THE ROYAL ARTILLERY CHARITABLE FUND
Incorporated under the Companies Act and Llmited by Guarantee
REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INCLUDING GROUP ACCOUNTS WITH
THE ROYAL ARTILLERY ASSOCIATION
(REGISTERED CHARITY NO 238197)
and
FINANCIAL STATEMENTS FOR
THE ROYAL ARTILLERY CHARITABLE FUND
(PERMANENT ENDOWMENT) (210202-18)
and the
ROYAL ARTILLERY BENEVOLENT FUND (210202-19)
FOR THE YEAR ENDED 31 DECEMBER 2023 ARE INCLUDED
UNDER A UNITING DIRECTION
Registered Company No: 163205
Registered Charity No: 210202

CONTENTS
Page
Trustees and Administratlve Information
Trustees Report
2-11
Report of the Auditors
12-15
ConsolSdated Statement of Financial Activities
16
Consolidated Statement of Income and Expenditure
17
8alance Sheets
18-19
Consolldated Cash Flow Statement
20
Noles to the Financial Statements
21-39

THE ROYALARTILLERY CHARITABLE FUND
TRUSTEES AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
Presldent- The Master Gunner, St James's Park, Lieutenant General Sir Andrew Gregory KBE C8 DL
Royal Artlllery Charitable Fund IRACFI Trustees - The members of the RACF Trustee Board during the year
ended 31 December 2023 and up to the date of the approval of this report, were as follows'.-
Chalrman
Major General DM Cullen CB OBE
Trustees
Brigadler MN Pountaln CBE
Colonel MB Bishop MBE VR
Colonel RC ChrSstopher MBE
Colonel CE Comport OBE TD DL
Colonel CL Coton
Colonel MAA Dort)an
Colonel C Fletcher-wood OBE
Colonel RA Forester
Colonel RC Harmer ADC
Colonel S l Hay
Colonel BMD Ingham
Colonel C Palmer
Colonel MD Relph MBE
Colonel G Taylor CBE
Lieutenant Colonel S J Howe
Major Ai Dines TD
(Retired 12 June 20241
Major10 Leighton TD
IRetired 12 June 2024
Warrant Officer Classl IRASMI L Sanders (Retlred 31 May 20241
Warrant Officer Class I IRASMI J Lightfoot (Appointed 31 May 20241
IRetired 4 September 20231
IAppolnted 20 September 2023. Retired 6 May 20241
IRetired 8 lune 20231
(Appointed 9 October 20231
(Appolnted 22 April 20241
(Appointed 22 November 20231
IRetSred 17 October 20231
(Retired 28, June 20231
A number of trustees are a150 involved in the governance of other charities referred to in thSs report. All trustees
have made a declaration Ilsting any related parties and potential conflicts of Interest.
Regimental Secretary
Colonel (Retdl M G J Cèrter
Finance Secretary
Mrs B Hoblyn
Profe5slonal Advlsors
Bankers
Lloyds 8ank PLC, 39 Plccadllly, London, WIV OAA
Sollcitors
Wi150ns, Alexandra House, St John's Street, Salisbury, Wiltshire, SPI 25B
Auditors
Saffery LLP, 71 Queen Victoria Street, London, EC4V 48E
Investment Managers
BlackRock Investment Management IUKI Ltd, 12 Throgmorton Avenue, London,
EC2N 2DL
Address
Artillery House, Royal Artillery Barracks, Larkhill, Wiltshire SP4 8QT.
Reglstered Company No
163205
RACF Reglstered Charlty No 210202
RAA Reglstered Charity No
238197
Page I

THE ROYAL ARTILLERY CHARITABLE FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Introduction
The RACF Trustees submit thelr annual report for the year ended 31" December 2023 under the Companles Act
2006, together with the audited financial statements for that year. The accounts comply with the Companles
Act 2(X)6, the charities, governlng documents and the relevant Statement of Recommended Practlce Ithe
Charities SORP IFR510211. The RACF Is a company not for profit, limited by guarantee and not havlng share
capital. It is governed by Its Articles of Association. The Tru5tees' Report incorporates the directors, report for
Companies Act purposes.
These accounts, including the comparatives, consolidate the results of The Royal Artillery Charltable Fund and,
for the first time include, under its Group Accounts, its sub5idiaiy chaiity the Royal Artillery Association IRAAI.
The RACF is the sole corporate trustee of the RAA and on the advice of our auditors, the RAA is now included as
part of the RACF Group Accounts.
Ob
ects
The objects of the RACF are to apply the charity's funds-
In promotSng the eff iciency and Welfa￿ of all ranks of the Royal Artilleryi whether Regular, Special
ReseNe, Reserve orTemporary and;
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.
The objects of the RAA are to promote the efficlency of the Royal Artlllery by..
MaSntaining contact between past and present members of the Royal Artillery, fostering mutual
friendshlp between them and providlng for social gatherings for them and,.
Fostering esprit de corps, comradeship and the welfare o* the Royal Artillery and preserving its
traditions.
To relieve either generally or individually members of the RAA or past and present members of the
Royal Artilleryi and their dependants, who are in condition5 of need, hardshlp or distress.
anisation
The duties of the RACF Board of Trustee5 are laid down in the Articles of Association. The Board members
provide a skllls-based set of abilities and experience, with some representing the serving officers and soldiers of
the Regiment. The RACF works closely with a number of other charities. in partlcular the Royal ArtSllery General
Charitable Trust IRAGCTI and the Royal Artlllery Institution IRAII, whose objects also support and promote
efficiency within the Royal Artillery. 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 Trustee5 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 a5 to ensure that high quality advice may be provided to the RACF Board. The report5 of these
committees form part of the agenda of the meetings of the RACF Board of Trustee5. The trustees form the
membership of the RACF. The Master Gunnerfs Committee sels the strateglc 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 GuNne¢s Committee and updates the committee biannually on business undertaken by the Royal
Artillery Board of Management.
Page 2

THE ROYAL ARTILLERY CHARITABLE FUND
TR
STEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Governance
In addition to the Artlcles of Assoclation, the Welfare, Investment and Finance & General-Purp05e committees
have thelr own directives, which are reviewed and agreed regulayly by the trustee5. Powers delegated to the
Secretariat are contalned In the directives. Direction to the RAA NEC is contained Sn the RAA Rules and GAIS.
Secretariat policies, whlch are agreed by the trustees, are in plate in order to ensure smooth and effectSve
running of the charities. The charities, risk register is reviewed annually by the trustees. The reglster follows
the model recommended by the Charity Commission. Identified rlsks are managed as lald down in the Risk
Management Plan. For specific items, detailed briefs are sent to the trustee5 SO they can conslder Issues in
depth before meetings. Trustees also reteive regular reports on the value and movement of the charit￿$
investment portfolio, The Chairman of the trustees and the Regimental Secretary meet regularly (usually
weekly) to discuss issues.
Chari
Commlsslon Govemance Code
The RACF as one of the Royal Artillery charitles, comes under the umbrella of the Confederation of SeNice
Charities Icobseol. Cobseo, in consultation with the Charity Commlssion, have produced 8 Service Charity
toolkit based on the 2017 Charity Commission Governance gulde. The trustees carried out a self-assessment
process using the toolkit in 2019. This enabled the Board to identlfy a number of enhancements which can be
considered to improve governance. Thls Included a resolution to limit the tenure of trustees. A further self-
assessment review was conducted in 2022. Overall thls showed an improvement since 2019 but Identified some
areas for furthei review. A further review will be conducted in 2025.
selection of Trustee5 of he RACF Board of Mana
emen
The Articles of Association state the pro￿sS for the appointment of trustees. New trustees are appointed bv
Resolutlon of the existing trustees. Trustees are normally seTving 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 existSng
trustees. Trustees are selected for their skllls and experlence and their ability to understand and antlcipate the
needs of the seNing and retired regiment. The trustees will normally include the Regimental Colonel, Colonel
ReseNes, Commandant Royal School of Artillery, Commander 7 Air Defence Group, Deputy Commander 1st
Deep Reconnaissance Strike Brlgade Combat Team, and the Royal Artillery Sergeant Major, who between them
represent the interests of serving Gunner soldiers and officers. Veterans and family beneficiaries a
represented by both servlng and retlred trustees.
Cor
orate Trustee
The RACF Is the sole corporate trustee of the Royal Artlllery Charitable Fund (Perrnanent Endowment) IRACF
IPEI1210202-181, the Royal Artillery Benevolent Fund IRABFI1210202-191, the Royal Artlllery Association IRAAI
12381971 and the Kelly Holdsworth Artillery Trust IKHATI12083591. The RAA have this year been included as
part of the RACF group accounts as a subsidiary charity of RACF. They have also prepared a separate set of
accounts for submission to the Charity Commission.
Unltln
Direetlon
Under a uniting directlon the accounts of the RACF IPEI, and the RABF, a￿ shown in these accounts. As
indicated above the RAA funds have been included as part of the Group Accounts.
Page 3

ThE ROYALARTILLERY CHARITABLE FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Ke
Mana
ement Personnel
The Regimental Secretary is the Chief Executive of the RACF and RAA and is responsible for- the day-to-dav
management of the charities, business,. Implementing policies agreed by the trustees and,. the management of
the charitles, staff. The Flnance Secretary 15 responslble to the Regimental Secretary for the accounting of funds
and all financial records. The Welfare Secretary is responslble to the Regimental Secretary for processing all
welfare applications and indivldual grants. The RAA Secretary is responsible for specific matters relatin8 to the
Association.
Revlew of Flnancial Activities
The following details refer to the consolidated figure5 of the RACF and RAA for 2023 and 2022. The
dlsaggregated figures for RACF and RAA can be seen on the balance sheet and notes at pages 18 and 28 to 37.
The charities funds continue to be employed to support the efficiency and welfare of members of the Royal
Artillery and to provide relief and assistance to pasti present or future members of the Royal Artillery. The
results of the charities activities are summarlsed on page 16.
In 2023 the charltles had an excess of expenditure over income before gain5 on investments of £18,29712022:
£346,047 excess of Income over expenditurel. After investment galns of £l,990,00612022: losses of
£4,090,240) there was a net increase of funds of £1,971,70912022'. net105s of £3,744,1931.
Total income decreased by £213,330 to £1,577,315, mainly due to.. a decrease in declared legacies and other
grants and donations. There were increases in Intangible intome Idue to salary increase51, increase RAA branch
income and investment income (due to higher dividend payments) but these gains were offset by the decrease
in legacieslNotlng that 2022 saw a significant single legacvl.
Income from the Service Glving Scheme Increased by £3,867 to £261,641, which was 41.02% of income
re￿ived.
There were 10 legacies totallin8 £156,231. This income reflects 2 accrued legacies of £29,715, which were
notified in 2022 and still outstanding. There were an additional 171 donations, totalllng £47,426. Investment
income aSs0 increased by £1,490 which was 9.18% higher than wa5 budgeted.
There are four main income streams. They are..
Investment Income.
Service Pay Giving Scheme ISPGSI, where all Serving personnel are encouraged to give part of their pay
to the charities.
Legacies.
Donations.
Expenditure on chailtable activities Increased by £150,549 to £1,462,20612022'. £1,311,6571. This wa5 due to
increase in several areas-
Grant5 to institution increased overall by £68K, most 5igniflcantly In support to regimental sport and
betterment grants to the reglments.
Salaries increased overall E44K, this was due to salary increase, cost of living awards.
Event expenditure increased by £5,167.
Support Costs increased overall by £26K, mainly due to cottage expenses and office cost due to the
rebrandlng of the website.
Grants from RACF to indivldual beneficiaries totalled £630,132, of which £178,146 was spent from the
restricted RABF Funds, and the remaining £451,986 from the RACF12022: £624,416-. RABF £183,763,
Page 4

THE ROYAL ARTILLERY CHARITABLE FUND
rRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Revlew of Financial A¢tlvltle5 continued
RACF £440,653). It 15 as5e55ed that thls Increase 15 a result of increased need forsupport during the cost
of livlng Crisis and a general increase in inflation.
Grants to regiments totalled £326,65412022-. £251,634). Thls was made up of.. of regimental Sndividual
welfare cases - £83,501: annual regSmental welfare grants - £80,580,. sports - £80,280; Betterment
grants- E46,452- battery grants - £35,841.
The c05t5 of raising funds increased by £9,518 to £10,69612022- £1,1781. This was mainly due to the RACF
sponsoring a team event. Funds raised by this event will be donated to the RACF.
Charltable Activltles
The RACF'S prlnclpal activities durSng the year were as follows:
ProvisSon of assistance to those in need by reason of poverty, disability, sickness, Infirmity or
otherwise- £630,132, of which the £178,146 was spent from the restricted RABF Fund5, and the
remainSng £451,986 fmm the RACF.
The prlme method of achieving thi5 object Is by making grants to individuals.
Gunners in need, both servin8 and retired, and their dependant5, are identified In a variety of
ways and Cases normally come from one of the following organisations.. Social Services,
Soldiers Sailors Alrmen and Families Association ISSAFAI, Royal Brltlsh Legion IRBLI, Off icers
Associat5on10A1, Unit Welfare Officers, RAA and other regimental charitie5.
Once a Gunner, Dr his I 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 make5 3 report to the RACF. If the case involves a serving Gunner then the Unit Welfare
Offlcer may initiate a report.
The RACF and AABF then a55es5es the case report and allocates charitable fund5, in consultation with other
eli8ible charltles If appropriate. The proportion found by the RACFIRABF can vary depending on circumstances
and is not guaranteed. On average during the year it was 34% of the total.12022- 35%). The external a55essor
decldes whether the need has been met.
Funds to relleve need are paid through the almonising organisatlon rather than to the
indlvidual.
The RACF assisted 750 individual welfare cases in 2023 with grants totalling £554,69212022..
747 cases), of which 10012022- 841 were serving members of the Reglment erants totalling
£83,501. 50 other ineligible cases were declined, a5 they were either not Gunners orthe
request for support was no longer needed or out of scope leg medical or le8al fees) or
duplicatlons.
In addition to the above, £72,42012022: £76,720) was pald in grants to 5312022: 561 Kellv
Holdsworth beneficiaries and a further £30,14512022'. £33,100) in Chrlstmas grants to 380
12022- 3241 recipients.
The total number of cases asslsted in 2023 were 1,18712022.. 1,2341.
No case that Was assessed a5 eligible for and 5tlll requirlng assistance was declined.
Among the 750 individual cases, the average gros5 grant was £877 per case. In most
instances additional funds were granted by the RBL, Army Benevolent Fund IABFI, the OA
and other military and civilian charities.
Page 5

THE ROYAL ARTILLERY CHARITABLE FUND
TRUSTEES, REPORT FOR THE YEAR ENDE[> 31 DECEMBER 2023
Charitable Activitie5 contlnued
Promotion of efficiency and Welfare:
RACF Welfare grants totalllng £81K were made to 22 Regular and Reserve regiments l units,
In order to help deal with individual cases and support unit welfare initiative5.
Grant5 totalling £80.3K were made to Gunner sport from RACF, via the RAI, in order to a55iSt
In the maintenance of fitness and morale.
44 Grants to totalling £35,841 were made from RAA to batteries to promote comradeshlp
and esprit de corps12022.' 32 totalllng £29,163).
4 betterment grant totalling £46,452 was made from RACF to 3, RHA, 4 Regt RA and a jolnt
nd
grant to 19th 26 , 32 and 47, Regts RA, 26RA, 32RA and 47RA.
ABF the Soldiers, Charity. ABF has supported a large number of Gunner cases. This yearthe RACF
donated £79.5K to the ABF to assist them In making grants towards other smaller, specific purpose
charitles that 5UPPOrt Gunners and their dependants.
General. The RACF has provlslon, where approprSate, through the KHAT, to help with dependants.
education costs when seNing Gunners die or are in need. The RABF owns four cottages, which house
Gunners In need. The RACF also helps maintaln Gunner memorials.
The RAA'S prlnclpal activltles durlng the year were as follow5..
Making grants to support comradeshSp and welfare,. raising and malntainin8 the profile of the RAA in order
to Improve comradeship for Gunners, both seNing antl retired,.
Providing SUPPOrt to members and; planning and organising national RAA events.
Apart from 5UPPOrt to national RAA events, branches, staff and running costs, the RAA made 44 grants worth
£35,841 to batterles to promote comradeship and esprit de corps12022: 32 totalling £29,163). No grants were
made in support of branche512022: 1 totalling £7501. Grants are allocated to enhance the collective well-being
of the Regiment and Its Individual members, seNing and retired, by supplementlng shortfa115 in fundlng on
comradeship projects.
Publlc Benefit
The Objects of the charities are to promote efficlency,welfare, comradeship and esprit de corps within the
5ervlng Reglment and to asslst 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
contrlbutlng to the public good by service to the Sovereign, 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 reglmental farnily. This in turn maximises the likelihood of the charity's beneficiaries malntalning their
place as valuable, self-sufficient members of the community who are able to make a positive contribution to
sotlety. The charity works in tandem with the SSAFA, the ABF and the RBL. The trustees have taken due regard
of the Charity Con)mission's guidance on Public Benefit.
The charity has sufficient funds to support its future operations and deliver its charitable Objects. Research
carfled out by the RBL has shown that there is still a very large ex-service community, however the number of
ex-servicemen who saw 5ervlce in the Second World War and durins National Service will gradually (Ilminish
over the next 10 years. In the future it Is assessed that, while the volume of case5 might reduce, the greater
complexlty of needs ar15ing from service in the Iraq and Afghanistan campaigns, may increase the cost of
Page 6

THE ROYALARTILLERY CHARITABLE FUND
rRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Publlc Benefit continued
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.
Future Plans
Based on an assessment that future Income w511 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 provSde assistance to all members of the reglmental famlly who are in need. Should income levels drop
significantly* trustees have the abllkty to generate additional fund5 by liquidating Investment assets, however
this would need to be balanced by the requlrement to maintain Investment income for future generations.
Work has commenced on improvlng the Association's ability to promote the RAA amongst the recently retlred
and serving soldiers and to recruit new members.
In 2020 the trustees agreed to earmark £1.8M of capital funds forfltture transfer to the Royal Artillery Museum
IRAMI. Of this £3￿K 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 wa5 Wlthdrawn followlng the retraction of the offer of a suitable site for the museum, the
trustees are likely to conslder, making a similar level of funding available In the future once the conditions upon
which the original offer was made are met. The CLtrrent situation Is that a revised plan has been approved in
princlple tjy the Master Gunner's Committee and 8 new 51te approved by the Chlef of the General Staff.
Trustees will be invited to reconsider a revised bid for funding In 2024.
Rese￿e$ Polic
The trustees, policy is to maintain a sufficient level of reserves to.. provide a stable base and Income generation
for the charities, continuing activities- generate sufficient funds to cover routine management and
administrative cost5 and; enable the charities to respond to any emergency applications for grants which may
arlse from time to time. The following figures show the combined funds of RACF and RAA. Disaggregated
figures for the RACF can be found on pages 18 and 28 to 37 and details for the RAA reseNes can be found in the
separate RAA accounts.
Total funds for the charStles as at 31 De￿mber 2023 were £39,655,87512022.' £37,684,1661.
Unre5trirted reserves of the RACF were £25,118,11912022.' £23,766,770) of whlch are all f￿e reserves.
Re5trlcted Income funds for Benevolence were £5,526,76612022.. £5,228,265) of whlch a large proportion is
represented by investments.
Permanent Endowment were £7,038,66012022.. £6,721,957) of which 8 large proportion is represented by
Investments.
Designated Funds were El,972,33012022: £1,967,1741 of which £1,867,24612022: £1,862,090) is forthe
purpose of the RAA and ihelr speclflc aim and objectives and £105,08412022.. £105,084) for the purpose of
memorials.
Our risk-based approach to determining our free reserves requirement 15 carried out, based on the anticipated
future needs of the regimental famlly, and the management of financial risks, particularly the uncertainty of
future income from other sources. The effect on the charit￿$ investment5 as a result of the situatlon in Ukraine
demonstrates the benefit of malntalning strong resenjes In order to be able weather such market fluctuations
whlle maintaining reqltired levels of investment Income.
Page 7

THE ROYAL ARTILLERY CHARITABLE FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 310ECEMBER 2023
Reserves Polic
contlnued
Trustees review the level of re5eNes regularly to ensure funds are available to deliver welfare services and
programmes, and to secure, as far as possible, future financial vlability. Our annual review of reserves Included
ssessing the impact of the invasion of Ukraine and the cost of living crisis on our business plans, projected
income and expenditure, and on our investments.
Following that review, we determined that we should hold a minimum of £22,500,0001£21,000,￿0 RACF and
£1,500,000 RAAI in free reserve5 to be assured that we are able to Sustain the 5UPPOrt we provide to the
reESmental family in the long term as well as meet other obligations, irrespective of fluctuations In income and
witkiout creatlng the need to actlvely fundraise. Thi5 sum, held as part of our investment portfolio, 15 judged to
be capable of generating sufficient investment income to meet foreseeable needs. With free reserves of
£26,973,440, they currently exceed thls minlmum reserve outline in the policy. The trustees are content that the
additional funds we hold provide ability to dislnvest in order to support malor capltal projects if and when
required, but in the meantime are held as investments generating additional income.
In 2023 the Investment portfolio Eenerated £761,764 of Income for the charitie5 which represented 45% of total
income received.
Without this level of intome the charities, activitles would be slgnrficantly curtailed.
Trustees believe that investments should be malntained at the current levels, in order to generate Income and
provide for current needs whilst ensurlng the charities remain 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
activity. They therefore have the abllity to reduce expenditure to match income in the event of income
reducing.
Investment Polic
The trustees, Investment Committee meets twice a year to con51der the performan￿ of the RACF'S investments
which are managed on a discTetionary basis by BlackRock Investment Management IUKI 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 investment5 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 l efficlency charities. Thi5 is in order to achieve
economies of scale Sn relation to investment cost.
The trustees have given the fund managers discretion to manage the portfolio withln an agreed rlsk profile and
agalnst agreed benchmarks. This is contained in a written directive.
At the bi-annual rlleetlng with the investment managers the Investment Committee conslders the state of the
financial markets and measures the fund managers, on-going performance against specific agreed benchmarks,
namely 25% FTSE All Share Index, 35% MSCI World ex UK Index, IO% MSC1 Emerging Markets
Index, 7.5% FTSE All Stocks Gilt Index, 5% iBoxx Sterling Non-Gilts Index, IO% IPD UK All Balanced Funds Index,
5% AlternatNe (IA Sector Targeted Ab501ute Returnl and 2.5% Cash Isterling Overnight Index Average).
Havlng 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.
Page 8

THE ROYAL ARTILLERY CHARITABLE FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Environmental Governan¢e and Social Considerations
The RACF'S and RAA'S investments are not managed wlth any specific environmental, social and governance
IESGI restrlctlons. However it is expected that the RA charities, investment managers have clearly defined ESG
investment policies and that the Investment5 are managed by an investment company which is a signatory the
UN Principles of Responslble Investment and whSch takes account of Envlronmental, Social and Governance
IESGI factors in their research and Investment decision making process.
Fundralsln
The trustees are very clear that all fundraising must be legal, open, honest and respectful. The charlty does not
actively engage in regular and organlsed fundraising, although it does receive donatlons and legacies. It receives
the bull( of its income through investment5 and the Royal Artillery's 'service giving scheme,. The facility exists
for individuals or organisations to make voluntary donations onllne. The charity does not work with any
commerclal partner or professlonal fundraisers except in order to operate an online donation facility such
'Enthuse' and 'Jvst Giving, When donatlons are received, they are mainly as a result of advertisements on the
Gunner website and publication5, and from open, group brSeflngs to members of the serving Reglment. In
addition, regiments and other Gunner organisatlons are encouraged to enga8e in sponsored activities to raise
funds. The charity does not solkit funds through dirert approache5 to individuals via mai15hots or online unless
consent has been obtained.
Regiments, units, RAA Branches and individuals who raise funds for the charity are provlded with sealed
collectlon buckets. In the event of 3 complaint about any such activity, it is investigated by the Regimental
secretary. INO complaints were received in 20231. As a charity that deals with vulnerable seNice personnel,
veterans and their dependants, all staff are Bware of the requirement to treat everyone fairly and klndly wSth no
intrusive or persistent requests or approaches forfunds or undue pressure to donate.
Trustee Trainin
Trustee responsibilitie5 and necessary training is taken very serlously. All new trustees are briefed by the
Reglmental Secretary on their roles and responsibilities. They are provided with the Charity Commissioners
handbook Yhe Essential Trustee" as well as the Articles of Association as part of their induction. Recent RACF
accounts, rneeting minutes and policy documents are also provided. Trustee briefings and training take place,
and members of the Board are encouraged to attend external trustee trainlng and Investment briefs.
The trustees maintain a continuous oversight of the prlnclpal areas of the charity'5 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 identlfied 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.
Risk Mana
ement
The trustees maintain a continuous oversight of the principal are3s of the charltvs operatlons and the major
risks, which may arise Sn these areas. In the opinion of the trustees the charity has established resources and
revlew system5 which, under normal condition5, should allow the risks identified to be mitigated to an
acceptable level. A risk managernent 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:
Insufficient income to meet the need- This is managed by careful budgetin& the investment and
reseNes poliry and by controlllng the level of support provided to beneficiaries.
Page 9

THE ROYALARTILLERY CHARITABLE FUND
TRUSTEE
' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Risk Mana
ement continued
Fraud.. Thi5 is guarded agalnst by having pollcies In place to ensure regular checks are made and that all
transactlons are properly authorised by two signatories.
Conflict of interest amongst trustee members. A register of trustee interests Is kept and updated
annually. Al 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.
Reputational damage arising from activities such as inappropriate fundraising. This is mltigated by
robust RAA Rules and General Administratlve Instructions IGAlsl and the monltoring of branch
fundralslng attivities.
Remuneratlon Poll
No trustee Is pald for seryices as a trustee or related work, though travel and subsistence cost5 incurred as a
trustee are reimbursed. The trustees review staff salaries annually, and take Into account the MOD pay award5
for similar grades, when recommending any pay Increases.
Em
The RACF aims to be an organisation for which employees enjoy worklng and where they feel 5UPPOrted,
valued, empowered and developed. Employees are kept fully informed about the alms and Objett￿eS of the
charity and how It is achleving them. Employees are encouraged to contribute suggestions to hdp improve
working processe5 and to achieve best practice. The charity is an equal opportunlties employer and is
committed to tralning and developing its Staff.
Trustee5' Llablll
The trustees are the members of the RACF and the liability of the members for the debts of the RACF is Ilmited
to an amount not exceeding one pound.
Statement of Trustee5' Re5
onsibllltles
The trustees (who are also directors of the RACF for the purpose5 of Company lawl are responsible for preparing
the Trustees, Report and ihe financial statements in accordance with applicable charity and company law and
Unlted Kingdom Accounting Standards Iunited Klngdom Generally Accepted Accountlng Prartice IUK GAAPI.
The Company and charity law applicable In England & Wales and UK GAAP requires the trustee5 to prepare
flnancial 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 appllcatSon of resources for the
period. In preparing these financial statements, the t1115tee are required to:
select sultable accounting policies and then apply them consistentlyi
adhere to the methods and principles in the Charities Statement of Recommended Practlce (Charlties
SORP IFRS 10211,.
make judgements and estimates that are reasonable and prudent:
state whether applicable accounting standards have been followed, subject to any material departure5
which are to be disclosed and explained in the financial 5tatements,'
prepare the financial statements on a golng-concern basis, unless It Is Inappropriate lo presume that the
charity will continue in business.
The trustees are also ￿SpOnSIble for safeguarding the a55ets of the charityi including taklng reasonable steps to
prevent and detect fraud and other irregularitles.
Page 10

THE ROYAL ARTILLERY CHARITABLE FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Statement as to Dlsclosure of Information to Auditors
The financial statements have been prepared in accordance with the accounting policie5 set out in notes to the
accounts and comply wlth: the Companie5 Act 2006; the charlty's governlng document- the Charities Acts 2011
and,. the SORP applicable to charities preparing their accounts in accordance with the Financial Reporting
standard appllcable in the UK and Republic of Ireland IFRS 1021 Icharities 50RP IFRS 10211.
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
audlt infom)ation and to establish that the auditor is aware of that information.
Thls report has been prepared under the speclal provislons of Part IS of the Companles Act 2006.
On behalf of the trustees li & •)L June 2024
Major General DM Cullen CB OBE
Chalrman RACF Board of Management
Page 11

THE ROYAL ARTILLERY CHARITABLE FUND
INDEPENDENT AUDITORS REPORTTO THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statemerits of the Royal Artillery Charitable Fund Ithe'parent charStable companVI
and its subsidiary Ithe'group'l forthe ye8r ended 31 December 2023 whlch comprlse the Consolidated Statement
of FSnancial Activitles, Con501idated Statement of Income and Expenditure, Consolidated Balance Sheet, Charity
Balance Sheet, Consolidated Cash Flow Statement and notes to the flnanclal Statements, including significant
accounting policies. The financial reporting framework that has been applied in their preparatlon is applicable law
and United Kingdom Accounting Standards. including Flnancial Reporting Standard 102, the Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel.
In our opinion the financial Statements:
give a true and fair view of the state of the affairs of the Eroup and the parent charitable company as at
31 December 2023 and of the group's incomin8 resources and appllcation of resources, Including its
income and expenditure, for the year then ended;
have been properly prepared in accordance wlth United Kingdom Generally AC￿pted Accounting
Practice,. and
have been prepared In accordance with the requirements of the Companies Act 2006.
Basls for opln5on
We condutted our audlt in accordance with International Standard5 on Auditing IUKI IISAS IUKII and appllcable
law. Our responsibilities under those standards are further described in the Auditorf5 responsibilitie5 for the audit
of the financial statement5 section of our report. We are independent of the group and parent charltable companv
in ac¢ordan¢e 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.
Concluslons relatinB to going concern
In audltlng the financial statements, we have concluded that the trustees, use of the going concern basls of
accounting in the preparation of the financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertaintles relating to events or
conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable
company's ability to continue as a going concern for a period of at least twelve month5 from when the financial
statements are authorised for issue.
Our responsibilities and the responsibllities of the tmstees with respect to going concern are described In the
relevant sections of this report.
Other information
The trustees are responsible forthe other Inforrnation. The other information comprises the information
included in the annual report, other than the financial statements and our auditor's report thereon. Our
Page 12

THE ROYAL ARTILLERY CHARITABLE FUND
INDEPENDENT AUDITORS REPORTTOTHETRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
opinSon on the financial statements does not cover the other information and, except to the extent otherwise
expllcltly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility 55 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 inconsistencie5 or apparent material
misstatements, we are requlred to detem)Ine whether thls glves rise to a material mlsstatement In the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of thls other Information; we are requlred to report that fact.
We have nothing to report in tkiis regard.
Other matters preserlbed by the Companies Act 2006
In our opinion, based on the work undertaken In the course of the audit:
the information given in the Trustees, Annual Report which Includes the Dlrectors, Report for the
financial yearforwhich the flnanclal statements are prepared is consistent with the financial statements,.
and
the TrLJStees' Annual Report which includes the Directors, Report has been prepared in accordance with
applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the Ilght of the knowledge and understandlng of the group and the parent charitable company and their
environment obtained in the course of the audit, we have not identified material misstatements in the Trustees,
Annual Report.
We have nothlng to report In respect of the followlng matters where the Companie5 Act 2006 require us to report
to you If, in our opinion..
adequate accounting records have not been kept by the parent charitable company, or returns adequate
for our audit have not been received from branches not visited by us,. or
the parent charitable company flnancial statements are not In agreement with the accounting records
and return5. or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanatlons we require for our audit; or
the twstees were not entitled to prepare the financial Statements in accordance wlth the small
companies regime and to take advantage of the small companies exemptlon in preparing the Trustees,
Annual Report and the Strategic Report.
Re5POll5ibilitie5 of trustees
A5 explained more fully in the Statement of Tru5tees' Responsibilities Set out on pages 10-11, the trustees (who
are also the directors of the parent charitable company for the purposes of company lawl are responslble 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 the flnanclal 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 group and the pa￿nt
charitable companws ablllty to continue as a going concern, dlsclosing, as applltable, matters related to going
Page 13

THE ROYAL ARTILLERY CHARITABLE FUND
INDEPENDENT AUDITORS REPORTTOTHE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
concern and using the golng concern basis of accounting unles5 the trustees elther intend to liquidate the group
or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Audltorfs responslbllltles for the audlt of tho financlal statements
We have been appointed as auditors under the Companies Act 2006 and report Sn accordance wlth regulation5
made under that Act.
Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt
conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. Mi55tatements
can arise from fraud or error and are considered rnaterial if, Individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures
in line wilh our responsibilities, outlined above. to detect material misstatements in respect of irregularities,
including fraud. The specific procedures for this engagement and the extent to whith these are capable of
detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularlties..
We assessed the susceptibility of the group and parent charitable compan(s financial statements to material
mi5Statement and how fraud might occur, including through discussions with the trustees, discussions within our
audit team planning meeting, updating our record of internal controls and ensurlng these tontrols operated a5
intended. We evaluated possible incentives and opportunitie5 for fraudulent manipulation of the financial
statements. We identified laws and regulations that are of significance In the context of the group and parent
charitable company by discussions with trustees and updating our understanding of the sector in which the group
and parent charitable company operate.
Laws and regulations of direct significance in the context of the group and parent charitable company InclL¢de The
Companie5 Act 2006 and guidance issued by the Charity Commission for Englarbd and Wales.
Audit response to risks identified-
We considered the extent of compliance with these law5 and regulation5 as part of our audit procedures on the
related financial statement items including a review of financial statement disclosures. We reviewed the parent
charitable tompany's records of breaches of laws and regulations, minutes of meetings and correspondence wlth
relevant authorities to identify potential material misstatements arisinB. We discussed the parent charitable
company's policies and procedures for compllance 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 in5tance5 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 busines5. 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'5 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 regu12tions and fraud.
Page 14

THE ROYAL ARTILLERY CHARITABLE FUND
INDEPENDENT AUDITORS REPORTTOTHETRUSTEES
FOR THEYEAR ENDED 31 DECEMBER 2023
There are inherent limitations in the audit procedures described above and the further removed non-compliance
with laws and regulations Is from the event5 and transactions reflected in the financial statements, the less likely
we would become aware of it. Also, the risk of not detecting a material m￿Statement due to fraud Is hlgher 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.frc.or
auditorsre5
onsibilities. This description forms part of our audltor's report.
Use of our report
This report is made solely to the parent charitable compan¢s members, as a body, In accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we mSght state to the parent
charitable company's members those matters we are requiretl 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 parent charitable company and the parent charitable company's members as a bodyi for our audit work,
for this report, or for the opinions we have formed.
Cara Turtington Iseni
Statutory Audltorl
for and on behalf of Saffery LLP
Chartered Accountants
Statutory Audltors
71 Queen Victoria Street
London
EC4V 4BE
Date:
Saffery LLP 15 eligible to act as an auditor in term5 of seclion 1212 of the Companies Act 2006
@ J Uno 107-+
Page 15

o rs u¥
Ln
¢71
o(Th m
7JW

THE ROYAL ARTILLERY CHARITABLE FUND
CONSOLIDATED SUMMARY OF INCOME AND EXPENDITURE
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Total Income
1.577,315
1,790,645
Total Expenditure
1,574,411
1,423,398
Unrealisedlrealised gains and losses on..
Revaluation of Investments
1,652,102
13,395,717)
Net Income for the year
1,655,006
13,028,4701
Total Income tomprised of £1,376,890 unrestritted funds and £200,425 for restricted funds. A detailed analysis of income
and expenditure by source is provided in the Statement of Financial Activities.
Expenditure comprises £1,373,987 for unrestricted funds and £20D,425 for restricted funds and excludes the pem)anent
endowment funds.
The revaluatlon of Investments excludes the permanent endowment funds.
The summary Income and expenditure account is derived from the Statement of Financial Artlvitie5 on page 16 which
together with the notes to the financial statements on pages 21 to 38 provide full information on the movement during
the year on all funds of the charity.
Page 17

Ln
om
Q¥ Ln
m ¢0
o Eo
o) m
Ln o
ID

4)

THE ROYAL ARTILLERY CHARITABLE FUND
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
Net cash used in operating activities
1434,9831
1633,1641
Cash flows from investin
activities
Dividends, interest and rents from investments
Purchase of Investments
Proceeds from sale of investments
761,764
127,088,560)
27,151,278
715,274
16,286,3311
6,223,31K)
Net cash generated in Investlng attlvltles
824,482
652,243
Net increase in cash & cash equivalents
Cash and cash equivalents at the beEinning of the year
389,499
2,087,485
19,079
2,068,406
Cash and Cash equivalents at end of the year
2,476,984
2,087,485
Notes to the ¢ash flow statement
Reconclllatlon of net movement In lunds to net
cash flow from operating actlvltles
2023
2022
Net movement in funds
IGainsl/losses on Investments
Investment incorne
Investment aliquot changes
Decreasellincreasel In debtor5
Intrea5elldecreasel In credftors
Depreciation charge
1,971,710
11,990,0061
1761,7641
13,744,193)
4,090,240
1715,2741
323,770
106
21,200
1187,7421
197,4011
21,2(X)
Net cash used in operatlng activities
1434,9831
1633,1641
Analysis of cash and cash equlvalents
and net debt
Atljan
2023
Cash
flow
At 31 Dec
2023
Cash on short term deposit
Cash current account
Cash balance held in investments
Cash held by branches
Net cash provlded by operatlng actlvities
1,812.777
28,677
7,373
238,658
2,087,485
108,696
122,003
139,751
19,049
389,499
1,921,473
150,680
147,124
257,707
2,476,984
Page 20

THE ROYAL ARTILLERY CHARrrABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
l. Accountlng policies
The Royal Artillery Charitable Fund is a company limited by guarantee incorporated in England and Wales. The
gistered office 15 Artillery House, Royal Artlllery Barracks, Larkhill, Salisbury, SP4 8QT.
Basis of accountlng
The financlal statements have been prepared under the historic c05t 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 account5 in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland
Icharites SORP IFRS 10211 and the Flnancial Reporting Standard applicable in the Unlted Kingdom and Republic
of Ireland IFRS 1021 the Companies Act 2006 and UK Generally Accepted Accounting Pyattice.
The Royal Artillery Charitable Fund constitute5 a public benefSt entity as defined by FRSIO2.
These accounts present the results of The Royal Artillery Charitable Fund and its subsidiary charity the Royal
Artillery Associatlon. The ￿$￿It$ have been consolidated on a line by line basls.
Golng Concern
The trustees have a reasonable expectation that the RACF has adequate resources to contlnue In operatlonal
existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the
annual financial Statements.
Subscriptions and donatlons
Subscriptions and donations have been included on the basis of amounts recelvable during the year.
Legacy income
Income from legacies is taken to the Statement of Financial Actlvities when received or recelpt Is probable and
the value can be measured with sufficient reliability.
Interest and dlvldends on inve5tment5
Income from Investments including interest on short tem) deposits are included on a receivable basis.
EKpendlture and support costs
Expenditure is recognised in the period in whlch It Is Incurred and includes attributable VAT whith cannot be
recovered.
Supports cost5 are those costs which have not been directly allocate to an activlty of the charities but
nevertheless support these actwities.
Grant expenditure
Grants payable are payments made in furtherance of the charitable objects of the charltles. These are accrued
once the reciplent has been notified of the grant award. The notificatlon glves the recipient a reasonable
expectatlon thal they will receive the grant.
Page 21

THE ROYALARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Grant expenditure continued
Provisions for grants are made when the intention to make a grant has been communicated to the reclpient but
there is uncertainty as to the tlming of the grant or the amount of grant payable.
Flxed 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.
TanBible 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 equwalents
Cash and cash equivalent5 include cash in hand, deposits held at call with banks and other short-teml liquid
investments with original maturities of three months or less.
Flnanclal Instrument5
The charities only have financial assets and financial Ilabilities of a kind that qualify as basic financial
Snstruments. Basic financial instruments are initially recognised at transaction value and 5ubsequentty measured
at their settlement value with the exception of bank loan5 which are subsequently measured at amortised cost
using the effective interest method. Trade and other debtors are reco8nised 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 provlslons 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 estlmated rellably. Creditors and provisions are normally re¢ogn15ed at their settlement amount
after allowing for any trade discounts due.
Fund accountlng
Unrestrlcted funds are available to use to further any of the purposes of the charities.
Designated funds are unrestrlcted funds of the charlties 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 partlcular areas of the
charity's work or speciflc projects being undertaken by the charitie5.
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.
Penslons
Staff are enrolled In a NEST pension scheme. Contrlbutions are charged in the Statement of Financial Actlvities
a5 they become payable.
Page 22

THE ROYALARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Crltlcal estimate5 and judgements and key sources of estlmatlon uncertalntv
In the application of the charities, accounting pollcies, the trustees are required to make judgements, estimates
and assumptions about the carrying amount of asset5 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 perlod, or in the period of the revision and future period5 where the revision effects both current and
future periods.
There are no crltical estimatesi judgements or key sources of estimation untertalnty In 2023 or 2022.
2. 2023 Donations and lega¢5es inc SPGS
Unrestrlcted
Restrlcted
Permanent
Endowment
Total
2023
Officers, subscriptions
Soldiers, subscriptions
Retired Donations
Income tax recoverable (gift aid)
Donation5 and Grants
Intangible Incorne- Wages in Kind
Legacies
108,251
153,390
19,318
8,544
47,426
144,648
156,231
108,251
153,390
19,318
8,544
47,426
145,740
156,231
1,092
637,808
1,092
638,900
2022 Donatlons and legacies inc SPGS Comparlson
Unrestrlcted
Restricted
Permanent
Endowment
Total
2022
Off icers, subscriptions
Soldlers, subscriptions
Retired Offlters Donations
Income tax recoverable (gift aid)
Donations and Grant5
Intangible Income- Wages in Kind
Legacies
105,415
152,359
19,945
7,406
65,011
136,688
451,031
105,415
152,359
19,945
7,406
65,011
137,733
451,031
1,045
937,855
1,045
938,900
Page 23

THE ROYAL ARTILLERY CHARITABLE FUND
NOTESTO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
3. 2023 Investment Income
Unrestricted
Restricted
Permanent
Endowment
Totsl
2023
Investments
571,797
571,797
189,967
189,967
716,764
716,764
2022 Investment Income Com arison
Unrestrlcted
Restricted
Permanent
Endowment
Total
2022
Investments
536,104
536,104
179.170
179,170
715,274
715,274
4. 2023 Other Income
Unrestricted
Restrlcted
Permanent
Endowment
Total
2023
Interest re￿iVed on short term deposits
Event income
Merchandise income
Christmas card income
Alanbrooke Club
22,256
2,547
154
766
19571
24,766
22,256
2,547
154
766
19571
24,766
2022 Other Income Com
ari50n
Unrestrlcted
Restricted
Permanent
Endowment
Total
2022
Interest received on short term dep051ts
Event income
Merchandise income
Christmas card income
Registration fees
Alanbrooke Club
649
2,782
144
773
3,733
19551
7,126
649
2,782
144
773
3,733
19551
7,126
Page 24

THE ROYAL ARTILLERY CHARITABLE FUND
NOTE5 TO THE FINANCIAL STATEMENTS
Contlnued
FOR THE YEAR ENDED 31 DECEMBER 2022
5. 2023 Cost of Raisln
Funds
Unrestrlcted
Re5trlcted
Permanent
Endowment
Total
2023
Fundraising costs
10,696
10.696
10.696
10,696
2022 Cost of Raisin
Funds Com
arlson
Unrestrlcted
Restrlcted
Permanent
Endowment
Total
Fundraislng costs
1,178
1,178
1,178
1,178
Page 25

THE ROYAL ARTILLERY CHARrrABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
6. 2023 Charitsble Activities
Unrestricted
Restrlcted
Permanent
Endowment
Total
2023
Welfare
Welfare grants
individual cases
Welfare grants to instltutlon5'.
Gunner Magazine
Royal Artillery Sports
Army Benevolent Fund
Other Grants:
Regiments and Batteries
Regimental Welfarelcomradeship
RAM
Betterment Grants
Awards
General grants
RA Memoria15
Events
RA Assembly
NMA
Gunner Sunday
1,187 12022.. 1,2341
451,986
178,146
630,132
10,000
80,280
79,500
10,000
80,280
79,500
80,580
35,841
40,OOCI
46,452
1,733
9,750
11,137
80,580
35,841
40,000
46,452
1,733
9,750
11,137
14.564
5,220
1,399
868,442
14,564
5,220
1,399
1,046,588
178,146
Support Cost to Charltable Actlvitles..
Wages and salaries
Employers Pension Contribution
Employers Nationals Insurance
Wages and salaries in kind
124,596
12.240
12,105
144,648
293,589
124,596
12,240
12,105
145,740
294,681
1,092
1,092
Insurance
PrSntin& stationery and advertlslng
Office cost linc. publicity & postage, IT)
T&S
Branch travel
Misc
Training
Bank charges
Cottage expenses
Depreciation (Cottages)
Audit and accountancy fees
Legal and professional fees
Total silPPOrt costs
2023 Totsl Expenditure
2,523
1,549
20,600
17,014
12,539
1,108
95
604
2,523
1,549
20,600
17,014
12,539
1,108
95
604
21,187
21,200
18,378
4,140
415,618
1,462,206
21,187
21,200
18,378
4,140
372,139
1,240,581
22,279
200,425
21,2(X)
21,200
Page 26

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
Continued
FOR THE YEAR ENDED 31 DECEMBER 2023
2022 Charltable Activities Com
arlson
Unrestricted
Restrlcted
Permanent
Endowment
Total
2022
Welfare
Welfare grants
individual cases
Welfare grants to institutions:
Gunner Magazine
Royal Artillery Sports
Army Benevolent Fund
Other Grants:
Regiments and Batterles
Regimental Welfarelcomradeship
RAM
Betterment Grants
Award5
General grants
RA Memorials
Events
RA Assembly
NMA
Gunner Sunday
1,234 12021-. 10311
440,653
183,763
624,416
5,000
50,378
89,(K)O
5,000
50,378
89,000
81,000
29,163
47,200
9,8LK)
1,639
3,650
10,891
81,000
29,163
47,200
9,800
1,639
3,650
10,891
10,717
3,615
1,684
784,390
10,717
3,615
1,684
968,153
183,763
Support Cost to Charltable Activities..
Wages and salarie5
Employe￿ Pension Contribution
Employers Nationals Insurance
Wages and salaries in kind
97,856
10,324
4,532
136,688
249,400
97,856
10,324
4,532
137,733
250,445
1,045
1,045
Insurance
Prlntln& statlonery and advertlsing
offi￿ cost linc. publicity & postage, IT)
T&S
Branch travel
Mlsc
Bank charges
Cottage expen5e5
Depreciation ICottage51
Audlt and accountancy fees
Legal and professional fees
Total support costs
2022 Total Expenditure
2,523
793
12,147
13,242
12,325
2,035
623
2,523
793
12,147
13,242
12,325
2,035
623
4,658
21,200
19,926
3,587
343,594
1,311,657
4,658
21,200
19,926
3,587
316.691
1,100,991
5,703
189,466
21,200
21,200
Page 27

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TOTHE FINANCIALSTATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
6. Charltsble Activities continued
The average number of persons employed by the Fund durlng the year was..
2023
Number
2022
Number
Office and administration
There were no employee5 With emoluments above £60,000. The following payments were made to Key
Management Personnel: £16.02112022.. £13,894).
One trustee received out of potket expenses of £1,156 in 202312022.. NILI. This was as a result of all meetings
being conducted online.
7. 2023 Tan
Ible Fixed asset
Grou
and RACF
Unrestricted
Restricted
Permanent
Endowment
Total
2023
Cottage Homes
1,081,2LK)
Deemed cost at 31 December 2022
1.081,200
At 31 December 2022
1,081,200
1,081,200
Depreciation at l January 2022
Charge for the year
At 310ecember 2022
190,800
21,200
212,OOD
190,800
21,200
212,000
Net book value at 31 December 2023
869,200
869,200
Net book value at 31 December 2022
890,400
890,400
Page 28

THE ROYAL ARTILLERY CHARITABLE FUND
NOTESTO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
8. 2023 Flxed Asset Investments
8a. Grou
U￿re￿ricted
Restricted
Permanent
Endowment
Total
2023
uoted investments
Market value at l January
Net additions at cost
Sales proceeds
Net realisedlunrealised 8ain5
Aliquot Changes
Cash Commitments
23,368,136
18,459,004
118,501,663)
1,353,602
iii
95,059
5,153,222
4,070,640
14,080,049)
298,500
5,833,446
4,607,966
14,618,616)
337,903
34,354,804
27,137,610
127,200,328)
1,990,005
iii
139,752
20,963
23,730
Market value at 31 December
24,774,137
5,463,276
6,184,429
36,421,842
Hlstorlcal value at 31 December
22,529,038
4,968,180
5,623,979
33,121,197
Investment
Investment5
Bank Settled Account
Bank Unsettled Account
Cash Breakdown
24,674,063
68,855
31,219
24,774,137
5,441,208
15,184
6,884
5,463,276
6,159,447
17,188
7,794
6,184,429
36,274,718
101,227
45,897
36,421,842
8b.RACF
Unrestrlcted
Restricted
Permanent
Endowment
Total
2023
uoted investments
Market value at l January
Net additions at cost
Sales proceeds
Net realised/unrealised gains
Aliquot Changes
Cash Commitments
22,310,008
17,623,166
117,663,894)
1,292,310
5,153,222
4,070,640
14,080,0491
298,500
5,833,446
4,607,966
14,618,6161
337,903
33,296,676
26,301,772
126,362,559)
1,928,713
90,754
20,963
23,730
135,447
Market value at 31 December
23,652,343
5,463,276
6,184,429
35,3(Kl,048
Hlstorical value at 31 December
22,023,788
4,968,180
5,623,979
32,615,947
Investment
Investments
Bank Settled Account
Bank Unsettled Account
Cash Breakdown
23,556,801
65,737
29,805
23,652,343
5,441,208
15,184
6,884
5,463,276
6,159,447
17,188
7,794
6,184,429
35,157,456
98.109
44,483
35,300,048
Page 29

THE ROYALARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
The following holdlngs exceeded 5% of the total portfollo value at 31 December 2023 and are Considered material for
the 2023 group and Charity accounts-
Group
11,353,004
9,694,362
4,709,893
3,742,801
1,884,187
RACF
11,003,331
9,395,776
4,559,013
3,627,523
1,826,154
BLK Char UK EQ Fund A Inc133.05%1
BlackRock Dev Mkt Sust Equity128.22%1
BlackRock Char UK Bond Fund A Inc113.71%1
BFM-BLK Emerglng Markets110.90Qhl
TACTOPP FD X ACC15.49%1
All of the holdings listed are in collective investment vehicles as opposed to single securities.
2022 Fixed Asset Investments
8c. Grou
Unrestrlcted
Restrlcted
Permanent
Endowment
Total
2022
uoted Investments
Market value at l January
Net additions at Cost
Sales proceeds
Net realisedlunrealised gain5
Aliquot Changes
Cash Commitments
Market value at 31 December
26,107,109
4,275,962
14,233,089)
12,782,181)
161
341
23,368,136
5,745,016
955,162
1933,4951
1613,5361
6,529,394
1,055,207
11,056.7161
1694,5231
38,381,519
6,286,331
16,223,300)
14,090,240)
161
500
34,354,804
75
5,153,222
84
5,833,446
Hlstorical value at 31 December
23,068,341
5,087,108
5,758,607
33,914,056
Investment
Investments
Bank Settled Account
Bank Unsettled Account
Cash Breakdown
23,363,122
3,800
1,214
23,368,136
5,152,115
839
268
5,153,222
5,832,194
949
303
34,347,431
5,588
1,785
34,354,804
5,833,446
8d. RACF
Unrestricted
Restricted
Pemianent
Endowment
Total
2022
uoted Investments
Market value at l January
Net additions at cost
Sales proceeds
Net realisedlunrealised gains
Aliquot Changes
Cash Commitments
24,924,958
4,079,782
14,041,4111
12,653,640)
5,745,016
954,570
1933,4951
1612,9441
6,529,394
1,054,537
11,056,7161
1693,8531
37,199,368
6,088,889
16,031,622)
13,960,4371
161
484
325
75
84
Market value at 31 December
22,310,008
5,153,222
5,833,446
33,296,676
Page 30

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TOTHE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
Investment
Investments
Bank Settled Account
Bank Unsettled Account
Cash 8reakdown
22,305,221
3,628
1,159
22,310,008
5,152,115
839
268
5,153,222
5,832,194
949
303
5,833,446
33,289,530
5,416
1,730
33,296,676
9. Debtors
Total
2023
Total
2022
Group
Total
2023
Total
2022
RACF
Royal Artillery Association
Income tax repayments
Accrued SeTvice Glvlng Income
Sundry Debtors
Legacies Receivable
34,918
2,498
25,998
28,778
2,668
25,435
2,514
30,025
2,696
28,803
29,715
62,254
354,524
386,023
29,715
93,129
354,524
411,405
10. Current Asset Investments
Total
2023
Total
2022
Group
Total
2023
Total
2022
RACF
Short term deposits Ilncl investment
balancel
1,921.472
1,812,777
1,397,705
1,218,593
11. Credltors
Total
2023
Total
2022
Group
Total
2023
Total
2021
RACF
Amounts falling due within one year:
Accrua15
27,280
27,280
27,173
27,173
22,590
22,590
23,240
23,240
Page 31

C CL
J a 19

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TOTHE FINANCIAL STATEMENTS
¢ontinued
FOR THE YEAR ENDED 31 DECEMBER 2023
13. 2023 Anal Is of net assets between funds Grou
Current year- Group
Tanglble
Fixed Assets
Investments
Current
assetsllliabilitiesl
2023
Net Total
Restrlcted funds:
RABF
5,463,276
5,463,276
63.490
63,490
5,526,766
5,526,766
Permanent Endowment:
RABF
RACF
869,2(K>
4,643,785
1,540,644
6,184,429
18,8481
16,1211
114,9691
5,504,137
1,534,523
7,038,660
869,200
Unrestricted tunds..
RACF
23,652,343
1,465,776
2S,118,119
Desl8nated funds..
Memoria15
RAA
105,084
745,453
850,537
105,084
1,867,246
1,972,330
1,121,793
1,121,793
869,200
36,421,841
2,364,834
39,655,875
2023 Anal $55 of net assets between funds RACF
Current year- RACF
Tanglble
Fixed Assets
Investments
Current
assets/lliabilitiesl
2023
Net Total
Restrlcted funds..
RABF
5,463,276
5,463,276
63,490
63,490
5,526,766
5,526,766
Permanent Endowment:
RABF
RACF
869,200
4,643,785
1,540,644
6,184,429
18,8481
16,1211
114,9691
5,504,137
1,534,523
7,038,660
869,200
Unrestrlcted funds..
RACF
23,652,343
1,465,776
25,118,119
Designated funds:
Memorials
105,084
105,084
869,200
35,300,048
1,619,381
37,788,629
Page 36

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
2022 Anal
isof
rior
ear net assets between funds Grou
contlnued
Prior year- Group
Tanglble
Fixed Assets
Investments
Current
a55etsllliabilitiesl
2022
Net Total
Restrlcted funds..
RABF
5,153,222
5,153,222
75,043
75,043
5,228,265
5,228,265
Permanent Endowment:
RABF
RACF
890,4LK)
4,380,238
1,453,208
5,833,446
973
12,8621
11,8891
5,271,611
1,450,346
6,721,957
890,400
Unrestrlcted funds:
RACF
22,310,008
1,456.762
23,766,770
Deslgnated funds:
Memorials
RAA
105,084
803,962
105,084
1,862,090
1,058,128
890,400
34,354,804
2,438,962
37,684,166
2022 Anal
Sis of
nor
ear net assets between funds RACF
Prior year- RACF
Tanglble
Flxed Assets
Investments
Current
assetsllliabilitie51
2022
NetTotal
Restricted funds-
RABF
5,153,222
5,153,222
75,043
75,043
5,228,265
5,228,265
Permanent Endowment:
RABF
RACF
890,400
4,380,238
1,453,208
5,833,446
973
12,8621
11,8891
5,271,611
1,450,346
6,721,957
890,400
Unrestricted funds:
RACF
22,310,008
1,456,762
23,766,770
Deslgneted funds..
Memorials
105,084
105,084
890,400
33,296,676
1,635,000
35,822,076
Page 37

THE ROYAL ARTILLERY CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMEMrs
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
15. Related Parties
Income of £261,64112022: £257,774> was received from the Royal Artillery General Charltable Trust IRAGCTI.
Both Charities a have a number of trustees in common. Thls Income relates to accrued Income from the Service
GivinE Scheme, which were voluntary contributions from se￿iCe personnel.
Details of donations between connected entitie5 are disclosed in note 6.
At the year end, balances due to and from related entities are disclosed in notes 9 and 11.
Page 38

Ln EO
u¥ o
Lri o
4W Ln O
75 71

THE ROYALARTILLERY CHARITABLE FUND
Page 40