2024-12-31-accounts

TrusteesandAdministrativeInformation
TrusteesReport
ReportoftheAuditors
ConsolidatedStatementofFinancialActivities
ConsolidatedStatementofIncomeandExpenditure
BalanceSheets	18-19
ConsolidatedCashFlowStatement
NotestotheFinancialStatements	21-39

		Unrestricted	RestrictedFunds	Permanent	Total	Total
		IncomeFund	(Benevolence)	Endowments		£
	Notes	£	£	£
Incomeandendowmentsfrom:			2024			2023
DonationsandlegaciesincSPGS	2	1,505,043	1,147		1,506,190	638,900
InvestmentIncome	3	499,849	189,959		689,808	761,764
Incomefromcharitableactivities			9,584		9,584	9,366
OtherIncome	4	32,138			32,138	24,766
RAABranchIncome		121,418			121,418	242,519
TotalincomebeforeExpenditure		2,158,448	200,690		2,359,138	1,577,315
Expenditureon:
Raisingfunds	5	(9,308)			(9,308)	(10,696)
Netincomeavailableforcharitableactivities		2,149,140	200,690		2,349,830	1,566,619
Charitableactivities	6	1,273,017	200,690	21,200	1,494,907	1,462,206
RAABranchExpenditure		117,785			117,785	122,710
Totalexpenditure		1,400,110	200,690	21,200	1,622,000	1,595,612
Netincomefortheyearbeforegainsoninvestments		758,338		(21,200)	737,138	(18,297)
Netgainsoninvestmentassets		1,850,360	420,403	449,271	2,720,034	1,990,006
Netincomeandnetmovementinfunds		2,608,698	420,403	428,071	3,457,172	1,971,709
Totalfundsbroughtforward		27,090,449	5,526,766	7,038,660	39,655,875	37,584,166
Totalfundscarriedforward		29,699,147	5,947,169	7,466,731	43,113,047	39,655,875

	2024	2023
	£	£
TotalIncome	2,359,138	1,577,315
TotalExpenditure	1,600,800	1,574,411
Unrealised/realisedgainsandlosseson:
RevaluationofInvestments	2,270,763	1,652,102
Netincomefortheyear	3,029,101	1,655,006

	Notes
Fixedassets
Tangible		848,000	869,200	848,000	869,200
Investments		39,149,237	36,421,842	37,943,440	35,300,048
		39,997,237	37,291,042	38,791,440	36,169,248
Currentassets
Debtors		1,011,597	62,254	1,029,783	93,129
ShortTermDeposits	10	1,835,248	1,921,472	1,435,345	1,397,705
CashonCurrentAccount		54,603	150,680	50,591	151,137
BranchBankbalances		261,339	257,707
		3,162,787	2,392,113	2,515,719	1,641,971
Currentliabilities
Creditors:Amountsfallingduewithinoneyear	11	(46,978)	(27,280)	(42,593)	(22,590)
Netcurrentassets/(liabilities)		3,115,810	2,364,833	2,473,126	1,619,381
Totalassetslesscurrentliabilities		43,113,047	39,655,875	41,264,566	37,788,629
ProvisionforLiabilities
		43,113,047	39,655,875	41,264,566	37,788,629
Funds
Unrestricted	12	27,745,581	25,118,119	27,745,582	25,118,119
Designated	12	1,953,566	1,972,330	105,084	105,084
RestrictedIncome	12	5,947,169	5,526,766	5,947,169	5,526,766
PermanentEndowment	12	7,466,731	7,038,660	7,466,731	7,038,660
		43,113,047	39,655,875	41,264,566	37,788,629

					2024		2023
			Note		£		£
Netcashusedinoperatingactivities					(860,757)		(434,983)
Cash	flowsfrominvestingactivities
Dividends,interestandrentsfrominvestments					689,808		761,764
Purchaseofinvestments					(14,367,155)	(27,088,560)
Proceedsfromsaleofinvestments					14,386,391		27,151,278
Netcashgeneratedininvestingactivities					709,044		824,482
Netincreaseincash& cashequivalents					(151,713)		389,499
Cashandcashequivalentsatthebeginningoftheyear					2,476,984		2,087,485
Cashandcashequivalentsatendoftheyear		2			2,325,271		2,476,984
Notestothecashflowstatement
1,	Reconciliationofnetmovementinfundstonet				2024		2023
	cashflowfromoperatingactivities					£	£
	Netmovementinfunds				3,457,173		1,971,710
	(Gains)/lossesonInvestments				(2,720,034)		(1,990,006)
	Investmentincome				(689,808)		(761,764)
	Investmentaliquotchanges					-	1
	Decrease/(increase)indebtors				(948,981)		323,770
	Increase/(decrease) increditors				19,693		106
	Depreciationcharge				21,200		21,200
	Netcashusedinoperatingactivities				(860,757)		(434,983)
2.	Analysisofcashandcashequivalents			At1 Jan		Cash	At31	Dec
	andnetdebt			2024		Flow		2024
				£		£		£
	Cashonshorttermdeposit			1,921,473		(86,225)	1,835,248
	Cashcurrentaccount			150,680		(96,077)	54,603
	Cashbalanceheldininvestments			147,124		26,957	174,081
	Cashheldbybranches			257,707		3,632	261,339
	Netcashprovidedbyoperatingactivities			2,476,984		(151,713)	2,325,271

	Unrestricted	Restricted	Permanent		Total
			Endowment
		2024
	£	£		£	£
Officers’subscriptions	105,042	-		-	105,042
Soldiers’subscriptions	163,377	-		-	163,377
RetiredDonations	18,233	-		-	18,233
Incometaxrecoverable(giftaid)	9,446	-		-	9,446
DonationsandGrants	99,766	-		-	99,766
intangibleIncome— WagesinKind	135,944	1,147		-	137,091
Legacies	973,235	-		-	973,235
	1,505,043	1,147		-	1,506,190

	Unrestricted	Restricted	Permanent		Total
			Endowment
		2023
	£	£		£	£
Officers’subscriptions	108,251	-		-	108,251
Soldiers’subscriptions	153,390	-		.	153,390
RetiredOfficersDonations	19,318	-		-	19,318
Incometaxrecoverable(giftaid)	8,544	-		-	8,544
DonationsandGrants	47,426	-		~	47,426
IntangibleIncome— WagesinKind	144,648	1,092		-	145,740
Legacies	156,231	-		-	156,231
	637,808	1,092		-	638,900

3.	2024InvestmentIncome
		Unrestricted	Restricted	Permanent	Total
				Endowment
			2024
		£	£	£	£
	Investments	499,849	189,959	-	689,808
		499,849	189,959	-	689,808
	2023InvestmentIncomeComparison
		Unrestricted	Restricted	Permanent	Total
				Endowment
			2023
		£	£	£	£
	Investments	571,797	189,967	-	716,764
		571,797	189,967	-	716,764
4.	2024OtherIncome
		Unrestricted	Restricted	Permanent	Total
				Endowment
			2024
		£	£	£	£
	Interestreceivedonshorttermdeposits	31,136	-	-	31,136
	Eventincome	938	-	-	938
	Merchandiseincome	52	-	-	52
	Christmascardincome	942	-	-	942
	AlanbrookeClub	(930)	-	-	(930)
		32,138	-	-	32,138
	2023OtherIncomeComparison
		Unrestricted	Restricted	Permanent	Total
				Endowment
			2023
		£	£	£	£
	Interestreceivedonshorttermdeposits	22,256	-	-	22,256
	Eventincome	2,547	-	-	2,547
	Merchandiseincome	154	-	-	154
	Christmascardincome	766	-	-	766
	AlanbrookeClub	(957)	-	-	(957)
		24,766	-	-	24,766

	Unrestricted	Restricted		Permanent	Total
				Endowment
			2024
	£	£		£	£
Fundraisingcosts	9,308	-		-	9,308
	9,308	-		-	9,308
2023CostofRaisingFundsComparison
	Unrestricted	Restricted		Permanent	Total
				Endowment
	£	£		£	£
Fundraisingcosts	10,696	-		-	10,696
	10,696	-		-	10,696

6. 2024CharitableActivities
		Unrestricted	Restricted	Permanent	Total
				Endowment
			2024
Welfare		£	£	£	£
Welfaregrants— 1,118(2023:	1,187)	370,053	197,777		567,830
individualcases
Welfaregrantstoinstitutions:
GunnerMagazine		10,000	-	-	10,000
RoyalArtillerySports		80,712	-	-	80,712
ArmyBenevolentFund		79,500	-	-	79,500
OtherGrants:
RegimentsandBatteries		86,300	-	-	86,300
RegimentalWelfare/Comradeship		28,774	-	-	28,774
RAM		93,166	-	-	93,166
BettermentGrants		116,015	-	-	116,015
NMAMaintenance		3,324	-	-	3,324
Awards		3,202	-	-	3,202
Generalgrants		5,990	-	-	5,990
RAMemorials		9,354	-	-	9,354
Events
RAAssembly		17,431	-	-	17,431
NMA		5,726	-	-	5,726
GunnerSunday		1,381	-	-	1,381
		910,928	197,777	-	1,108,705
SupportCosttoCharitableActivities:
Wagesandsalaries		130,663	-	-	130,663
EmployersPensionContribution		7,278	-	-	7,278
EmployersNationalsInsurance		12,821	-	-	12,821
Wagesandsalariesinkind		135,944	1,147	-	137,091
		286,706	1,147	-	287,853
Insurance		2,523	-	-	2,523
Printing,stationeryandadvertising		1,927	-	-	1,927
Officecost(inc.publicity& postage,IT)		17,353	-	-	17,353
T&S		14,721	-	-	14,721
Branchtravel		10,462	-	-	10,462
Misc		2,974	-	-	2,974
Training		180	-	-	180
Bankcharges		727	-	-	727
Cottageexpenses		-	1,766	-	1,766
Depreciation(Cottages)		-	-	21,200	21,200
Auditandaccountancyfees		17,892	-	-	17,892
Auditunderprovision2023		804	-	-	804
Legalandprofessionalfees		5,820	-	-	5,820
Totalsupportcosts		362,089	1,766	21,200	386,202
2024TotalExpenditure		1,273,017	200,690	21,200	1,494,907
		Page26

		Unrestricted	Restricted	Permanent	Total
				Endowment
			2023
Welfare		£	£	£	£
Welfaregrants— 1,187	(2022:1,234)	451,986	178,146		630,132
individualcases
Welfaregrantstoinstitutions:
GunnerMagazine		10,000	-	-	10,000
RoyalArtillerySports		80,280	-	-	80,280
ArmyBenevolentFund		79,500	-	-	79,500
OtherGrants:
RegimentsandBatteries		80,580	-	-	80,580
RegimentalWelfare/Comradeship		35,841	-	-	35,841
RAM		40,000	-	-	40,000
BettermentGrants		46,452	-	-	46,452
Awards		1,733	-	-	1,733
Generalgrants		9,750	-	-	9,750
RAMemorials		11,137	~	-	11,137
Events
RAAssembly		14,564	-	-	14,564
NMA		5,220	-	-	5,220
GunnerSunday		1,399	-	-	1,399
		868,442	178,146	-	1,046,588
SupportCosttoCharitable	Activities:
Wagesandsalaries		124,596	-	-	124,596
EmployersPensionContribution		12,240	-	-	12,240
EmployersNationalsInsurance		12,105	~	-	12,105
Wagesandsalariesinkind		144,648	1,092	-	145,740
		293,589	1,092	-	294,681
Insurance		2,523	-	-	2,523
Printing,stationeryandadvertising		1,549	-	-	1,549
Officecost(inc.publicity&	postage,IT)	20,600	-	-	20,600
T&S		17,014	-	-	17,014
Branchtravel		12,539	-	-	12,539
Misc		1,108	-	-	1,108
Training		95	-	-	95
Bankcharges		604	-	-	604
Cottageexpenses		-	21,187	-	21,187
Depreciation(Cottages)		-	-	21,200	21,200
Auditandaccountancyfees		18,378	-	-	18,378
Legalandprofessionalfees		4,140	-	-	4,140
Totalsupportcosts		372,137	21,187	21,200	415,618
2023TotalExpenditure		1,240,581	200,425	21,200	1,462,206

	2024	2023
	Number	Number
Officeandadministration	4		4

8a.Group
	Unrestricted	Restricted	Permanent	Total
			Endowment	2024
Quotedinvestments	£	£	£	£
Marketvalueat1 January	24,774,137	5,463,276	6,184,429	36,421,842
Netadditionsatcost	9,794,264	2,225,264	2,378,067	14,397,595
Salesproceeds	(9,807,348)	(2,228,239)	(2,381,244)	(14,416,831)
Netrealised/unrealisedgains	1,850,360	420,403	449,271	2,720,034
AliquotChanges	-	-	-	-
CashCommitments	18,093	4,111	4,393	26,597
Marketvalueat31December	26,629,506	5,884,815	6,634,916	39,149,237
Historicalvalueat31December	23,046,401	5,236,164	5,595,714	33,878,279
Investment/ CashBreakdown
investments	26,511,083	5,857,910	6,606,162	38,975,155
BankSettledAccount	118,398	26,900	28,748	174,046
BankUnsettledAccount	25	5	6	36
	26,629,506	5,884,815	6,634,916	39,149,237
8b.RACF
	Unrestricted	Restricted	Permanent	Total
			Endowment	2024
Quotedinvestments	£	£	£	£
Marketvalueat1 January	23,652,343	5,463,276	6,184,429	35,300,048
Netadditionsatcost	9,350,816	2,225,264	2,378,067	13,954,147
Salesproceeds Netrealised/unrealisedgains	(9,363,310) 1,766,586	(2,228,239) 420,403	(2,381,244) 449,270	(13,972,793) 2,636,259
AliquotChanges	-	-	-	-
CashCommitments	17,275	4,111	4,393	25,779
Marketvalueat31December	25,423,710	5,884,815	6,634,915	37,943,440
Historicalvalueat31December	22,002,950	5,236,164	5,595,714	32,834,828
Investment/ CashBreakdown
Investments	25,310,648	5,857,910	6,606,162	37,774,720
BankSettledAccount	113,034	26,900	28,748	168,682
BankUnsettledAccount	24	5	6	35
	25,423,706	5,884,815	6,634,916	37,943,437

		£	£
		Group	RACF
BLKCharUKEQFundA Inc(24.20%)		9,472,441	9,180,690
ISHAREMSCIUSAESGEnhance(18.70%)		7,320,679	7,095,202
BFM-BLKEmergingMarkets(9.68%)		3,790,367	3,673,624
BGFGlobLongHorizon(6.78%)		2,652,704	2,571,001
BSFSystESGWrldEQFD(5.19%)		2,031,141	1,968,582
TACTOPPFDX ACC(5.13%)		2,009,503	1,947,610
oftheholdingslistedareincollectiveinvestmentvehiclesasopposedtosinglesecurities.
2023FixedAssetInvestments
8c.Group
	Unrestricted	Restricted	Permanent	Total
			Endowment	2023
Quotedinvestments	£	£	£	£
Marketvalueat1 January	23,368,136	5,153,222	5,833,446	34,354,804
Netadditionsatcost	18,459,004	4,070,640	4,607,966	27,137,610
Salesproceeds	(18,501,663)	(4,080,049)	(4,618,616)	(27,200,328)
Netrealised/unrealisedgains	1,353,602	298,500	337,903	1,990,005
AliquotChanges	(1)	:	=	(1)
CashCommitments	95,059	20,963	23,730	139,752
Marketvalueat31December
	24,774,137	5,463,276	6,184,429	36,421,842
Historicalvalueat31December
Investment/ CashBreakdown
Investments	24,674,063	5,441,208	6,159,447	36,274,718
BankSettledAccount	68,855	15,184	17,188	101,227
BankUnsettledAccount	31,219	6,884	7,794	45,897
	24,774,137	5,463,276	6,184,429	36,421,842
8d.RACF
	Unrestricted	Restricted	Permanent	Total
			Endowment	2023
Quotedinvestments	£	£	£	£
Marketvalueat1 January	22,310,008	5,153,222	5,833,446	33,296,676
Netadditionsatcost	17,623,166	4,070,640	4,607,966	26,301,772
Salesproceeds	(17,663,894)	(4,080,049)	(4,618,616)	(26,362,559)
Netrealised/unrealisedgains	1,292,310	298,500	337,903	1,928,713
AliquotChanges	(1)	-	Ss	(1)
CashCommitments	90,754	20,963	23,730	135,447
Marketvalueat31December	23,652,343	5,463,276	6,184,429	35,300,048

Investment/ CashBreakdown	Investment/ CashBreakdown
Investments		23,556,801	5,441,208	6,159,447	35,157,456
BankSettledAccount		65,737	15,184	17,188	98,109
BankUnsettledAccount		29,805	6,884	7,794	44,483
		23,652,343	5,463,276	6,184,429	35,300,048
9.	Debtors
		Total	Total	Total	Total
		2024	2023	2024	2023
			Group		RACF
		£	£	£	£
	RoyalArtilleryAssociation	-	-	19,029	34,918
	Incometaxrepayments	2,170	2,514	2,150	2,498
	AccruedServiceGivingIncome	27,119	30,025	26,169	25,998
	SundryDebtors	823	-	950	-
	LegaciesReceivable	981,485	29,715	981,485	29,715
		1,011,597	62,254	1,029,783	93,129
10.CurrentAssetInvestments
		Total	Total	Total	Total
		2024	2023	2024	2023
			Group		RACF
		£	£	£	£
	Shorttermdeposits(inclinvestment	1,835,248	1,921,472	1,435,345	1,397,705
	balance)
11.Creditors
		Total	Total	Total	Total
		2024	2023	2024	2023
			Group		RACF
		£	£	£	£
	Amountsfallingduewithinoneyear:
	Accruals	46,974	27,280	42,594	22,590
		46,974	27,280	42,594	22,590

	Balanceat1	Incoming	Outgoing	NetGainon	Balanceat31
	January24	Resources	Resources	Investment	December24
	£	£		£	£
Unrestricted
GeneralFund	25,118,119	1,914,468	(1,053,589)	1,766,583	27,745,581
Designated
Memorials RAA	105,084 1,867,246	243,980	(346,521)		105,084 1,848,482
	1,972,330	243,980	(346,521)		1,953,566
RestrictedFunds
RABF	5,526,766	200,690	(200,690)	420,403	5,947,169
EndowmentFunds:
RABF	5,504,137		(21,200)	334,340	5,817,277
RACF	1,534,523			114,931	1,649,454
	7,038,660		(21,200)	449,271	7,466,731
Total	39,655,875	2,359,138	(1,622,000)	2,720,034	43,113,047

	Balanceat1	Incoming	Outgoing	NetGainon	Transfers	Balanceat31
	January24	Resources	Resources	Investment		December24
	£	£	£			£
Unrestricted
DesignatedFunds— Memorial	105,084					105,084
GeneralFund	25,118,119	1,914,468	(1,053,588)	1,766,583		27,745,582
	25,223,203	1,914,468	(1,053,588)	1,766,583		27,850,666
RestrictedFunds
RABF	5,526,766	200,690	(200,690)	420,403		5,947,169
EndowmentFunds: RABF	5,504,137		(21,200)	334,340		5,817,277
RACF	1,534,523			114,931		1,649,454
	7,038,660		(21,200)	449,271		7,466,731
Total	37,788,629	2,115,158	(1,275,478)	2,636,257		41,264,566

	Balanceat1	Incoming	Outgoing	Netlosses	Transfers	Balanceatend
	January23	Resources	Resources	on		31December23
				Investment
	£	£	£	£		£
Unrestricted
GeneralFund	105,084					105,084
	23,766,770	1,107,240	(1,048,201)	1,292,310		25,118,119
Designated	23,871,854	1,107,240	(1,048,201)	1,292,310		25,223,203
Memorials
RestrictedFunds	5,228,265	200,425	(200,425)	298,501		5,526,766
RABF
EndowmentFunds: RABF	5,271,611 1,450,346		(21,200)	253,726 84,177		5,504,137 1,534,523
RACF	6,721,957		(21,200)	337,903		7,038,660
Total	35,822,076	1,307,665	(1,269,826)	1,928,714		37,788,629

13.2024Analysisofnet	assetsbetweenfundsGroup	assetsbetweenfundsGroup
Currentyear- Group		Tangible	Investments		Current	NetTotal
		FixedAssets		assets/	(liabilities)
				2024
			£		£	£
Restricted	funds:
	RABF	-	5,884,816		62,353	5,947,169
		-	5,884,816		62,353	5,947,169
PermanentEndowment:
	RABF	848,000	4,979,029		(9,752)	5,817,277
	RACF	-	1,655,886		(6,432)	1,649,454
		848,000	6,634,915		(16,184)	7,466,731
Unrestricted	funds:
	RACF	-	25,423,706		2,321,875	27,745,581
Designated	funds:
Memorials		-	-		105,084	105,084
	RAA	-	1,205,800		642,682	1,848,482
		-	1,205,800		747,766	1,953,566
		848,000	39,149,237		3,115,810	43,113,047
2024AnalysisofnetassetsbetweenfundsRACF
Currentyear— RACF		Tangible	Investments		Current	NetTotal
		FixedAssets		assets/	(liabilities)
				2024
			£		£	£
Restricted	funds:
	RABF	-	5,884,816		62,353	5,947,169
		-	5,884,816		62,353	5,947,169
PermanentEndowment:
	RABF	848,000	4,979,029		(9,752)	5,817,277
	RACF	-	1,655,886		(6,432)	1,649,454
		848,000	6,634,915		(16,184)	7,466,731
Unrestricted	funds:
	RACF	-	25,423,709		2,321,873	27,745,582
Designated	funds:
Memorials		-	-		105,084	105,084
		848,000	37,943,440		2,473,126	41,264,566

Prioryear- Group	Tangible	Investments		Current	NetTotal
	FixedAssets		assets/	(liabilities)
			2023
		£		£	£
Restrictedfunds:
RABF	-	5,463,276		63,490	5,526,766
	-	5,463,276		63,490	5,526,766
PermanentEndowment: RABE	869,200	4,643,785		(8,848)	5,504,137
RACE	;	1,540,644		(6,121)	1,534,523
	869,200	6,184,429		(14,969)	7,038,660
Unrestrictedfunds:
RACF	-	23,652,343		1,465,776	25,118,119
Designatedfunds:
Memorials	-	-		105,084	105,084
RAA	-	1,121,793		745,453	1,867,246
	869,200	1,121,793		850,537	1,972,330
2023Analysisofprioryearnetassetsbetweenfunds		RACF
Prioryear- RACF	Tangible	Investments		Current	NetTotal
	FixedAssets		assets/	(liabilities)
			2023
		£		£	£
Restrictedfunds:	-	5,463,276		63,490	5,526,766
RABF	-	5,463,276		63,490	5,526,766
PermanentEndowment:	869,200	4,643,785		(8,848)	5,504,137
RABF	-	1,540,644		(6,121)	1,534,523
RACF	869,200	6,184,429		(14,969)	7,038,660
Unrestrictedfunds:
RACF	-	23,652,343		1,465,776	25,118,119
Designatedfunds:
Memorials	-	-		105,084	105,084
	869,200	35,300,048		1,619,381	37,788,629

		Unrestricted	RestrictedFunds	Permanent	Total
		IncomeFund	(Benevolence)	Endowments
	Notes	£	£	£	£
			2023
DonationsandlegaciesincSPGS	2	637,808	1,092		638,900
InvestmentIncome	3	571,797	189,967		761,764
OtherCharitableIncome OtherIncome	4	- 24,766	9,366		9,366 24,766
BranchIncome		142,519			142,519
TotalincomebeforeExpenditure		1,376,890	200,425		1,577,315
Expenditureon:
Raisingfunds	5	(10,696)			(10,696)
Netincomeavailableforcharitableactivities		1,366,194	200,425		1,566,619
Charitableactivities	6	1,240,581	200,425	21,200	1,462,206
BranchExpenditure		122,710			122,710
Totalexpenditure		1,373,987	200,425	21,200	1,595,612
Netincomefortheyearbeforegainsoninvestments		2,903		(21,200)	(18,297)
Netgains/(losses)oninvestmentassets		1,353,602	298,501	337,903	1,990,006
Netmovementinfunds		1,356,505	298,501	316,703	1,971,709
Totalfundsbroughtforward		25,733,944	5,228,265	6,721,957	37,684,166
Totalfundscarriedforward		27,090,449	5,526,766	7,038,660	39,655,875

THE ROYAL ARTILLERY CHARITABLE FUND Page 40