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||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|
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|**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|
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|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.||
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|||**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|
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||||**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|
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|||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|||
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||**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|
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||**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|
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||**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|
##
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|||**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**|
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||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**|
##
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||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**|
##
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||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|
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|||**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|
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||||**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|
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||**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|
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|||||||**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**|
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||||||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|
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||**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**|
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||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|
##
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|||**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|
##
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||||**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**|
##