So help the many small charities!
Published on 4 November 2019
Britain’s biggest military charities have been accused of “hoarding money” whilst 100’s of smaller veterans organisations struggle to survive!
The nation’s ten biggest military charities have combined assets of £1.4bn and cash reserves of £275m.
The Royal British Legion, the wealthiest military charity, recorded a total income of £163.2m last year. Its reserves totalled £70m, about 40% of its annual income.
The Royal Air Force Benevolent Fund, the UK’s fifth largest military charity, enjoyed an income of £22.5m last year. At the end of 2018 it had £37.4m in unrestricted reserves — 165% of its income.
The executive director of Action on Armed Violence said that due to recent anniversaries there’s been a “significant uptick in donations to the largest military charities.
He added: “The unique status of military charities in public means many are uncomfortable to scrutinise them.”
Without scrutiny we could be sleepwalking into a major funding scandal within the largest charities and this is/will seriously impact further on the already limited funding of the many smaller charities who, without the public's support simply wouldn't survive!
Hugh Milroy, chief executive of the charity Veterans Aid, said he was “shocked and saddened” to learn how much money is in charity reserves. “I’m at a loss to understand why those with vast reserves seem to attract more money?”
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Accredited to THE WEEK 28 Oct 2019