2023-06-30-accounts - The Army Central Fund

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CONTENTS		PAGE
Reference and Administration	Information
Board's Annual Report
Independent Auditors' Report
Statement ofFinancial Activities		20
Balance Sheet		21
Statement ofCashtlows		22
Notes to the Financial Statements		23
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 Device Esq
Legal Advisor		Wilsons Solicitors LLP
		Charities Team
		4 Lincoln's Inn Fields
		London
		WCZA 3AA
Auditor		Dunkley's
		Woodlands Grange
		Woodlands Lane
		Bradley Stoke
		Bristol
		BS324JY
Investment	Managers	BlackRock Fund	Managers		Limited
		12Throgmorton	Avenue
		London
		EC2N 2DL
		Swiss Ufe Asset	Managers		UK
		55Wells Street
		London
		WIT 3PT
		CCLA Fund Managers		Limited
		One Angel Lane
		London
		EC4R 3AB
Bankers		Holt's Military Banking
		200 Fowler Avenue
		Fowler Business	Park
		Famborough
		Hampshire
		GU14 7JP

						Total	Total
						Unrestricted	Unrestricted
						Funds	Funds
						2023	2022
					Note	5
INCOME
income from
Donations						286&986	165,575
investment income						2,734,439	2,541,926
TOTAL INCOME						3,021,425	2,707,501
EXPENDITURE
Charitable activities					4/5	3,635,837	2,453,930
TOTALEXPENDITURE						3,635,837	2,453,930
NET (EXPENDITURE)		/ INCOllE				(614,412)	253,571
(Losses) on investment		assets				(3,962,068)	(4,038.158)
NET INOVEMENT	IN FUNDS					(4,576,480)	(3,784,587)
RECONCILIATION	OF FUNDS				12/13
Fund balances brought		forward				74,926&285	78,710,872
FUND BALANCES	CARRIED
FORWARD						70,349,805	74,925,285
The statement offinancial acbvities includes and losses recognised in the year				all gains
Afi income and expenditure			derive from continuing		acbvities.

					Note	2023f	2022 5
FIXEDASSETS
Tangible assets						132	529
Investments						62,063,098	66,025,166
						62,063,230	66,025,695
CURRENT ASSETS
Debtors					10	67.562	42,478
Cash at bank and In hand						8335g70	8,892,926
						SVI03032	8,935,404
CREDITORS: amounts	falling due within one year					(116,457)	(34,814)
NET CURRENT ASSETS						8,286Y575	8,900,590
TOTAL NET ASSETS						70,349,805	74,926,285
FUNDS					12/13
Unrestricted Income Funds						63VI18,553	66,989,802
Unnrstricted Designated		Funds				6,931,252	7,936,483
TOTALFUNDS						70,349,805	74,926,285
Thfiilstatements		werearoved	bthemembers	oftheBoardon	22	November	2023 and

			2023	2022
		Note	6	f
CASH FLOWS FROM OPERATING ACTIVITIES:		See below
Net cash (used) from operating activities			3291 894	2401,834
Cash flows from Investing actlvlfles:
Dividends and interest from investments			2,734,439	2,541,926
Proceeds from sale ofinvestments				6000,000
Net cash provided by investing sctlvidssr			2,734439	8541,926
Change In cash and cash equivalents in the reporting		period	(557,456)	6,140,092
Cash equivalents atthe beginning ofthe reporbng	period		8892,926	2752834
Cash and cash equivalents at the end ofthe reporbng		period	8,335470	8892,926
RECONCILIATION OF NET INCOME TO NET CASHFLOW FROM OPERATING ACTIVITIES
Net Income forthe repordng period			(4,576,480)	(3,784,587)
per the statement offlnancial activifles
Adjustments for.
Depreciation charges			397	397
Losses on investments			3,962,068	4,038,158
Dividends and interest from investments (Increase) / Decrease in debtors			(2,734,439) (25,084)	(2,541,926) 74,647
Increase / (Decrease) In creditors			81,644	(188,523)
Net cash (used) from operating activities			3,291 894	2,401 834

DONATIONS
				Total	Total
				Unrestricted	Unrestricted
				Funds	Funds
				2023	2022
				2	2
Legacy (Carpenter	Estate)			100,000
Blue Light MOD Discount Scheme				106986	165575
				286,986	165575
INVESTMENT INCOME
				Total	Total
				Unrestricted	Unrestricted
				Funds	Funds
				2023	2022
					2
income from a UK	managed		fund	2,248,559	2,278,037
Income from Property		Income Trust		265,680	243,450
Bank interest receivable				220 200	20,439
				2,734~0	2,041,020

COST OF CHARITABLE ACTIVITIES BYACTIVITY TYPE	COST OF CHARITABLE ACTIVITIES BYACTIVITY TYPE	COST OF CHARITABLE ACTIVITIES BYACTIVITY TYPE	COST OF CHARITABLE ACTIVITIES BYACTIVITY TYPE	COST OF CHARITABLE ACTIVITIES BYACTIVITY TYPE
					Total	Total
					Unresbtcted Unrestricted
					Funds	Funds
					2023	2022
Grant commitments		atthe start ofthe year			24,771	215,991
Grants awarded during the			year		3,553,936	2,385,728
Grant commitments		atthe end ofthe year			106156	24,771
Total grants paid in year (see page 32)					3,472,551	2,576,948
Total charitabl activides					TotalFunds	Total Funds
					2023	2022
					f	8
Grants awarded during the			year (see above)		3,553,936	2,385,728
Support costs (see note 5)					81901	68202
					3635837	2,453,930
5	SUPPORT ANO GOVERNANCE COSTS
					Total	Total
					Unrestricted	Unrestricted
					Funds	Funds
					2023	2022
					8
	Salaries and contributions		to pension	&healthcare	44,701	43,177
Treasurers'fees					10,998	6,978
	Legal Fees and Consultancy				7,749	8,705
	Irrecoverable VAT				4,727	3,159
	Secretariat expenses				3,691	1,174
	Publication costs				2,934
	Audit fees				2,311	2,201
	Subscriptions				1,954	2,831
	Trustees training				773	577
	Insurance costs				760	560
	Trustees travel				643	191
	Oflice equipment	depreciation			397	397
	Costs ofTrustees'	meetings			263	252
					81,901	68,202

This is stated after	charging:	charging:		2023	2022
				6
Depreciation				397	397
Treasurers' remuneration				10,998	6,978
Auditors' remuneration —audit ofthe Sinsncial statements				2,311	2,201
Irrecoverable VAT				4,727	3,159
				18,433	12,735
STAFF COSTS AND ESIOLUIIIIENTS
Total staff costs were as		follows:
				2023	2022
Key management	personnel			f	2
Wages and salaries				38,814	35,483
Employers' Pension	Contributions			6,928	5,713
Healthcare Conbtbution		and Death	in Service Benefit for Secretary	1959	I 98I
				44.701	43,177

			2023	2022
			No	No
Number	ofadministrative	staff:	0.75	0.75

TANGIBLE FIXEDCOSTS
		2023	2022
	OI6ce equipment	Total	Total
	6	f.	6
Cost
At 1 July 2022	1,191	1,191	1,191
At 30June 2023	1 191	1191	1 191
Depreciation At 1 July 2022 Charge for the year	662 397	662 397	265 397
At 30June 2023	1,059	1,059	662
Net book value
At 30June 2023	132	132	529
At 30June 2022	529	529	926

		2023	2023	2023	2022
		INayfair	AFCGSI	Total	Total
Market value at 1 July 2022		5,882r489	60,142,677	66,025,166	76,063,324
Disposal proceeds					(6,000,000)
Net (losses) on revaluations	in the	(1,318,250)	(2,643,818)	(3,962,068)	(4,038,158)
year ended 30June 2023
Market value at30June 2023		4,564,239	67r408,859	62,063,098	66,025,166
Historical cost at 30June 2023		5,000,000	29,395,919	34,395,919	34,395,919

		2023
				Net
			Investmentsf	assets f	Total f
Unmstrlcted	Income Funds		61)131846	2280~707	63,418&553
Unrestricted	Designated	Funds	931,252	6,000,000	6,931,252
TotalFunds			62,063,098	8,288,707	70,349,805
ANALYSIS	OF NET ASSETS BETWEEN FUNDS
		2022
				Net
			Investments	assets	Total
			f	f	f
Unrestricted Unrestricted	Income Funds Designated Funds		65,093,914 931,252	1,895,888 7,005,231	66,989,802 7,936,483
Total Funds			66,025,166	8,901,119	74,926,285

			2023	2022
			8	5
INCOME FROM
Donations
Other donations			286986	165575
			286,986	165,575
investment Income
Income from investments			2,514,238	2,521,487
Bank interest receivable			220 200	20439
			2,734,439	2,541,926
TOTAL INCOME			3,021,425	2,707,501
EXPENDITURE
Charitable Activities
Grants swarded during the	year		3563936	2385728
			3,553,936	2,385,728
Support and Governance	Costs
Salaries and contributions	to pension	&healthcare	44,701	43,177
Treasurers' fees			10,998	6,978
Legal Fees and Consultancy			7,'749	5,705
Irrecoverable VAT			4r727	3,159
Secretariat expenses			3,691	1,174
Public8tlon costs			2,S34
Audit fees			2311	2,201
Subscriptions			1,954	2,831
Trustees training			773	577
Insurance costs			760	560
Trustees Iravel			643	191
OI5ce equipment depreciation			397	397
Costs ofTrustees' meetings			263	252
TOTALEXPENDITURE			3,635.837	2,453,930
NET tEXPENDITUREI IINCOME FOR		THEYEAR	614812	253,571

				2023	2022
				6	6
CHARITABLE ACTIVITIES - GRANTS PAID
Army Command Grant. Welfare funding				1,765,231	633,334
Army Sport Staff and management costs				660,890	644,477
Army Families Federation. Staff and management		costs		503,315	503,315
Defence Medical Welfare Service. Army patients		in NHS	hospitals	90,000
Aurora New Dawn. Domestic Violence support service				80,000
SSAFA —Nokon House. Costs ofvisitor accommodation				66,000	65,000
SSAFA - Short Breaks. Children with additional	needs			60,000	40,000
SSAFA - Serving Community Project.				60,000	115,000
Home-Start UIC Supporting families with young	children			53,000	49,200
Warrior Programme. Mental health resifience				50,000	50,000
BrNsh Forces Cyprus. Welfare funding				21,000	21,000
SSAFA —Forcesline. Confidentlal advice service				15,000
Military Wives Chairs. Choir development				15,000	20&000
Army Widows Association. Training costs				15,000
Army Roll ofHonour Project.				8,615	500
British Forces South Atlantic Islands. Welfare funding				6,300	6,300
RM Poole. Welfare funding				2,200	2,200
INSPIRE22 Army Polar Expedition				2,000
NSPCC. Tidworth Families Centre					75,000
Pirbright Welfare Centre Project					68,784
Army Welfare Service. Children's activity breaks					65,720
Alexander First School, Windsor					40,000
Victory Services Club					40,000
Union Jack Club					40,000
Bulford Playpark					35,000
Tedworth Equestrian					17,118
Royal British Legion Industries (LifeWorks) family		employ	ment support		15,000
Reading Force					15,000
BFF—Pantomime Tour					10,000
Wanior Programme ITConsultancy					50OO
				3,472,551	2576,948