REGISTERED CHARITY NUMBER: 1021455 Re ort of the Trustees and dite Fin I Statements for the Year Ended 31st March 2024 for 'sRo Trust al Hussars Re Welfare Fund imental Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church st¢t Whitchurch Hampshire RG28 7AB
The Kin 's Ro al Hussars R Trust Welfare Fund or of the Trustees for the Year Ended 31st M#reh 2024 The trustees presenl their report with the financial statements of the charity for the year ended 31 st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: StateiJ)ent of Recominended Practice applicable lo charities preparlng their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the charlty are.. l) The promotion of the efficiency of Her Majesty's Arniy and in particular the Regiment and of any unit of the Regiment or the Regimental Association of the Regiment in such a manner as the Trustees shall from time to lime detennine. 2) Th¢ provision of financial assistance for fonner members of the fonner Regiments and former and serving memb¢rs of the Regiment and the dependants thereof who are in conditions of need. hardship or distress. 3) For such other charitabl¢ purposes as the Trustees shall in their discr¢lion from time to time think fIt. The Trustees shall hold the Trust fund upon trnst to pay or apply the incom¢ and the capital thereof in furtherance of the objects of the Charity. Significant activities The trust has produced a deficit of £2.165 for the year plus a gain of £105,788 arising from the revaluation of investments. Grants paid to ben¢fi¢iaries have reduced this year from £27,135 from £36,312. There were 42 individual cases assisted in the year (2023 - 42). Public benefit The trustees believe that the charity meets the requirement of public benefit by virtue of ils activilies providing financial assistance to CUTrent and form¢r members ofthe regiment, or their families, who are in financial need. Grantmaking A coinmittee of trustees oversees grants lo beneficiaTies. Additioi)ally, payments ar¢ mad¢ to other charities with similar objectives and these are detailed in tlie notes to th¢ accounts. ACHILVEMENT AND PERFORMAIYCE During th¢ year the charity continued its work of assisting members who fell on hard time5 or otherwise required assistance through illness and infirmity. The number of cases from individuals seeking assistance has rejnained steady at 42 which is Ihe same as last year. The av¢rage size of each grant made ha5 increased during the reportilig period, this is a r¢sult of the agreed benevolence limit increase from the Trustees. FINANCIAL REVIEW Investment policy In aordanCe with the trust deed. the trustees have the power to invest ITI stocks. shares, investments and property in the UK as they see fit. The investment of the fund is managed by Investec Wealth & Investment Limited. Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the fr¢e reserves of th¢ charity, at a level that equates to approximately six months unrestricted expenditure and provides cash resources sufficient to cover any application for assislance before recovery from other sOu¢S is received. This provides sufficient funds lo cover management, administration and support costs and to respond to emergency applications for grants, which would arise. Unrestricted funds were maintained at or above this level throughout the year. FUTURE PLANS The truste¢s expect the demand for assistance to grow, particularly in Ihe older age group, and consider that the ¢harity has adequale funds to meet its commitments for the foreseeable future. Page I
The Kin 'sRo us ssars R Welfare Fund imental ort of the Trustees for the Year Endid 31st March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Royal Bank of Scotland Custoinei- Service Centr¢ Druinmond House l Redheughs Avenue Edinburgh EH12 9JN Investment Advisors Investe¢ Wealth and Investment Management 2 Gresham Street London EC2V 7QP Approved by order of the board of trustees on .................... ...... and signed on its behalf by: Brigadier J N N Orr - Trustee Page 3
The Kin 's Ro al Hussars Re Trust Welfare Fund imental State o(Fin ivities for tlie Year Ended 3Jst Marcli 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes INC.OMF AND ENDOWMENTS FROM Donations and legacies 72,561 122,588 Investment income Other income 43,743 34,727 Total 116304 128,809 EXPEiYDITURE ON Raising funds 11,454 1,242 Charitable activities In support of the charity . 95,032 112,692 Other 10.993 Total 113834 134,927 Net gainsl(losses) on investments 100,826 96,516) IYF.T INC,OMEI(FXPFNDITURF,) 103,296 (102,634) RECONCJLIATION OF FUNDS Total funds brought forward 1,571.910 1.674.544 TOTAL FUNDS CARRIED FORWARD 1675 206 1571.910 The notes form part of these financial statements Page 5
The Kin 'sRo Trust al Hussars Rt Welfare Fund N tes to th FinHneial Statements for the Year Ended 31st March 2024 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charity, which is a public benefit entiiy under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounling and Reporting by Charitie5.' Statement of Recommended Practice applicabl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ItEland (FRS 102) (effectiv¢ l January 2019),, Financial Reporting Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and th¢ Charities Act 2011. The financial statements l)ave been prepared under the historical cost convention, wilh the exception of investinents whicli are included at maTket value, as modified by the revaluation of certain assets. Ineome All income is recognised in the Statement of FinancAal Activities once the charity has ¢ntitlement to the funds, it is probable that the income will be received and the ainount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the categFOry. Where costs Cannot be directly attributed to parlicular headings th¢y have been allocated to activitie5 on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end dat¢ ar¢ noted as a commitment but . not accrued as expenditure. Taxation Th¢ charity is exempt from tax on its charitable activities. Claims for the recovery of tsx have been completed up to 5 April 2017. Provision has been made for the expected recovery on Gift Aided subscriptions and investinent income for the current year. Fund accoullting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted Purposes within the objects of the charity. Restrictions arise when specified by ihe donor or wh¢n funds are raised for particular restricted purposes. DONATIONS AND LEGACIES 31.3.24 31.3.23 sUbriptions and donations Grants 62,486 87,804 122 588 Grants received, included in the above, are as follows: 31.3.24 31.3.23 C B Wilson Bequest The Salters, Company Armed FOeS Covenant Fund Trust 2,000 1,075 7.000 7,534 1,000 10,075 Page 7 continued...
al Hussars Re re und imen Trust to the Finaneial Statements - ont"Dued for the Year F,nded 31.%t March 2024 SUPPORT COSTS Governance costs Management Totals Other resources expended 6,268 1,080 7,348 Support costs, included ID the above, are as follows., Management 31.3.24 Other resources expended 31.3.23 Total activities Wages Sundries Insurance 5,667 3,958 555 5,430 9,943 Governanee costs 31.3.24 Other resources expended 31.3.23 Total activities Accountancy and legal f¢¢s io. TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tees' Temun¢ration or oiher benefits for the year end¢d 31st March 2024 nor for lh¢ year ended 31 st March 2023. Trustees, expenses There were no trustees, expenses paid for Ihe year ended 31stMarch2024 nor for the year ended 3 1st March 2023. STAFF COSTS :, 'rhe av¢Tage monthly iiuniber of employees during the year was as follows: 31.3.24 31.3.23 Manag¢m¢nt and support No employees recelved emoluments in excess of £60,000. Page 9 continued...
The Kin 'sRo Trust al Hussars Re Welfare Fund Èmental 1st for Ihe Year Ended 31st Mareh 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Accrued cxpenses 3,810 15. MOVEMENT IN FUNDS Net movement in funds . At 31.3.24 At 1.4.23 Unrestricted funds General fund 1,571,910 103,296 1,675,206 TOTAL FUNDS 571910 103 296 1,675.206 Net movement in funds, included in th¢ above are as follows: Incoming r¢sources ' R¢sourc¢s expended Gains and osses Moveinent in funds Unrestricted funds General fund 116,304 (113,834) 100,826 103,296 TOTAL FUIYDS 113834 100 826 103 296 Comparatives for movement in funds Net moveinent in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 1.674.544 (102,634) 1,571,910 TOTAL FUNDS 1674.544 102,634 1571910 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 128,809 (134,927) (96,516) (102,634) TOTAL FUIYDS 128 809 134,927 96,516 102 634) Page 11 continued...