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## **Home Headquarters**
**The Light Dragoons Charitable Trust**
**Fenham Barracks NEWCASTLE UPON TYNE**
## **NE2 4NP**
**Telephone: Civ 0191 239 3138, 3140, 3141 Fax 3139**
**Mil 94721 Ext 3138, 3140, 3141 Fax 3139 Email: mail@lightdragoons.org.uk**
## 22 October 2024
## Dear Sir
We confirm that the following representations are made on the basis of sufficient enquiries of trustees, executive management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation and that, to the best of our knowledge and belief, we can properly make each of these representations to you for the purpose of your independent examination of the financial statements of The Light Dragoons Charitable Trust for the year ended 5 April 2024 under the Charities Act 2011.
1. We acknowledge that the work carried out by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express an audit opinion.
2. We acknowledge our legal responsibility for the preparation of the financial statements to show a true and fair view as required by law and therefore confirm for your particular purposes that in our view these comply with the methods and principles set out in the Charities Act 2011, the regulations made under it and the Charities SORP: “Accounting and Reporting by Charities: Statement of Recommended Practice”.
3. We acknowledge our management responsibility for the maintenance of adequate internal control systems and procedures designed to prevent and detect fraud and error. We have no knowledge of any fraud, suspected fraud or allegations of fraud which could affect the charity.
4. All the financial transactions of the charitable company for the year as recorded in the accounting records and any other related information has been made available to you for your inspection.
5. The financial statements are free of material misstatements, including omissions, to the best of our knowledge and belief.
6. There are no material liabilities or contingent liabilities known to us other than those disclosed in the financial statements, including any guarantees to third parties.
7. No claims in connection with litigation have been or are expected to be received to the best of our knowledge and belief.
8. There have been no events to our knowledge since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements other than
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
those already disclosed or included in the financial statements. Should any material events occur which may necessitate revision of the figures in the financial statements, or inclusion in a note thereto, we will advise you accordingly.
9. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charitable company conducts its activities.
10. We confirm the completeness of the information provided regarding the identification of related parties, and the adequacy of related party disclosures in the financial statements.
11. We confirm that, having considered our expectations and intentions for at least the next twelve months and the availability of working capital, the charitable company is a going concern. We are unaware of any events, conditions, or risks beyond the period of assessment that may cast significant doubt on the charitable company’s ability to continue as a going concern.
12. All grants, donations and other voluntary incoming resources, the receipt of which is subject to specific terms and conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such voluntary incoming resources.
13. We confirm that we are not aware of any breach of our charitable trusts and that we have advised you of the existence of any endowments and restricted income funds maintained by us.
Yours faithfully,
………………….
## Trustee
Signed on behalf of the Board
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**Charity number: 1041982**
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**for the year ended 5 April 2024**
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
|**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 - 25|
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 5 April 2024**
|**Trustees**|Brigadier H A Watson MBE|
|---|---|
||Captain C R Renwick|
||Major W G Peto|
||Major H P Ogden|
||Captain (Retd) C N Bird|
||C F S May Esq|
||Colonel S J Plant|
||Brigadier A G C Fair|
||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 (resigned 31 January 2024)|
||Captain M Reed MBE|
||A Cawthorne (appointed 31 January 2024)|
|**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
102 Grey Street
Newcastle upon Tyne
NE1 6AG
**Solicitors**
Gibson & Co.
77 - 87 West Road
Newcastle upon Tyne
NE15 6PR
**Investment Managers**
RBC Brewin Dolphin Limited
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR||
Page 1
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **TRUSTEES' REPORT for the year ended 5 April 2024**
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024. 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 Finance and General Purpose Trustees may exercise the following powers:-
- In maintaining contact between former members of the former Regiments and present and former members of the Regiment, fostering mutual friendship between them and providing for social gatherings for them and fostering esprit de corps, comradeship and the welfare of the Regiment and preserving the traditions of the former Regiments and the Regiment.
- In relieving 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 by way of grants, gifts, pensions or otherwise or by providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of beneficiaries or by paying for such items, services or facilities by way of donations or subscriptions to charitable institutions or organisations which provide or which undertake in return to provide such items, services or facilities for such persons.
- In making grants to any regimental Charity of the Regiment or to any other charity or charitable organisation for the benefit of the Regiment or the former Regiments.
- In providing for the maintenance, repair, furnishing and decoration of any premises used for charitable purposes by or on behalf of the Regiment or the former Regiments or any unit thereof including the regimental chattels of the former Regiments.
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)'.
Page 2
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## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **OBJECTIVES AND ACTIVITIES (continued)**
## **Grant making policies**
Grants of £59,623 have been paid during the year (2023 : £49,869). 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.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Review of activities**
Total incoming resources for the year amounted to £171,652 (2023: £205,342), which after total resources expended of £235,158 (2023: £262,848) and realised/unrealised gains on investments of £181,799 (2023: losses of £161,956), produced a surplus of £118,293 for the year (2023: deficit £219,462).
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 2.1%, 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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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 2026.
At the year end, reserves totalled £2,429,892, of which £1,249,001 were unrestricted reserves (2023: total reserves of £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
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## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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:-
- i. is disqualified from acting as a Trustee by virtue of Section 178 of the Charities Act 2011; or
- 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
- 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
- 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).
3. 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
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## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 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 22 October 2024 and signed on their behalf by:
**Captain C R Renwick**
**C F S May Esq.**
Page 6
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## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**INDEPENDENT EXAMINER'S REPORT for the year ended 5 April 2024**
## **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 2024.
## **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: 22 October 2024 379583411BBE481... J Routledge FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne, NE2 1QP
Page 7
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities:
4
Sale of reunion function tickets
Receipts from sale of stock
Sales of "Regimental Journal"
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Investment management fees
7
Other charitable activities
8
**Total expenditure**
**Net expenditure before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**10,315**
**-**
**-**
**-**
**27,056**
**-**
**37,371**
**7,182**
**86,716**
**93,898**
**(56,527)**
**89,420**
**32,893**
**1,147,998**
**32,893**
**1,180,891**|**Unrestricted**
**funds**
**2024**
**£**
**101,594**
**2,325**
**985**
**75**
**22,444**
**6,858**
**134,281**
**6,891**
**134,369**
**141,260**
**(6,979)**
**92,379**
**85,400**
**1,163,601**
**85,400**
**1,249,001**|**Total**
**funds**
**2024**
**£**
**111,909**
**2,325**
**985**
**75**
**49,500**
**6,858**
**171,652**
**14,073**
**221,085**
**235,158**
**(63,506)**
**181,799**
**118,293**
**2,311,599**
**118,293**
**2,429,892**|_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_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 25 form part of these financial statements.
Page 8
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **BALANCE SHEET as at 5 April 2024**
|||**2024**|**2024**|_2023_|
|---|---|---|---|---|
||**Note**|**£**||_£_|
|**Fixed assets**|||||
|Tangible assets|13|**-**||_1_|
|Investments|14|**2,317,882**||_2,193,290_|
|||**2,317,882**||_2,193,291_|
|**Current assets**|||||
|Stocks|15|**17,098**|_15,400_||
|Debtors|16|**11,506**|_14,009_||
|Cash at bank and in hand||**91,144**|_96,527_||
|||**119,748**|_125,936_||
|Creditors: amounts falling due within one|||||
|year|17|**(7,738)**|_(7,628)_||
|**Net current assets**||**112,010**||_118,308_|
|**Total assets less current liabilities**||**2,429,892**||_2,311,599_|
|**Total net assets**||**2,429,892**||_2,311,599_|
|**Charity funds**|||||
|Restricted funds|19|**1,180,891**||_1,147,998_|
|Unrestricted funds|19|**1,249,001**||_1,163,601_|
|**Total funds**||**2,429,892**||_2,311,599_|
|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|||
|signed on their behalf by:|||||
|Signed by:||Signed by:|||
|980020E79D2A497...||250FC7AA236C45A...|||
|**Captain C R Renwick**||**C F S May Esq**|||
The notes on pages 10 to 25 form part of these financial statements.
Page 9
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **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 raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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:
- Office equipment 15% reducing balance basis
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Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **2. Accounting policies (continued)**
## **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.
## **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.
Page 12
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **2. Accounting policies (continued)**
## **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.
## **3. Income from donations and legacies**
|Donations
Legacies
Donations|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
10,315
99,594
-
2,000
10,315
101,594
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_30,406_
_111,347_|**Total**
**funds**
**2024**
**£**
**109,909**
**2,000**
**111,909**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_141,753_|
Page 13
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
Charity incoming resources
3,385
_Unrestricted_
_funds_
_2023_
_£_
Charity incoming resources
_5,326_|**Total**
**funds**
**2024**
**£**
**3,385**|
|---|---|
||_Total_
_funds_
_2023_
_£_
_5,326_|
## **5. Investment income**
|Income from investments
Bank and Brewin Dolphin deposit account interest received
Income from investments
Bank and Brewin Dolphin deposit account interest received|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
26,268
21,701
788
743
27,056
22,444
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_31,777_
_26,242_
_91_
_153_
_31,868_
_26,395_|**Total**
**funds**
**2024**
**£**
**47,969**
**1,531**
**49,500**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_58,019_
_244_
_58,263_|
Page 14
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **6. Other incoming resources**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Other income|6,858|**6,858**|_-_|
Other income in 2024 relates to excess funds within the Light Dragoons Liverpool Branch and the Serving Officers Trust Fund being donated to the Light Dragoons Charitable Trust after their closure (2023: £Nil).
## **7. Investment management costs**
|Investment management fees
Investment management fees|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
7,182
6,891
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_7,118_
_6,679_|**Total**
**funds**
**2024**
**£**
**14,073**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_13,797_|
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
||**Restricted**|**Unrestricted**||
|---|---|---|---|
||**funds**|**funds**|**Total**|
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|Other charitable activities|86,716|134,369|**221,085**|
Page 15
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **8. Analysis of expenditure on charitable activities (continued)**
## **Summary by fund type (continued)**
||_Restricted_|_Unrestricted_||
|---|---|---|---|
||_funds_|_funds_|_Total_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|Other charitable activities|_93,409_|_155,642_|_249,051_|
## **9. Analysis of expenditure by activities**
|Direct costs
Direct costs|**Activities**
**undertaken**
**directly**
**2024**
**£**
202,841
_Activities_
_undertaken_
_directly_
_2023_
_£_
_220,047_|**Support**
**costs**
**2024**
**£**
18,244
_Support_
_costs_
_2023_
_£_
_29,004_|**Total**
**funds**
**2024**
**£**
**221,085**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_249,051_|
Page 16
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **9. 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
Insurance
Purchase value of shop stocks sold (including LD History free issue)
Development of app for veterans|**Activities**
**2024**
**£**
1
4,286
59,623
610
4,919
107,155
7,597
7,445
1,445
3,744
(984)
7,000
202,841|**Total**
**funds**
**2024**
**£**
**1**
**4,286**
**59,623**
**610**
**4,919**
**107,155**
**7,597**
**7,445**
**1,445**
**3,744**
**(984)**
**7,000**
**202,841**|
|---|---|---|
|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
Insurance
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_|
|---|---|---|
Page 17
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **9. 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|**Activities**
**2024**
**£**
3,038
9,288
255
5,215
448
18,244
_Activities_
_2023_
_£_
_9,231_
_13,895_
_157_
_4,970_
_751_
_29,004_|**Total**
**funds**
**2024**
**£**
**3,038**
**9,288**
**255**
**5,215**
**448**
**18,244**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_9,231_
_13,895_
_157_
_4,970_
_751_
_29,004_|
Page 18
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **10. Analysis of sundry costs**
|Honorariums
Meeting costs
Miscellaneous expenses
Uniforms
Accountancy (over)underaccrual
Old unpresented cheques written off
**11.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the preparation and
independent examination of the Charity's annual accounts|**2024**
**£**
**250**
**7,173**
**2,567**
**-**
**(2)**
**(700)**
**9,288**
**2024**
**£**
**5,215**|_2023_
_£_
_2,155_
_7,762_
_2,480_
_1,500_
_(2)_
_-_
_13,895_|
|---|---|---|
|||_2023_
_£_
_4,970_|
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year, travel expenses totalling _£_ 448 were reimbursed or paid directly to 3 Trustees (2023 - £751 to 3 Trustees).
## **13. Tangible fixed assets**
|**Cost or valuation**
At 6 April 2023
At 5 April 2024|**Office**
**equipment**
**£**
**106**|
|---|---|
||**106**|
Page 19
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **13. Tangible fixed assets (continued)**
|**Depreciation**
At 6 April 2023
Charge for the year
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Office**
**equipment**
**£**
**105**
**1**|
|---|---|
||**106**|
||**-**|
||_1_|
**14. Fixed asset investments**
|**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Listed**
**investments**
**£**
**2,117,425**
**972,472**
**(994,622)**
**181,799**
**2,277,074**
**2,277,074**
_2,117,425_|**Cash held**
**for re-**
**investment**
**£**
**75,865**
**1,014,721**
**(1,049,778)**
**-**
**40,808**
**40,808**
_75,865_|**Total**
**£**
**2,193,290**
**1,987,193**
**(2,044,400)**
**181,799**
**2,317,882**|
|---|---|---|---|
||||**2,317,882**
_2,193,290_|
Page 20
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|
|---|---|---|
||**2024**
**£**
**-**
**-**
**158,609**
**-**
**-**
**158,609**
**2024**
**£**
**17,098**
**2024**
**£**
**9,021**
**2,485**
**11,506**
**2024**
**£**
**2,523**
**5,215**
**7,738**||
|||_2023_
_£_
_15,400_|
|||_2023_
_£_
_11,804_
_2,205_|
|||_14,009_|
|||_2023_
_£_
_2,658_
_4,970_|
|||_7,628_|
Page 21
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **18. Financial instruments**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**2,317,882**|_2,193,290_|
Financial assets measured at fair value through income and expenditure comprise of investments in stocks and shares.
Page 22
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **19. Statement of funds**
**Statement of funds - current year**
||**Balance at 6**|**Balance at 6**|**Balance at 6**||||||**Gains/**|**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**April 2023**||**Income**||**Expenditure**|||**(Losses)**||**April 2024**|
|||**£**||**£**|||**£**||**£**||**£**|
|**Unrestricted funds**||||||||||||
|General Fund||**1,163,601**||**134,281**|||**(141,260)**||**92,379**||**1,249,001**|
|**Restricted funds**||||||||||||
|Colonel's Appeal Fund||**1,147,998**||**30,371**|||**(86,898)**||**89,420**||**1,180,891**|
|Armed Forces Covenant Fund||**-**||**7,000**|||**(7,000)**||**-**||**-**|
|||**1,147,998**||**37,371**|||**(93,898)**||**89,420**||**1,180,891**|
|||||||||||||
|**Total of funds**||**2,311,599**||**171,652**|||**(235,158)**||**181,799**||**2,429,892**|
|||||||||||||
|**Statement of funds - prior year**||||||||||||
|||_Balance at_|||||||_Gains/_||_Balance at_|
|||_6 April 2022_||_Income_|||_Expenditure_||_(Losses)_||_5 April 2023_|
|||_£_||_£_|||_£_||_£_||_£_|
|**Unrestricted funds**||||||||||||
|General Fund||_1,263,184_||_143,068_|||_(162,321)_||_(80,330)_||_1,163,601_|
|**Restricted funds**||||||||||||
|Colonel's Appeal Fund||_1,267,877_||_36,024_|||_(74,277)_||_(81,626)_||_1,147,998_|
|Armed Forces Covenant Fund||_-_||_26,250_|||_(26,250)_||_-_||_-_|
|||_1,267,877_||_62,274_|||_(100,527)_||_(81,626)_||_1,147,998_|
|||||||||||||
|**Total of funds**||_2,531,061_||_205,342_|||_(262,848)_||_(161,956)_||_2,311,599_|
|||||||||||||
**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 23
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **20. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|**Balance at 6**
**April 2023**
**£**
**1,163,601**
**1,147,998**
**2,311,599**
_Balance at_
_6 April 2022_
_£_
_1,263,184_
_1,267,877_
_2,531,061_|**Income**
**£**
**134,281**
**37,371**
**171,652**
_Income_
_£_
_143,068_
_62,274_
_205,342_|**Expenditure**
**£**
**(141,260)**
**(93,898)**
**(235,158)**
_Expenditure_
_£_
_(162,321)_
_(100,527)_
_(262,848)_|**Gains/**
**(Losses)**
**£**
**92,379**
**89,420**
**181,799**
_Gains/_
_(Losses)_
_£_
_(80,330)_
_(81,626)_
_(161,956)_|**Balance at 5**
**April 2024**
**£**
**1,249,001**
**1,180,891**
**2,429,892**|
|---|---|---|---|---|---|
||||||_Balance at_
_5 April 2023_
_£_
_1,163,601_
_1,147,998_
_2,311,599_|
|**Summary of funds - prior year**||||||
|General funds
Restricted funds||||||
## **21. Analysis of net assets between funds Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
1,171,737
1,146,145
9,154
110,594
-
(7,738)
1,180,891
1,249,001|**Total**
**funds**
**2024**
**£**
**2,317,882**
**119,748**
**(7,738)**
**2,429,892**|
|---|---|---|
Page 24
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2023_
_£_
_-_
_1,130,404_
_17,594_
_-_
_1,147,998_|_Unrestricted_
_funds_
_2023_
_£_
_1_
_1,062,886_
_108,342_
_(7,628)_
_1,163,601_|_Total_
_funds_
_2023_
_£_
_1_
_2,193,290_
_125,936_
_(7,628)_
_2,311,599_|
|---|---|---|---|
## **22. Related party transactions**
During the year £4,286 was donated to the Light Dragoons Heritage Trust, a charitable trust that shares common Trustees with the Light Dragoons Charitable Trust (2023: £14,462).
Page 25
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
**Charity number: 1041982**
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**for the year ended 5 April 2024**
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
|**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 - 25|
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 5 April 2024**
|**Trustees**|Brigadier H A Watson MBE|
|---|---|
||Captain C R Renwick|
||Major W G Peto|
||Major H P Ogden|
||Captain (Retd) C N Bird|
||C F S May Esq|
||Colonel S J Plant|
||Brigadier A G C Fair|
||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 (resigned 31 January 2024)|
||Captain M Reed MBE|
||A Cawthorne (appointed 31 January 2024)|
|**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
102 Grey Street
Newcastle upon Tyne
NE1 6AG
**Solicitors**
Gibson & Co.
77 - 87 West Road
Newcastle upon Tyne
NE15 6PR
**Investment Managers**
RBC Brewin Dolphin Limited
Time Central
Gallowgate
Newcastle upon Tyne
NE1 4SR||
Page 1
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **TRUSTEES' REPORT for the year ended 5 April 2024**
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024. 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 Finance and General Purpose Trustees may exercise the following powers:-
- In maintaining contact between former members of the former Regiments and present and former members of the Regiment, fostering mutual friendship between them and providing for social gatherings for them and fostering esprit de corps, comradeship and the welfare of the Regiment and preserving the traditions of the former Regiments and the Regiment.
- In relieving 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 by way of grants, gifts, pensions or otherwise or by providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of beneficiaries or by paying for such items, services or facilities by way of donations or subscriptions to charitable institutions or organisations which provide or which undertake in return to provide such items, services or facilities for such persons.
- In making grants to any regimental Charity of the Regiment or to any other charity or charitable organisation for the benefit of the Regiment or the former Regiments.
- In providing for the maintenance, repair, furnishing and decoration of any premises used for charitable purposes by or on behalf of the Regiment or the former Regiments or any unit thereof including the regimental chattels of the former Regiments.
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)'.
Page 2
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **OBJECTIVES AND ACTIVITIES (continued)**
## **Grant making policies**
Grants of £59,623 have been paid during the year (2023 : £49,869). 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.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Review of activities**
Total incoming resources for the year amounted to £171,652 (2023: £205,342), which after total resources expended of £235,158 (2023: £262,848) and realised/unrealised gains on investments of £181,799 (2023: losses of £161,956), produced a surplus of £118,293 for the year (2023: deficit £219,462).
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 2.1%, 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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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 2026.
At the year end, reserves totalled £2,429,892, of which £1,249,001 were unrestricted reserves (2023: total reserves of £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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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:-
- i. is disqualified from acting as a Trustee by virtue of Section 178 of the Charities Act 2011; or
- 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
- 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
- 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).
3. 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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2024**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 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 22 October 2024 and signed on their behalf by:
**Captain C R Renwick**
**C F S May Esq.**
Page 6
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**INDEPENDENT EXAMINER'S REPORT for the year ended 5 April 2024**
## **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 2024.
## **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: 22 October 2024 379583411BBE481... J Routledge FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne, NE2 1QP
Page 7
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities:
4
Sale of reunion function tickets
Receipts from sale of stock
Sales of "Regimental Journal"
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Investment management fees
7
Other charitable activities
8
**Total expenditure**
**Net expenditure before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**10,315**
**-**
**-**
**-**
**27,056**
**-**
**37,371**
**7,182**
**86,716**
**93,898**
**(56,527)**
**89,420**
**32,893**
**1,147,998**
**32,893**
**1,180,891**|**Unrestricted**
**funds**
**2024**
**£**
**101,594**
**2,325**
**985**
**75**
**22,444**
**6,858**
**134,281**
**6,891**
**134,369**
**141,260**
**(6,979)**
**92,379**
**85,400**
**1,163,601**
**85,400**
**1,249,001**|**Total**
**funds**
**2024**
**£**
**111,909**
**2,325**
**985**
**75**
**49,500**
**6,858**
**171,652**
**14,073**
**221,085**
**235,158**
**(63,506)**
**181,799**
**118,293**
**2,311,599**
**118,293**
**2,429,892**|_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_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 25 form part of these financial statements.
Page 8
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **BALANCE SHEET as at 5 April 2024**
|||**2024**|**2024**|_2023_|
|---|---|---|---|---|
||**Note**|**£**||_£_|
|**Fixed assets**|||||
|Tangible assets|13|**-**||_1_|
|Investments|14|**2,317,882**||_2,193,290_|
|||**2,317,882**||_2,193,291_|
|**Current assets**|||||
|Stocks|15|**17,098**|_15,400_||
|Debtors|16|**11,506**|_14,009_||
|Cash at bank and in hand||**91,144**|_96,527_||
|||**119,748**|_125,936_||
|Creditors: amounts falling due within one|||||
|year|17|**(7,738)**|_(7,628)_||
|**Net current assets**||**112,010**||_118,308_|
|**Total assets less current liabilities**||**2,429,892**||_2,311,599_|
|**Total net assets**||**2,429,892**||_2,311,599_|
|**Charity funds**|||||
|Restricted funds|19|**1,180,891**||_1,147,998_|
|Unrestricted funds|19|**1,249,001**||_1,163,601_|
|**Total funds**||**2,429,892**||_2,311,599_|
|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|The financial statements were approved and authorised for issue by the Trustees on 22 October 2024 and|||
|signed on their behalf by:|||||
|Signed by:||Signed by:|||
|980020E79D2A497...||250FC7AA236C45A...|||
|**Captain C R Renwick**||**C F S May Esq**|||
The notes on pages 10 to 25 form part of these financial statements.
Page 9
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **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
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **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 raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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:
- Office equipment 15% reducing balance basis
Page 11
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **2. Accounting policies (continued)**
## **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.
## **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.
Page 12
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **2. Accounting policies (continued)**
## **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.
## **3. Income from donations and legacies**
|Donations
Legacies
Donations|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
10,315
99,594
-
2,000
10,315
101,594
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_30,406_
_111,347_|**Total**
**funds**
**2024**
**£**
**109,909**
**2,000**
**111,909**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_141,753_|
Page 13
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
Charity incoming resources
3,385
_Unrestricted_
_funds_
_2023_
_£_
Charity incoming resources
_5,326_|**Total**
**funds**
**2024**
**£**
**3,385**|
|---|---|
||_Total_
_funds_
_2023_
_£_
_5,326_|
## **5. Investment income**
|Income from investments
Bank and Brewin Dolphin deposit account interest received
Income from investments
Bank and Brewin Dolphin deposit account interest received|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
26,268
21,701
788
743
27,056
22,444
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_31,777_
_26,242_
_91_
_153_
_31,868_
_26,395_|**Total**
**funds**
**2024**
**£**
**47,969**
**1,531**
**49,500**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_58,019_
_244_
_58,263_|
Page 14
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **6. Other incoming resources**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Other income|6,858|**6,858**|_-_|
Other income in 2024 relates to excess funds within the Light Dragoons Liverpool Branch and the Serving Officers Trust Fund being donated to the Light Dragoons Charitable Trust after their closure (2023: £Nil).
## **7. Investment management costs**
|Investment management fees
Investment management fees|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
7,182
6,891
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_7,118_
_6,679_|**Total**
**funds**
**2024**
**£**
**14,073**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_13,797_|
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
||**Restricted**|**Unrestricted**||
|---|---|---|---|
||**funds**|**funds**|**Total**|
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|Other charitable activities|86,716|134,369|**221,085**|
Page 15
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **8. Analysis of expenditure on charitable activities (continued)**
## **Summary by fund type (continued)**
||_Restricted_|_Unrestricted_||
|---|---|---|---|
||_funds_|_funds_|_Total_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|Other charitable activities|_93,409_|_155,642_|_249,051_|
## **9. Analysis of expenditure by activities**
|Direct costs
Direct costs|**Activities**
**undertaken**
**directly**
**2024**
**£**
202,841
_Activities_
_undertaken_
_directly_
_2023_
_£_
_220,047_|**Support**
**costs**
**2024**
**£**
18,244
_Support_
_costs_
_2023_
_£_
_29,004_|**Total**
**funds**
**2024**
**£**
**221,085**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_249,051_|
Page 16
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **9. 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
Insurance
Purchase value of shop stocks sold (including LD History free issue)
Development of app for veterans|**Activities**
**2024**
**£**
1
4,286
59,623
610
4,919
107,155
7,597
7,445
1,445
3,744
(984)
7,000
202,841|**Total**
**funds**
**2024**
**£**
**1**
**4,286**
**59,623**
**610**
**4,919**
**107,155**
**7,597**
**7,445**
**1,445**
**3,744**
**(984)**
**7,000**
**202,841**|
|---|---|---|
|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
Insurance
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_|
|---|---|---|
Page 17
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **9. 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|**Activities**
**2024**
**£**
3,038
9,288
255
5,215
448
18,244
_Activities_
_2023_
_£_
_9,231_
_13,895_
_157_
_4,970_
_751_
_29,004_|**Total**
**funds**
**2024**
**£**
**3,038**
**9,288**
**255**
**5,215**
**448**
**18,244**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_9,231_
_13,895_
_157_
_4,970_
_751_
_29,004_|
Page 18
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **10. Analysis of sundry costs**
|Honorariums
Meeting costs
Miscellaneous expenses
Uniforms
Accountancy (over)underaccrual
Old unpresented cheques written off
**11.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the preparation and
independent examination of the Charity's annual accounts|**2024**
**£**
**250**
**7,173**
**2,567**
**-**
**(2)**
**(700)**
**9,288**
**2024**
**£**
**5,215**|_2023_
_£_
_2,155_
_7,762_
_2,480_
_1,500_
_(2)_
_-_
_13,895_|
|---|---|---|
|||_2023_
_£_
_4,970_|
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year, travel expenses totalling _£_ 448 were reimbursed or paid directly to 3 Trustees (2023 - £751 to 3 Trustees).
## **13. Tangible fixed assets**
|**Cost or valuation**
At 6 April 2023
At 5 April 2024|**Office**
**equipment**
**£**
**106**|
|---|---|
||**106**|
Page 19
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **13. Tangible fixed assets (continued)**
|**Depreciation**
At 6 April 2023
Charge for the year
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Office**
**equipment**
**£**
**105**
**1**|
|---|---|
||**106**|
||**-**|
||_1_|
**14. Fixed asset investments**
|**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Listed**
**investments**
**£**
**2,117,425**
**972,472**
**(994,622)**
**181,799**
**2,277,074**
**2,277,074**
_2,117,425_|**Cash held**
**for re-**
**investment**
**£**
**75,865**
**1,014,721**
**(1,049,778)**
**-**
**40,808**
**40,808**
_75,865_|**Total**
**£**
**2,193,290**
**1,987,193**
**(2,044,400)**
**181,799**
**2,317,882**|
|---|---|---|---|
||||**2,317,882**
_2,193,290_|
Page 20
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|**.**
**Material investments which represent more than 5% of the portfolio valuation comprise of:**
**2024**
_2023_
**£**
_£_
Vanguard Investments UK Ltd US equity units
**-**
_171,925_
Columbia Thread Investment UK Equity Inc. units
**-**
_124,468_
Fidelity UCITS ICA US units
**158,609**
_135,339_
JPM Funds Ltd US LT Equity
**-**
_172,281_
Artemis Fund Managers US Select
**-**
_131,752_
**158,609**
_735,765_
**15.**
**Stocks**
**2024**
_2023_
**£**
_£_
Shop stocks
**17,098**
_15,400_
**16.**
**Debtors**
**2024**
_2023_
**£**
_£_
**Due within one year**
Other debtors
**9,021**
_11,804_
Prepayments and accrued income
**2,485**
_2,205_
**11,506**
_14,009_
**17.**
**Creditors: Amounts falling due within one year**
**2024**
_2023_
**£**
_£_
Other creditors
**2,523**
_2,658_
Accruals and deferred income
**5,215**
_4,970_
**7,738**
_7,628_|
|---|---|---|
||**2024**
**£**
**-**
**-**
**158,609**
**-**
**-**
**158,609**
**2024**
**£**
**17,098**
**2024**
**£**
**9,021**
**2,485**
**11,506**
**2024**
**£**
**2,523**
**5,215**
**7,738**||
|||_2023_
_£_
_15,400_|
|||_2023_
_£_
_11,804_
_2,205_|
|||_14,009_|
|||_2023_
_£_
_2,658_
_4,970_|
|||_7,628_|
Page 21
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **18. Financial instruments**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**2,317,882**|_2,193,290_|
Financial assets measured at fair value through income and expenditure comprise of investments in stocks and shares.
Page 22
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **19. Statement of funds**
**Statement of funds - current year**
||**Balance at 6**|**Balance at 6**|**Balance at 6**||||||**Gains/**|**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**April 2023**||**Income**||**Expenditure**|||**(Losses)**||**April 2024**|
|||**£**||**£**|||**£**||**£**||**£**|
|**Unrestricted funds**||||||||||||
|General Fund||**1,163,601**||**134,281**|||**(141,260)**||**92,379**||**1,249,001**|
|**Restricted funds**||||||||||||
|Colonel's Appeal Fund||**1,147,998**||**30,371**|||**(86,898)**||**89,420**||**1,180,891**|
|Armed Forces Covenant Fund||**-**||**7,000**|||**(7,000)**||**-**||**-**|
|||**1,147,998**||**37,371**|||**(93,898)**||**89,420**||**1,180,891**|
|||||||||||||
|**Total of funds**||**2,311,599**||**171,652**|||**(235,158)**||**181,799**||**2,429,892**|
|||||||||||||
|**Statement of funds - prior year**||||||||||||
|||_Balance at_|||||||_Gains/_||_Balance at_|
|||_6 April 2022_||_Income_|||_Expenditure_||_(Losses)_||_5 April 2023_|
|||_£_||_£_|||_£_||_£_||_£_|
|**Unrestricted funds**||||||||||||
|General Fund||_1,263,184_||_143,068_|||_(162,321)_||_(80,330)_||_1,163,601_|
|**Restricted funds**||||||||||||
|Colonel's Appeal Fund||_1,267,877_||_36,024_|||_(74,277)_||_(81,626)_||_1,147,998_|
|Armed Forces Covenant Fund||_-_||_26,250_|||_(26,250)_||_-_||_-_|
|||_1,267,877_||_62,274_|||_(100,527)_||_(81,626)_||_1,147,998_|
|||||||||||||
|**Total of funds**||_2,531,061_||_205,342_|||_(262,848)_||_(161,956)_||_2,311,599_|
|||||||||||||
**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 23
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **20. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|**Balance at 6**
**April 2023**
**£**
**1,163,601**
**1,147,998**
**2,311,599**
_Balance at_
_6 April 2022_
_£_
_1,263,184_
_1,267,877_
_2,531,061_|**Income**
**£**
**134,281**
**37,371**
**171,652**
_Income_
_£_
_143,068_
_62,274_
_205,342_|**Expenditure**
**£**
**(141,260)**
**(93,898)**
**(235,158)**
_Expenditure_
_£_
_(162,321)_
_(100,527)_
_(262,848)_|**Gains/**
**(Losses)**
**£**
**92,379**
**89,420**
**181,799**
_Gains/_
_(Losses)_
_£_
_(80,330)_
_(81,626)_
_(161,956)_|**Balance at 5**
**April 2024**
**£**
**1,249,001**
**1,180,891**
**2,429,892**|
|---|---|---|---|---|---|
||||||_Balance at_
_5 April 2023_
_£_
_1,163,601_
_1,147,998_
_2,311,599_|
|**Summary of funds - prior year**||||||
|General funds
Restricted funds||||||
## **21. Analysis of net assets between funds Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
1,171,737
1,146,145
9,154
110,594
-
(7,738)
1,180,891
1,249,001|**Total**
**funds**
**2024**
**£**
**2,317,882**
**119,748**
**(7,738)**
**2,429,892**|
|---|---|---|
Page 24
Docusign Envelope ID: 5F75BA0A-6593-449C-90D3-196F904241D5
## **THE LIGHT DRAGOONS CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2023_
_£_
_-_
_1,130,404_
_17,594_
_-_
_1,147,998_|_Unrestricted_
_funds_
_2023_
_£_
_1_
_1,062,886_
_108,342_
_(7,628)_
_1,163,601_|_Total_
_funds_
_2023_
_£_
_1_
_2,193,290_
_125,936_
_(7,628)_
_2,311,599_|
|---|---|---|---|
## **22. Related party transactions**
During the year £4,286 was donated to the Light Dragoons Heritage Trust, a charitable trust that shares common Trustees with the Light Dragoons Charitable Trust (2023: £14,462).
Page 25