REGISTERED CHARITY NUMBER: 1021455
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st March 2025
for The King's Royal Hussars Regimental Trust (Welfare Fund)
Wheeler & Co Ltd Chartered Accountants The Shrubbery
14 Church Street Whitchurch Hampshire RG28 7AB
The King's Royal Hussars Regimental Trust (Welfare Fund)
Contents of the Financial Statements for the Year Ended 31st March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
The King's Royal Hussars Regimental Trust (Welfare Fund)
Report of the Trustees for the Year Ended 31st March 2025
The trustees present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
1) The promotion of the efficiency of Her Majesty's Army 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 time determine;
2) The provision of financial assistance for former members of the former Regiments and former and serving members of the Regiment and the dependants thereof who are in conditions of need, hardship or distress;
3) For such other charitable purposes as the Trustees shall in their discretion from time to time think fit.
The Trustees shall hold the Trust Fund upon trust to pay or apply the income and the capital thereof in furtherance of the objects of the Charity.
Significant activities
The trust has produced a surplus of £53,474 for the year, less a loss of £7,067 arising from the revaluation of investments. Grants paid to beneficiaries have increased this year to £27,878 from £27,135. There were 39 individual cases assisted in the year (2024 - 42).
Public benefit
The trustees believe that the charity meets the requirement of public benefit by virtue of its activities providing financial assistance to current and former members of the regiment, or their families, who are in financial need.
Grantmaking
A committee of trustees oversees grants to beneficiaries. Additionally, payments are made to other charities with similar objectives and these are detailed in the notes to the accounts.
ACHIEVEMENT AND PERFORMANCE
During the year the charity continued its work of assisting members who fell on hard times or otherwise required assistance through illness and infirmity. The number of cases from individuals seeking assistance has remained steady at 39 which is similar to last year. The average size of each grant made has increased during the reporting period, this is a result of the agreed benevolence limit increase from the Trustees.
FINANCIAL REVIEW
Investment policy
In accordance with the trust deed, the trustees have the power to invest in 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 free reserves of the charity, at a level that equates to approximately six months unrestricted expenditure and provides cash resources sufficient to cover any application for assistance before recovery from other sources is received. This provides sufficient funds to 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 trustees expect the demand for assistance to grow, particularly in the older age group, and consider that the charity has adequate funds to meet its commitments for the foreseeable future.
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Report of the Trustees for the Year Ended 31st March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The King's Royal Hussars Regimental Trust is registered with the Charity Commission (No 1021455) and is governed by its Trust Deed dated 1st December 1992.
Recruitment and appointment of new trustees
The Trustees of the Regimental Trust (Welfare Fund) are the Regimental Trustees for the time being.
Organisational structure
The trustees, who are previously stated, administer the charity. The trustees shall be the regimental trustees for the time being of the regiment or any successor body thereof.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1021455
Principal address
Home Headquarters The King's Royal Hussars Peninsula Barracks Winchester Hampshire SO23 8TP
Trustees
Chairman
Brigadier J N N Orr, Colonel of the Regiment
Members
Lieutenant Colonel David T M Welford MBE, Commanding Officer Lieutenant Colonel A Harman, Chairman Regimental Association Colonel G H R Tilney MBE, Chairman Regimental Museum Major General S J M Graham CB Colonel P R C Flach LVO MBE Colonel J D H Porter Colonel A M A Tilney MC Major P J Lawson C B Godfrey-Faussett Esq WO1 G Harrison Regimental Sergeant Major
Secretary
Lieutenant Colonel G D Wills
Independent Examiner
Kevin Wheeler FCA Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Report of the Trustees for the Year Ended 31st March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
Royal Bank of Scotland Customer Service Centre Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN
Investment Advisors
Tom Quicke Senior Investment Director Investec Wealth and Investment Management 30 Gresham Street London EC2V 7QN
Approved by order of the board of trustees on 18[th] June 2025 and signed on its behalf by:
........................................................................ Brigadier J N N Orr - Trustee
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Independent Examiner's Report to the Trustees of The King's Royal Hussars Regimental Trust (Welfare Fund)
Independent examiner's report to the trustees of The King's Royal Hussars Regimental Trust (Welfare Fund)
I report to the charity trustees on my examination of the accounts of The King's Royal Hussars Regimental Trust (Welfare Fund) (the Trust) for the year ended 31st March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kevin Wheeler FCA
Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
Date: .............................................
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Statement of Financial Activities for the Year Ended 31st March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 In support of the charity Other Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.25 Unrestricted fund £ 125,885 45,270 171,155 12,154 105,527 - 117,681 (7,067) 46,407 1,675,206 1,721,613 |
31.3.24 Total funds £ 72,561 43,743 116,304 11,454 95,032 7,348 113,834 100,826 103,296 1,571,910 1,675,206 |
|---|---|---|
The notes form part of these financial statements
Page 5
The King's Royal Hussars Regimental Trust (Welfare Fund)
| Balance Sheet | |||
|---|---|---|---|
| 31st March 2025 | |||
| 31.3.25 | 31.3.24 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 11 | 1,630,844 | 1,596,052 |
| CURRENT ASSETS | |||
| Debtors | 12 | 77,418 | 43,024 |
| Cash at bank | 18,204 | 40,001 | |
| 95,622 | 83,025 | ||
| CREDITORS | |||
| Amounts falling due within one year | 13 | (4,853) | (3,871) |
| NET CURRENT ASSETS | 90,769 | 79,154 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,721,613 | 1,675,206 | |
| NET ASSETS | 1,721,613 | 1,675,206 | |
| FUNDS | 14 | ||
| Unrestricted funds | 1,721,613 | 1,675,206 | |
| TOTAL FUNDS | 1,721,613 | 1,675,206 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18[th] June 2025 and were signed on its behalf by:
............................................. J N N Orr - Trustee[L]
The notes form part of these financial statements
Page 6
The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements for the Year Ended 31st March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount 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 category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Claims for the recovery of tax have been completed up to 5 April 2017. Provision has been made for the expected recovery on Gift Aided subscriptions and investment income for the current year.
Fund accounting
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 the donor or when funds are raised for particular restricted purposes.
2. DONATIONS AND LEGACIES
| Subscriptions and donations Legacies Grants |
31.3.25 £ 73,045 50,000 2,840 125,885 |
31.3.24 £ 62,486 - 10,075 72,561 |
|---|---|---|
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
2. DONATIONS AND LEGACIES - continued
Grants received, included in the above, are as follows:
| 31.3.25 | 31.3.24 | ||
|---|---|---|---|
| £ | £ | ||
| C B Wilson Bequest | - | 2,000 | |
| The Salters’ Company | 1,090 | 1,075 | |
| Armed Forces Covenant Fund Trust | 1,750 | 7,000 | |
| 2,840 | 10,075 | ||
| 3. | INVESTMENT INCOME | ||
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Dividends receivable | 43,469 | 42,987 | |
| Deposit account interest | 1,801 | 756 | |
| 45,270 | 43,743 | ||
| 4. | RAISING FUNDS | ||
| Investment management costs | |||
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Portfolio management | 12,154 | 11,454 | |
| 5. | CHARITABLE ACTIVITIES COSTS |
| In support of the charity | Direct Costs (see note 6) £ 10,408 |
Grant funding of activities (see note 7) £ 84,669 |
Support costs (see note 8) £ 10,450 |
Totals £ 105,527 |
|---|---|---|---|---|
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 6. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
|---|---|---|---|---|
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Regimental journal | 5,957 | 6,574 | ||
| Regimental communications | 4,451 | 8,800 | ||
| 10,408 | 15,374 | |||
| 7. | GRANTS PAYABLE | |||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| In support of the charity | 84,669 | 79,658 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Regimental Association | 18,000 | 13,235 | ||
| Serving Soldiers Welfare | 38,790 | 33,240 | ||
| Army Benevolent Fund | - | 5,000 | ||
| King's Royal Hussars Museum in Winchester | - | 1,048 | ||
| 56,790 | 52,523 | |||
| 8. | SUPPORT COSTS | |||
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| In support of the charity | 8,674 | 1,776 | 10,450 | |
| Support costs, included in the above, are as follows: | ||||
| Management | ||||
| 31.3.25 | 31.3.24 | |||
| In | ||||
| support | ||||
| of the | Total | |||
| charity | activities | |||
| £ | £ | |||
| Wages | 8,027 | 5,667 | ||
| Sundries | 647 | 601 | ||
| 8,674 | 6,268 |
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
8. SUPPORT COSTS - continued Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 31.3.25 | 31.3.24 | |
| In | ||
| support | ||
| of the | Total | |
| charity | activities | |
| £ | £ | |
| Accountancy and legal fees | 1,776 | 1,080 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.
10. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Management and support | 31.3.25 1 |
31.3.24 1 |
|---|---|---|
No employees received emoluments in excess of £60,000.
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st April 2024 Purchases Disposal proceeds Revaluations At 31st March 2025 NET BOOK VALUE At 31st March 2025 At 31st March 2024 |
Listed investments £ 1,596,052 1,214,306 (1,172,447) (7,067) 1,630,844 1,630,844 1,596,052 |
|---|---|
There were no investment assets outside the UK.
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
11. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31st March 2025 is represented by:
| Valuation in 2025 Cost |
Listed investments £ (970) 1,631,814 1,630,844 |
|---|---|
Acquisitions in the year were financed from the sale proceeds of investments and re-invested dividend income.
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Investec Regimental Trust Income Account Investec Accumulation of Income Account Days Pay Tax Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 14. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 1,675,206 TOTAL FUNDS 1,675,206 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 171,155 (117,681) TOTAL FUNDS 171,155 (117,681) |
31.3.25 £ 48,946 19,782 4,867 - 3,823 77,418 31.3.25 £ 4,853 Net movement in funds £ 46,407 46,407 Gains and losses £ (7,067) (7,067) |
31.3.24 £ 14,386 21,632 4,673 619 1,714 43,024 31.3.24 £ 3,871 At 31.3.25 £ 1,721,613 1,721,613 Movement in funds £ 46,407 46,407 |
|
|---|---|---|---|
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 1,571,910 1,571,910 |
Net movement in funds £ 103,296 103,296 |
At 31.3.24 £ 1,675,206 |
|---|---|---|---|
| 1,675,206 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 116,304 116,304 |
Resources expended £ (113,834) (113,834) |
Gains and Movement losses in funds £ £ 100,826 103,296 100,826 103,296 |
Gains and Movement losses in funds £ £ 100,826 103,296 100,826 103,296 |
|---|---|---|---|---|
| 103,296 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 1,571,910 1,571,910 |
Net movement in funds £ 149,703 149,703 |
At 31.3.25 £ 1,721,613 |
|---|---|---|---|
| 1,721,613 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 287,459 287,459 |
Resources expended £ (231,515) (231,515) |
Gains and Movement losses in funds £ £ 93,759 149,703 93,759 149,703 |
Gains and Movement losses in funds £ £ 93,759 149,703 93,759 149,703 |
|---|---|---|---|---|
| 149,703 |
continued...
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The King's Royal Hussars Regimental Trust (Welfare Fund)
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2025.
16. HERITAGE ASSETS
The Trust owns a number of heritage assets that have been acquired historically; silver, paintings, medals, some property items (campaign chests, etc) and ceremonial accoutrements. These assets are not included at cost in the accounts but were professionally valued in 2016 for insurance purposes at £392,920.
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