Charfty numbor. 1024418 PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 PRI4CESS OF WALES'S ROYAL REGIMENT BEMEVOLEKf FUND CONTENTS R•f8rence and a(knlnlstratlva d*lls ￿ th• Charlty. Tr￿1￿$ and adthrn rnport 2-13 Indepondènt audttorfs rqport on the Ilnanclal slat•m 14-18 Stalement of financlal acllvllles 17 Ba1￿cl sh•8t 18 Statement ol cash fiows 19 Notss to the lknanclal statements PRINCESS OF WALES'S ROYAL REGIPIENT BENEVOLENT FUND REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 TruBtses Major General JR Martin DSO OBE MC lappoinled 2 December 2021) Brigatler JC Ccote DSO OBE (appo￿18￿ 1 July 20211 Biiga(4er MD C￿nW￿l OBE lapptsintsd 2 Dgcemb8r 2021) Colond AM Beattie Colon81 PT Crtyyley MBE DL Colonel CA Luckham OBE {app(Mntod 2 December 20211 Colongl OK Mogg TD VR Colonel JRG Putnam CBE TO DL Coknnel AC Ward OBE DL L*uknant Colonel N BLNtsy lar•(￿￿11 Nobwmber20211 Mr RJ BrndlxNn Charlty r•glsl•r•d numb•r 1024418 Prfnclpal ofnc• sturry Road CwIe￿ury CT11HR R•glm•nlal S•crnlary Cdonel OBE Ind•p•nd•Tht audltor MHA Maclltye Hudson PAa*Sston& Lknited lfjngthm 8anltors The Royal Bank of Scollar•J Pk Ictoria Road Fam￿rOUgh GU14 ThIR Invojlmont A(fvlsorn Barclay5 Weallh 1 Chu￿*1￿ Pla E14 5HP Hon L•gal •thIT•or AMv￿$S Pap1 PRINCESS OF WALES? ROYAL REGIAENT BENEVOLENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their annual Tewt togeth8r the a￿￿ed Iknw*ci81 statements of Charity for Ihè 1 January 2021 to 31 Oewnbw 2021. SoCtk>n 4 of th• Chwttlgs 2006 Statomert The Tru51ees have comFW wth their dlty to have rngard lo guwJan(* issued by the Charity Comrni5sion under Section 4 of Chaiitss Acl 2006. The remaith of thbs reput d8scrib8s how the publK bgnefft Standa￿s ar8 bging meL Thg Charfty The Charity was lormed kn 1992 on the fomiatioTr ol Ihe Reginqnt from forebear reglment ¢haritigs'. The Charivs obj8cbvès are ￿e¥￿er￿ and W&Kare for our serving p8rsonnel. veleTans, and dependents and lo promote the ol the ReglmenL Al grnrts ling those obJ8ctives. Case51* 2 fnotefvrollcosesthot intti¢lintenKtirn ￿(CrAc(l outty 5&1FAI WI￿•￿10 p•tbKk￿￿O the 5tr5 GTrrrtawarfédendrofwJllo F￿LIa￿L1Th8 RO￿8￿1th Le £quallty & Dlverslty Slatsmont The Reg￿ent conlofms to the Ami￿5 Value5 arKI Stsndards- arKi truste￿ ara required to adopt these standards whlch are akin to the Nolan PrirK¥iles- Th8 Regimental Famly ¢onsists of dive￿2 ages (frDm children lo aged veternns), sexes. sexual orientstion. nationalities . ethnNity and rel*3￿Ll￿ backgrounds,. all of whom aT& SUPPOrted wrth prDper regard to any prol8d8d characlwistlcs. The trustees aspire for greater diversity on the Managem￿1 80a￿. A5 recent thanges fo the iifanty lake effect (for instanc8 alowing femath to serve in the Infanty) these be rnfieded ￿ the makeup of the BO0￿ in th8 frjlkness of ttyne. In 2021 the Board decided that ther8 was a need to graater reflect the exp8rnnces of those who have semd in the ranks and, to Ihal end. for thè frfsl time an officer ComMk%5i(￿ Irom Ihe rnrthswas made an Ex Officlo member ofthe Board. PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENf FUND TRUSTEES, REPORT {COPITINUED FOR THE YEAR ENDED 31 DECEMBER 2021 siipports Roy•lSuss•x v8lernn¥) AGGeptable Bohèvtow. iknfgssk￿al. not lop*rtnw Chalmian's FoTh¥anl The impact of COVID in 2020 leaijng knto 2￿21 all el8m8nts of global ecoMmEs. For the PWRR Benevolent Fund this meant a (xNlali of fvndrni5ing acbvrbe5 at a time of anllclpated incr8ased welfare demand. Despite this Ihe Charity remats￿l wi stwpkts forthe >w. Actsvity Highlights ts 2021 were.. 162 welfar• cases assessed forfimfwl. m¢Yal wpracknl supp(xt The continued success of the Veterans, Hcfflicultural Projecl wih 35 veterans involved In building. foTesty and th8 prixIucti￿ ofhoney. Corr*nuni¢alion the wder Regknentsl Far￿￿ (c7,5￿} lIK￿h nHgazlnes and publications. Laytng up of two sets of Old 8attalion Cok)urs (C￿SeCr81ed items> in S￿thwark and Winchester Calhedrals adding lo the Nation's and heritag8. Athling to and pres8r¥ing thé Regmenlal tr1oTiage (*vJ therefore NatiDnd Hwitap) thr￿gh th8 a¢qu15itK)n of paintings. wese1vatK￿ OfpaIn￿￿5 arnl chatteL%. Negoliated Corporat8 memb0￿h1P of the lrnliiule of Dw8ctor5 lo ￿able all rank5 of the Regknental Famlly (Including veternns) lo use theirfaclities. The recommencemenl af direct ki50n wilh ow Colonel kn Chlef (HM Queen Margreth8 11 of Denmark) an acbty that dirncuy rnlnforc89 the NatK￿.$ aspr4tions kyfriondly ralation5 Lthpen nauons. est￿2 ststU8. Vdernn & Wh Th&coLwh us8da IrAnu￿wheeIchWhMIVrth￿f0 loptthherhusts8ndanMmd They bulwa5￿￿￿Lèbf￿fOfO Jknled tim6. TheyJTqUe&fjda￿s1￿¢e towerfsan (TrwlhTh17hernpy Pagè 3 PRWCESS OF WALES'S ROYAL REGIMEpif BENEVOLE1￿ FUND TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEIABER 2021 The trustees woukl like lo thank al of those ￿ contrttrArted to thé Ch¥rty ￿ther from Indiv*￿81 donations or grarrts frDm oth8r chaiknes to support prO￿rA9 (delalled below). In addibon, thg Chaimian and the Trustees express their thanks lo ￿ Regimgnlal sec￿lary and all Ihe staff al Regimental Headquarler5 for another successful yew both finanoally and the c*di4es d the T￿￿1 Oegj. Achlevemonts and p•rforman a. Fundrnlslng a¢tlvltles and kncom• gen•rallon aRerthesadpass¥¥oflwhuthfid. Bl. Leftwlh debtsshewas lowrtI￿)fr￿st7rtlmrtwa￿f6dl) de5en•dafterdeth3tsyjl2￿￿G{ FvndanLlThe Lty￿n Fundr8i$ing comes from severdl sowc4s: indivithal thnathTh [mcluding legaues). monles raised ty veteran l associations or independent supporters ol the wirnenL At a time of irKrBased economlc uncertainty and pressure on household incomes thts will beojme increasirwJly diffiwlt to realise in 2022123 and will wuir8 some difficutt dec1Sh?r￿ raya￿1n9 th? l￿dget- see ti5ks belryw (bul wewarg grants wll a￿NayS b8 proteded). The use of inlemot donations (for Instance Amazon sm￿8 and Giv8 As You Livel continLW 10 9gnerate small amounts of in¢om8 lat no cost to th8 charity) arKI the fUnd-Tr￿￿￿ lottery yyliative also IxJntirrt￿S Io PID￿de a small bjt steady income whk* Is gradualty IntreasirwJ over FundraIS￿ acbvit*5 bYVeter￿ a5so(xalions are by ther reb8vant chairs. All are aware of thg d*gers of unr8asonable htrusion and wessure. The ctrwity subscribes to the Fundrarsing Regulator aThJ has undertaken to report any failure to compty ￿ryth the Standa￿ that thg Chaiity has swed up lo. Pag9 4 PR￿cESs OF WALES% ROYAL REGIMENT BENEVOLEMf FUND TRUSTEES. REPORT (cofrmNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 The reclplents of benevolence ￿)Ver a spectnjm of the public ￿d. although ￿￿ent personnol do receive assistan¢*, the main benefviath are velernns. wdows. dependents. Grants lo indi￿dualS are based soldy on criteria of ne8d and as such do not duplth slale benefiL The veterans. hortkultur81 proioct continues lo devdop as do our melhods of i>yNNM￿tion with our veteran community lo make them avrdf8 of developments and where to find help. The Charity has thi helFed presèrve the Nation's hèrTlage. The existence ol the Charity hdps to ensure tr*Jh morale and estit de corps in 11]e PWRR and thus contribLrtgS to the overall effecliveness of the Nation's armed forces. This in ium ￿ing5 ben8fits to tho public and it 15 thgrefore considered by th8 TnJstees thet there is an 4kntsfi*Jle bengfft to the Nation at lary?. Workirwiwth tkkny8enrtht Fund, Roiv1Brft￿hit91￿SS1KA ndthe NIIStO 5upmour veteran4 ondfoml THE SOLDIERS, CHARITY ssafa cl•ily NHS Page 5 PR*ICESS OF WALES% ROYAL REGIMEKf BENEVOLENT FUND TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 b. Revlow of acthiltl•s What Wo D The PWRR Bemvolent Fund is ?'mixe(r Ihat kioks after Ihe w8lTwe nggds of our sokligrs a￿1 veterans aThJ womotes Ihe eff￿ler￿ of th8 Ragim8nL Recogni8irwJ thè need to better define the char[￿S role lo the wider public. Wofk has been undertaken lo defme the 0￿￿u￿ of the charity using an Impact Measurement arwj Management {IMM} Framewo￿ whith also erxxurnges the charTty io improve its perf0mla￿e. Five impact obJeclNes and five outcomes d8riwng from the Ttr￿ ofchawe have been Idenlrfkd: InleMnth8ndLAknJ S8rt•lTILS) JlM.'GrnnI8￿ttt8￿loPwY Impact Objectives". Rdief of financlal hantshlp and thstress. Delivering s8p4ices that meet individud need5. Support heiilage conseNallon effrKts. ImprovirrfJ the eftierw of the rrym8nL Forming quality Partrte￿hI Outcomes: In¢reaslng se￿Ilty aNI str￿lty. Increase In k)rKJ lemi quahtyof lrfe. Strengthenlng soci81 coheS￿n. Increaslng soldFer arKI recruit satBfackn. Preserve PWRR heritage. Raise commurmty awaren￿$ ol th8 Page 6 PRINCESS OF WALES'S ROYAL REGIMEKf BENEVOLENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 To do this th8 fBgimenL Provides grants and plarB kj irwjmduals lo seThfjce Iheir mgntsl. phsEIc81 and fmancial needs. Prowd8s grants lo ￿teran asscKialions and battaknns lo deliver &venlknKes that ￿lIeVe social1p5￿￿￿1 need5. Commissions and furKls work that supwyt the of the Regh)wnVs ht5tory. Provid&s funding ￿ infra5truclure. proces￿, training. or equipmenl that supports the effioency ofthe Regimenl. Li?￿e5 Wfth impact altgrnd parIng￿ lo nwxinyse the ¥npad potenlwl of the RegNnerfs xtsvrtie5 lthts not only includ8s olher military charti85 as the RBL (Y ABF sp8eJalst chariU8s {foT I￿lance debt ounselling}. Unltad Nallon SustslnJblo D8v•lopiiwrt Goals (SDG•) In remewing the Charitys oulwts. ti has been recA)gnlsed that the Ch*tty also SUFpyts ￿ Natlon In Its efforts lo meet the 17 SDGS adopted by the United Nauons In 2015 as a universal (*ll lo aclion lo end poverty, protect the pIar￿1 and ensure that by 2030 all people enjoy p￿X arKI wospeiity. In parI￿lar. Ihe xiivlties of the PWRR Benevolent Fund ￿ntribL￿6 tOWa￿S 6 SDGS: IC141*9kKA PPIERIY 15: Impact Overvlew The Chatlty has mgasured the foknmng Miyads: 162 CBSB5 referred to on the Case Sfftm (CMSI. £46,967 spent on 97 welfare L*w. 76 cases refeThed lo olher chartbes of¥rtKJm 64 remved suppryL 5 (zs8s have been relarred to a vetsrans. assorJalh)n forsupporL 3S v6l¢r8r* have been involved in Kennels Field Horticultural Project lexcEpt for skilled lobs requlrlng specrali5ts. the build ol the Caub House has been carnied oui by volunteer vetorans. The roof Ss now complete. WKI scrged laid on the Iloor. wh)dc￿. th)orn, aywj feathered w8athBrtKArd havg been pu￿h8$￿d and fft1odJ.' £188,832.86 h8s bo8n ro￿1¥*d in grarts, donati￿, GiftAAI and fvndffjising effort& Over 1,200 trees and slwubs have been planted alory with 10 8nhanc8 tho blodivernrty. The ancient I￿0d10ndIS ￿lAg man8gedby qualified v8t8rnn& Pap7 PRINCESS OF WALES'S ROYAL REGIIIENT BENÉV(XEKf FUND TRUSTEES. REPORT ICONfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 The club house builthng in Ihe Kennets F￿ld A stand$ 81 th8 entrance ofth8 Kennels Field The Regimental Be8hN8s in the anc￿nI Kennels Fi8ld The tiuslees ore gralefil for Ihe support gI￿n by lh8 charilies that have helped to deli￿ lh8 K￿￿oIS Field Pmjecl." VEfERANS ¥ÉNT UNITY NabonalLott8ry . Mne¥eh Chanlable Trust Page 8 PRINCESS OF WALES'S ROYAL REGifdENf BENEVOLENT FUND TrUSTEES' REPORT IcowfiNUED FOR THE YEAR ENDED 31 DECEMBER 2021 . Bemwd Sunlay Foundalion £27,LIKI spenton th8 pu*rh8se andrnstot*M ofpauilwy a paintiry d8thg fn¥n 1665 which has Natknnd Signifi￿nce). £7,798 SPBnt on insuvanrn lo en5urn that 11YYA olchattels wtsured: c4)sts are subled to an annual view. 100% chaitels insF*cled annually. £13,494 li grants lo support regimenlal da￿ arml a¥￿ts Ifow I￿nCe thg Batt*s ofAbuhera and Mind8n and the lajlng up of Cld Cofours}. £30,750 5pert on prDduung magazin8s and Ixxjks to keep Reginwltal Famlty infonned roachlng c7,000 members ofth8 RegKn6nW Famdy. 1 x engagements with the Colonel ￿ Chi8f- HM Q￿n of Denrnark (COVID wevented a further tr (￿M go￿9 ahead). Portrait of ￿een Calherin8 of Braganza (￿1[8 of Kmg Charfes11). The eathesl elements of the Regiment were form8d in 1661 to prrtect part of Her Do*rywthich Wds th8 Port OfTaTh￿er. Palnled ty Huysmans in 1665- resto￿1 •MJ FYeS￿Ve(l for the Rwnt arrfl the Nalion Pag8 9 PRINCESS OF WALES'S ROYAL REGIIIENT BENEVOLEprr FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 £3,862 granted for adventurou$ training and sport lo support four aclN* 3 grnnts worth £1.700 for Infrastr￿lure imwovemeNs to the benefft of scldiers. 35 welth grants y￿rth £3.898 to wving scddiers (th￿￿18d In ¢)verall welfa￿ grants above). £12.884 wanted lowards wrturing recrurfs- 8 Officers aThJ 195 Prkvate Soldi￿¥ As 8 resutt ol this actsvity the strength of baM*k)ns agal￿t thew aulhoris8d strwtures are amorKJst ￿ b95t in the Amiy. Members ol the Regwnenl are subsKlsed to enlw Adventsrn and s￿rD￿j Aclivrbès that challenge the lThJMdual to OVWGomo buikj ￿￿SteeM and Due to COVID restr￿1￿)n$ ￿lyone grnnl 01 £1.5(Kl was made to support C(rn￿lty ￿98￿ent actswty. Flnanclal rnvl•w . Golng concgm After fflaking aPpr￿nale enqU￿e$, the Tru51ees a rea5wabS8 experAation thal lh8 Charity has adeoL resources lo ￿n￿nue in operntional gxi5tfjnce tLY the tor8swbte fLrture. For thi5 reason. they continue to adopt the gdng conc*m basis in preparirwJ the financial slalements. Further delals RgardirvJ Ihe adopflon ol the golry concem basi5 can be found in the polKi8S. P&Je 10 PRINCESS OF WALES% ROYAL REGIMEMT 8ENEVOLEMT FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 b. Prlnclpal Rlsks and Llncwlalnll•s Idenbfied risks and msligation measurns ￿. Income. The dec¥ease in income from Ihe Dass Pay Scheme resulllrKJ from cuts lo the Regiments structur8 1$ being mibgal8d by fund rai￿n9 activity ensuriry Ihat b￿?tsry plaming 1$ ￿erert and expenditure accural&ly monitoTed. Inv8sim8nts. Invgstm8nts are sub￿￿ to the vagw*s ol the markeL There *8 regular Investr*nt Committ8a and Financial Comnwtteg meellngs lo moi¥lor ttle shuakn 7h*Kh also er￿urft that irNostments are ethlcal. RgpLrta￿n. The Ch￿ Is cCrf)f￿8nt that aclMi*s aThl q)er81kn￿ Th41 w¥JO￿l￿8 its TrPutati￿. Change tD Govemment Policy. Induded here are Ihe imposed as a resLdt of COVID. kn 8arfy decision lo focus acw on weltare support and ￿ other costs wolked to tho Charitys athanlap in 2020 and thi5 conliThJed In 2021 allowing the chwTty to finish Ihe ￿ar wlh a surplus. Reserves Polky The Trustee5 have cortsklered Ihe reryfftement of the SORP 2015 and havg ag8in conduded Ihal a strong gr(Ath policy wll be required to Pnsurn that the mBmber5 of the Regimont and their lamlles can be support8d lh8 future. The Trustees seek to matrtlakn free r8ser¥es of six fflon￿ exp8ndilure, TFUSte85 85twn8le k) be In excess of £60,000. d. Invoslmont Pollcy Tha Charitys Investrnent poficy is lo pmthcè Ihe hithesi fina￿la1 rgtum *rythin an a￿pIable lev81 of risk. To this end a fomMI review of investor5 (Barday5} was ￿rrIed wilh Ihe aid of Asset Risk Consultan15 IUKI Limltad culminatirwJ in a fo￿￿1 reviv* of fve charilies by the InVeS￿￿nt Committee (including Bar￿a￿). The Conwnlttee recommended to the trustees that the Chwws in¥estrnenls should be translerred lo Sarasln and Pwtners. the truslees agreed to thi5 Ctjurse 0f￿tion in D￿rn￿r 2021. Thg In￿lment obA8the is to balarTh Ihe wKome and c*1 relurr& We aim to manago assets lo at least malntsln Ihe ￿al ￿pital v￿u8 of Ihe hjnd. vthfisi generating a SLtslalnable lever of inYestrn8nt In￿Me to support Reglmentsl acltvlbes. The long4enn tsryel is net relum. after all fees to bB CPI plus 3.5%, h(hvever, the short-tem target is to pres8rv8 the capital valua wilh a minimLKn level of risk. Despitg the thallenges of COVID and redu¢*d ￿come the Charitls capitab made a 51ight gain over the year. Because th8 budget conunues to be revlew8d lo pro￿de a delailed foracast of oU￿M in y9ar that can be mèaswed against experKJslure (Ihe contffjl mechanism) the Charity vras able to make qU￿k decisiorts regardlng expen(Itur8 prkjitigs as COVID biL As result, the Ch*rty managed to mantain ts It￿ty a usekd suWu5 in yearwhich adds to our reserves. e. Flnanclal rnvl•w The detail•J financial is shown on pw 17 10 40. Income during th8 yEar was some £436K a small drop on the prev*?u5 year whmsl expenditure wa5 £301K resulting in a surplus of £135K atler adfvstrnents. lkn irN8Stments [8(￿¥8[8d stsongty from 2020 ty £0.50M bringing i)ur total net assets to £7M. . Constitutlon Princ8ss of Weles's Royal Regmnent Berthoknl FWKI is a rggiswed cherity. numbor 1024418. and 15 nstituted under a Trust deèd. Page 11 PR14CESS OF WALESS ROYAL REGIMEP4T BENEV￿NT FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 b. M•thods of appolntm•nt or elocllon ofTnMte Th8 managgment ol the Charty is the ffjsp￿ d thè Tr￿leeS are elethd end COvopl8d under thg lewrts ofthg Tn￿1 deed. c. Management SIn￿l￿• Thè management board consists of Ex-officio Tntstees Th4￿ are 5eni)r members of the Regimental Council and Admlnlstratbye Trustees who are thawn from Ihe ot vet8ran associabons or have financial and buslness expertlse. Thè Honornry C(Aonel of 3 PWRR. Sir ￿0￿1 DC￿frnan CVO CBE, atlends m8etings as an advisor. d. Remunorath The trustees CL￿ld￿r thg'lmwd of tru51ees a5 comwi%ng the key managpmenl per50nnd of the chartty in charge of (fiTBcting and controlling the c*barity and wnning and operatiNJ the charlty. Al trustees give of their lime freely and no tntstet reThwn¢r8tK>n was p•d ye¥. Detsils of t￿stee expenses and retated paty trans8cknons arB di%aosad in note 13 and 26 ta thg accounts. Trnsiees ar8 rewired to di5clos8 all relevant Interests and register thom wilh Ihe Secrel•y {8 con%)f￿ated regI￿r of interests is available to Ihe public on rewesl). . Thlrd Party Ind•mnlty In ad￿ltIOn to an ind8mnrty for emploJws1£11kn1 Ihe tr￿lee$ We in5uTrd ft>r pubbc118bility for tha sum of £5m. f. Oryanlsatlonal Structuro •nd Ooclslon Maklng The Charity i8 adminislerfjd ty a Ragimgntal Seuetary. ￿ Assistsnl RegimgNal Seuetary and welfare staff, who all paKt iivl seryanls la rwew by the Am)y h85 Concl￿ that Ihese petsonnel are not eryged th charbtabl8 activity full tim8 it remans oppmpiiate for this slTUCtuTr to remaii In place). Tr¢ Welfare Commllige Is lo make A ro(xnt r8view condLKJed that weware ca58s had b8en deueasing by 50% since 2016- a re￿11 of thé passing of the Wlhlll generduon: as 8 result. the grant limit has been irmased wi 2022 from £500 kn £11Y)tr, welfare grants a￿K￿nts grnaler than tr￿$ r4uire5 Trustees. authoiisatK)n. Outslde weltwe grnnts, the Regwnental S8cxelary is authorised lo make payThents up to £3,000. sums over and above am￿nt are referrèd lo the Financial Comnylteo and TnLrytB85 for approval. Novel and ontenth)us expenditure of any am￿nI is referred for approval in the sam& way. Futur• actlvlty In 2022 the Charlty wll: Engage with COBSEO to govrnnce ImprDve commun1￿tIon ￿th the wider Regimental Famllf. Llalse ￿1th mentsl heatth charthes to those *i need the ab￿ to seek help rnLve q￿ckly. Work lo prese￿8 the Charill5 Ixpilal value land thg income genernled by thall at a ￿me of fir￿n￿81 uncertainty Iwtiich is caplured in th8 Charitys risk regster). In¢￿aSe the lev81 of in¢thvKlual uyants avalable lo welfare ap￿•￿¥. Support the presentation of Cdour5 10 4 PWRR whlst a ro-union event to commèm¢)rat6 the 30th annr4ersary ol Ihe Fai5iry ￿the RegimenL with those wlro bslsh lo b8 a￿0•￿ trtrt ts nL* èff8cbvg those kxv strif-851￿￿. Irfg oriust do not wlsh to ptssh fflnform8tw otrt lo indivk￿ ￿ter8￿$. Page 12 PRINCESS OF WALES% ROYAL REGtMEiif BENEVOLENT FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Statwnent of Tru5tsgs' rnsponslbllllles The Trustees are responsble for preparing the Trustees. and the financial stat8ments in accordancE ts￿th applica￿? law and Unlled Kingdom Account￿9 Stsndards {United Kingdom Gen8rdly Accepted AccountirvJ Practice). Th? law applKatAe to thaiib85 in England & W* rewires the Tntste•s to prepaTe financial statements for each financial whSch give a true fair view of the Stale of affaN5 01 t1￿ Charity and of its irthming resources and applicat*)n of re50urc8s. incI￿11ng its incoff* and expen¢ffiirE. for that perK*J. In preparing these financlal statements. the Tn￿eS arn reqwed to: select 5uilaLle acownting policies a￿1 Ihen apply Ihem cx)nststenty. ctseNg the mpthods and pthciples oftho Charrt*s SORP (FRS 102): make judgemènts and a￿oUnting estimales that are reasonable *KI wudent: state whelher appli12bl8 UK Acctyjntiry Slarthrts (FRS 1021 have been follo%%*d, subject to any matèrial departures disdosed arKI explained irt fnancial statements: prgpare the ffinancial slalements on the conc8m b3sis unle55 r( is InapprDpriate lo pvesume that the Charfty wll continue i) busffiess. The Tnjslees are rBsponsible fof kge&xng adequate acccwnting records that are 5uffiaent to show and explain the Charitrf5 transactions and disclose with reasonablg accuracy at any time the ￿anCial p05iiiDn of the Charlty and enable Ihem lo en5urp that the financial stalen*nls comply with the Charitigs Act 2011. the Charity (Accounts and R8portsl Regulalions 2008 the pwsions of the Trust deed. They are akn responsiblè for safeguarding the assets ofthe Charity and hence for tsking ￿aSOnable steps for the prevention and detection of fraud and other Irregula1￿e$. Dlsclosur• of InforniaUDn to audltors Each of the pe￿OnS who we Trustees at ts l•))e when this T￿￿te88. rep)rt is approved has ccfflfimied that 80 fara5 thal Trustee Is aware. thero Is no rnlevwrt au(fjt infmallon ￿￿11￿5 a￿li10r$ are unaware. and: that Tnjslee has tsken all Ihe steps thal oughl lo tthe been taken as a Trusleg in orrlw to be awaro of any relevant audit infomiation and to estsblish that Ihe charitys auditors ar8 aware L¥f that infomialion. Approved by (Yder olthe m8mber5 of thg board ofTntslees and 5iW on Ih8r behalf ty. Major General JR Martln DSO 08E MC Date.. 13 S¢TEn66l 202 1 PaJe13 PRINCESS OF WALES% ROYAL REGllJlENT BENEVOLEKT FUND INDEPENDENT AUDITOR% REPCaiT TO THE MEMBERS OF PRINCESS OF w￿ES's ROYAL REGIMENT BEP4EVOLENT FUND Oplnlon We have audited the finantial staiemerts of Prnc85s ofwaes's Royal Regirmnt Benovol•nt Fund (the 'charity) for the yBar ended 31 December 2021 wthich rA)mpris8 the Statement of thwcial actsvitles, the Balance sh8gL the Statement of ¢xsh Ihe rdaled rw)185. in(audirvJ a summary of swJnbficant accounting polici85. The finanoal r8porling fram8work that has be8n apFdied their prepar?￿n is applicabie taw and United Kingdom Accounting StaThJards. i￿luding Financial Repothg StsTrJard 102 Tr Financlal Reporilng Standard applicabia In the UK and Republ￿ of IrelaThJ' (United Kingd(Nn Gengrally Accepled Att(wJnt•ig Pracbc8}. Tha fin•nrAI $lalements have been wep¥8d ¥1 Kc(Ydance Acc￿nI￿V Re￿￿1&¥j by charil￿S preparing thair accourts in accorda￿$ with the Financial Rgporbn9 SI￿dards applicable in UK and Republic af Irdgnd {FRS 1021 n prnferonc8 to the AccountirvJ and Remirvj by Charilth.. Statement of Re¢ommend8d Practice issued on l January 2019 wl¥ch is referred ts) wi lh8 exlant regulatlons but has been wlhdrawn. Thi5 has been d(Th in order for th8 ac4xxYts to 8rKI fay vivw In aCco￿anCe the Generally Accepled Accountwig Praclice effective ts r8portiTrJ periods beglnnlng ￿ or after 1 January 2015. In our opIn￿n the financial slat8ments: gfve a fatr vlew of the slate of th8 t*afitys affairs as at 31 December 2021 Wbd trf its In￿nIng fasoufcgs and a￿lIe￿I1)n of rwources the Yearth￿ end￿. have been properfy prepared i) xrnrdance wilh v￿ed Ggnerdmy Accepled Ac(x)unting PractiC8', have been prnpared wi accordan(* with thè rewirements ofthe Cl*iilies kt 2011. Bjsls for oplnl We conthcted our in aCcI￿danC￿ wilh Interrithl Slandwds on Audilwig (UK) {ISAs (UK)) and appIl￿ble law. Our responsibilrties under those standards are furlher descr5bgd In Ihe AudStofs respmsibilili8s for the audit ol th• financial stalemenls section of our rgporL We arn kndependent of the charity In a¢ts)rdante the elhlcal roquirements thal ￿ Telev￿1 to ￿T awjit of the fmanclal ststements In Ihe United lfjngdcrfn. induding the Financlal Reporting Ciwncil's Ethical sla￿JaId. we have fuifiied our other elhKal responsibilbties In a￿ance wth these r8wirements. We believe that the a￿11 evidonee have obtained 15 sufficlent and appTOPliate lo provide a basis for OWOFinion. Concluslons r•latlng lo golnq conc•rn In wditwig the finan*1 statemgnts. ￿ IH¥e c¢xluded ttwt ts Trustees. ol the goiThJ concgm basis of acc￿nting in the preparation of the financial sfalements approwiat8. 8a5ed on the havg pwfomxd. not a)y m8ternl uncethnti8s retaliry lo events or condilions thaL indivxlually or cdleciwely, may cast S[gnif￿ant doubt on the chariws abilty to continue as a golrvJ concem f￿ a period of allgast trAd¥e n￿nthS from whe•) the slalements arg outhorised for Issug. Our r9sponsibilibes an(i Ihe responsiblltles of the TnJste85 With * to wing con(%rn are desuibed in the rel8vant Sec￿n$ of Ihis reporL Page 14 PRINCESS OF WALES'S ROYAL REGIMENT 8ENEVOLENf FUND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCESS OF WALES'S ROYAL REGIME7￿ BENEVOLENT FUND (cop¥nNVEDI ljthor Infolmatlon other Infonnati)n comprw the hrfomwtkn InChj￿ in the Amual rep)rt oth8r than the financlal stst8m¢nts and our Auditorfs r8FQrt tharnon. The Tm51eBs rnsponsiblè for thè other irrformation cont8lned within th8 Annual TrporL Our opinlon on the fin￿￿al stslements does not o)ver the other infonnation ￿d, excapl to the exient olhen¥ise expliiylly slaled in our rep￿1. do ￿)1 expres5 anyform of assurarKe condusion thereon. Our re¥>onsIb￿1ty is to read other infOmwti￿ and, in doing so. consKler whether Ihe other Information 15 materially inc0￿￿%18nt with the ffinandal ststements or kn(y*fjdgo oblain8d in the course of Ihe audit, or olh8rwise appears lo be matsrially misstaled. If we identify s￿h material wiconslsloncl8s or apparent m818rAI misslal8ments. ￿ arn required lo d8temiin8 whethèr Ihis gNes rise lo a material misslatement in the ffnanclal stslem&nts themselves. If. based on the work have p8rform8d. wa conclude that there 1$ a malerial i5s1algment ofthis other infum￿li0￿, we are required to report that fact. W& have nothirvJ to rgport In thls fegard. Matt•rd on whlch w• arn r•qulred to ioport by exc•ptson We have Mthiry to rnp(xt in respect of the folwo matters thtm the Charili8s {AccLwnts and Rep￿￿> Re￿la￿n5 2008 requires us to report to rf. kn our oplthn: the knformallon glvgn In the TrLkSle85' fBwxI i8 in any matertal respecl wilh the financlal Statem8nts: Dr sufficient aw)untiThJ recor(Is been keptr, c the financial statements are not in agreement *ith the accounury recJ)rds and retym5' or we have TKIt recelved all the mftyma1w￿ wg rgquirn forour Rofjponslblllllm of trust••s As explalned mtyo tn the T￿￿188￿ resp(￿￿￿￿185 ststemnL lh• Twstees are res￿nSIbl? for th8 pr8paTation of the financlal statements vthith gi¥e a true and fair vigw, and for suth intemal control as the Trustees delemiine Is necessary lo enable Ihe preparation of fmancial slatem8nls that ar8 free from material mlsslBl8m8nL whethpr due lo fraud or ermr. In Prepaiing the flnanclal slatements, the Tnth are Trsponsibla assesslng the thaiiW$ abllty to conunue as a g(xng corKem, disclosing, as 8pph.czt￿a. matt¢ts rel818(I to going concem and using the golng concom basis of aCco￿tIr￿j Mless the Trustees to hpidale thg rthwty or to c&qse operations. or have no reallstlc altemative but to do 50. Pag8 15 PRINCESS OF WALES'S ROYAL REGIME1￿ BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCESS OF WALES'S ROYAL REGIMEKf BENEVOLENT FUND (CONThNUED) Audltoe$ responslblllllos forthe audlt of th• flnMKSal stat•m•nts We have been appcint8d as audilof under seclion 144 Chwli8s 2011 and r8port n accordanc8 *1th the Act ￿levant regLlatlons rn* LY effe& thereuth. Our obieclives are to cthin reason*le assura)ce T*heth&r tho financaal ststements as a whole are free from material misststemenl. whelher due lo fraud or errDr. and to issue an Au¢￿t0¢S rnport that ind￿185 our oplnlon. R&asonabl8 assurarKe is o hi￿ level ol awrnncè. Iwl is Th)t a guamlee that an audit conducled in acc(xdance with ISAS (UK) will ahrdys detect a material mi55tat8m8nl when it ex18ts. Misststem8nts can arise from fraud Lw effLY and are CO￿ldered malprial rf. iThlividualJy or in Ihe aggregate, they cwld reasonaw be expec￿￿ to influenca economic deriwrr8 of users t*n bays of these financial statements. Irregularitses. indwlirwj fwd. are Instar￿$ of r￿tre￿lIan0 with laws JrKI regulaknons. We design wocedures In Ilne wilh our responsiknlilies, ouuined above, to detecl material Misslate￿￿ts in respeGt of Irregularities. IndudiNJ frnud. The extent lo wl¥ch our woce￿reS are Ixpabfe of det8cbry irregularilies. including fraud is detailed below.. Enquiry of management around artual aThY p￿enItal Iwon arKI daNn5: Enquiry of management lo Identify any instances of ￿￿ComplI3nca with lm aThJ regula￿0￿6. P8rforrning audit WO￿ over the risk of managem￿1 overyidg of &)ntrols, IncI￿lIng testing of ￿￿n81 entrles and other adJus￿￿ts for apPro￿atene$s, evaluatru th• buwness rnllonafe of tr8rtsaciK>r outsKle the normal 0ju￿8 of business and revwlving 8¢e(￿Inting estimales for btirys: and RevlewlrKJ minutes of meeling5 ofthose chwged wilh govemance. Beceuse of the Inherenl limilat*)ns of an ljwe ts a rffjk that wll Thit detect all Irregularibes. Indudkng those leading lo a material misstaloment in th8 ffinanEièl 5tatsmenb or non<¥)mFllance ￿1h regulation. Thls rfsk in¢xeases the more that COMF￿lanCa with a law or le9￿8110n is omoved from the Bvents and transactlons reflecled in the finanual stslements. as V•P be less likely to b8ccrfn8 aware of instances of ￿￿COmplI8nr*. The rfsk Is also greater regardirwJ Yrngularitses occunirKJ due to fiaud rathgr error, as fraLKI Invofves Intention￿ 0)nceal￿nI. forgery. collusion, omlssknn or Misrepres￿tatiQn. A further descriptian of resprfflS￿l llilies for the audit of the financial 51alements Is located on the Flnanclal Rewrtiry C(yJncfl's website aL www. . Waudltotsres n5iblili This descripuon forns part of our Audllotrg rewt Vs• of our rnport Thi5 rgport Ss made solefy to the charws Inthes, as a bc*ty. In ￿CO￿lanCe wrth Part 4 of the Charl￿5 lAC￿unIS and Reports) Rewlaknns 2008. Our au(Jt wo)* has bBen undertaken so that might slate to the tharitys tntslees those rnatte￿ we are r8qLMred to stsle lo them In an Auditorfs reF¥)rt and for no Other purpose. To the fvlle51 extent permitted bylaw. ￿ do not accept or assm responsiblty to anyone olher than tho charity and its trustees, as a body. audrt wryk. f￿ INS rem or kn th8 opin￿n5 ￿ have fom)pd. I l- 1,16s. '1 I-IA 4110 t trk MHA Ma¢lntyr• Hudson Slaluw Auditor Maidstone Unlted lfjngdom Date= 22 September 2022 MHA MacInt￿e Hudson arn eli*le to aci as authlors wi terms of section 1212 of the Comparwes Act 2006. Page 16 PRINCESS OF WALES'S ROYAL REGIKNT BENEVOLENT FUND STATEMENT OF FINANc￿L ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2021 Endowme￿ R•strkt•d Unr•strl¢ted funds funds fund$ 2021 20 Total funds 2021 Tol81 lunds 2020 Incoffl• and DonathM5 and legacies Charitable acbvlties Investments 4soo 237.184 279,684 7,490 148,740 284.475 22.452 162.989 1553 14Q1B7 Total Incom• and endowments 390.861 435,914 469.916 Exp•ndlture on: RaL8lng funds 4J70 74.764 80.072 220.B43 18,895 240.667 Total expendllu 4970 29S.607 300,915 259,562 N•t Incom• b•forn net galnsl(loss•s) on Inv•itm•nts Nel gainsl(10sse5) on vestsnents N•t mov•m•nt In funds befor• other rocognl••d g•lns l215 3r￿30 95254 134,999 210.354 10J82 151M39 546,565 (8Z923) 12 189,369 479,598 681,564 127.431 Oth•r recognls•d g•lns: Gains on revaljation ol fixed assets 187.184 187.1 N•t mov•m•nt In nds 11597 189,369 666.782 868.748 127,431 R•conclllallon of nds: Total funds brought 10Th￿Id Nel movement in funds 116.249 12.597 073,195 6W782 189M44 a68,748 6,062.013 12T,431 189.369 Totsl fvnds earrl•d forward 128.846 189,369 6,n9,9TI 7.058,192 6,189,444 Thè Statement ofllnancrdl 8clivities W￿llKI8S al ga￿￿ k*ses r8o)gnised wi Ihe ujrrnnt arKI wtor ypar. Tre noles on pages 20 10 40 I¢￿rn p¥t ofthgse statemonts. Pap 17 PRINCESS OF WALES? ROYAL REGIMENT BENEVOLEIIF FUND BALANCE SHEET AS AT 310ECEMBER 2021 2021 2020 Note Flxgd assets Tangible asselg Heritage assets Investmènls 14 15 16 400.991 99.894 6.381.450 143.916 69.894 5.684561 6M1335 5.899.371 Currnnt assets Stock5 Debtor5 Investm8nls Cash at bank and In PAnd 17 18 19 11718 30.407 18.909 34Q824 12,718 18.380 14842 442,489 408￿58 489,429 Credi1ry5'. amounts lalliNJ due wilhin (me yaar (233JJ01) (199,356) Not cyrrent assets 174851 290,073 Total n•t assats 7.0x192 6,189.444 Charlty funds Endtr•vment funds Restricted fvrhJ5 Unr8slrithd fvnd5 21 21 21 12&846 189.369 T39.977 116.249 6.071195 Total funds 7,058,192 6.189.444 The finarKaal 5tstements weR apprDv8d and autlwxtsed for tssue by Ihe Trusiees arKI sp3ned on their behalf ty. Major Genornl JR Martln DSO OBE MC Date: 13 strr£rt6£R 2021 The notes on pages 20 to 40 f(xm pwt oflhese financial ststements. Page 18 PRINCESS OF WALES'S ROYAL REGIMENf BÉNEVOLENT FUND STATEMENT OF CASH FLOWS FOR THE YEAR EPa)ED 31 DECEMBER 2021 2021 2020 Cash Ilows Irom op•rntlng acllvltt•s Net cash used in operath)g 157.276 228,255 Cash flows from Inv•stlng actlvld Pwchas8 oftanglble fixed assets Proceeds from sale of investm￿ts Puthse of Investments Purchase of heritage assets 0,550) 20,676 (170.OOD) (30.000) (47.830) 14,637 Net cash used In Invgstlng a¢¢lvlll•s (249.B74) (33,1931 Chwy In cash and cash oqufvalents kn the year Cash ￿$h equivalen15 al beginnuw oflhe ya (92,5981 450,331 195.062 263,269 Cash and cash •qulvaf•nts •t th• and of tho y• 24 365,733 458,331 The ncAes on payas 20 to 40 forn part of these finanraal slal8ments Page 19 PRINCESS OF WALES% ROYAL REGIMEMT BENEVOLENT AIND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Goneral Infomiallo The aims of th8 Charrty Wo lo ￿lieve orqlistress offryn*r and 58r¥iry membefs of the Rogimerrt and their dependants lo promote the efficiency ol the RegimenL Th8 Chgrity is reglstertd in thg UK and Northem Irela[￿. nun** 1024418.11 is uninc0￿r0Ied and conslilutsd under a Trust Oeed. The ffftanaal stalernents are in sblirwj 15 the func￿￿81 currency of the Charity and munded to the noarBst £1. Accountlng pollcl8• 11 Basls ol prw)aratlon ol ffin•nclal *tat•m The flnancial statements hav8 bèen wepared in a(x>ydm with the Chadttes SORP IFRS 102) . Acctyjnting and Reportiffj by Char￿e5. Statement ol Reo)mmer)dgd Practicg applKable lo chariti85 eparing a￿Unts in acryj￿ance wilh Ihe Finanoal RgpLYbng Slandwd applicable in the UK )d Reputs1￿ of Ire￿nd {FRS 102) (effethe 1 January 2019), the Financlal Reporting Stsndard applic*ble in the UK 8rKJ Republ￿ of {FRS 102} the Ch&riiies Acl 2011. The finartrdl stslements have been prepared to gN8 a Iru8 and farf vlew ￿ have d¢parted from the Chaiibes {A(yxunts Reports) RegUlakn￿ 21￿ onty to the extent req￿red to provtd8 a'true and fa¢ vitr*. Thbs departurt h45 invow Charities SORP (FRS 102) published In October 2019 rdlher the Accounting and Reporbrvj by Charilles: Slaiement of Recommended practi￿ effectbve from 1 April 2005 ha5 since been wllh(trawn. Princ8ss of Wal85's Roy71 R8￿ Bangwlent FWKI meels th8 deltnluon of o publtc b9nefft entsty under FRS 102. Assets aThJ liabilitses are inibalty recognised at hlstoital Lxjst or tran58Ctlon value unless other4The stated in the reknnt a(x(xmlwvJ pc4ky. 22 Gokng ¢on¢ The fin•n¢ial Slat￿￿*$ have been prepared ￿ a gclng ctsncern ba515. Tha Twstees have onsKlarad Tolevant inforniation. inclurfir#J the annual budget, foreL*st fvlure cash ffows and th8 impact of subsquenl events wi making thelr assessmenL The cov1￿19 parKlemic arKI the ensuing economic shutdThn ha5 nol had a signifrant Impact on thB Chariws operalions. In response to Ihe COVID-19 pand8mic. thw Trust￿$ have perfomied a fotmtst analy%* of forfjcast futu￿ ￿$h II¢y•V5 tsking knto xcounl th8 Potenbal impact on the busingss of possiblB fijture scenarTOS ariging from the Impact of COV11>19. This also c(m5Kkn the dfectprnn855 ofawailable Measu￿ lo asslst In m*aknng thg impacL have conthmled thal ther8 15 Th) materlal uncer18inty aThJ that Ihoy can rnntir￿ lo adr¢*t the golny concem besis In Fveparing WKI 23 Income All kn￿me Is rec(KJnlsed once the Chty has entlknienl lo the Inc￿1?, it is probable that the In¢x)me will be recefved arKI Ihe of i￿￿ne r￿l¥able can be measured reli&ly. The ￿cO￿ltiOn of income from legacies is dgpgndenl on establishkng entiuement. the probakn'lty of receipt and the alm￿ty to estimate S￿￿cl￿nI accuracy Ihe amount ￿ceIVabl8. Evidence of entiuement to a legacy exists vthen Ihe Charity has SLffwnl evidence that a gift has been left to them (through kn¢ywlBdge of the eii5tenr* ol a Yalid will arKt the death of the benefactor) and the exeortor is satisfied Ihat the propty in (p￿ti￿ nol be requirnd to satisfy daims li the eslate. PRINCESS OF WALES% Roy￿ REGIMENT BENEVOLEKf FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCI￿n11n9 polkl•s {eontlnu•d) 13 Incoffl• Icontlnu• Receipt of a legxy must be recowi58d VA￿1 rt is probable that it wtll b8 recelvgd and the faSr value of Ihe amount receNable. generally be th8 expected cash amount to be dislribuled to the Chaiity, rnliably measured. Grants are Ir￿Uded in Ihe Slalement of financial on a reGelvable basls. The balance of income recoNed for speots pu￿$8¥ bul nol oxpermjgd ￿ring the period is shvwn in Ihe relevant funds on th8 Ba1￿ce sh88L Wher8 income 15 r8c8vAd in a(fv￿ce of enliuemeni of receipt. it5 recognitKffl Is dfjferred WKI ind￿ded in ueditor5 as dgferred I￿Orne. w￿re entiuement occurs before income Is received. thg inc(Thg vs accrued. Gifts donaled for (fistsibution arg induded at vafuatK)n and Tecognlsed as income wh&n Ihey 8 distribLrted to th8 woJ8Cts. Gifts d¢¥wled for resal8 included as Income when thty are sokl. Wherg Ihe th)nated good a fixed assel. I Is measwed at falr value, unle55 11 15 Impraclical lo mèasure this relrably, in vthich case thg cost of Ihe item to th8 dorx)r should be used. The gain Is r8cognEed as income from donatk)ns and a (x)ry8s￿dlryj amowt is induded in the apFKopiialg ILKed ass81 dass aNI dapreciated ovw the Lffjeful e￿￿OrniG in accordance with the Charivs counting polThs. On re¢eipL donalgd professixal servlces and faclTi*8 arn fer￿gnISed on the bask4 ol the value of the gft to the (￿arity thch Is ihe amount rt v￿￿Id have been wiUh)u to pay to obtain servvs or facilitses of equivalenl e￿narn￿ bgnefft on the OP￿ Ma￿tt 8 CDrr85ponding amount is thèn recowlsed In exper#Jiturn In Ily8 pe￿ ol rec? The charity receives bttery ino)mè vla Unlottery. The *￿0M8 is reojgnised on a monthty bas15 when li beoimes the. Income tax recA)¥ernble in relabon to yNes1￿ In¢om8 Is rerxiwised at th8 time the Investsnent Income Is recefvable. 2.4 Expondltw• Expenditure is re￿gnised onra therB 15 a legal or construcliv8 obligation to transfer economlc benefft to a third paty, il is probable that a Ir8nsfer of ec{mom￿ ben8fft5 Wtll b8 required in 5etUement and the amount of the obliga￿n (xn be measured Trliably. Expenthture is dassif￿d by acilvlty. The costs of exh 8cknty we made ￿ of Ihe totsl ol dired Gosts and Shared costs, Includlng 5UPPOrt o)sts involved ￿ urKlerfaking each actiwty. Direct costs aUrIt￿tabl8 to a singlB aCkn￿ty are allocated directly to that activity. Shared ojsts rnntsibute b more than ong aGtswty aThJ 5UPPOrt costs which are nol a￿lbu18blè to a Sing￿ ¥ts¥ity arn appoiboned between those aclivibes ￿ a basi5 CDnsislent with th8 use of resourcos. Central staff costs are alo(xi•d on th• basis of time spgnL aNI dopre(ial ¢harges allocaled on the porlion of th8 asseY5 US8. Expenditurg on raising funds inckK18s aTr expen(ltu￿ incurred ty the Charlty lo raise funds for its tharilable purpos85 arnl i￿L￿$ c05ts of all fu￿1raIsIng activlies events and nOr￿charitable trading. Expe￿liture on dwril*le aclivitw 15 wKwred ￿ ￿eCuY wmlortakkng the actknbes whth furlhgr tho Chartys objectives. a5 well as any associaled SLWOrt costs. Page21 PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2021 counllng polldw (conlknued) 14 Exp•ndltur• Icontlnu•d) Grants Pa￿18 are chargad in Ihe ￿ when the offer is made except in those (2se5 wh8re tho offer 15 ￿rKIS1￿)naI. suth ￿ants ￿ recognised as expendrture when th8 conditions attathing are fulfilled. Grants offered subpcl lo Condilions have not been met 81 Ihe end are noled as a commitment. but not accTr￿d as e¥pendilur8. l expgnditure bs kKlusive of Irrewmth VAT. 2J Interest rocelvabl• InleTesl on funds held on deposit Is A￿uded when rBceivable arKI the amount ¢an be measured refiabty by Charily, tNs is rnvmally upon notiknlion of the iileresl p*1 or payaNe by the institution with whom funds de￿$it&￿. 16 Tanglbl• flx•d •s60ts •nd d•w•cla Tanglble fixed assets c4)5trrwJ £5LKJ more aTr cBpitalt$8d and recognts8d when fulure economic beneffts are probable and the cost orvaluè of the asset ￿ be measured reliably. Tangible fixed a&*ts ￿ ￿lilalIY rncxyJnisod at cost. Mter re￿￿ttl0n. ffider the cost model, langible fixed assets ar8 measured at ¢¢￿t less a¢￿ulated dgpre(#8tKm and any accLwnukled Impaimènl losses. AJI costs lo br￿￿ a taw foted ass81 knlo ils itsnded WOTkirq condition should b8 cluded in the measurement of tsjst Depredethn Is char￿1 to as to afrtxxto (x)st of fixed a$5ets loss ther rnsklual value over thelr eslimated ￿lu1 INes . Depmciaknan Is prnvided the base&. Frnehold IwKI ￿￿tureS arKI ffitting5 Office equpment - Over 3 ￿ar5 17 Herftage aM•ts Where hertlage assets have been purthased, they ao rerxjgnised al cosL After recowition, under the cost model, herilage assets we measured at cost less any accumulated deprecrdtion and any ac(xmulated impaimient losses. The assets ￿late to painbros and silver meda15 hence they are not dewecialed. The Charity owns a cdlecikn) of HlstcKIc81 Militw it8ms as w81, thet arn induded in ￿ Herilage A55el note. bul Th)t presented on Ihe balanc8 sheeL The colection has been acquired by donabons receiv8d sincg the Charty cwne lito existsTh2. Thg Trustees constdEr that owtyng to ihe inwiparable nalwe ol the colecliDn. any valuatK>n *￿Uld be both unreliable and also an onemus 05t. compared with the benefts dwived by the Charty and Use￿ of Ihe accoLnls. As result, the va￿e reported is based vaKwWon and included in the note. At 8￿h dale the Charity assesses whether there Is any irwJi(3ticfft of impai￿enL If such indKalicm exisis. Ihe ra￿verable amount of th8 asset is det8ml￿ed to bè ￿ hvJh8r of Its falr valuè less cosls to sell arwj tts value in use. An vnpal￿enI loss Is rewJnised wtheTO th8 carrying amount . PRINCESS OF WALES'S ROYAL REGIMEKf BENEVOLENT FUNO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2021 Accounllng polld8s (conllnuad) ZM Invulmonts Fixed asset lnVestTh￿nts are a fomi of financial instrurmnl 8NI arE initlally recognlsed al their transaction w51 and subsequ8nUy measured at fair vdue at the Balance sheet date, unless the value cannot b8 measured relrably in whwth case it Is measured al cost les5 impainn8nt. Investrnent gain5 arKI losses. whelher realised or unrealised, are c(mbined and presented as 'GalnsllL055esl on inv85tmenls' in th8 Statement d flwncial activibes. 19 Stock¥ stocks awe valued al the k>w of cosl net re*abkn value after maklng alowance for obsolele aTrJ slow-momg slocks. Cost inchxles al direct costs aThJ an approprfale propottion offMe(I aThl variabl6 overheads. 119 D•btors Trade and other deblor5 arB ￿nISed at the setuemenl ￿ount after any trddè discount offored. Prepayments pAe v8h￿d at th8 WVKI net olwy trad& thso)unts the. 111 Cash al bank and In hand Cash al bank and in h￿d indul85 cash and sh¢yt-t8rn1 h¥JNy liquld investments wilh a short maturity of thm months or less frorn the date Ofw¥5rt￿ or opening of Iha thp05it orsimilar accounL 2.12 uabl11ll￿ and pnwlBlons abilitie5 are recogTMS8d whgn th8re ts an Ob1p3at￿ at the BaLance shoet dalg as a resum of a pa51 event. it 15 probatA8 Ihal a transfer ol economlc benefit wlll be requirBd,tn settlgment, 8nd the amounl of the settlemenl can bo estinwted rellabty. Liabilthes arg recognise(l at the am(Mmt IW the Ch¥Ay anli(ipat85 it will pay to seilte the debt or the ounl il has re(*ived as ad¥8rKed forthe gwd5 or sep¥ices * m￿St pmvide. Provi5*)ns are w*asufed at the best esiimate of the amounts required to setue the C￿1￿jabon. Whwe Ihe offect ol Ihe time value uf rnoney 15 material. Ihe ￿￿0¥￿10n is based on the present valu8 of th058 amounts. thscounled at the distsJJnt rats that refflects the risks specific to the Irability. The ndiry Lrfthe dIs(￿t Is recowwl in Ihe Statement offinwKial acllvlues as a finance cosL 113 Flnanclal Inslnmwnts The Charity onty hag fmamial assets li*ilibes of a khxl that (walrfy as basic financial Instnjments. Basic financial irthments are inrtialy rec￿Tr￿ad at transaction valu& and Subsequ9r￿Y mea$w￿ at their selltemenl valu8 wth the oxcoplk)n of bank k>an5 wh￿h are subsequgnuy measwed at amorbsed (a)51 using Ihe effective inleresl meihod. PRINCESS OF WALESE ROYAL REGIMEiff BENEVOLEKf FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 AccouThtlng polkles {contlnu•d) 2.14 Fund accounung General funds aTr uT￿trICted knds whith are awarfablg lor use at discrelion of Ihe Trustoes in furthernnce of the general obpcbve5 01 the Charity and havo nol been deswJnated for othar DesNJnaled fun(ts comwise unrestrtded fvnds I1￿1 have been set aslde by the Trustees for p8rlicular purposes. The aim aThJ u58 ¢* e•* fund ￿ set in the rK>tes lo the Ilnanthl statements. R8Strxa8d funds ar8 furmls are to be used ￿ accordance 7h*h specific restricbons imposed by dorLors or vthich have been raised by the Chaw for partlcxAar p￿ry￿se&. The costs of rdising ar adminislerirvJ such knds are charged againsl the Speerf￿ fwd. The aim and use of each r8slrlcted fund is s8t OLrt in the notes lo the finarthl statements. EThl¢Jwment fvnds arn for the charity to rn18h) for the th￿5 use in furlherance of Its charflable purposes. Investm￿t gal￿ and losses are alocated lo thé apprqjriale fund. Crltlcal •ccounllng esllmatsG and arnas of Judwth No ￿￿1￿Can1 ludgements have ljeen made ty mwwemenl ll) thesg finandal stslements 8part from those detalled In note I Income from donatlom and l•g•cks Totsl funds 2021 funds 2021 funds 2021 Donallons Day5, pay 83.579 83,579 Subtotsl detall•d dlsGlosur• 83.579 83,579 other th￿na￿n$ Other gyants Lottery WKX)me 149.281 181,781 1,804 12,520 10.IXKI 1520 Subtolal 42,5CiI 153.E4J5 196,105 Total 2021 42,500 237.184 279,684 Pagg 24 PRINCESS OF WALES'S ROYAL REGIMEKf BENEVOLEKf FUND NOTES TO THE FINW4CIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2021 Income from donallons and l•gacl•s (¢ontlnuodD RestrKl8d Unrnstnctad lunds funds 2020 2020 Total funds 2020 Donallon• Day5 pay aoB Fund (Jue8n's 88n8volence Fund 742T5 78,275 938 6.210 938 ¢210 Subtotal detsll•d dlsclo•ur• 938 84,485 85,423 Other donatvJn5 Lottery income 196,459 Z593 196,459 2,593 Sublolal 199,052 199,052 Tot812020 938 281537 284,475 Incom& from charllabl• acllvlll•s Unrnstrlctsd nds 2021 Total funds 2021 Slver contththns Book saks Car badge sal8S 1411 2,274 1605 2.411 2,274 2.805 Tolal 2021 7,490 7.490 Pagg 25 PRINCESS OF WALES% ROYAL REGI1￿ BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Incorng frryn Gh•rftable actlvltl•s (conllnu•d) UnrBsfrided funds 2020 Tolal 2020 RBunKm incorne Sdver conlributions Book sales 10.505 4214 1733 10.505 8,214 3,733 Tot01202Q 22,452 22,452 Inveslmont Incl%￿• End¢y*mnt Unr•strlcl•d funds funds 2021 2021 Total lund 2021 Inveslm8nl IrKome Interest IrKome 145.868 319 148,421 319 146.187 148,740 vmort Reslrfct•Y Unrnsfricled fvnds 2020 fvnds 2020 2020 2020 Invesimenl Income Inlgr8St i[Mx￿o 3.239 1,725 154017 162.987 a239 1.726 154024 162.989 PRINCESS OF WALES'S ROYAL REGWIEKf BENEVOLEpif FUND NOTES TO THE FINAPICIAL STATEMETr FOR THE YEAR ENDED 31 DEC&IIBER 2021 Expondlthr• on rnlslng funds Costs of ralsh)g volunlary In¢om• Unwestrlcted fund$ 2021 Total funds 2021 Presentstton (x%ls Remembr8nc8 costs Evenl costs 17.223 2.825 42.312 17.223 2.825 42.312 62.360 Unmsthcted fvnds 2020 Tol81 funds 2020 Presentation costs Remembrance l￿ts 12 12 Event costs 3,026 3,026 Invostmènt managem￿1 Gosts Endowment R••trfctad VnrnstrlGt•d funds fundts nds 2021 2021 Total fund# 2021 Inveslmwt managthnent fees 4.970 12,404 17.712 Page 27 MNCESS OF WALES? ROYAL REGIMENT BENEVOLENT FUND NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Invesim•nt manaspm•nt costs (contlnu•d) Unrnsfrid8d funds 2020 Total funds 2020 Inves￿nI management fee5 15.869 15,869 An¥tys1s of •XPWKllture by acllvltl•6 und•rtak•n fundlng of dlrecdy a￿1¥1110$ 2021 2021 Support asts 2021 Tolal fund8 2021 Hardshlp or (*slress ￿1¢1 ftlrfl￿ aThJ sarviNJ mwnbers 318W2 T3,114 114.837 220.843 unde￿￿6ft luth*ng or Tolal Costs 2020 2020 2020 2Q20 Hardshlp or dIStr￿ f(wrrw serving membw5 51.238 87,631 101.798 240.667 Page 28 PRINCESS OF WALES'S ROYAL REGIMEMT BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysls of •xp•n statomont olfunds- fv y•ar B8lanc8 81 31 8818nce 81 1 January 2020 Incorn &pendrfurn hvoul (Losses) 2020 Vnrestrlcted funds Deslgnated funds The Queen's Reglmenl Benevolent Fund The Queen's Royal Suney Benevotent FurMI 1,491321 74.089 17Z710) 5T.334 1,552,034 1,690.776 49.035 (14662) 1,726.149 3,184.097 123.124 (￿372} 5T.334 3,278, 183 G•n•ral funds Generdl FLmds 2,411.913 349.889 (162.239) 287.372 (82.923) 2,795.012 Totsl Unmtrlcted funds 5.596.010 464.013 (248,611) 344,706 (82,923J 6,073.195 Endowm•nt funds The Royal Sussex R8gim8ntal A5SOL¥atiDn 713.380 1239 (370) 116.249 Restrlcled funds F￿d 35Z623 (10.581) (344.706) Total of funds 6.062.013 469.916 (259.56¥ (82.923) 6,189,444 Page 37 PRINCESS OF WALES% ROYAL REGIMENT BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YE￿1 ENDED 31 DECEMBER 2021 21. Stat•m•nt of funds (contlnu This fvnd relates lo frymer Charity the Royd Su55ex Regiment Old Comrdd8s Assoclauon IOCT) number 286787. The fund is used to assist pasL present and fulure mambers of the Associatr*n and pasl membeTr of all r￿kS of tho RO￿ S￿X Regi￿￿( thwr wive4 WtdNs and other dependants of such M￿nberS. The Queen's Reglment B•nevolenl Fund Th8 Queen's Reglmenl Benevolent Fur￿ subwmd irlo thg FWRR Bene¥ol8nl F￿d In April 2008 under the dlrection of the Charfty ComnNss1￿. The fund is used to assist past. present arKI future members of the Regiment and $￿cesSOr Regwnents. theirwive5 and dependants. The Qu••n's Royal Suvrey B•n•¥o￿ Fund The Queen's Royal Surrey 8enevok8nt Fund relates to a grnnt mad& from th8 Queen* Royal Surrey Association Funds ￿ January 2012. The fund is used to assist pa5( present and fulure members of the Regiment and suc£8ssor Regiments, wives (*thnts. alysls of n•t ￿￿•ts bglwwn funth Jbalysl• of n•t Jss•ts b•I￿n fundB. curr•nl yvr Endo¥m*nl Rostrlcled Unmirfcted funds funds 2021 2021 Totsl funds 2021 2021 T8rwJible f￿ed a55ets Flxed asset InvFslmenls Heritage 85sets Cuffent &55ets . Crediiots due one 400,991 400,991 6,063235 6,381,450 99,894 99,894 408,858 408.858 (233,IX11) 1233.IJ01) 128,846 189, Total 128,846 189.3 6.739,977 7.058,192 PRINCESS OF WALES? ROYAL REGIMENT BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2021 21 Analysli of net assets bel￿0￿ funds (conllnu• Analpls of not a$￿ts b•twwn funds. fvy•ar Tolal nds 2020 tunds 2020 funds 2020 . Tanglbl8 ILKed assels Flxed asset Investmgnts Heritage assets Currént assets Creditors due ¥￿in cTh s t43.916 143,916 5,569.312 5.685,561 69,894 69,894 489,429 489,429 {799,356) (199,356) 116,249 116.249 6.073,195 6,189,444 23. Raconclllatlon of n•t mov•rn•nt In funds to n•t cash flow from 0￿ratIng actmtl 2021 2020 Net inojme ftjr th8 year (a¥ p8r Sta8mertd Finwial Acti¥1￿) 681.564 127,431 AdJustm•nts for. Depr0¢lati￿ chary8S Gain￿(los58$) ￿ irwestments DeGrease1(￿cIeasfj) in stocks Decreasel{increase} li debtLYs Increasel(decrnase) In credlors 813 82.924 (106J (546.565) (12,027) 15,399 Nel cash provlded by operatlng actl¥ll 157276 228.255 24. Analysts ol cath and cajh equ1￿l￿nts 2021 2020 Cash at in hand Cash on deposit {Cu￿nt Asset Investswi) 346,824 18,909 442,489 15.842 Totsl ush and cash equlvalents 36S,733 458,331 Page 39 PRINCESS OF WALES'S ROYAL REGIMEwf BENEVOLEpif FUND NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2& Analysls of chang•s In r￿1 d•bt ChangM In mark•t v•luo and exchwy Other non. At1 January 2021 Cuh Ilo¥rt mov•m•nls At31 changès 2021 Cash al bank and in hand Cash on deposil 441489 450.241 (546,565) 15,842 659 346,824 18,909 458,331 453MO8 1546,564 659 365,733 2& Relat•d paty tran¥actlons The Princess of Wales* RosFI Regiment Queen's Regiment Museum Malnlenan¢* Fund oporale in the same IoLaUon as Th8 Princ8ss ofwales's ROO Regllnent Benevolent Fund. ThB respective charibes do not share tnL%lees and key management pe￿Onnel. IKrt fall undw the Prfncess of Wales's Royal Regiment umbrella of clwii*s. At thg year end. thg amount to The PrwK855 of Wdes's ROYBI Regiment Maintenance Fund was £169,803 {2020: £174,329). During the ￿ar, £7.180 of support expènses ￿re paid ty thB Charity on behalf of The Princes5 of Wal85's Royal Regiment Malnlwonce Fund. £2,654 wer8 paid by the The Princess of Wales's Rordl Reg#nent mawi10n￿ FL*)d on behalf of th8 Chwity.