THE QUEEN’S ROYAL HUSSARS (The Queen’s Own and Royal Trish) REGIMENTAL CHARITY 

REPORT AND FINANCIAL STATEMENTS 

31 MARCH 2021 



THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY 

## CONTENTS 


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|---|---|---|---|---|
|ee|
|Page|
|Trustees|and|Adininistrative Information|i|
|Trustees’|Report|3-4|
|Independent|Examiner's|Report|5|
|Statement of|financial activities|6-8|
|Balance|sheet|9|
|Notes|to the|financial|statements|10-— 22.|

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THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY 

TRUSTEES AND ADMINISTRATIVE INFORMATION 

## Set 

## Trustees: 

Chairman and The Colonel of the Regiment: Lieutenant Genera] (Retired) Sir T A Beckett KCB CBE Other Ex-Officio Trustees:. The Commanding Officer Lieutenant Colonel] J Shann Chairman of the Association Colonel (Retired) A C Cuthbert Regimental Sergeant Major WOI (RSM) G Hepple (to April 2020) WO1.(RSM) R Gerry (from April 2020) Nominated Trustees: Brigadier C M B Coles CBE Coloncl (Retired) D J L Swann CBE Colonel (Retired) R W Currie CBE Colonel N QW Beer Additional Trustees: Brigadier (Retired) A N Bellamy Brigadier1M Mortimer Major N Entwistle Major (Rétired) D J Innes-Lumsden Licutenant Colonel T E C. Hamilton Seeretary Majo# (Retired) J S Austin Address Home Headquarters Regents Park Barracks Albany Street Londen NW1 4AL Bankers Lloyds Bank Cox’s & King’s PO Box 1190 7 Pall Mall London SWILY SNA Independent Examiner Liz Hazell FCA Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE Investment managers Rathbone Investment Management Limited Port ofLiverpoo! Building Pier Head Liverpool L3. INW Registered Charity Number 1043673 

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THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2621 Eee 

The Trustees present their report and accounts for the year ended 3] March 2021. 

## Objects 

The Charity is regulated by a Scheme of the Charity Commissioners for England and Wales dated 28 February 1994. The Charity comprises: 

## The Relief in Need Branch (Benevolent Fund) 

Income is applied at the discretion of the Trustees in relieving Ooindividuals who are serving or former members of the Regiment or former Regiments and dependants wlio are in conditions of need, hardship or distress, by making grants of ifoney or providing or paying for items, services or facilities calculated to reduce need, hardship or distress. 

The Officers’ Trast Branch (Officers? Trust Fund) Incomeefficiencyis apphedof its servingat thediscretionofficers in suchof the waysTrusteesas the te Trustees promotefromthe efficiency time to timeofthe-think Regiment fit. by increasing the 

## Museum Support Fund 

Income is appliéd at the discretion of the Trustees to fund the building of a new regimental museum to-house theloans. Regimental collection.The purchase of the building was achieved. from the sale of chattels, donations-and 

## Chattels Branch 

> In additton, the Charity owns a collection of chattels. (silver, pictures, records ‘and other items) which are kept for the benefit of future generations. Many of the assets were acquired through spoils of war or gifted. The historical cost of the assets purchased is either not known or is considered likely to be immaterial. 

## Regimental Charity Branch 

> The Charity also oversees the Regimental Charity Branch which is audited under-Anny Regulations. under the| 

> supervisionTrustees. Theof theRegimental CommandingCharity OfficerBranch of isthe not Regiment,inéluded anin these ex-officioaccounts:trustee, who in turn reports to the other Organisation _ . The overarching body responsible for efficient management of the charity are the Trustees. New trustees are invited to join by theChainnan from-serving or retired members of the Regimental Association. Candidates are chosen because they are.seen to have particular skills.and experience which complement or reinforce those of existing trustees. 

The Trustees meet twice a year when policy conceming the charity is discussed and decisions made. The Trustees confirm that they have referred to the guidance contained in the Charity Commission General Guidance on Public Benefit when reviewing the Funds” aims and objectives and to planning future activities and setting grant making pcelicies. 

## Trustees 

The current Trustees that served-during the year and to the date of this report are listed on page 1. 

## ESSE 

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## THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2621 

## Trustees responsibilities 

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fatr view of the Charity’s-financial activities during the year and the financial position at the end of the year. In preparing those financial statements, the Trustees.should follow best practice and: 

- select suitable accounting policies and then apply them censistently; 

- - make judgements and estimates that are. reasonable and prudent; - prepare the financial statements on the going concer basis unless it is inappropriate to presume that the charity will continue in the foreseeable future. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Funds and which enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the, assets of the Funds and hence for taking teasonable. steps for the prevention and detection of fraud and other irregularities. 

## Risk management 

The Trustees have tegard for the principal areas of the Charity’s operations and the major risks which may arise in these areas. [n their opinion, the Charity has established resources and review systems which, under normal. operations.conditions, Theshouldkeyallow-therisks are risksconsideredidentifiedto be:by them to be mitigated to. an acceptablelevel in their day to day Insufficient Income 1o meet the Regimental Charitable: Trust's Aims. The tisk control measures we have in place are to review, at Jeast twice yearly, the invéstiient portfolio, ensuré we maintain adequate teserves and encouragé the payment of annual subscriptions to the Benevolent Fund and Officers! Trust Fund. 

Catastrophic. damage to or mis-use of the Trust's properties at Trinity Mews, Warwick. The risk control measures we have in place are te ensure we have adequate atid appropriate buildings insurance and implementing statutory safety: checks and Jandlord’s inspections of the property. 

## Review of activities 

## Benevolent Fund 

income: 

> The fund derives 68% of its income from its portfolio of investments in British government stocks, leading UK.. companies and a limited number of pyerseas companies, and the one day pay scheme. 

## Expenditure 

Financial assistance is given. in-the form of grants and allowances to a$sist current aud past members -of the regiment. Grants are authorised by the trustees. Grants to individuals amounted to £17,181 (2020; £20,315) during the-year and io other institutions, £3,180 (2020: £7,150). This year 36 (2020: 36) casesof benevalenoe were approved by the Trustees and.also 16 (2020: 16) Christmas gifts to widows. Directcharitable expenditure represents 46% (2020: 123%) of incoming resources available for charitable application. Administration expenses£7,664 (2020:at £25,946£ni]) depreciation(2020: £14,141)on No. represents.2 Trinity Mews.28% (2020: 9%) of total resources expended, and includes 

. ; | | 

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THE QUEEN’S ROYAL HUSSARS REGIMENTAL; CHARITY 

## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 

Officers’ Trust Fund income The fund derives 35% (2020: 42%) of its income from its portfolio of investments, with the. remaining 65% (2020: 38%) of income being received from subscriptions from both serving members of the Regiment and retired officers of the Regiment and former Regiments, and other donations. 

Expenditure The fund provides money to offset the cost of challenging pursuits of Regimental officers. Grants are made bylibrary. the Trustees-Administration.each year.costsIt alsoat supports£7,980 (2020:the safe£7,322) upkeeprepresentof Officers’20%Mess(2020: property13%)- silver,of totalpicturesresources and expended. 

Resirictedfund The Fund was established witha50,000 shares.in China Merchants Investment Trust received from the Sibley Trust Pund in the years 2000 and 2001 and the current assets of the fund are shown at note 8. The investments cannot be sold during the donor’s lifetime without: his-consent and income from the investment:is to be used for specific purposesin the Officers’ Mass. 

Museum Support fund Jncome The fund derives its income from investment income and donations. Donations of £600 (2020: £8,941) were received in the year. 

## Expenditure 

Administration expenses.of £1,860 (2020; £2,338) and depreciation of £11,543 on No.1 Trinity Mews (2020: £11,543) together represented 50% (2020: 88%) of total resources expended, the remainder being expenditure for charitable activities. : Investment policy The investments ofthe Funds are managed by Rathbones Investment Management Limited on a total return Reserves The Trustees’ policy is to maintain a level of reserves sufficient to provide a stable base: for the Funds’ continuing activities while atthe same time ensuring excessive fimds are not accumulated. Reserves compzise the amounts held in unrestricted funds and are substantially represented by investments, The Trustees believe that the reserves dre sufficient for its current purposes and these are reviewedon a regular basis. Signed. on behalf of the Trusteeson [9 nou 2wlroer VL) 

vecceceoreessal ree Apt Colonel RW Cutie CBE. Trustee 


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## THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE QUEEN’S ROYAL HUSSARS REGINEMTAL.CHARITY 

[ report to the trustees on my examination of the accounts of The Queen’s Royal Hussars (the. Charity) for the year ended 31 March 2021. 

## Respective Responsibilitiesof trustees and examiner 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in- accordance with the requirements of the CharitiesAct 2011 (‘the Act’). 

I report-in respect ofmy examination of the Trust’s accounts cartied out under section 145 of the 2011 Act and in cerrymg out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) ofthe Act. 

## Basis of independent examimer’s report 

My examination was catried out in accordance with the general Directions given by the Charity Commission, An examination includes a review of the accounting records kept by the charity and a comparison ‘of the accounts presented with those records, Tt also includes consideration of any unusual items or disclosures in the accounts, aud seeking explanations. from’ you as trustees concerning any such matters: The procedures undertaken do.not provide all the evidence that would be required in an audit and. consequently no opinion is given as to whether the accounts present @ ‘true and fair view’ and the report islimited to those matters set out in the statement below. 

## Independent examiner’s statement 

Lhave completed my examination. I confirm that no‘ material matters-have come to my atteritioi **n** connection with the examination giving me cause to believe that in any material respect: 

1, acconnting records were tiot kept in respect of thie Trist as requiredby section 130 of the Act;or 

2, the accounts do net.accord with those ‘records; or 

3.set the accounts do not. comply with the applicable requirements concerningthe farm and content of accounts: 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 bé drawn in this report in order to enable a proper understanding of the-accounts to be reached. 


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Liz Hazell FCA Saffery Champness LLP 71 Queen. Victoria Street London EC4V 4BE ~ 

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THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY 

## BALANCE SHEET AT 31 MARCH 2021 

|BALANCE SHEET<br>AT 31 MARCH 2021|BALANCE SHEET<br>AT 31 MARCH 2021|BALANCE SHEET<br>AT 31 MARCH 2021|
|---|---|---|
|eee|||
|-<br>Regimental’<br>|Regimental| Museum<br>20242020<br>_<br>Benevolent<br>Officers'<br>Support<br>.<br>-<br>oe<br>Fond FrustFund Fund|||
|Fixed-assets<br>er<br>Tangible Fixed<br>4|ne <br>:|ee<br>:|
|Assets<br>414,723<br>‘Tavesiments<br>= 3<br>1,923,109<br>a<br>2837,832<br>- Current<br>:<br>meses|_..<br>7.<br>750,785<br>750,785:<br>:|$95,092<br>1,009,815)<br>998,273<br>152,811.<br>;**_**<br>2,826,705<br>2,922.846<br>747,903<br>3,836,520 3,221,119<br>—|
|Debtots<br>5<br>7<br>Cashatbank =<br>49,020<br>ne<br>49,020|648,071<br>32,425<br>680,496:|ol<br>648,071<br>648,071<br>|<br>9.010:<br>90,455.<br>97,969.<br>9,010<br>738,526.<br>746,040:|
|Miabilities<br>Creditors<br>G6<br>3,700)"|.<br>(12,600)-|Se<br>be<br>teee<br>(672,354). | (688,654)<br>(687,144) -|
|“Netourrent<br>45,320<br>mse|667,896|(663,344).<br>«40872.<br>~—~«SBSS<br>a|
|Netassets<br>2,383,152|1,418,681_|84,559<br>_3,886,392 °<br>,<br>3,280,015<br>_|
|, Unrestricted<br>=<br>2,383,152. 1,208,763<br>Designated<br>= 7<br>|<br>-<br>155,131.<br>Total unrestricted<br>©<br>2,383,152<br>‘1,363,894:<br>fonds||84,559<br>3,676,474.<br>3,093,549.<br>-)<br>155,131<br>=<br>39.365:<br>84,559<br>3,831,605:<br>3,132,914<br>cbc<br>vault puna|
|Restricted== 8<br>=:|54,787|es2<br>64787<br>147,101|
|TotalFunds<br>**—**_=2,<br>383,152 1,418,681||84,559 «3,886,392<br>3,286,015-|
|Thefinancial statements. wereapprovedon|on<br>106 mlasQunber|Qunber 2oL||
|edad seer ess corner sce cceaBesenerivra caries caress<br>Trustee.||oeores os<br>b<br>eee. ee ren)<br>Trustee<br>.|



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THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY NOTES FO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 a ]Accounting policies 

: | | 

1.3 Investment income 

1.4 Dénations 

The principal accounting policies.are summarised below, The accounting policies have been applied consistently throughout the year and the preceding year. 

## L.1 — Basts of Accounting: 

The financial statements have been prepared in accordance with. the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their-accounits im accordance with the Financial Reporting Standard applicable in-the UK and Republic-of Ireland (FRS 102) and the Financia! Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice (UK GAAP). The Charity 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 notes. 

## 12 

## Going concern 

charitiesInplaceMarchregulations 2020 the to Wortd severelyHealth restrict Organisationthe. freemoyementdeclared ofCOVID-19 individualsa pandemic which impacted and the the UK. operations government of putmany in year endedaroundMarchthe country.2021 thinking However, of the long-termthé Charity objects has managed of the Charity.its cash flow.andTherefore, operationsat the time ofcarefullyapprovingin the the financial statements, the Trustees have a reasonable expectation that the Charity has adequate: resources to continue in operational existence for at least 12. mohths from the approval date of these financial statements. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

Investment income. is creditedto the income-and expenditure account when réceivable. 

Donations together with any associated income tax recoverable, arid subscriptions are recognised as income when the Charity had entitlement. 

1.5. Resources expended Expenditurecannot.be is recognisedon an accruals. basis.as a fiability is ineurred. Expenditure includes any VAT which recovered, and the VAT is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by: the Charity in the delivery of its activities and services for its beneficiaries. Itincludes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## 1.6 

## Funds 

‘Unrestricted funds - these are funds where the Trustees. have discretion to use them in furtherance of the objectives of[the.Charity.] 

> Designated funds ~ these are imrestri¢ted fuiids but where the Trustees have decided to set them aside. for-a. specific purpose. 

Restricted funds —these funds are to bé used for specific more restricted purposes in tine with the wishes of the donor. 

## Jt 

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## THE QUEEN’S ROYAL HUSSARS REGIMENTAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 

## 1 Accounting policies (continued) 

- 1.7 Fixed assets 

Fixed assets are stated at cost less depreciation. Depreciation is provided in order to write.off the cost of each asset evenly over ifs expected useful life at the following rate: 

## Buildings 

2% per annum of cost, excluding Jand which is not depreciated 

The Charity owns a collection of chattels (silver, pictures, records and other items) which are kept for the benefit of future generations. Many of the assets were acquired through spoils of war or gifted. The historical cost of. the assets. purchased is either not known or is considered likely to be immaterial and no deprecation is-charged agaist these, 

## 1.8 Fixed asset investments 

Fixed asset investments are stated at market value at the balance sheet date. Realised and unrealised investment gains/losses are combined and taken te the Statementof Financial Activities. 19 Financial assets 

Financial assets are recognised in the Charity’s balance sheet wher the Clarify. becomes party provisions[of][ the][instrument.] to the contractual Basic financial assets, which include trade and other reveivables and cash and bank balances, are initially measured at transaction price including transaction césts. Financial assets are derecognised only when the contractual rights to the cash flows fiom the asset expire, or when it transfers the financial asset and substantially all the risks and rewards ofownership to another entity. 

| 

| ! 

## 1.J0 Fimaneial liabilities 

Basic financial liabilities are initially measured at transaction price. 

Financial liabilities are derecognised when, and onty when, the Charity’s obligations are discharged, caricelled, or they expire. 

## 1.11 Key judgements and assumptions 

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affeets: both current and fyture periods. 

Noin'2021key judgementsor 2620. or assumptions haye been made by the Trusteesin the preparation of the financial statemenis 

## 1.12 

## Exemption from preparinga cash flow 

‘The Charity has taken the exemptidn provided in Staternent of Recommended Practice: Accounting and Reporting by Charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) allowing small charities not to prepare a cash flow statement. 

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