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2025-12-31-accounts

THE ROYAL AIR FORCE DEPENDANTS FUND ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2025

Charity no. 253492.

The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

OFFICE HOLDERS AND PROFESSIONAL ADVISERS

Trustee: The Royal Air Force Benevolent Fund

Trustees of the Royal Air Force Benevolent Fund

Richard Daniel BSc (Hons) FRAeS Alastair Irvine BA (Hons) MCSI

Wing Commander Sophie Joanne Allen MBChB MRCGP DRCOG DFSRH DOccMed DAvMed PGCME

Allyson Arnold MSc BScN (Hons) Patrick Aylmer FCA Alison Benjamin BA (Hons) Richard Cryer MA (Cantab) FCA Wing Commander Sarah Davis MBA MSc FCIPD Wing Commander Clive Martland MBE Lady Susan Meredith Mayhew BA (Hons) John Neilson FCIPR (appointed 1 September 2025) Alan Porter LLM

Rachel Prendergast BA (Hons) MA (resigned 20 June 2025)

Management Committee Members

Air Vice-Marshal Chris Elliot CB CBE MA BSc (Chair) Victoria Akinboro BSc (Hons) ACMA CGMA Richard Cryer MA (Cantab) Air Commodore Simon Harper OBE Wing Commander Clive Martland MBE Group Captain Dawn Murty MSc (resigned 14 May 2025) Group Captain Tracey Bottrill OBE MA BA (Hons) (appointed 14 May 2025)

RAF Subscriptions Manager: Andy Cairns

Principal Office: 67 Portland Place, London, W1B 1AR

Independent Auditors: Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

Bankers: Barclays Bank Plc, 1 Churchill Place, London E14 5HP

Investment Managers: CCLA Investment Management Limited, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustee presents its annual report and financial statements of The Royal Air Force Dependants Fund (“the Charity”) for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charity’s Scheme, the Charities Act 2011, Charities Act 2022 and the Charities SORP (FRS102).

Structure, governance and management

The Charity is unincorporated and registered with the Charity Commission (no. 253492). It was originally established under a trust deed dated 1 February 1967 which was subsequently amended in December 1972. In October 2009 the Charity Commission approved a scheme to govern the Charity. The scheme amended the Charity’s objects, discharged the custodian trustee and appointed the Royal Air Force Benevolent Fund (RAFBF) as Trustee.

The RAFBF is also a charity registered in England and Wales (no. 1081009) and incorporated by Royal Charter (RC000773). The consolidated financial statements for the year ended 31 December 2024 are available from the Royal Air Force Benevolent Fund, 67 Portland Place, London, W1B 1AR and www.rafbf.org.

The object for which the Charity is established is set out in the Scheme as being the promotion of the efficiency of the Royal Air Force through the relief of dependants of deceased serving personnel in the following order of priority the dependants of deceased subscribers and the dependants of deceased serving personnel.

The Trustee may assist dependants by the provision of immediate grants and the relief of dependants who are in need by virtue of financial hardship, sickness, disability or the effects of old age through the provision of discretionary grants, loans, gifts, pensions or otherwise. In practice, only discretionary death grants are made by the Charity.

As per the Scheme, the Trustee has appointed a Management Committee which oversees the dayto-day management and administration of the Charity, makes recommendations to the RAFBF (in its capacity as the sole Trustee) regarding any issues relating to the Charity and undertakes such other responsibilities and activities which have been delegated to it by the Fund.

Under its terms of reference, the Management Committee consists of up to six members appointed by the RAFBF. At least two members of the Management Committee are Trustees of the RAFBF and one member shall be a serving member of the Royal Air Force, appointed by the Deputy Chief of the Air Staff.

The RAFBF has also appointed the following members of its Executive Leadership Team as members of the Management Committee to hold office until such time as they leave office:

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

The Management Committee meets at least once a year to decide the Charity’s strategy, policies, agree the maximum amount of the death grant, review the risks facing the Charity and review the performance of the Charity’s professional advisers. The day-to-day administration of the Charity is delegated to the RAF Subscriptions Manager, who is employed by the RAFBF and operates from office accommodation provided by the Royal Air Force. The Subscriptions Manager gives presentations about the benefits that the RAFBF offers to new recruits at RAF College Cranwell, RRC Crickhowell and RAF Halton. Financial, governance and other support are also provided by staff of the RAFBF and the Charity is charged an annual administration fee that covers these staff costs.

Risk management

The RAFBF, who is the sole Trustee of the Charity, has overall responsibility for managing any risks faced by the RAFBF and any of its subsidiary entities. The identification of major risks associated with the operation of the Charity is carried out as part of the risk management process of the parent charity. Even though the prevailing uncertainty in world order which may lead to increased UK involvement in conflict, peacemaking or peace enforcement poses higher risk, the risk of mass casualty is still present in routine RAF activities. Therefore, the main risk relating to the Charity that has been identified is that of the Dependants Fund being unable to make discretionary payments in full due to a significant increase in fatality numbers. The key mitigations to this risk are:

Objectives and activities for the public benefit

The Dependants Fund was established in 1967 to relieve immediate financial distress in the event of the death of a subscriber, from whatever cause, by giving a tax-free death in service grant, payable, at the discretion of the Trustee, to a beneficiary nominated by the subscriber. Since establishment, up to and including 31 December 2025, 3,389 death grants have been made including 14 in the year ended December 2025.

The Charity is popular with service personnel due to its simplicity of design, worldwide cover without restriction on cause of death, and the timely payment to beneficiaries of a tax-free lump sum when it is most needed.

The Management Committee confirms that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives and in planning future activities and policies.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

At 31 December 2025 there were 26,509 subscribers to the Fund, some 86% of RAF personnel, compared with 26,430 (87%) at 31 December 2024. 14 subscribers died during the year (2024:18). Natural causes accounted for 6 deaths, 1 in road traffic accidents, 4 died by suspected suicide and 3 in non- operational accidents. Of those who died, 1 was under the age of 30, 5 were aged between 30 and 40, and 8 were aged over 40. The annual average number of deaths in the period 2005 to 2025, is 19.

The Charity paid £280,000 in death grants to 14 beneficiaries. In keeping with the Charity’s object of relieving immediate financial distress, all payments were made within 48 hours of the notification of the death, or as close to this as possible.

Financial review

The Charity’s work is reliant on income from subscribers and the income yield on investments. Income from subscriptions in 2025 amounted to £162,588 (2024: £163,841). These subscriptions are deducted from the gross pay of subscribers under the Give As You Earn Scheme. Investment Income and bank interest amounted to £246,563 (2024: £242,067). Total expenditure amounted to £331,183 (2024: £413,553) of which £280,000 (2024: £360,000) was for death grants. There was an unrealised net loss on investment assets of £363,441 (2024: £167,727 unrealised gain). Total funds held at 31 December 2025 was £7,704,071 (2024: £7,989,544). The £285,473 reduction is due to the £77,968 net operating surplus for the year and the £363,441 market loss on investments.

The subscription has been 50p per month since May 2009 and the maximum death grant payable has remained £20,000 since May 2022.

Investment policy and performance

The Charity’s investment policy is the same as that of the parent charity, RAFBF, and aims to generate income distributions and capital growth whilst being consistent with charitable purposes. It seeks to obtain the best financial return that can be achieved within the level of risk acceptable to the Trustee. The Trustee has a medium risk appetite for long-term investments and the main objectives of the policy are to:

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Invested assets with a market value of £7,229,113 at 31 December 2025 (2024: £7,592,554) are managed by CCLA in the COIF Charities Investment Fund. COIF is an actively managed, diversified multi-asset fund with an emphasis on equities but which also invests in other asset classes. Over 71% of the assets at the end of 2025 were invested in equities (over 63% was in overseas equities including 44% in North America).

The COIF aims to provide a total return (growth in capital and income) over the long term of UK CPI + 5% per annum, before costs and charges.

£235,145 (2024: £227,720) income was earned on this investment, a 3.2% yield (2024: 3.1%)

Market losses in the year came to £363,441 (2024: £167,727 gain).

Total performance for COIF, by year for three years is shown in the table below:

12 months to 31 December 2025 2024 2023
COIF -2.0% +5.1% +12.4%
Comparator +11.0% +15.3% +13.3%

The annual return over the five years to 31 December 2025 was 4.3% (comparator 8.9%). Income distribution by year for the five years to 31 December 2025 is shown below:

----- Start of picture text -----
Income Distributions
60 53.4 54.5 54.5 55.6 57.2
50
40
30
20
10
0
2021 2022 2023 2024 2025
PENCE PER UNIT
----- End of picture text -----

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Reserves policy

The Management Committee has reviewed the Charity’s needs for reserves in line with the guidance issued by the Charity Commission. Accidental death insurance remains in place to cover the deaths of more than 15 and up to 250 members dying in a single incident. As the insurance policy excludes acts of terrorism or warfare, it is prudent to have sufficient reserves to cover such an event if it leads to a major loss of life. The Reserves policy is to hold sufficient funds to pay death grants to approximately 300 families and cover the Charity’s running costs for 12 months. At the end of 2025 this is equated to £6,049,000. Total reserves held were £7,704,070.

The Trustee has assessed whether the use of the going concern basis is appropriate and has done so with due consideration of the current and projected income and expenditure of the Charity, the level of reserves held, the accidental death insurance cover which has been renewed for the 12 months to March 2027, the discretionary nature of the grants and a number of mass fatality scenarios. The conclusion of the Trustee is that there are adequate resources to continue operating for the foreseeable future. The Trustee’s assessment covers the period of at least one year from the date of approval of the financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Plans for the future

The Management Committee plans to continue to make death grants to beneficiaries, usually within 48 hours of being notified that a subscriber has died.

Statement of Trustee Responsibilities

The Trustee is responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

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 them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of its trust deed. It is also

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

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:

By order of the sole Trustee, the Royal Air Force Benevolent Fund, on 30 June 2026.

Richard Cryer

Date: 30 June 2026

Member of the Management Committee and Trustee of the Royal Air Force Benevolent Fund

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Independent Auditor’s Report to the Trustee of The Royal Air Force Dependants Fund

Opinion

We have audited the financial statements of The Royal Air Force Dependants Fund for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee 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 months from when the financial 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.

Other information

The trustee is responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

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 otherwise 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 conclude that there is a material misstatement of this 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustee

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 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 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect 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 taken on

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 are capable of detecting irregularities, including fraud is detailed below:

We identified and assessed the risks of material misstatement of the Financial Statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements. The laws and regulations we considered in this context were Charities Act 2011 and the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were; General Data Protection Regulation (GDPR) and Taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing of legacies and the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Date: 17 July 2026

Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 December 2025

Income from:
Note
Subscriptions
Investments:
Invested funds
Bank deposits
Total income
Expenditure on:
Expenditure on charitable activity 2
Net operating surplus/(deficit)
Net (losses)/gains on investment assets 3
Net loss/income and net movement in funds
Fund balance brought forward
Fund balance carried forward		 2025
£
162,588
235,145
11,418
409,151
(331,183)
77,968
(363,441)
(285,473)
7,989,544
7,704,071		 2024
£
163,841
227,720
14,347
405,908
(413,853)
(7,945)
167,727
159,782
7,829,762
7,989,544

All funds are unrestricted funds and reported as funds designated to the Charity in the group accounts.

There are no recognised gains or losses in either period other than as disclosed above.

The notes on pages 14 to 18 form part of these financial statements.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

BALANCE SHEET

As at 31 December 2025

Note
Fixed assets
Investments
3
Current assets
Debtors
4
Bank balances and cash
Creditors: amounts falling due within one year
5
Net current assets
Net assets
Funds of the Charity:
Unrestricted income fund		 2025
£
7,229,113
67,616
416,455
484,071
(9,113)
474,958
7,704,071
7,704,071		 2024
£
7,592,554
67,140
411,503
478,643
(81,653)
396,990
7,989,544
7,989,544

The notes on pages 14 to 18 form part of these financial statements.

Approved by the Trustee on 30 June 2026 and signed on its behalf by

Richard Cryer Date: 30 June 2026

Member of the Management Committee and Trustee of the Royal Air Force Benevolent Fund

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

1. Principal accounting policies

Basis of preparation

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP rather than Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn.

Accounting convention

These financial statements are prepared on a going concern basis, under the historical cost convention, with the exception of investments which are included at market value, and in accordance with applicable accounting standards.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The Charity is a public benefit entity for the purposes of FRS 102 and therefore the financial statements have been prepared in accordance with the 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 Charities SORP (FRS102) and the Charities Act 2011.

Going concern

The Trustee has assessed whether the use of the going concern basis is appropriate. The Trustee has concluded that there are adequate resources to continue operating for the foreseeable future. The Trustee has made this assessment for a period of at least one year from the date of approval of the financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Subscription income

Subscription income is accounted for in the period in which it is receivable.

Investment income

Investment income is accounted for on an accrual basis.

Resources expended

All expenditure is recognised in the period in which it is incurred. Resources expended include attributable VAT which cannot be recovered.

Payments to dependants are included in the financial statements based on claims notified to the Fund during the accounting period.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

Governance costs

Governance costs are those incurred in connection with the constitutional and statutory requirements of the Fund and include the cost of external audit and other constitutional related matters.

Support costs

Support costs have been allocated between charitable activity and governance costs on the basis that the individual costs support the work carried out for the core purpose of the Fund.

Investments

Investments are stated at market value as at the balance sheet date and the gain or loss taken to the statement of financial activities.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

Financial instruments

Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Pensions

Staff are enrolled in the RAF Benevolent Fund’s Group Personal Pension Plan scheme. Contributions are charged in the Statement of Financial Activities as they become payable.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustee in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

2. Expenditure on charitable activity

Death payments
Staff costs
Support costs:
Administrative expenses
Other expenses
Governance – statutory audit fee		 2025
£
280,000
34,145
8,491
4,720
3,827
331,183		 2024
£
360,000
29,358
8,400
11,656
4,439
413,853

Staff costs and other expenses are payable to RAF Benevolent Fund.

Staff costs include:

Wages and salaries
Pension costs
Social security		 2025
£
27,512
3,399
3,234
34,145		 2024
£
24,982
1,979
2,397
29,358

Key management personnel deemed to be the members of the Management Committee and none of whom received or waived any emoluments or expenses during the period (2024: nil).

The sole Trustee, the RAF Benevolent Fund neither received nor waived any emoluments during the period (2024: nil).

The staff costs are for two people (2024: two) employed by the RAFBF and represents amounts recharged based on their time spent on the Charity’s operational activity.

Administrative expenses are insurance costs £8,399 (2024: £8,400) and bank charges £92 (2024:NIL).

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

3. Fixed asset investments

Movements in investments during the period:
2025
£
Market value at beginning of period
7,592,554
Net (losses)/gains on revaluation
(363,441)
Market value at end of year
7,229,113
Analysis of investment:
Market value
CCLA - COIF Charities Investment Fund
7,229,113
The historical cost of investments held is £5,190,081 (2024: £5,190,081).
4.
Debtors
2025
£
Members’ subscriptions receivable
14,616
Investment dividend receivable
53,000
67,616
5.
Creditors
2025
£
Audit fee accrual
5,580
Due to The Royal Air Force Benevolent Fund
3,533
9,113		 2024
£
7,424,827
167,727
7,592,554
7,592,554
2024
£
14,573
52,567
67,140
2024
£
4,500
77,153
81,653

6. Parent undertaking

The ultimate parent undertaking is The Royal Air Force Benevolent Fund, incorporated by Royal Charter (RC000773) and a charity registered in England and Wales (1081009). Copies of its group financial statements, which include the Charity, are available from 67 Portland Place, London, W1B 1AR or via its website rafbf.org

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The Royal Air Force Dependants Fund | Report and Financial Statements for the year ended 31 December 2025

7. Related party transactions

During the year the Charity’s parent recharged staff costs as set out in note 2. The balance due to the parent is shown in note 5. During the year there were no other related party transactions. As the Charity is a subsidiary of a group and included in the group’s consolidated financial statements which are intended to give a true and fair view, it does not need to produce a separate cash flow statement as the consolidated statements provide this information.

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