Royal AirForce
Benevolent Fund
THE RAF BENEVOLENT FUND HOUSING TRUST
LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2023
Companie5 House No.. 1058896
Charity Commission., 264636
OSCR.. SC038218

The RAF Benevolent Fund Housin8 Trust Limited Report and Financial Statements
31 December 2023
Dlrectors and Trustees
Air Vlce-marshal Chris Elliot CB CBE MA Bsc DL IChair}
Wing Commander Sarah Davis MBA Msc FCIPD
Mrs Victoria Akinboro Bsc (Honsl ACMA CGMA
Air Commodore Simon Harper OBE MA FCIPD
Mr Emry5 Rogers
Mr Patrick Aylmer FCA
Secretary
Mrs Victoria Akinboro Bsc (Hons) ACMA CGMA
Indèpondent Audltors
Saffery LLP
71 Queen Vlctoria Street
London
EC4V4BE
Banker5
Barclays Bank Plc,
1 Churchill Place
London
E145HP
5ollcltors
Charles Russell Speechlys LLP
S Fleet Place
London
EC4M 7RD
Addleshaw Goddard
Exchange Tower
19 Canning Street
Edinburgh
EH3 8EH
Reglstered offlce
67 Portland Place
London
WIB IAR

The RAF Benevolent Fund Housing Trust Limlted Report and Financlal Statements
31 December 2023
Directorf Report
The Directors. who are a150 the Trustee5 of the charitable company, present their report and financial
starements for the year ended 31 December 2023.
Principal activity
The RAF Benevolent Fund Housln8 Trust Llmited (RAFBF Housing Trust Ltd) is a charitable company Ilmited
by guarantee and is a wholly owned subsidiary of The Royal Air Force Benevolent Fund IRAFBFI. Its sole
activity Is to hold and operate properties for beneficiaries of the RAFBF.
The Company 15 flnanced and conirolled by the RAF8F and asslsrs In the atiainment of Its objertives by
the purchase of properties for occupation by beneficiaries. These properties are let as renta15, where the
rents charged take into account the means of beneficiarles and are ser based on a recognlsed benchmark,
the Joseph Roundtree Foundation Living Rent. The Company takes responslbllity for insurance. external
repairs and redecorations, and the preservatlon of the main structures and installations. Further details
of the activitles and policies of the RAFBF and its subsidiaries are included in its Annual Report. a copy of
which may be obtained by wrlting to the re8lStered office at the addres5 shown on pa8e 1 or by accessing
it at the Fund's webslte
Publlc beneflt
As stated in the prlnclpal activity settlon, the RAFBF Hou51ng Trust Llmlted's sole actlvltyls to hold and
operate properties for beneficiaries of the RAFBF. li exlsts ro provide security and support to parricularly
vulnerable beneflciarles through the provbslon of bespoke houslng solutions.
When revlewlng the Companls alms and obJectlves. and In planning future actlvitles and policies. the
Directors have given careful consideration to the Charity Commission's general and supplementary
guldance on public benefit and fee charging. The Company uses the published Joseph Rowntree
Foundation's Minimum Income Standard figures to aSSlSt with assessing financial need. This provides a
highly respected sector standard that represents the rninimum Income requlred to provide a socially
Inclusive standard of living in the UK. In addition to this, the Company allows additlonal expendlrure for
mortgage, rent, council tax. childcare and formal carer costs. Disability benefits are disregarded as income.
Where a contrIbUt￿On is invited towards the costs of occupying a residential property. the beneficlarys
means based on the above standard are always considered. No eliglble member of the RAF Famlly is
prevented from benefitlng from the Support of the RAFBF and this means that the rental income charged
is considerably below the market rate.
2023 Revlew
During 2023, ten propertles were purchased. three others adapted and five sold. Nine of the properties
purchased enabled the relocation of existing occupants to more suitable accommodation and one
supported a seNiceman and his family to relocate from Service Families Accommodation as a result of
him being medically discharged due to disability resulting from his service. The purchase of a further three
properties were awaiting completion at the end of the year followin8 the beneficiaries identifying Sultable
propercies that would meet their needs. 2023 rental income wa5 £1 M 12022.. £1 Ml, with the considered
application of welfare principles such as ability to pay.Joseph Rowntree Foundation Livin8 Rent calculation
and Local Houslng Allowance rates being taken Snto account when calculating affordable rent.

The RAF Benevolent Fund Houslng Trust Limited Report and Financial Statements
31 December 2023
Future plans of the Company
The Company intends to continue to manage a portfolio of properties in support of the beneficiaries of
the PAF Benevolent Fund for the foreseeable future.
The nei assetsof the Companyasat31 December2023were £14.7M12022- £14.7MI. £10.9M12022: £9.4M}
was owed to the parent undertaking. Glven that the Company manages properties solely in order to
support the beneficiaries of the RAFBF, the Trustees of the parent undertaking are committed to providing
contlnued instltutional support to the Company in the form of an interest free facility for the foreseeable
future. This means that whilst the debt is a short-term liability, the RAFBF will not be requesting repayment
wlthin the next twelve months. On this basis the Directors have reviewed the RAFBF Housing Trust Ltd and
consider that adequate resources continue to be available to fund the activities for the foreseeable future.
The Directors are of the view that the Company is a golng concern.
Organlsatlonal structure and governance
The Directors of the Company shall at all time5 be not less than three and not more than Iwelve and
shall include the Controller of the RAFBF ex-officio, who shall be the Chair of the 8oard and shall also
Include such members of the Major Grants Committee of the Fund as shall from tlme to time be
norninated by the RAFBF. With rhe exceptlon of the Controller, the Directors shall retain offlce only untll
the nexi AGM but will then be eligible for re-electlDn. The business of the Cornpany15 managed by the
Directors but may be delegated to any Dlrector andlor employee of the RAFBF. The Company has no
ernployees but pays a charge for the use of RAFBF staff to carry out operational activlty.
The Directors may appoint any member of the Company as a dlrector esther to fill a casual vacancy or by
way of addition to the Directors. Any member 50 appointed shall retain office only until the nexc AGM but
w511 then be eliglble for re-election,
Major rlsks and uncertalntles
Trustees of the RAFBF have overall responsibility for managlng risks faced by the Charlty and Its subsldiary
entities. Therefore, the identification of major risk5 a550Clated with the Housin8 Trust operation is carried
out as part of the rlsk management proces5 of the RAFBF.
The major rlsks, as identified by the Trustees. have been revlewed and appropriate mitigatlon measures
put in place to manage downside risks and take advantage of opportunities presented. The major risks
identified as having the potential to affeci the repuiation and subsequent successful performance of the
RAFBF and hence the RAFBF Housirig Trust Ltd alon8 Wlth miti8atiri8 actions are:
Income and Flnanclal Sustalnablllty: This can be caused by the Inability to generate sufficient
income to cover increasing inflation driven costs on a consistent basis. Other underlying risks
are the volatility on the propety market that may lead to properties belng vacant for extended
periods of time and a potential change in Government that brings more stringent Energy
Performance Certificate IEPCI measures. This risk is being rnitigated by an ongoing review of the
Housin8 Trust operating model. including its purpose, decision making, cost driver5 and rent
setting benchmark. Agreed actions will be implemented on a phased basis, premised on the
underlying principle that the Trust exists to provide support to particularly vulnerable members
ofthe RAF Family. EPCwork is now part of the Compan￿5 regular maintenance programme and

The RAF Benevolent Fund Housing Trust Limlted Report and Financlal Statements
31 December 2023
will be included in annual budgets. The RAFBF continues to provide institutional support to the
Housing Trust.
Meeting the needs of the RAF Family: This can be caused by the failure of third partie5 to
deliver timely and quality services on behalf of the Housing Trust or the RAFBF, who are then
not able to carry out this work to an acceptable standard; and not being innovative and
responsive to the changing needs of the RAF Famlly.
This risk is mitigated through the monitoring done by an Operations Board. regular reviews of
surveyor performance and engaging with partner organisations to foster wider sector Insight.
Safe8uardin8 and the duty of care: This can be caused by an activity that gives rise to a
safeguarding Incldent in which a beneficiary or member of staff is adversely affetted by the
actions of the Company or the parent Charity.
This risk is being mitigated by ensuring that we have robust safeguardSng policies, procedures,
and trainlng plan5. There Is a Safeguarding Cornmittee that maintain5 oversight and a
desi8nated Safeguarding lead Trustee on the Board of the RAFBF and assurance from
independent audSts.
Governance and compliance wlth regulatory requlrements: This can be caused by stricter
regulation on hosing providers and lor Snsufflclent awareness of regulation changes across all
nation5. This Is mitigated by using the service5 of duly qualified surveyors and rnaintaining
membership of the Cobseo Housln8 Cluster and Scottlsh Landlord Assoclations. Continuous
monitorin8 of le8islation around cllmate change mea5ure5 and Including energy efficiency In
routine maintenance programme.
Reserves pollcy
As a wholly owned subsldlary of the RAFBF the rese￿e$ of the Cornpany are considered alongslde the
Reserves policy of the parent charity,
Free reseNes are the resources the Company has avallable to spend on revenue expendlture In1Sne with
Its purposes once it has met its commitment5 and covered its other planned expenditure. The RAFBF
Housing Trust Ltd has free reserves of £0.8M as at 31 December 2023 12022.. £1.6MI. This amount 15
represented by net current assets excluding the amount owed to the parent charity.
On the basis of the continued support from the parent charlty, the Directors have decSded that the
minimum level of reserves held should be sufficient to cover about six month5 operating cost5 to fund the
on-going programme of maintainin8 the CoMpan￿S property portfolio. The rninimum requirement on 31
December 2023 wa5 £0.5M12022'. £0.7M}.
The Reserves policy is reviewed each year by the parent charity as part of the annual planning process.
Performance against rhe reserves pollcy Is monitored durlng the year as part of regular financlal
management and 15 reflected as a key perforrnance indicator at Board level. Full detai15 of the parent
charity financial position can be obtained from the Annual Report and Accounts which are available
on request from 67 Portland Place, London, W1 B 1AR orfrom

The RAF Benevolent Fund Houslng Trust Llmlted Report and Financial Statements
31 December 2023
Going concern
The Directors have given consideration to the Company reporting a net current liability Posltion as a result
of the lar8e balance owed to the parent undertaking. However, the Company is assured that the Royal Air
Force Benevolent Fund ha5 no intention of calling upon this debt and has received written confirmation
to this effect. The Directors have also given con51deration to the external economic environment, the
financial strength of the parent undertaking and Income and expenditure forecasts, and concluded that
the Company will be able to continue to operate for the foreseeable future. The Company therefore
continues to adopt the going concern basis in preparing its financlal statements.
Flnanclal revlew
The Statement of Financial Activities1SOFAI for the year15 Set out on page 11 of the flnancial statements
and shows a surplus of £62K12022'. £1.3MI.
Income
Income 15 made up of rent received, the proflt on the dlsposal of properties. bank interest and legacy
Income. There was a £1.4MI 58% decrease in income from £3.3M in 2022 to £1.9M in 2023. due mainly to
the £1.4M decrease in the profit on disposal of properties because the number of properties sold was
lower, five in 2023 compared to twelve in 2022.
Expendlture
Charltable expendlture decreased from £2M in 2022 to £1.8M In 2023. Thls was primarily due to a decrease
in the costs incurred in relation to repairs and renewals decreaslng from £840K In 2022 to £692K in 2023.
Tanglble flxed assets
As at 31 December 2023, the Trust owned 198 propenies12022.' 1931. During the year, 10 properties were
purchased12022.' 21 and 5 were sold12022: 121, resulting in a net increase of 5 properties.
Total cost of new properties wa5 £3.38M12022'. £2.1 Ml plus £O.I M12022'. £0.3MI on adaptations. Sale5
proceeds of properties amounted to £1.3M12022.' £3.8MI and profits on these sales were £0.8M12022,'
£2.1 Ml.
The net book value of propertles held was £24.7M at 31 December 2023,12022: £22.4MI. Reported values
are based on hlstorical COSL but the Directors recognlse that the total marker value wlll in all probability
be materially higher.
Dlrector5
The Directors during the year, and up to the date of approval of the financial statements. are as shown
onpage1.
Governlng DocumentThe objects forwhich the Company 15 established are Set out in the Memorandum
of Association dated 2 June 1972. The Articles of Assoclation of the Company were approved by a written
resolution by the Director5 on 24June 2003.

The RAF Benevolent Fund Housing Trust Llmlted Report and Flnanclal Statements
31 December 2023
Statement of Dlrectors, responsibilities
The Directors (who are also Trustees of the RAFBF Housing Trust Ltd for the purposes of charity lawl are
responsible for preparing the Directors, report and the financlal statements In accordance with applicable
law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practice).
Cornpany law requires directors to prepare financial statements for each flnancial year which give a true
and fair view of the state of the affairs of the charitable company and of the outgoing resource5 and
application of resources, including the income and expenditure, of the charitable company for rhat period.
In preparing these financial statements, the Directors are required to:
selett sultable accounting policies and then apply them consistently,.
obseNe the methods and principles in the Charltles SORP IFRS1021;
make judgernents and estimate5 that are reasonable and prudent,.
state whether applicable accounting standards have been followed, subject to any materlal
departures which are disclosed and explained in the financial statements,. and
prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the charitable company will contlnue Sn buslness.
The Dlrectors are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and enable them to ensure that the
financial statements comply wlth the Companies Act 2006, the Charities and Trustee Investment (Scotlandl
Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable step5 for the
preventSon and detection of fraud and other Irregularltles.
In so far as the Directors are aware..
there is no relevant audit informatlon of whlch the charitable companys auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any
relevant audlt SnformatSon and to establish that the auditor15 aware of that information.
This report has been prepared In accordance wlth rhe special provisions relating to small companies withln
Part 15 of the Companies Act 2006.
By order ofthe board Dn 28 May 2024
Vlctorla Aklnboro
Secretary
Date..

The RAF Benevolent Fund Housing Trust Limited Report and Financial Statements
31 December 2023
Independent auditors report to the members and the dlrectors of The RAF Benevolent Fund
Housing Trust Limited
Opinlon
We have audited the financial statements of The RAF Benevolent Fund Housing Trust Limited for the year
ended 31 December 2023 which comprlse the Statement of Financial Activities, the Balance Sheet. the
Statement of Cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework thai has been applied in their preparation is applicable law and United
Kingdom Accounting Standard5, including Financial Reportlng Standard 102. the Financial Reporting
Standard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accounting
Practice).
In our oplnlon the financial statements:
give a true and falr view of the charitable companls stste of affairs as at 31 December 2023 and
of its incoming resources and application of resources, including Its Income and expendlture, for
the year then ended..
have been properly prepared in accordance wlth Unlted Klngdom Generalty Accepted Accounting
Practice., and
have been prepared in accordance wlth the requirements of the Companles Aci 2006, the
Charities and Trustee Investment IScot1andl Act 2005 and regulation 8 of the Charltles Accounts
(Scotlandl Regulatlons 2006 las amended).
Ba51s for oplnlon
We conducred our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditorfs
re5ponsibilitie5 for the audlt of the flnancial statements section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant to our audii of the
financial statements In the UK, Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We belleve that the audii evidence we have
obtained 55 sufflcient and approprlate to provide a basis for our opinion.
Conclu51ons relatln8 to going concern
In auditin8 the flnancial statements, we have concluded that the directors, use of the going concern basls
of accounting in the preparation of the financial statements 15 appropriate.
Based on the work we have performed, we have not identified any material uncertaintles relating to event5
or conditions that. individually or collecLively, may cast significant doubt on the charitable company's
abillty to continue as a going concern for a period of at least twelve monihs from when the financial
statements are authorised for issue.
Our responsibilitie5 and the responsibilitie5 of the directors with respect to going concern are described
In the relevant sections of this report.

The RAF Benevolent Fund Housing Trust Limited Report and Financial Statements
31 December 2023
Other Informatlon
The director5 are responsible for the other information. The other information comprises the information
included in the annual reporL Other than the financial statements and our auditorfs report thereon. Our
opinion on the financial statement5 does not cover the other information and. except to the extenr
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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
course of the audit or otherwise appears to be materially mi5Stated. If we identify such material
inconsistencies or apparent material rni55tatements, we are required to determine whether this give5 rise
to a material rnisstaternent in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a materlal rnisstatement of this other information we are required
to report that fact.
We have nothing to report In thls regard.
Other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the Information given in the Dlreciors, report for the financlal year for whlch the financlal
statements are prepared is consistent with the financial statements,, and
the Director5. Report has been prepared in accordance with applicable legal requSrements.
Matters on whlch we are requlred to repart by exceptlon
In the light of the knowledge and understanding of the charitable company and Its environment obtained
In the course of Ihe audit, we have not identified material misstatements In the Dlrectors, Report,
We have nothlng to report in respect of the following matters where the Companles Act 2006 and the
Charltles Accounts (Scotland) Regulations 2006 la5 amended) require us to report to you if, in our oplnlon:
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns,. or
certaln dlsclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audlL or
the directors were not entitled to prepare the financial Statements in accordance with the small
companie5 regirne and take advantage of the small companies exemption in preparing the
Directors, Report.
Responslbllltles of direetors
A5 explained more fully in the Statement of Directors, Responsibilities set out on page 6, the directors (who
are also trustees of the charitable company for the purposes of charity lawl are responsible for the
preparation of the financial statements and for belng satisfled that they give a true and fair view, and for
such internal control as the dlrertors determine is necessary to enable the preparation of financial
statements that are free from material misstatemenL whether due to fraud or error.

The RAF Benevolent Fund Housing Trust Limited Report and Flnanclal Statements
31 December 2023
In preparing the financial Statements, the direttors are responslble for assessing the charitable companrfs
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 directors either intend to liquidate the charitsble
company or to cease operations. or have no realistic alternative to do so.
Audltofs responslbilltles for the audlt of the flnanclal statements
We have been appointed a5 auditors under the Companies Act 2006 and under the Charities and Trustee
Investment (Scotlandl Act 2005 and report In accordance with regulatlons made under those Acts.
Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are
free from material misstatemenL whether due to fraud or error, and to 155ue an auditols report that
includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audlt conducted in accordance with ISAS IUKI wlll alway5 detect a materlal misstatement when it exists.
Mi55taternents can arise from fraud or error and are considered material if, individualty or in the
aggregate, they could reasonably be expetted to influence the economic deci5ion5 of users taken on rhe
basis of these flnancial statement5.
Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We deslgn
procedures In line with our responslbllltSes, outlined above, to detect materlal missratements In respect
of irregularlties, Including fraud. The specific procedures for thi5 engagement and the extent to which
these are capable of detecting irre8ularltle5, Including fraud are derailed below.
Identlfylng and a5sessin8 risks related to Irregularities..
We assessed the susceptibility of the charltable companys financial statements to material misstatement
and how fraud mi8ht occur, including through discussions with the directors, discussions within our audit
team plannlng meetSng, updatlng our record of Internal controls and ensuring these controls operated as
Intended. We evaluated possible incentives and opportunities for fraudulent rnanipulation of the financial
statements. We identifled laws and regulatlons that are of significance In the context of the charltable
company by discu55ions with directors and updating our understanding of the sector in whlch the
charitable company operate5.
Law5 and regulations of direct Slgnlficance In the context of the charitsble company include The
Companies Act 2006, the Charities and Trustee Inve5tment1Scotlandl Act 2005, the Charities Accounts
(Scotlandl Regulatlons 2006 (as amended) and guidance issued by the Charity Commission for England
and Wales and the Office of the Scottish Charity Re8tslator.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulatior15 as part of our audit procedures
on the related flnancial statement items including a review of financial statement dlsclosures. We reviewed
the charitable companls records of breaches of laws and regulations, minute5 of meetin8s and
correspondence wlth relevant authorities to identify potential materlal misstatements arising. We
di5CUssed the charitable companrfs policies and procedures for compliance with laws and regulatlons with
members of management responsible for compliance.

The RAF Benevolent Fund Housing Trust Limited Report and Financial Statements
31 December 2023
During the planning meeting with the audit team, the engagement partner drew attention to the key areas
which might involve non-compliance with laws and regulations or fraud. We enquired of management
whether they were aware of any instances of non-compliance with laws and regulations or knowledge of
any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of
controls by testing the appropriateness of journal entries and identifying any significant transactions that
were unusual or outside the normal course of bLJslness. We assessed whether judgements made in
making accounting estimates gave rise to a Possible indication of management bias. At the completion
Stage of the audit. the engagement partnerfs review included ensurin8 thac the team had approached their
work with appropriate professional sceptlclsm and thus the capacity to identify non-compliance with laws
and regulations and fraud.
There are inherent Ilmitations in the audit procedures described above and the further removed non-
compliance with law5 and regulations is from the events and transactions reflerted In rhe financial
statements, the less likely we would become aware of it. Also, the risk of not detectln8 a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
Involve dellberate concealment by, for example. forgery or inientional misrepresentaiions, or through
collusion. A further description of our respon51bilities is available on the Financial Reporting Council's
webslte at:
Thi5 description forms part of our auditorfs report.
Use of our report
Th55 report 15 mède solely to the charitable companys members, as a body, in accordance with Chaprer 3
of Part 16 of the Companles Act 2006, and to the charltable companys dlrectors as a body, In accordance
with Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work ha5 been
undertaken so that we might state to the charltable companls members and directors those matters we
are required to state to thern 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 charitable company,
the charltable companvs members and dlrectors as a body, for our audit work, for this reporL or for the
opinions we have formed.
Claire Wills (Senior Statutory Auditor)
for and on behalf of Saffery LLP
71 Queen Victorla Street
London
ECV4 4BE
Chartered Accountants
Statutory Audltors
Oate:
19 Ji
zoi4
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
10

The RAF Benevolent Fund Houslng Trust Llmlted R•port and Financial Statements
31 December 2023
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2023
(Incorporatlng Income and expendlture account)
2023
2022
Income from:
No(e
Legacies
34.868
117,779
Charltable activitles
1,076,657
998,221
Other octlvitles
799,262
2,159,048
Total Income
1,910,787
3.275,048
Expendlture on charltable activity
11,849,138)
11,985,823)
Net Income
61,649
1,289,225
Net movement In funds
61,649
1.289,225
Total funds brought forward
14,662,567
13.373,342
Total funds carrled lorward
14.724.216
14.662.567
All funds are unrestrlcted.
There are no reco8nlsed gains or105ses in either period other than as di5c105ed above.
All incoming and outgoing resources arise from continuing activltles.

The RAF Benevolent Fund Housing Trust Limited Report and Financial Statements
31 December 2023
BALANCE SHEET
as at 31 December 2023
2023
2022
Note
Flxed assets
Tangible asseis
24,742.138
22,442,112
Current a55ets
Debtors
123.980
917.365
1,041,345
89,485
1,957,148
2,046,633
Cash at bank and Sn hand
Credltors., amounts falling due wlthSn one year
111.059,267)
{9,826,178)
Net current Ilabllltles
110,017,922)
{7,779,545)
Net assets
14.724.216
14.662.567
Unrestrlcted seneral funds
14.724.216
14.662.567
The notes on pages 15 to 20 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions appllcable to
companies subjeci to the small companie5, regime.
Approved and authorlsed for Issue bythe Board on 28 May 2024 and Signed on its behalf by..
Victoria Aklnboro
Dlrector
Date:
2J+"Y
Company reglstratlon number.. 01058896
12

The RAF Benevolent Fund Houslng Trust Llmlted Report and Flnanclal Statements
31 December 2023
STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
2023
2022
Cash flows from operating activities
Net cash inflowllourfiowl from operating activitie5
1,178,306
12,186,468)
Cash flows from Investlng actlvltle5
Proceeds from sale of tanglble fixed assers
Payments to acquire tangible fixed as5et5
Net cash provided by investing activities
1,299,732
13,517,822)
12,218.0901
3.756.029
1883,8721
2,872,157
Change in cash and cash equivalents
Cash and cash equlvalents at beginning of year
Cash and cash equlvalents at end of year
11,039.7831
1,957,148
917.365
685,688
1,271,460
1.957.148
Reconclllatlon of net Income to net cash flow from
operatlng actlvltles
Net income for the year ended 31 December
Adjustments for
61.649
1,289,226
Depreciation charges
Proflt on disposal of fixed a55ets
Decreasellincreasel in debtors
Increaselldecreasel in creditor5
667,336
611,499
1749,2721
12,139,941)
134.4951
173,7011
1,233,088
11,873,551)
1,178,306
12,186,468)
Analys1$ of cash and Cash equlvalents
Current account
917.365
1.957.148
Analysi5 of chan8e5 In net debt
Current account:
As at 1 January
1.957,148
1,271,460
Movement In year
11,039.783}
685,688
As at 31 December
917.365
1.957.148
13

The RAF Benevolent Fund HouslngTrust Llmlted Report and Flnanclal Statements
31 December 2023
Notes to the Flnanclal Statements
For the year ended 31 December 2023
1. Accountlng Policies
Accountlng conventlon
These financial statements are prepared on a 80ing concern basls, under the historical cost convention.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 1021. The Charitable Company 15 a public benefit entlty for the
purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the
Statement of Recommended Practice applicable to charltles preparSng thelr accounts in accordance wlth the
Financial Reportin8 Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the
Companies Act 2006, the Charities Act 2011 and Charitles Accounts1Scotlandl Regulations 2006 as amended
by The Charities Accounts (Scotlandl Amendment (No. 21 Resulotions 2014.
The prlnclpal accountlng policies adopted In the preparation of the financial statements are set out below.
Golng concern
The Directors have a55essed whether the use of the going concern basls Ss appropriate and have consldered
posslble events or conditions, includlng the impatt of the economic volatility and high Interest rates that
might cast significant doubt on the ability of the Company to continue as a 80ing concern. The Directors have
made this assessment for a period of at least one year from the date of approval of the flnanclal statements.
The most signiflcant asset5 Included on the Companys balance sheet are fixed assets. Ehe purchase of
which is facilitated by a loan from the parent charity, Royal Air Force Benevolent Fund {RAFBFI. Amount5
due to the RAFBF are unsecured, interest free. have no fixed dale of repayment and are repayable on
demand. The Dlrertors have given consideratlon to the Company having reported a net current liability
position as at 31 December 2023 as a result of the large balance owed to RAFBF. However, the Trustees
of the RAFBF are committed to providing continued instltutional 5UPPOrt to the Company for the
foreseeable future and have provided written confirmation to the Directors of the Company to this effect.
The group is in a healthy posltion at 31 December 2023 with net current a55ets of £13.3M including cash
balances of £6.9M. The Directors therefore have a reasonable expectatlon that the Company has access
to adequate resources to continue in operational existence for the foreseeable future and continue to
adopt the going concern basis in preparing financial statements.
Rental Income
Rental incorne is accounted for on the basis of amounts received in the accounting period. In the opinion
of the Dlrectors. this policy is appropriate in view of the uncertainty over whether the rental income, which
is not a contractual commitment, can be collected.
14

The RAF Benevolent Fund Houslng Trust Llmlted Report and Financial Statements
31 December 2023
Other Income
Other income consists of the net reallsed gain on the sale of fwe properties (12 sold in 20221.
Flxed assets and depreciation
Fixed assets that cost more than £5.000 are capitalised and included at C05t, Including any incidental
expense at acquisition.
Depreciation 15 provided on freehold and long leasehold properties at rates calculated to write off the cost
less estimated residual value, based on prices prevailing at the dare of acquisition, of each asset evenly
over its expected useful life as follows:
Freehold buildings
Leasehold buildin8S
over 50 years
over the perlods of the leases or 50 years, if shorter
Freehold land is not depreciated,
A full year of depreciation is charged in the year of acquisltlon and none In the year of disposal. The
carrying values of tanglble fixed assets are revlewed for Impairment in perlod5 if events or changes In
circumstances indicate the carrying value may not be recoverable.
Expendlture
All resource5 expended relate to the one charitable actlvity undertaken by the Company. Property repair
and renewal expenses are wriiten off to the Statement of Financial Activltles a5 they are incurred. The
Company has no employees but pays a char8e for the use of RAFBF staff to carry out the operatlonal
activity.
Recognltlon of Ilabllltles
Expenditure approved for payment but not paid is recorded as a Ilabillty in the balance sheet. Current
liabilitles consist of amounts expected to be settled within 12 months from the balance sheet date.
Current Ilabllities include payTnent5 due to the parent undertaking which is technically payable on demand
although the Trustees of the RAFBF have offered assurances of thelr continued support to the Company
in the form of interest free finance for the foreseeable future.
Cash and cJ5h equlvalents
Cash and cash equivalents include cash in hand, deposits held at call vvith banks. and other 5hort-term
liquid investments with original maturlties of three months or less.
Taxatlon
All the Company5 income is applied for charitable purposes and therefore the Company 15 exempt from
Corporation Tax.
The Company is not registered for VAT and so all expendlture is shown gross.
15

The RAF Benevolent Fund HouslngTrust Llmited Report and Financial Statements
31 December 2023
Financlal Instruments
Basic financial instruments are measured at amortised COSL
Crltlcal accountlng estlmates and areas ofjudgement
In preparing financial statements it is nece55ary to make certain judgements, estimates and assumptions
that affect the amounts recognised in the financlal statements. In the view of the Direttors in applying the
accounting policies adopted. no judgements were required that have a significant effect on the amounts
recognised in the financial staternents except depreciation, nor do any estlmates or assumpiions made
carry a 51gnificant risk of material adjustment in the next financlal year.
2. Income
2023
2022
Legacies
Rental Sncome
Bank interest
Profit from the d15posal of properties
34,868
1,076,657
49,990
749.272
1,910.787
117,779
998.221
19,107
2,139,941
3.275.048
3. Resources expended on charftable actlvltles
2023
2022
General rates
Insurance
Repairs and renewals
Occupational therapist fees
Legal fees
Properry management fees
Lease amortisation
9,038
46,180
692,022
7.579
8,242
232,101
12,619
654,717
9,240
172.580
4,820
1.849.138
11,692
39,032
840,152
11,500
2,708
269,340
12,619
598,880
8,520
172,023
19,357
1.985.823
Property depreciation
Audit fee5
Staff costs
Others
16

The RAF Benevolent Fund Hou5in8 Trust Limited Report and Financial Statement$
31 December 2023
stsff costs include:
2023
2022
Wages and salaries
Pension costs
Social security
134,863
23,231
14,486
172.580
134,374
22,824
14.825
172.023
Stsff c05t5 relate to five people employed by the RAFBF and represents amounts recharged based on
their time spent on the Cornpanys operatlonal activlty.
Dlrector$' remuneratlon
None of the Directors has received any rernuneration or relmbursement of expenses from the Company.
The Directors are deemed key management personnel.
Related party transactlons
The Company maintain5 an inter-company balance with the RAF Benevolent Fund, Its parent undertaking
nd the balance owed to the RAF 8enevolent Fund as at 31 December 2023 was £10.9M12022.' £9.4MI.
The movement during the year consisted of payments by the RAF Benevolent Fund for variou5 property
maintenance costs and staff costs recharged.
Mosr of the dlrectors are senlor executive staff at the RAF Benevolent Fund. There are no other related
party transactions thai require disclosure.
Tanglble flxed assets
Long
leasehold
propertles
Fr••hold
propertles
Total
Cost at 1 January 2023
Additions durlng the year
29,944,007
630.938
30,574,945
3,517.822
3,517,822
Dlsposals durln8 the year
1726,0051
1726.0051
Cosi at 31 December 2023
32,735.824
630,938
33,366,762
Depreclatlon at 1 january 2023
DepreciatSon for the year
Depreciation on disposals durlng the year
7,894,950
654,717
1175,5451
237.883
12,619
8.132,833
667,336
1175,5451
Accumulated depreciation at 31 December 2023
8,374,122
250.502
8,624,624
Net book value=
At 31 December 2023
24,361.702
380,436
24.742,138
At 31 December 2022
22,049.058
393.054
21442,112
17

The RAF Benevolent Fund Housing Trust Limited Report and Flnanclal Statem•nts
31 December 2023
The Directors recognise that properties are recorded at historical cost le55 any charge5 for depreciation
and therefore the market value could be materially different.
Debtors
2023
2022
Accrued income- legacy
Prepayment
HMRC
Other
36,814
35,740
34,516
3,348
123.980
47,297
40,829
1,359
89.485
Credltors: amounts falling due wlthln one year
2023
2022
Trade credltors
The Royal Alr Force Benevolent Fund - Gulf Trust
Interest free finance provided by the RAF Benevolent Fund
105,204
93,124
10,860,939
11,059,267
328,534
74,360
9,423,284
9.826.178
Amounts due to 8roup undertakings are unsecured. interest free, have no flxed date of repayment and
are repayable on demand. However, the Tru5tee5 ofthe Royal Air Force Benevolent Fund are committed
to providing continued Institutional support to the Company for the foreseeable future.
Parent undgrtaklng
In the Dlrectors. opinion. the ultimate parent undertakin8 is The Royal Air Force Benevolent Fund,
incorporated by Royal Charter, and registered in England and Wales {charity number 10810091 and
Scotland Icharity number: SC0382181. Copies of its group flnancial statements, which include the results
of the Company, are available from 67 Portland Place, London, W1B 1AR.
10. Guarantee
In the event of the Company being wound up. each director Is liable to pay £1.
18