REGISTERED CHARITY NUMBER: 1024418 Report of the Trustees and Audited Financial Statements for the Year Ended 31 December 2023 for THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND YTr
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees: I to 13 Report of the Independent Auditors 14 to 16 Statement of Financial Activities 17 Balance Sheet 18 Notes to the Financial Statements 19 to 29 Detailed Statement of Financial Activities 30 to 31
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Twstees for the Year Ended 31 December 2023 5ectlon 4 of the Charltles Act 2006 Statement The Trustees have complied with their duty to have re8ard to the guidance issued by the Charity Commission under Section 4 of the Charities Act 2006. The remainder of this report describes how the public benefit standards are being met. The Charity Working with the Army Benevolent Fund (ABF), The Royal 8rit15h Legion (TRBLJ, Soldiers, Soilors, Airmen ond Families Associotion (SSAFAJ. the NHS the Hompshire & Isle of Wlght Military Aid Fund and the Fundrt7ising Regulotor to support our soldier5, veterans, andfvmilies. HI," The Charity was formed in 1992 on the formation of the Regiment from forebear regimental charities The Charity's objectives are Benevolence and Welfare for our serving personnel2 veterans, and dependents and to promote the efficiency of the Regiment. All grants were made in Ilne with these objectives. Surplus and Deficit income durin8 the year was £449.2k, slightly up on 2022, expenditure was £365.6k resultin8 in a surplus of £83.6k. This surplus was increased by gains on investments of £341k. an overall surplus of £424.6k. Capital Investments, after a recovery following unrealized losses, saw a recovery at the end of the year, THE 50LOIER5' The trustees are mindful that the use of charitable funds should have an element of benefit to the public and the remalnder of this report lays out the Charitys position in this respert. CHARITY Equality & Dlverslty Statement The Regiment conforms to the Army's Values and Standards and trustees are required to adopt these standards which are akin to the Nolan Principles4 The Reglmental Family consists of diverse ages (from children to aged veterans), 5exe5. sexual orSentation, nationalities ethnicity and religious backgrounds: all of whom are supported with proper regard to any protected chararteristics. In 2023 the Trust Deed has been amended to allow any person with the necessary skills to become trustee rather than an officer who had served In the regiment (however, King's Regulations in dealing With the Day's Pay scheme. specify that the Chair of the charity must be a serving or retired officer). The Charity Commisslon accepted this amendment in February 2024. ssafa the Arnwl Forc•s charity NHS REGULATOR l Less the Royal Sussex and Royal Hampshire Regiments {thou8h there Is a small endowment fund from the former that 5UPPOrts Royal Sussex Regiment veterans). This Includes those serving outside of battalions at Extra Regimental Employment the largest contingent of which sits in 2 Battalion the Ranger Regiment. Values are Coura8e, Discipline. Respect for Other, Integrity, Loyalty, Selfless Commltment. Standards are: Lawful, Acceptable Behaviour, Professional. The Nolan Principles are Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership. Though all serving soldiers must meet the British, Commonwealth, Irish or Gurkha nationality criteria. the same does not applyto partner5. Kin<s Regulations allow for officers and soldiers to voluntarily donate a day of their pay each year to the charity. The scheme is administered by the MOD. Page I
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 C05e Study l (note fvr oll coses thot initiol Interaction is corried out by SSAFA - in some cuses. they/them is used to further redoct the identity of the individual). StotU5.' Veteran Fundralsin8 Statement The Charlty has an income of less than £lm pa and as such does not have a legal duty to meet the requirements of the Fundraising Regulator in respect of fundraising reporting. Neverthele5S, the trustees feel that it is good practice to produce such a report in line with the Regulatorfs guidelines: Approach. The types of fundraising carried out by the Charity are.. Voluntary donations from serving personnel Ithe Days Pay Scheme endorsed in King's ReBulations for the Army). Income 8enerated by capital investment. Other voluntary donations which also includes the Just Givlng scheme. Rent on property. Legacies. Lottery Scheme. Internet donations from EasyFundraising and Give As You Live. Sales of Regimental goods Ibooks and Regiment themed items). One source is through an independent firm who donates 5% ofthe cost of items to the Regiment. Events organised by third parties Iwho usually have a regimental connection). These are volunteers. Sponsored runslwalks - or8anised through a commercial third party - Nice Works. Background.. Case wa5 referred to us vio Op COURAGE ond SSAFA. This veteran hos heolth conditions, some which makes walking difficuft ond they ore ottending regular medlcol appointments. They hove o history of debts but are monoging to poy these off and live within their current means. It was recommended that this veteran get an electric bike fvr both their physicol and mental health. Gront.. £500 Regulations the charlty ts subJert to. The Charity is registered wlth the Fundralsing Regulator and adheres to its code of practice. Referral to militory chorities.. ABF £150, TRBL £450 ond the Hampshire & Isle of Wight Militory Aid Fund£250 How fundralsers are monitored. Most fundralsers are linked to the Regiment through the PWRR Association IPWRRAI or a forebear re8iment association such as the Queen's Regiment Association {QRA) who in turn monitor branch activitie5. The Chairs of the PWRRA and QRA are trustees, and two volunteer fundraisers, activities are monitored directly throu8h the Re8imental Headquarters. Numberof fundralslng complaints. There were no fundraisin8 complaints made against the charity in 2023. Protection of vulnerable peon$. The Charity seeks not to intrude on privacy, make unreasonably persistent approaches for money or property, or place pressure on individuals. This applies to everyone not just vulnerable persons. The Charity has a clear safeguarding policy which is briefed to staff annually. Pa8e 2
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 Chalrman's Foreword 2023 saw a return to pre-COVID figures for sUPPOrt to individual welfare cases. Money Spent on individual grants and grants to help serving soldiers exceeded the money received from the Daws Pay Scheme, highlighting the Importance of investment income 1£167kl and donations. Case Study 2 StatU5.' Veteran Background.. This veteron'5 heolth took a turn for the worse and after a period in h05Pltal 15 now bein9 coredfor ot home. The veteran is struggllng in general, having speech theropy and finding mobility difficult. 2023 also saw a continuation of many of the global crises seen in 2022. Whllst Inflation came down, the war in Ukraine continued, exacerbated by the Israel/Palestine conflict and the 8rowinB involvement by Iran interfering with the passage of commerce in the Red Sea. The effect on our Investments led to a roller coaster year. Benefit5 will soon be explored with the help of the caseworker but in the meantime, ossistonce was requested tow(3rds an Occupotionol Theropy Report, an Electronically Powered Vehicle and o550ClOted items to moke the veteran's quolity of life better. The benevolent fund capital was volatile through the year, dippin8 in value by £400k at one poSnt in the summer; but by 31 December 2023, year end. the valuation had recovered to £6.02m leaving an unrealised loss of less than £IOOk. From this account and separately, we have received £167k durin8 2023 in dividends. In early 2024, the Benevolent fund has continued to rise In capltal value to achieve a small surplus. The Financial Committee continues to review our investments and ensure that trustees are apprised of the situation throughout the year. The graph below demonstrates how our Capital investments have performed over 10 years as compared to inflation. in particularthe wav we have coped with events of the last four years and the market recovery since the covid crash: PIIRR BENEVOLENT FUND VALUE Gront.. £1,000 Referral to military chorities.. ABF £2,974 and TRBL £6.221 t3 fc 2023 51D•c23 | É7M ly The charity continue5 to be in good health, deliverlng supportto those in need and to the running ofthe Regiment. Moves to improve the8overnance ofthe Charity byamending theTrust Deed and streamlining Designated Funds have been successful. but work continued to de-restrict the Royal Sussex Regiment Endowment Fund. The anticipated change to the Trust Deed will allow for greater diversity amongst trustee5 since it will remove the requirement to have served in the Regiment or a forebear regiment. Page 3
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 The trustees wish to place on record their appreciation for the work and support delivered by Regimental Headquarters during another challenging year. Activity hlghlights for 2023 were-. 167 welfare case5 assessed for financial. moral, or practical support. 116 welfare cases received financial support with 51 declined. The contSnued success of the Veterans. Horticultural Project {Kenne15 Field) with thirty-five veterans Snvolved in buildin& forestry and the production of honey. In 2023 the charity aBreed to further fund the project with £95k, thereby enabling the conclusion of buildin8 works and full access to veterans, keen to fully exploit the land and buildin8. A formal opening ceremony is to take place on in 2024. Communication with the wider Re8imental Familv Ic7,5001 through magazines, publications. and emails. The continued direct Ilaison wlth our Colonel in Chief IHM Queen Mar8rethe 11 of Denmark) is an actlvity that directly reinforces the Nation's aspirations for friendly relations between Nations and fosters pride in our Regimental herStage. Delivery of a parade to present Colours to the 4th Battalion The Princess of Wales's Royal Re8iment in the presence of the Crown Prince of Denmark. Friends Event FundraSsing: £57K. Indlvidual donations £77k- nearly equal the Daws Pay Scheme. Cose Study 3 Status.. Vetemn Revlew of Actlvltles The Charity's investment policy is to produce the highest financial return wlthin an acceptable level of rlsk, The investment objective is to balance the income and Capital returns. We aim to manage assets to at least maintsin the real capital value of the fund, whilst Benerating a sustainable level of investment Income to support Regimental activities. The lon8-term tar8et 15 for net retum, after all fees, to be CPI plus 3,5%. However, the short-term target is to preserve the capltsl value with a minimu m level of risk. The recipients of benevolence cover a wide spectrum of the public and. although current serylng personnel do recelve assistance, the main beneficiaries are veterans, widows, and dependents. Grants to individuals are based solely on criteria of need and a5 such do not duplicate state benefSt. The veterans. horticultural project continues to develop as dc our methods of communication with our veteran community to make them aware of developments and where to find help. The Charity continues to contribute to the preservation of the Nation's heritage. The existence of the Charity helps to ensure high morale and esprit de corps in the PWRR and thus contributes to the overall effectiveness of the Nation's armed forces. Bockground.- Thi5 fomlly wu5 hit with numerous events which resulted in them living in emergency houslng. The veteran is unable to work due to coringfor their children, one of which has speciol educotlonal need5. The family were finully offered G permanent house through the IocL71 council ond requested t75515tonce towords removal fees ond essential household items. Gront.. £500 Referral to military charltie5.' ABF £1.500 ond TRBL £700 This in turn brin85 tangible benefits to the public and it is therefore considered by the trustees that there is an identifiable benefit to the Nation 8t large. Page 4
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 What We Do. The PWRR Benevolent Fund is a 'mixed' charity that looks after the welfare needs of our soldier5 and veteran5 and promotes the efficiency of the Regiment. An Impact Measurement and Management IIMMI Framework has identified five impact objectives and five outcomes derivin8 from the Theory of Change that the Charity delivers: Impart Objectlves.. Relief of financial hardship and distre5S. Delivering services that meet individual Social needs. Support heritage conservation efforts. Improving the efficiency of the regiment. Forming quality. Outcomes: Enhanced security and stability. Increase in long term quallty of life. Strengthened so¢lal coheslon. Increased soldier and recruit satisfartion. Preservation of PWRR heritage. Developed community awareness of the Regiment. To do this the Regiment: Provides grants and support plans to individuals to support their mental, physical and financial needs. Provides 8rants to veteran associations and battalions to deliver events/services that relieve social/p5ychological needs. Commi55ion5 ond funds work that supports the cOnseation of the Regiment'5 history. Provides funding for infrastrurture, processes, training, or equipment that supports the efficiency of the Regiment. Lioises with aligned partners and organisations to maximise the potential of the Regiment's activities {this not only includes other military charities such as the RBL or ABF but specialist charities (for instance debt counselling or prisoner 5UPPOrtII. Unlted Natlon Sustainable Development Goals (SDGS) The Charity also supports the Nation in its efforts to meet the 17 SDGS adopted by the United Natlons In 2015 as a universal call to action to end poverty, protect the planet and ensure that by 2030 all people enjoy peace and prosperity. The activities of the PWRR Benevolent Fund contribute towards 6 SDGS.. NO POVERFY GOOOHEAIIH ANOWELL-BII DECINTWORXAID ECDNOMICGRQWTH E011 15 ((( dil Page 5
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 Impact Overvlew The Charity has recorded the followin8 Positive impacts-, Case Study 4 Stotus.. Serving Soldier Increase Enhanced Quallty ol Life and Securlty & Stability: Background.. This request come directfrom the Unit Welfore Officer with a follow up request from the ABF. 167 cases referred to the charity. £65.5k spent on 116 welfare cases1£68k was spent in 20221. 7 serving personnel. 2 famllies of serving personnel. 107 veterans 168 PWRR. 35 Queen's Reglment, I Queens Royal Surrey Regiment and 3 Royal Sussex Regiment). 74 cases were referred to other charities. 16 cases have been referred to a veterans, association for support. Up to six hundred members of I PWRR supported for cost-of- living issues (£20k authorised for expendlture in Fys 2022 & 20231. £17k was granted to associations. SCRM association database was paid for in 2022- maintenance cost5 are minimal and throughout 2023 It provided an outstanding service In terms of communicatlng with registered veterans, The Kenne15 Field Ss nearing completion. Veterans have continued to work on the project albeit hampered by the cost of materials rising exponentially. However, great pro8ress has been made with the followlng achSevements- o The Internal electrics have now been connected to the Grid. Fire alarm is fitted. Plastering has almost been completed. A shower has been fitted and tiled. Both Gent5 and Ladles toilets have been fitted. Disabled access ramps have been built but await further funding to fit safety rails. 250 trees have been planted but sadly the bees project has had to be abandoned because of disease. A disabled car park is stlll required once funding has been achieved, Grants have been recelved this year from The Bernard Sunley Foundation. the Pamela Champion Foundatlon, The Army Benevolent Fund and 3 legacies. Sadlyi a member of this soldlerfs family hod pa55ed oway. They needed to fly out immediately to be with theirfomilyond ottend thefunerol. The MOD was not able to support with public funds ond the soldier was Struggling financlally due to the cost-of-living crisis. A5515tonce wa5 therefore being requested toword5 compossionote flight5. Gront., £500 Referral to milltory thoritles.- A8F£I,000 Fifty-one were declined for the following reasons.. did not meet criteria - 14, need met by another charity 9, incorrect re8iment-23, maxlmum grant already reached- 3, wlthdrawn- 2. Page 6
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 The project is grateful for the support of the following charities and individua15 in 2023". Bernard Sunley Foundation, Three veteran Legacies. City Plumbing. Pamela Champion Foundation. The Princess of Wales's Royal Regiment 4DA1 TIGERS The Kennels Fleld build is nearly complete. Photographs show car park and entrance to the front of the building (top left). Kitchen labovel and the main hall (left). Page 7
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 Cose Study 5 StatU5.' Veteran's widow Preserve PWRR Heritage: l(M)% chotte15 are insperted annually inspections by a volunteer from the Heritage Committee have taken place and have been useful in identifying those elements that need repair or should be withdrawn into stora8e. £28k8 w45 spent on the parade to present Colours to 4 PWRR Idelayed due to COVID and the death of Her Late Majesty Queen Elizabeth 11 from 20201. Thi5 was an event for the Regimental Family and included serving soldlers. cadets, veterans and families. Our Colonel in Chlef was not well enough to present the Colours so Her son, Crown Prince Frederik of Denmark, stood in for Her. £21.4k was spent on produclngjournals to keep the Regimental Famlly informed reaching c7,000 members. £7k was spent on reprinting the book Yhe Lon8est Stag,, a history of the Northern Ireland Campaign which has seen successful sales. Background.. Initiolly requested a5515toncefor her husband's funeral but monoged to fund this herseff. However, when talking to the coseworker. it become opporent that she was struggling with the10s5 of her husband. He was responsible for the household finonce5. monoging within their means but since hi5 death energy arrears had built up. A55i5tonce w05 requested towords the orreors ond generol needs. Grant.. £250 Refrrral to militt7ry chorities.. TRBL £1,069 Raised Soldier and Recruit Satisfaction= £9k wa5 granted for adventurous training and 5POrt to support four activities. 9 welfare 8rants worth £5,500 to 5ervin8 soldiers and their families (included in overall welfare grants above), £10.3k granted towards nurturing recruits. £1.3k granted to PWRR badged Army Cadet Force and Comblned Cadet Force children. This activity has contributed to recruiting into the Re8iment continuing to be amongst the best in the Army. Members of the Re8iment are subsidised to enter adventurous training and sporting activities that challenge the individual to overcome adversity. build self-esteem and comradeshlp. A further £8k had been spent in previous years for the postponed parades which was carried over (for instance printing costs and the costs of stands). Page 8
THE PRINCE55 OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of theTrustees for the Year Ended 31 December 2023 Increased Communlty Awareness of the Reglment- No grants were made to directly support community awareness of the Regiment in 2023. For 2024 the charity has a8reed to fund an IT initiative to raise awareness of the Regiment, Future Activity In 2024 the Charity will: Continue to seek improved communication wlth the wSder Regimental Family Liaise with mental health charities to give those in need the ability to seek help more quickly. Work to preserve the Charity's capital value land the income generated by that) at a time of financial uncertainty (which 15 Captured in the Charitvs rlsk reglsterl. Continue to move to de-restricting the Royal Sussex Regiment Endowment Fund. This requires the a8reement of the Royal Sussex Regiment Association Ltd. Continue to offer support in line with our charitable objects. Plan for the sixtieth anniversary commemoration ofthe formation of the Queen's Regiment. Lay up a set of Royal Sussex RegSment Colours in Chichester Cathedral. Deliver a Families, Day for the Regimental Community. Submit a supplementary trust deed to the Charity Commission to modernize governance withln the Charity. Financial Results 2023. The detailed financial positlon is shown on pages 17-29. Prlnclple Risks and Uncertainties. Identified risks and mitigation measures are: Governance. The charity is confident that its governance procedures are appropriate. Miti8ation measures include.. Partaking in the biennial COBSEO governance return (green in 20221. The conflict re8lSter is held and checked against at each meeting. Trust Deed updated 11123 to be reviewed In 2028. Regular review of policies and length of trusteeship. 9 The Subsuiber Customer Relatlon5 Management System weni live in 2022 and is already pr¢)ving ts worth in terms of tlmety and accurate Informatlon bein8 pushed to servlng soldler5 and veterans allke. Page 9
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 Operatlonal. Since those runnlng the charity are Civil Servant5 it is felt that operational risk is minimal. The followln procedures are in place.. Customer based Is reminded of the benevolence role of the charity several times a year. Welfare staff liaise with other charities for advice and collaborative purpose5. All contracts Ivery few) are reviewed by the Honorary Regimental Solicitor. MOD recrultment procedures are followed. All staff are subject to annual training. Annual checks of physical assets take place, Financial checks take place monthly. Flnanees. The Finance Committee meets four times a year and the Investment Committee twice a year: Overarchin8.' Quarterly updates from investors. Monthly bank checks (cash held = 6 months of operations), o Income v expenditure constantly monltored and reported to Finance Committee meetings. Investment management policy is reviewed at least bi-annually. Insurance cover is reviewed annually. Inapproprlate Investment.. Monitoring of investment managerfs performance 38ainst ARC metrics. o Performance reviewed at meetings and formally every five years. Income, A reduced size of the Regiment has led to a decrease in Day's Pay income. Nevertheless: There is continuous engagement to identify new sources of funding which involves the whole RegSmental Family, More emphasi5 On formal fundraising events {factored into 2025 and 20271. Issues are realised and factored into the annual budget which forecasts five Yea ahead. The priority for expenditure wlll always be welfare payments. External Rlsks.. Ensure transparency. Annual audlt report published, and welfare statlstics are published weekly. Educate the wider Regimental Family on the worklngs of the Charity. Maintaln membership of COBSEO to ensure the Charity is prepared for change initiatives. Monitor output from the Army Charities Advisory Group. Reputation: Education - Ilnk to External risks. Attempt to work with breakaway veterans. groups but if not possible ensure that they are not linked to the Charity. o Take part in the COBSEO biennial governance review. Ensure policies are in place and Subject to regular reviews. Retain membership the Fundraisin8 Regulator organisation. Health & Safety Kennels Fleld- Health & Safety qualified members of the Queen's Regiment Riders Association IQRRAI have revlewed and implemented procedures in place. They are inspected durlng RHQ staff durlng routine visits. Insurers have confirmed that further trustee insurance is not required. The QRRA have their own insurance in place. Page 10
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees for the Year Ended 31 December 2023 Structure. Governance and Management Management Structure The management board consists of exffici0 Trustees, who are senior members of the Regimental Council. and Administrative Trustees, who are drawn from the chairs of veteran associations, or have financial and business expertise (this will change with the implementation of the amendments to the trust deed). The Honorary Colonel 3 PWRR, Sir Lloyd Dorfman CVO CBE, attends meetings as an advisor. Note that a change to theTrust Deed in 2023 now allows any person with the requisite skill set to Serve as a trustee Ipreviou51y trusteeship was only open to retired officers from the re8imentl. Remuneratlon The trustees and its Board are the key management personnel of the responsible for directing, controlling, running and operating the Charity. Trustees give of their time freely with no renumeration paid in the year. Details of trustee expenses and related party transactlons disclosed in note 5 to the accounts. Trustees are required to disclose all relevant interests and register them with the Secretary la consolidated register of interests is available to the public on request). Thlrd Party Indemnlty. In addition to an indemnity policy for employees {£IOm} the trustees are insured for public liability for the sum of £5m. Organlsatlonal Structure and Declslon Maklng The Charity is administered by a Regimental Secretary, an Assistant Regimental Secretary and welfare staff, all paid civil servants whose engagement reaches further than charitable activity, The Welfare Committee is authori5ed to make grants up to £l.000 per case. The recent increase ofthe delegated grant ceillng from £500 to £1,000 worked well in 2023. Welfare grants aside, the Regimental Secretary is authorised to make payments up to £3,000. sums over and above this amount are referred to the Financial Committee and Trustees for approval. Novel and contentious expenditure of any amount is referred for approval in the same way. Page 11
THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2022 REFERENCE AND ADMINISTRATIVE DETAILS Investment Advisors Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU Re8lStered Charity number 1024418 PrSncipal address AHQ PWRR Leros Barracks Sturry Road Canterbury, Kent cri IHR Trustees Major General JR Martin DSO OBE MC Bri8adier JC Coote DSO OBE (resigned 3.5.231 Bri8adier MD Cornwell OBE Brigadier CD Davles OBE (appointed 3.5.231 Brigadier T Glass (appointed 1.12.231 Colonel AAA Beattie Colonel PT Crowley MBE DL Colonel CA Luckham OBE Iresi8ned3.5.231 Colonel DK Mog8 TD VR Colonel JRG Putnam CBE TD DL Colonel AC Ward OBE DL (resigned 30.11.231 Lieutenant Colonel B Baker MBE (appointed 4.5.23) Lleutenant Colonel N Burley Mr. RJ Bradburn RegSmental Secretary Colonel JRJ Powell 08E Hon Legal Advisors Ammoss Auditors Xeinadin Audit Ltd Conqueror House Sittingbourne Kent Pa8e 12
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Report of the Trustees forthe Year Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparin8 the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports} Regulations 2008 and the provislons of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair vlew of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charity for that perlod. In preparing those financial statements, the trustees are required to selert suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charlty and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2IXI8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board oftrustees on 23 May 2024 and signed on 12 July 2024 on its behalf by: Major General JR Martin DSO OBE MCTrustee Page 13
Report ofthe IndependentAuditors to the Trustees of The Prlncess of Wales's Royal ReBiment Benevolent Fund Opinion We have audited the financial statements of The Princess of Wales's Royal Regiment Benevolent Fund (the 'charity'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applSed in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incominB resources and application of resources, for the year then ended: have been properly prepared in accordance with Llnited Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditlng IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audlt of the flnancial statements section of our report. We are independent of the charity in accordance with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfllled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlons that, individually or collertively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibillties and the responsibilities of the trustees with respect to Boing concern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise expllcitly stated in our report, we do not express any form ofassurance conclusion thereon. In connertion with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconslstent with the financial ststements, or our knowledge obtained In the audlt or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed. we conclude thatthere is a material misstatementofthis other information, we are required to report that fart. We have nothin8 to report in this regard. Page 14
Report of the IndependentAuditors to the Trustees of The Princess of Wales's Royal Regiment Benevolent Fund Matters on which we are requlred to report by exception We have nothin8 to report in respect of the followlng matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given In the Report of the Trustees is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responslbllftle5 of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is nece55ary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin8, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or hove no realistic alternative but to do so. Our responsibllltles for the audit ol the flnancial statements We have been appointed as auditors under Section 144 ofthe Charities Act 2011 and report in accordance with theAct and relevant regulations made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial 5t?tements as a whole are free from material misstaternent, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted in accordance wlth ISAS {UKI will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are considered material if. individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these flnancial statements. The extent to which our procedures are capable of detecting irregularities, includin8 fraud is detailed below.. Our objectives in performingthe audit are to identify and assess the risk of material misstatement in the financlal statements due to fraud or error and to obtain sufflcient audit evidence to support this. We also evaluate and respond to the risk of material misstatements. Audit procedures performed by the engagement team included: - Gaining an extensive knowled8e of the entity and its, external envlronment, as well as the regulatory frameworks it must operate within. Obtsining a sufficient understanding of the internal control environment, including systems in place for the detection and prevention of fraud. Appraising said systems in order to determine whether they are operating to a satisfactory level. Understanding the entity's current activities and future plans and comparing these to the entity's charitable objective and aims. Discussions with management and those charged with governance as to any known or Suspected instances of non- compliance with laws and regulations, as well a5 fraud. Challenging and recalculating assumptions. judgements and estimates made by mana8ement in its si8nificant accounting policies. Readin8 minutes of meetings of those charged with governance and therefore understandin8 and evaluatin8 deci5ion5 made regardin8 the safeguarding and usage of the entity'5 assets. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council's website at www.frc.org.uklauditorsresponsibilitie5. Thi5 description forms part of our Report of the Independent Auditors, Page 15
Report of the Independent Auditors to the Trustees of The Princess of Wales's Royal Regiment Benevolent Fund Use of our report This report is made solely to the charity's trustees, as a body, in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulation5 2008, Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the tharlty and the charity's trustees as a body, for our audit work, for thls report, or for the opinions we have formed. Nick Hume {Senior Statutory Auditor) Xeinadin Audit Ltd 12 Conqueror Ct Sittingbourne Kent MEIO SBH 23 May 2024 Page 16
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Statement of Financial Activities forthe Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Endowment funds Designated Unrestricted Notes INCOME AND ENDOWMENTS FROM Donations and legacies 19,457 256,252 275,709 224,135 Charltable actlvltles Hardship or distress relief for former and serving members 733 4.363 5.096 12,463 Investrnent income 107.923 57,393 3,143 168,459 129.395 Totsl 128.113 318,CKI8 3,143 449.264 365,993 EXPENDITURE ON Raising funds 50,452 50,452 10,522 Charftable actlvlties Hardship or distress relief for former and serving members 85.996 229,115 315,111 350,552 Total 85,996 279,567 365,563 361,074 Net gainsl{lossesl on Investments 197,459 104.019 39,442 340,920 1696,0501 NET INCQME/{EXPENDITURE) Transfers between funds 239,576 6.481 142.460 16.481} 42,585 424,621 1691,1311 14 Net movement In funds 246.057 135,979 42,585 424,621 1691,1311 RECONCILIATION OF FUNDS Total funds brought foNard 3.272.846 2,982,797 111,418 6,367,061 7,058.192 TOTAL FUNDS CARRIED FORWARD 3,518.903 3.118,776 154,003 6,791,682 6,367,061 The notes form part of these flnancial statements Page 17
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Endowment funds Designated Unrestricted Notes FIXED ASSETS Tangible asset5 HerltsBe assets Investments 931 645,885 99,894 2.417,574 646,816 99,894 6,020,646 562.222 99,894 5,685,104 3.454,587 148,485 3.455.518 3.163,353 148.485 6,767,356 6,347,220 CURRENT ASSETS Stocks Debtors Investment5 Cash in hand io li 12 7,160 11,112 2,004 60,575 7,160 11,302 2,004 129,289 12,618 11,354 3,206 117,106 190 63,196 5,518 63,386 80.851 5,518 149.755 144,284 CREDITORS Amounts falling due wlthin one year 13 {125,429} (125,429) 1124,4431 NET CURRENT ASSETS 63,386 144,5781 5,518 24,326 19,841 TOTALASSETS LESS CURRENT LIABILITIES 3.518,904 3,118.775 154.003 6,791,682 6,367.061 NET ASSETS 3,518.904 3,118,775 154,003 6,791,682 6,367.061 FUNDS Unrestrirted funds Endowment funds 14 6.637,679 154,003 6.255.643 111,418 TOTAL FUNDS 6,791,682 6,367.061 The financial statements were approved by the Board ofTrustees and auth0ri5ed for i55ue on 23 May 2024 and were Signed on 12July 2024 on its behalf by.. Major General JR Martin DSO OBE MCTrustee The notes form part ofthese financial statements Page 18
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Flnancial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparatlon of financial statements The financial statements of the charity, which is 3 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 IFRS 1021 (effective l January 20191,, Financial Reportin8 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. The aims of the Charity are to relieve hardship or distress of former and serving members of the regiment and their dependants and to promote the efficiency of the Regiment. The Charity is registered in the UK and Northern Ireland. number 1024418. It Is unincorporated and constituted under a Trust Deed. The financial statements are presented in sterling and rounded to the nearest £1. Golng concern The financial statements have been prepared on a going concern basis. The trustees have considered relevant information, including the annual budget. forecast future, cash flows and the impact of subsequent events in making their assessment. Based on the assessments above, and having re8ard to the resources available to the entity, the trustees have concluded that there is no material uncertainty. and that they can continue to adopt a going concern bases in preparing the annual report and accounts. Inwme All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of Income receivable can be measured reliably. The recognition of income from legacies is dependent on e5tsbli5hing entitlement, the probability of receipt. and the ability to estimate with sufficient accuracy the amount receivable. Eviden of entitlement to a legacy exists when the charity has sufficient evidence that a gift ha5 been left to them (through knowledge ofthe existence of a valid will and the death of the benefactor) and the executed is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it 15 probable that it will be received and the fair value of the amount receivable, which will generally be the experted cash amount to be distributed to the charity, can be reliably measured. Grants are included in the Statement of Flnancial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, Its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income Is received, the income is accrued. Gifts in kind donated for distribsjtion are included at valuation and recognlsed as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Page 19
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements- continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- contlnued Income When the donated good is a fixed asset. it is measured it fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The 8ain Is reco8nised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies. On receipt, donated professional seNices and facilities are recognised on the basis of the value of the gift to the charity, which is the amount it would have been willing to pay to obtain seNices or facilities of equlvalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. The charity receives lottery income vla Unilottery. The income is reco8nised on a monthly basis when it becomes due Income tax recoverable in relation to investment income is recognised at the time the investment income is recelvable. Interest receivable on funds held on deposit 15 included when receivable and the amount can be measured reliably by the Charity. this is normally upon notiflcation of the interest paid or payable by the instltution with whom the funds are deposited, Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commltting 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support Costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that artivSty. Shared costs which contribute to more than one activity and support costs attributable to a single activity are apportioned between those activities on a basis consistent wlth the use of resources. Central staff costs are allocated on the basis of tSme spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising fund5 includes all expenditure incurred by the Charltyto raise funds for its charitable purposes and includes costs of all fundraising activities, events and non<haritable tradin8. Expenditure on charitable activlties 15 incurred on directly undertaking the activlties which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year, when the offer is made. except in those cases where the offer is conditional, such grants can be recognised as expenditure when conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. continued.., Page 20
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ACCOUNTING POLICIES- continued Tangible fixed assets Improvements to property Flxtures and fittings Computer equipment 2% on cost 33% on cost 33% on cost Tan8ible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable, and the c05t or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at Cost. After recognition, under the cost model, tangible fixed a55ets are measured at C05t le55 accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed a55et into it5 intended working condition should be included in the measurement of cost. Herita8e assets Where heritage assets have been purchased. they are initially recogni5ed at C05t. After reco8nition, under the cost model. heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losse5. The assets relate to paintings and silver medals hence they are not depreciated. The charity owns a collection of Historical Military itern5 as well. that are included in the Heritage Asset note. but not presented on the balance sheet, The collection has been acquired by donations received since the charity came Into existence. The Trustees consider that owin8 to the incomparable nature of the collection, any valuation would be both unreliable and also an anerous cost, compared with the additional beneflts derived by the Charity and users of the accounts. As a result, the value reported is based on the insurance valuation and included in the note. At each reporting date, the Charity a55e5ses whether there is any indication of impairment. If such indication exists. the recoverable amount of the asset is determined to be higher of its falr value less cost to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks are valued at the lower of cost and net realisable value after making due allowance for ob501ete and slow- moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been as designated for other purp05e5. Des18nated funds comprise unrestricted funds that have been Set aside by the Trustees f or partlcular purpose5. The amount of each designated fund 15 set out in the notes to the financlal statements. continued... Pa8e 21
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued forthe Year Ended 31 December 2023 ACCOUNTING POLICIES- contlnued Fund accountin8 Restricted funds which are to be used in accordance with Specific restrirtions imposed by donors orwhich have been raised by the Charity for particular purposes. The cost of raising and admlnistering such funds are charged aBainst the specific fund. The aim in use of each restricted fund is set out in the notes to financial statements Endowment funds are for the charity to retain for the charities usin8 furtherance of its charitable purposes. Investment Income. gains and1055es are allocated to the appropriate fund. Financlal Instruments The Charity only has financial assets and financial liabilities of a klnd that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at the settlement value with the exception of bank loan5 which are subsequently measured at amortised cost using the effettive Interest method. Cash at bank and in hand Cash at bank and in hand includes cash and short-term hiBhly Ilquid investments with a short maturity of three months or less from the date of acquisitSon or opening of the deposit or similar account, CRITICAL ACCOUNTING JUDGEMENTS AND KEYSOURCES OF ESTIMATION UNCERTAINTY No significant judgements have been made by management in preparing these financial statements apart from those detailed in Note l. DONATIONS AND LEGACIES 31.12,23 31.12.22 Donations Legacies Grants 270,709 5,000 182,885 41,250 275.709 224,135 Grants received. included in the above, are a5 follows.. 31.12.23 31.12.22 Armed Forces The Veteran5 Foundation 11,250 30,000 41,250 continued... Page 22
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued for the Year Ended 31 December 2023 INVESTMENT INCOME 31.12.23 31.12.22 Other fixed asset invest- Fll Deposit account interest 167,196 1,263 128.545 850 168,459 129.395 GRANTS PAYABLE 31.12.23 31.12.22 Hardship or distress relief for former and serving members 92,909 87,778 The total grants pald to Individuals during the year was as follows: 31.12.23 31.12.22 18attalion PWRR 2 RANGER 3 Battalion PWRR Welfare Grant Other Grants Golf Society Royal Hampshire Reglmental Assoclation 4 Battalion PWRR PWRR London Association Branches 5,975 1,070 5,025 65,546 8,365 452 3,¢XJO 11,7931 3,001 2,253 3,295 62.565 6,283 1.400 4,576 1.415 2,990 5,269 92,909 87,778 TRUSTEES. REMUNERATION AND BENEFITS There were no tru5tees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022, continued... Page 23
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued forthe Year Ended 31 December 2023 TRUSTEES. REMUNERATION AND BENEFITS- contlnued Trustees. expenses Expenses of £33412022,. £2581 were paid during the year. TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Freehold property Computer equipment Totals COST At l January 2023 Additions 400,000 164,615 90,290 800 12,613 578.028 90,290 At 31 December 2023 400,000 254,905 800 12,613 668,318 DEPRECIATION At l January 2023 Charge for year 3.292 5.098 320 321 12,194 277 15,806 5,696 At 31 December 2023 8,390 641 12,471 21.502 NET BOOK VALUE At 31 December 2023 400,000 246,515 159 142 646,816 At 31 December 2022 400,000 161.323 480 419 562,222 HERITAGE ASSETS Total MARKET VALUE At l January 2023 and 31 December 2023 99,894 NET BOOK VALUE At 31 December 2023 99,894 At 31 December 2022 99,894 The tharity Is a repository of thousands of items, the majority of which have been donated over manyyears both bv individuals and Regimental units that have closed. In line with FRS 102 and SORP, the assets have been obtained over many years of the charity existin8 and are not recognised on the Balance Sheet due to Costs of individual heritage assets not being identifiable. Off balance sheet assets relate to paintings. medals and other items that are milltary in nature. Continued... Pa8e 24
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued for the Year Ended 31 December 2023 FIXEDASSET INVESTMENTS Listed investments MARKET VALUE At l January 2023 Revaluation5 5.685.104 335,542 At 31 December 2023 6,020,646 NET BOOKVALUE At 31 December 2023 6,020.646 At 31 December 2022 5,685.104 There were no investment assets outside the U K. Cost or valuation at 31 December 2023 is represented bv: Listed investments Valuation in 2022 5,685,104 335,542 Valuation in 2023 6,020,646 io. STOCKS 31.12.23 31.12.22 Stock5 7,160 12,618 continued,.. Page 25
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debtors Other debtors Prepayments and accrued income 2,073 9,229 8,854 2,500 11,302 11,354 12. CURRENT ASSET INVESTMENTS 31.12.23 31.12.22 Listed investments 3,206 13. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.12.23 31,12.22 Trade creditors Taxation and social security Other creditors 16,934 14,667 19501 110,726 108,495 125,429 124,443 14. MOVEMENT IN FUND5 Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General fund The Cadets Endowment Fund The Queen's Regiment Benevolent Fund The Queen's Royal Surrey Benevolent Fund 2,982,797 141,803 1,539,475 1.591,568 142,459 15,5811 67,030 178.128 16,4811 3,118,775 136,222 1,612.986 1,769.696 6.481 6.255.643 382.036 6.637,679 Endowment funds The Royal Sussex Regimental A550ciation 111,418 42,585 154,003 TOTAL FUNDS 6,367.061 424,621 6.791.682 continued... Page 26
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements - continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incomlng resources ReSoUrS expended Gains and losses Movement in funds Unrestricted fufids General fund The Cadets Designated Fund The Queen's Regiment Benevolent Fund The Queen's Royal Surrey Benevolent Fund 318,Crf)8 18,818 68,112 41,183 1279.5681 104,019 124,399) 72,580 149,278 142,459 {5,5811 67.030 178.128 173,6621 112,3331 446.121 1365,563) 301,478 382,036 Endowment funds The Royal Sussex Regimental Association 3,143 39,442 42,585 TOTAL FUNDS 449,264 1365.5631 340.920 424,621 Comparatives for movement Sn funds Net movement in funds Transfers between fund5 At 31.12.22 At 1.1.22 Unrestricted funds General fund The Cadets Designated Fund The Queen's Re8iment Benevolent Fund The Queen's Royal Surrey Benevolent Fund 3,037,338 13,100 1,965,756 1,913,152 123,570) 128,703 1457,252) 1321,584) {30.9711 2,982,797 141,803 1,539.475 1,591,568 30.971 6,929,346 {673,703) 6,255,643 Endowment funds The Royal Sussex Regimental Associatlon 128,846 117,428) 111,418 TOTAL FUNDS 7.058,192 1691.131) 6,367,061 continued.. Page 27
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements- continued for the Year Ended 31 December 2023 14. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund The Cadets Desi8nated Fund The Queen's Regiment Benevolent Fund The Queen's Royal Surrey Benevolent Fund 249.527 3.128 75,077 35,827 1231,7301 1911 {106,048) {23,1461 {41,367} 125,666 1426,2811 1334,2651 123.5701 128.703 1457.252 1321,5841 363,559 1361,0151 Endowmentfunds The Royal Sussex Regimental Association 1676,2471 1673,7031 2.434 1591 119,8031 117,4281 TOTAL FUNDS 365,993 1361,074) 1696,0501 {691.1311 The Royal Sussex Regimentsl Assoclatlon This fund relates to former Charity, the Royal Sussex Regiment Old Comrades Association (ocr) number 286787. The fund is used to assist past. present and future members of the Association and past members of all rank5 of the Royal Sussex Regiment. theirwive5. widow5. and dependants of such members. The Queen's Regiment Benevolent Fund The Queen's Re8iment Benevolent Fund subsumed into the PWRR Benevolent Fund in Aprll 2008 underthedirection of the Charity Commlssion. The fund is used to assist past, present and future members of the Regiment and successor Regiments. their wives and dependants. The Queen's Royal Surrey Benevolent Fund The Queen'5 Royal Surrey Benevolent Fund relates to a grant made from the Queen's Roy31 SurreyAssociation Funds In January 2012. The fund is used to assist past, present and future member5 of the Regiment and successor Regiments, thelr wives and dependants. contlnued... Page 28
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Notes to the Financial Statements- continued for the Year Ended 31 December 2023 15. RELATED PARTY D15CLOSURES The Princess of Wales'5 Royal Regiment and Queen's Regiment Museum Maintenance fund operate in the same location a5 The Princess of Wales's Royal Regiment Benevolent Fund. The respective charities do not share trustees and key management personnel, but fall under the Princess of Wales's Royal Reglment umbrella of Charities. At the year end, the amount due to the Princess of Wales's Regiment Maintenance Fund was £77.183 {2022:£76,9821. 16. ADJUSTMENT TO SUPPORT COSTS During the year, the Trustee5 have reviewed the spllt between charitable actlvlty costs and support costs. As a result of this review, various c05t5 have been reallocated both in 2023 and 2022 from charitable expenditure to support expenditure, in order to more accurately reflert the nature of these costs. Page 29
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Detailed Ststement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donatlons and legacies Donations Legacies Grants 270,709 5,000 182.885 41,250 275,709 224.135 Investment In¢ome Other fixed asset invest- Fll Dep051t account interest 167,196 1,263 128,545 850 168,459 129.395 Charitoble artivities Book Sales 5,096 12.463 Total Incoming resources 449,264 365.993 EXPENDITURE Ralsing donatlons and legacles Event5 Costs 50,452 10.522 Charitable activitie5 soldier Support Journal Printing Costs Donations Regimental Chattels Expenses Grants to individuals IKenne15 Field Project) Remembrance cost 45,257 21,399 13,118 99 92,909 8,023 25.601 46.149 1,000 27,401 87,778 8,236 Support costs Management Telephone Postage and stationery Sundries Carried forward 180,805 196,165 325 2.287 2,849 5,461 4,298 108 4,790 This page does not form part of the statutory financial statements Page 30
THE PRINCESS OF WALES'S ROYAL REGIMENT BENEVOLENT FUND Detailed Statement of Financial Activities forthe Year Ended 31 December 2023 31.12.23 31.12.22 Management Brought forward Travel Membership Presentation Costs Events Costs Accountancy Hospitality Office Expen5e5 Insurance Consultancy Website Costs Repairs and Renewals Improvements to property Fixtures and fittings Computer equipment 5,461 11,786 8,573 7,992 4,090 13,919 1.039 6,181 13,248 25,876 8,570 157 5,098 358 240 4,790 8,939 2.196 21.800 9,620 11.747 16.845 6,515 29.092 25,386 1,285 3,292 373 827 112,611 142,707 Flnance Investment Management Costs 7,615 3.162 Governance costs Auditor5, remuneration Auditors, remuneration for non audit work Trustee Meeting Costs 5.925 5.040 3,138 3,000 3,600 1,768 14,103 8.368 Total resources expended 365.563 361.074 Net intome before gains and losses 83.701 4,919 Reallsed recognlsed gains and losses Realised gainslllossesl on flxed asset investments 340.920 1696.0501 Net Income/(expendlture) 424,621 1691,1311 This page does not form part of the statutory financial statements Page 31