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|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|
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|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||||||||
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|||||||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.|||
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||||||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|
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||||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|
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|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|
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||||||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|
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||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|
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|||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|
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|||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|
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|||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|
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|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|
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|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|
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|||||||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|
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|||||||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|
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