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2023-04-05-accounts

Charity number: 1041982

THE LIGHT DRAGOONS CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2023

THE LIGHT DRAGOONS CHARITABLE TRUST

CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 23

THE LIGHT DRAGOONS CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 5 April 2023

Trustees Brigadier H A Watson MBE
Captain C R Renwick
Major (Retd) M Tazey MBE (resigned 29 July 2022)
Major W G Peto
Major H P Ogden
Captain (Retd) C N Bird
C F S May Esq
N A Milne Esq.
Captain E T Legard
Captain J R Barkes
Colonel H J Stoy
Lieutenant Colonel J M Harris
WO1 (RSM) A Richardson
Captain M Reed MBE (appointed 17 November 2022)
Charity registered
number
1041982
Principal office
Home Headquarters
Fenham Barracks
NE2 4NP
Accountants
Ryecroft Glenton
Chartered Accountants
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP
Bankers
Lloyds TSB
Cox's & King's
PO Box 1190
Pall Mall
London
SW1Y 5NA
Solicitors
Gibson & Co.
77 - 87 West Road
Newcastle upon Tyne
NE15 6PR
Investment Managers
Brewin Dolphin
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR

Page 1

THE LIGHT DRAGOONS CHARITABLE TRUST

TRUSTEES' REPORT for the year ended 5 April 2023

The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2022 to 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Policies and objectives

Charity objectives

The object of the Regimental Trust shall be the promotion of the efficiency of the Regiment and the general benefit of bodies connected with the Regiment or former Regiments.

In furtherance of the object but not otherwise the Administrative Trustees may exercise the following powers:-

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Grant making policies

Grants of £49,869 have been paid during the year (2022 : £45,400). Further details of these grants are given at note 8.

The purpose of these grants has been to relieve either generally or individually persons who are former members of the former Regiments or present or former members of the Regiment and their dependants, who are in conditions of need, hardship or distress.

Page 2

THE LIGHT DRAGOONS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Total incoming resources for the year amounted to £205,342, which after total resources expended of £262,848 and realised/unrealised losses on investments of £161,956, produced a deficit of £219,462 for the year (2022: surplus £52,829).

These figures include those of The Colonel's Appeal Fund which is shown as restricted funds within the Statement of Financial Activities.

Investment policy and performance

In accordance with the Statement of Recommended Practice, quoted investments have been accounted for on a market value basis.

It is the Trustees' responsibility to ensure that the Trust’s investments are at all times kept under review by one or more experts as stated in paragraph 2 of the amended Trust Deed dated 5 March 1997. The Trustees may delegate to an investment manager so appointed, power at his discretion to buy and sell investments for the Trust on behalf of the Trustees in accordance with the investment policy laid down by the Trustees as stated in paragraphs 3 and 4 of the amended Trust Deed dated 5 March 1997. Trustees are satisfied with the performance of investments, which have yielded average income of 2.7%, excluding interest from cash deposit balances.

Public benefit

This fund provides public benefit by assisting service personnel to more effectively perform their roles within the armed forces of the British Army. It does this by providing and supporting sporting and adventure training activities. In setting the objectives and activities of the charity, the Trustees have had due regard to guidance published by the Charities Commission on public benefit.

Page 3

THE LIGHT DRAGOONS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

The Trustees have considered the going concern basis in the context of the cost of living crisis.

The operational aspects of the Charity do not change.

For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

The Trustees have instructed Home Headquarters, The Light Dragoons, to maintain a cash reserve of £50,000 in order to cover the majority of Welfare Grants and Charitable Trust Fund Expenditure anticipated to be made in the two years to 5 April 2025.

At the year end, reserves totalled £2,311,599, of which £1,163,601 were unrestricted reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Trust: The Light Dragoons Charitable Trust was established on 27 July 1994 following the amalgamation of three charities for the benefit of The 13th/18th Royal Hussars (Queen Mary’s Own) Regiment and one charity for the benefit of The 15th/19th The King's Royal Hussars Regiment to form one charity – The Light Dragoons Charitable Trust. The Trust is registered as a charity under number 1041982.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Page 4

THE LIGHT DRAGOONS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisational structure and decision-making policies

The Trust is administered by the body of Administrative Trustees, which consists of not less than twelve and not more than twenty competent persons being:-

Four Ex-officio Administrative Trustees, and

Not less than eight and not more than sixteen Co-opted Administrative Trustees.

The Ex-officio Administrative Trustees are:-

The Colonel of the Regiment The Commanding Officer of the Regiment The Regiment Sergeant Major The Officer in Charge, Home Headquarters of the Regiment

The Co-opted Administrative Trustees are appointed for a term of three years by a resolution of the Administrative Trustees passed at a special meeting of which not less than 21 days notice has been given and may be so appointed not more than one month before the term of an existing Co-opted Administrative Trustee expires with effect from the date of expiry but so that the latter shall not vote on the matter.

Four of the Co-opted Administrative Trustees are appointed by the Administrative Trustees at their discretion from amongst the serving and retired regular and territorial members of the regiment.

  1. No person shall be entitled to act as an Administrative Trustee whether on a first or any subsequent entry into office until after signing into the minute book of the Administrative Trustees a declaration of acceptance and of willingness to act in the trusts of this Scheme.

  2. An Administrative Trustee shall cease to be an Administrative Trustee if he or she:-

  3. i. is disqualified from acting as a Trustee by virtue of Section 178 of the Charities Act 2011; or

  4. ii. becomes incapable (in the opinion of the Administrative Trustees) by reason of illness, injury or mental disorder of managing his or her own affairs; or

  5. iii. is not an Ex-officio Administrative Trustee and is absent without the permission of the Administrative Trustees from all their meetings held within a period of two consecutive years and the Administrative Trustees resolve that his or her office be vacated; or

  6. iv. gives not less than one month’s notice in writing of his or her intention to resign (but only if at least six Administrative Trustees will remain in office when the notice of resignation is to take effect).

  7. Upon the occurrence of a vacancy the Administrative Trustees shall cause a note thereof to be entered in their minute book at their next meeting, any competent Administrative Trustee may be re-appointed.

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 5

THE LIGHT DRAGOONS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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 members of the board of Trustees on 13 September 2023 and signed on their behalf by:

Captain C R Renwick

C F S May Esq.

Page 6

THE LIGHT DRAGOONS CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT for the year ended 5 April 2023

Independent examiner's report to the Trustees of The Light Dragoons Charitable Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated: 13 September 2023

J Routledge FCA

Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne, NE2 1QP

Page 7

THE LIGHT DRAGOONS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2023

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Sale of reunion function tickets
Receipts from sale of stock
Sales of "Regimental Journal"
. Other charitable activities
Investments
5
Total income
Expenditure on:
Investment management fees
6
Other charitable activities
7
Total expenditure
Net expenditure before net
(losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
30,406
-
-
-
-
31,868
62,274
7,118
93,409
100,527
(38,253)
(81,626)
(119,879)
1,267,877
(119,879)
1,147,998		 Unrestricted
funds
2023
£
111,347
2,980
2,201
145
-
26,395
143,068
6,679
155,642
162,321
(19,253)
(80,330)
(99,583)
1,263,184
(99,583)
1,163,601		 Total
funds
2023
£
141,753
2,980
2,201
145
-
58,263
205,342
13,797
249,051
262,848
(57,506)
(161,956)
(219,462)
2,531,061
(219,462)
2,311,599		 Total
funds
2022
£
118,079
3,108
2,475
275
50
46,349
170,336
15,743
228,423
244,166
(73,830)
126,659
52,829
2,478,232
52,829
2,531,061

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 23 form part of these financial statements.

Page 8

THE LIGHT DRAGOONS CHARITABLE TRUST

BALANCE SHEET as at 5 April 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 15,400
14,009
96,527
125,936
(7,628)		 2023
£
1
2,193,290
2,193,291
118,308
2,311,599
2,311,599
1,147,998
1,163,601
2,311,599		 18,312
8,029
99,978
126,319
(11,178)		 2022
£
2
2,415,918
2,415,920
115,141
2,531,061
2,531,061
1,267,877
1,263,184
2,531,061

The financial statements were approved and authorised for issue by the Trustees on 13 September 2023 and signed on their behalf by:

Captain C R Renwick

C F S May Esq

The notes on pages 10 to 23 form part of these financial statements.

Page 9

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

1. General information

The Light Dragoons Charitable Trust was established on 27 July 1994 following the amalgamation of three charities for the benefit of The 13th/18th Royal Hussars (Queen Mary’s Own) Regiment and one charity for the benefit of The 15th/19th The King's Royal Hussars Regiment to form one charity – The Light Dragoons Charitable Trust.

The trust is registered as a charity under number 1041982.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Light Dragoons Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

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 establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor 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 is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Statement of financial 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.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 10

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 activity.

Expenditure on charitable activities is incurred on directly undertaking the activities 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 being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost 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 assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

Page 11

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

2. Accounting policies (continued)

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2.8 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.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 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 designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 12

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

3. Income from donations and legacies

Donations
Donations
Legacies
4.
Income from charitable activities		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
30,406
111,347
Restricted
funds
2022
Unrestricted
funds
2022
£
£
8,261
106,568
-
3,250
8,261
109,818		 Total
funds
2023
£
141,753
Total
funds
2022
£
114,829
3,250
118,079
Unrestricted
funds
2023
£
Charity incoming resources
5,326
Unrestricted
funds
2022
£
Charity incoming resources
5,908		 Total
funds
2023
£
5,326
Total
funds
2022
£
5,908

Page 13

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

5. Investment income

Income from investments
Bank and Brewin Dolphin deposit account interest received
Income from investments		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
31,777
26,242
91
153
31,868
26,395
Restricted
funds
2022
Unrestricted
funds
2022
£
£
26,005
20,344		 Total
funds
2023
£
58,019
244
58,263
Total
funds
2022
£
46,349

6. Investment management costs

Investment management fees
Investment management fees		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
7,118
6,679
Restricted
funds
2022
Unrestricted
funds
2022
£
£
8,193
7,550		 Total
funds
2023
£
13,797
Total
funds
2022
£
15,743

Page 14

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Other charitable activities
Other charitable activities		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
93,409
155,642
Restricted
funds
2022
Unrestricted
funds
2022
£
£
65,686
162,737		 Total
2023
£
249,051
Total
2022
£
228,423

8. Analysis of expenditure by activities

Direct costs
Direct costs		 Activities
undertaken
directly
2023
£
220,047
Activities
undertaken
directly
2022
£
191,115		 Support
costs
2023
£
29,004
Support
costs
2022
£
37,308		 Total
funds
2023
£
249,051
Total
funds
2022
£
228,423

Page 15

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Depreciation
Heritage Fund donations
Welfare grants and Old Comrades donations
Donations
Funeral and memorial expenditure
Charitable Trust Fund expenditure
Printing costs of "Regimental Journal"
Reunion functions expenditure
Consultancy fees
Home Headquarters and risk management insurances
Purchase value of shop stocks sold (including LD History free issue)
Development of app for veterans		 Activities
2023
£
1
14,462
49,869
689
3,414
103,348
8,214
5,931
1,207
3,446
3,216
26,250
220,047		 Total
funds
2023
£
1
14,462
49,869
689
3,414
103,348
8,214
5,931
1,207
3,446
3,216
26,250
220,047
Depreciation
Heritage Fund donations
Welfare grants and Old Comrades donations
Donations
Funeral and memorial expenditure
Charitable Trust Fund expenditure
Printing costs of "Regimental Journal"
Reunion functions expenditure
Consultancy fees
Home Headquarters and risk management insurances
Purchase value of shop stocks sold (including LD History free issue)		 Activities
2022
£
2
80
45,400
385
5,307
114,500
8,494
4,018
1,900
2,970
8,059
191,115		 Total
funds
2022
£
2
80
45,400
385
5,307
114,500
8,494
4,018
1,900
2,970
8,059
191,115

Page 16

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Printing, postage, stationery and advertising
Sundry expenses
Website costs
Independent examiners fees
Trustee expenses
Printing, postage, stationery and advertising
Sundry expenses
Website costs
Independent examiners fees
Trustee expenses
9.
Analysis of sundry costs
Honorariums
Meeting costs
Miscellaneous expenses
Uniforms
Accountancy (over)underaccrual		 Activities
2023
£
9,231
13,895
157
4,970
751
29,004
Activities
2022
£
4,000
19,710
8,317
4,778
503
37,308
2023
£
2,155
7,762
2,480
1,500
(2)
13,895		 Total
funds
2023
£
9,231
13,895
157
4,970
751
29,004
Total
funds
2022
£
4,000
19,710
8,317
4,778
503
37,308
2022
£
2,792
12,826
2,892
450
750
19,710

Page 17

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

10. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the Charity's independent examiner for the preparation and
independent examination of the Charity's annual accounts 4,970 4,778

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year, travel expenses totalling £ 751 were reimbursed or paid directly to 3 Trustees (2022 - £503 to 3 Trustees).

12. Tangible fixed assets

Cost or valuation
At 6 April 2022
At 5 April 2023
Depreciation
At 6 April 2022
Charge for the year
At 5 April 2023
Net book value
At 5 April 2023
At 5 April 2022		 Office
equipment
£
106
106
104
1
105
1
2

Page 18

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

13. Fixed asset investments

Cash held
Listed for re-
investments investment Total
£ £ £
Cost or valuation
At 6 April 2022 2,367,029 48,889 2,415,918
Additions 171,366 309,991 481,357
Disposals (259,014) (283,015) (542,029)
Revaluations (161,956) - (161,956)
At 5 April 2023 2,117,425 75,865 2,193,290
Net book value
At 5 April 2023 2,117,425 75,865 2,193,290
At 5 April 2022 2,367,029 48,889 2,415,918
. Material investments which represent more than 5% of the portfolio valuation comprise of:
2023 2022
£ £
Vanguard Investments UK Ltd US equity units 159,620 171,925
Columbia Thread Investment UK Equity Inc. units 109,241 124,468
Fidelity UCITS ICA US units 120,203 135,339
JPM Funds Ltd US LT Equity 142,759 172,281
Artemis Fund Managers US Select - 131,752
531,823 735,765
14. Stocks
2023 2022
£ £
Shop stocks 15,400 18,312

Page 19

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

15. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2023
£
11,804
2,205
14,009		 2022
£
5,834
2,195
8,029

16. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2023
£
2,658
4,970
7,628		 2022
£
2,548
8,630
11,178

17. Financial instruments

Financial assets

Financial assets measured at fair value through income and expenditure

2023 2022
£ £
2,193,290 2,415,918

Financial assets measured at fair value through income and expenditure comprise of investments in stocks and shares.

Page 20

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

18. Statement of funds

Statement of funds - current year
Balance at 6
April 2022
£
Unrestricted funds
General Fund
1,263,184
Restricted funds
Colonel's Appeal Fund
1,267,877
Armed Forces Covenant Fund
-
1,267,877
Total of funds
2,531,061
Statement of funds - prior year
Balance at
6 April 2021
£
Unrestricted funds
General Fund
1,230,685
Restricted funds
Colonel's Appeal Fund
1,247,547
Total of funds
2,478,232		 Income
£
143,068
36,024
26,250
62,274
205,342
Income
£
136,070
34,266
170,336		 Expenditure
£
(162,321)
(74,277)
(26,250)
(100,527)
(262,848)
Expenditure
£
(170,287)
(73,879)
(244,166)		 Gains/
(Losses)
£
(80,330)
(81,626)
-
(81,626)
(161,956)
Gains/
(Losses)
£
66,716
59,943
126,659		 Balance at 5
April 2023
£
1,163,601
1,147,998
-
1,147,998
2,311,599
Balance at
5 April 2022
£
1,263,184
Unrestricted funds
General Fund
Restricted funds
Colonel's Appeal Fund
Total of funds
1,267,877
2,531,061

Colonel's Appeal Fund - This fund is dedicated to issuing grants to both active and former members of the Regiment and their dependants, who are in conditions of need, hardship or distress.

Page 21

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

19. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 6
April 2022
£
1,263,184
1,267,877
2,531,061
Balance at
6 April 2021
£
1,230,685
1,247,547
2,478,232		 Income
£
143,068
62,274
205,342
Income
£
136,070
34,266
170,336		 Expenditure
£
(162,321)
(100,527)
(262,848)
Expenditure
£
(170,287)
(73,879)
(244,166)		 Gains/
(Losses)
£
(80,330)
(81,626)
(161,956)
Gains/
(Losses)
£
66,716
59,943
126,659		 Balance at 5
April 2023
£
1,163,601
1,147,998
2,311,599
Balance at
5 April 2022
£
1,263,184
1,267,877
2,531,061
Summary of funds - prior year
General funds
Restricted funds

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
1
1,130,404
1,062,886
17,594
108,342
-
(7,628)
1,147,998
1,163,601		 Total
funds
2023
£
1
2,193,290
125,936
(7,628)
2,311,599

Page 22

THE LIGHT DRAGOONS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
-
1,232,444
37,441
(2,008)
1,267,877		 Unrestricted
funds
2022
£
2
1,183,474
88,878
(9,170)
1,263,184		 Total
funds
2022
£
2
2,415,918
126,319
(11,178)
2,531,061

21. Related party transactions

During the year £14,462 was donated to the Light Dragoons Heritage Trust, a charitable trust that shares common Trustees with the Light Dragoons Charitable Trust (2022: £80).

Page 23