They are independent I believe in Scotland under Scottish charity law, now are RAFAC high command just going to ignore the law in Scotland?
No it doest each squadrons funds and assests stay that way
We had a Wing meeting recently where this topic was discussed at length.
From what I understand, each Sqn CivComm will still have their funds ringbarked for them. There will be one large account with each Sqn having its own sort code and account number within that. Each Sqn will HAVE to have internet banking. Payments can be approved and made as they are now - the CivComm retains the authority on that.
We should be able to get better deals on broadband/mobile etc with higher spending power as a larger overall account.
It’s not clear yet what will happen with F60’s etc - I expect similar to now.
It also isn’t clear how this is going to be managed nationally - I believe the Air Commandant is talking of employing some bods at HQ level but for me this raises issues with non-public funds being managed by uniform.
We have submitted these queries (and others) up the chain, however, until the trial is over I suspect there won’t be any answers as it is exactly that - a trial.
People employed at any level with be civil service employee’s and should be nowhere near dealing with non-public money.
I totally agree
So I stumbled across this article from 2011 about St. John’s - sound familiar? (Quite as behind paywall)
Brought in outsiders and it became a shambles with so many volunteers leaving.
St Johns is used as a case study of cascade failure in a volunteer organisation.
It lost nearly half its volunteers in the space of seven years
(Over 40000 in 2011, only 23000 in 2018)
Kicked off in parliament too - the issues are all too similar.
https://hansard.parliament.uk/commons/2014-01-22/debates/14012282000001/StJohnAmbulance
Duty rumour is that a) a “fund manager” has been hired to look after the main central pot of money (can’t remember the name) and b) that the trial in Yorkshire wing hasn’t gone well and they are still operating separate bank accounts for each sqn as they can’t find a way to merge them.
None of that is confirmed.
With a fund manager will they be allowed to ‘invest’ monies in the financial markets to generate interest?
Pretty sure the GPF has been drained over the last few years, so not much to invest. Used to be over a mil in there I think. Certainly not anymore!
If we have the money then lets spend it…
However, many cadets contributed to that money - bet very few got to benefit from what it was spent on
There are specific charity fund managers who would look at investing ethically and conservatively to try and grow within the remit. There would be some stuff I recommend but I’m not your financial adviser so I won’t!
My investment managers deal with mine but it’s my money not money given for the benefit of others.
Local authorities invest money they hold all the time. When done sensibly it can help deliver services, when done badly you get situations like Thurrock Council.
There’s nothing wrong with a fund manager investing charitable funds provided it’s within their remit and within the risk appetite of those who are responsible for the funds.
I think that graph is income and expenditure, rather than actual cash held.
Yes - sorry full balance sheet & accounts are here - look like just under 3 million in the account.
The GPFund is nothing to do with civilian funds. That’s kinda the point.