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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||
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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 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|||||
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|||||||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.|||
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||||||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|
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||||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|
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|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|
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|4|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|
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|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|
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||||2023|2022|
|---|---|---|---|---|
||||No|No|
|Number|ofadministrative|staff:|0.75|0.75|
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|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|
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|||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|
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|||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|
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||||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|
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|||||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|