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Radford and Sergeant
71 & 73a High Street
Aldershot
Hants
GU11 1BY
Index
Trustees Report
Auditor’s Report
Balance Sheet
Statement of Financial Activities
Notes to the Accounts
THE ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2005
Legal and Administrative Details
a) The Royal Logistic Corps Association Trust.
b) The RLC Trust is regulated by a Trust Deed No 1024036 dated 23 June 1993.
Trustees
Managing Trustees (Ex Officio)
Director The Royal Logistic Corps:
Brigadier Richard Rook OBE ADC (until March 2005)
Brigadier Jeffery John Little OBE ADC (from March 2005)
Commandant Defence College of Logistics:
Brigadier Clive Richard Elderton OBE (until January 2005)
Brigadier Clive John Robert Wallace OBE (from January 2005)
Regimental Colonel The Royal Logistic Corps:
Colonel Nigel Barrie Josling OBE (until July 2005)
Colonel Richard Mark Baker (from July 2005)
Regimental Sergeant Major 25 Training Support Regiment RLC:
Warrant Officer One (Regimental Sergeant Major) James Fraser Russell RLC
The Representative Colonel Commandant:
Major General David Leslie Burden CB CBE
The Colonel of Volunteers:
Colonel Maurice John Sheen TD ADC (until September 2005)
Colonel Richard Clive Hambleton TD ADC (from September 2005)
The Royal Logistic Corps Sergeant Major:
Warrant Officer One (Regimental Sergeant Major) Alan Patrick Tindale RLC
Deputy Assistant Chief of Staff Logistic Support LAND:
Colonel John William Lewis
Managing Trustees (Co-opted)
Chairman of The Royal Logistic Corps Museum Trust
Brigadier Tony Dalby-Welsh
Chairman of the Investment Committee
Major General Adrian William Lyons CBE
Immediate Past Representative Colonel Commandant and
Chairman of The Royal Logistic Corps Benevolent Committee:
Major General Martin Spencer White CB CBE DL
Immediate Future Representative Colonel Commandant:
Major General Peter Antony Chambers CB MBE
RLC Brigadier in Command
Brigadier Ian Martin Copland
Chairman of the RAOC Charitable Trust:
Major General David Francis Edmund Botting CB CBE
Chairman of the RPC Association:
Brigadier Charles Brockbank Telfer CBE
Chairman of the ACC Association:
Colonel Philippe Roland Rossiter
Adviser:
Mr Michael Fairmaner Heygate Adler TD
c) Registered Address
Regimental Headquarters, The Princess Royal Barracks, Deepcut, Camberley, Surrey, GU16 6RW.
d) Relevant Organisations
Auditors Radford and Sergeant
Chartered Accountants & Registered Auditors
71-73a High Street
Aldershot
Hants, GU11 1BY
Bankers The Royal Bank of Scotland plc
Holt’s Farnborough Branch
Lawrie House
Victoria Road
Farnborough
Hants, GU14 7NR
Solicitors To be appointed
Investment Advisors Carr Sheppards Crosthwaite Ltd (Mr G A Sargeant)
2 Gresham Street
London
EC2V 7QN
Nominee Company Ferlim Nominees Ltd
2 Gresham Street
London
EC2V 7QN
e) Restrictions
The operational activities of the Trust are restricted to the terms of the declaration of Trust dated 23 June 1993 and subsequent deed of variation dated 6 January 1997.
f) Specific Investment Powers
The Trust has wide powers of investment. The Investment Manager is restricted in the structure of the investment Portfolio by a letter of agreement drawn up by the Trustees.
g) Report by the Trustees
1. The Royal Logistic Corps Association Trust was established during the period immediately prior to the formation of The Royal Logistic Corps on 5 April 1993. The object of the Trust is the promotion of the efficiency of The Royal Logistic Corps in any such ways that the Managing Trustees may, from time to time, decide.
2. The Trust’s initial capital was donated by the five Forming Corps: the Royal Corps of Transport; Royal Army Ordnance Corps; Royal Pioneer Corps; Army Catering Corps; and the Royal Engineers (Postal and Courier Service). Income from officers and soldiers, through the Day’s Pay Scheme contribution, commenced in July 1993 and remains the main source of income to which has been added an annual subscription from TA officers and soldiers.
3. A Secretary and a Treasurer, who are paid by the Civil Service, carry out the Trust’s day-to-day work. They are supported by a small clerical staff. Accommodation, some telephones and all utilities are provided from Public Funds. A Board of Trustees who, with the exception of Mr M F H Adler, either are serving or have served in The Royal Logistic Corps or in one of its Forming Corps, directs the work of the Secretary and Treasurer.
4. The Trustees meet at least twice each year as a Committee but they have delegated aspects of the Corps’ activities to subordinate Committees comprising:
Heritage Committee (RLC Museum Trust Committee)
Regimental Bands Committee
Benevolent Committee
Central Sports Committee
Investment Committee
Dress Committee
All of the Committees are chaired either by a Trustee or have a Trustee as a member. Membership of the Committees is generally limited to serving members of The Royal Logistic Corps or ex-members of any of the Forming Corps or those who are co-opted to them for a specific purpose. All major issues are discussed by Trustees and a consensus view / decision taken and recorded in the minutes.
5. The main activity of the Trust in 2005 was connected with the continuing promotion of The Royal Logistic Corps and consolidating its policies and working practices, in particular, negotiations with the Forming Corps to prepare for convergence in 2007.
6. 2005 is the thirteenth full 12-month accounting period since formation and the pattern of income and expenditure continues in line with our current plan.
7. The Army Benevolent Fund received a grant of £50K from The Royal Logistic Corps in 2005, such grants being in accord with the Day’s Pay Scheme philosophy. Elements of the Forming Corps are net recipients from the Army Benevolent Fund and our contributions help to balance this.
8. The Royal Logistic Corps has assumed total responsibility for all serving soldier benevolence with the Forming Corps accepting a pro-rata share of any grant where the majority of service was with that cap badge. In 2005, 353 benevolent or welfare cases received grants totalling some £116K. The number of cases is steadily increasing as is the relative complexity and cost of each case, which averaged £328. In 2005 The RLC took responsibility for funding case where applicants had RLC and RAOC, RPC or ACC service up to a case value of £1,000. For cases above £1,000 grants are split on a pro-rata basis. From 1 October 2004 The RLC took management responsibility for all RPC cases, as a precursor to formal convergence, recovering the cost, as appropriate from the RPC Association.
9. All members of The Royal Logistic Corps contributing to the Day’s Pay Scheme continue to be covered for accidental death or injury whilst off duty, under a Group Insurance Scheme. The premium paid in 2005 was £18K for death or injury benefit of up to £5K per accident. No claims were paid.
10. An additional benefit to a Day’s Pay Scheme subscriber is the Medical Discharge Grant Scheme, now in its seventh year. In 2005, some £27K was paid to 67 eligible medically discharged soldiers to assist with their enforced return to civilian life, an average grant of £405 per claimant. In 2005 the amount payable was £60 per year of service to a maximum of 10 years.
11. All serving members of the Corps and those retired members of The RLC Association are kept in touch with the many aspects of Corps activities through the medium of the Corps journal “The Sustainer”, published six times a year. We also published our seventh professional ‘Review’; a total annual publication and distribution cost of some 103K.
12. The RLC Museum, having opened in 1995, became a Charitable Trust in its own right on 7 November 2000. It received a grant of £40K in 2005 from the Association Trust Fund.
13. Grants totalling some £227K were made to support recreation with Corps Sport at £186K and adventurous training activities £41K and this remains a major item of our expenditure with direct benefit to our soldiers.
14. Our Colonel-in-Chief, HRH The Princess Royal, and our Deputy Colonels-in-Chief, HRH The Duchess of Kent and Duke of Gloucester, continued to support the Corps. A Regimental function was held at the Tower of London to acknowledge the Corps’ continuing strong links with the Livery Companies of the City of London.
15. We have continued to support our Regular Band as well as The RLC TA Bands and Corps of Drums.
16. The Central Sergeants Mess, which received a grant of £30K, continues to attract support from the Trustees in recognition of mess members’ length of service and contribution to Corps funds and specifically to support the efficiency and morale of this mess. The Headquarters Officers’ Mess is now self-sufficient and did not receive a grant from the Trust Fund and its fund has been absorbed into The RLC Association Trust Fund.
17. Grants continue to be made to assist units and formations in establishing The Royal Logistic Corps traditions and heritage.
18. The Trustees’ original 10-year plan, approved in principle by the Charity Commissioners, was to build-up capital investments of £1,000,000 by the year 2000. This was achieved. Subsequently an Investment Target / Reserves Policy was adopted by the Trustees in April 2003. The Trustees believe that capital investment will be necessary to meet future calls on Corps benevolence from ex-members and their families or dependants. Despite the downturn in the market and through additional capital investment its current value has grown to £1.8M. The Trustees continue to review the future investment targets.
19. The Trust depends on income from the Day’s Pay Scheme. As a new Regimental Trust, the Trustees have instructed that at least £100,000 be invested each year for the future, with the aim of building a reserve of some £10 million by 2013. The Investment Target / Reserves Policy was initiated to underpin this. In addition, any underspend at the end of the financial period is invested in a deposit account until required.
20. In December 2005 the Trust initiated a change of investment portfolio and the assets to the Army Common Investment Fund, in agreement with the Trustees of the 3 Forming Corps which are transferring to The RLC Association Trust’s management in 2007.
21. The Trust’s sub committees submit separate budget proposals to the Trustees to meet the various needs of benevolence, welfare, sports, adventure training, heritage and Corps activity for the following year. Each of these standing Committees must remain in budget and report regularly to the Trustees.
22. Trustees have sought guidance on their personal liability and indemnity and the Trust’s insurance policy has been reviewed and updated accordingly. The Trust has an emergency plan and has undertaken a full risk assessment and the necessary action, where appropriate, has been / is being undertaken.
23. The Corps Shop, established in 2000, from the merger of three smaller shops, transferred to the RLC Museum in January 2001. All stock was gifted by The RLC Association Trust to The RLC Museum Trust, together with certain IT equipment for use in its administration. In 2005 the shop was gifted RAOC stock valued at £1.5K as part of the convergence process.
24. The RLC TA made a contribution of £3.8K to the Association in 2005 and its 7,500 members have benefited from benevolent grants and financial support for adventure training and sport.
25. Administration expenses borne by the fund remain low and reflect the robust control measures instituted by the trustees.
26. The Trustees continue to remain confident that the principle objectives of the Trust, namely, welfare, benevolence and esprit de corps, are being adhered to and that their plans for the Trust are sound and well placed to meet the current and future needs of The Royal Logistic Corps.
Brigadier J J Little OBE ADC
Chairman of the Trustees March 2006
INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF
THE ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND
We have audited the financial statements of the Charitable Trust for the year ended 31 December 2005 on pages 9 to 17 which have been prepared under the historical cost convention as modified and the accounting polices set out on pages 12 & 13.
Respective Responsibilities of Trustees and Auditors
As described in the Statement of Trustees Responsibilities the trustees are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Standards.
We have been appointed as auditors under Section 43 of the Charities Act 1993 and report in accordance with Regulations made under that Act.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the charities Act 1993. We also report to you if, in our opinion, the Report of the Trustees is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustee’s remuneration and transactions with the trust is not disclosed.
We read the Report of the Trustees and consider the implications for our report if we become aware of any apparent misstatements within it.
Responsibilities of Trustees
The Charities Act 1993 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the charity and of its financial activities for that period and its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
a) Select suitable accounting policies and then apply them consistently;
b) Make judgements and estimates that are reasonable and prudent;
c) State whether the policies adopted are in accordance with SORP 2005 and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
d) Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Basis of Opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practises Board. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the financial statements, and of whether the accounting policies are appropriate to the charities circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the charities affairs as at 31 December 2005 and of its incoming resources and application of resources in the year then ended and have been properly prepared in accordance with the Charities Act 1993.
71 & 73a High Street Radford and Sergeant
Aldershot Chartered Accountants
GU11 1BY March 2006 & Registered Auditors
THE ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND
BALANCE SHEET
31 DECEMBER 2005
2005 2004
Note £ £ £ £
FIXED ASSETS
Property 2 20,319 7,998
Investments 3 1,832,511 1,464,699
________ ________
1,852,830 1,472,697
CURRENT ASSETS
Regimental Stock 1.5 355 355
Debtors 4 177,451 164,779
Cash at bank 788,435 523,899
Cash in hand 92 28
_______ _______
966,333 689,061
_______ _______
Creditors: amounts falling due within one year
Sundry Creditors 5 21,511 9,000
_____ _____
NET CURRENT ASSETS 944,822 680,061
Total Assets less current liabilities 2,797,652 2,152,758
Creditors: amount falling due after more than one year 5 55,000 50,000
NET ASSETS 2,742,652 2,102,758
Unrestricted Funds
General Fund 2,742,652 2,102,758
_______ _______
TOTAL FUNDS 2,742,652 2,102,758
Approved on behalf of the Trustees on: March 2006
Brigadier J J Little OBE ADC
Chairman of Trustees
Lieutenant Colonel (Retired) D J Owen MBE
Regimental Treasurer
ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR
THE YEAR ENDING 31 DECEMBER 2005
UNRESTRICTED FUNDS
2005 2004
Notes £ £
INCOMING RESOURCES
Investment income 6 75,518 61,774
Donations 7 1,226,809 1,122,047
Other income 8 71,787 60,700
______ ______
Total Incoming Resources 1,374,114 1,244,521
RESOURCES EXPENDED
Charitable expenditure:Direct charitable expenditure 9 874,433 872,433
Management and administration 10 73,779 67,728
______ ______
Total Resources Expenditure 948,212 940,161
Net incoming resources: - Net income for the year 452,902 304,360
Other recognised gains and losses: - Gains (Losses) on investments 3 213,992 88,475
Net Movement in Funds 639,894 392,835
Funds Balance Brought Forward 1 January 2005 2,102,758 1,709,923
________ ________
Funds Balance Carried Forward 31 December 2005 2,742,652 2,102,758
There were no other recognised gains or losses for 2005 or 2004 other than those included in the Statement of Financial Activities.
THE ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2005
1. ACCOUNTING POLICIES
1.1 Basis of preparation of Financial Statements
The financial statements are prepared under the historical cost convention and include the results of the Trusts activities which are described in the Trustees report and are in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002). In preparing the financial statements the trust follows best practice as laid down in the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP 2005) issued in October 2005.
1.2 Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or valuation less depreciation except where in the Trustees opinion it is more appropriate to write the asset off in the period in which it is acquired.
Where depreciation is provided it is calculated using the following rates:
Office Equipment & Furniture 5 years straight line basis
Ceremonial Accoutrements and Sundry,
Corps Property 10 years straight line basis
1.3 Investments
Investment income together with the related tax refunds are accounted for on the accruals basis.
1.4 Investment Income
Investment income together with the related tax refunds are accounted for on the accruals basis.
1.5 Regimental Stock
Stocks are valued at the lower of cost or net realisable value after making due allowance for obsolete and slow moving stocks.
1.6 Donations
Grants, donations, legacies and similar incoming resources are included in the year in which they are receivable, which is when the trust becomes entitled to the resource.
1.7 Taxation
The Trust is exempt from UK Corporation Tax.
1.8 Value Added Tax
Value Added Tax is not recoverable by the trust and as such is included in the relevant
costs in the Statement of Financial Activities and Balance Sheet.
1.9 Grants Payable and Corps Expenses
Grants, payable and Corps expenses are charged in the year when the cost is incurred or when offer is conveyed to the recipient.
2. TANGIBLE FIXED ASSETS
Cost £
Cost brought forward 1.1.2005 47,471
Additions 20,829
Disposals/Transfer (18,731) _______
Cost as at 31.12.2005 49,569
======
Depreciation
Depreciation brought forward 1.1.2005 39,473
Charged in Year 8,508
Eliminated on disposals (18,731)
_______
Depreciation as at 31.12.2005 29,250 ======
Book value 31.12.2005 20,319 ======
Book value 31.12.2004 7,998 ======
Central Property
The Trust has purchased items of sundry Corps property which is loaned for long term use by units. In common with accepted Army accounting practise it is shown as an expense by the Trust in the year of acquisition and is placed on the central property register for control purposes. Although these items remain the property of the Trust they do not form part of the property carried on the balance sheet.
Property on Loan
The Royal Logistic Corps Association Trust has, on permanent loan, property and Corps items from its forming Corps. Whilst ownership of these items has not passed to the Trust, it is however responsible for their safe keeping and maintenance.
As part of the loan agreements the Trust is responsible for insuring the property and for carrying out a valuation every five years. These costs are written off as incurred.
Register
The Trustees consider that the items held on the Central Property Register are adequately controlled under current military and auditing procedures.
3. INVESTMENTS
2005 2004
£ £
Market value at 1 January 2005 1,382,246 1,156,548
Acquisitions at cost 2,082,239 239,156
Sales proceeds from disposal (1,845,966) (101,933)
Gain / Loss in the year 213,992 88,475
1,832,511 1,382,246
Portfolio Structure
2005 2004
£ £
Listed investments:
Army Common Investment Fund 1,653,507 ---
UK Fixed Interest --- 232,378
UK Equities --- 836,801
Overseas Unit Trusts --- 165,336
Property --- 147,731
1,653,507 1,382,246
Cash deposit 179,004 82,453
1,832.511 1,464,699
Holdings in Excess of 5% of Portfolio
Army Common Investment Fund 90.23% 1,653,507 --- ---
4¼ % Treasury Stock 2032 --- --- 6.64% 97,210
Charities Property Fund --- --- 10.8% 147,731
Cash 9.76% 179,004 5.62% 82,453
4. DEBTORS
2005 2004
£ £
Due within one year:
Inland Revenue – refund due ref:
- One Day’s Pay Scheme 175,959 156,760
- Investment income --- ---
RPC Association Benevolence 1,492 8,019
177,451 164,779
5. CREDITORS
Due within one year: 2005 2004
£ £
Professional Development Review 5,000 4,000
Band Uniforms --- 5,000
Blue Book (for journal postage) 4,000 ---
Sports Grants – Crosscountry 1,000 ---
Ice Hockey 2,000 ---
Rowing 1,500 ---
Tug of War 1,000 ---
Hockey Tour 7,000 ---
CRLO – Museum 11 ---
21,511 9,000
Due after more than one year:
HQ RLC Officers Mess Investments 50,000 50,000
RLC Yacht Club 5,000 ---
55,000 50,000
The HQ Officers Mess Investments are being held by the Trust Fund for the future merger of the two funds.
6. INVESTMENT INCOME
2005£ 2004£
Dividends Received 54,575 49,166
Bank Interest 20,943 12,608
75,518 61,774
7. DONATIONS
2005£ 2004£
Day’s Pay Scheme 1,084,192 979,667
Donations 8,987 7,756
TA 3,850 4,844
MOD – Staff salaries and accommodation 129,780 129,780
1,226,809 1,122,047
The grant from the MoD represents the trustees estimated value of the salaries of the RHQ staff. It also includes an estimated value of the premises and utilities provided from public funds.
8. OTHER INCOME
2005£ 2004£
Journal Subscriptions 3,508 7,713
RLC Association Membership 12,521 9,338
HQ RLC Officers Mess Income 55,758 43,449
Our Heritage --- 200
71,787 60,700
9. DIRECT CHARITABLE EXPENDITURE
GRANTS 2005 2004
£ £
Adventure Training 41,342 38,947
Sports 185,989 155,014
Coaching 492 12,676
Benevolence 165,551 157,232
Medical Discharges 27,060 23,580
To Units 43,469 51,198
Donation/PR 4,879 2,908
Expenses RLC Band 9,275 6,403
RLC Association 1,583 3,517
HQ Sgts Mess 30,135 30,114
Museum 40,000 50,000
549,774 531,589
Included in Benevolence Grants is £50,000 (2004 £50,000) paid to the Army Benevolent Fund.
CORPS EXPENSES
2005 2004
£ £
Corps Activities 10,196 14,219
Corps Weekend 29,880 28,570
CRLO/Recruiting Expenses 29,442 32,029
Insurance 4,218 3,582
Group Insurance Scheme 15,881 15,881
Property Refurbishment 10,413 10,343
Logistic Employment Network 5,068 5,207
Wreaths/Other 243 222
RLC Journals/Publications 95,165 98,157
Memorials 3,044 6,857
RHQ Staff Salaries 82,915 82,915
Office Accommodation 8,240 8,240
Professional Development 8,512 895
GPF --- 33,727
Corps Crockery 21,442 ---
324,659 340,844
Total Direct Charitable Expenditure 874,433 872,433
10. MANAGEMENT AND ADMINISTRATION
2005 2004
£ £
Office accommodation 7,210 7,210
RHQ Staff 41,789 43,005
Management Committee 428 1,108
Colonels Commandant --- 392
Director 231 250
Regimental Colonel 213 182
Postage 1,068 2,682
Stationery 2,404 1,500
Telephone 1,054 1,616
Computer Software/IT 8,798 2,733
Investment Management Fees --- 841
Audit Fees 1,566 1,508
Property Depreciation 8,508 4,537
Bank Changes 510 164
73,779 67,728
11. STAFFING COSTS
Trustees are not remunerated. No Trustees received reimbursement of expenses for attending meetings (2004 one £330). No employee received remuneration of more than £50,000.
2005 2004
Staff costs were:
Wages and salaries £124,704 £125,920
The average number of staff calculated as full time equivalents during the year was:
Corps expenses 4 4
Administration 3 3
7 7
THE ROYAL LOGISTIC CORPS ASSOCIATION TRUST FUND
NOTES ON FORMING CORPS ACTIVITY
THE YEAR ENDING 31 DECEMBER 2005
(This activity does not form part of the Audited Accounts)
Royal Pioneer Corps
On 1 October 2004 The RLC assumed responsibility for administering benevolence on behalf of RPC, although they retained control of their funds. This included processing grant requests from TRBL and SSAFA FH and distributing annuities and Nursing Home Fees on behalf of ABF. Each month, RPC Association was invoiced to recover funds distributed during the previous month. Cases and amounts for 2005 included:
Benevolence Grants:
Number of cases Amount in grants Remarks
191 £47,230.90 Paid by RLC
£21,695.00 Paid by ABF
Annuity Grants:
Number of Annuities Amount in grants Remarks
31 £20,460.00 Paid by ABF
Nursing Home Fees:
Number of Fees Amount in grants Remarks
6 £6,032 Paid by RLC
£1,200 Paid by ABF
Administrative costs such as postage were absorbed by The RLC Association Trust.
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