Page 9 - QARANC Vol 14 No 10 2015

The Funds
There are two Funds, the Central/Reserve Fund and the Benevolent Fund. The Central/Reserve Fund is maintained by Annual Membership and Gazette Subscriptions. Income to the Benevolent Fund comes from serving members through the ‘Days Pay Scheme’ and through fund raising by Association Branches. Both funds benefit from investment income and also gifts and legacies. Routine management expenses are costed to the Central Fund with some apportionment to the Benevolent Fund.
Reserves
Since there is an increase in age and potentially need, and a reduction in the number of donors and beneficiaries, the trustees routinely invest with the intent to provide adequate funds for the future.
Investments
Currently we invest our funds in the Army Common Investment Fund (ACIF) managed by Merrill Lynch Fund Managers. This is reflected in the accounts.
Benevolence
The main work of the Charity is for the relief of members in need and over the year 2014 the Association dealt with 98 charitable requests and made grants totalling £66,646.36, making the average grant £680.00 There are 11 ex-members world-wide that receive an allowance of £18 per week. A Christmas gift of £100 was sent to 15 needy members and together with Christmas flowers the seasonal expenditure was £3,145.45. All members receive birthday flowers over the age of 80. The Army Benevolent Fund and SSAFA continue to provide their expertise to the Association. The Army Benevolent Fund and SSAFA continue to provide their expertise to the Association.
Grants to other organisations
The following organisations received grants from the QARANC Association:
Army Benevolent Fund ............................................ £10,000 SSAFA Forces Help ................................................... £2,000 RFEA The Forces Employment Charity ......................... £300 Florence Nightingale Foundation................................... £250 Retired Nurses National Home........................................ £50
THE GAZETTE QARANC 7
Balance Sheet at year end and Statement of Financial Activities as at 31 December 2014
Registered Charity Number 270278
Audited Accounts 1 January to 31 December 2014
The accounts of the QARANC Association to 31 December 2014 were audited by Paul Chamberlain of Chamberlains, Chartered Accountants.
Central Fund
Income .............................................................................................................................£275,238.68 Expenditure .....................................................................................................................£184,371.35
There was again on investments of £70,894.48 during the year and with a balance of total funds within Central Fund of £2,252,868.25 on 31 December 2013, the balance of total funds on 31 December 2014 was £2,414,630.06
Income
Donations and Legacies ...................................................................................................£192,588.29 Investment Income ..........................................................................................................£82,650.39 Other income....................................................................................................................NIL
Expenditure
Grants and Donations.......................................................................................................£126,256.20 Cost of activities in furtherance of charity’s objectives .......................................................£20,737.89 Management and Administration fees...............................................................................£35,877.26 Audit fees ........................................................................................................................£1,500
Benevolent Fund
Income ............................................................................................................................£135,536.78 Expenditure ......................................................................................................................£93,322.18
There was a gain on investments of £79,263.83 during the year with the balance of £2,178,008.48 on 31 December 2013 and the balance on 31 December 2014 was £2,299,486.91
Income
Donations and Legacies ..................................................................................................£52,150.29 Investment Income ..........................................................................................................£83,386.49 Other Income ..................................................................................................................NIL
Expenditure
Grants and Donations.......................................................................................................£82,661.21 Management and Administration fees...............................................................................£9,161.97 Audit fees ........................................................................................................................£1,500