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2022-12-31-accounts

Page
Trustees
and		 Administrative Information
Trustees
Report		 2-11
Report ofthe Auditors 12-15
Consolidated Statement of Financial Activities 16
Consolidated Statement of Income and Expenditure
Balance Sheets 18-19
Consolidated Cash Flow Statement 20
Notes to the Financial Statements 21-39

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2022 2021
Totalincome 1,790,645 1,471,855
Total Expenditure 1,423,398 1,246,349
Unrealised/realised gains and losses on:
Revaluation of Investments (3,395,717) 3,009,877
Net income for the year (3,028,470) 3,235,383
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2022 2021
Note
Net cash used in operating
activities		 (633,164) 122,642
Cash flows from investin
activities
Dividends,
interest
and rents from investments		 715,274 734,087
Purchase of investments (6,286,331) (39,077,332)
Proceeds from sale of investments 6,223,300 39,075,332
Net cash generated
in investing
activities		 652,243 732,087
Net increase
in cash 5cash equivalents		 19,079 854,729
Cash and cash equivalents
at the beginning		 ofthe year 2,068,406 1,213,677
Cash and cash equivalents
at end ofthe		 year 2,087,485 2,068,406
Notes to the cash flow statement
1. Reconciliation
of net movement		 in funds to net 2022 2021
cash flow from operating
activities		 f
Net movement
in funds		 3,819,117
(3,744,193)
Losses/(gains)
on Investments		 4,090,240 (3,626,874)
Investment
income		 (715,274) (734,087)
Investment
aliquot changes		 6
(Increase)/decrease
in debtors		 (187,742) 532,300
(Decrease)/increase
in creditors		 (97,401) 110,986
Depreciation
charge		 21,200 21,200
Net cash used
in operating
activities		 (633,164) 122,642
Analysis ofcash and cash equivalents At 1Jan Cash At 31Dec
and net debt 2022 flow 2022
f f
Cash on short term deposit 1,777,274 35,503 1,812,777
Cash current account 33,927 (5,250) 28,677
Cash balance
held
in investments		 6,878 495 7,373
Cash held by branches 250,327 (11,669) 238,658
Net cash provided
by operating		 activities 2,068,406 19,079 2,087,485

2022 Donations
and		 legacies inc SP GS
Unrestricted Restricted Permanent Total
Endowment
2022
f
Officers' subscriptions 105,415 105,415
Soldiers' subscriptions 152,359 152,359
Retired Donations 19,945 19,945
Income tax recoverable (gift aid) 7,406 7,406
Donations
and Grants		 65,011 65,011
Intangible
Income —Wages in Kind
Legacies		 136,688
451,031		 1,045 137,733
451,031
937,855 1,045 938,900
2021 Donations
and		 legacies inc SPGS Comparison
Unrestricted Restricted Permanent Total
Endowment
2021
f E
Officers' subscriptions 105,740 105,740
Soldiers' subscriptions 155,547 155,547
Retired Officers Donations 21,608 21,608
Income tax recoverable (gift aid) 12,436 12,436
Donations
and Grants		 57,354 57,354
Intangible
Income —Wages in Kind		 127,848 1,014 128,862
Legacies 175,827 175,827
656,360 1,014 657,374

Unrestricted Restricted Permanent Total
Endowment
2022
f f
Investments 536,104 179,170 715,274
536,104 179,170 715,274
2021 Investment
Income Com		 arison
Unrestricted Restricted Permanent Total
Endowment
2021
f f
Investments 518,069 215,993 734,062
518,069 215,993 734,062
4. 2022 Other Income
Unrestricted Restricted Permanent Total
Endowment
2022
f
Interest received on short term deposits 649 649
Event income 2,782 2,782
Merchandise income 144 144
Christmas card income 773 773
Registration fees 3,733 3,733
Alanbrooke Club (955) (955)
7,126 7,126
2021 Other Income Com
arison
Unrestricted Restricted Permanent Total
Endowment
2021
E f
Interest received on short term deposits 25 25
Event income 1,302 1,302
Merchandise income 187 187
Christmas card income 1,409 1,409
Registration fees 680 680
Alanbrooke Club 716 716
4,319 4,319

2022 Cos t of Raisin Fu nds
Unrestricted Restricted Permanent Total
Endowment
2022
f f
Fundraising costs 1,178 1,178
1,178 1,178
2021 Cost of Raisin Funds Com arison
Unrestricted Restricted Permanent Total
Endowment
f f
Fundraising costs 2,065 2,065
Investment management Fees 48,234 10,614 12,064 70,912
50,299 10,614 12,064 72,977

Unrestricted Restricted Permanent Total
Endowment
2022
Welfare f f f
Welfare
grants
—1,234		 (2021: 1,031) 440,653 183,763 624,416
individual
cases
Welfare grants to institutions:
Gunner
Magazine		 5,000 5,000
Royal Artillery Sports 50,378 50,378
Army Benevolent Fund 89,000 89,000
Other Grants:
Regiments
and Batteries		 81,000 81,000
Regimental
Welfare/Comradeship		 29,163 29,163
RAM 47,200 47,200
Betterment
Grants		 9,800 9,800
Awards 1,639 1,639
General grants 3,650 3,650
RA Memorials 10,891 10,891
Events
RA Assembly 10,717 10,717
NMA 3,615 3,615
Gunner Sunday 1,684 1,684
784,390 183,763 968,153
Support Cost to Charitable Activities:
Wages and salaries 97,856 97,856
Employers
Pension		 Contribution 10,324 10,324
Employers
Nationals		 Insurance 4,532 4,532
Wages and sa laries in kind 136,688 1,045 137,733
249,400 1,045 250,445
Insurance 2,523 2,523
Printing,
stationery		 and advertising 793 793
Office cost (inc. publicity 5 postage, IT) 12,147 12,147
TRS 13,242 13,242
Branch travel 12,325 12,325
Misc 2,035 2,035
Bank charges 623 623
Cottage expenses 4,658 4,658
Depreciation
(Cottages)		 21,200 21,200
Audit and accountancy fees 19,926 19,926
Legal and professional fees 3,587 3,587
Total support costs 316,691 5,703 21,200 343,594
2022 Total Expenditure 1,100,991 189,466 21,200 1,311,657

Unrestricted Restricted Permanent Total
Endowment
2021
Welfare f
Welfare
grants
—1,031		 (2020: 1,256) 325,351 198,194 523,545
individual
cases
Welfare grants to institutions:
Gunner
Magazine		 3,840 3,840
Royal Artillery Sports 51,902 51,902
Army Benevolent Fund 79,500 79,500
Other Grants:
Regiments
and Batteries		 84,200 84,200
Regimental
Welfare/Comradeship		 23,024 23,024
RAM
Betterment
Grants
Awards 1,100 1,100
General grants 5,675 5,675
RA Memorials 772 772
Events
RA Assembly 453 453
NMA 2,543 2,543
NMA Maintenance 32,488 32,488
GunnerSunday 1,674 1,674
612,522 198,194 810,716
Support Cost to Charitable Activities:
Wages and sa laries 111,439 111,439
Employers
Pension Contribution		 4,272 4,272
Employers
Nationals		 Insurance 6,294 6,294
Wages and sa laries in kind 127,848 1,014 128,862
249,853 1,014 250,867
Insurance 2,163 2,163
Printing,
stationery		 and advertising 1,125 1,125
Office cost (inc. publicity %postage, IT) 17,786 17,786
TSS 6,969 6,969
Branch travel 3,481 3,481
Misc 2,770 2,770
Training 192 192
Bank charges 779 779
Cottage expenses 5,251 5,251
Depreciation
(Cottages)		 21,200 21,200
Audit and accountancy fees 14,070 14,070
Audit under provision 2020 3,030 3,030
Lega
I and professional		 fees 2,861 2,861
Total support costs 305,079 6,265 21,200 332,544
2021Total Expenditure 917,601 204,459 21,200 1,143,260
Page 27

The average number ofpersons employed by the Fund during the year was:
2022 2021
Number Number
Office and administration 4 4

Unrestricted Restricted Permanent Total
Endowment
2022
E
Cottage Homes
Deemed cost at 31December 2022 1,081,200 1,081,200
At 31December 2022 1,081,200 1,081,200
Depreciation
at 1January 2022		 169,600 169,600
Charge for the year 21,200 21,200
At 31December 2022 190,800 190,800
Net book value at 31December 2022 890,400 890,400
Net bool& value at 31December 2021 911,600 911,600

Unrestricted Restricted Permanent Total
Endowment
.		 2022
uoted investments f f f
Market value at 1January 26,107,109 5,745,016 6,529,394 38,381,519
Net additions
at cost		 4,275,962 955,162 1,055,207 6,286,331
Sales proceeds (4,233,089) (933,495) (1,056,716) (6,223,300)
Net realised/unrealised gains (2,782,181) (613,536) (694,523) (4,090,240)
Aliquot Changes (6) (6)
Cash Commitments 341 75 84 500
Market value at 31December 23,368,136 5,153,222 5,833,446 34,354,804
Historical
value at 31December		 23,068,341 5,087,108 5,758,607 33,914,056
Investment
Cash Breakdown
Investments 23,363,122 5,152,115 5,832,194 34,347,431
Bank Settled Account 3,800 839 949 5,588
Bank Unsettled
Account		 1,214 268 303 1,785
23,368,136 5,153,222 5,833,446 34,354,804
8b.RACF
Unrestricted Restricted Permanent Total
Endowment 2022
uoted investments f f f
Market value at 1January 24,924,958 5,745,016 6,529,394 37,199,368
Net additions
at cost		 4,079,782 954,570 1,054,537 6,088,889
Sales proceeds (4,041,411) (933,495) (1,056,716) (6,031,622)
Net realised/unrealised gains (2,653,640) (612,944) (693,853) (3,960,437)
Aliquot Changes (6) (6)
Cash Commitments 325 75 84 484
Market value at 31December 22,310,008 5,153,222 5,833,446 33,296,676
Historical
value at 31		 December 22,023,788 5,087,108 5,758,607 32,869,503
Investment
Cash Breakdown
Investments 22,305,221 5,152,115 5,832,194 33,289,530
Banl& Settled Account 3,628 839 949 5,416
Bank Unsettled
Account		 1,159 268 303 1,730
22,310,008 5,153,222 5,833,446 33,296,676
f f
Group RACF
BLKChar UK EQ Fund A lnc (33.05%) 11,353,004 11,003,331
BlackRock Dev Mkt Sust Equity (28.22%) 9,694,362 9,395,776
Blacl&Rocl& Char UK Bond Fund A Inc (13.71%) 4,709,893 4,559,013
BFM-BLK Emerging
Markets (10.90%)		 3,742,801 3,627,523
TACT OPP FD X ACC (5.49%) 1,884,187 1,826,154
fthe holdings
listed are in collective investment		 vehicles as opposed to single securities.
2021 Fixed Asset Investments
~8c. Grou
Unrestricted Restricted Permanent Total
Endowment 2021
uoted investments f f f
Market value at 1January 23,671,647 5,209,079 5,920,284 34,801,010
Net additions
at cost		 26,580,397 5,849,166 6,647,763 39,077,326
Sales proceeds (26,579,041) (5,848,867) (6,647,424) (39,075,332)
Net realised/unrealised
gains		 2,467,000 542,877 616,997 3,626,874
Cash Commitments (32,894) (7,239) (8,226) (48,359)
Market value at 31December 26,107,109 5,745,016 6,529,394 38,381,519
Historical
value at 31December		 23,674,557 5,209,719 5,921,012 34,805,288
Investment
Cash Breakdown
Investments 26,102,432 5,743,986 6,528,224 38,374,642
Bank Settled Account 3,212 707 803 4,722
Banl& Unsettled
Account		 1,465 323 367 2,155
26,107,109 5,745,016 6,529,394 38,381,519
8d. RACF
Unrest:ricted Restricted Permanent Total
Endowment 2021
f f f f
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 31December 24,924,958 5,745,016 6,529,394 37,199,368
Historical value at 31December 22,602,554 5,209,719 5,921,012 33,733,285
Investment Investment Cash Cash Breakdown 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
9. Debtors
Total Total Total Total
2022 2021 2022 2021
Group
f		 f RACF
f
Royal Artillery Association 28,778 34,296
Income tax repayments 2,696 2,332 2,668 2 333
Accrued Service Giving Income 28,803 26,226 25,435 22,835
Sundry
Debtors		 2,500 2,500
Legacies Receivable 354,524 167,223 354,524 91,000
386,023 198,281 411,405 152,964
10. Current Asset Investments
Total Total Total Total
2022 2021 2022 2021
f Group RACF
f
Short term deposits (incl investment 1,812,777 1,777,279 1,218,593 1,178,541
balance)
11.Creditors
Total Total Total Tot.al
2022 2021 2022 2021
Group
f		 RACF
f
Amounts
falling
Investment		 due within
Management		 one year:
and		 70,911 70,911
Commission Fees
Accruals 27,173 53,663 23,240 20,060
27,173 124,574 23,240
90,971
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Current year - Group Tangible Tangible Investments Current Net Total
Fixed Assets assets/(liabilities)
2022
E
Restricted funds:
RABF 5,153,222 75,043 5,228,265
5,153,222 75,043 5,228,265
Permanent Endowment:
RABF 890,400 4,380,238 973 5,271,611
RACF (2,862) 1,450,346
1,453,208
890,400 5,833,446 (1,889) 6,721,957
Unrestricted funds:
RACF 22,310,008 1,456,762 23,766,770
Designated funds:
Memorials 105,084 105,084
RAA 1,058,128 803,962 1,862,090
890,400 34,354,804 2,438,962 37,684,166
2022 Anal sis of net assets between funds RACF
Current year —RACF Tangible Investments Current Net Total
Fixed Assets assets/(liabilities)
2022
Restricted funds:
RABF 5,153,222 75,043 5,228,265
5,153,222 75,043 5,228,265
Permanent Endowment:
RABF 890,400 4,380,238 973 5,271,611
RACF 1,453,208 (2,862) 1,450,346
890,400 5,833,446 (1,889) 6,721,957
Unrestricted funds:
RACF 22,310,008 1,456,762 23,766,770
Designated funds:
Memorials 105,084 105,084
890,400 33,296,676 1,635,000 35,822,076
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Prior year - Group Tangible Investments Current Net Total
Fixed Assets assets/(liabilities)
2021
Restricted funds:
RABF 5,745,016 96,785 5,841,801
5,745,016 96,785 5,841,801
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 1,064,941 25,989,899
Designated funds:
Memorials 105,084 105,084
RAA 1,182,151 871,744 2,053,895
911,600 38,381,519 2,135,240 41,428,359
2021Anal sis of rior ear net assets between funds RACF
Prior year - RACF Tangible Investments Current Net Total
Fixed Assets assets/(liabilities)
2021
Restricted funds:
RABF 5,745,016 96,785 5,841,801
5,745,016 96,785 5,841,801
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 1,064,941 25,989,899
Designated funds:
Memoria Is 105,084 105,084
911,600 37,199,368 1,263,496 39,374,464

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THE ROYALARTILLERY CHARITABLE FUND Page 40