2021-12-31-accounts - The Royal Air Forces Association - Corporate Body

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Contents				Pages
Reference and administrative		details		1—3
Trustees' report				4 —22
Independent	auditors' report			23-26
Group statement offinancial		activities		27-28
Association	statement offinancial activities			29-30
Consolidated	and Association	balance sheets		31-32
Consolidated	and Association	statements	ofcashflows
Notes to the	financial statements			34 —67

REGISTERED CHARITY NUMBERS	226686 (England and Wales), SC037673(Scotland)	226686 (England and Wales), SC037673(Scotland)
PRINCIPAL OFFICE	Atlas House, 41Wembley Road, Leicester, LE3	1UT
PATRON	Her Majesty The Queen
LIFEVICE-PRESIDENTS	Marshal ofthe Royal Air Force The Lord Stirrup	KG GCBAFC FRAeS
	FCMI
	Air Chief Marshal Sir Stephen Dalton GCBADC	BScFRAeS CCMI
	Air Chief Marshal SirJoseph Gilbert KCB CBE
	Air Chief Marshal Sir Glenn Torpy GCB CBE DSO BSc(Eng) FRAeS
	Air Chief Marshal Sir Andrew Pulford GCB CBE
	Air Chief Marshal Sir Stephen Hillier GCB CBE DFC MA
	Air Marshal SirJohn Kemball KCB CBE DL (Died	June 2021)
	Air Marshal Sir Dusty Miller KBE
	Air Marshal P0Sturley CB MBE BScFRAeS
	Air Vice-Marshal P Liddell CB BScCEng FIET FRAeS
	Air Vice-Marshal N Bairsto CB MBE
	Air Commodore A H Vaughan OBE BA FIMgt
	Dr BPattinson, OBE(from January 2022)
TRUSTEE MEMBERS OF THE COUNCIL
President	Air Marshal Sir Baz North KCBOBE MA FRAeS
Chairman	Air Vice-Marshal J Cliffe CBOBE
Vice Chairman	Air Vice-Marshal M Neal OBE CEng FIET(from	October 2021)
	Dr BPattinson, OBE(to October 2021)
Honorary Treasurer	Mr PTagg
Elected Members	Dr BPattison OBE(to October 2021)
	Mr M J Blackman (to October 2021)
	Squadron Leader D Gibson RAF (to October 2021)
	Mr C H Goss MA (to October 2021)
	Mr I L McEnnis DipNEBSM AinstAM (Dip) (to October 2021)
	Mr A P Rees (to October 2021)
	Mrs BDennett Stannard (to October 2021)
	Mr P Ramrayka MBA CIHM FIHM FIHEEM (to October 2021)
	FRSP

Committee		Chair	Number of	Number of
			members	meetings
Finance and	Investment	Mr P Tagg
Fundraising	and Communications*	Mr CGoss
Branch and	Membership	Mrs BDennett Stannard	10
Information		AVM M Neal
Welfare		Ms FBarber
Annual Conference		Mr A Rees
Audit		Mr I Gawn
Remuneration		AVM J Cliffe

		Notes	Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			f'000	f'000	f'000	f'000
INCOME:
Donations and Legacies			4,352		4,793	6,654
Donations —assets gifted from closed
branches		28	1,015		1,015	(951)
Charitable Activities:			2,128	2,392	4,520	5,875
Other Trading Activities:
Trading income			456		456	302
Grand Draw and other fundraising
income			1,145		1,145	1,178
Investment Income			577		577	864
Total Income			9,673	2,833	12,506	13,922
EXPENDITURE:
Cost of Raising Funds			1,660		1,660	2,140
Charitable Activities:
Residential &Respite Care Home			2,407		2,407	2,912
Friendship 8 Welfare Support			6,622	3,043	9,665	10,967
Grants						151
Other Support Costs			592		592	794
Other Expenditure:
Interest Paid on Branch Deposits			19		19	17
Interest on Defined Benefit Pension
Liabilities
Share ofthe reduction in value ofthe
joint venture, due to the distribution	of
the joint venture funds, as intended		14				252
Total Expenditure			11311	3,043	14,354	17,240

		Notes	Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			E'000	E'000	E'000	E'000
Net gains on investment	assets	14(b)	2,575		2,575	27
Net (expenditure)/income			937	(210)	727	(3,291)
Other recognised losses:
Actuarial gain/(losses) on	defined benefit
pension scheme			839		839	(427)
Net movement in funds			1776	(210)	1,566	(3,718)
Reconciliation of Funds
Total Funds Brought Forward			29,454	2,551	32,005	35,723
Total Funds Carried Forward			31,230	2,341	33,571	32,005

	Notes	Unrestricted	Restricted	Total	Total
		Funds	Funds	2021	2020
		E'000	E'000	E'000	E'000
INCOME:
Donations and Legacies		4,352	441	4,793	6,546
Donations —assets gifted from closed
branches	28	1,015		1,015	(9511
Charitable Activities:		331	2,392	2,723	4,464
Other Trading Activities:
Grand Draw and other fundraising
income		1,145		1,145	1,178
Investment Income		577		577	864
Total Income		7,420	2,833	10,253	12,101
EXPENDITURE
Cost ofRaising Funds		1,030		1,030	1,765
Charitable Activities:
Residential L Respite Care Home		2,355		2,355	2,791
Welfare Support		5,062	3,035	8,097	9,382
Grants					151
Other Support Costs		606		606	798
Other Expenditure:
Interest Paid on Branch Deposits		19		19	17
Interest on Defined Benefit Pension
Liabilities
Total Expenditure		9,083	3,035	12,118	14,911

		Notes	Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			E'000	E'000	f'000	E'000
Net gains on investment	assets	14(b)	2,575		2,575	27
Net income/(expenditure)			912	(202)	710	(2,783)
Other recognised losses:
Actuarial gains/(losses)	on defined
benefit pension scheme			839		839	(427)
Net movement in funds			1,751	(202)	1,549	(3,210)
Reconciliation ofFunds
Total Funds Brought Forward			29,328	2,443	31,771	34,981
Total Funds Carried Forward			31,079	2,241	33,320	31,771

		Notes	Group		Association
			2021	2020	2021	2020
			f'000	f.'000	f'000	E'000
Fixed assets:
Intangible assets		12	1,302	1,689	1,302	1,689
Tangible assets:
Properties		13	5,404	6,229	4,996	5,843
Equipment and furniture		13	579	689	393	522
			7,285	8,607	6,691	8,054
Investments:
Investments		14	25,265	22,812	25,265	22,812
Programme related	investments
-loan to branches			129	131	129	131
Total fixed assets			32,679	31,550	32,085	30,997
Current assets:
Assets held for resale		15	550	580	550	580
Stocks			392	435
Debtors		16	305	402	1,156	1,252
Cash at bank and in	hand		4,041	4,382	3,560	3,886
Total current assets			5,288	5,799	5,266	5,718
Current liabilities:
Creditors: amounts	falling due within one
year		17	(4,127)	(4,235)	(4,031)	(4,114)
Net current assets			1,161	1,564	1,235	1,604
Total assets less current liabilities			33,840	33,114	33,320	32,601
Creditors: amounts	falling due after more
than one year		18	(269)	(279)
Net assets excluding	pension scheme
liability			33,571	32,835	33,320	32,601
Defined benefit pension scheme
asset/(liability)				(830)		(830)
Net assets including	pension scheme
liability			33,571	32,005	33,320	31,771

		Notes	Group		Association
			2021	2020	2021	2020
			E'000	E'000	E'000	f'000
Funds:
Income funds:
Restricted funds		20	2,341	2,551	2,241	2,443
Unrestricted funds:
Designated funds		21	18,932	18,769	18,932	18,769
General funds			12,274	11,517	12,147	11,389
Pension scheme	deficit			(830)		(830)
Net general funds			12,274	10,687	12,147	10,559
Non-charitable	funds		24	(2)
Total funds			33,571	32,005	33,320	31,771

			Notes	Group		Association
				2021	2020	2021	2020
				f'000	f'000	f'000	f'000
Cash flows from operating	activities		23	(2,562)	(2,158)	(2,611)	(2,295)
Cash flows from investing	activities
Investment income				577	861	577	861
Interest receivable					3		3
Interest payable				(19)	(17)	(19)	(17)
Receipt of Kaupthing Singer and
Friedlander monies				10	13	10	13
Payments to acquire intangible fixed
assets					(461)		(461)
Payments to acquire tangible fixed assets				(115)	(86)	(51)	(17)
Receipts from disposals of	fixed assets				13		13
Payments to acquire investments				(3,015)	(313)	(3,015)	(313)
Receipts from disposals of	investments			4,591	3,635	4,591	3,625
Net cash provided by investing activities				2,029	3,648	2,093	3,707
Cash flows from financing	activities
Decrease in loans to branches				2	1		1
Decrease in deposits by branches				190	547	190	547
Net cash from financing activities				192	548	192	548
Change in cash and cash equivalents		in
the year				(341)	2,038	(326)	1,960
Cash and cash equivalents	at the
beginning ofthe year				4,382	2,344	3,886	1,926
Cash and cash equivalents	at the end	of
the year				4,041	4,382	3,560	3,886

. DONATION	S, LEGACIES	AND SUBSCRIPTION	S
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			f'000	E'000	E'000	E'000
Group
Donations
Residential	and respite	care homes				29
Armed Forces Covenant		Fund Trust		211	211	1,027
Others			1,223	230	1,453	1,827
Legacies			2,158		2,158	2,886
Subscriptions			971		971	885
			4,352		4,793	6,654
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
			E'000	E'000	E'000	E'000
Association
Donations
Residential	and respite	care homes				29
Armed Forces Covenant		Fund Trust		211	211	1,027
Others			1,223	230	1,453	1,719
Legacies			2,158		2,158	2,886
Subscriptions			971		971	885
			4,352		4,793	6,546

					RAFA HL	RAFATRAD	RAFA Events	RAFA Kidz	RAFA Kidzone
					2021	2021	2021	2021	2021
					E'000	E'000	E'000	E'000	E'000
Income					191	633		1,050	684
Expenditure					(132)	(655)		(1,047)	(705)
Surplus/loss	for	the	financial	period	59	(22)		3	(21)

	RAFA HL	RAFATRAD	RAFA Events	RAFA Kidz	RAFA Kidzone
	2021	2021	2021	2021	2021
	E'000	E'000	E'000	E'000	E'000
Assets	823	464		58	190
Liabilities	(282)	(560)		(408)	(32)
Funds (Share capital and reserves)	541	(96)		(350)	158

. INVESTMENT INCOME AND INTEREST
Group and Association	2021	2020
	E'000	E'000
UK listed investments	450	747
Cash deposits		3
Branch and other loans	3
Properties	124	114
	577	864

					Unrestricted	Restricted	Total	Total
					Funds	Funds	2021	2020
					E'000	E'000	E'000	E'000
Group
Accommodation	fees				431		431	458
Grants and fundraising		income			36	2,392	2,428	3,256
Nursery funds					1,649		1,649	1,076
UK government	Coronavirus		job retention	scheme	12		12	1,085
					2,128	2,392	4,520	5,875

					Unrestricted	Restricted	Total	Total
					Funds	Funds	2021	2020
					E'000	E'000	E'000	f'000
Association
Accommodation	fees				245		245	321
Grants and fundraising		income			84	2,392	2,476	3,251
UK government	Coronavirus		job retention	scheme	2		2	892
					331	2,392	2,723	4,464

			Employee
			and
			related	Depreciation	Other	Total	Total
			costs	and amortisation	costs	2021	2020
			E'000	E'000	E'000	E'000	E'000
Costs of raising funds:
Direct costs			796		858	1,654	2,137
Allocated support costs						7	3
Charity's charitable activities
Direct costs			3,961		4,327	8,288	9,924
Allocated support costs			2,272	600	1,504	4,376	4,900
Other expenditure
Interest Paid on Branch Deposits					18	18	17
Interest on Defined	Benefit Pension	Liabilities			11	11	7
Share ofthe reduction	in value ofthe joint venture,
due to the dispersal of	the joint venture	funds, as					252
intended (see note 14)
			7,029	607	6,718	14,354	17,240
						2021	2020
Allocated support costs:						E'000	E'000
Heat and light						26	3
Other site costs						46	52
Advertising and promotions						134	225
Printing and stationery						106	108
Telephone						54	61
Insurance						117	226
Repairs and maintenance						57	27
Depreciation and amortisation						607	470
Other expenditure						703	1,292
Other equipment						25	26
Staff costs						2,272	2,054
Governance costs						236	359
						4,383	4,903

	Employee
	and
	related	Depreciation	Other	Total	Total
	costs	and	costs	2021	2020
		amortisation
	E'000	E'000	E'000	E'000	E'000
Costs of raising funds:
Direct costs	568		462	1,030	1,765
Allocated support costs
Charity's charitable activities
Direct costs	2,571		4,266	6,837	8,354
Allocated support costs	2,153	565	1,503	4,221	4,768
Other expenditure
Interest Paid on Branch Deposits			19	19	17
Interest on Defined Benefit Pension Liabilities			11	11	7
	5,292	565	6,261	12,118	14,911
				2021	2020
Allocated support costs:				E'000	E'000
Heat and light				26	3
Other site costs				35	38
Advertising and promotions				135	221
Printing and stationery				105	107
Telephone				50	61
Insurance				109	224
Repairs and maintenance				56	24
Depreciation and amortisation				565	437
Other expenditure				695	1,273
Other equipment				25	26
Staff costs				2,153	1,945
Governance costs				267	409
				4,221	4,768

Group and	Association		2021	2020
			E'000	E'000
Welfare grants to individuals			95	26
Association	property grants to branches		6	7
Armed Forces Covenant		Fund Trust grants paid
to branches			583	526
			684	559

0. STAFF COS	TS
			Group		Association
			2021	2020	2021	2020
			E'000	E'000	E'000	E'000
Wages and salaries			6,242	7,125	4,673	5,665
Social security	costs		571	592	461	504
Employer contributions		to defined
contributions	schemes		209	372	168	334
			7,022	8,089	5,302	6,503

he average number as:	ofemployees throughout	the year, calculated on a full-	time equivalen	t basis, analysed by location	t basis, analysed by location
		Group		Association
		2021	2020	2021	2020
		Number	Number	Number	Number
Welfare		44	69		69
Membership		20	29	20	29
Headquarters		60	65	60	65
Families Federation	Service	10	10	10	10
RAFATRAD			6
RAFA Housing			1
RAFA Kidz (inc Kidzone)		63	59
		205	239	134	173

Group and Association	2021	2020
	Number	Number
f60,001tof70,000
f70,001 to f80,000
f80,001to f90,000
f90,001tof100,000
f120,001to f130,000

								2021	2020
Rate of	increase	of	pensions		in payment			3.4%	3.0%
Discount rate								19%	1.3%
Inflation	assumption		(RPI)					33%	3.0%
The mortality		assumptions			used in the valuation	ofthe pension	liabilities were:
								2021	2020
Retiring	today (currently			aged 65):				Years	Years
Males								21.7	21.7
Females								23.9	23.9
Retiring	in 20years		(currently		aged 45):
Males								22.7	22.7
Females								24.8	24.7

5January	2	010.	The Asso	ciation's assets in the scheme at 31December	2021were:
					2021	2020
					f'000	E'000
Bonds					4,130	3,315
Equities					2,630	2,801
Property						1,010
Insurance	contracts				5,312	5,885
Diversified		funds			2,594	2,393
LDI funds					2,930	2,145
Net current		assets			53	177
Total assets					17,649	17,726
					2021	2020
					E'000	E'000
Fair value	ofscheme assets				17,649	17,726
Present value of			scheme	liabilities	(17,016)	(18,556)
Surplus/(deficit)			in the scheme		633	(830)
Restriction		on recognition		ofscheme surplus	(633)
Total liability recognised						(830)

Changes	in the fair value of plan assets	2021	2020
		E'000	E'000
Opening	plan assets	17,726	17,033
Interest	on assets	226	318
Gain on	asset return	420	1,048
Contributions by employer		75	92
Benefits	paid	(725)	(707)
Expenses	paid by the scheme	(73)	(58)
Closing defined benefit obligation		17,649	17,726

2. INTANGIBLE FIXEDASSETS
	Computer	Total
Group and Association	software
	E'000	E'000
Cost or valuation:
At 1January 2021	1,890	1,890
Disposals	(70)	(70)
At 31December 2021	1,820	1,820
Amortisation:
At 1January 2021	201	201
Charge for year	326	326
Amortisation on disposals	(9)	(9)
At 31December 2021	518	518
Net book Value:
At 31December 2021	1,302	1,302
At 31December 2020	1,689	1,689

3. TANGIBLE FIXEDAS	SETS
		Properties
			Short	Equipment	Total
Group		Freehold	Leasehold	and Furniture
		E'000	f'000	E'000	E'000
Cost or valuation:
At 1January 2021		8,365	59	2,322	10,746
Additions		33		82	115
Disposals				(106)	(106)
Transfer to investment	properties	(1,150)		(224)	(1,374)
At 31December 2021		7,248	59	2,074	9,381
Depreciation:
At 1January 2021		2,168	27	1,633	3,828
Charge for year		145		135	281
Depreciation on disposal				(96)	(96)
Transfer to investment	properties	(438)		(177)	(615)
At 31December 2021		1,875	28	1,495	3,398
Net book Value:
At 31December 2021		5,373	31	579	5,983
At 31December 2020		6,197	32	689	6,918
		Properties
			Short	Equipment
Association		Freehold	Leasehold	and Furniture	Total
		f'000	E'000	E'000	E'000
Cost or valuation:
At 1January 2021		7,671	59	1,883	9,613
Additions				51	51
Disposals				(105)	(105)
Transfer to investment	properties	(1,150)		(224)	(1,374)
At 31December 2021		6,521	59	1,605	8,185
Depreciation:
At 1January 2021		1,860	27	1,361	3,248
Charge for year		134		104	239
Depreciation on disposals				(76)	(76)
Transfer to investment	properties	(438)		(177)	(615)
At 31December 2021		1,556	28	1,212	2,796
Net book Value:
At 31December 2021		4,965	31	393	5,389
At 31December 2020		5,811	32	522	6,365

							Listed	Investment
							Investments	property	Total
							f.'000	f'000	f'000
1January	2021						20,973	1,839	22,812
Additions							3,015		3,015
Transfer	from fixed assets							759	759
Transfer	from current		assets					500	500
Disposals							(4,209)	(382)	(4,591)
Net investment		gains	(see note 14b)				2,279	286	2,565
Transfer	of Formby		Branch	Fund	to Formby	Branch
creditor							205		205
31December 2021							22,263	3,002	25,265

				2021	2020
				E'000	E'000
Income
Expenditure					(115)
Net expenditure					(115)
The Association's		share ofRAF100Appeal's assets and liabilities	is as follows:
				2021	2020
				E'000	E'000
Current	assets				214
Current	liabilities				(214)
Net assets

							Branch	Deposit
							Branch Deposit	Fund	—Formby
							Fund		Branch	Total
							f'000		f'000	f'000
2021
North America							2,959		127	3,086
European							436		19	455
Asia Pacific							836		61	897
Emerging	market						177			177
Global							3,825		236	4,061
							8,233		443	8,676
2020
North America							3,602		154	3,756
European							385		17	402
Asia Pacific							1,427		80	1,507
Emerging	Market						495			495
Global							4,365		224	4,589
							10,274		475	10,749
b) Net gains on		investment		assets
Group and Association									2021	2020
									f'000	f'000
Net gains	on listed investments								2,279	14
Net gains	on investment		properties						286
Net gains	on current asset			investments
- Kaupthing		Singer	and	Friedlander	distribution	(see note 26)			10	13
									2,575	27

5. ASSETS HELD FOR RESALE
	2021	2020
Group and Association	E'000	E'000
Freehold properties	550	580

6. DEBTORS:	AMOUNTS FALLING DUE WITHIN ON	E YEAR
		Group		Association
		2021	2020	2021	2020
		E'000	E'000	E'000	E'000
Trade debtors		53	23	51	21
Amounts due	from subsidiaries			865	911
Prepayments	and accrued income	183	321	173	294
Other debtors		69	58	67	26
		305	402	1,156	1,252

7. CRED	ITORS: AMOU	NTS FALLING DUE WITHIN	ONE YEAR
			Group		Association
			2021	2020	2021	2020
			E'000	E'000	f'000	E'000
Taxation	and social security costs		176	281	136	263
Other creditors			288	830	223	708
Accruals	and deferred	income	630	467	587	447
Deposits	by branches		1,907	1,717	1,907	1,717
Formby	Branch		1,126	940	1,126	940
Amounts	owed to subsidiaries				52	39
			4,127	4,235	4,031	4,114

				Association	Association
		2021	2020	2021	2020
		f'000	f'000	f'000	f'000
Accruals		374	252	343	238
Deferred	income	256	215	244	209
		630	467	587

ncluded in accruals is an am	ount off33k(202	0:f37k) in respect of unpa	id pension contributions.
			Group	Association
Movement in deferred income:			f'000	f'000
2021opening balance			215	209
Release during the year			(210)	(209)
2021donations, fulfilment	income and grants	in advance	251	244
2021closing balance			256

8. CRE	DITORS:	AMOUNT	S FALLING DUE AFTER	MORE THAN ONE YEAR
				Group		Association
				2021	2020	2021	2020
				f'000	f'000	f'000	f'000
Deferred	income	—capital	grant	269	279
				269	279

						Group			Association	Association
						2021	2020		2021	2020
						E'000	E'000		E'000	E'000
Equipment:
Due within one year						9		11	9	10
Due between two and		five	years			19		33	19	27
Land and buildings:
Due within one year						51		40	16	13
Due between two and		five	years			24		8	15	3
						103		92	59	53
0. RESTRICTED FUNDS
				At						At
Association				1January						31December
				2021	Income	Expenditure		Transfers		2021
				E'000	E'000		E'000		K'000	E'000
Eastern Area Chalet	Fund			109		22		(4)		127
Homes Refurbishment				151						151
Flowerdown House				113						113
Rothbury House				49			(37)				12
Richard Peck House	Stairlift			11							11
Respite Care and Welfare				361						361
Conway Legacy (Formerly			known	86							86
as Ivor Maloney)
Scottish Development		Fund		22							22
National Memorial	Arboretum					14					14
Preston Office				50			(50)
Forces in Mind Trust				142					(142)
Storybook Wings				4							4
RAF Benevolent Fund Grants				229	2,241		(2,169)			301
Libor				105			(22)		(83)
Vehicle fund for Areas				56			(56)
Volunteer Welfare	Officers			8							8
Wexford				58							58
Befriending						57					140
Veterans				501	211		(583)				129
Rothbury					168						168
Military Coworking						85	(82)		142		145
Other Restricted Funds				388		35	(32)				391
				2,443	2,833		(3,035)			2,241
Group
Digby Nursery Fund				108				(8)			100
				2,551	2,833		(3,043)			2,341

				At				At
Association				1January				31December
				2020	Income	Expenditure	Transfers	2020
				f'000	f'000	f'000	f'000	f'000
Eastern Area	Chalet Fund			84	32	(7)		109
Homes Refurbishment				151				151
Richard Peck	House			82			(82)
Flowerdown	House			113	5	(5)		113
Rothbury House				38	12	(1)		49
Richard Peck	House Stairlift			11				11
Respite Care	and	Welfare		361				361
Sussexdown	Residents'		Fund	60			(60)
Ivor Maloney				86				86
Scottish Development			Fund	22				22
Talking Air Mail				(2)
Preston Office				51		(1)		50
Forces in Mind Trust				63	165	(86)		142
Storybook Wings				4				4
RAF Benevolent		Fund Grants		197	2,693	(2,661)		229
Libor				109		(4)		105
Vehicle fund	for	Areas		56				56
Volunteer Welfare Officers				12		(4)		8
Wexford				66	9	(17)		58
Befriending					17	(30)
Veterans					1,027	(526)		501
Other Restricted		Funds		205	292	(109)		388
				1,769	4,252	(3,451)	(127)	2,443
Group
Digby Nursery	Fund				108			108
				1,769	4,360	(3,451)	(127)	2,551

			At				At
			1January				31December
Group and Association			2021	Income	Expenditure	Transfers	2021
			E'000	f'000	f'000	E'000	E'000
Fixed Assets			3,375				3,375
Membership		Innovation	346				346
Investment		Fund	4,310				4,310
Welfare	Fund		8,000				8,000
Property	Repairs and Maintenance		750				750
Defined	Benefit Pension Scheme		1,988				1,988
Rothbury				163			163
			18,769	163			18,932

		At				At
		1January				31December
Group and Association		2020	Income	Expenditure	Transfers	2020
		E'000	f'000	f'000	E'000	E'000
Fixed Assets		3,375				3,375
Homes	Review	86			(86)
Membership Innovation		346				346
Investment Fund		4,310				4,310
Homes	Fund	1,355			(1,355)
Welfare	Fund	1,500			6,500	8,000
Property	Repairs and Maintenance	7,375			(6,625)	750
Defined	Benefit Pension Scheme	1,988				1,988
		20,335			(1,566)	18,769

Group:		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		f'000	f'000	E'000
Funds balances at31December 2021
are represented	by:
Intangible fixed assets		1,302		1,302
Tangible fixed assets		5,983		5,983
Investments		25,265		25,265
Loans to branches		129		129
Current assets		2,947	2,341	5,288
Current liabilities		(4,127)		(4,127)
Creditors due after one year		(269)		(269)
Pension provision	capped at nil
Total net assets		31,230	2,341	33,571
Association:		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		E'000	E'000	E'000
Funds balances at31December 2021
are represented	by:
Intangible fixed assets		1,302		1,302
Tangible fixed assets		5,389		5,389
Investments		25,265		25,265
Loans to branches		129		129
Current assets		3,025	2,241	5,266
Current liabilities		(4,031)		(4,031)
Pension provision	capped at nil
Tota I net assets		31,079	2,241	33,320

Group:		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		E'000	E'000	E'000
Funds balances at 31December 2020
are represented	by:
Intangible fixed assets		1,689		1,689
Tangible fixed assets		6,918		6,918
Investments		22,812		22,812
Loans to branches		131		131
Current assets		3,248	2,551	5,799
Current liabilities		(4,235)		(4,235)
Creditors due after one year		(279)		(279)
Pension provision		(830)		(830)
Tota I net assets		29,454	2,551	32,005
Association:		Unrestricted	Restricted	Total
		Funds	Funds	Funds
		E'000	E'000	f'000
Funds balances at 31December 2020
are represented	by:
Intangible fixed assets		1,689		1,689
Tangible fixed assets		6,365		6,365
Investments		22,812		22,812
Loans to branches		131		131
Current assets		3,275	2,443	5,718
Current liabilities		(4,114)		(4,114)
Pension provision		(830)		(830)
Total net assets		29,328	2,443	31,771

					Group		Association
					2021	2020	2021	2020
					E'000	E'000	f'000	E'000
Net income/(expenditure)					727	(3,291)	710	(2,783)
Adjustments for:
Gifted properties					(1,015)	951	(1,015)	951
Share ofjoint venture						252
Contributions to defined	benefit scheme				(75)	(92)	(75)	(92)
Expenses borne by pension		scheme			73	58	73	58
Depreciation charges					281	359	239	326
Amortisation charges					326	111	326	111
Amortisation ofcapital grant					(10)	(4)
Loss on disposal offixed	assets				10	16	29	16
Gains on investments					(2,780)	(27)	(2,780)	(27)
Deficit on intangible assets					61		61
Investment income					(577)	(864)	(577)	(864)
Return on defined benefit		scheme assets			(226)	(318)	(226)	(318)
Interest paid					19	17	19	17
Interest on defined benefit		pension		liabilities	237	325	237	325
Decrease in assets for resale					545	294	545	294
Decrease/(increase) in stocks					43	(100)		8
Decrease/(increase) in debtors					97	234	96	(169)
(Decrease) in creditors					(298)	(79)	(273)	(148)
Net cash (used in) operating			activities		(2,562)	(2,158)	(2,611)	(2,295)
4. CASH AND CASH EQUIVALENTS
					Group		Association
					2021	2020	2021	2020
					E'000	E'000	E'000	E'000
Cash and cash equivalents		represent:
Cash at bank					1,503	1,853	1,022	1,357
Cash held by investment	managers				2,538	2,529	2,538	2,529
					4,041	4,382	3,560	3,886

				Notes	Unrestricted	Restricted	Total
					Funds	Funds	2020
					f'000	E'000	E'000
INCOME:
Donations and Legacies				3	5,383	1,271	6,654
Donations —assets gifted from closed branches				28	(951)		(951)
Charitable Activities:					2,786	3,089	5,875
Other Trading Activities:
Trading income					302		302
Grand Draw and other	fundraising	income			1,178		1,178
Investment Income					864		864
Total Income					9,562	4,360	13,922
EXPENDITURE:
Cost of Raising Funds					2,140		2,140
Charitable Activities:
Residential L Respite Care Home					2,878	34	2,912
Friendship 8 Welfare Support					7,640	3,327	10,967
Grants					65	86	151
Other Support Costs					790		794
Other Expenditure:
Interest Paid on Branch Deposits					17		17
Interest on Defined Benefit Pension		Liabilities
Share ofthe reduction	in value ofthe joint		venture,
due to the distribution	ofthe joint	venture	funds,
as intended					252		252
Total Expenditure					13,789	3,451	17,240

		Notes	Unrestricted	Restricted	Total
			Funds	Funds	2020
			E'000	E'000	E'000
Net gains on investment	assets	14(b)	27		27
Net (expenditure)/income			(4,200)	909	(3,291)
Gross transfers between	funds		127	(127)
Net (expenditure)/income			(4,073)	782	(3,291)
Other recognised losses:
Actuarial losses on defined benefit pension scheme		11	(427)		(427)
Net movement in funds			(4,500)	782	(3,718)
Reconciliation ofFunds
Total Funds Brought Forward			33,954	1,769	35,723
Total Funds Carried Forward			29,454	2,551	32,005

		Notes	Unrestricted	Restricted	Total
			Funds	Funds	2020
			E'000	E'000	E'000
INCOME:
Donations and Legacies		3	5,383	1,163	6,546
Donations —assets gifted from closed branches		28	(951)		(951)
Charitable Activities:			1,375	3,089	4,464
Other Trading Activities:
Grand Draw and other fundraising	income		1,178		1,178
Investment Income			864		864
Total Income			7,&49	4,252	12,101
EXPENDITURE
Cost of Raising Funds			1,765		1,765
Charitable Activities:
Residential 5Respite Care Home			2,757		2,791
Welfare Support			6,055	3,327	9,382
Grants			65	86	151
Other Support Costs			794		798
Other Expenditure:
Interest Paid on Branch Deposits			17		17
Interest on Defined Benefit Pension	Liabilities
Total Expenditure			11,460	3,451	14,911

		Notes	Unrestricted	Restricted	Total
			Funds	Funds	2020
			f'000	E'000	E'000
Net gains on investment	assets	14(b)	27		27
Net (expenditure)/income			(3,584)	801	(2,783)
Gross transfers between	funds		127	(127)
Net (expenditure)/income			(3,457)	674	(2,783)
Other recognised losses:
Actuarial losses on defined benefit pension scheme		11	(427)		(427)
Net movement in funds			(3,884)	674	(3,210)
Reconciliation ofFunds
Total Funds Brought Forward			33,212	1,769	34,981
Total Funds Carried Forward			29,328	2,443	31.771