THE ROYAL ARTILLERY ASSOCIATION
(RAA)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Registered Charity No: 238197

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

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
Trustee
During the year ended 31 December 2023, and up to the date of approval of this
report, the Corporate Trustee of the Association was.. The Royal Artillery Charitable Fund IRACFI ICC No..
2102021..
President of the RAA
Lieutenant General Sir Andrew Gregory KBE CB DL
Chalrman ofthe RAA
Brigadier MN Pountain CBE
Chairman of the RACF Trustees & RA Board of Management IBOMI
Major General DM Cullen CB OBE
RACF trustees during the accounting perlod
Brigadier MN Pountain CBE
Colonel MB Bishop MBE VR
Colonel RC Christopher MBE
Colonel CE Comport OBE DL TD
Colonel CL Coton
Colonel MAA Dornan
Colonel C Fletcher-wood OBE
Colonel RA Forester
Colonel RC Harmer ADC
Colonel S l Hav
Colonel BMD Ingham MBE
Colonel C Palmer
Colonel MD Relph MBE
Colonel G Taylor
Lieutenant Colonel SJ Howe
Major Ai DSnes TD
Major10 Leighton TD
Warrant Officer Class I IRASMI L Lightfoot IAppointed 31 May 20241
Warrant Officer Class I IRASMI L Sanders IRetired 31 May 20241
IAppointed 20 September 2023. Retired 6 May 20241
IRetired 8 lune 20231
(Appointed 9 October 20231
IAppointed 22 April 20241
IAppointed 22 November 20231
IRetired 17 October 20231
(Retired 28 July 20231
A number of trustees are a150 involved in ihe govefnance of other charities referred to in this report. All
triistees have made a declaratlon IlstSnE any related parties and potential conflicts of interest.
Reglmental Secretary
Col (Retdl M G J Carter
ankers
Lloyds TSB PIC
19121 Powys Street
W(iolwich SE18 6JZ
Solicitors
Wilsons
Alexandra House
St John's Street
Salisbury
Wiltshire SPI 2SB
Auditors
Saffery LLP
71 Queen Vlctoria Street
London
EC4V4BE
Address
Artillery House,Royal Artillery Barracks,
Registered Charlty No: 238197
Wiltshire SP4 8QT
Page I

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Introdu¢tlon
The trustee presents the RAA report and accounts forthe year ended 31, December 2023. The charity's
funds are also included in the Group Accounts of the RACF.
The RAA was established in 1920 for the purpose of furthering Gunner comradeship and looklnB after the
welfare of ex-members of the Royal ArtllSery and thelr dependents. The objects of the RAA are..
To promote the efficiency of the Royal Artillery by,.
Mainlaining contact between past and present members of the Royal Artillery,
fosterlng mutual friendship between them and piovlding for social gatherings for them and..
bl
Fostering esprit de corp5, comradeship and the welfare of the Royal Artillery and
preserving its tradltions.
To relieve either generally oi Indivldually members of the RAA or past and present members of
the Royal Artillery, and their dependants, who are in conditlons of need, hardship or distress.
an15ation
Or
The RAA'S sole trustee 15 the incorporated charity known as the RACF- Charity Number 210202. The RAA
works closely 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 trustees of the RACF meet as part of the Royal Artillery Board of
Management IRA BOMI, which is the body responsible for the efficient coordinatlon and management of the
RACF, RAA and RAI. The RA Bom meets under its Chairman at least twice each year. In the month leading
up to the Board meetings, the meetlngs of the Investment Committee, the Welfare Committee, the Flnan
and General-Purpose Committee and the RAA National Executive Committee INECI take place. The reports
of these comrnlttees form part of the agenda for the RA Bom meetings at which policy concerning the RAA is
dlscussed and decisions are made. The Chairman of the RA Bom is a member of the Master Gunnerfs
Committee and updates members bi-annually on business undertaken by the Board.
The RAA Is a membershlp organlsation. Member5 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 include5 the RAA'S AGM is held each year, usually In May. At the AGM
members are elected to go forward as nominee5 to represent the RAA on the RACF board of trustees. There
are 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 Associatlon. The governlng documents of the RAA are.. the
Charity Commission Scheme,. the Rules of the RAA and. the RAA General Administrative Instructions IGA151.
GAIS were reviewed in 2022 and a number of minor change5 were approved by the trustee.
Page 2

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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 CDntalned 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 register is reviewed annually by
the trustee. The register follows the model recommended by the Charity Commission. Identified risks are
managed as laid down the Risk Management Plan. For speclflc items detailed briefs are sent to the
trustee so that members can consider issues in depth before meetings. Membets also receive reEular
reports on the value and movement of the charity's investment portfolio. The Chairman of the trustee and
the Regimental Secretary meet regularly lusually weekly) to discuss Issues.
Charl
Commi55ion Governance Code
The trustee, a5 one of the Royal Artillery charities, cornes under the umbrella of the Confederation of SeNice
Charitie5 Icobseol. Cobseo in consultatlDn with the Charity Commission has produced a Service charity
toolkit based on the 2017 Charity Commlssion Governance guide. The trustee board carried out a self-
assessment process using the toolkit in 2019. Thls has enabled the board to identify where a number of
enhantement5 can be consldered to improve governance. Thi5 included a resolution to limit the tenure of
trustees. A further self-asses5ment review was conducted in 2022. Overall this showed an improvement
since 2019 but identified some areas for further revlew.
Ke
Mana
ement Personnel
The Regimental Secretary is the Chief Executive of the RAA and is re5ponslble for- the day-to-day
management of the charity'5 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 Reglmental Secretary for the accounting of funds and all financial records.
Review of Flnanclal Attivitles
The charity's funds contlnue to be employed to support the efficiency of the Royal Artillery by supportlng
comradeship and promoting esprit de ¢orp5, and to relieve need, hardship or distress as stated In Its Objects.
The results of the charity's attivltie5 are summarised on page 13. In 2023 the charlty had an exces5 of
expenditure over income, before gains on investments, of £55,37312022'. Excess of expenditure over Income
£66,706). After investment gains of £61,292,12022.. losses of £125,858) there was a net increase of funds of
£5,91912022.' net decrease of £192,5641- Investment gains We￿ dlrectly attributable to market movements
and stock selections whilst the market slowly recovered.
There are five main income streams. They are..
ranth Income and Subscriptlons
Service Pay Givlng Scheme ISPGSI, where all serving personnel are encouraged to glve part of thelr
pay to the charitv.
Donations including donation5 from RACF
Page 3

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Review of Financial ActSvltles continued
Investment income.
Legacies.
Thls year a large proportion of Income came from branch income and subscriptions which was 53% of our
Income. lncome.from SPGS 15%, Income from donations 15% and Investment income 8% remalned a
consistent source of revenue.
Total central income incleased by £5,929 to £127,128. Thls was mainly due to a an increase in bank interest,
donation and subscriptions, the largest increases were donations from RACF due to increase in Battery
Grants in 2023 and the sharp rise in bank Interest. In 2023, there was i legacy totalling £3,79412022.' 1
totallin8 £5,0001 and 30 donations giving £4,57312022'. 29 totalling £7,1891.
Income from Branch events and subscriptions to date are £142,52212022.' £120,093).
Income collected through the SeNice Pay Glving Scheme from officer5, soldiers and members of the ReseNe
regiment has increased slightly by £522 to £40,392.
Thls year RAA received a grant of £35,841 from RACF for Battery grants12022: £29,163).
Investment income was £21,114.
Total expendlture increased by £17,025 to £325,023. This is due a steady increase in branch activities
returnin8 to normal attendance rate5 and the shaip increases in inflation that 2023 have presented,
The trustee approves the forecast of Income and expenditure annually and monltors It regularly through the
Finance & General Purpose Committee and at Board meetings.
Charltable Actlvities
The RAA supports charitable activity by.. makin8 grants to support comradeship and welfare; ralsing and
maintaining the profile of the RAA In order to improve comradeshlp for Gunners, both serving and retired,.
providSnE support to members and,. planning and organising national RAA events. Apart from support to
national RAA events, branches, staff and running cost5, the RAA made 42 grants worth £35,841 to batteries
to promote comradeship and esprit de corps12022- 32 totalling £29,913). No grants were made in support of
branches12022- totalling £7501. Grants are allocated to enhance the collective well-being of the Regiment
and its individual members, serving and retired, by supplementing shortfalls in funding on comradeship
projects.
Public Beneflt
The Object of the RAA is to promote efficiency within the Royal Artillery by.. providing Comradeship to
Serving ènd retired members of the Regular and Reserve reglment,. and by aiding those same members and
their dependants in cases of need. Inextricably linked with this Object is the alm of contributing to the publlc
good by selvice to the Sovereign the country and all its Cltizens. The RAA contributes conslderable public
benefit to the local and national community by relieving need and providing comradeship to members of the
regimental family. This in turn maximi5es the likelihood of the charlty's beneficiarie5 maintalning their
Page 4

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Public Benefit ¢ontinued
place as valuable self-sufficSent members of the community, who are able to make a positive contribution to
soclety. The trustee has had regard to the Charity Commission's guidance on Public Benefit.
Future Plans
The charity has sufficlent ￿ndS to support its future operatlons to deliver its charitable Objects. Research
carried out by the Royal British Legion has shown that there is Still a very large ex-service communitv,
however those ex-servicemen who saw service in the Second World War and during National Service will
gradually diminish Dver the next 10 years. Work has cornmenced on Improving the Association's ability to
promote the RAA amongst the recently retired and servlng soldiers and recruit new members.
Re
erves Pollc
The trustee's policy is to malntain a sufficient level of reseNes, within the investment portfolio to provide.. a
stable base for the charity's continuing activities,. suff icient funds to cover routine management and
administrative costs,. make provision for any emergency application5 for grants which arise from tSme to
time. The effect on the charity's investments as a iesult of the situatlon in Ukraine demonstrates the beneflt
of maintaining strong reserves in order to be able weather such market flurtuatlons while maintaining
requlred levels of investment income.
Total funds as at 31 December 2023 were £1,867,24812022- £1,861,329).
Unrestricted reseNes included funds for the ladies section of £79212022.. £7921 were £1,609,54212022'.
£1,623,434) of whlch are all free reserves.
Designated Funds were £257,70612022: £237,895) for the purpose of RAA Branches.
Our ri5k-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 flnancial risks, particularly the
uncertainty of future Income from other sources.
Trustees review the level of reserves re8ularly to ensure funds are avallable to deliver commrade5hip,
welfare seNices and programmes, and to secure, as far as possible, future financial viability.
Following the 2023 review, the trustee determined that the RAA 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 a5 meet other obligations, irrespective of fluctuations in income and without creating
the need to actively fundraise. Thi5 sum, held as part c>f our investment portfollo, is judged to be capable of
generating sufficient investment income to meet foreseeable n@eds. With free reserves of £1,609,54212022..
£1,623,434) currently exceed thls requirement. The trustee is 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 2023 the charity's investments generated £21,114 of income. This was 8% of total income, Investment
income increased by £1.252 from 2022, which was due to the current volatility of the markets, which has
impacted on dividends. Desplte the fall in returns, without thi5 income. the tharity's attivitles and support
to those in need would be significantly curtailed.
Page 5

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
ReseNes Polic
ontinued
The trustee believes that investments should be maintained at the current levels, In order to generate
ncome and provide for current needs whi15t ensuring the chèrity remaSns well placed to meet future
requirements. The trustee recognlses that it has no long term mandated liablllty for any particular level of
benevolence. There 15 therefore the ability either to reduce expenditure to match any reduction in income or
to liquidate unrestricted asset5 to make additional funds available in year, however as Indlcated above, this
would need to be balanced by the requirement to maintain investment as a means of providing income for
future generations.
Unrestricted funds were £1,609,54212022.' £1,623,434) most of which is represented by Snvestments, which
provide a signlficant part of the charity's income but are available for spendlng if necessary.
Investment Pollc
The trustee's Investment Commlttee meets twice a year to conslder the performance of the RAA'S
investments, which are managed on a discretionary basis by 8lackRock Investment Management IUKI Ltd.
The investment objective is to create sufficient income and capital growth to enable the charity to carry out
its charitable objettives. The charity is expected to exist in perpetuity and investment5 are managed to meet
the investment oblective and ensure this sustainability. The charity'5 funds are invested on an aliquot
proportion in the same funds as the other Gunner welfare l efficlency charities. This is in order to achleve
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. Thi5 is contalned In a written directive.
At the bi-annual meetlng with the investment managers the Investment Committee considers the state of
the financial markets and measures the fund managers, on-going performance against specific agreed
benchmarks, namely 25% FTSE All Share Index, 35% MSCI World ex UK Index, IO% MSCI Emerging Markets
Index, 7.5% FTSE All Stock5 Gilt Index, 5% iBoxx Sterling Non-Gilts Index, IO% IPD UK All Balanced Funds
Index, 5% 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 Commtttee are of the view
that the investrllents 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.
Environmental Governance and Social Conslderations
The RAA'S investments are not managed with any specific environmental, social and governance IESGI
restrictions. However it is expected that the RA charlties, investment managers have clearly defined ESG
Investment policies and that the investments are managed by an investment company whleh Is a signatorv
the UN Principles of Responsible Investment and which takes account of ESG factor5 in their research and
Investment decislon making process.
Page 6

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Fundraisin
The trustee is very clear that all fundraising must be legal, open, honest and respectful. Nationally the
charity does not actively engage in regular and orEanised fundraising, although it does make provision
through its webslte to receive donations and legacie5. It recelves the bulk of its Income through
Investments, the Royal Artillery's '5ervice giving scheme, and from grants made by the RACF. The facility
exist5 for individuals or organisations to make voluntary donations onllne. The charity does not work wSth
any commercial partner or professional fundraiser5 except in order to operate an online donation facility
through onllne options such as 'Enthuse' and 'lust Giving. The charity does not solicit funds through direct
approaches to individuals via mai15hots or online unle55 consent has been obtained. Branches and
individuals, Sf they wlsh, may raise funds for the charity and if so are provided with sealed collectlon buckets.
In most case5 branches prefer to raise funds for the RACF. In the event of a complaint about any such
actlvity, It Ss Investigated by the Regimental Secretary. (No complaint5 were recelved In 20231. As a charlty
that deals with vulnerable veteran5 and thelr dependants, all staff are aware of the requirement to treat
everyone fairly and kindly with no intrusive or per51Stent 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 brlefed by the Regimental Secretary on their roles and respon51bilities. They are provided with
the Charity Commissioners handbook 'The Essential Trustee" as well as a copy of the Scheme. Recent RAA
accounts, rneeting minutes and policy documents are also provided. Trustee brlefings and training take
place and members of the Board are encouraged to attend external trustee training and investment briefs.
Risk Mana
ement
The trustee maintains a continuou5 oversight of the prlncipal areas of the RAA'S operations and the major
rlsks whlch may arise. In the opinion of the trustee, the charity has established resources and review
systems which, under normal conditions, should allow the risks identified to be mitigated to an acceptable
level. A rlsk management plan is produced and approved by the trustee each year and actively managed by
the trustee, the Regimental Secretary and his staff. The main risks are..
Insufficient income to meet the need.. This is managed by careful budgetin81 the investment and
reserves policy and controlling the level of support provided to beneficiarie5.
Fraud.. This is guarded against by having policles in place to ensure regular checks are made and that
all transactions are properly authorised by two Signatories.
Conflict of interest amongst trustee members: A reglster of trustee's interests Is kept and updated
annually. At the start of committee and Bom meetings, trustees are reminded to declare anv
conflict arising from the agenda so that appropriate action can be taken.
Reputational damage arising from activities such as inappropriate fundraising: Thls Ss mitigated by
robust Rules and General Administrative Instructions IGAlsl and the monitoring of branch
fundralsing activities.
Remuneration Pollc
No member of the trustee board 15 paid for services as a trustee or related work, though travel and
subsistence costs incurred as a trustee are relmbursed. The trustee review5 Staff salarie5 annually and takes
into account the MOD pay awards for similar grades, when agreeing any pay increases.
Page 7

THE ROYAL ARTILLERY ASSOCIATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 310ECEMBER 2023
The RAA aims to be an organi5ation for which employee5 enjoy working and where they feel 5UPPOrted,
valued, empowered and developed. Employee5 are kept fully Informed about the aims and objective5 of the
charity and how it 15 achieving them. Employees are encouraged to make suggestions to help improve
working processes and to achSeve best practice. The charity is an equal opportunities employer and 15
committed to training and developing its staff and consider the MOD pay awards for similar grade5, when
recommending any pay increases.
Statement of Trustee's Res
onsibilitles
The trustee Is responsible for preparing the Trustee's Report and the financial statements In accordance with
appllcable law and United Kingdom Accounting Standards Iunited KinBdom Generally AC￿pted Accounting
practi￿1.
Charity law requires the trustee to prepare financial statements for each financial year that glve a twe and
falr 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
requlred to..
Selett suitable accounting policies and then apply them consi5tentlv,'
Adhere to the methods and prlnclples in the Charities Statement of Recommended Practi
(Charities SORP IFRS 10211,.
Make judgements and estlmates that are reasonable and prudent,.
State whether applicable accounting standards have been followed, subjert to any material
departures which are to be dlstlosed and explained in the flnancial statements,.
Prepare the financial 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 taklng reasonable steps to
prevent and detect fraud and other irregularities.
The flnancial statements have been prepared in accordance wlth the accounting policies set out in the note5
to the accounts and comply with the Charities Acts 2011 and,. the Statement of Recommended Practice
appllcable to charities preparing thelr accounts in accordance wlth the Flnancial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211.
Statement as to Disclosure of Information to Audltors
In so far as the trustee is aware:
there is no relevant audit information of whlch the charity's auditor Is unaware,. and
the trustee has taken all Steps that they ought to have taken to make themselve5 aware of any
relevant audlt information and to establlsh that the auditor is aware of that informatlon.
behalf of the trustee..
rL
2024
Chairman of the RAA trustee IRACFI Board
Ma
Gen
ral DM Cullen CB OBE
Page 8

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS, REPORTTO THETRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
Oplnlon
We have audited the finèncial statement5 of the Royal Artlllery Associatlon for the year ended 31 December
2023 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to
the financlal statements, including significant accounting policies. The financlal reporting 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 Klngdom Generally Accepted Accounting Practlcel.
In our opinlon the financial statements..
give a true and falr view of the state of the charity's affalrs as at 31 December 2023 and of tts
incoming resources and applicatlon of resources for the year then ended;
have been properly prepared In accordance with United Klngdom Generally Accepted AccountSng
Practice- and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for opinion
We conducted our audit in accordance with International Standards on Audlting IUKI IISAS IUKII and
applicable law. Our responsibi1Stles under those standards are further described in the Auditorfs
responsibilitie5 for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibillties in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basi5 for our opinion.
Conclusions relatlng to going concem
In auditing the financial statements, we have concluded that the trustee's use of the goinE 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 relatlng to events
or conditions that, individually or collectively, may cast slgnificant 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 a￿ authorised
for issue.
Our responsibilities and the responsSbilities of the trustee with respect to going concern are described in the
relevant sections of this report.
Other information
The trustee is responsible for the other informalion. The other informatlon comprises the Snformation
Included in the annual report, other than the financial statements and our audStorfs report thereon. Our
opinion on the firiancial 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 informatlon and, in doing $0, consider whether the other information
is materially inconsistent with the financial Statements or our knowledge obtalned in the course of the audit
or othenKise appears to be materially misstated. If we identify such material incon5iStencies or apparent
material mi55tatements, we are requSred,to determlne whether this gives rlse to a materlal misstatement in
the financial statements themselve5. 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 THETRUSTEE
FOR THE YEAR ENOED 31 DECEMBER 2023
We have nothing to report in thls regard.
Matters on which we are requlred to report by exception
We have nothing to report In respect of the following matters in relation to which the Charltles (Accounts
and Reports) Regulations 2008 require u5 to report to you if, in our opinion:
the information given In the Trustee's Annual Report is inconsistent in any material respert with the
financial 5tatements,' or
the charity has not kept sufflcient accounting records,. or
the financial statements are not in agreement with the accountlng records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibllltles of the trustee
As explained more fully in the Trustee's Responslbilities Statement set out on pages 8, the trustee is
responsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view, and for such internal control as the trustee determine5 15 necessary to enable the preparation of
financial statements that are free from material mi5Statement, whether due to fraud or erlor.
In preparing the financial statements, the trustee is responsible for assessing the charitvs ability to continue
as a going concern, disclosing, as applicable, mètters related to going concern and using the going concern
basls of accountlng unless the trustee either intends to liquidate the charity or to cease operations, or have
no realistic alternative but to do so.
Audltors, responsibilities for the audh of ihe flnanclal statements
We have been appointed as auditors under the Charities Art 2011 and report in accordance with re8ulations
made under that Act.
Our objectives are to obtain reasonable assyrance 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.
Misstatement5 can arlse from fraud or error and are considered material if, individually or in the aggre8ate,
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 regulatlons. We design
procedures in line with our responsibilitles, outlined above, to detect material mi55tatements In respect of
irregularities. including fraud. The specific procedures for this engagement and the extent to which these are
capable of detectin@ irregularlties, includlng fraud are detailed below.
Identifying and assessing rSsks related to Irregularities:
We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud
might occur, including through discusslons with informed management, discussions wlthin our audit team
planninE meeting, updating our record of internal controls and ensuring these contro15 operated as
intended. We evaluated possible in￿ntiveS and opportunities for fraudulent manipulatlon of the financial
statements. We identified laws and regulation5 that are of significance in the context of the charlty by
discussions with informed management and updating our understanding of the sector in which the charity
operates.
Page 10

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
Laws and regulations of direct signiflcance in the context of the charity Include the Charilles Att 2011, the
Charities IAccounts and Reports) Regulations 2008 and guidan￿ issued by the Charlty Commission for
England and Wales.
Audit response to fis￿ identified..
We considered the extent of Compliance with these laws and regulation5 as parE of our audit pmcedures on
the related financlal stalement items including a review of financial statement disclosures. We reviewed the
charittys records of breaches of law5 and regulations, minutes of n7eetings and correspondence wlth
relevant authorlties to identify potential material misst3tements arisin8. We discussed the charlty's policies
and procedures for compliance with laws and regulations with members of management responsible for
compliance.
During the plannlng meeting wlth 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-compllance with laws and regulations or knowledge of anv
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 transa¢tion5 that were
unusual or outslde 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 thelr work with
appropriate professional 5cepticism and thus the capacity to identify non-compliance with laws and
regulations and fraud.
There are inherent Ilmitations in the audit procedures described above and the further removed non-
complSance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likeW we would become awaie of it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not deterting one resulting from error, as fraud mav
Involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through
collusion.
A further description of our responsibilities Is available on the Financial Reporting Council's website at-
www.frc.or
auditorsres
onslbillties. This description forms part of our audltor's report.
Use of our report
This report 15 made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charitles
IAccounts and Reportsl 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 bodyi for ovr audit work, for this report, or for the opinions we have formed.
Page 11

THE ROYAL ARTILLERY ASSOCIATION
INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEE
FOR THE YEAR ENDED 31 DECEMBER 2023
LU-
Saffery LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4 4BE
Date: 12 J Io£(k
Saffery 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 2023
Unrestricted Funds
Income and ex
enditure
Note
2023
2022
Income
Donations & Legacies Incl Subscriptions
Investment income
Registration fees
Other Income
98,888
21,114
97,551
19,862
985
2,801
7,126
Total of Income
127,128
121,199
Branch events and subscriptions
142,522
120,093
Total Income
269,650
241,292
Ex
endlture
Charitable activities
Branch expenditure
Total ex
enditure
202,312
122,711
325,023
175,473
132,525
307,998
Netlexpenditurelbefore 11055esl/galns on
Investments
155,3731
166,7061
Net Ilossesl/gains on investments
Net Income and net movement In funds
61,292
1125,8581
1192,5641
5,919
Total funds brought forward
1,861,329
2,053,893
Total funds carried forward
1,867,248
1,861,329
The notes on pages 16 to 22 form part of these flnanclal statements.
Page 13

THE ROYAL ARTILLERY ASSOCIATION
BALANCE SHEET
31 DECEMBER 2023
Note
2023
2022
FIKed assets
Investments
1,121,793
1,058,128
Current assets
Debtors
Cash
Branch cash
4,042
523,314
257,706
785,062
3,396
594,620
237,896
835,912
Current Ilabilities
Creditors: Amounts fallin8 due within one
139,6071
132,7111
year
Net current assets
745,455
803,201
Net assets
1,867,248
1,861,329
Funds
Unrestricted
Designated
io
li
1,609,542
257,706
1,623,434
237,895
1,867,248
1,861,329
roved by the trustee on fL S>fi & 2024
D M Cullen CB OBE
Major General
Chairman of the RAA Trustee IRACFI Board
The notes on pages 16 to 22 form part of these financlal statements.
Page 14

THE ROYAL ARTILLERY ASSOCIATION
ASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
Net cash used In operating actlvltles
170,2371
145,5391
ash flows from investin
actlvSties
Dlvldends, interest and rents from investments
Purchase of investments
Proceeds from sale of investments
21,114
1835,8381
837,770
19,862
1193,4971
191,677
Net cash used In Investlng actlvltles
23,046
18,042
Net increase in cash & cash equivalents
Cash & cash equlvalents at the beginning of the year
147,1911
832,743
127,4971
860,240
Cash and cash equivalents at end of the year
785,552
832,743
Notes to the cash flow statement
Reconciliation of net movement In funds to net
cash flow from operating activities
2023
2022
Net movement in funds
Loss/lgainl Dn investments
Investment income
Decrease in debtors
IDecreasellincrease in creditors
Net cash used in operating actSvitles
5,919
161,2921
121,1141
16461
6,896
170,2371
1192,5641
125,858
119,8621
76,218
135,1891
145,5391
Analysis of cash and cash equlvalents
and net debt
Atljan
2023
Cash
flow
At 31 Dec
2023
Cash on short term déposlt
Cash current account
Cash held by branches
Cash balance before Investments
Cash held in Investments
Net cash provided by operating activities
594,184
436
237,896
832,516
227
832,743
170,4131
18931
19,810
151,4961
4,305
147,1911
523,771
14571
257,706
781,020
4,532
785,552
Page 15

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountin
olicies
Basls of a¢¢ounting
The financial statements have been prepared under the historic cost conventlon, 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 Reporting by
Charities preparlng thelr accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 (Charities 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 Accounting Practice.
The accounts (financial statements1 have been prepared to give a 'true and falr, view and have
departed from the Charlties (Accounts and Reports) 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 Charltie5 Statement of Recommended Practice effective from
2005 which ha5 since been withdrawn.
The Royal Artlllery Association constitutes a public benefit entity as defined by FRSIO2.
Preparatlon of a cash flow statement
A cashflow statement is provided at page 15.
Branches
Branch transactlons with thlrd parties are accounted for gros5 in the flnanclal statements and branch
assets and liabilities are incorporated into the balance sheet. Individual branches receive donations
to spend on comradeship within their branches and local area. Branch events are sponsored by these
funds.
Investments
Investments 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 legacles Including Subscriptlon5
Subscriptions and donations are reco8r115ed as income when the amounts a￿ receivable. Legacies are
recognised when received or recelpt15 probable and the value can be measured with sufficient
Investment In¢ome
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 2023
Fund Accounting
Unrestricted funds are available to use to further any of the purposes of the charlty,
Going Concern
The trustee has reasonable expectation that the charlty has adequate resources to contlnue in
operational existence for the foreseeable future. Thu5, they continue to adopt the going concern
basi5 in preparlng the annual f inancial statements.
Expenditure and support costs
Expenditure is recognised in the perlod in which it is incurred and includes attributable VAT which
cannot be recovered.
Support costs are those costs which have not been directly allocated to an artIv￿¥ of the charity but
nevertheless support these activitles. All costs relate to the core charitable activitie5 except branch
expenditure whlch Is shown separatelv.
Penslons
Staff costs are recharged from RACF. Staff are enrolled In a NEST pen51on Scheme. Contributions are
charged in the Statement of Financial Activities as they become payable.
Grant expenditure
Grant5 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 notificatlon give5 the recipient a
reasonable expectatlon that they will receive the grant.
Provisions for grants are made when the intention to make a grant has been communlcated to the
recipient but there is tjncertainty as to the timing of the grant or the amount of 8rant payable.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other 5hort-term
liquid investments with original maturities of three month5 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 recognlsed at transactlon value at)d
subsequently measured at their settlernent value except for bank loans which are subsequently
measured at amortised cost using the effective interest method.
Trade and other debtors are recognised at the settlement amoufit due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions are recognised where the charity has a present obliEation resulting from
past event that will probably result in the transfer of fund5 to a thlrd party and the amount due to
Page 17

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial instruments contlnued
settle the obligation can be measured or estimated reliably. Creditors and provislons a￿ normally
recognised at their settlement amount after allowing for any trade discounts due.
Critical estimate and ludgements and key sources of ￿tIMatIOn uncertainty
In the application of the charity's accounting policies, the trustee is required to make judgements,
estimates and assumptlons about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates are recognised In the period in which ihe estimate is
revised where the revision affects only that period, or In the period of the revislon and future periods
where the revision effects both current and future periods.
There 15 no critical estimate, judgements or key sources of estlmatlon In 2023 or 2022.
Donations & Le
acies
incl subscrl tions
2023
2022
Seiving re8iment Iservice pay Givlng Schemel
Legacies
General Donations
Donations- RACF
Donations- Branch Liaison Officer
Intangible Income- Wages in Kind
40,392
3,794
4,573
35,841
39,840
5,000
7,189
29,163
2,923
13,436
14,288
98,888
97,551
Re
istratlon fees
2023
2022
Current year
985
985
Other Income
2023
2022
RAA Event Income
Merchandise IncDme
Christmas Card Income
Bank Interest
1,375
154
766
4,831
1,572
144
774
311
7,126
2,801
Page 18

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable actlvltles
2023
2022
RA Assembly
RA Assembly Awards
NMA
Gunner Sunday
RAA 100
ReEimental Welfarelcomradeship
Mansergh Award
Grant to RAM
Mlscellaneous grants
6.221
325
5,220
1,399
10,416
35,841 -
587
5,000
4,147
4,424
382
3,615
1,684
10,020
29,913
579
12,200
1,060
69,156
63,877
Support costs to Charitable Artivities..
Administrative Salaries recharges by RACF
Employer Pension Contribution
Wages in kind
59,318
5,042
14,288
78,648
54,087
2,021
13,436
69,544
Travelling and subsistence lincl. Standard Bearersl
NEC, Regional Reps, District travel & Subsistence
Branch travel
Office costs lincl. publicity & p05tagel
Publicity
Miscellaneous costs
Governance costs..
Professional Fees
Audit
15,155
2,125
20,556
10,632
339
1,141
10,297
1,376
18,236
4,449
12
1,996
280
5,406
4,560
54,508
42,052
Total charltable actlvltie5
202,312
175,473
Page 19

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable attlvltle5 continued
The trustee / RACF trustees received no remuneration or any other payments other than refund of
travel and Subsisten￿ costs. £1,156 for out of pocket travel expenses was clalmed in 2023 by I
trustee12022: £826 by one tru5teel.
Flxed assets investments
2023
2022
Quoted investments-
Market value at l January
Net additions/cash movements at cost
Sale Proceeds- Investments
1,058.128
835,838
1837,7701
1,182,151
193,497
1191,6771
Net realisedl unrealised Investment gains/l1055esl
61,292
1125,8581
Cash Commitments
4,305
15
Market value at 31 December 2023
1,121,793
1,058,128
Historical cost at 31 December 2023
1,020,133
1,044,553
There are no individual holding5 which are considered to be significant.
Debtor5
2023
2022
RAGCT- Gift Aid
13
27
Accrued ServSce G)vlng Income
3,479
3,369
RACF
550
4,042
3,396
2023
2022
Cash on Short term De
05it
Lloyds TSB Bank PLC- Current account
Lloyd5 TSB Bank PLC- Dep051t account
14571
523,771
436
594,184
523,314
594,620
Creditors - amounts fallin
due within one
ear
2023
2022
RA Charitable Fund
Creditors and accruals
34,917
4,690
28,777
3,934
39,607
32,711
Page 20

THE ROYALARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
continued
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Movement in funds
Balance at I
January 23
Incoming
Resources
Outgoing
Resources
Net Galn
on
Balance at 31
December 23
Investment
Unrestrlcted
Ladles Section
Amenities
General Fund
792
792
1,622,642
1,623,434
127,128
127,128
202,312
202,312
61,292
61,292
1,608,750
1,609,542
Deslgnated funds
Branches
237,895
142,522
122,711
257,706
Total
1,861,329
269,650
325,023
61,292
1,867,248
2022 Com
arison
Balan¢e at I
January 22
Incoming
Resources
Outgoing
Resources
Net Galns
on
Balance at 31
December 22
Investment
Unrestricted
Ladies Section
Amenitles
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
Deslgnated funds
Branches
250,327
120,093
132,525
237,895
Total
2,053,893
241,292
307,998
1125,8581
1,861,329
Page 21

THE ROYAL ARTILLERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
contlnued
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Anal
sis of net assets between funds
Net
Total
Investments
Current assets
Unrestricted funds,.
General
Ladies Sectlon Amenitles
1.121,793
486,957
792
487,749
1,608,750
792
1,609,542
1,121,793
Designated funds:
Branche5
257,706
257,706
1,121,793
745,455
1,867,248
2022 Com
ari50n
Net
Total
Investments
Current assets
Unrestricted funds..
General
Ladies Section Amenltles
1,058,128
564,514
792
565,306
1,622,642
792
1,623,434
1,058,128
Deslgnated funds:
Branches
237,895
237,895
1,058,128
803,201
1,861,329
13. Related
art transactions
Income of £40,392 12022: £39,840) was received from the Royal Artillery General Charitable Trust
IRAGCT). A number of the RACF trustees are also trustees of the RAGCT. This income relates to accrued
Income from the Servite Giving Scheme, which were voluntary contributions from service personnel. At
the year end, a balance of £3,47912022: £3,370) is included within debtors for this income.
An amount of £32,544 12022.. £28,777) is included within creditors for the RACF. The RACF is the
corporate trustee of the RAA. This income relate5 to Investment fees owed from RAA to RACF.
The RACF made a £35,84112022.' £29,163) grant to the RAA in 2023.
Page 22