THE ROYAL ARTILLERY ASSOCIATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Registered Charity No: 238197

CONTENTS
Trustee and Administrative Information
Trustee's Report
Independent Auditors, Report
9-12
Statement of Financial Activities
13
Balance Sheet
14
Cash Flow Statement
15
Notes to the Financial Statements
16-22

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022
Patron
Her Late Majesty Queen Elizabeth11 Iuntil 8, September 20221
Trustee
During the year ended 31 December 2022, and up to the date of approval of this
report, the Corporate Trustee of the Association was.. The Royal Artillery Charitable Fundlcc No.. 2102021..
President of the RAA
Lieutenant General Sir Andrew Gregory KBE CB DL
Chairman ofthe RAA
Brigadier MN Pountain CBE
Chairman ofthe RACF Trustees & RA Board of Management
Major General DM Cullen CB OBE
RACF trustees during the accountlng period
Brigadier MN Pountain CBE
Colonel MB Bishop MBE VR
Colonel RC Christopher MBE
Colonel CE Comport OBE DL TD
Colonel MAA Dornan
Colonel C Fletcher-wood OBE
Colonel RC Harmer ADC
Colonel C Palmer
Colonel MD Relph MBE
Colonel G Taylor
Lieutenant Colonel SJ Howe
Major AJ Dines TD
Major JO Leighton TD
Warrant Officer Cla55 1 IRASMIL Sanders
(Appointed 7, June 20221
(Appointed 7, June 20221
(Appointed 7" June 20221
(Appointed 7, June 20221
A number of trustees are also involved in the governance of other charities referred to in this report. All
trustees have made a declaration listing any related parties and potential conflicts of interest.
Reglmental Secretary
Bankers
Col IRetdl M G J Carter
Lloyds TSB PIC
19121 Powys Street
Woolwich SE18 6JZ
Solicitors
Wilsons
Alexandra House
st john's Street
Salisbury
Wiltshire
SPI 2SB
Auditors
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
Addre55
Artillery House,
Royal Artillery Barracks,
Larkhill,
Wiltshire,
SP4 8QT
Reglstered Charity No-. 238197
Page I

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Introduction
The trustee presents the Royal Artillery Association IRAAI report and accounts for the year ended 31"
December 2022. The charity's funds are also included in the Group Account5 of the Royal Artillery Charitable
Fund IRACFI.
Ob'ects
The RAA was established in 1920 for the purpose of furthering Gunner comradeship and looking after the
welfare of ex-members of the Royal Artillery and their dependents. The objects of the RAA are..
To promote the efficiency of the Royal Artillery bv=
Maintaining contact between past and present members of the Royal Artillery,
fostering mutual friendship between them and providing for social gatherings for them and,.
bl
Fostering esprit de corps, comradeship and the welfare of 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 Artillery, and their dependants, who are in conditions of need, hardship or distress.
ani5ation
The RAA'S sole trustee is the incorporated charity known as the RACF- Charity Number 210202. The RAA
works c105ely with a number of other charities, in particular the Royal Artillery General Charitable Trust
IRAGCTI, the Royal Artillery Institution IRAII and the RACF, whose objects also support and promote
efficiency within the Royal Artillery. The tru5tee5 of the RACF meet as part of the Royal Artillery Board of
Management IRA BOMI which is the body responsible for the efficient coordination and management of the
RACF, RAA and Royal Artillery Institution IRAII. The RA Bom meets under its Chairman at least twice each
vear. In the month leading up to the Board meetings, the meetings of the Investment Committee, the
Welfare Committee, the Finance and General-Purpose Committee and the RAA National Executive
Committee INECI take place. The reports of these committees form part of the agenda for the RA Bom
meetings at which policy concerning the RAA is discussed ènd decisions are made. The Chairman of the RA
Bom 15 a member of the Master Gunner's Committee and updates members bi-annually on business
undertaken by the Board.
The RAA is a membership organisation. Members may belong to local or national branche5, serving batteries
of the Royal Artillery or as individual members. Members, views, concerns and suggestions are channelled
through their branch or Battery to regional representatives who are members of the National Executive
CommitteelNECI.
A Royal Artillery Assembly, which includes the RAA'S AGM is held each year usually in May. At the AGM
members are elected to go forward as nominees to represent the RAA on the RACF board of trustees. There
re three RAA representatives at any one time. They are nominated for a three-year term and may be re-
elected at the end of that term. Nominations go forward to the RACF trustees who are invited to appoint
nominees in accordance with the RACF Articles of Association. The governing documents of the RAA are.. the
Charity Commission Scheme; the Rules of the RAA and,. the RAA General Administrative Instructions IGAlsl-
GAIS were again reviewed in 2022 and a number of minor change5 were approved by the trustee.
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THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Governance
In addition to the Charity's Scheme, the Investment Committee and the Finance & General-Purpose
Committee have their own directives laid down by the RA Bom. Direction to the RAA NEC is contained in the
RAA Rules and GAIS.
Secretariat policies, which are agreed by the committees, trustee and the Bom, are in place in order to
ensure the smooth and effective running of the charity. The charity'5 risk reElSter is reviewed annually by
the trustee. The register follows the model recommended by the Charity Commission. Identified risks are
managed as laid down in the Risk Management Plan. For specific items detailed briefs are sent to the
trustee SD that members can consider issues in depth before meetings. Members a150 receive regular
reports on the value and movement of the charitW5 investment portfolio. The Chairman of the trustee and
the Regimental Secretary meet regularly lusually weeklyl to discuss issues.
Chari
Commission Governance Code
The trustee, as one of the Royal Artillery charities, comes under the umbrella of the Confederation of Service
Charities Icobseol. Cobseo in consultation with the Charity Commission has produced a Service charity
toolkit based on the 2017 Charity Commission Governance guide. The trustee board carried out a self-
assessment process using the toolkit in 2019. This has enabled the board to identify where a number of
enhancements can be considered to improve governance. This included a resolution to limit the tenure of
trustees. A further self-assessment review was conducted in 2022. Overall this showed an improvement
since 2019 but identified some areas for further review.
Ke
Mana
ement Personnel
The Regimental Secretary is the Chief Executive of the RAA and is responsible for: the day-to-day
management of the charity's business,. implementing policies agreed by the RACF trustee and- the
management of the staff. He is supported by the RAA Secretary and his staff of two. The Finance Secretary is
responsible to the Regimental Secretary for the accounting of funds and all financial records.
Review of Flnancial Activities
The charity's funds continue to be employed to support the efficiency of the Royal Artillery by supporting
comradeship and promoting esprit de corps, and to relieve need, hardship or distress as stated in its Objects.
The results of the charity's activities are summarised on page 13. In 2022 the charity had an excess of
expenditure over income, before gains on investments, of £66,70612021.. Excess of expenditure over income
£72,231). After Investment10ss of £125,858,12021'. gains of £111,708) there was a net decrease of funds of
£192,56412021.' net increase of £39,477). Investment losses were directly attributable to market
movements following the invasion of Ukraine.
Total central income increased by £40,215 to £121,199. This was mainly due to a an increase in donation,
and subscriptions, the largest intrease was donations from RACF due to increase in Battery Grants in 2022.
In 2022, there was I legacy totalling £5,00012021: 1 totalling £2,000) and 29 donations giving £7,18912021..
35 totalling £6,079).
Income collected through the Service Pay Giving Scheme from officers, soldiers and members of the Reserve
regiment has decreased slightly by £599 to £39,840.
Page 3

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Review of Financlal Actlvltles contlnued
This year RAA received a grant of £29,163 from RACF for Battery grants12021- £0 due to the high level of
legacy income).
Income from Branch events and subscriptions to date are £120,09312021.. £67,446), thi5 is mainly due to
increase in activities due to all COVID restriction being lifted.
Total expenditure increased by £87,337 to £307,998. This is due a steady increase in branch activities, RAA
Assembly being held for the first time since 2019, the start of the production of the commeration items for
RAA 100, which were delayed due to COVID and the number of comradeship events attracting RAA grants.
There are five main income streams. They are..
Branch Income and SLJbscriptions
Donations including donations from RACF
Seivice Pay Giving Scheme ISPGSI, where all serving personnel are encouraged to give part of their
pay to the charity.
Investment income.
Legacie5.
This year a large proportion of Income came branch Income and subscriptions which was 50% of our Income.
Income from SPGS117%1, Income from donations 16% and Investment income18Yol remained a consistent
source of revenue.
The trustee approves the forecast of income and expenditure annually and monitors it regularly through the
Finance & General Purpose Committee and at Board meeting5.
Charitable Activities
The RAA supports charitable activity by.. making grants to support comradeship and welfare,. raising and
maintaining the profile of the RAA in order to improve comradeship for Gunners, both serving and retired,.
providing support to members and,. planning and organi5ing national RAA events. Apart from support to
national RAA events, branches, staff and running costs, the RAA made 32 grants worth £29,163 to batteries
to promote comradeship and esprit de corps12021'. 21 totalling £22,3371. One grant worth £750 was made
in support of branche512021'. 2 totalling £6871. Grants are allocated to enhance the collectivÈ well-being of
the Regiment and its individual members, serving and retired, by supplementing shortfalls in funding on
comradeship projects.
Public Benefit
The Object of the RAA is to promote efficiency within the Royal Artillery by: providing comradeship to
serving and retired members of the Regular and Re5eNe regiment,. and by aiding those same members and
their dependants in cases of need. Inextricably linked wilh this Object is the aim of contributing to the public
good by service to the Sovereign , the country and all its citizens. The RAA contributes considerable public
benefit to the local and national community by relieving need and providing comradeship to members of the
regimental family. Thi5 in turn maximises the likelihood of the charitvs beneficiaries maintaining their
place as valuable self-sufficient members of the community, who are able to make a positive contribution to
society. The trustee has had regard to the Charity Commission'5 8uidance on Public Benefit.
Page 4

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Future Plans
The charity has sufficient funds to support its future operations to deliver its charitable Objects. Research
carried out by the Royal British Legion has shown that there 15 Still a very large ex-service communitv,
however those ex-servicemen who Saw service in the Second World War and during National Service will
gradualSy diminish over the next 10 years. Work has commenced on improvin8 the ASSoc￿at￿on'S ability to
promote the RAA amongst the recently retired and serving 501diers and recruit new members.
Reserves Pollc
The trustee's policy is to maintain a sufficient level of reSe￿e5, within the investment portfolio to provide: a
stable base for the charity's continuing activities,. sufficient funds to cover routine management and
administrative costs,. make provision for any emerBency applications for grants which arise from time to
time. The effect on the charitls investments as a result of the sltuation in Ukraine demon5trate5 the benefit
of maintaining strong reserves in order to be able weather such market fluctuations while maintaining
required levels of investment income.
Total funds as at 31 December 2022 were £1,861,32912021'. £2,053,893).
Unrestricted reserves included funds for the ladies section of £79212021.. £7921, and were £1,623,434 at the
vear-end12021.. £1,803,566) of which are all free reserves.
Designated Funds were £237,89512021'. £250.3271 for the purpose of RAA Branches.
Our risk-based approach to determining our free reserves requirement Is carried out, based on the
anticipated future needs of the regimental family, and the management of financial risks, particularly the
uncertainty of future income from other sources.
Trustees review the level of reserves regularly to ensure funds are available to deliver commradeship,
welfare seNices and programme5, and to secure, as far as possible, future financial viability.
Following that review, we determined that we should hold a minimum of £1,500,000 in free reserves to be
assured that we are able to sustain the support we provide to the regimental family in the long term as well
as meet other obligations, irrespective of fluctuations In income and without creating the need to actively
fundraise. This sum, held as part of our investment portfolio, is judged to be capable of generating sufficient
investment income to meet foreseeable needs. With free reserves of £1,623,43412021.. £1,803,566)
currently exceed this requirement. The trustees are content that the additional funds we hold provide ability
to disinvest in order to support major capital projects if and when required, but in the meantime are held as
investments generating additional income income.
In 2022 the charity's investments generated £19,862 of income. This was 8% of total income, Investment
income decreased by £7,598 from 2021, which was due to the current volatility of the markets, which has
imparted on dividends. Despite the fall in returns, without this income, the charitf s activities and support
to those in need would be significantly curtailed.
The trustees believes that investments should be maintained at the current levels, in order to generate
income and provide for current needs whilst ensuring the charity remains well placed to meet future
requirements. The trustee recogni5es that it has no long term tnandated liability for any particular level of
benevolence. There is therefore the ability either to reduce expenditure to match any reduction in income or
to liquidate unrestricted assets to make additional funds available in year, however as irkdicated above, this
Page 5

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Reserves Polic
continued
would need to be balanced by the requirement to maintain investment as a means of providing income for
futuregenerations.
Unrestricted funds were £1,623,434 12021.. £1,803,566) most of which 15 represented by investments, which
provide a Significant part of the charity's income but are available for spending if necessary.
Investment Polic
The trustee's Investment Committee meets twice a year to consider the peiformance of the RAA'S
investments, which are managed on a discretionary 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
its charitable objectives. The charity is expected to exist in perpetuity and investments are managed to meet
the investment objective and ensure this sustainability. The charity's funds are invested on an aliquot
proportion in the same funds as the other Gunner welfare l efficiency charities. This is in order to achieve
economies of scale in relation to investment cost.
The trustees have given the fund managers discretion to manage the portfolio within an agreed risk profile
and against agreed benchmarks. This Is contained in a written directive.
At the bi-annual meeting with the investment managers the Investment Committee considers the state of
the financial markets and measLtres the fund managers, on-going performance against specific agreed
benchmarks, namely 25% FTSE All Share Index, 35% MSCI World ex UK Index, IOYO MSCI Emerging Markets
Index, 7.5% FtSE All Stocks Gilt Index, 5Yo iBoxx Sterling Non-Gilts Index, IO% IPD UK All Balanced Funds
Index, 5Yo Alternative (IA Sector Targeted Absolute Return) and 2.5% Cash (Sterling Overnight Index
Average).
Having compared performances over the last 1, 3 and 5 years, the Investment Committee are of the view
that the investment5 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.
Environment31 Governance and Social Considerations
The RAA'S investments are not managed with any specific environmental, social and governance IESGI
restrictions. However it is expected that the RA charities, investment managers have clearly defined ESG
investment policies and that the investments are managed by an investment company which is a signatory
the UN Principles of Responsible Investment and which takes account of Envlronmental, Social and
Governance IESGI factors in their research and investment decision making process.
Fundraisin
The trustee is very clear that all fundraising must be leEal, open, honest and respectful. Nationally the
charity does not actively engage in regular and organised fundraising, although it does make provision
through its website to receive donations and legacies. It receives the bulk of its income throughlnvestments,
the Royal Artillery's 'service giving scheme, and from grants made by the RACF. The facility exSsts for
individuals or organisations to make voluntary donations online. The charity does not work with any
Page 6

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Fundralsin
commercial partner or professional fundraiser5 except in order to operate an online donation facility
through online options such as 'Enthuse' and 'Just Giving. The charity does not solicit funds through direct
approaches to individuals via mailshots or online unless consent has been obtained. Branches and
individuals, if they wish, may raise funds for the charity and if so are provided with sealed collection buckets.
In most cases branches prefer to raise funds for the RACF. In the event of a complaint about any such
activity, it is investiEated by the Regimental Secretary. (No complaints were received in 20221. As a charity
that deals with vulnerable veterans and their dependants, all staff are aware of the requirement to treat
everyone fairly and kindly with no intrusive or persistent requests or approaches for funds or pressure to
donate.
Trustee Trainin
Trustee responsibilities and necessary training are taken very seriously. All new members of the trustee
board are briefed by the Regimental Secretary on their roles and responsibilities. They are provided with
the Charity Commissioners handbook "The Essential Trustee" as well as 3 copy of the Scheme. Recent RAA
accounts, meeting minutes and policy documents are also provided. Trustee briefing5 and training take
place and members of the Board are encouraEed to attend external trustee training and investment briefs.
Risk Mana
ement
The trustee maintains a continuous oversight of the principal areas of the RAA'S operatlDns and the major
risks which may arise. In the opinion of the trustee, the charity has established resources and review
systems which, under normal condition5. should allow the risks identified to be mitl8ated to an acceptable
level. A risk management plan is produced and approved by the trustee each year and actively managed bv
the trustee, the Regimental Secretary and his staff. The main risks are:
Insufficient income to meet the need= Thi5 is managed by careful budgetinE, the investment and
reserves policy and controlling the level of support provided to beneficiaries.
Fraud.. This is guarded against by having policies in place to ensure re8ular checks are made and that
all transactions are properly authorised by two signatories.
Conflict of interest amonBSt trustee members.. A register of trustee's interests is kept and updated
annually. At the start of committee and Bom meetings, trustees are reminded to declare any
conflict arising from the agenda so that appropriate action can be taken.
Reputational damage arising from activities such as inappropriate fundraising.. This is mitigated by
robust Rules and General Administrative Instructions IGAlsl and the monitoring of branch
fundraising activitie5.
Remuneration Poli
No member of the trustee board is paid for services as a trustee or related work. thouEh travel and
subsistence costs incurred as a trustee are reimbursed. The trustee reviews staff 5alarie5 annually and takes
into account the MOD pay awards for similar grades, when agreeing any pay increases.
Em
The RAA aims to be an organisation for which employees enjoy working and where they feel supported,
valued, empowered and developed. Employees are kept fully informed about the aims and objectives of the
Page 7

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Em
ees continued
charity and how it is achieving them. Employees are encouraged to make suggestions to help improve
working processes and to achieve best practice. The charity is an equal opportunities employer and is
committed to training and developing its staff and consider the MOD pay awards for similar grades, when
recommending any pay increases.
Statement of Trustee's Res
onsibilities
The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting
Practice).
Charity law requires the trustee to prepare financial statements for each financial year that give a true and
fair view of the state of affairs of the charity. These include detai15 of income and expenditure and of the
application of resources for the accounting period. In preparing these financial statements, the trustee is
required to..
Select suitable accounting policies and then apply them consistentlyi
Adhere to the methods and principles in the Charities Statement of Recommended Practice
(Charities SORP IFRS 10211,.
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material
departures which are to be disclosed and explained in the financial statementS,'
Prepare the financièl statements on a going concern basis, unless it is inappropriate to presume
that the charity will continue in business.
The trustee Is also responsible for safeguarding the assets of the charity, including taking reasonable steps to
prevent and detect fraud and other irregularities.
The financial statements have been prepared in accordance wlth the accounting policies set out in the notes
to the accounts and comply with the Charities Acts 2011 and,. the Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211.
Statement as to Disclosure of Infomiation to Auditors
In so far as the trustee is aware..
there is no relevant audit information of which the charitvs auditor is unaware,. and
the trustee has taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditor is aware of that information.
On beh
If of the trustee..
2023
Chairman of the RAA trustee IRACFI Board
Majo
enera
DM Cullen CB OBE
Page 8

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS. REPORT TOTHE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2022
Opinion
We have audited the financial statements of the Royal Artillery Association for the year ended 31 December
2022 which comprise the statement of financial activitie5, balance sheet, cash flow statement and notes to
the financial statement5, including significant accounting policies. The financial ieporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of
Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
Eive a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its
incoming resources and application of resources for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice- and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standard5 are further described in the Auditor'5
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethlcal requirements that are relevant to our audit of the financial statements
in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provlde a basis for our oplnion.
Conclusion5 relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the Boing concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charity s ability to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised
for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the
relevant sections of this report.
Other information
The trustee is responslble for the other information. The other information comprises the information
included in the annual report, other than the financial statements and our auditorfs report thereon. Our
opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misslatements, we are required to determine whether this gives rise to a material misstatement in
the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information,. we are required to report that fact.
Page 9

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS. REPORTTO THE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2022
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charitie5 (Account5
and Reports) Regulations 2008 require us to report to you if, in our opinion=
the information given in the Trustee's Annual Report is inconsistent in any material respect with the
financial statements,. or
the charity has not kept sufficient accounting records,. or
the financial statements are not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilitles of the trustee
As explained more fully in the Trustee's Responsibilities Statement set out on pages 8, the trustee is
responsible for the preparation of the financial 5tatement5 and for being satisfied that ihey give a true and
fair view, and for such internal control as the trustee determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accountin8 unless the trustee either intends to liquidate the charity or to cease operations, or have
no reallstic alternative but to do so.
Auditors, responsibilities for the audit of the financial 5tatement5
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations
made under that Act.
Our objectives are to obtèin reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors, report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fraud or eiror and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The specific procedures for this engagement and the extent to which these are
capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities..
We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud
might occur, including through discussions with informed management, discussions within our audit team
planning meeting, updating our record of internal controls and ensuring these controls operated a5
intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial
statements. We identified laws and regulations that are of significance in the context of the charity bv
discussions Wlth informed management and updating our understanding of the sector in which the charity
operates.
Page 10

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2022
Law5 and regulations of direct significance in the context of the charity include the Charities Act 2011, the
Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for
England and Wales.
Audit response to risks identified=
We considered the extent of compliance with these laws and regulations as part of our audit procedures on
the related financial statement items including a review of financial Statement disclosures. We reviewed the
charity's records of breaches of laws and regulations, minutes of meetings and correspondence with
relevant authorities to identify potential material misstatements arising. We discussed the charity's policies
and procedures for compliance with law5 and regulations with members of management responsible for
compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas
which might involve non-compliance with laws and regulations or fraud. We enquired of management
whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any
actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls
by testing the appropriateness of journal entries and identifying any significant transactions that were
unusual or outside the normal course of business. We assessed whether judgements made in making
accounting estimates gave rise to a possible indication of management bias. At the completion stage of the
audit, the engagement partnerfs review included ensuring that the team had approached their work with
appropriate professional scepticism and thu5 the capacity to identify non-compliance with laws and
regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed 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
misstatement due to fraud is hi8her than the risk of not detecting one resulting from error, as fraud may
involve deliberate Concealment by, for example, forgery or intentional misrepresentations, or throu8h
collusion.
A further description of our responsibilities is available on the Financial Reporting Council's webslte at..
www.frc.or
auditorsres
onsibilities. This description forms part of our auditor's report.
Use of our report
Th15 report is made solely to the charity's trustee, as a bodyi in accordance with Part 4 of the Charities
IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
trustee those matters we are required to state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
charity and the trustee as a bodyj for our audit work, for this report, or for the opinions we have formed.
Page 11

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS. REPORTTO THE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2022
Saffery Champness LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V4BE
Date..
? Thu￿ 1023
Sattery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 12

THE ROYAL ARTILLERY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestrlcted Funds
Income and ex
enditure
Note
2022
2021
Income
Donations & Legacies incl Subscriptions
Investment income
Registration fees
oiher Income
97,551
19,862
985
2,801
49,920
27,460
680
2,924
Total of Income
121,199
80,984
Branch events and subscriptions
120,093
67,446
Total Income
241,292
148,430
Ex
enditure
Raising funds
Charitable activities
Branch expenditure
Total ex
enditure
2,184
155,101
63,376
220,661
175,473
132,525
307,998
Netlexpenditurelbefore Ilosses118ains on
investments
166,7061
172,2311
Net Ilossesl/gain5 on investments
Net Income and net movement in funds
1125,8581
1192,5641
111,708
39,477
Total funds brought forward
2,053,893
2,014,416
Total funds carried forward
1,861,329
2,053,893
The notes on pages 16 to 22 form part of these financial statements.
Page 13

THE ROYAL ARTILLERY ASSOCIATION
BALANCE SHEEr
31 DECEMBER 2022
Note
2022
2021
Fixed assets
Investments
1,058,128
1,182,151
Current assets
Debtors
Cash
Branch cash
3,396
594,620
237,896
835,912
79,614
609,701
250,327
939,642
Current liabilities
Creditors.. Amounts falling due within one 10
132,7111
167,9001
year
Net current assets
803,201
871,742
Net assets
1,861,329
2,053,893
Funds
Unrestricted
Designated
li
li
1,623,434
237,895
1,803,566
250,327
12
1,861,329
2,053,893
Approved by the trustee on
¢J4£L2023
D M Cullen CBOBE
Major General
Chairman of the RAA Trustee IRACFI Board
The notes on pages 16 to 22 form part of these financial statements.
Page 14

THE ROYAL ARTILLERY ASSOCIATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Net cash used in operatlng activities
145,5391
547,535
Cash flows from investin
activities
Dividends, interest and rents from investment5
Purchase of investments
Proceeds from sale of investments
19,862
1193,4971
191,677
27,460
11,203,581)
1,203,520
Net cash used in investing actlvltles
18,042
27,399
Net increase in cash & cash equivalents
Cash & cash equivalents at the beginning of the year
127,4971
860,240
574,934
285,306
Cash and cash equivalents at end of the year
832,743
860,240
Notes to the cash flow statement
Reconclllatlon of net movement In funds to net
cash flow from opeyating activities
2022
2021
Net movement in funds
Loss/lgainl on investments
Investment income
Decrease in debtors
(Decreasellincrease in creditors
Net cash used in operating activities
1192,5641
125,858
119,8621
76,218
135,1891
145,539
39,477
1111,7081
127,4601
614,958
32,268
547,535
Analysis of cash and cash equivalents
and net debt
Atljan
2022
Cash
flow
At 310ec
2022
Cash on short term dep051t
Cash current account
Cash held by branches
Cash balance before investments
Cash held in Investments
Net cash provided by operating activities
598,736
10,965
250,327
860,028
212
860,240
14,5521
110,5291
112,4311
127,5121
15
127,4971
594,184
436
237,896
832,516
227
832,743
Page 15

THE ROYAL ARTILLERY A550CIATION
NOTES TO THE FINANCIAL STATEMENT5
FOR THE YEAR ENDED 31 DECEMBER 2022
Actountin
olicies
Basis of accounting
The financial statements have been prepared under the historic c05t convention, except for 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 ReportinE bv
Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211.the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK
Generally Accepted AccountinE Practice.
The accounts (financial statementsl have been prepared to give a 'true and fair, view and have
departed from the Charities IAtcount5 and Reportsl Regulations 2008 only to the extent required to
provide a 'true and fair view,. This departure has involved following Charities SORP IFRS 1021 rather
than the Accounting and Reporting by Charities Statement of Recommended Practice effective from
2005 which has since been withdrawn.
The Royal Artillery Association constltutes a public benefit entity as defined by FRSIO2.
Preparation of a cash flow statement
A cashflow statement is provided at page 15.
Branches
Branch transactions with third parties are accounted for gross in the financial statements and branch
assets and liabilities are incorporated into the balance sheet. Indtvidual branches receive donations
to spend on comradeship within their branches and local area. Branch events are sponsored by these
funds.
Investment5
Investment5 are shown in the balance sheet at their market value. The unrealised movement in
market value from one year to another is recognised in the Statement of Financial Activities.
Donations and legacies Including Subscrlptions
Subscriptions and donations are recognised as income when the amounts are receivable. Legacie5 are
recognised when received or receipt is probable and the value can be measured with sufficient
Investment income
Investment income is credited to the statement of financial activities when its receipt is probable and
the amount receivable can be measured reliably.
Page 16

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2022
Fund Accountlng
Unrestricted funds are available to use to further any of the purposes of the charity.
Going Concern
The trustee has reasonable expectation that the charity has adequate resources to continue in
operational existence for the foreseeable future. Thu5, they continue to adopt the going concern
basis in preparing the annual financial statements.
Expenditure and support Costs
Expenditure is recognised in the period in which it 15 incurred and includes attributable VAT which
cannot be recovered.
Support costs are those costs which have not been directly allocated to an activity of the charity but
nevertheless support these activities. All costs relate to the core charitable activities except branch
expenditure which is shown separately.
Pensions
staff costs are recharged from RACF. Staff are enrolled in a NEST pension scheme. Contributions are
charged in the Statement of Financial Activities as they become payable.
Grant expenditure
Grants payable are payments made in furtherance of the charitable objects of the charity. These are
accrued once the recipient has been notified of the grant award. The notification gives the recipient a
reasonable expectation that they will receive the grant.
Provi5ion5 for grants are made when the intention to make a grant has been communicated to the
recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Cash and cash equivalents
Cash and cash equivalent5 include cash in hand, depo55ts held at call with banks and other short-term
liquid investments with original maturities of three months or less.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recogni5ed at transaction value and
subsequently measured at their settlement value except for bank loarbs which are subsequentlv
measured at amortlsed cost using the effective interest method.
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions are recognised where the charity has a present obligation resulting from a
past event that will probably result in the transfer of fijnds to a thlrd party and the amount due to
Page 17

THE ROYAL ARTILLERY A550CIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2022
Financial Instruments continued
settle the obligation can be measured or estimated reliably. Creditors and provisions are normallv
recognised at their settlement amount after allowing for any trade discounts due.
Critical estimate and judgements and key sources of estimation uncertalnty
In the application of the charity's accounting policies, the trustee 15 required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily
apparent from other sources. The estimates are recognised in the period in which the estimate is
revised where the revision affects only that period, or in the period of the revision and future periods
where the revision effects both current and future perlods.
There is no critical estimate, judgements or key sources of estimation in 2022 or 2021.
Donation5 & Le
acies
incl subscri
tions
2022
2021
serving regiment (Service pay Giving Scheme)
Legacies
Legacies lover provision)
General Donations
Donations- RAA 100
Donations- RACF
Donations- Branch Liaison Officer
Intangible Income- Wages in Kind
39,840
5,000
40,439
2,000
114,9171
6,079
87
7,189
29,163
2,923
13,436
3,227
13,005
97,551
49,920
istration fees
2022
2021
Current year
985
680
985
680
other Income
2022
2021
RAA Event Income
Merchandise Income
Christma5 Card Income
Bank Interest
1,572
144
774
311
1,302
188
1,409
25
2,801
2,924
Page 18

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2022
Raisin
funds
2022
2021
Investment Management Fees
2,184
2.184
Chayitable activltles
2022
2021
RA Assemblv
RA Assembly Awards
NMA
Gunner Sundav
RAA 100
NMA Maintenance
Regimental Welfare/Comradeship
Manser8h Award
Grant to RAM
Miscellaneous grants under £1,000
4,424
382
3,615
1,684
10,020
453
2,543
1,674
32,488
23,024
I,ioo
29,913
579
12,200
1,060
1,000
63,877
62,282
Support costs to Charitable Activities..
Administrative Salaries recharges by RACF
Employer Pension Contribution
Wages in kind
54,087
2,021
13,436
69,544
53,898
2,614
13,005
69,517
Travelling and 5ub515tence lincl. SBI
NEC, Regional Reps, District travel & subsislence
Branch travel
office costs lincl. publicity & postage)
Publicity
Miscellaneous Costs
Governance cost5..
Legal fees lincluding trustee trainingl
Professional Fee5
Audit
10,297
1,376
18,236
4,449
12
1,996
6,669
3,481
6,340
212
2,922
168
280
5,406
3,510
42,052
23,302
Total charitable activities
175,473
155,101
Note.. 2022 charitiable expenditure reflects additional activlty post COVID and reflect a similar level of
spending to 2018 and 2019.
Page 19

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2022
Charitable activities continued
The trustee / RACF trustees received no remuneration or any other payments other than refund of
travel and subs1Stence costs. £826 for out of pocket travel expen5e5 was claimed in 2022 by I
trustee12021.' £944 by one trusteel.
Fixed assets investments
2022
2021
Quoted Investment5.'
Market value at l January
Net additions/cash movements at cost
Sale Proceeds- Investments
1,182,151
193,497
1191,6771
1125,8581
1,071,871
1,203,581
11,203,520)
Net realised/ unrealised investment gairks/llossesl
Cash Commitments
111,708
15
11,4891
Market value at 31 December 2022
1,058,128
1,182,151
Historical cost at 31 December 2022
1,044,553
1,072,003
There are no indlvidual holdings which are considered to be significant.
Debtors
2022
2021
RAGCT- Gift Aid
27
27
Accrued SeNlce Giving Income
Legacies Receivable
3,369
3,364
76,223
3,396
79,614
2022
2021
Cash on Short term De
osit
Lloyds TSB Bank PLC- Current account
Lloyds TSB Bank PLC- Deposit account
436
594,184
10,965
598,736
594,620
609,701
10 Creditor5 - amounts fallin
due withln one
ear
2022
2021
RA Charitable Fund
Creditors and accruals
28,777
3,934
34,295
33,605
32,711
67,900
Page 20

THE ROYALARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2022
li
Movement in funds
Balance at I
January 22
Incoming
Resources
Outgoing
Resources
Net Loss on
Investment
Balance at 31
December 22
Unrestricted
Ladies Section
Amenitie5
General Fund
792
792
1,802,774
1,803,566
121,199
121,199
175,473
175,473
1125,8581
1125,8581
1,622,642
1.623,434
Designated funds
Branches
250,327
120,093
132,525
237,895
Total
2,053,893
241,292
307,998
1125,858
1,861,329
2021 Com
arison
Balance at I
January 21
Incoming
Resources
Outgoing
Resources
Net Gains
on
Balance at 31
December 21
Investment
Unrestrirted
Ladies Section
Amenities
General Fund
792
792
1,767,367
1,768,159
80,984
157,285
157,285
111,708
111,708
1,802,774
1,803,566
Designated funds
Branches
246,257
67,446
63,376
250,327
Total
2,014,416
148,430
220,661
111,708
2,053,893
Page 21

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Anal
Sis of net a55ets between funds
Net
Total
Investments
Current assets
Unrestricted funds:
General
Ladies Section Amenities
1,058,128
564,514
792
565,306
1,622,642
792
1,623,434
1,058,128
Designated funds..
Branches
237,895
237,895
1,058,128
803,201
1,861,329
2021 Com
arison
Net
Total
Investment5
Current assets
Unrestricted funds..
General
Ladies Section Amenities
1,182,151
620,623
792
621,415
1,802,774
792
1.803,566
1,182,151
Designated funds..
Branches
250,327
250,327
1,182,151
871,742
2,053,893
13. Related
ar
transactions
Income of £39,84012021'. £40,439) was received from the Royal Artillery General Charitable Trust
IRAGCTI. A number of the RACF trustees are also trustees of the RAGCT. This Income relates to accrued
Income from the Service Giving Scheme, which were voluntary contributions from service personnel. At
the year end, a balance of E3,37012021'. £3,364) is included within debtor5 for this income.
An amount of £28,77712021'. £34,295 1 is intluded within creditors for the RACF. The RACF is the
corporate trustee of the RAA. This income relates to Investment fees owed from RAA to RACF.
The RACF made £29,16312021: £nill 8rant to to the RAA in 2022.
Paee 22