| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees report | 2−7 |
| Independent auditors' report on the financial statements | 8−11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 −34 |
| Trustees | Lieutenant General DM Chalmers CB DSO OBE |
|---|---|
| Brigadier JW Martin DSO OBE MC | |
| Colonel AAA Beattie | |
| Colonel P Bishop OBE DL (resigned 31 March 2020) | |
| Colonel AJ Crawley | |
| Colonel PT Crowley MBE DL | |
| Colonel DK Mogg TD VR | |
| Colonel JRG Putnam CBE TO DL | |
| Colonel AC Ward OBE DL | |
| Lieutenant Colonel BG Baker (resigned 31 January 2020) | |
| Lieutenant Colonel BJ Dwyer (resigned 31 March 2020) | |
| Lieutenant Colonel MAP Nooney MC (resigned 4 February 2020) | |
| Lieutenant Colonel CJ Parker MBE | |
| Mr R Bradbum | |
| Charity registered | |
| number | 1024418 |
| Principal office | RHQ PWRR |
| I−JM Tower of London | |
| London | |
| London | |
| EC3N 4AB | |
| Regimental Secretary | Colonel JRJ Powell OBE |
| Independent auditors | MHA MacIntyre Hudson |
| Maidstone | |
| United Kingdom | |
| Bankers | The Royal Bank of Scotland Plc |
| Victoria Road | |
| Farnborough | |
| GU14 7NR | |
| Investment Advisors | Barclays Wealth |
| 1 Churchill Place | |
| London | |
| E14 5HP | |
| Hon Legal Advisor | A M Moss |
| Regiment & Queen's Regim | ent Benevolent Fund covers the following categories: | |
|---|---|---|
| Category | Description | |
| Welfare charities | Welfare charities deliver 'relief in need' through services or grants to individuals | |
| ororganisations across awide range of support including housing, healthcare, | ||
| rehabilitation, education and employment. | ||
| Service Fund charities | Service Fund charities are those which, among other things, 'promote the | |
| efficiency of the AF' and play a fundamental role in Service life by enhancing | ||
| the moral component of fighting power. These funds exist to supplement | ||
| existing sources of public funding providing services the MoD does not fund, | ||
| such as adventurous training (AT) and sport, and enhancing existing facilities, | ||
| such as providing infrastructure improvements and recreational activities. | ||
| Heritage charities | Heritage charities inspire future generations of service personnel and honour | |
| the memoryofveterans and those already serving. Just under half of these | ||
| charities are museums, the rest include memorials, historical societies, | ||
| educational initiatives, preservation trusts and commemorative organisations. | ||
| Associations | Associations conduct social activities promoting comradeship and esprit de | |
| corpsfor their members. Some also deliver welfare services and benevolent | ||
| grants. This also includes Association Branches; the local branches attached to | ||
| an Association that have theirown charity number and act autonomously from | ||
| their parent bodies | ||
| Mixed−type charities | Mixed−type charities combine multiple aspects of the above categories. The | − |
| most common are those delivering welfare and service funds, the majority of | ||
| which are the charities associated with the Army's regiments and corps. The next most common are those delivering heritage and welfare. |
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | £ | |
| Income and | ||||||
| endowments from: | ||||||
| Donations and | ||||||
| legacies | 4 | 283,537 | 938 | 284,475 | 400,566 | |
| Charitable activities | 5 | 22,452 | 22,452 | 55,074 | ||
| Investments | 6 | 158,024 | 1,726 | 3,239 | 162,989 | 199,581 |
| Total income and endowments |
464,013 | 2,664 | 3,239 | 469,916 | 655,221 | |
| Expenditure on: | ||||||
| Raising funds | 7 | 15,869 | − | − | 15,869 | 17,675 |
| Charitable activities | 8 | 232,742 | 10,581 | 370 | 243,693 | 466,284 |
| Total expenditure | 248,611 | 10,581 | 370 | 259,562 | 483,959 | |
| Net | ||||||
| income/(expenditur | ||||||
| e) before net | ||||||
| (losses)/gains on | ||||||
| investments | 215,402 | (7,917) | 2,869 | 210,354 | 171,262 | |
| Net (losses)/gains on | ||||||
| investments | 15 | (82,923) | (82,923) | 705,715 | ||
| Net | ||||||
| income/(expenditur | ||||||
| e) | 132,479 | (7,917) | 2,869 | 127,431 | 876,977 | |
| Transfers between | ||||||
| funds | 21 | 344,706 | (344,706) | |||
| Net movement in funds |
477,185 | (352,623) | 2,869 | 127,431 | 876,977 | |
| Reconciliation of | ||||||
| funds: | ||||||
| Total funds brought | ||||||
| forward | 5,596,010 | 352,623 | 113,380 | 6,062,013 | 5,185,036 | |
| Net movement in | ||||||
| funds | 477,185 | (352,623) | 2,869 | 127,431 | 876,977 | |
| Total funds carried forward |
6,073,195 | 116,249 | 6,189,444 | 6,062,013 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | |||||
| Fixed assets | |||||
| Tangible assets | 13 | 143,916 | 98,339 | ||
| Heritage assets | 14 | 69,894 | 68,454 | ||
| Investments | 15 | 5,685,561 | 5,783,122 | ||
| 5,899,371 | 5,949,915 | ||||
| Current assets | |||||
| Stocks | 16 | 12,718 | 12,612 | ||
| Debtors | 17 | 18,380 | 19,961 | ||
| Investments | 18 | 15,842 | 17,074 | ||
| Cash at bank and in hand | 442,489 | 246,195 | |||
| 489,429 | 295,842 | ||||
| Creditors: amounts falling due within one | |||||
| year | 19 | (199,356) | (183,744) | ||
| Net current assets | 290,073 | 112,098 | |||
| Total assets less current liabilities | 6,189,444 | 6,062,013 | |||
| Total net assets | 6,189,444 | 6,062,013 | |||
| Charity funds | |||||
| Endowment funds | 21 | 116,249 | 113,380 | ||
| Restricted funds | 21 | 352,623 | |||
| Unrestricted funds | 21 | 6,073,195 | 5,596,010 | ||
| Total funds | 6,189,444 | 6,062,013 |
| As restated | ||
|---|---|---|
| 2020 | 2019 | |
| Cash flows from operating activities | ||
| Net cash used in operating activities | 228,255 | 330,606 |
| Cash flows from investing activities | ||
| Purchase of tangible fixed assets | (47,830) | (129,028) |
| Proceeds from sale of investments | 14,637 | 114,632 |
| Purchase of investments | (165,882) | |
| Net cash used in investing activities | (33,193) | (180,278) |
| Cash flows from financing activities | ||
| Net cash provided by financing activities | ||
| Change in cash and cash equivalents in the year | 195,062 | 150,328 |
| Cash and cash equivalents at the beginning of the year | 263,269 | 112,941 |
| Cash and cash equivalents at the end of the year | 458,331 | 263,269 |
| The notes on pages 15 to 34 form part of these financial statements |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| Donations | |||
| Days pay | 78,275 | 78,275 | |
| Q0B Fund | 938 | 938 | |
| Queen's Benevolence Fund | 6,210 | 6,210 | |
| Grants | |||
| QRS Grants | |||
| Subtotal detailed disclosure | 84,485 | 938 | 85,423 |
| Other Donations | 196,459 | 196,459 | |
| Other Grants | |||
| Lottery income | 2,593 | 2,593 | |
| Subtotal | 199,052 | 199,062 | |
| 283,537 | 938 | 284,475 | |
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2019 | 2019 | 2019 | |
| Donations | |||
| Days Pay | 89,083 | 89,083 | |
| QOB Fund | 5,411 | 5,411 | |
| Queens Benevolence Fund | 22,565 | 22,565 | |
| Grants | |||
| .QRS Grants | 500 | 500 | |
| Subtotal detailed disclosure | 112,148 | 5,411 | 117,559 |
| Other Donations | 281,021 | 1,986 | 283,007 |
| Other Grants | |||
| 393,169 | 7,397 | 400,566 |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| Reunion income | 10,505 | 10,505 |
| Silver contributions | 8,214 | 8,214 |
| MOD contributions | ||
| Book sales | 3,733 | 3,733 |
| Total 2020 | 22,452 | 22,452 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2019 | 2019 | 2019 | |
| Reunion income | 1,994 | 4,679 | 6,673 |
| Silver contributions | 969 | 969 | |
| MOD Contributions | 47,432 | − | 47,432 |
| Total 2019 | 50,395 | 4,679 | 55,074 |
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | |
| Investment income | 158,017 | 1,725 | 3,239 | 162,981 |
| Interest income | 7 | 1 | 8 | |
| 158,024 | 1,726 | 3,239 | 162,989 | |
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2019 | 2019 | 2019 | 2019 | |
| £ | £ | £ | £ | |
| Investment income | 182,486 | 13,108 | 3,610 | 199,204 |
| Interest income | 377 | 377 | ||
| 182,863 | 13,108 | 3,610 | 199,581 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2020 | ||
| Investment | management fees | 15,869 | 15,869 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2019 | 2019 | ||
| Investment | management fees | 17,675 | 17,675 |
| Activities | Grant | ||||
|---|---|---|---|---|---|
| undertaken | funding of | Support | Total | ||
| directly | activities | costs | funds | ||
| 2020 | 2020 | 2020 | 2020 | ||
| Hardship | or distress relief for former and | ||||
| serving | members | 51,238 | 115,212 | 77,243 | 243,693 |
| Activities | Grant | ||||
| undertaken | funding of | Support | Total | ||
| directly | activities | costs | funds | ||
| 2019 | 2019 | 2019 | 2019 | ||
| £ | £ | £ | £ | ||
| Hardship | or distress relief for former and | ||||
| serving | members | 68,916 | 294,128 | 103,240 | 466,284 |
| Hardship or | ||
|---|---|---|
| distress | ||
| relief for | ||
| former and | ||
| serving | Total | |
| members | funds | |
| 2020 | 2020 | |
| Insurance costs | 11,025 | 11,025 |
| Newsletter expenses | 32,626 | 32,626 |
| Other direct costs | 6,774 | 6,774 |
| Depreciation charge | 813 | 813 |
| 51,238 | 51,238 |
| Hardship or | ||
|---|---|---|
| distress relief | ||
| for former | ||
| and serving | Total | |
| members | funds | |
| 2019 | 2019 | |
| Insurance costs | 14,989 | 14,989 |
| Newsletter expenses | 38,654 | 38,654 |
| Other direct costs | 14,719 | 14,719 |
| Depreciation charge | 554 | 554 |
| 68,916 | 68,916 | |
| Analysis of support costs | ||
| Support | Total | |
| costs | funds | |
| 2020 | 2020 | |
| Wages and staff costs (Note 11) | 9,589 | 9,589 |
| Other staff support costs | 3,129 | 3,129 |
| Postage and stationery | 15,722 | 15,722 |
| Trustees insurance | 495 | 495 |
| Trip and travel expenditure | 8,525 | 8,525 |
| Bookkeeping costs | 13,708 | 13,708 |
| Office expenses | 10,713 | 10,713 |
| Other support costs | 1,483 | 1,483 |
| Auditors' remuneration | 7,819 | 7,819 |
| Trustee meeting expenses | 50 | 50 |
| Website costs | 5,609 | 5,609 |
| Repairs and maintenance | 401 | 401 |
| 77,243 | 77,243 |
| Support | Total | |
|---|---|---|
| costs | funds | |
| 2019 | 2019 | |
| Wages and staff related costs (Note 9) | 19,607 | 19,607 |
| Postage and stationery | 14,148 | 14,148 |
| Trip and travel expenditure | 10,765 | 10,765 |
| Trustees insurance | 470 | 470 |
| Bookkeeping costs Office expenses |
, 12,623 12,438 |
12,623 12,438 |
| Other support costs | 16,635 | 16,635 |
| Auditors' remuneration | 7,590 | 7,590 |
| Trustee meeting expenses | 1,491 | 1,491 |
| ' Website costs |
6,946 | 6,946 |
| Repairs and maintenance | 527 | 527 |
| 103,240 | 103,240 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| 1 PWRR Grant | 10,608 | 10,608 | |
| 2 PWRR Grant | 649 | 649 | |
| 3 PWRR Grant | 685 | 685 | |
| 4 PWRR Grant | 257 | 257 | |
| Welfare Grants | 52,423 | 1,281 | 53,704 |
| Other Benevolence Grants | 47,009 | 500 | 47,509 |
| Queens Grants | 1,800 | 1,800 | |
| 113,431 | 1,781 | 115,212 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2019 | 2019 | 2019 | |
| Grants and welfare payable | |||
| 1 PWRR Grant | 2,009 | − | 2,009 |
| 2 PWRR Grant | 13,158 | 13,158 | |
| 3 PWRR Grant | 2,500 | 50 | 2,550 |
| 4 PWRR Grant | 12,400 | − | 12,400 |
| Welfare Grants | 123,534 | 37,971 | 161,505 |
| Other Benevolence Grants | 13,676 | 10,846 | 24,522 |
| Queens Grants | 2,984 | 2,984 | |
| Museum Grants | 75,000 | 75,000 | |
| 245,261 | 48,867 | 294,128 |
| 2020 | 2019 | |
|---|---|---|
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 7,819 | 7,590 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Wages | and | salaries | 9,589 | 19,607 |
| 9,589 | 19,607 |
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Employees | 1 | 1 |
| Freehold | Office | |||
|---|---|---|---|---|
| property | equipment | Total | ||
| Cost or valuation | ||||
| At 1 January 2020 | 97,852 | 10,329 | 108,181 | |
| Additions | 45,214 | 1,176 | 46,390 | |
| At 31 December 2020 | 143,066 | 11,505 | 154,571 | |
| Depreciation | ||||
| At 1 January 2020 | 9,842 | 9,842 | ||
| Charge for the year | 813 | 813 | ||
| At 31 December 2020 | 10,655 | 10,655 | ||
| Net book value | ||||
| At 31 December 2020 | 143,066 | 850 | 143,916 | |
| At 31 December 2019 | 97,852 | 487 | 98,339 | |
| 14. | Heritage assets | |||
| Assets recognised at cost | ||||
| Heritage | ||||
| assets | ||||
| 2020 | ||||
| Carrying value at 1 January 2020 | 68,454 | |||
| Additions | 1,440 | |||
| Carrying value at 31 December 2020 | 69,894 |
| Listed | |||
|---|---|---|---|
| investments | |||
| Cost or valuation | |||
| At 1 January 2020 | 5,783,122 | ||
| Disposals | (14,637) | ||
| Revaluations | (82,924) | ||
| At 31 December 2020 | 5,685,561 | ||
| Net book value | |||
| At 31 December 2020 | 5,685,561 | ||
| At 31 December 2019 | 5,783,122 | ||
| 16. | Stocks | ||
| 2020 | 2019 | ||
| Finished goods and goods for resale | 12,718 | 12,612 | |
| 17. | Debtors | ||
| 2020 | 2019 | ||
| Other debtors | 1,700 | 1,183 | |
| Prepayments and accrued income | 16,680 | 18,778 | |
| 18,380 | 19,961 | ||
| 18. | Current asset investments | ||
| 2020 | 2019 | ||
| Cash and cash equivalents | 15,842 | 17,074 |
| 2020 | 2019 | |
|---|---|---|
| £ | ||
| Trade creditors | 3,950 | 724 |
| Other creditors | 187,588 | 173,402 |
| Accruals and deferred income | 7,818 | 9,618 |
| 199,356 | 183,744 |
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||
| January | Transfers | Gains/ | December | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 2020 | |
| Unrestricted | ||||||
| funds | ||||||
| Designated funds | ||||||
| The Queen's | ||||||
| Regiment | ||||||
| Benevolent fund | 1,493,321 | 74,089 | (72,710) | 57,334 | 1,552,034 | |
| The Queen's Royal | ||||||
| Surrey | ||||||
| Benevolent fund | 1,690,776 | 49,035 | (13,662) | 1,726,149 | ||
| 3,184,097 | 123,124 | (86,372) | 57,334 | 3,278,183 | ||
| General funds | ||||||
| General Funds | 2,411,913 | 340,889 | (162,239) | 287,372 | (82,923) | 2,795,012 |
| Total Unrestricted | ||||||
| funds | 5,596,010 | 464,013 | (248,611) | 344,706 | (82,923) | 6,073,195 |
| Endowment funds | ||||||
| The Royal Sussex | ||||||
| Regimental | ||||||
| Association | 113,380 | 3,239 | (370) | 116,249 | ||
| Restricted funds | ||||||
| Queens Own Buffs | ||||||
| Benevolent fund | 352,623 | 2,664 | (10,581) | (344,706) | ||
| Total of funds | 6,062,013 | 469,916 | (259,562) | (82,923) | 6,189,444 |
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2019 | Income | Expenditure | (Losses) | 2019 | |
| Unrestricted funds | |||||
| Designated funds | |||||
| The, Queen's Regiment | |||||
| Benevolent fund | 1,324,340 | 75,936 | (88,970) | 182,015 | 1,493,321 |
| The Queen's Royal Surrey | |||||
| Benevolent fund | 1,397,111 | 55,187 | (8,291) | 246,769 | 1,690,776 |
| 2,721,451 | 131,123 | (97,261) | 428,784 | 3,184,097 | |
| General funds | |||||
| General Funds | 1,973,086 | 495,304 | (302,640) | 246,163 | 2,411,913 |
| Total Unrestricted funds | 4,694,537 | 626,427 | (399,901) | 674,947 | 5,596,010 |
| Endowment funds | |||||
| The Royal Sussex Regimental | |||||
| Association | 95,122 | 3,610 | 14,648 | 113,380 | |
| Restricted funds | |||||
| Queens Own Buffs Benevolent | |||||
| fund | 395,377 | 25,184 | (84,058) | 16,120 | 352,623 |
| Total of funds | 5,185,036 | 655,221 | (483,959) | 705,715 | 6,062,013 |
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| Tangible fixed assets | 143,916 | 143,916 | |
| Fixed asset investments | 5,569,312 | 116,249 | 5,685,561 |
| Heritage assets | 69,894 | 69,894 | |
| Current assets | 489,429 | 489,429 | |
| Creditors due within one year | (199,356) | (199,356) | |
| Total | 6,073,195 | 116,249 | 6,189,444 |
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2019 | 2019 | 2019 | 2019 | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 97,852 | 487 | 98,339 | |
| Fixed asset investments | 5,274,745 | 394,997 | 113,380 | 5,783,122 |
| Heritage assets | 68,454 | 68,454 | ||
| Current assets | .__ 238,758 |
57,084 | 295,842 | |
| Creditors due within one year | (83,799) | (99,945) | (183,744) | |
| Tl | 5,596,010 | 352,623 | 113,380 | 6,062,013 |
| 2020 | 2019 | ||
|---|---|---|---|
| Net income for the period (as per Statement of Financial Activities) | 127,431 | 876,977 | |
| Adjustments for: | |||
| Depreciation charges | 813 | 554 | |
| Gains/(losses) on investments | 82,924 | (705,715) | |
| Decrease/(increase) in stocks | (106) | 450 | |
| Decrease/(increase) in debtors | 1,794 | (4,759) | |
| Increase in creditors | 15,612 | 163,099 | |
| Net cash provided by operating activities | 228,468 | 330,606 | |
| 24. | Analysis of cash and cash equivalents | ||
| 2020 | 2019 | ||
| Cash at bank and in hand | 442,489 | 246,195 | |
| Cash on deposit (Current Asset Investments) | 15,842 | 17,074 | |
| Total cash and cash equivalents | 458,331 | 263,269 |
| At 1 | At 31 | ||||
|---|---|---|---|---|---|
| January | December | ||||
| 2020 | Cash flows | 2020 | |||
| Cash | at | bank and in hand | 246,195 | 196,294 | 442,489 |
| Cash | on | deposit | 17,074 | (1,232) | 15,842 |
| 263,269 | 195,062 | 458,331 |