2010 annual report and accounts - PDF 700KB - RAF Benevolent ...

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Principal Office andProfessional AdvisersFund’s Principal Office12 Park CrescentLondon W1B 1PHAuditorsKingston Smith LLPDevonshire House60 Goswell RoadLondon EC1M 7ADBankersLloyds TSB Bank plcCox’s and King’s Branch7 Pall MallLondon SW1Y 5NACustodian TrusteesThe Northern Trust Corporation155 BishopsgateLondon EC2M 3XSInvestment ManagersAberdeen Asset Management PLCBow Bells House1 Bread StreetLondon EC4M 9HHActuaryPope Anderson LLPPegasus House37-43 Sackville StreetLondon W1S 3EHSolicitorsCharles Russell LLP5 Fleet PlaceLondon EC4H 7RDSheppard and Wedderburn LLPSaltire Court20 Castle TerraceEdinburgh EH1 2ET12 The Heart of the RAF family
Independent Auditor’s ReportWe have audited the financial statements of the Royal Air ForceBenevolent Fund for the year ended 31 December 2010, which comprisethe Group Statement of Financial Activities, the Group and CharityBalance Sheet, the Group Cash Flow Statement and the relatednotes. The financial reporting framework that has been applied intheir preparation is applicable laws and United Kingdom AccountingStandards (United Kingston Generally Accepted Accounting Practice).This report is made solely to the Charity’s Trustees, as a body,in accordance with regulations made under section 43 of the CharitiesAct 1993 and section 44 (1)(c) of the Charities and Trustee Investment(Scotland) Act 2005. Our audit work has been undertaken so that wemight state to the Charity’s Trustees those matters we are requiredto state to them in an auditor’s report and for no other purpose. To thefullest extent permitted by law, we do not accept or assume responsibilityto any party other than the Charity and Charity’s Trustees, as a body,for our audit work, for this report or for the opinion we have formed.Respective Responsibilities of Trustees and AuditorsAs explained more fully in the Trustees’ Responsibilities Statement,the Trustees are responsible for the preparation of financial statementswhich give a true and fair view.We have been appointed as auditors under section 43 of theCharities Act 1993 and report in accordance with regulations madeunder section 44 of that Act and under the Charities Accounts (Scotland)Regulations 2006.Our responsibility is to audit the financial statements in accordance withapplicable law and International Standards on Auditing (UK and Ireland).Those standards require us to comply with the Auditing Practices Board’sEthical Standards for Auditors.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosuresin the financial statements sufficient to give reasonable assurancethat the financial statements are free from material misstatement,whether caused by fraud or error. This includes an assessment of:whether the accounting policies are appropriate to the Charity’scircumstances and have been consistently applied and adequatelydisclosed; the reasonableness of significant accounting estimates madeby the Trustees; and the overall presentation of the financial statements.Opinion on the financial statementsIn our opinion the financial statements:• give a true and fair view of the state of the group and Charity’saffairs as at 31 December 2010 and of its incoming resourcesand application of resources for the year then ended; and• have been properly prepared in accordance with United KingdomGenerally Accepted Accounting Practice; and• have been prepared in accordance with the requirements of theCharities Act 1993, the Charities and Trustee Investment (Scotland)Act 2005 Act and regulation 8 of the Charities Accounts (Scotland)Regulations 2006.Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where theCharities Act 1993 and the Charities accounts (Scotland) Regulations2006 (as amended) requires us to report to you if, in our opinion:• the information given in the Annual Report is inconsistentin any material respects with the financial statements; or• sufficient accounting records have not been kept; or• the financial statements are not in agreement with the accountingrecords and returns; or we have not received all the informationand explanations we require for our audit.Kingston Smith LLPChartered Accountantsand Registered AuditorsDevonshire House60 Goswell RoadLondon EC1M 7ADDate: 07 June 2011Kingston Smith LLP is eligible to act as auditor interms of Section 1212 of the Companies Act 2006.RAFBF Report and Accounts 13
Page 1 and 2: Royal Air Force Benevolent FundTrus
Page 3 and 4: ContentsChairman’s Report 02Contr
Page 5 and 6: Lizzie’s storyLizzie Tandy lives
Page 7 and 8: Jim’s storyJim Vidler, 88, served
Page 9 and 10: Trustees’ ReportThe Board of Trus
Page 11 and 12: Support to the ex-Serving Community
Page 13: This return was reduced by the Fund
Page 17 and 18: Unrestricted Restricted Endowed Gro
Page 19 and 20: ConsolidatedCash Flow Statementfor
Page 21 and 22: Tangible fixed assets and depreciat
Page 23 and 24: 5b. Other allocated costsGroup Grou
Page 25 and 26: 8. Pension commitments continuedCha
Page 27 and 28: 11. Fixed asset investments2010 200
Page 29 and 30: 16. Subsidiary entitiesThe results
Page 31 and 32: Restricted Income FundsThese funds
Page 33 and 34: Support to the veterans’ communit
Page 35: Flight Lieutenant Andy Costin, feat

2010 annual report and accounts - PDF 700KB - RAF Benevolent ...

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