| CONTENTS | PAGE | ||
|---|---|---|---|
| Reference and Administration | information | ||
| Board's Annual Report |
|||
| independent Auditors' |
Report | 14 | |
| Statement of Financial | ctivttirm | 18 | |
| Balance Sheet | |||
| Statement ofCashftows | 20 | ||
| Notes to the Financial | Statements | 21 | |
| The following pages |
do not | form part ofthe Financial Statements | |
| Detailed statement offinancial |
activities | 31 |
| REFERENCE AND ADMWISTRATION INFORMATION |
REFERENCE AND ADMWISTRATION INFORMATION |
REFERENCE AND ADMWISTRATION INFORMATION |
REFERENCE AND ADMWISTRATION INFORMATION |
REFERENCE AND ADMWISTRATION INFORMATION |
continued | continued | continued | ||
|---|---|---|---|---|---|---|---|---|---|
| Invesbnent | Advisor | G C Device Esq | |||||||
| Legal Advhor | Vylhons Solicitors LLP | ||||||||
| Charities Team | |||||||||
| 4 Uncoln's Inn |
Fields | ||||||||
| London | |||||||||
| WC2A 3AA | |||||||||
| Auditor | Dunkhy*s | ||||||||
| Woodhnds Grange |
|||||||||
| Woodlands Lane |
|||||||||
| Bradley Stoke | |||||||||
| Brtstol | |||||||||
| BS324JY | |||||||||
| investment | Managers | BlackRock I 12Throgmorton |
shnent Mrmagement Avenue |
(UK) | Limited | ||||
| London | |||||||||
| EC2N 2DL | |||||||||
| Mayfair Capital | Investment | Management | Limited | ||||||
| 55Welh Street | |||||||||
| London | |||||||||
| W1T3P | |||||||||
| CCLA Fund Managers | Limited | ||||||||
| Senator House | |||||||||
| 85 Queen Victoria Street | |||||||||
| London | |||||||||
| EC4V4ET | |||||||||
| Bankers | Holt's Military Banking | ||||||||
| 200 Fowler Avenue | |||||||||
| Fowler Business | Perk | ||||||||
| Famborough | |||||||||
| Hampshire | |||||||||
| GU14 7JP |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||||
| Funds | Funds | ||||||
| 2022 | 2021 | ||||||
| Note | 6 | 6 | |||||
| INCOME | |||||||
| Income from | |||||||
| Donations (Gainshare &Welfare |
Return) | 165,675 | 102,324 | ||||
| Investment income |
2,641JIZ6 | 2,515,696 | |||||
| TOTAL INCOME | 2,707,601 | 2,518,020 | |||||
| EXPENDffURE | |||||||
| Charitable activlfies |
2,453,930 | 3,757,351 | |||||
| TOTAL EXPENDITURE | 2~3,930 | 3,757,361 | |||||
| NET INCOME/(EXPENDITURE) | 253,571 | (1,139,341) | |||||
| (Losses) IGains on investment | assets | (4,038,158) | 8,878,359 | ||||
| NET MOVEMENT IN FUNDS |
(3,784,587) | 7,739,018 | |||||
| RECONCILIATION OF FUNDS |
12/13 | ||||||
| Fund balances brought forward |
78,710,872 | 70,971,854 | |||||
| FUND BALANCES CARRIED | |||||||
| FORWARD | 74,99L286 | 78,710,872 | |||||
| The statement offlnandal |
activifies Indudes | afi gains | |||||
| and losses recognised In the year |
|||||||
| Afi income and expenditure | derive from continuing | adtvtfies. | |||||
| The notes on pages 21 to | 29form part ofthe | financial | statements. |
| 2022f | 2021 5 |
|||||
|---|---|---|---|---|---|---|
| FIXEDASSETS | ||||||
| Tangible assets | 8 | 529 | 928 | |||
| Investments | 9 | 66,026,166 | 76,083,324 | |||
| 86,026,696 | 78,064,250 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 10 | 42878 | 117,125 | |||
| Cash at bank and in hand |
8JI92,926 | 2,752,834 | ||||
| 8,936,404 | 2,859,959 | |||||
| CREDITORS: amounts | falling due within one year | (34,814) | (223,337) | |||
| NET CURRENT ASSETS | 8,900,690 | 2,848,622 | ||||
| TOTAL NET ASSETS | 74,926,286 | 78,710,872 | ||||
| FUNDS | 12/13 | |||||
| Unrestricted Income Funda |
66JNI9,802 | 70,830,541 | ||||
| Unrestricted Designated |
Funds | 7,936JRI3 | 7,880,231 | |||
| TOTAL FUNDS | 74J)26,285 | 78,710,872 | ||||
| Ths financial statements | were approved | by the members | ofthe Board on 4 | fLIIt~ | 2022 and |
| 2022 | 202'I | |||
|---|---|---|---|---|
| Note | 8 | |||
| CASH FLOWS FROM OPERATING ACTIVlllES: | See below | |||
| Net cash (used) from operating acBvlges |
2401 834 | 3721 538 | ||
| Cash flows from Invesfing activifies: |
||||
| Dividends and interest from investments |
2,541,926 | 2,515,696 | ||
| Purchase oftangible fixed assets |
(1,191) | |||
| Proceeds from sale ofInvestments | B,OOOOOO | |||
| Net cash provided by Investing aclvides: |
8541 928 | 2514505 | ||
| Change in cash and cash equivalents In the reporting |
perkxl | 6,140,092 | (1207,033) | |
| Cash equivalents atths beginning ofthe reporting |
period | 2752834 | 3959887 | |
| Cash and cash equivalents at the snd ofthe reporting |
period | 8892 926 | 2752834 | |
| RECONCILIATION OF NET INCOME TO NET CASHFLOW FROM OPERATING ACTMllES |
||||
| Net Income for the reporting period |
(3,784,587) | 7,739,018 | ||
| per the statement offinancial acthhBes | ||||
| Adjustments for. |
||||
| Depreciation charges |
397 | 265 | ||
| Losses / (Gains) on invsstmsnts | 4,038,158 | (8,878,359) | ||
| DINdends and interest from investments |
(2,541,926) | (2,515,696) | ||
| Decrease/(Increase) in debtors |
74,647 | (100,962) | ||
| (Decrease) / Increase In creditors |
(188,523) | |||
| Net cash (ussd) from operating acdvltles |
2,401 834 | 3,721 538 |
| 2 | DO NAllONS | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Unrestricted | Unrestricted | ||||
| Funds | Funds | ||||
| 2022 | 2021 | ||||
| 6 | f | ||||
| Blue Ught MOD Discount Scheme | 165575 | 102324 | |||
| 165575 | 102,324 | ||||
| 3 | INVESTMENT INCONIE | ||||
| Total | Total | ||||
| Unnnrtrtcted | Unrestricted | ||||
| Funds | Funds | ||||
| 2022 | 2021 | ||||
| f | f | ||||
| Income from a UK managed | fund | 2,278,037 | 2,302,654 | ||
| Income from Property | Income Trust | 243,450 | 211,932 | ||
| Bank Interest receivable | 20439 | 1 110 | |||
| 2,641,926 | 2,515,696 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted Unrestricted |
||||||
| Funds | Funds | |||||
| 2022 | 2021 | |||||
| f | ||||||
| Grant commitments | at the | start of ths year | 216,991 | 180,028 | ||
| Grants awarded | duhng the | year | 2,385,728 | 3,687,466 | ||
| Grant commitments | atthe | end ofthe year | 24771 | 215991 | ||
| Total grants paid | in | year (see page 32) | 2,676,948 | 3,651,503 | ||
| Total chahtabhr | acgviSes | Total Funds | Total Funds | |||
| 2022 | 2021 | |||||
| f | ||||||
| Grants awarded | during ths | year (ses above) | 2,386,728 | 3,687,466 | ||
| Support costs (see | note 5) | 68202 | 69895 | |||
| 2463930 | 3757351 | |||||
| 6 | SUPPORT AND GOVERNANCE COSTS | |||||
| Total | Total | |||||
| Unrestricted | Un rssthcted | |||||
| Funds | Funds | |||||
| 2022 | 2021 | |||||
| f | f | |||||
| Salaries and contributions | to pension &hsalthcare | 43,177 | 43,137 | |||
| Treasurers' fees | 6,978 | 10370 | ||||
| Legal Fees and | Consultancy | 6,706 | 6,308 | |||
| Irrecoverable VAT |
3,169 | 3,904 | ||||
| Subscrlptions | 2,831 | 2,220 | ||||
| Audit fees | 2,201 | 1,967 | ||||
| Secretariat expenses | 1,174 | 555 | ||||
| Trustees training | 677 | 314 | ||||
| Insurance costs | 560 | 918 | ||||
| Oflice equipment | depreciation | 397 | 265 | |||
| Costs ofTrustees' | meetings | 262 | 37 | |||
| Trustees tmvel | 191 | |||||
| 68,202 | 69,895 |
| This Is stated alter charging: | 2021 | |||
|---|---|---|---|---|
| 8 | 8 | |||
| Depreciation | 397 | 265 | ||
| Trsasursrs' remuneration |
8,978 | 10,270 | ||
| Auditors' remuneration —audit of ths financial statements |
2,201 | 1,067 | ||
| Irrecoverable VAT |
3,159 | 3,904 | ||
| 12,735 | 16,406 | |||
| 7 | STAFF COSTS AND EMOLUMENTS | |||
| Total staif costs were as follows: | ||||
| 2022 | 2021 | |||
| Key management personnel |
8 | E | ||
| Wages and salaries | 36,483 | 35,403 | ||
| Employers' Pension Contributions |
6,713 | 5,713 | ||
| Healthcars Contribution snd Death |
to Senrice Benefit for Secretary | 1981 | 1 941 | |
| 43,177 | 43,137 | |||
| particulars ofemployees: |
||||
| The average number ofemployees | during the year was 1 (2021 1),and calculated | on the basis | ||
| offull-time equivalents, this was as |
follows: |
| 2022 | 2021 | |||
|---|---|---|---|---|
| No | No | |||
| Number | ofadministrative | staff. | 0.75 | 0.75 |
| 2022 | 2021 | ||
|---|---|---|---|
| Oflice equipment | Total | Total | |
| 5 | f | 5 | |
| Cost | |||
| At 1 July 2021 | 1,191 | 1,191 | |
| Additions | 1 191 | ||
| At 30June 2022 | 1 191 | 1 191 | 1 191 |
| Depreciation | |||
| At 1 July 2021 | 265 | 255 | |
| Charge forthe year | 397 | 397 | |
| At 30June 2021 | 255 | ||
| Net book value | |||
| At 30June 2022 | 529 | 529 | |
| At 30June 2021 | 925 | 926 | 925 |
| 2022 | 2022 | 2022 | 2021 | ||
|---|---|---|---|---|---|
| Mayfair | AFCG6J | Total | Total | ||
| f | 6 | ||||
| Market value at 1 July 2021 | 5,005,772 | 71,057JI52 | 76,063,324 | 67,184,955 | |
| Disposal proceeds | (6,000,000) | (6,000,000) | |||
| Net gainer(tosses) on revalua5ons |
in the | 876,717 | (4,914,875) | (4,038,168) | 8,878,359 |
| year ended 30June 2022 | |||||
| Market value at 30June 2022 | 5,882rQS | 50,142,677 | 66,026,166 | 75,083,324 | |
| Historical cost at30June 2022 | 6,000,000 | 29495J)19 | 34,396,919 | 34,395,919 |
| 2022 | 2021 | ||
|---|---|---|---|
| 6 | 6 | ||
| Listed investments | |||
| AFCG&l Income Units | 60,142,677 | 71,057,552 | |
| Mayfair Capital Property | Income Fund | 6,882,489 | 5,005,772 |
| 68,026,166 | 75,053,324 |
| 10 | DEBTORS:Amounts fa |
glng due within one year | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 6 | 5 | |||
| Pre pay ments | 42 478 | 117125 | ||
| 42,478 | 117,125 | |||
| 11 | CREDITORS: Amounts | falling due within one year | ||
| 2022 | 2021 | |||
| 6 | 6 | |||
| Grant commitments | 24,771 | 215991 | ||
| Acorn ale | 10043 | 7,345 | ||
| 34JI14 | 223,337 |
| 13 Analysis ofMovement | 13 Analysis ofMovement | In Funds | ||||
|---|---|---|---|---|---|---|
| Funds | Investment | Funds | ||||
| 01.0721 | Income | Expenditure | 30.0822 | |||
| 6 | f | 6 | 6 | |||
| Unrestricted | Income Funds | 70,830,641 | Zvf94~ | (2,296,930) | (4,038,168) | 66,989,802 |
| Designated | Funds | 7,880,231 | 2'l3,262 | ('I57,000) | 7,936~3 | |
| Total Funds | 78710872 | 707,601 | 2453930 | 4 038158 | 74926285 | |
| Funds | Funds | |||||
| 01.07.20 | Income | Expenditure | 30.06.21 | |||
| 6 | 6 | 6 | 6 | |||
| Unrestricted | Income Funds | 82,051,623 | 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 71854 | 2,618020 | 3757381 | 8878369 | 78710872 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 6 | |||||||
| INCOINE FROM | |||||||
| Dona0ons | |||||||
| Gainshare | |||||||
| NAAFI Welfare Return | (Germany) | ||||||
| Closure British Army (Germany) | Vllelfare | Fund | |||||
| Other donations | 1 | S76 | 102324 | ||||
| 166,676 | 102,324 | ||||||
| Investment Income |
|||||||
| Income from investments | 2,621rN7 | 2,514,588 | |||||
| Bank Interest receivable | 20 39 |
1 110 | |||||
| 2,641,926 | 2,615,696 | ||||||
| TOTALINCOEIE | 2,707,601 | 2,618,020 | |||||
| EXPENDITURE | |||||||
| Charitable Ac6vldes |
|||||||
| Grants awarded during |
ths | year | 2386728 | 3687488 | |||
| 2,386,728 | 3,887,468 | ||||||
| Support snd Governance | Costs | ||||||
| Salaries and contributions | to pension | &healthcare | 43,177 | 43,137 | |||
| Treasurers' fees | 6,978 | 10,270 | |||||
| LegalFees and Consultancy | 6,705 | 6,308 | |||||
| Irrecoverable VAT |
3,159 | 3,904 | |||||
| Subscd ptlons | 2,831 | 2,220 | |||||
| Audit fees | 4201 | 1,087 | |||||
| Secretariat expenses | 1,174 | 555 | |||||
| Trustees training | S77 | 314 | |||||
| Insurance costs | 680 | 918 | |||||
| Oflice equipment depreciation |
397 | 265 | |||||
| Costs ofTrustees' meetings |
262 | 37 | |||||
| Trustees travel | 191 | ||||||
| TOTAL EXPENDITURE | 2ASSJI30 | 3,757,381 | |||||
| NET (EXPENDITURE) | I INCOME FOR | THEYEAR | 263 1 |
1 139341 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| f | f | ||||||
| CHARITABLE ACTIVmES - GRANTS PAID | |||||||
| Army Sport Control Board, staff and management | costs | 844,477 | 664,380 | ||||
| Army Command Grant, welfare funding for Army |
commands | 833,334 | 960,000 | ||||
| Anny Families Federation, staff and management |
costs | 5032N5 | 493rN8 | ||||
| SSAFA - Serving community volunteers project |
tfS,MO | 115,000 | |||||
| NSPCC, Tkhvorth FsmOlss Centre |
76,000 | 75,000 | |||||
| Pirbright Welfare Centre | SS,784 | ||||||
| Army Welfare Service, ch8dren's ectivity breaks |
86,720 | 'I,720 | |||||
| SSAFA —Norton House running coals DRMC Stanford |
Hell | 66,MO | 66,000 | ||||
| Warner Progmmms | 60,000 | ||||||
| Home-Start UK, supporting families with young |
children | 49,200 | 49,200 | ||||
| SSAFA —Short Breaks, for chOdren with additional | needs | 40,000 | 40,000 | ||||
| Alexander School Windsor |
40,MO | ||||||
| Victory Services Club | 40.000 | ||||||
| Union Jack Club | 40,000 | ||||||
| Bulford Playpark | 36,000 | ||||||
| BdOsh Forces Cyprus Command Grant |
21r000 | 21,MO | |||||
| Military Wives Choir Foundation, choir development |
20,000 | 90,000 | |||||
| Tedworth Equestrian |
17,118 | ||||||
| Royal British Legion Industrlsy (LifeWprks) family |
employment | support | 15,000 | 15,000 | |||
| Readtng Force | 15,000 | ||||||
| BFF—Pantomime Tour |
10,000 | ||||||
| Britlsh Forces South Atlantic islands Command | Grant | 6~0 | 8,328 | ||||
| Warrior programme ITConsultancy |
5,MO | ||||||
| RM Pools Command Grant |
2200 | 2,200 | |||||
| Armed Forces Memorial Trust —Army Roll ofHonour | 500 | 3,399 | |||||
| Legacy Gainshare (Wales and West Midlands) |
to | HQ | Regional | Command | 1,000,000 | ||
| Aurora New Dawn, domestic violence support |
40,000 | ||||||
| Catterick Saddle Club, resurfadng the indoor arena |
35,850 | ||||||
| DMWS Grant, supporting serving personnel in |
NHS hospitals | 90,000 | |||||
| Sandes Home Aldershot, kitchen refurbishment |
13,000 | ||||||
| Finchale College, Durham, family and employment |
support | 6,160 | |||||
| Highground Project, therapy garden DRMC Stanford |
HalI | 6,000 |