2021-06-30-accounts - The Army Central Fund

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CONTENTS			PAGE
Reference and Administration		Information
Board's Annual Report
independent Auditors'	Report		13
Statement of Financial	Activities		17
Balance Sheet			19
Statement of Cashflows			20
Notes to the Financial	Statements		21
The following pages	do not	form part ofthe Financial Statements
Detailed statement offinancial		activities

REFERENCE AND ADMINISTRATION INFORMATION	REFERENCE AND ADMINISTRATION INFORMATION	REFERENCE AND ADMINISTRATION INFORMATION	REFERENCE AND ADMINISTRATION INFORMATION	continued	continued
Investment	Advisor	G C Davies	Esq
Legal Advisor		Wilsons Solicitors LLP
		Charities Team
		4 Lincoln's	Inn Fields
		London
		WC2A 3AA
Auditor		Dunkley's
		Woodlands	Grange
		Woodlands	Lane
		Bradley Stoke
		Bristol
		BS324JY
Investment	Managers	BlackRock	Investment	Management		(UK)	Limited
		12Throg morton Avenue
		London
		EC2N 2DL
		Mayfair Capital Investment			Management		Limited
		55 Wells Street
		London
		W1T3P
		CCLA Fund	Managers	Limited
		Senator House
		85 Queen Victoria Street
		London
		EC4V 4ET
Bankers		Holt's Military Banking
		200 Fowler	Avenue
		Fowler Business Park
		Farnborough
		Hampshire
		GU14 7JP

Year	Valuation	Sale of	Investment	Change	Valuation
	Start of	Investments	Gain/(Loss)	Year on	End ofYear
	Year			Year
2021	67,184,965		8,878,359	8,878,359	76,063,324
2020	68,179314	600,000	394,349	994,349	67,184,965
2019	67,529 884		649430	649,430	68 179314
2018 2017 2016	66,478,364 58,071,944 58,405,656	300,000	1,051,520 8,406 420 33,712	1,051,520 8,406,420 333,712	67,529,884 66478,364 58,071,944

											Total	Total
											Unrestricted	Unrestricted
											Funds	Funds
											2021	2020
										Note	F	F
INCOIVIE
Income from
Donations (Gainshare		&Welfare				Return)					102,324	5,596,398
Investment income											2,515,696	2,530,755
TOTAL INCOME											2,618,020	8,127,153
EXPENDITURE
Charitable activities										4/5	3,757,361	5,591,046
TOTAL EXPENDITURE											3,757,361	5,591,046
NET (EXPEND IT URE)		/	INCOME								(1,139,341)	2,536,107
Gains/ (Losses) on	investment				assets						8,878,359	(394,349)
NET MOVEMENT	IN FUNDS										7,739,018	2,141,758
RECONCILIATION	OF		FUNDS							12/13
Fund balances brought			forward								70,971,854	68,830,096
FUND BALANCES	CARRIED
FORWARD											78,710,872	70,971,854
The statement of financial				activities			includes	all gains
and losses recognised		in the year
All income and expenditure				derive			from continuing		activities.
The notes on pages 21			to	29 form			part ofthe	financial		statements.

				Total
				Unrestricted
				Funds
				2020
				f
INCOME
Income from
Donations (Gainshare		8 Welfare Return)		5,596,398
Investment income				2,530,755
TOTAL INCOME				8,127,153
EXPENDITURE
Charitable activities				5,591,046
TOTAL EXPENDITURE				5,591,046
NET EXPENDITURE				2,536,107
(Losses) on investment			assets	(394,349)
NET MOVEMENT	IN FUNDS			2,141,758
RECONCILIATION	OF		FUNDS
Fund balances brought			forward	68,830,096
FUND BALANCES	CARRIED
FORWARD				70,971,854

					2021	2020
				Note	R
FIXEDASSETS
Tangible assets					926
Investments					76,063,324	67,184,965
					76,064,250	67,184,965
CURRENT ASSETS
Debtors					117,125	16,163
Cash at bank and in hand					2,752,834	3,959,867
					2,869,959	3,976,030
CREDITORS: amounts	falling due within one year				(223,337)	(189,141)
NET CURRENT ASSETS					2,646,622	3,786,889
TOTAL NET ASSETS					78,710,872	70,971,854
FUNDS				12/13
Unrestricted funds					78,710,872	70,971,854
TOTAL FUNDS					78,710,872	70,971,854
The financial statements	were approved	by the members	ofthe Board on		" -	2021 and
are signed on their behalf	by:

					2021	2020
					Note E
CASH FLOWS FROM OPERATING ACTIVITIES:					See below
Net cash (used in) Igenerated from	operating		activities		3,721,538	70,918
Cash flows from investing activities:
Dividends and interest from investments					2,515,696	2,530,755
Purchase oftangible fixed assets					(1,191)
Proceeds from sale of investments						600,000
Net cash provided by investing activities:					2,514,505	3,130,755
Change in cash and cash equivalents	in the	reporting		period	(1,207,033)	3,201,673
Cash equivalents at the beginning ofthe reporting			period		3,959,867	758,194
Cash and cash equivalents at the end	ofthe	reporting		period	2,752,834	3,959,867
RECONCILIATION OF NET INCOME	TO NET CASHFLOW FROM OPERATING ACTIVITIES
Net Income for the reporting period					7,739,018	2,141,758
per the statement of financial activities
Adjustments for:
Depreciation charges					265
(Gains) / Losses on investments					(8,878,359)	394,349
Dividends and interest from investments					(2,515,696)	(2,530,755)
(Increase) / Decrease in debtors					(100,962)	10,218
Increase in creditors					34,196	55,348
Net cash (used) I generated in operating		activities			3,721,538	70,918

							Total	Total
							Unrestricted	Unrestricted
							Funds	Funds
							2021	2020
								F
Gainshare			from UK Catering,		Retail and			4,063,596
NAAF	I	(Germany)		Welfare Return				9,268
Closure		British Army (Germany)Welfare				Fund		1,523,338
Other	Donations						102,324	196
							102,324	5,596,398

			Total	Total
			Unrestricted	Unrestricted
			Funds	Funds
			2021	2020
			F
Income from a UK managed		fund	2,302,654	2,278,453
Income from Property	Income Trust		211,932	240,467
Bank interest receivable			1,110	11,835
			2,515,696	2,530,755

COST OF CHARITABLE ACTIVITIES	COST OF CHARITABLE ACTIVITIES	COST OF CHARITABLE ACTIVITIES	COST OF CHARITABLE ACTIVITIES	COST OF CHARITABLE ACTIVITIES	COST OF CHARITABLE ACTIVITIES	BYACTIVITY TYPE
							Total	Total
							Unrestricted	Unrestricted
							Funds	Funds
							2021	2020
							F	E
Grant commitments		at	the start ofthe		year		180,028	120,466
Grants awarded	during		the year				3,687,466	5,518,152
Grant commitments		at	the end ofthe		year		215,991	180,028
Total grants paid	in	year (see page 32)					3,651,503	5,458,590
Total charitable	activities						Total Funds	Total Funds
							2021	2020
							f	E
Grants awarded	during		the year (see		above)		3,687,466	5,518,152
Support costs (see		note 5)					69,895	72,894
							3,757,361	5,591,046
5 SUPPORT AND GOVERNANCE					COSTS
							Total	Total
							Unrestricted	Unrestricted
							Funds	Funds
							2021	2020
							F	E
Salaries and contributions				to pension		8 healthcare	43,137	42,468
Treasurers' fees							10,270	9,171
Legal Fees and	Consultancy						6,308	8,407
Irrecoverable VAT							3,904	4,124
Subscriptions							2,220	2,600
Audit fees							1,967	2,433
Insurance costs							918	879
Secretariat expenses							555	1,846
Trustees training							314	822
Office equipment		depreciation					265
Costs ofTrustees'		meetings					37
Trustees travel								144
							69,895	72,894

	This is stated after	charging:	charging:	charging:		2021	2020
						f	f
	Depreciation					265
	Treasurers' remuneration					10,270	9,171
	Auditors' remuneration		—audit ofthe financial statements			1,967	2,433
	Irrecoverable VAT					3,904	4,124
						16,406	15,728
7	STAFF COSTS AND		EMOLUMENTS
	Total staff costs were		as	follows:
						2021	2020
	Key management	personnel				f	f
	Wages and salaries					35,483	34,994
	Employers' Pension	Contributions				5,713	5,556
	Healthcare Contribution			and Death	in Service Benefit for Secretary	1,941	1,918
						43,137	42,468

				2021	2020
				No	No
Number	of	administrative	staff:	0.75	0.75

			2021	2020
	Office equipment		Total	Total
		f	f	f
Cost
At 1 July 2020
Additions		1,191	1,191
At 30June 2021		1,191	1,191
Depreciation
At 1 July 2020
Charge for the year		265	265
At 30June 2021		265	265
Net book value
At 30June 2021		926	926
At 30June 2020
INVESTMENTS
Movement in market value
		2021	2021	2021	2020
		Mayfair	AFCG&I	Total	Total
		f	f
Market value at 1 July 2020		4,806,649	62,378,316	67,184,965	68,179,314
Addition of income Units
Disposal of income Units					(600,000)
Net gains/(losses) on revaluations	in the	199,123	8,679,236	8,878,359	(394,349)
year ended 30June 2021
Market value at 30June 2021		5,005,772	71,057,552	76,063,324	67,184,965
Historical cost at 30June 2021		5,000,000	29,395,919	34,395,919	34,395,919

12 ANALYSI	S OF NET	ASSETS BETWEEN FUNDS 2021
				Net
			Investments	assets	Total
			f		f
Unrestricted	Income Funds		69,063,324	1,767,317	70,830,641
Unrestricted	Designated	Funds	7,000,000	880,231	7,880,231
Total Funds			76,063,324	2,647,548	78,710,872
ANALYSIS	OF NET ASSETS BETWEEN FUNDS
		2020


			Net
		Investments	assets	Total
				f
Unrestricted Unrestricted	Income Funds Designated Funds	60,184,965 7,000,000	1,866,658 1,920,231	62,051,623 8,920,231
Total Funds		67,184,965	3,786,889	70,971,854

		Funds			Investment	Funds
		01.07.20	Income	Expenditure	Gains	30.06.21
		F	f	f	f	f
Unrestricted	Income Funds	62,051,623	2,618,020	(2,717,361)	8,878,359	70,830,641
Designated	Funds	8,920,231		(1,040,000)		7,880,231
Total Funds		70,971,854	2,618,020	3,757,361	8,878,359	78,710,872
		Funds			Investment	Funds
		01.07.19	Income	Expenditure	Losses	30.06.20
		F	f	f.		F
Unrestricted	Income Funds	61,830,096	4,291,736	(3,675,860)	(394,349)	62,051,623
Designated	Funds	7,000,000	3,835,417	(1,915,186)		8,920,231
Total Funds		68,830,096	8,127,153	5,591,046	394,349	70,971,854

					2021	2020
					f	F
INCOME FROM
Donations
Gainshare						4,063,596
NAAFI Welfare Return	(Germany)					9,268
Closure British Army (Germany)			Welfare Fund			1,523,338
Other donations					102,324	196
					102,324	5,596,398
Investment Income
Income from investments					2,514,586	2,518,920
Bank interest receivable					1,110	11,835
					2,515,696	2,530,755
TOTAL INCOME					2,618,020	8,127,153
EXPENDITURE
Charitable Activities
Grants awarded during	the	year			3,687,466	5,518,152
					3,687,466	5,518,152
Support and Governance		Costs
Salaries and contributions		to pension		8 healthcare	43,137	42,468
Treasurers' fees					10,270	9,171
Legal Fees and Consultancy					6,308	8,407
Irrecoverable VAT					3,904	4,124
Subscriptions					2,200	2,600
Audit fees					1,967	2,433
Insurance costs					918	879
Secretariat expenses					555	1,846
Trustees training					314	822
Office equipment depreciation					265
Costs ofTrustees' meetings					37
Trustees travel
TOTAL EXPENDITURE					3,757,361	5,591,046
NET (EXPENDITURE)	/ INCOME		FOR	THE YEAR	1,139,341	2,536,107

						2021	2020
						f	f
CHARITABLE ACTIVITIES - GRANTS PAID
Legacy Gainshare (Wales and West Midlands) to	HQ		Regional		Command	1,000,000	1,000,000
Army Command Grant, welfare funding for Army commands						950,000	950,000
Army Sport Control Board, staff and management	costs					654,380	647,614
Army Families Federation, staff and management	costs					493,466	483,771
SSAFA —Serving community volunteers project						115,000
NSPCC, Tidworth Families Centre						75,000	75,000
SSAFA —Norton House running costs DRMC Stanford				Hall		65,000	65,000
Home-Start UK, supporting families with young children						49,200	49,200
SSAFA —Short Breaks, for children with additional		needs				40,000
Aurora New Dawn, domestic violence support						40,000
Catterick Saddle Club, resurfacing the indoor arena						35,650
DMWS Grant, supporting serving personnel in NHS		hospitals				30,000
Military Wives Choir Foundation, choir development						30,000	5,000
British Forces Cyprus Command Grant						21,000	21,000
Royal British Legion Industries (LifeWorks) family	employment				support	15,000	15,000
Sandes Home Aldershot, kitchen refurbishment						13,000
British Forces South Atlantic Islands Command Grant						6,328	6,300
Finchale College, Durham, family and employment		support				6,160
Highground Project, therapy garden DRMC Stanford			Hall			5,000
Armed Forces Memorial Trust —Army Roll of Honour						3,399	6,253
RM Poole Command Grant						2,200	2,200
Army Welfare Service, children's activity breaks						1,720	80,200
Closure of BA(G) Welfare Fund —allocation of40%		to ASCB					609,335
The Guards Chapel Organ Appeal							400,000
Legacy Gainshare (South West) —allocation of80% to				HQ RC			220,851
Wavell Road Pavilion project, Catterick Garrison							200,000
Army Gliding Club, (Wyvern)							91,055
Episkopi Station, Cyprus Sports Pitch/MUGA							70,022
Services Cotswold Centre Play Park							68,717
Army Sailing Association Exercise Transglobe 2020							60,000
Beacon Tree Community Centre MOD Stafford							54,696
RMA Sandhurst Saddle Club outdoor arena							51,545
SSAFA Covid-19 Emergency Response Fund							50,000
Grants paid c/f						3,651,503	5,282,759

CHARITABLE ACTIVITIES - GRANTS PAID (continued)	CHARITABLE ACTIVITIES - GRANTS PAID (continued)
		2021	2020
		f
Grants paid b/f		3,651,503	5,282,759
Corps of Royal Signals (Centenary events)			30,000
Army Winter Sports Association (Skeleton sleds)			27,254
Army Sailing Association (British Soldier yacht)			25,000
Army Families Federation, Forces Families Jobs	website		19,900
British Forces Foundation —Pantomimes			13,575
Army Welfare Service Tidworth Legacy Project			11,700
Ruskin Land Trust —The Fold, Catterick			10,868
Army Families Federation —replacement database			10,000
Combat Stress, mental health helpline			7,000
British Services Mountaineering Exercise Broad Peak 2020 (delayed)			6,000
Covid-19 Families Repatriation —Grants for food	packs		5,317
On Course Foundation, golf training for wounded,	injured and sick personnel		5,250
The Boleh Trust —sailing for Army Children —Grant 2020-2023			2,952
Funeral LCpl Mongan			1,015
Totals grants paid		3,651,503	5,458,590