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2021-03-31-accounts

Financial Return

For the year ended 31 March 2021

Reserve Forces' and Cadets' Association For Greater London

Charitable Trust

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Financial Account for the year ended 31 March 2021

Contents

Information 2
Independent Examiners' Report 3
Income and Expenditure Account 4
Balance Sheet 5
Notes to the Accounts 6

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Financial Account for the year ended 31 March 2021

Information

The Reserve Forces' and Cadets' Association for Greater London Charitable Trust was created in in 1995, incorporating several previous charities, including funds transferred in

1

from the 58th Division Memorial Fund and from closed Messes Funds.

The objects of the Charity are:

In additional, the Charity has an obligation to issue grants to the NAA if required and to provide funding to the 58th Division Memorial as needed

Charities Headquaters: Fulham House 87 Fulham High Street London SW6 3JS Bankers: Lloyds Bank plc Cox's and King's Branch 7 Pall Mall London SW1Y 5NA Independent Examiner: Brian Hinchley BH Executive Services 21 Albert Road Ramsgate Kent, CT11 8DW

2

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Financial Account for the year ended 31 March 2021

Independent Examiners' Report to the Trustees

The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act)) and that an independent examination is needed. It is my responsibility to

  • examine the accounts (under section 43 of the Act,

My examination was carried 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. It also includes consideration of any unusual items or disclosures in the accounts, and 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 a "true and fair" view and the report is limited to those matters set out in the statement below.

In the course of my examination, other than the rate of cash depletion (and the Trustees have confirmed that they are taking steps to mitigate this issue ), no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 41 of the Act; and

  3. to prepare accounts which accord with the accounting procedures and comply with the accounting requirements of the 1993 Act; have not been met; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached other than the loss on investments and the bank overdraft reported at the end of March 2020. While noting at the date of this statement investments have made a recovery the cash position of the bank account still requires urgent attention. A review of the portfolio and steps to obtain further funds should be taken as soon as possible to protect the assets of the Trust.

The cash deposit of £25,000 made by the RFCA for Greater London is a non-interest bearing loan that is held against the investments yet to be realised and is fully repayable on demand with no specific date for repayment.

Signed:

Brian Hinchley BH Executive Services

21 Albert Road Ramsgate Kent CT11 8DW

Date:

3

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Income and Expenditure Account

For the year ended 31 March 2021

INCOME
Interest Income (note 2)
Dividend Income (note 3)
Loan Received (note 4)
Total Income		 2021
2020
£
£
26 133
1,462 1,893
25,000 -
26,488 2,026

EXPENDITURE

4

Grants issued (note 4)
Miscellaneous administrative expenses
Total Expenditure
Excess (Expense) Income for the year		 11,562 21,106
84 9
11,646 21,115
14,842 - 19,089

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Balance Sheet

as at 31 March 2021

ASSETS
Cash at bank
COIF Deposit Fund
Investments (note 5)
Total Assets
LIABILITIES
Total Liabilities (bank overdraft)
Total Liabilities
TOTAL ASSETS LESS TOTAL LIABILITIES		 2021
2020
£
£
13,279 -
21,700 21,700
349,701 302,673
384,681 324,373
- 1,563
- 1,563
384,681 322,810

FINANCED BY

General Reserves (note 6)

384,681 322,810

5

The financial statements were approved and signed on behalf of the Charitable Trust by:

(Colonel P Germain) Date:

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Notes to the Financial Accounts

For the year ended 31 March 2021

1 Statement of Accounting Policies

The financial statements are prepared on a cash basis with the exception of investments which are shown at the current market value with the variance between cost and current value shown as an unrealised gain or loss against reserves.

2 Interest Income
COIF Charities Deposit Fund
Bank Account
Other interest
3 Dividend Income
UST CCCF
M&G Charifund
4 Donations Received & Grants Issued
Loan Received:
RFCA for Greater London		 2021
2020
£
£
26 133
- -
- -
26 133
2021
2020
£
£
- -
1,462 1,893
1,462 1,893
2021
2020
£
£
25,000 -
- -
- -
- -
- -
25,000 -
Grants Issued:
DNA/Living History re. Walter Project
DNA/ Stepping Forward Website Hosting
D Harwood Archivist
GLRFCA - September 01 Event
DNA/ Guards Museum Grant		 - -
930 810
10,632 13,516
- -
- 6,780
-
11,562 21,106

…/cont.

6

Reserve Forces' and Cadets' Association for Greater London Charitable Trust

Notes to the Financial Accounts (Cont.)

For the year ended 31 March 2021

5 Investments

Total Unit Price 2021 2020
Units @31-3-2021 £ £
Northern Trust International
FAS (Ireland) Ltd. A/c Number 342339.8245 0.924 316,322 275,572
98970 *
M&G Charifund 2266.989 14.72 33,379 27,101
Current market value of investments 349,701 302,673
Historical cost:
Northern Trust International
FAS (Ireland) Ltd. A/c Number 127,016 127,016
98970 *
M&G Charifund 17,839 17,839
144,855 144,855
Unrealised gain on investments 204,846 157,818

6 General Reserves

Opening balance
Excess income for the year
Increase/(decrease) in unrealised
gain/(loss) on investments		 2021
2020
£
£
322,810 384,413
14,842 - 19,089
47,028 - 42,514
384,681 322,810

RFCA FOR GREATER LONDON CHARITABLE TRUST - SCHEDULE OF INVESTMENTS - 31 MARCH 2021

Ser No Investment No of shares Purchase Price Market Value Dividend Interest
Income 20-21 Income 20-21
1 COIF Dep £ 21,700.00 £ 21,700.00 £ - £ -
2 Northern Trust 342339.82 £ 127,015.86 £ 316,322.00 £ - £ -
3 M&G Charifund 2266.989 £ 17,839.02 £ 33,379.37 £ 1,462.21 £ 1,892.93
Totals £ 166,554.88 £ 371,401.37 £ 1,462.21 £ 1,892.93

EOY INVESTMENT VALUATION AS AT 31 MARCH 2021

Northern Trust International FAS (Ireland) Ltd. A/c Number 98970 *

Date
Purchased Shares
18337.20
03/31/2002
03/31/2003
03/31/2004
03/31/2005
03/31/2006
01/17/2007
1216.61
03/31/2007
03/31/2008
03/31/2009
03/31/2010
03/31/2011
03/31/2012
03/31/2013 (Estimation)
03/31/2014 (Estimation)
03/31/2015 (Estimation)
03/31/2016
279294.5929
03/31/2017
285280.1376
03/31/2018
290232.0513
03/31/2019
320027.5620
03/31/2020
331494.8883
03/31/2021
342339.8245
31/03/2021 Increase in Valuation		 Purchased Shares Total Shares Share Price
18337.20
1216.61

Y/E 31/03/2021 Increase in Valuation

*** Transfer of Ownership/ Fund to Northern Trust FAS (Ireland) Ltd. on 09/12/2015**

M & G Charifund A/c No 79805521

Date Purchased Shares Total Shares Share Price Valuation
1,381.000 £ 2.63505 £ 3,639.00
03/31/2002 1,381.000 £ 11.54490 £ 15,943.51
03/31/2003 1,381.000 £ 8.74700 £ 12,079.61
03/31/2004 1,381.000 £ 10.80340 £ 14,919.50
03/31/2005 1,381.000 £ 12.47600 £ 17,229.36
03/31/2006 1,381.000 £ 14.92680 £ 20,613.91
12/21/2006 885.989 £ 16.02730 £ 14,200.01
03/31/2007 2,266.989 £ 16.29050 £ 36,930.38
03/31/2008 2,266.989 £ 13.09920 £ 29,695.74
03/31/2009 2,266.989 £ 8.19240 £ 18,572.08
03/31/2010 2,266.989 £ 11.07130 £ 25,098.52
03/31/2011 2,266.989 £ 11.62160 £ 26,346.04
03/31/2012 2,266.989 £ 11.41340 £ 25,874.05
03/31/2013 2,266.989 £ 13.12150 £ 29,746.30
03/31/2014 2,266.989 £ 14.45254 £ 32,763.75
03/31/2015 2,266.989 £ 15.13700 £ 34,315.41
03/31/2016 2,266.989 £ 14.15120 £ 32,080.61
03/31/2017 2,266.989 £ 15.59170 £ 35,346.21
03/31/2018 2,266.989 £ 15.27200 £ 34,621.46
03/31/2019 2,266.989 £ 15.39000 £ 34,888.96
03/31/2020 2,266.989 £ 11.95470 £ 27,101.17
03/31/2021 2,266.989 £ 14.72410 £ 33,379.37
Y/E 31/03/21 Increase in Valuation £ 6,278.20
Y/E 31/03/2021 Total Valuation £ 349,701.37

GL Charitable Trust Cash Book Analysis Year Ending 31st March 2021

Date
04/01/2020
04/06/2020
04/30/2020
05/11/2020
05/29/2020
06/09/2020
06/30/2020
07/31/2020
08/28/2020
09/30/2020
10/30/2020
11/30/2020
12/31/2020
01/31/2021
02/26/2021
03/31/2019
Totals		 Bank St
No.
O/B
67
68
69
70
71
72
73
74
75





C/B
Bank St
No.
O/B
67
68
69
70
71
72
73
74
75





C/B
COIF Dep
Interest
£ 8.00
£ -
£ 5.62
£ 4.34
£ -
£ 3.48
£ 2.17
£ 0.82
£ 0.29
£ 0.23
£ 0.23
£ 0.25
£ 0.14
£ 0.19		 Bank
UST
Interest
CCCF
Gross
Div
£
£
£
£		 M & G
Div
430.73
£
385.39
385.39
260.70		 Loan
Received
£
£
£
£
25,000.00 £
£
£
£
£
£
£
£
£
£
£		 Bank
Charges
-
0.30 £
22.24 £
0.74 £
30.79
0.15
23.91 £
0.89 £
0.74 £
1.48
0.74
0.15 £
0.15
1.48 £
0.15		 Payments
Notes
Made
-£
-£
-
-£
-
-£
-
-£
£
£
3,655.90
£
2,700.80
£
1,200.00
£
£
£
1,980.00
£
£
2,025.00
£
£
11,561.70		 Bank
Balance
1,563.
1,555.
1,555.
1,571.
1,142.
23,831.
23,831.
20,155.
17,840.
16,641.
16,639.
16,639.
15,044.
15,044.
13,279.
13,279.
£ 25.76 £ - £ - £ 1,462.21 £ 25,000.00 £ 83.91 £