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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||
##
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##
|REFERENCE AND ADMINISTRATION
INFORMATION|REFERENCE AND ADMINISTRATION
INFORMATION|REFERENCE AND ADMINISTRATION
INFORMATION|REFERENCE AND ADMINISTRATION
INFORMATION|continued|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|||||||
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|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|
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||||||||||||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|
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||||||||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|
##
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|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|
##
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||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|
##
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|||||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|
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|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||||
|||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|
##
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|||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|
##
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||||||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|
##
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|||||||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|
##
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##
|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|