CENTRAL Fufyo
Supporting
The British Army
ANNUAL REPORT OFTHE TRUSTEE
& FINANCIAL STATEMENTS
FOR THEYEAR ENDED 30JUNE 2024

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
CONTENTS
PAGE
Reference and Adminlstrative Details
Board ofDirectors' Annual Report
Independent Auditors, Report
17
Statement of Financial Activities
22
Balance Sheet
23
Statement of Cashflows
24
Note5 to the Financial Statements
25
The following pages do not form part of the Financial Statements
Detailed Ststement of Financial Activities
35

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Charlty Number
245700
Reglstered Office
Floorl | Zone6
Ramilies Building
Marlborough Lines
Monxton Road
Andover
SPII 8HJ
The Patrons
Members of the Army Board of the Defence Council
Corporate Trustee
TheArmyCentral Fund Trustee Limited
Corporate Trustee's Company Number 11820705
Dlrertors of The Arniy Central Fund Trustee Llmlted
Major General PR Griffiths CB (Chair until 05.10.231
Major General SL Humphris MBE (Chairfrom 05.10.23)
Colonel AK Brown OBE
Brigadier EJR Chamberlain CBE
Warrant Officer Class l J Clarke (from 11.07.23 until 01.09.241
Mr GC Davies
Brigadier A Fraser-Hitchen DL {from 01.09.24)
Brigadier AC Luedicke OBE (until 10.02.241
Airvice MafshalThe Hon DP Murray CVO OBE DL
Colonel MCA Palmer (from 01.09.241
Warrant Officer Class l ML Quefipel (from 01.09.241
MajorGeneral AMG Smyth QRVM TD (until 30.06.241
Mrs EA Thomas (from 01.09.24}
During the year no Directors of The Army Central Fund Trustee Limited were also Trustees
or Committee Members of other charities which benefited from grants made by the kmy
Central Fund I'the Charity.).
Company Secretsry
Lieutenant Colonel JF Panton MBE (until 01.12.2023)
Caroline Crewe-Read (from 01.12.20231
Treasurnr
The Trust Partnership
6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ

The Amiy Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
REFERENCE AND ADMINISTRATVE DETAILS (contlnued)
Investment Advisor
GC Davies Esq
Legal Advisor
Wilsons Solicitors LLP
Charities Team
4 Lincoln's Inn Fields
London
WC2A 3AA
Audltor
Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY
Investment Managers
BlackRock Fund Managers Limited
12 Throgmorton Avenue
London
EC2N 2DL
Swiss Life Asset Managers UK
55 Wells Street
London
WIT 3PT
CCLA Fund Managers Limited
OneAngel Lane
London
EC4R 3AB
Bankers
Holt's Military Banking
200 FowlerAvenue
Fowler Business Pa
Farnborough
Hampshire
GU147JP

The Army Central Fund Annual Report and Financial Statemersts for the year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT
The Board of Directors of the Charitys corporate trustee company present their report
along with the financial statements of the Charity for the year ended 30 June 2024. The
financial statements have been prepared in accordance with the accounting policies set
out on page 25 of the attached accounts and complywith the Charity'strustdeed, the
Articles of Association of The Army Central Fund Trustee Limited, the Companies Act 2006,
the Charities Act 2011, regulations applicable to that Act, and Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS 1021, effective from l January2019.
BACKGROUND
The Charity wasformed in 1948 bythe merger of existing military welfare funds, some
dating back to the First World War. The capital of the Charity was invested, and its income
was used to help improve the welfare of serving British Army personnel and their families.
That aim continuestodayand is achieved by awarding grantsto military organisations and
to UK registered charities that support the seNing Army community.
The Charity operates without any subscrlptions, sponsorship, government grants or
fundraising. It is also extremely costoffective, dispersing over 96¥0 of its income in grants.
Further information about the Charity and the grant application process is available on the
website
rm
ra
k and the 2023 Impact Report can be found at
CHAIRMAN'S OVERVIEW
The financial year 2023-24 has been another very good year for the Charity. Despite global
economic challenges which have resulted in the capital value of the fund reducing, the
investments have continued to generate strong retums which has allowed £9.84m to be
dispersed in support ofthe servingArmy.
Core Grants1£2,010.625). Army Welfare Funds are the biggest single recipient offunding
through the programme ofannual Command Grants. This year£789,500 was awarded to
grant committees in the UK and overseas to support unit welfare and sport. Through an
internal application process dozens ofsmall grantswere made toArmy units and
organisation5, In addition, £513,318 was awarded to the Army Familie5 Federation to
underpin their vital work and £707,807 to Army Sport towards its central running costs.
These three Core Grantssupplement MOD provision and help improve wellbeingand
health. This meets our principal charitable object as laid out in the governing document.
'to promote theefficiency oftheAnnyforthe public benefit,.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT (continued)
Project Grants {£901,841'). Equally importantly, the Charity accepts grant applications
from national and military charities to provide activities and resources across the Army
community. This funding can contribute to both specialist help.for those in need and
facilities and resources for the whole community. During FY23124 this included:
Sport
Amiy Inshore Sail Training Centre1£275,0001. Construction of new stores, training
and workshop facilities at the Amiy Inshore Sail Training Centre on Thorney Island.
An estimated 1,300 serving personnel will use the water sports facility each year,
with 500 estimated to use the centre'5 Other buildings and accommodation.
Mental Wellbeing
Warrior Programme (£50,OCrf)). Mental strength and resilience training for those
whose performance is adversely affected bystress or anxiety or requiring
additional support to return to work after trauma or medical interyention. Funding
for 25 places a year for serving personnel.
Physical and Ment¢71 Wellbeing
SSAFA1£65,0001. A contribution to the running costs of Norton House, Stanford Hall
which provides accommodation for friends and family visiting patients undergoing
treatment at the Defence Medical Rehabilitation Centre.
Defence Medical Welfare Seryice1£90,0001. Emotional and practical support for
those undergoing physical or mental health treatment in the NHS to reduce any
barrier to an individual returning to full health. The grant contributes to staff costs
across the South of England, at Catterick and for a national response service.
Aurora New Dawn1£80,0001. Funding of two Armed Forces Advocate posts to
provide independent practical and emotional support to survivors of Domestic
Violence,'stalking and sexual violence. Practical advice to Unit Welfare Officers and
other military agencies and work with the Amiy Welfare Service to help influence a
shift in culture.
Armed Forces Equine Charity1£15,000}. Provision of Equine Assisted SeNices to
those serving personnel in recovery, rehabilitation and therapy through the
integration of clinical and non-clinical intervention5 into a comprehensive care
pathway. Funding will provide 10 places for highly vulnerable individuals on a one-
week residential course at Tidworth Equestrian Centre.
Social Wellbeing
Home-start UK {£72,5001. Helping families struggling to care for young children by
funding home visits by trained volunteers, and community groups to help families
make friends and reduce isolation.
SSAFA1£40,0001. Contribution to the costs of families attending a Short Break
actlvity holidayfor families with a child with an additional need or disability.
Scotty's Little 5oldiers1£30,0001. Provision of respite breaks for bereaved families
and additional support around Remembrance Day.

The Army Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT (continued)
Plrbright Prnje¢t. The Charity also fulfilled its commitmentto support the provision of a
modern welfare facility at the Anny Training Centre, Pirbright through the award of a
capital grant of £7,000.000. The project, which was managed byArmy Headquartersand
the Defence Infrastructure Organisation, is now complete and the building is fully
operational.
Army Roll of Honour. The Charity continued to 5UPPOrt the compilation of the Amiy Roll
ofHonour, comprisingthe names of Brit15hArmy personnel who have, since 1948, died
whilst in the service of the United Kingdom. A set of copy books and a display cabinet was
provided forArmy HQ in Andover, and permanent display cabinets werealso
commissioned forthe permanent homeforthe Roll in the Nation3lArmy Museum. Whilst
the administrative responsibility for updating the Roll has now been passed to the Army
Dependants, Trust, the Charity has continued to fund updatesto Volume4 for2022 and
2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
structure
The Charity is constituted as an unincorporated charity and is governed bya Scheme of
the Charitycommission sealed on 21 July 2004 las amended by resolutions ofthe Board
passed on 13 May2014 and 6 December2016 and bya Deed ofAmendment,Appointment
and Retirement dated 19 November20191. TheArmy Central Fund Trustee Limited, was
appointed as the soletnjstee ofthecharityon Il, February 2019 and acts asthe Charity's
corporate trustee.
Appolntment of Dlrectors
Directors of thetorporate trustee are appointed by resolution of the Board. The Board may
advertise vacanciesand also invite senior members oftheAmiy to nominate serving
personnel. The Board is required to be a minimum of six persons with a minimum ofthree
present at each meeting to conduct business. Directors serve for an initial term of three
years and may serve foradditional terms with theapproval ofthe whole Board.
Key Management Personnel
The Directors and the Company Secretary comprise the key management personnel who
direct, control, and operate the Charity.

TheArmy Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT (continued)
Board Tralnlng and Advice
The Board keeps its skill levels under review. Directors will normally have selved as
trustees of other charities. part of their induction, they are offered additional training
on their responsibilities under company and charity law, and refresher training during
their tenure. Relevant updates and briefings are sha￿d by the Secretary. The Board is
advised by the Secretary. Treasurer, and Investment Advisor. Further professional advice
is provided by the Charity's solicitor, bank, fund managers and auditor.
Management
Routinely the Board meets twice a year and calls additional meetings a5 required. The
Spring meeting is concerned mainly with applications for grants, the year end forecast,
and thefollowingyear's income and expenditure budget. TheAutumn meeting considers
the Annual Report and Financial Statements, the Audit Report, and any additional grant
applications, At each meeting the Board monitors investment performance. Policies are
reviewed according to their individual schedules. The day-to-daymanagementand
administration of the Charity 15 delegated to the Secretary. Directors are required to
disclose any relevant interests and withdraw from any decision5 where a conflict of
interest may arise. This is recorded in each meeting's Records of Decisions.
Risk
The Board conducts a full risk audit everytwoyears to considerthe major riskstowhich
the Charity is exposed. a house-keeping audit in intetvening years considers any
significantchanges. Risks are categorised as Governance and Compliance; Operational.
Financial. The most significant risks to the Charity are noted below. The Directors have
satisfied themselves that systems or procedures are established to mitigate all identified
risks. The Board is alert to the potential impact of long-term financial market instability on
the charsty sector as a whole and on those charities that supportthe Arniy community.
Risk: Composition of Board- diversity and continuity ofmembership.
Mitigations: Ensure a mixofserving and non-seNing Directors" undertake an
annual skills audit and gap-analysis. consider use of an extern31 recruitment
process for new Directors. ensure both serving personnel (Regular and ReseNe)
and families are represented on the Board.
Risk: Failure to assess impact of grants and use evidence to inform decisions.
Mitigations: Review majorannual grants including detsiled review ofArmy Sport
grant in FY23124; work with Regional Command to increase transparencyaround
grants awarded and improve grant-reportin& schedule visits to 311 grant recipients
to assess project deliverables and outcomes.

The Amiy Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT {contlnued)
Risk: Reputational damage arising from third party beneficiary or media incident.
Mitigations: Review due diligence processes around grant awards: maintain
regular contsct and open lines ofcommunication with grant recipientsto ensure
issues are raised and resolved quickly and transparently; respond quickly to media
incidents to clarify the Charity's role and reinforce governance decisions.
Risk: Volatile income stream and10ss in value of investments and other income
streams impacting on grant making operations.
MitigatSons: Maintain diversification of the Charity's funds to ensure current grant
making levels can be sustained; continue to ensure the investment fund includes a
reserve sufficient to fund at least four quarterly dividends which would allow time
to manage any reduction in the grants programme, if required. continue rolling
review of investment strategy. continue to pay close attention to the UK economy
and perfomiance of international financial marl<ets.
OBJECTIVES AND ACTMTIES FOR THE PUBLIC BENEFIT
Under Clause4 ofthe Scheme, theobjects ofthe Charity are:
(i)
To promote the efficiency of the Army for the public benefit in such charitable ways
as the trustee maydecide.
(21
The relief of persons who:
(al are in need, hardship and distress. and
Ib) are serving personnel of the Army or the dependants of such persons.
(31
Thetrustee may relieve persons in need by:
la) making grants of moneyto them. or
Ibl providing or paying for goods, seNices or facilities for them. or
Icl making grants of money to other persons or bodies who provide goods,
services or facilities to those in need.
The Board has taken account of the Charitycommission's general guidance on public
benefit when reviewing aims and objectives and in planning future activities. It considers
that the Charity's activities match the objectives, and that this provides public benefit by
improving conditions for those serving in the Am)y and for their families, sustaining
morale and retaining trained personnel.

The Army Central Fund Annual Report and Financial Statements forthe yearended 30 June 2024
BOARD OF DIREcfoRS' ANNUAL REPORT (continued)
Grant Strategy
Thecharity awards grants across the servingArmycommunityforcollective welfare and
5POrts projects, and to charities that support the physical, mental and social wellbeing of
serving Amiy personnel and their families. The Charity does not routinely provide direct
financial support to individuals in need, as this is either provided through official sources
or by charitie5 that can 3cce5s casework and properly a55es5 needs. Post-grant reports are
required from all grantees and feedback from these reports informs the Board on its fLJture
grant making activitie5. In summary the strategy is to:
Fund grants from 3nnual income.
Consider making additional grants from capital for major projects.
Prioritise support to projects that support those in need.
Support projects that particularly benefit Junior Ranks and their families.
Address inequalities and support minority communities.
Support core welfare activities by making annual awardsto;
The Army Families Federation
o Army Sport
o Army Unit Welfare {theArmy Command Grant which is Outlined below)
Sustain relationships with charities providing key activities through multi-year
agreements.
Maintain close relationships with the Army and with other grant making bodies to
help coordinate charitable funding acrosstheArmycommunity.
-io-

The Amiy Central Fund Annual Report and Financial Statementsforthe year ended 30 June 2024
BOARD OF DIRECTORS'ANNUAL REPORT Icontlnued)
FINANCIAL REVIEW
Income and Expenditure
Valuation of the CharDty (Total Net Assets)
The Charity's investments account foraround 9096 of its assets and investment
performance is usually the main determinant of the Charity's valuation year on year.
Between 2020 and 2021 financial markets perfomied particularly well, and the value ofthe
fund increased by £9.85M over two years. In the following two years market volatility
resulted in thevalue ofthe fund falling back by £8.36M. Investment performance has
improved in 2024 and the net loss is attributable to the Pirbright grant award:
Table l- Total Net Assets 2020-20241£1
Year
Ending
30 Jun
2024
2023
2022
2021
2020
Valuation
Startofyear
Valuation
End of
Year
70,349,805
66,391,680
74,926,285
70,349,805
78,710,872
74,926,285
70,971.854
78,710,872
68,860,096
70,971,854
Increase 2020-2024
Change
Yearon
Year
13,958.1251
14.576,4801
13,784,587)
7,739,018
2.111,758
(2,468016
Income and Expendlture
The Charity hastwo main sources ofincome: investment income and donations. As Table 2
below shows, over the last five year5 there has been a surplus of expenditure over income
of £5,812,294, caused bythe atypical grant made to the Pirbright Soldiers, Centre in 2024.
Table2- Income and Expenditure 2020-20241£)
Year Ending
30 Jun
2024
2023
2022
2021
2020
Investment
Total
Income
Income
2.887,567
107,796
2,995,363
2,734,439
286,986
3,021,425
2,541,926
165,575
2,707,501
2,515,696
102,324
2,618,020
2,530,755
5,596,398
8.127,153
13.210,383
6,259,079
19,469,462
Excess of income overex
enditure 2020-2024
Donations
Charitable
enditure
9,843,582
3,635,837
2.453.930
3,757,361
5,591,046
25,281 756
{5,812,294)
Totals
-li-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT (continued}
INVESTMENTS AND RESERVES
Investment Management
Thecharity's main capital investment is held in the BlackRockArmed Forces Charities
Growth and Income Fund IAFCG&II, which is a multi-asset Charity Authorised Investment
Fund managed by BlackRock Fund Managers Limited. An Advisory Committee
representing the collective interests of unitholders acts as a consultative body to
BlackRock. Mr Guy Davies chaired this committee duringthe reporting period and Major
General PR Griffithswasa member.
Approximately 7% of the Charity's capital 15 invested separately in the PITCH property fund
managed by Swiss Life Asset Managers UK.
Investment Strategry
The Board's investment strategy is to achieve real growth in capital and to generate
enough income to maintain the current level of grant making. The investment in AFCG&I
covers a broad spread of assets and has loweroverheads than the Charity could achieve by
investing independently. AFCG&I is mainly invested in equities, with the balance held in
bonds, alternatives, property, futures, and cash, offering the prospect for maximising
growth whilst diversifying some risk. The investment in the PITCH charity property fund
has a similar aim of achieving real growth in capital and income.
Investment Performance
In the yearto 30 June 2024, AFCG&I produced a total return of 9.8% Inetl. The Composite
Benchmark returned 12.1% Inetl. The primary objective of the fund is to provide a return
on investment over a period of five or more consecutive years beginning at the point of
investment) generated through an increase to the value of the assets held by the Fund
andlor income received from those assets. Over the five years to 30 June 2024, the Fund
achieved an annualised net total return of 5.OOA compared to the Composite Benchmark
performance of 5.2%, underperforming the composite benchmark by 0.2%.
Ofnote, in January 2024, thefund underwent significantchanges to its benchmark and
approach. The benchmark change removed the UK bias to provide the investment team
with a broader global opportunity set, and the switch from an Income Reserve to a Total
Return approach enables BlackRock to maintain and grow the income distribution over
time. These changes were approved by unitholders bya significant margin {99.95%1 at an
Extraordinary General Meeting {EGM) on 23 November2024.
Income distribution5 in the year totalled 8.7 pence per unit12023: 8.3 pence per unitl,
providing investment income of£2,356,923.64, an increase of£108,364.32 from the
previous year. {2023.' £2,248,559.32).
-12-

The Arniy Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
BOARD OF DIRECTORS'ANNUAL REPORT (continued)
The PITCH propertyfund generated a dividend of£256.313 {2023: £265,680). The
investment value decreased by £296.087 from £4,564,239 to £4,268,152.
Financlal Management and Reserves
The Charityoperates in a similarmannerto an endowed charity. it has a pem)anentsource
of unrestricted income from capital investments which it uses to fund a structured grants
programme. The Board hascomplete discretion to decidethe number and value ofgrants
awarded and may apply both capital and incometo meet need. In settingthe annual
grants budget, the Board balances the funds to be made available against the long-tem
aim of retaining sufficient capital to protect future income. In effect, all of the fund's
assets are its reseEves' these are divided into an immediate cash reserve held in an RBS
Holts interest account1É500,0001, a medium-term reserve held in the PITCH fund and CCL4
COIF Fund1£5MI and a strategic reseNe ofthe invested fund5 in the BlackRockArmed
ForcesGrowth and Income Fund, which, at current levels, is equal to over20 years of
annual grants. In recent years fund5 available have been sufficient to maintain
expenditure levels year-on-year and the Board has set the following priorities for grants:
Priority i Sustaining grants to core activities: funding Army Sport, the Amiy Families
Federation and theArmyCommand Grant.
Priority 2 Fulfilling existing multi-year and meeting long-term commitments.
Priority3 Funding newgrant applications.
In parallel, the Board seeks to maintain the highest Standards of governance while
ensuring cost-effective management and administration. This year Support and
Governance costs were under£lOO,000 which equates to 0.9% of total expenditure,
although this was affected bythefinal grant made to supportthe Pirbright project. The
Reserves Target align5 With the investment and grant strategy. The Board sets the level of
grant makingto match available income to protect thevalue of the fund in perpetuity.
ACHIEVEMENTS AND PERFORMANCE
The Charity achieved its objectives duringthe year, paying out £9,843,681 in direct grants
12023: £3,472,551). The Charity awards grants in three main areas..
Arniy Welfare
TheArmy Welfare Grantscommittee dispersed the Charity'sArmy Command Grant of
£760,000 for welfare and sports projects in Army units and clubs. The Committee can
award grants ofup to £25,000 and it recommends the submission of larger projectstothe
Charity's Board for consideration. It publishes quarterly reports providing an analysis of
activities and an itemised list of expenditure. A structure of subordinate committees
allows local headquarters to approve grants of up to £7,000 each.
-13-

The Army Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT {continued)
Army-wide Organssations
Army Sport. The Charity's grant of £707,807, comprising the initial grant of £674,107 plus
an in-year uplift of £33,700, contributes to central running costs enablingArmy Sport to
deliver its charter. This includes SUPPQrtingthe development and managementofsport
and sports facilities in the Army. governing Army Sports Associations. and authorising
sport5 competitions and events. Competitive 5PQrt remains a critical element in
maintainingAmy health and fitness and is a key componentoftheArmy's'offer' to its
people.
Army Families Federation IAFn. The Charlty's grant of £513,318 contributes to central
running costs enabling the AFF to continue to represent families at government, Army
Command, and local levels. It also enables the AFF to communicate with and respond to
enquiries from families and to campaign on current issues including housing, healthcare
provision, immigration, money, and employment. AFF continuesto provide exceptional
support to Army families which is particularly valuable for those families experiencing
hardship.
Grants to Charlties
As outlined in the Chaimian's OveNiew, grants to charities provide a significant proportion
of charitable support for the Army, supporting the physical, mental and social wellbeing of
serving personnel and their immediate families. These awards are listed on pages 35-36.
PLANS FOR THE FUTURE
As in previous years, whilst the Board is open to considering further major grants from
capital, this is balanced by concerns about the long-term strength of the economy and the
potential impact of inflation or market corrections on the value of investments. The
Charity's financial priority is to ensure it can sustain its core funding in the event of
significant investment losses or reduced income. Retaining substantial investment capital
and reserves protects the future funding of critical services provided by partner charities
to the Army community.
The Charity will continue to pursue opportunities for collaborative working where the
outcome meets charitable objectives. In particular, the Charity will work closely with The
Nuffield Trust forthe Forcesofthe Crown, theArmy Benevolent Fund and SSAFA The
Armed Forces Charity as major supporters ofthe Army community.
-14-

The Army Central Fund Annual Report and Financial Ststements forthe year ended 30 June 2024
BOARD OF DIRECTORS, ANNUAL REPORT Icontinued)
STATEMENT OFTRUSTE£'S RESPONSIBILITIES
The trustee is responsible for preparing the trustee's report and accounts in accordance
with applicable law and United Kingdom Accountingstandards (United Kingdom
Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustee to prepare
accounts for each financial year which give a true and fair view of the state of affairs of the
charity and of the income and expenditureofthe charityforthat period.
In preparing these accounts, the trustee is required to:
select suitable accounting policies and then apply them consistently.
obseNe the methods and principles in Accounting and Reporting by Charities:
ststement ofRecommended Prattice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021.
makejudgements and estimates that are reasonable and prudent.
state whether applicable United Kingdom Accounting Standards have been
followed, subject to any material departures disclosed and explained in the
accounts. and
prepare the accounts on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The trustee is responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the charity and enable it to ensure
that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and
Reports) Regulations and the provisions of the charity's constitution. It is also responsible
for safeguarding the assets of the charity and hence for taking reasonable Steps for the
prevention and detection of fraud and other irregularities.
In so far as the trustee is aware:
there is no relevant audit information of which the Charity's auditors are
unaware; and
the trustee has taken all steps that they ought to have taken to make itself .
aware of any relevant audit infomation and to establish that the auditors are
aware ofthat information.
-1s-

The Amiy Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
BOARD OF DIRECTORS. ANNUAL REPORT (continued)
TheArmy Central Fund
Floor I | Zone 6
Ramillies Building
Marlborough Lines
Monxton Road
Andover
SPII 8HJ
Signed by Order of the Trustee Board
SL Humphris
Major General
Chair of the Corporate Trustee
Approved by the Board on
1% fvs NoAor Lo
-16-

The Army Central Fund Annual Report and Financial Ststements for the year ended 30 June 2024
REPORT OF THE INDEPENDENT AUDITORSTO THETRUSTEE OF
THE ARMY CENTRAL FUND
Opinlon
We have audited the financial statements of The Army Central Fund Ithe'charity'l forthe
yearended 30 June 2024 which comprisethe StstementofFinancial Activities, the Balance
Sheet, the Cash Flow Statement and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting
Stsndards Iunited Kingdom GenerallyAccepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs a5 at 30 June 2024 and of its
incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Prartice; and
have been prepared in accordance with the requirements of the CharitiesAct2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further described
in the Auditors, responsibilities for the audit of the financial statements section of our
report. We are independent of the charity in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidencewe have obtained issufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements, we have concluded that the Board'5 use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt
on the charity's ability to continue as a going concern for a period of at least twelve
monthsfrom when thefinancial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern
are described in the relevant sections of this report.
-17-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
REPORT OFTHE INDEPENDENT AUDITORSTO THE TRUSTEESOF
THEARMY CENTRAL FUND
other inforniatlon
The Board is responsible for the other information. The other information comprises the
nformation included in the Annual Report, other than the financial statements and our
Report ofthe IndependentAuditorsthereon.
Ouropinion on the financial statements does notcoverthe otherinformation and, except
to the extent otherwise explicitly ststed in our report, we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements, or our knowledge obtained in the audit or
other%¥ise appears to be materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we concludethatthere is a material misstatementofthisother
infom)ation, we are required to report thatfact. We have nothingto report in this regard.
Matters on which we ar• required to report by exception
We have nothing to report in respect of the following matters where the Charities
(Accounts and Reports) Regulations2008 requires us to reportto you if, in our opinion:
the information given in the Report of the Trustees is inconsistent in any material respect
with the financial ststements; or
- sufficient accountingrecords have not been kept; or
- the financial statements are not in agreement with the accounting records and returns.
or
- we have not received all the information and explanations we require for our audiL
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees are
responsible forthe preparation of the financial statements which give a true and fair view,
and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due
to fraud or error.
-18-

The Army Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
REPORT OFTHE INDEPENDENT AUDITORSTO THE TRUSTEESOF
THEARMYCENTRAL FUND
In preparing the financial statements,. the trustees are responsible for assessing the
charity's ability to continue as a going concern, disclosing, as applicable, matters related
to goingconcem and using thegoing concem basis of accounting unlessthetru5tees
either intend to liquidate the charity orto cease operations, or have no realistic alternative
butto doso.
Our responslbllltles for the audit of the financial statements
We have been appolnted as auditors under Section 144 of the Charities Act 2011 and report
in accordance with theAct and relevant regulations made orhavingeffectthereunder.
Ourobjectives are to obtain reasonable assvrance about whetherthefinancial statements
are free from material mi55tatement, whether due to fraud orerror, and to issue a Report
of the Independent Auditors that include5 our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with ISAS
IUKI will always detett a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users tsken based on
these financial statements.
Irregularities. including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
procedures can detect irregularities, including fraud is detailed below:
Extent to whlch the audlt was considered capable of deterting Irregularitles,
includingfraud
We identlfy and asse55 the risks of material misstatement of the financial statements,
whether due to fraud or error, and then design and perform audit procedures responsive
to those risks, including obtaining audit evidence that is sufficient and appropriate to
provide a basis for our opinion.
Identifylng and assesslng potentlal risks related to Irr•gularitles
In Sdentifying and assessing risks of material misstatement in respect of irregularities,
includingfraud and non-compliance with laws and regulations, we considered the
following..
- The nature ofthe charitable sector, control environment and performance including the
design of the organisation's remuneration policies;
-19-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 Jurbe 2024
REPORT OF THE INDEPENDENT AUDITORSTO THE TRUSTEE OF
THEARMYCENTRAL FUND
- Any matters we identified, having obtained and reviewed the organisation's
documentation of their policies and procedures relating to:
- Identifying, evaluatingand complyingwith laws and regulation5 and whethertheywere
aware of any instsncesofnon-compliance.
- Detecting and responding to the risks of fraud and whetherthey have knowledge of any
actual, suspected or alleged fraud;
The internal controls estsblished to mitigate risks of fraud or non-compliance with laws
and regulations.
-The mattersdiscussed amongthe auditengagement team regarding how and where
fraud might occur in thefinancial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may
exist within the organisation for fraud and identified the greatest potential for fraud in the
areas of management override of controls, goingconcern, income recognition, and the
appropriateness of expenditure.
We 3150 obtained an understandingofthe legal and regulatoryframework thatthe
organisation operates in, focusing on provisions of those laws and regulations that had a
direct effect on the determination of material amounts and disclosures in the financial
statements.
Audit response to rlsks identified
Our procedures to respond to risks identified included the following:
Enquiringof management, conceming actual and potential litigation and claims.
Substantive testing to vouch source records to the financial statements;
- Performing analytical procedures to identify any unusual or unexpected relationships
that may indicate risks of material misstatement due to fraud;
Enquiring of management the internal controls in, evaluating each control for weakness
and vouching to evidence of the control taking place.
- In addressing the risk of fraud through management override of controls, testing the
appropriateness ofjoumal entries and other adjustments; assessingwhetherthe
judgements made in making accounting estimate5 are indicative of a potential bias. and
evaluating the business rationale of any significant transactions that are unusual or
outsidethe nomial course ofbusiness.
-20-

The Amiy Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTEE OF
THE ARMYCENTRAL FUND
We also communicated relevant identified laws and regulations and potential fraud risks
to all engagementteam member5 and remained alert to any indications offraud ornon-
compliancewith laws and regulationsthroughoutthe audit.
A further description of our responsibilities for the audit of the financial statements is
located on the Financial Reporting Council's website at
www.frc.org.uklauditorsresponsibilities. Thi5 description forms part of our Report of the
IndependentAuditors.
Use of ourreport
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of
theCharities{Accounts and Reports) Regulations2008.Ourauditworkhas been undertaken
so that we might state to the charity's trustees those matters we are required to state to
them in an auditors, reportand fornootherpurpose. Tothe fullestextentpermitted bylaw,
wedo notacceptorassume responsibilityto anyone otherthanthecharityand thecharity's
trustees as a body, forouraudit work, forthis report, orforthe opinionswe have formed.
Idatthew Stuart Dobbin5 (Nov 29, 2024 17.-lJf G￿lTI
Dunkley's StatutoryAuditors Chartered Accountants
Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY
2911112024
Date:................................
-21-

The Amiy Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 June 2024
Total
Total
Unrestrlcted Unrestricted
Funds
Funds
2024
2023
Note
INCOME
Income from
Donations
Investment income
107,796
2,887￿67
286,986
2,734,439
TOTAL INCOME
2.995.363
3,021,425
EXPENDITURE
Charitable activities
415
9,843,582
3,635,837
TOTAL EXPENDITURE
9 843 582
3,635,837
NET {EXPENDITURE) I INCOME
(6,848,219)
(614,4121
Gainsl{Losses) on investment assets
2,890,W 13,962,068)
NET MOVEMENT IN FUNDS
(3,958,125) 14,576,480)
RECONCILIATION OF FUNDS
12113
Fund balances brought forward
70,349,805
74,926,285
FUND BALANCES CARRIED
FORWARD
66,391,680
70,349,805
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 25-33 form partofthefinancial statements.
-22-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
BALANCE SHEEr
as at 30 June 2024
2024
2023
Note
FIXED ASSETS
Tangible assets
Investments
132
62,063,098
64.953,192
64,953,192
62,063,230
CURRENT ASSETS
Debtors
Cash at bank and in hand
io
38,308
1,422,630
67,562
8,335,470
1,460,938
(22,450)
8,403,032
{116,4571
CREDITORS.. amountsfallingdue within oneyear
li
NET CURRENT A55ETS
1,438,488
8,286,575
TOTAL NET ASSETS
66,391,680
70,349,805
FUNDS
12113
Unrestrirted Income Funds
Unrestrirted Designated Funds
66,391.680
63,418,553
6,931,252
TOTAL FUNDS
66,391,680
70,349,805
The financial statements were approved by the members of the Board on
and are signed on their behalf by:
11 KJ
2024
L Humphris
Major General
Chair of the Corporate Trustee
The noteson pages 25-33 form part of thefinancial statements.
-23-

The Army Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
STATEMENT OF CASHFLOWS
forthe year ended 30 June 2024
2024
2023
Note
See
below
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used) from operatlng activities
19,800,407) {3,291,8941
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Net cash provided by Investlng activities:
2,887,567
2,734,439
2,887,567
2,734,439
Change in cash and cash equivalents in the reporting period
Cash equivalents atthe beginningof the reporting period
16,912,840)
8,335,470
1557,4561
8,892,926
Cash and cash equivalents atthe end ofthe reporting period
1,422,630
8,335,470
RECONCILIATION OF NET INCOME TO NET CASHFLOW FROM OPERATING ACTIVITIES
Net Income for the reporting perlod
perthe statement of financial artivities
{3.958,1251 14.576,4801
Adjustments for:
Depreciation charges
IGainsllLosses on investments
Dividends and interest from investments
Decreaselllncreasel in debtors
132
397
12,890,094)
3,962,068
{2,887,5671 12,734,435
29,254
125,084)
IDecreasel/lncrea5e in creditors
194,0071
81,644
Net cash (used) from operating activities
19,800,407) (3,291,894)
The notes on pages 25-33 form part of the financial statements.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
forthe year ended 30 June 2024
I ACCOUNTING POLICIES
Basis of actouftting
The financial Statements have been prepared under the historical cost convention, exceptfor investments
which are included at market value, and include the results of the Charity's operations which are described
in the Trustees, Report and all of which are continuing. The financial statements have been prepared in
accordance with the Statement of Recommended Practice.. Accounting and ReportlnE by Charities
preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and
Republic of Ireland IFRS 1021 leffective l January 20191, Charities Act 2011 and the Companies Art 2006.
The trust constitute5 a publit benefit entity as defined by FRS 102.
Income
All incoming resources are recognised when the Charitable trust has entitlementto the funds, the receipt is
probable. and the amountcan be measured reliably. Donations are recognised on a receivable basis Iwhere
there are no performance-related conditions) where the receipt is probable, and the amount can be reliably
measured. Investment income from loans and short~term deposits is accrued in relation to the period to
which it relates. Other Investment income from assets held in asset porttolios or current accounts is
included when reported as received by the portfolio manager.
ExPendI￿re
Expenditure is recognised once the￿ is a legal orconstructive obligation to transfer economic benefit to a
third paty. it is probable that a transfer of economic benefits will be required in settlement and the
amount ofthe obligation can be measured reliably. Expenditure is classified by activity. The costs of each
arttvity are made up of the total of direct costs and shared costs, including support costs involved in
undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity-
Shared costs which contribute to more than one activity and support Costs which are not attributable to a
single activity are apportioned between those activities on a basis consistent with the use of resources.
Grant expenditure
A constwctive obligation for grants payable exists once it has been communicated to the recipient. Upon
the obligation exi5tin& where payment is probable and can be measured reliably, the enti￿ grant is
accoLtnted for in the Ststement of Financial Activities, less any amounts that rely upon the recipient
meeting performance-related conditions.
Charitable activities
These are costs incurred on the charity trust'5 individual charitable activities. including support costs and
costs relating to the governance of the charitable trust apportioned to charitable activities.
Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each assetto its estimated residual
value over its expected useful life. The depreciation rate in use is as follows:
Office Equipment
3 year5, Straight line
Investments
The charity's investment In managed portfolios is included in the balance sheet at fairvalue. being the
open market value specified by the portfolio managers atthe balance sheet date.
-25-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
I ACCOUNTING POLICIES (contlnued)
Provlslons
Provisions are recognised when the charitsble tmst has an obligation at the reporting date a5 a result of a
pa5tevent which it is probable will result in the transfer of economic benefits and the obligation can be
estimated reliably.
Provision5 a￿ measured at the best estimate ofthe amounts required to settle the obligation. Where the
effect ofthe time value of money is material, the provision is based on the presentvalue of those
amounts, discounted atthe pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised within interest payable and similar charges.
Fund accounting
Unrestricted income funds represent those resources which may be used towards meeting any of the
charitable objects of the charitable trust at the discretion of the trustees. Designated funds comprise a
strategic fund reseNed tothe value of two Yea￿ expenditu￿.
Flnancial instruments
The charity only ha5 financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at theirsettlementvalue with the exception of bank loans which are subsequently measured at
amortised c05t usingthe effective interest method.
DONATIONS
Total
Unrestrirted
Funds
2024
Total
Unrestricted
Funds
2023
Blue Light MOD Discount Scheffje
Other donations
Legacy (Carpenter E5tate}
107,771
25
106,986
180.000
286.986
107,796
3 INVESTMENT INCOME
Totsl
Unrestrlcted
Funds
2024
Total
Unrestricted
Fund5
2023
Incomefrom a UK managedfund
Income from Property Income Trust
Bank interest receivable
2P56,924
256,313
274,330
2,887,567
2,248559
265,680
220,200
2,734,439
-26-

The Amiy Central Fund Annual Report and Financial Ststements for the year ended 30 Jur* 2024
NOTES TOTHE FINANCIAL STATEMENTS
forthe yearended 30 June 2024
4 COST OF CHARITABLE ACTMTIES BY ACTIVITYTYPE
Total
Total
Vnr•strlcted Unrestricted
Funds
Funds
2024
2023
Grant commitments at the start of the year
Grants awarded duringthe year
Grant commitments at the end ofthe year
Total grants paid in year Isee page 361
106,156
9.747,041
(9,516)
9,843,681
24,771
3.553,936
1106,1561
3,472,551
Total charltable actlvitle$
Total Funds
2024
Total Funds
2023
Grants awarded duringthe year (see above)
Support costs (see note 51
9,747.041
96WI
9,843,582
3,553,936
81,901
3,635,837
5 SUPPORT AND GOVERNANCE COSTS
Total
Unrestrlcted
Funds
2024
Totsl
Unrestricted
Funds
2023
Salaries and contributions to pension & healthcare
Treasurers, fees
Legal Fees and Consultancy
Audit fees
Irrecoverable VAT
Secretariat expenses
Publication costs
Subscriptions
Trustees, training
Trustees, travel
Insurance costs
office equipment depreciation
Costs of Trustee5' rneetings
59047
11,021
6,107
5,963
4.200
3,170
44,701
10,998
7,749
2,311
4,727
3,691
2,934
1,954
773
643
760
397
263
81.901
2,079
1,070
421
172
132
114
96,541
-27-

TheAmiy Central Fund Annual Report and Financial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
6 NETEXPENDITURE I IMCOME FOR THEYEAR
This is stated after charging..
2024
2023
Depreciation
Treasurers, remuneration
Auditors, remuneration- audit of the financial statements
Irrecoverable VAT
132
11,021
5,963
4,200
397
10,998
2,311
4,727
21,316
18,433
7 STAFF COSTSAND EMOLUMENTS
Total staff costs were as follows..
2024
2023
Key management p•rsonn
Wages and salaries
Employers. Nl
Employers, Pension Contributions
Healthcare Contribution and Death in Service Benefitfor Secretary
51,494
706
36,814
6,532
715
5,928
1,959
44,701
59,447
P•rti¢ulars of employees:
The average number of employees during the yearwas 112023 11, and calculated on the
basis of full-time equivalents, this was as follows:
2024
2023
No
Numberof administrative staff:
0.75
0.75
The Charity considers its key management personnel comprise the Directors and the
Company Secretary.
No Director received any remuneration during the year.
No employee received emoluments of more than £60,000 during the year.
Wages and salaries figure 2024 includes lump sum payment of £10,000 paid to an employee.
The requirement to accrue holiday pay has been considered but this has not been
included in the accounts at 30 June 2024 due to the immaterial value of the potential
adjustmenL
-28-

The Amiy Cerstral Fund Annual Report and Financial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
8 TANGIBLE FIXED COSTS
2024
Total
2023
Total
Office equipment
Cost
At l July 2023
1,191
1.191
1.191
At30 June 2024
1,191
1,191
1,191
Depreclatlon
At l July 2023
Chargefor the year
1,059
132
1,059
132
662
397
At30 June 2024
1.191
1.191
1,059
Net book value
At 30 Juné 2024
132
At30June2023
132
132
529
9 INVE5TMEMTS
Movement In market value
2024
2024
2024
2023
Mayfair
AFCG&I
Totsl
Totsl
Marketvalue at l July 2023
Disposal proceeds
Net Ilossesllgains on revaluations In the
year ended 30 June 2024
Market value at 30 June 2024
4,564￿9 57A98.859
62,063,098
66,025,166
(296,087)
3.186,181
2,890.094
{3,962,0681
4 268.152
60,685,040
64,953,192
62,063,098
Historical cost at 30 June 2024
5,000,000
29.395.919
34,395,919
34,395,919
-29-

The Army Central Fund Annual Report and Financial Statements forthe year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
9 INVESTMENT5 (Continuedl
2024
2023
Llsted investments
BlackRock AFCG&I Income Units
Swiss Life UK PITCH Property Income Fund
60,685,040
4,268.152
57,498.859
4,564.239
64.953,192
62,063,098
Historical Note
On 2 September 2002 the ACF Capital Fund valued at £31,604,555 was exchanged for IncomelDi5tribution
units in the then ACIF at £1 per unit On 9 December 2019 the Charity's investment of £62.515,051.11 in the
Armed Forces Common Investment Fund IAFCIFI was transferred to the Armed Forces Charities Growth &
Income Fund IAFCG&II at equal value and with the same number of shares.
Risk Management
The Charity's main capital investment is held in the Amied Forces Charities Growth & Income Fund..a sub-
fund of the BlackRock Charity Authori5ed Investment Fund. It is a multi-asset fund with holdings in UK
Equities, Overseas Equities, Fixed Incomè, Property and Alternative5. The balance of investments In the
portfolio is actively managed by BlackRock Fund Managers Limited. The Charity is represented on the
Advisory Committee, a consultative body which liaises with BlackRock on behalf of unitholders. The
Charity's strategic reserve is invested in the Property Income Trust for Charities IPITCHI, a charity property
fund. managed by Swiss Life Asset Managers UK.
io
DEBTORS: Amountsfalllngdu• withln one year
2024
2023
Prepayments
Other Debtors
771
37,537
38,308
1,517
66,045
67,562
li
CREDITORS:Amountsfallin8duewithin oneyear
2024
2023
Grant commitments
Accruals
9,516
106,156
10.301
116,457
22,450
-30-

The Army Central Fund Annual Report and Financial Statements for theyear ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Net
assets
Investments
Total
Unr*stricted Income Funds
Unrnstrict•d D*sign•ted Funds
64,953,192 1,438088 66,391,680
Total Fund$
64,953,192 Ih38,488 66,391,680
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023
Net
nvestments
assets
Total
Unrestricted Income Funds
Unrestricted Designated Funds
61,131,846
931252
2286,707
6,000,000
63,418.553
6.931.252
Total Funds
62,063,098
8,286,707
70,349,805
-31-

The Army Central Fund Annual Report and Fifiancial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
13 Analysk of Movement In Funds
Funds
Investment
Funds
01.07.23
Incom•
Exp•ndltur•
Galns
30.0624
Uthrn5tfiCted I￿{￿M* Funds
63.418.553 2.995.363
12.912.330)
2WJO,094
64391.680
D￿lInat•d Funds
6.931.252
16.931.252}
Total Funds
70J49 805 2.995,363
19 843.582)
66,391,680
Funds
Investment
Funds
01.07.22
Inc•nbe Expendltsre
L955es
30.06a3
Vnrestrlcted Incomt Funds
66?89,802 3,021,425
12,630,606)
13,962,068)
63,418￿53
Design•ted Fund5
7,936A83
11,005.2311
6,931￿2
Totsl Fund$
74 926385 3,021,425
13 635.837)
13,962,068)
70.349￿05
Designated Funds
PiTbright Project Funding. In 2018, the Board decided that the Charity's funds were sufficient to award a major
grant to an infrastructure project to benefit the 5ervingArmy community. Following a review of potential
schemes, the Board allocated £7,000,000 to the project to rebuild the main welfare facilities at the Army Training
Cent￿. PirbrighL In 2022, to reduce the impact of potential volatility in investment markets. £6,000.000 was
drawn down from theAFCG&I Fund. It was held forthe project in the CCLA COIF deposit accountwith a further
£1,￿0,000 assigned to the project. £68,748 had previously been awarded for preliminary project costs. The
balance of the £7,000,000 grantwas paid in 2024.
-32-

The Armycentral Fund Annual Report and Financial Statements for the year ended 30 June 2024
NOTES TO THE FINANCIAL STATEMENTS
for the yearended 30 June 2024
14 RELATED PARTYTRANSACTIONS
Register ofTrustees' Complementsry Interests
During the ACF accountingyear from l July 2023 to 30 June 2024. Mr Guy Davies and Major General PR
Griffiths were members of the Advisory Committee overseeing the investments of the Armed Forces
Charities Growth & Income Fund which dellvers dividend income. They did not receive any renumeration or
benefit from membership ofthis committee.
During theACF a¢countingyear from l July 2023 to 30 June 2024 there were no Directors of ACFTrustee
Ltd who were a150 trustees of other charities which benefitted from grant5 made by the ACF.
A total of £420.54 expenses was relmbu￿ed to trustees. These expenses were all fortravel. The numbef of
trustees receiving expenses was three.
15 COMMITMENTS
Grants 202412025
At the meeting of the Board held on 20 May 2024 grants totsllinE £1,833￿74 were approved for the year
beginning l July 2024.
Pledges of Support
Due to the adoption of FRS102, forward grant commitments are now accrued in full and recognised atthe
time award letters are disseminated to recipients. In previous years. forward grant comrnitments were
noted in the accounts and recognised as they became due.
-33-

The Army Centrol Fund Annual Report and Financial Statements for the year ended 30 June 2024
MANAGEMENT INFORMATION
for the year ended 30 June 2024
The following pages do not forni part of the statutory financial ststements whlch are subjert to the
Independentaudltor's report on pages 17 to 21.
-34-

The Army Central Fund Annual Report and Financial Statements for the yearended 30 June 2024
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
forthe year ended 30 June 2024
2024
2023
INCOME FROM
Donation$
Other donations
107,796
107,796
286,986
286,986
Invèstmènt Income
Income from investments
Bank interest receivable
2,613,237
274,330
2,887,567
2,995,363
2,514,239
220,200
2.734,439
3,021,425
TOTAL INCOME
IXPENDITVRE
CharitableArtivities
Grants awarded duringthe year
9,747,041
9,747,041
3,553,936
3.553,936
Support and Gov•rnanc• Costs
Salaries and contributionsto pension & healthcare
Treasure￿, fees
Legal Fees and Consultsncy
Audit fees
Irrecoverable VAT
Secretariat expenses
Publication costs
Subscriptions
Tru5tee5 training
Trustees travel
Insurance costs
Office equipment depreciation
Costs ofTwstees' meetings
59,447
11,021
6,107
5.963
4,200
3,170
2,fA5
2.079
1,070
421
172
132
44,701
10,998
7.749
2.311
4,727
3,691
2,934
1,954
773
643
760
397
i i
114
263
TOTAL EXPENDITURE
9,843,582
3,635,837
NET IEXPENDITURE) I INCOME FOR THEYEAR
16,848,219)
1614,4121
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The Army Central Fund Annual Report and Financial Statements forthe yearended 30 June 2024
DETAILED STATEMENT OF FINANCIAL ACTIVITIE5
forthe yearended 30June 2024
2024
2023
CHARITABLE ACTIVITIES- GRANTS PAID
Pirbrightwelfare Centre
Armycommand Grant. Welfarefunding
Army Sport. Staff and manègement costs
Army Families Federation. Staff and management costs
ASCB Army Sailing Thorney Island
Defence Medical Welfare SeNice. Army patients in NHS hosPlta15
Aurora New Dawn. Domestic Wiolence support service
SSAFA- Norton House. Costs ofvisitor accommodation
HorTTe-Start UK. Supportingfamilie5 With young children
AWS Activity Camps
Army Roll of Honour Project.
Warrior Programme. Mental health resilience
SSAFA- Short Breaks. Children with additional needs
Armysport Uplift
Scottys Little Soldiers
Armed Forces Equestrian
British Forces Cyprus Command Grant
CleNaux Trust. The Fold grant
Military Wives Choirs. Choir development
Army Widows Association. Training costs
Home-startcypws
CESSAC Chicksands
Britlsh Forces South Atlantic Islands Welfare funding
Carer Svpport Wiltshire Grant
On Course Foundation Golf Activities
RM Poole. Welfare funding
SSAFA- SeNingCommunityProject.
SSAFA- Forcesline. Confidential advice service
NSPIRE22 Army Polar Expedition
6,931216
760,01)0 1.765,231
674,107
660,890
513,318
503,315
275,000
90,000
80,000
65,000
62,500
60,000
51,640
50,000
40,000
33,700
30,000
25,000
21,IX)O
16,400
15,1)00
15,000
10,000
6,81)0
6,300
5,71)0
3,81XI
2,200
90,000
80,000
65,000
53,000
8,615
50,000
60,000
21,000
15,000
15.000
6,300
2,200
60,000
15,000
2.000
9,843,681 3,4n,551
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