SPGS ||Unrestricted|Restricted
2021|Permanent
Endowment|||Total
2021| |---|---|---|---|---|---|---| ||£|£|£|||£| |Officers’ subscriptions|92,524|+|-|||92,524| |Soldiers’ subscriptions
Retired Donations
Income tax recoverable (gift aid)|128,328
21,608
12,436|-
-
-|-
-
-|||128,328
21,608
12,436| |Donations and Grants|47,961|-|-|||47,961| |IntangibleIncome
— Wages in Kind
Fundraising
Legacies|114,843
-
188,744|1,014
-
-|-
-
-|||115,857
-
188,744| ||606,444|1,014|||:|607,458| |2020 Donations and legacies incSPGS||||||| ||Unrestricted|Restricted|Permanent|||Total| ||||Endowment|||| |||2020||||| ||£|£|£|||£| |Officers’ subscriptions|90,935|-|-|||90,935| |Soldiers’ subscriptions|125,845|-|-|||125,845| |Retired Officers Donations|22,408|-|-|||22,408| |income tax recoverable (gift aid)|5,483|-|-|||5,483| |Donations and Grants|67,426|-|-|||67,426| |Intangible Income—Wages in Kind|114,441|1,014|-|||115,455| |Fundraising
Legacies|85
48,425|-
-|-
-|||85
48,425| ||475,048|1,014||-||476,062| Page 22 THE ROYAL ARTILLERY CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 | | | | | | | | : , : | : . tttt |3.|2021 Investment Income||||||| |---|---|---|---|---|---|---|---| ||||Unrestricted|Restricted|Permanent||Total| ||||||Endowment||| |||||2021|||| ||||£|£|£||£| ||Investments||490,609|215,993|a||706,602| ||||490,609|215,993|-||706,602| ||2020 Investment Income|Comparison|||||| ||||Unrestricted|Restricted|Permanent||Total| ||||||Endowment||| |||||2020|||| ||||£|£|£||£| ||Investments||578,014|229,849|-||807,863| ||||578,014|229,849|-||807,863| |4.|2021 Other Income||||||| ||||Unrestricted|Restricted|Permanent||Total| ||||||Endowment|.|| |||||2021|||| ||interest received on shortterm deposits
Alanbrooke club||£
-
716|£
-
-|€£
S
-||£
-
716| ||||M60||||| ||2020OtherIncome Comparison||||||| ||||Unrestricted|Restricted|Permanent
Endowment||Total| |||||2020|||| ||GovernmentGrants—Furlough
Interest received on shortterm deposits||5,819
192|-
-|-
oe||5,819
192| ||Alanbrooke club||1,898
7,909|-
-|-
e||1,898
7,909| |5.|2021CostofRaisingFunds||||||| ||||Unrestricted|Restricted|Permanent
Endowment||Total| ||Fundraisingcosts
Investmentcommissionand management||2,065
46,050
48,115|-
10,614
10,614|.
12,064
12,064||2,065
68,728
70,793| Page 23 THE ROYAL ARTILLERY CHARITABLE FUND | NOTES TO THE FINANCIAL STATEMENTS (continued) | FOR THE YEAR ENDED 31 DECEMBER 2021 ef ||||2020CostofRaising Funds Comparison|2020CostofRaising Funds Comparison|2020CostofRaising Funds Comparison|2020CostofRaising Funds Comparison||||| |---|---|---|---|---|---|---|---|---|---| |||||||Unrestricted|Restricted|Permanent|Total| |||||||||Endowment|| ||
2020
|
£
£
£
£|||||||||| |:
Fundraising costs
616
-
-
616|||||||||| ||||||||616|-|-|616| |||6.|CharitableActivities|||||||| ||
|||||||Unrestricted|Restricted|Permanent
Endowment|Total| |||||||||2021||| ||||Welfare
©||||£|£|£|£| ||||Welfare
grants
—|607|(2020:|817)||||| |||individual cases||||325,351|198,194|-|523,545| |||Welfare grants to institutions:|||||||| |||Gunner Magazine||||3,840|-|-|3,840| |||Royal Artillery Sports||||51,902|.|.|51,902| |||Army Benevolent Fund||||79,500|-|-|79,500| |||Regiments||||84,200|-|-|84,200| |||RA Memorials||||772|-|-|772| |||General Grants||||4,675|-|-|4,675| |||||||550,240|198,194|-|748,434| |||Support Cost to Charitable Activities:|||||||| |||Wages and salaries||||57,541|-|-|57,541| |||Wages and salaries in kind||||114,843|1,014|-|115,857| |||Employers Nationals Insurance||||4,272|-|-|4,272| |||Employers Pension Contribution||||3,680|-|-|3,680| |||,||||180,336|1,014|-|181,350| |||Insurance||||903|-|-|903| |||Printing & stationery||||1,086|-|-|1,086| |||Publicity||||700|-|:|700| |||Postage||||1,373|-|-|1,373| |||Networkmaintenance||||10,561|-||10,561| |||Travel & Subsistence (incl BOM &AGM)||||300|-|-|300| |||Miscellaneous||||118|-|-|118| |||Training||||96|2|-|96| |||Bank charges||||508|-|-|508| |||Cottage expenses||||-|5,252|-|5,252| |||Depreciation (cottages)||||-|-|21,200|21,200| |||Audit and accountancy|fees|||10,560|-|-|10,560| |||Audit Under provision 2020||||3,030|-|-|3,030| |||Legal and professional fees||||2,693|-|-|2,693| |||Total support costs||||212,264|6,266|21,200|239,730| |||2021TotalExpenditure||||762,504|204,460|21,200|988,164| Page 24 THE ROYAL ARTILLERY CHARITABLE FUND | | | | : | | | | : : | , | | | ## NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 ## 2020 Charitable Activities Comparison ||||Unrestricted|Restricted|Permanent|Total| |---|---|---|---|---|---|---| ||||||Endowment|| |||||2020||| |Welfare|||£|£|£.|£| |Welfare
grants
~—
949|(2019:|1,086)||||| |individual cases|||328,383|211,832|-|540,215| |Welfare grants to institutions:||||||| |Gunner Magazine|||10,000|-|-|10,000| |Royal Artillery Sports|||67,000|-|-|67,000| |Army Benevolent Fund|||65,000|-|-.|65,000| |Not Forgotten Association|||1,000|-|-|1,000| |Veterans Aid|||3,000|-|_
8|3,000| |King Edward VII Hospital|||3,000|-|-|3,000| |Army Widows Association|||1,000|-|“|1,000| |Scottish Veterans Garden|CityAssoc||2,000|-|-|2,000| |RAA Grants|||7,935|-|-|7,935| |Regiments and Batteries|||82,500|-|-|82,500| |RA Memorials|||14,492|-|oe|14,492| |General Grants|||1,885|-|-|1,885| ||||587,195|211,832|:|799,027| |Grants Payable toRAM—Cancelled|||(300,000)|-|-|(300,000)| ||||287,195|211,832|-|499,027| |Support Cost to Charitable Activities:||||||| |Wagesand salaries
Wages and salaries in kind|||60,976
114,441|-
1,014|-
-|60,976
115,455| |Employers Nationals Insurance|||4,599|-|-|4,599| |Employers Pension Contribution|||3,687|-|-|3,687| ||||183,703|1,014|-|184,717| |Insurance|||1,928|-|-|1,928| |Printing & stationery|||1,369|-|-|1,369| |Publicity|||120|-|-|120| |Postage|||1,064|-|-|1,064| |Network maintenance|||4,604|-|-|4,604| |Travel & Subsistence (incl BOM &AGM)|||1,498|-|Looe|1,498| |Miscellaneous|||386|-|~|386| |Bankcharges|||560|-|-|560| |Cottage expenses|||=|4,218|-|4,218| |Depreciation (cottages)|||-|-|21,200|21,200| |Auditand accountancyfees|||10,560|-|-|10,560| |Audit Under provision 2018|||5,610|-|-|5,610| |Legal and professional fees|||7,699|-|-|7,699| |Total support costs|||219,101|5,232|21,200|245,533| |Totalcharitableactivities|||506,296|217,064|21,200|744,560| Page 25 THE ROYAL ARTILLERY CHARITABLE FUND fe 2 NOTES TO THE FINANCIAL STATEMENTS TO THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS STATEMENTS FOR THE THE YEAR ENDED 31 DECEMBER : 6. Charitable Activities continued | The average number of persons average number of persons number of persons of persons persons employed | | Office and and administration NOTES TO THE FINANCIAL STATEMENTS TO THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS STATEMENTS (continued) FOR THE THE YEAR ENDED 31 DECEMBER 2021 The average number of persons average number of persons number of persons of persons persons employed by the Fund during the year was: **----- Start of picture text -----**
||||| |---|---|---|---| |2021|2020| |Number|Number| |Office and and|administration|4|4| **----- End of picture text -----**
There were no employees with emoluments above £60,000. The following payments were made to Key Management Personnel: £13,592 (2020: £14,076). **----- Start of picture text -----**
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |||No trustees|received|any out of pocket expenses|in 2021|(2020:|NIL).|This was as a|result|of|all|meetings|being| |conducted|online.| |7.|2021|Fixed|Assets| |||Unrestricted|Restricted|Permanent|Total| |,|Endowment| |:| |||2021| ||| ||Cottage|Homes| |,|Deemed|cost|at|31|December|2021|-|-|1,081,200|1,081,200| |At|31|December|2021|-|:|1,081,200|1,081,200| |Depreciation|at|1 January 2021|-|-|148,400|148,400| |Charge|for the year|-|7|21,200|21,200| |At|31|December 2021|-|-|169,600|169,600| |Net|book value|at|31|December|2021|:|-|911,600|911,600| |Net|book|value|at|31|December|2020|-|-|932,800|932,800| **----- End of picture text -----**
Page 26 THE ROYAL ARTILLERY CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 ; ## 8.2021 Fixed Asset Investments ||Unrestricted|Restricted|Permanent|Total| |---|---|---|---|---| ||||Endowment|| |||2021||| ||£|£|£|£| |Quoted investments||||| |Market value at 1January|22,599,776|5,209,079|5,920,284|33,729,139| |Net additions at cost|25,376,816|5,849,166|6,647,763|37,873,745| |Sales proceeds|(25,375,521)|(5,848,867)|(6,647,424)|(37,871,812)| |Net realised/unrealised gains|2,355,292|542,877|616,997|3,515,166| |Cash Commitments|(31,405)|(7,239)|(8,226)|(46,870)| |Market value at 31 December|24,924,958|5,745,016|6,529,394|37,199,368| |Historical value at 31 December|22,602,554|5,209,719|5,921,012|33,733,285| |Investment / Cash Breakdown||||| |Investments|24,920,492|5,743,986|6,528,224|37,192,702| |Bank Settled Account|3,067|707|803|4,577| |Bank Unsettled Account|1,399|323|_367|2,089| ||24,924,958|5,745,016|6,529,394|37,199,368| The following holdings exceeded 5% of the total portfolio value at 31 December 2021 and are considered material: | £ BFM-BLK Emerging Markets (10.79%) 4,141,438 ’ BlackRock Char UK Bond Fund A Inc (9.86%) 3,783,706 BLK Char UK EQ Fund A Inc (30.73%) 11,795,416 BlackRock Dev Mkt Sust Equity (33.03%) 12,675,055 TACT OPP FD X ACC (5.09%) 1,953,126 | All of the holdings listed are in collective investment vehicles as opposed to single securities. : Page 27 | : : THE ROYAL ARTILLERY CHARITABLE FUND | NOTES TO THE FINANCIAL STATEMENTS (continued) | FOR THE YEAR ENDED 31 DECEMBER 2021 % | | | | | | ## 2020 Fixed Asset Investments comparison ||||Unrestricted|Unrestricted|Restricted|Permanent
Endowment|Total| |---|---|---|---|---|---|---|---| ||||||2020||| ||.|||£|£|£|£| ||Quoted investments||||||| ||Market value at 1January||22,868,244||9,773,476|1,488,120|34,129,840| ||Split Benevolent between permanent|and income||-|(3,868,685)|3,868,685|-| ||Net additions at cost||7,762,578||2,004,370|1,818,356|11,585,304| ||Sales proceeds||(7,759,628)||(2,003,608)|(1,817,666)|(11,580,902)| ||Net realised/unrealised gains
Aliquote Changes||(272,066)
14||(70,250)
(626,387)|(63,730)
626,371|(406,046)
(2)| ||Cash Commitments|||634|163|148|945| ||Marketvalue at31December||22,599,776||5,209,079|5,920,284|33,729,139| ||Historicalvalue at31December||20,259,976||4,469,112|5,064,994|29,764,082| |9.|Debtors||||||| ||Restricted||Unrestricted||Permanent|Total|Total for| ||||||Endowment||RACF| |||||2021|||2020| |||£||£|£|£|£| ||Royal Artillery Association|34,296||-|-|34,296|33,540| ||Income tax repayments|2,333||-|-|2,333|3,223| ||Accrued Service Giving|22,835||-|-|22,835|18,583| ||Income
_||||||| ||Sundry Debtors|2,500||-|-|2,500|4,968| ||Legacies Receivable|91,000||-|-|91,000|-| |||152,964||-|-|152,96|60,314| ||———————————||———————————||el|4|od| |10.|2021 Current Asset Investments||||||| ||||Restricted||Unrestricted ||Permanent|Total| |||||||Endowment|| ||||||2021||| ||||£||£|£|£| ||Short term deposits (incl investment||||||| ||balance)||1,178,541||--|--|1,178,541| ||2020 Current Asset Investments||||||| ||||Restricted|Unrestricted||Permanent|Total| |||||||Endowment|| ||||||2020||| ||||£||£|£|£| ||Short term deposits {incl investment||||||| ||balance)||841,262||--|--|841,262| Page 28 THE ROYAL ARTILLERY CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 | | : | : | | : ## Sn ## 11. 2021 Creditors ||Restricted|Unrestricted|Permanent
Endowment|Total|Totalfor
RACF| |---|---|---|---|---|---| |||2021|||2020| ||£|£|£|£|£| |Amounts falling due within|||||| |one year:
InvestmentManagementand|70,911|-|-|70,911|-| |Commission Fees|||||| |Accruals|20,060
90,971|-
-|-
-|20,060
90,971|11,496
11,496| ## 12. Movement in Funds ## Current year ||Balance at
Incoming
Outgoing
NetGain
Transfers
Balance at| |---|---| ||1January
Resources
Resources
on
31December
21
Investment
21| |Unrestricted|| |Designated Funds—Memorials
General Fund|105,084
-
-
105,084
23,347,458
1,097,769
810,619
2,355,292
-
25,989,900| ||aaa
23,452,542
1,097,769
810,619
2,355,292
_
26,094,984
an
nehden
ch
cnn
nO| |Restricted Funds|| |RABF|5,288,338
225,659
215,074
542,877
-
5,841,800
a ae| ||.| |Endowment Funds:|| |RABF|5,381,001
-
30,264
463,580
-
5,814,317| |RACF|1,472,946
-
3,000
153,417
-
1,623,363
gg
6,853,947
-
33,264
616,997
-
7,437,680
BIE| |Total|tl
35,594,827
1,323,428
1,058,957
3,515,166
-
39,374,464
a| , / Page 29 THE ROYAL ARTILLERY CHARITABLE FUND es | NOTES TO THE FINANCIAL STATEMENTS (continued) | FOR THE YEAR ENDED 31 DECEMBER 2021 : ## Prior year **----- Start of picture text -----**
: Balance at Incoming Outgoing Net Gain Transfers Balance at
; 1January Resources Resources on 31 December
20 Investment 20
Unrestricted
| Designated Funds — Memorials 105,084 - - - - 105,084
General Fund 23,065,464 1,060,971 506,912 (272,066) - 23,347,457
23,170,548 1,060,971 506,912 (272,066) - 23,452,541
mmm”
| Restricted Funds
RABF . 5,692,913 238,264 217,064 (70,250) - 5,913,863
| iam ia ee Td
| Endowment Funds:
| RABF 4,822,685 - 21,200 (46,026) - 4,755,459
| RACF . 1,490,668 - = (17,704) - 1,472,964
6,313,353 - 21,200 (63,730) - 6,228,423
Total 35,446,814 1,299,235 745,176 (406,046) - 35,594,826
**----- End of picture text -----**
Memorial Fund is a designated fund in order to support any future work required in the church. This fund had been designated by the trustees’ as the amount required towards the building of Chapel and Cloister in the Garrison Church at Larkhill in 2018. Due to the final bill being higher than anticipated, the RACF trustees agreed to transfer additional income to cover the remainder of the bill. In the event however the additional sum was cleared through a third party donation. The trustees have chosen to leave this sum in a designated fund in order to support any future work required in the church. RABF Restricted Fund - This fund is to support welfare and housing activities. RABF Permanent Endowment Fund — This fund is to support welfare and housing activities. RACF Permanent Endowment Fund - This fund is to support the charitable activities of RACF which include efficiency,-esprit de corps, benevolence and relief in need. Page 30 ‘THE ROYAL ARTILLERY CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 ) ## 13. Analysis of net assets between funds ||Currentyear||Tangible|Investments||Current||NetTotal| |---|---|---|---|---|---|---|---|---| ||||Fixed Assets||assets/|(liabilities)||| ||||||2021|||| |||||£||£||£| ||Restricted|funds:||||||| |||RABF|-|5,745,016||96,784||5,841,800| ||||-|5,745,016||96,784||5,841,800| ||Permanent Endowment:|||||||| |||RABF|911,600|4,905,855||(3,138)||5,814,317| |||RACF|-|1,623,539||(176)||1,623,363| ||||911,600|6,529,394||(3,314)||7,437,680| ||Unrestricted|funds:||||||| |||RACF|-|24,924,958||1,170,026|-|26,094,984| ||||911,600|37,199,368||1,263,496:||39,374,464| |||Prioryear||Tangible|Investments|Current assets|||NetTotal| |||||Fixed Assets|||||| |i.|||||2020|||| |**|**
£
£
.
£
Restricted funds:||||||||| |||RABF|-|5,209,079||79,259||5,288,338| ||||-|5,209,079||79,259||5,288,338| ||
||PermanentEndowment:
RABF||932,800|4,448,201||-,||5,381,011| |:||RACF|-|1,472,083||863||1,472,946| ||||932,800|5,920,284||863||6,853,947| ||Unrestricted|funds:||||||| |||RACF|-|22,599,776||852,766||23,452,542| |:|||932,800|33,729,139||932,888||35,594,827| : 932,800 33,729,139 932,888 : 14. Related Parties , Income of £242,460 (2020: £216,780) was received from the Royal Artillery General Charitable Trust (RAGCT). , Both Charities a have a number of trustees in common. This Income relates to accrued Income from the Service Giving Scheme, which were voluntary contributions from service personnel. | Net assets include a debt of £32,112 (2020: £33,540) which is accrued from the Royal Artillery Association (RAA). The RACF is the sole corporate trustee of the RAA. This income relates to Investment fees owed from RAA to : RACF. It is intended that the outstanding balance will be repaid over the next two years. | Details of donations between connected entities are disclosed in note 6. At the year end, balances due to and from related entities are disclosed in notes 9 and 11. Page 31 nN o a0w © a. ||||||—
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