CENTRAL Fufyo
Supporting
The British Army
ANNUAL REPORT OF THE TRUSTEE
& FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
CONTENTS
PAGE
Reference and Administrative Details
Board of Directors, Annual Report
IndependentAuditors' Report
20
Statement of Financial Activities
25
Balance Sheet
27
Statement ofcashflows
28
Notes to the Financial Statements
29
The following pages do not form part of the Financial Statements
Detailed Statement of Financial Activities
38

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number
245700
Registered Office
Floor i | Zone6
Ramilies Building
Marlborough Lines
Monxton Road
Andover
SPII 8HJ
The Patrons
Members ofthe Army Board of the Defence Council
Corporate Trustee
The Army Central Fund Trustee Limited
Corporate Trustee's Company Number 11820705
Directors of The Army Central Fund Trustee Limited
MajorGeneral SL Humphris MBE (Chairl
Colonel AK Brown OBE
Brigadier EJ R Chamberlain CBE luntil 30.06.251
Warrant Officer Class l J Clarke (until 01.09.241
Mr GC Davies luntil 30.04.251
Brigadier A Fraser-Hitchen DL (from 01.09.241
Mr RC Hughes-Penney Ifrom 01.04.251
Airvice Marshal The Hon DP Murray CVOOBE DL
Colonel MCA Palmer (from 01.09.241
Warrant Officer Class l ML Queripel (from 01.09.24 to 31.03.251
Warrant Officer Class l R Sugden (from 01.04.251
Mrs EA Thomas Ifrom 01.09.241
Duringthe year no Directors ofThe Army Central Fund Trustee Limited were also Trustees
or Committee Members of other charities which benefited from grants made by the Army
Central Fund I'the Charity").
Company Secretary
Caroline Crewe-Read
Treasurer
The Trust Partnership
6Trull Farm Buildings
Tetbury
Gloucestershire
GL88SQ

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REFERENCE AND ADMINISTRATVE DETAILS {continued)
Investment Advisor
Mr GC Davies (until 30.04.20251
Mr RC Hughes-Penney (from 01.05.20251
Legal Advisor
Wilsons Solicitors LLP
Charities Team
4 Lincoln's Inn Fields
London
WC2A 3AA
Auditor
Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
B532 4JY
Investment Managers
BlackRock Fund Managers Limited
12 Throgmorton Avenue
London
EC2N 2DL
Swiss Life Asset Managers UK
55 Wells Street
London
WIT3PT
CCLA Fund Managers Limited
One Angel Lane
London
EC4R 3AB
Bankers
Holt's Military Banking
200 Fowler Avenue
Fowler Business Park
Farnborough
Hampshire
GU14 7JP

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT
The Board of Directors ofthe Charity's corporate trustee company present their report
along with the financial statements of the Charity for the year ended 30 June 2025. The
financial statements have been prepared in accordance with the accounting policies set
out on pages 28-29 ofthe attached accounts and comply with the Charity's trust deed, the
Articles ofAssociation ofThe Army Central Fund Trustee Limited, the Companies Act 2006,
the Charities Act 2011, regulations applicable to that Act, and Accounti ng and Reporting by
Charities: Statement of Recommended Practice ISORPI applicable to charities preparing
thei r accounts i n accordance with the Financial Reporting Standard applicable i n the U K
and Republic of Ireland IFRS 1021, effective from l January 2019. The Board has also
voluntarily aligned its Annual Report with the proposed Tier 2 SORP to enhance
transparency and preparedness for the changes anticipated in 2026. In some cases, and
where appropriate, best practice indicated for Tier 3 charities has also been adopted.
BACKGROUND
The Charity was established in 1948 by the merger of existing mi litary 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 fami lies.
That ai m continues today and is achieved by awarding grants to military organisations and
to U K registered charities that support the serving Army community. In FY24125 the Board
of the Charity extended eligibility for grantmaking to Community I nterest Companies
ICICS) su bject to additional due diligence being undertaken to consider fully the fi nancial
health of each organisation and its commitment to deliveri ng commu nity benefit.
The Charity operates without any subscriptions, sponsorshi p, government grants or
fundraising. It is also extremely cost-effective, dispersing over 960/0 of its income in grants.
Further information about the Charity and the grant application process is available on the
website www.arm
centralfu nd.or
.uk and the 2023 Impact Report can be found at
htt
issuu.com
arm
centralfund.or
docs
acf 2023 im
act re
ort
issuu
CHAIRMAN'S OVERVIEW
The financial year 2024-25 has been another very good year for the Charity, in terms of its
strategic development, its i nvestments and its grantmaking. This year has also seen the
Charity relocate to the Ramillies Bu ilding at Marlborough Li nes, Army HQ, having been
offered shared office space with the Army Families Federation.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Aside from the regular rhythm of governance and grantmaking meetings, the Board met in
February to considerthe Charity'5 theory of change and to discuss adopting a more
strategic approach to its grantmaking. External attendees from Army HQ, the Army
Families Federation, Army Sport and the ArmyAdventurous Training Group were invited to
join and inform the discussions. The Board reaffirmed that the Charity exists to promote
the efficiency of the British Army for public benefit and that the development and
retention of a well-supported. resilient, and engaged workforce is key to delivering and
mai ntaining both efficiency and operational effectiveness. As a result of discussions at the
strategy day, the Charity reaffirmed its mission to improve the physical, social, emotional
and occupational wellbeing of seNing Army personnel through the award of financial
grants. As a result, it will conti nue to target its grantmaking on i nitiatives which improve
retention by delivering a better quality of life and improving morale. The Charity believes
that this will contribute to a more effective and committed Army, directly supporting its
capabi lity, cohesion and readi ness. The new grantmaking strategy will be published in
FY25126.
The Charity's investment portfolio delivered robust returns despite an exceptionally
challenging global financial envi ronment, marked by persistent trade tensions, elevated
geopolitical risks, volatile bond markets and inflation dynamics. Global economic growth
decelerated notably in 2025 as a direct consequence of intensifying trade frictions,
especially from escalating U.S. tariffs, which have disrupted supply chains and unsettled
markets. Through the same period, rising long-term bond yields and record-high gold
prices reflected investor anxiety over fiscal pressures and inflation. Nonethelesg, the
Charity's d iversified strategy and active management approach enabled its i nvestments to
perform strongly, generating solid returns that underpi nned the distribution of £3.18
million in support of the serving Army. These results underscore the resilience of the
Charity's investment framework and its capacity to deliver both value and vital support in
the face of global market volatility.
Throughout FY24125 the Charity continued its approach of awarding both core and project
grants.
Core Grants1£2,025,082). Army Welfare Funds are the biggest single recipient of funding
through the programme of annual Command Grants. This year£760,000 was awarded to
HQ Regional Command for allocation through grant committees to support unit welfare
and sport. Through an internal application process dozens of small grants were made to
Army units and organisations. In addition, £545,391 was awarded to the Army Families
Federation to underpin thei r vital work and £719.691 to Army Sport towards its central
running costs. These three Core Grants supplement MOD provision and help improve
health, wellbeing, recovery and rehabilitation, as well as family, welfare and community
support. These core grants meet our pri ncipal charitable object as laid out in the
governing document to promote the efficiency ofthe Army forthe public benefit,.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Project Grants (£1,064,553}. Equally importantly, the Charity accepts grant applications
from national and military charities and other organisations to enable activities and
resources across the Army community. This funding can contri bute to both specialist help
for those in need and facilities and resources for the whole serving community. During
FY24125 this i ncluded-
Health, wellbeing, recovery and rehabilitation
Adventurous Traini ng1£26,1251. Defined contributions towards the costs
associated with four expeditions: Ex Atlas Enduro and Ex Eagle's Endurance (Army
Motorised Adventures across Morocco and Nami bia respectively), the Honourable
Artillery Company's Everest Expedition and TEAM V3NTURE's participation in the
World's Toughest Row- Atlantic.
HighGround1£16.9321. Horticultural therapy sessions delivered to serving Army
personnel at the Defence Medical Rehabilitation Centre at Stanford Hall.
University Hospitals Birmi ngham Charity1£50,0001. Contribution towards the cost
of supporting the health and wellbeing of Army families staying at Fisher House
welfare facility.
Warrior Programme1£200,0001. Mental strength and resi lience training for those
whose performance is adversely affected by stress or anxiety or requiring
additional support to return to work after trauma or medical intervention. Funding
for 100 places a year for serving personnel and adult family members.
Fomily. welfore and communitysupport
Addiction Family Support I£IO,0001. Support for the Forces Family Support
programme, providing services for family members ofserving personnel who have
been affected or bereaved by a loved one's harmful use of alcohol, gambling or
drugs.
Army Welfare SeNice1£60,0001. Delivery ofthe Out of School Adventures
programme, supporting the costs associated with the residential adventurous
activities element with the Youth Hostel Association.
Forces, Children Scotland1£5,0401. Delivery of short residential experiences for
children and young people from Army families, helping them develop change-
maki ng skills, and build teamwork, decision making and leadership skills.
Home-start UK1£75,0001. Helping families struggling to care for young child ren by
funding home visits by trained volu nteers, and community groups to help families
make friends and reduce isolation.
Education, training, employment and skills
Forces Employment Charity1£50,0001. Support for the Families Programme,
providingemployment and employability support to the partners and spouses of
serving British Army personnel.
The Gwenilli Trust1£9,5001. Provision of sai ling respite opportunities to serving
Army Personnel on Recovery Duty as well as to spouses ofserving Army personnel
through the Forces Wives Challenge.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Recruit for Spouses1£8,6401. Funding to purchase 120 Statements of Comparability
from ECCTIS, to enable the spouses of non-UK servingArmy personnel to convert
their home nation qualifications into U K equivalents
Army Rollof Honour. The Charity has continued to supportthe compilation ofthe Army
Roll of Honour, comprising volumes listing the names of British Army personnel who have,
si nce 1948, died whilst in the service of the United Kingdom. An official event was held in
November 2024 to mark the installation and display of the first three Volumes of the Roll i n
the National Army Museum INAMI in London. The Army Roll of Honour is being displayed
at the NAM to enable the public and the bereaved to view all avai lable Volumes, includi ng
a set of copy books which will be held in the NAM'S Templar Study Centre, to facilitate
public viewings of specific entries. A further set of copy books is displayed at Army HQ in
Andover, having been unveiled by Lieutenant General David Eastman M BE following the
Service of Remembrance in November 2024. Whilst the administrative responsibility for
updating the Roll now lies with the Army Dependants, Trust, the Charity has continued to
fund the required updates to Volume 4.
The Soldiers, Centre, Pirbright. The new welfare centre at the Army Training Centre
Pirbright was officially opened on 31 January 2025 by Major General Richard Clements
CBE, Director of Basing and Infrastructure. This £llm centre, towards which the Charity
provided £7m in funding, provides a modern, sustai nable facility that supports the welfare
of recruits undertaking their initial military training. Spread over two storeys, it comprises
retail and food outlets, a cinema and social areas. It also functions as a gathering space for
fam ilies attending passing out parades.
Army Inshore SailTraining Centre. The Charity is also pleased to report the opening of
new stores, training and workshop facilities at the Army Inshore Sail Traini ng Centre on
Thorney Island, which was made possible through combined funding provided by the
Charity alongside Army Sport. An estimated 1,300 serving personnel will use the water
sports facility each year, with 500 estimated to use the centre's other buildings and
accommodation.
Parkdean Resorts. ServingArmy personnel and theirfamilies have been able to benefit
from a charitable offeringto the Charity by Parkdean Resorts of holiday accommodation in
3-bedroom mid-range holiday home units at a series of eligible parks. The administration
ofthis donation in kind is undertaken on the Charity's behalf by HQ Regional Command,
who assess need and allocate the holidays to deserving serving personnel.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The Charity is constituted as an unincorporated charity and is governed by a Scheme of
the Charity Commission sealed on 21 July 2004 las amended by resolutions of the Board
passed on 13 May 2014 and 6 December 2016 and by a Deed ofAmendment. Appointment
and Retirement dated 19 November 20191. The Army Central Fund Trustee Limited was
appointed as the sole trustee of the Charity on Il, February 2019 and acts as the Charity's
corporate trustee.
Appointment of Directors
Directors of the corporate trustee are appointed by resolution of the Board. The Board may
advertise vacancies and also invite senior members of the Army to nominate servi ng
personnel. The Board is required to be a minimum of six persons with a minimum of three
present at each meeting to conduct business. Directors serve for an initial term of three
years and may serve for additional terms with the approval ofthe whole Board.
During FY24/25 five new Directors were appointed by the Board. Fourwere nominated by
the Army and a fifth was selected following an external recruitment process.
Key Management Personnel
The Directors and the Company Secretary comprise the key management personnel who
direct, control, and operate the Charity.
Board Training and Advice
The Board keeps its skill levels under review. Directors will normally have served as
trustees of other charities. As part of thei r induction, they are offered add itional trai ning
on thei r responsibilities under company and charity law, and refresher trai ning during
their tenure. Relevant updates and briefings are shared 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.

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Management
Routinely the Board meets twice a year and calls additional meetings as required. The
Spring meeting is concerned mainly with applications for grants, the year-end forecast,
and the following year's income and expenditure budget. The Autumn 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 accordingto their individual schedules. The day-to-day management and
administration of the Charity is delegated to the Secretary. Directors are required to
disclose any relevant interests and withdraw from any decisions 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 every two years to consider the major risks to which
the Charity is exposed. a house-keeping audit i n intervening years considers any
sign ificant changes. 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 charity sector as a whole and on those charities that support the Army community.
Risk: Composition of Board - diversity and continuity of membership.
Mitigations: Ensure a mix of serving and non-serving Directors. undertake an
annual skills audit and gap-analysis. consider use of an external recruitment
process for new Directors. ensure both setving personnel (Regular and Reserve)
and families are represented on the Board.
Risk: Failure to assess impact of grants and use evidence to inform decisions.
Mitigations: Increase scruti ny of core grants through annual review meetings.
agree Memorandum of Understanding with Army Sport in FY24/25- plan to
introduce Memorandum of Understanding with Army Families Federation in
FY25126' work with Regional Command to analyse distribution ofgrants awarded
by Unit and geographical location. schedule visits to all grant recipients to assess
project deliverables and outcomes.
Risk: Reputational damage arising f rom third party beneficiary or media incident.
Mitigations: Review due d iligence processes around grant awards. maintain
regular contact and open li nes of communication with grant recipients to ensure
issues are raised and resolved quickly and transparently. respond quickly to media
i ncidents to clarify the Charity's role and reinforce governance decisions.
-io-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Risk: Volatile income stream and loss in value of investments and other income
streams impacting on grant making operations.
Mitigations: 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 d ividends which would allow time
to manage any reduction in the grants programme, if requi red. continue rolling
review of investment strategy. continue to pay close attention to the UK economy
and performance of international financial markets.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
Under Clause 4 of the Scheme, the objects of the Charity are..
iii
To promote the efficiency of the Army for the public benefit in such charitable ways
as the trustee may decide.
121
The reliefof persons who:
lal are in need, hardship and distress. and
Ibl are serving personnel ofthe Army orthe dependants ofsuch persons.
131
The trustee may relieve persons in need by:
lal making grants of money to them. or
Ibl providing or paying for goods, services or facilities for them. or
Icl making grants of moneyto other persons or bodies who provide goods,
services or facilities to those in need.
The Board has taken account of the Charity Commission's general guidance on public
benefit when reviewing aims and objectives and in planning futu re activities. It considers
that the Charity's activities match the objectives, and that this provides public benefit by
improving conditionsforthoseserving inthe Army and fortheirfamilies, sustaining
morale and retaining trained personnel.
-li-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Grantmaking Strategy
The Board undertook a strategic review of the Charity's activities in FY24125 and in line
with its desire to align its funding more clearly with its charitable object to promote the
efficiency of the British Army for public benefit, developed its first ever grantmaking
strategy which has been shared with key stakeholders ahead of full publication in FY25126.
In common with other grantmaking bodies, the Charity wishes to increase its i mpact and
maximise the value of its funding, but with limited resources must focus efforts on those
organisations and activities which deliver the greatest benefit to serving personnel and
thei r families, both Regular and Reserve, in the UK and overseas.
The Charity awards grants across the servingArmy community for collective welfare and
sports projects, and to charities that support the physical, mental and social wellbeing of
serving Army personnel and their families. The Charity does not routinely provide direct
financial support to i ndividuals in need, as this is either provided through off icial sources
or by charities that can access casework and properly assess needs. Post-grant reports are
requi red from all grantees and feedback from these reports informs the Board on its future
grant making activities. In summary the strategy is to..
Fund grants from annual income.
Consider making additional grants from capital for major projects.
Prioritise support to projects that support those in need.
Support projects that particularly benef it Junior Ranks and their families.
Address inequalities and support minority communities.
Support core welfare activities by making annual awards to..
o The Army Families Federation
o Army Sport
Army Unit Welfare (the Army 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 across the Army community.
-12-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
FINANCIAL REVIEW
Income and Expenditure
Valuation of the Charity (Total Net Assets)
The Charity's investments account for around 98010 of its assets and investment
performance is usually the main determinant of the Charity's valuation year on year.
Investment performance in FY24125 has been affected by geopolitical and economic
uncertainties, including the i mposition of trade tariffs by the USA.
Table l- Total Net Assets 2021-20251£1
Year
Ending
30Jun
2025
2024
2023
2022
2021
Valuation
Start of Year
Valuation
End ofyear
Change
Yearon
Year
177,3921
13,958,125)
14,576,480)
13,784,587)
7.739,018
14,657,566)
66,391,680
66,314,288
70,349,805
66,391,680
74,926,285
70,349,805
78,710,872
74,926,285
70,971,854
78,710,872
Increase 2021-2025
Income and Expenditure
The Charity has two main sources of income.. investment income and donations. As Table 2
below shows, over the last five years there has been a deficit of expend iture over income of
£8,684,829, caused by the atypical grant made to the Pi rbright Soldiers, Centre in 2024.
Table 2- Income and Expenditure 2021-20251£1
Year Ending
30 Jun
2025
2024
2023
2022
2021
Investment
Total
Income
Income
2,763,914
79,692
2,843,606
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
13,443,542
742.373
14.185,915
Excess of income overex
enditure 2021-2025
Donations
Charitable
Expenditure
3,180,034
9,843,582
3,635,837
2,453,930
3,757,361
22,870,744
18,684,829)
Totals
-13-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
INVESTMENTS AND RESERVES
Investment Management
The Charity's main capital investment is held i n the BlackRock Armed 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 consu Itative body to
BlackRock. Mr Guy Davies chaired this committee during the reporting period until his
resignation from the Board on 30 Apri12025.
Approximately 7 % of the Charity's capital is invested separately in the PITCH property fund
managed by Swiss Life Asset Managers UK.
Investment strategy
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 lower overheads than the Charity could achieve by
investi ng independently. AFCG&I is mainly invested in equities, with the balance held i n
bonds, alternatives, property, futures, and cash, offering the prospect for maximising
growth whilst diversifying some risk. The Charity diversified a proportion of its holdings
into the PITCH charity property fund when a source of capital for property investment was
requi red. The fund has a similar aim of achieving real growth in capital and income.
Investment Performance
In the year to 30 June 2025, AFCG&I produced a total return of4.00/o Inetl. The Composite
Benchmark returned 7.30/0 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 i ncrease to the value of the assets held by the Fund
andlor income received from those assets. Over the five years to 30 June 2025, the Fund
achieved an annualised net total return of5.00/o compared to the Composite Benchmark
performance of 6.40/0, underperforming the benchmark by 1.40/0.
QI and Q2 2025 were some ofthe most volatile periods in recent market history. The first
quarter of 2025 was marked by significant market volatility, with US equities posting their
worst quarterly performance since 2022. The primary driver was a new wave oftariffs
introduced under President Trump, which escalated trade tensions and fuelled inflation
concerns. Investors grew increasingly worried about rising costs and supply chain
disruptions, dampening market sentiment. Stagflation fears also became a key theme,
with inflation expectations rising amid tariff-induced price pressures and persistent
consumerconcerns.
-14-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Q2 was one ofthe most turbulent quarters in recent memory though in aggregate. overthe
period, markets generally performed well. The quarter began with sharp volatility after the
US announced sweeping reciprocal tariffs, far exceeding expectations. Markets reacted
violently, with equities and long-term government bonds both selli ng off sharply.
However, sentiment quickly reversed after President Trump introduced a 90-day delay for
non-retaliating countries, helping restore calm. Also supporting markets was the fact that
economic growth and inflation data remained benign. With that backdrop, the fund's
performance in the yearto June 2025 has been significantly different between QI and Q2.
In April 2025, the Fund implemented changes to address divergence between asset
allocation and manager selection outcomes. Asset allocation decisions (such as
positioning across asset classes, regions, and sectors) have positively i mpacted the fund,
while Manager Selection decisions (contribution to active performance from underlying
managers the fund allocates tol broadly detracted from performance. Thus, the Fund has
reduced exposure to underlying active managers and listed alternatives, and increased
emphasis on our asset allocation decisions, such as dynamically managing the allocation
to precious metals, which have contri buted positively YTD. Performance of the fund in Q2
2025 saw the positive impact of these changes, with the fund delivering 7.40/olnetl over the
quarter, outperformingthe benchmark by 3.7Vo and being strongly positioned to continue
this outperformance into Q3 2025.
Income distributions in the year totalled 9.15 pence per unit12024: 8.7 pence per unit),
providing investment income of £2,478,833.49, an increase of£121,909.85 from the
previous year.12024: £2,356,923.64).
The PITCH property fund generated a dividend of £245,52512024.' £256,313). The
investmentvalue increased by £94,078 to £4,362,230. PITCH has maintained a robust
performance in FY24/25 delivering a total annual return of 8.2010. Despite broader
weakness in the economy, PITCH has delivered an attractive total return over 12 months
benefiting from the active repositioning strategy implemented over the past few years.
The Fund has a lean, focussed portfolio of high quality, energy efficient properties, which
continues to be invested in those areas of the market offering attractive, resi lient income
and real rental growth. This provides excellent opportunities to add further value to the
portfolio through letting and refurbishment i nitiatives.
Financial Management and Reserves
The Charity operates in a similar manner to an endowed charity. it has a permanent source
of u nrestricted i ncome from capital i nvestments which it uses to fund a structu red grants
programme. The Board has complete discretion to decide the number and value of grants
awarded and may apply both capital and income to meet need. In settingthe annual
grants budget, the Board balances the funds to be made available against the long-term
aim of retaining sufficient capital to protect future income. In effect, all of the fund's
assets are its reserves. these are divided into an immediate cash reserve held in an RBS
-15-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Holts interest account1£486,0001, a medium-term reserve held in the PITCH fund and CCLA
COIF Fund1£5MI and a strategic reserve of the invested funds in the BlackRock Armed
Forces Growth and I ncome Fund, which, at current levels, is equal to over 20 years of
annual grants. In recent years funds 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 Army Families
Federation and the Army Command Grant.
Fulfilling existing multi-year and meeting long-term commitments.
Funding new grant applications.
Priority 2
Priority 3
In parallel, the Board seeks to maintain the highest standards of governance while
ensuringcost-effective management and administration. This year Support and
Governance costs were £91,000 which equates to 3010 oftotal expenditure. The Reserves
Target aligns with the investment and grant strategy. The Board sets the level of grant
making to match available income to protect the value of the fund in perpetuity.
ACHIEVEMENTSAND PERFORMANCE
The Charity achieved its objectives duri ng the year, payi ng out £3,089,634 in direct grants
12024: £9,843,681). The Charity awards grants in three main areas:
Army Welfare
The Charity's grant of £789,500 to HQ Regional Command is distributed by the Army
Welfare Grants Committee and the Regional Command Welfare Grants Committee for
welfare and sports projects in Army units and clubs both in the U K and overseas. For the
first ti me, command grants to British Forces Cyprus1£21,0001, British Forces South Atlantic
Islands1£6,3001 and Hamworthy Barracks1£2,2001 were amalgamated into the award to
HQ Regional Command for onward distribution through the Committees, which have
delegated authority to award grants of up to £25,000 and £7,000 respectively. Larger
projects are submitted to the Charity's Board for consideration, following discussion by
the Army Grants Planning Forum. HQ Regional Command publishes quarterly reports
provid ing an analysis of activities and an itemised list of expend iture.
Army-wide Organisations
Army Sport. The Charity's grant of £719,691 contributes to central running costs enabling
Army Sport to deliver its charter. This includes supporting the development and
management ofsport and sports facilities in the Army. governingArmy Sports
Associations- and authorising sports competitions and events. Competitive sport remains
a critical element in maintaini ng Army health and fitness and is a key component of the
Army's'offer, to its people.
-16-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
Army Families Federation {AFFI. The Charity's grant of £545,391 contributes to central
runni ng 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
enquiriesfrom familiesand to campaign on currentissues including housing, immigration,
money, and employment. AFF continues to provide exceptional support to Army families
which is particularly valuable for those families experiencing hardship.
Grantsto Charities
As outlined in the Chairman's Overview, 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 fam ilies. These awards are listed on page 39.
PLANS FOR THE FUTURE
As in previous years, whilst the Board is open to consideri ng 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 fund ing in the event of
sign ificant 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
Army Benevolent Fund and The Nuffield Trust forthe Forces of the Crown as major
supporters ofthe Army community.
The Board plans to redevelop the charity's website in FY25/26 to ensure that it provides a
clearer, more engaging and accessible window into the work ofthe Army Central Fund.
The refreshed site will make it easier for applicants to understand the Fund's p riorities,
eligi bility criteria and grant processes, while offering serving personnel and thei r families a
better insight into how charitable funds are being used to support their wellbeing and
quality of life. The new design will also strengthen transparency, improve user experience
across all devices, and support more efficient administration of grants and
communications.
The Board is also workingtowards the production of a further Impact Report in 2026 and
has appointed Bean Research to take this work forward. Building on the success of the
previous report, this new study will provide an updated, evidence-based assessment of
how the Army Central Fund's grants are improving the welfare and wellbeing of serving
personnel, their families and the wider Army community. The research will draw on data
from funded organisations, beneficiary feedback and i ndependent evaluation to
demonstrate outcomes, identify emerging needs, and inform future funding priorities.
-17-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
The Board views this as an important opportunity to strengthen accountability, measure
long-term impact, and communicate the value ofthe Fund's charitable supportto
stakeholders across Defence and beyond.
STATEMENT OF TRUSTEE'S RESPONSIBILITIES
The trustee is responsi ble for preparing the trustee's report and accounts in accordance
with applicable lawand United KingdomAccountingStandards (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 expenditure of the charity for that period.
In preparing these accounts, the trustee is required to..
select suitable accounting policies and then apply them consistently.
observe the methods and principles i n Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their
accounts i n accordance with the Financial Reporti ng 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 departu res 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 conti nue 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 i rregularities.
In so far as the trustee is aware-
there is no relevant audit information of which the Charity's auditors are
unaware. and
-18-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BOARD OF DIRECTORS, ANNUAL REPORT Icontinuedl
the trustee has taken all steps that they ought to have taken to make itself
aware of any relevant audit information and to establish that the aud itors are
aware of that information.
The Army Central Fund
Floori | Zone 6
Ramillies Building
Marlborough Lines
Monxton Road
Andover
SPII 8HJ
Signed by Order ofthe Trustee Board
SL Ihthl kki
S L Humphri5 (Nov I
2025 16.'51'.34 GMT)
SL Humphris
Major General
Chair ofthe Corporate Trustee
Approved by the Board on 1911112025
-19-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REPORT OF THE INDEPENDENT AUDITORS
TO THE TRUSTEES OF THE ARMY CENTRAL FUND
Opinion
We have audited the financial statements of The Army Central Fund (the 'Charity'l for the
year ended 30 Ju ne 2025 which comprise the Statement of Financial 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 thei r preparation 15 applicable law and U nited Kingdom Accounti ng
Standards (United Kingdom Generally Accepted Accounti ng Practice).
In our opinion the financial statements-
give a true and fai r view of the state of the charity's affairs as at 30 June 2025 and of its
incoming resources and application of resources, for the year then ended.
have been properly prepared in accordance with United Kingdom GenerallyAccepted
Accounti ng Practice. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with I nternational Standards on Auditing IU KI IISAS
IU Kll 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 U K, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requi rements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relatingto going concern
In auditing the financial statements, we have concluded that the Board's 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 conti nue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern
are descri bed in the relevant sections of this report.
-20-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REPORT OF THE INDEPENDENT AUDITORS
TO THE TRUSTEES OF THE ARMY CENTRAL FUND (continued)
Other information
The Board is responsi ble for the other information. The other information comprises the
information included in the Annual Report, other than the financial statements and our
Report ofthe Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except
to the extent otherwise explicitly stated 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 i nformation and, in doing so, consider whether the other information is materially
inconsistent with the financial statements, or our knowledge obtained in the audit or
otheNise 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 fi nancial statements themselves. If, based on the work
we have performed, we conclude thatthere is a material misstatement ofthis other
information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities
(Accounts and Reports) Regulations 2008 requires us to report to you if, in our opi nion..
the i nformation given in the Report of the Trustees is inconsistent in any material respect
with the financial statements. or
sufficient accou nting records have not been kept. or
the fi nancial statements are not in agreement with the accounting records and returns.
or
we have not received all the i nformation and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsi bilities, the trustees are
responsible for the 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.
-21-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REPORT OF THE INDEPENDENT AUDITORS
TO THE TRUSTEES OF THE ARMY CENTRAL FUND (continued)
In preparing the financial statements, the trustees are responsible for assessi ng the
charity's ability to continue as a going concern, disclosi ng, as applicable, matters related
to going concern and using the going concern basis of accounting unless the trustees
either i ntend to liquidate the charity or to cease operations, or have no realistic alternative
but to do so.
Our responsibilitiesforthe audit of the financial statements
We have been appointed as auditors under Section 144 of the CharitiesAct 2011 and report
in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements
are free from material misstatement, whether due to fraud orerror, and to issue a Report
of the I ndependent Auditors that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an aud it conducted in accordance with ISAS
IU Kl will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or i n the aggregate, they
could reasonably be expected to influence the economic decisions of users taken 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 i n respect of irregularities, including fraud. The extent to which our
procedures can detect irregularities, includ ing fraud is detailed below:
Extentto which the audit was considered capable of detecting irregularities.
including fraud
We identify and assess the risks of material misstatement of the financial statements,
whether due to fraud orerror, 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.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, we considered the
following:
The nature of the charitable sector, control environment and performance includ ing the
design of the organisation's remuneration policies.
-22-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REPORT OF THE INDEPENDENT AUDITORS
TO THE TRUSTEES OF THE ARMY CENTRAL FUND (continued)
Any matters we identified, having obtained and reviewed the organisation's
documentation of thei r policies and procedures relating to..
Identifying, evaluati ng and complying with laws and regulations and whether they were
aware ofany instances of non-compliance.
Detecting and respondingto the risks of fraud and whetherthey have knowledge ofany
actual, suspected or alleged fraud.
The internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations.
- The matters discussed amongthe audit engagement team regarding how and where
fraud might occur in the financial Statements and any potential ind icators of fraud.
As a result ofthese 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 ofcontrols, going concern, income recognition, and the
appropriateness of expenditure.
We also obtained an understanding of the legal and regulatory framework that the
organisation operates i n, focusing on provisions of those laws and regulations that had a
di rect effect on the determination of material amounts and disclosures in the financial
statements.
Audit response to risks identified
Our procedures to respond to risks identified included the followi ng:
Enquiring of management, concerning 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 ind icate 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 of journal entries and other adjustments. assessing whether the
judgements made in making accounting estimates are indicative of a potential bias. and
evaluating the business rationale of any significant transactions that are unusual or
outside the normal course of business.
-23-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
REPORT OF THE INDEPENDENT AUDITORS
TO THE TRUSTEES OF THE ARMY CENTRAL FUND (continued)
We also communicated relevant identified laws and regulations and potential fraud risks
to all engagementteam members and remained alert to any indications offraud or non-
compliance with laws and regulations throughout the audit.
A fu rther descri ption of our responsibilities for the audit of the fi nancial statements is
located on the Financial Reporting Counci I's website at
www.frc.org.uk/aud itorsresponsibilities. This description forms part of our Report of the
Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of
the Charities IAccounts and Reports) Regulations2008. Ourauditwork has been undertaken
so that we might state to the charity's trustees those matters we are required to state to
them in an aud itors, report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsi bility to anyone other than the charity and the charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Dunkley's Chartered Accountants Statutory Auditors
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
2011112025
Date: ...............-..........................
-24-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
STATEMENT OF FINANCIAL ACTIVITIES
forthe yearended 30 June 2025
Total
Unrestrirted
Funds
Total
Unrestricted
Funds
2025
2024
Note
INCOME
Incomefrom
Donations
Investment income
In Kind Income
79,692
2,763,914
21,874
107,796
2,887,567
TOTAL INCOME
2,865,480
2,995,363
EXPENDITURE
Charitable activities
In Kind Expenditure
3,180,034
21,874
9,843,582
TOTAL EXPENDITURE
3,201,908
9,843,582
NET IEXPENDITUREI I INCOME
1336,4281
16,848,219)
Gains/lLossesl on investment assets
259,036
2,890,094
NET MOVEMENT IN FUNDS
177,3921
13,958,125)
RECONCILIATION OF FUNDS
12113
Fund balances brought fomard
66,391,680
70,349,805
FUND BALANCES CARRIED
FORWARD
66,314,288
66,391,680
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 29 to 37 form part of the financial statements.
-25-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
BALANCE SHEET
as at 30 June 2025
2025
2024
Note
FIXED ASSETS
Investments
65,212,228 64,953,192
65,212,228 64,953,192
CURRENT ASSETS
Debtors
io
34,905
38,308
1,086,172 1,422,630
Cash at bank and in hand
1,121,077 1,460,938
{19,017)
122,4501
CREDITORS: amountsfallingdue within one year
li
NET CURRENT ASSETS
1,102,060 1,438,488
TOTAL NET ASSETS
66,314,288 66,391,680
FUNDS
12113
Unrestricted Income Funds
66,314,288 66,391,680
TOTAL FUNDS
66,314,288 66,391,680
19 November
The financial statements were approved by the members of the Board on
2025 and are signed on their behalf by:
S L Ifmw hti
2025 16..51..34 GMT)
SL Humphris
Major General
Chair of the Corporate Trustee
The notes on pages 29 to 37 form part of the financial statements.
-26-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
STATEMENT OF CASHFLOWS
forthe yearended 30 June 2025
2025
2024
Note
See
below
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used) from operating activities
13,100,372) 19,800,407)
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Net cash provided by investing activities:
2,763,914
2,887,567
2,763,914
2,887,567
Change in cash and cash equivalents in the reporting period
Cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
1336,4581 16,912,840)
1,422,630
8,335,470
11,086,172)
1,422,630
RECONCILIATION OF NET INCOMETO NET CASHFLOW FROM OPERATING ACTIVITIES
Net Income forthe reporting period
per the statement of financial activities
177,3921 13,958,125)
Adjustments for:
Depreciation charges
IGainsllLosses on investments
Dividends and interest from investments
Decreaselllncreasel in debtors
IDecreasel/lncrease in creditors
132
1259,0361 12,890,094)
12,763,914) 12,887,567)
3.403
29,254
13,4331
194,0071
Net cash (used) from operating activities
13,100,372) 19,800,407)
The notes on pages 29 to 37 form part of the financial statements.
-27-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
I ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for 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 Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 leffective l January 20191, Charities Act 2011 and the Companies Act 2006.
The trust constitutes a public benefit entity as defined by FRS 102.
Income
All incoming resources are recognised when the charitable trust has entitlement to the funds, the receipt is
probable, and the amount can be measured reliably. Donations are recognised on a receivable basis (where
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 portfolios or current accounts is
included when reported as received by the portfolio manager.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement and the
amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each
activity 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 constructive obligation for grants payable exists once it has been communicated to the recipient. Upon
the obligation existing, where payment is probable and can be measured reliably, the entire grant is
accounted for in the Statement 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's 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 asset to its estimated residual
value over its expected useful life. The depreciation rate in use is as follows..
Office Equipment
3 years, straight line
Investments
The charity's investment in managed portfolios is included in the balance sheet at fair value, being the
open market value specified by the portfolio managers at the balance sheet date.
-28-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
I ACCOUNTING POLICIES Icontinuedl
Provisions
Provisions are recognised when the charitable trust has an obligation at the reporting date as a result of a
past event which it is probable will result in the transfer of economic benefits and the obligation can be
estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the
obligation. Where the effect of the time value of money is material, the provision is based on the present
value of those amounts, discounted at the 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 accountTng
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 reserved to the value of two years expenditure.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qLJalify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently measured at
amortised cost using the effective interest method.
DONATIONS
Total
Unrestricted
Funds
2025
Total
Unrestricted
Funds
2024
Blue Light MOD Discount Scheme
Other donations
Legacy (Carpenter Estate)
79,692
107,771
25
79,692
107,796
3 INVESTMENT INCOME
Total
Unrestricted
Funds
2024
Total
Unrestricted
Funds
2023
Incomefrom a UK managed fund
Incomefrom Property Income Trust
Bank interest receivable
2,478,833
245,525
39,556
2,763,914
2,356,924
256,313
274,330
2,887,567
-29-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
4 COST OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Total Unrestricted Funds
Total Unrestricted
Funds
2024
2025
Grant commitments at the start ofthe year
Grants awarded during the year
Grant commitments at the end ofthe year
Total grant5 paid in year Isee page 321
9,516
3,088,878
18,7601
3,089,634
106,156
9,747,041
19,5161
9,843,681
Total charitable activities
Total Funds
2025
Total Funds
2024
Grants awarded during the year Isee above)
Support Costs (see note 51
3,088,878
91,156
3,180,034
9,747,041
96,541
9,843,582
S SUPPORT AND GOVERNANCE COSTS
Total Unrestricted Funds
Total Unrestricted
Funds
2024
2025
Salaries and contributions to pension & healthcare
Treasurers, fees
53,600
11,121
9,289
3,040
3,333
5,868
319
59,447
11,021
6,107
5,963
4,200
3,170
2,645
2,079
1,070
421
Legal Fees and Consultancy
Audit fees
Irrecoverable VAT
Secretariat expenses
Publication costs
Subscription5
Trustees training
Trustees travel
2,722
243
1,449
172
Insurance costs
172
Office equipment depreciation
Costs of Trustees, meetings
132
114
91,156
96,541
-30-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
6 NET EXPENDITURE I INCOME FOR THE YEAR
This is stated after charging=
2025
2024
Depreciation
Treasurers, remuneration
Auditors, remuneration - audit of the financial statements
Irrecoverable VAT
132
11,121
3,IVIO
3,333
11,021
5.963
4,200
17,494
21,316
7 STAFF COSTSAND EMOLUMENTS
Total staff costs were a5 follows:
2025
2024
Key management personnel
Wages and salaries
Employers, Nl
Employers, Pension Contributions
Healthcare Contribution and Death in Service Benefit for Secretary
46,167
51,494
706
7,433
6,532
715
53,600
59,447
Particulars of employees;
The average number of employees during the year was 112024 11. and calculated on the
basis of full-time equivalents. this was as follows..
2025
No
2024
No
Number of administrative staff..
0.75
0.75
The Charity consider5 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 thi5 has not been included
in the accounts at 30 June 2025 due to the imrnaterial value of the potential adjustment.
-31-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 Ju ne 2025
NOTES TO THE FINANCIAL STATEMENTS
forthe year ended 30 June 2025
8 IN KIND INCOMEIEXPENDITURE
Parkdean Resorts and ACF support British Army Servi￿ personnel with free holiday breaks.
The value of this gift is £21,874, based on bookings made in the period 1 SL July 2024 to 30th
June 2025.
9 INVESTMENTS
Movement in market value
2025
2025
2025
2024
Mayfair
AFCG&I
Total
Total
Market value at l July 2024
Disposal proceeds
Net Ilossesllgains on revaluations in the
year ended 30 June 2025
Market value at 30 June 2025
4,268,152 60,685,040
64,953,192
62,063,098
94,078
164,958
259,036
2.890,094
4,362,230
60,849,998
65,212,228
64,953,192
Historical cost at 30 June 2025
5,000,000
29.395.919
34.395.919
34,395,919
2025
2024
Listed investments
BlackRock AFCG&I Income Units
60,849,998
4,362,230
60,685.040
4,268.152
Swiss Life UK PITCH Property Income Fund
65,212,228
64,953,192
Historical Note
On 2 September 2002 the ACF Capital Fund valued at £31,604,555 was exchanged for Income/Distribution
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.
-32-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
Risk Management
The Charity's main capital investment is held in the Armed Forces Charities Growth & Income Fund, a sub-
fund of the BlackRock Charity Authorised Investment Fund. It is a multi-asset fund with holdings in UK
Equities, Overseas Equities, Fixed Income, Property and Alternatives. 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 reseNe is invested in the Property Income Trust for Charities IPITCHI, a charity
property fund, managed by Swiss Lile Asset Managers UK.
10 DEBTORS: Amounts falling due within oneyear
2025
2024
Prepayments
Other Debtors
1,077
33,828
34,905
771
37,537
38,308
11 CREDITORS: Amounts falling duewithin one year
2025
2024
Grant commitments
Accruals
8,760
10,257
19,017
9,516
12,934
22,450
-33-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
2025
Investments
Net assets
Total
Unrestricted Income Funds
65,212,228
1,102,060
66,314,288
Total Fund5
65,212,228
1,102,060
66,314,288
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Investments
Net assets
Total
Unrestricted Income Funds
64.953,192
1,438,488
66,391,680
Total Funds
64,953,192
1,438,488
66,391,680
-34-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
forthe year ended 30 June 2025
13 Analysisof Movement in Funds
Funds
Investment
Funds
01.07.24
Income Expenditure
Gains
30.06.25
Unrestricted Income Funds
66,391,680
2,865,480 13,201,908)
259,036 66,314,288
Total Funds
66,391,680
2,865,480
13,201.9081
259,036 66,314,288
Funds
Investment
Gains
Funds
01.07.23
Income Expenditure
30.06.24
Unrestricted Income Funds
63,418.553
2,995,363
12,912,330)
2,890,094 66,391,680
Designated Funds
6,931,252
16,931,252)
Total Funds
70,349,805
2,995,363 19,843,582)
2,890,094 66,391,680
-35-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2025
14 RELATED PARTY TRANSACTIONS
Register of Trustees, Complementary Interests
During the ACF accounting year from l July 2024 to 30 June 2025, Mr Guy Davies was the Chair of the
Advisory Committee overseeing the investments of the Armed Forces Charities Growth & Income Fund
which delivers dividend income. He did not receive any renumeration or benefit from membership of this
committee.
During the ACF accounting year from l July 2024 to 30 June 2025 there were no Directors of ACF Trustee
Ltd who were also trustees of other charities which benefitted from grants made by the ACF.
During the ACF accounting year from l July 2024 to 30 June 2025 there were six Dirertors of ACF Trustee
Ltd who were reimbursed for travel expenses totalling £1,268 and one Director reimbursed for
accommodation expenses of£51.
15 COMMITMENTS
Grants202512026
At the meeting of the Board held on 21 May 2025 it was decided thatthe financial year of the Charity should
be changed for FY25126 to run from l July 2025 to 31 March 2026. Subsequent financial years would then
begin on l April each year. As a result, the grant applications initially agreed 'in principle, by the Board had
to be reconsidered owingto a reduced grantmaking budget. The Board decided out of committee to award
grants totalling £1,920,690 to recipients previously agreed 'in principle, for the year beginning l July 2025.
Pledges ofsupport
Due to the adoption of FR5102, forward grant commitments are now accrued in full and recognised at the
time award letters are disseminated to recipients. I n previous years, forward grant commitments were
noted in the accounts and recognised as they became due.
-36-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
MANAGEMENT INFORMATION
for the year ended 30 June 2025
The following pages do not form part of the statutory financial statements which are subject
to the independent auditor's report on pages 21 to 25.
-37-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
DETAILED STATEMENT OF FINANCIALACTIVITIES
forthe yearended 30June 2025
2025
2024
INCOME FROM
Donations
Other donations
79,692
79,692
107,796
107,796
Investment Income
Income from investments
Bank interest receivable
2,724,358
39,556
2.613,237
274,330
Otherlncome
In Kind Income
21,874
2,785,788
2,865,480
2,887,567
2,995,363
TOTAL INCOME
EXPENDITURE
Charitable Activities
Grants awarded during the year
In Kind Expenditure
3,088,879
21,874
3,110,753
9.747,041
9,747,041
Support and Governance Costs
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 Trustees, meetings
53,600
11,121
9,289
3,040
3,333
5,868
319
59,447
11,021
6,107
5,963
4,200
3,170
2,645
2,079
1,070
421
2,722
243
1,449
172
172
132
114
TOTAL EXPENDITURE
3,201,908
9,843,582
NET IEXPENDITUREI I INCOME FOR THE YEAR
1336,4281 16,848,219)
-38-

The Army Central Fund Annual Report and Financial Statements for the year ended 30 June 2025
2025
2024
CHARITABLE ACTIVITIES- GRANTS PAID
Army Command Grant. Welfare funding
Army Sport. Staffand rllanagement costs
Army Families Federation. Staff and management costs
Warrior Programme. Mental health resilience
Defence Medical Welfare Service. Army patients in NHS hospitals
Aurora New Dawn. Domestic Violence support service
Home-start UK. Supp(>rting families with young children
SSAFA- Norton HoLJse. Costs ofvisitor accommodation
760,000
719,690
545,391
200,000
98,000
80,000
75,000
65,000
61,500
60,000
51,038
50,000
50,000
44,080
40,000
30,000
29,500
20,670
15,624
15,000
11,200
10,000
9,500
8,640
8,000
6,425
6,180
6,000
5,040
4,900
2,500
756
760,000
674,107
513,318
50,000
90,000
80,000
62,500
65,000
Fares4Free
AWS Activity Camps
Relate
60,000
Fisher House (Queen Elizabeth Hospital Birmingham Charity)
Forces Employment Charity
HighGround
SSAFA- Short Breaks. Children with additional need5
40,000
Families, Activities Breaks
Command Grant- Army Iminor grants)
Felix Fund
Horseback UK
Reading Force
HAC Everest Expedition
Addiction Family Support
Gwennili Trust
Recruit for Spouses
Give Us Tirlle
Team V3nture
On Course Foundation Golf Activities
3.800
Ex Eagle's Endurance
Forces Children Scotland
Shared Parenting Scotland
Ex Atlas Enduro
Army Roll of Honour Project
Pirbright Welfare Centre
ASCB Army Sailing Thorney Island
Army Sport Uplift
Scottys Little Soldiers
Armed Forces Equestrian
British Forces Cyprus Command Grant
Clervaux Trust, The Fold grant
Military Wive5 Choirs. Choir development
Army Widows Association. Training costs
RM Poole. Welfare funding
51,640
6,931,216
275,000
33,700
30,000
25,000
21,000
16,400
Is,000
15,000
2,200
3,089,634
9,843,681
-39-