Page 9 - Governance Annual Report 20/21

Annual Report 2021 9
Finance and General Purposes Committee Report
With the Covid-19 pandemic extending, as we predicted, into the 2020 – 2021 reporting year the committee kept a close eye on the impact on the charity’s investments. Two trustees attend the 6 monthly BlackRock Armed Forces Charities Growth and Income Fund (AFCGIF) meetings to provide information that allows the committee to monitor and understand the financial health and resilience of the Fund. A flexible approach by our fund managers has exploited opportunities across the market and the committee has assured the Board that the AFCGIF remains a safe haven for the charity’s funds.
We knew the demand for Grants from Branches and Regular and Reserve Units would be unpredictable and that our response should be both considered and timely. Working closely with the Benevolence and Grants committee we approved the distribution of Covid-19 relief grants to the Association’s Branches and all Regular and Reserve Units with a QARANC establishment.
Here is a snapshot of our work, during 2020-2021 we have:
1. Investigated the costs of management of the QARANC Garden at the National Memorial Arboretum with consideration of the need to ensure the ongoing development of the garden as
well as the health and safety of
visitors to the garden.
2. Included the declaration of
Gifts and Hospitality received by trustees in the annual performance review process.
3. Reviewed all allowances as well as the salaries for Association staff.
4. Approved the transfer of the accounting software to Sage.
5. Reviewed the accounts of the Association’s branches and noted the imaginative and resourceful use of their Covid-19 relief grants in support of their members.
6. Reviewed and approved the sub-committee budget plans for FY 2021-2022.
7. Taken note of HMRCs guidance on off-payroll working (IR35) and whilst this is not currently applicable retain this as a
standing item on the agenda for
each committee meeting.
8. Noted the financial impact of administrative problems on the income received from Payroll Giving through which subscriptions to the Association are collected from serving
officers and soldiers.
9. Approved Treetops as our
auditors.
Plans for the Future:
During 2021-2022 the committee, in collaboration with the branches, will work on the financial aspects of the branch relationship. We want to ensure that branches are financially supported to enable them to provide the comradeship and support that is so valued by their members.