REGISTERED CHARITY Nu1BER. 1052828 ort of the Trustees and Finaneial Statements for the Ye r Ended 31st March 2024 The Kin 'sRo al Hussars Officers, Trust WheKler & Co Ltd Chartered Accountants The Slllubbery 14 Church Street Whit¢hurch Hampshire RG28 7AB
The Kin 'sRo
l Hussars Officers, Trust
Contents of the Finan¢i21 Statements for the Year Ended 31st March 2024 Page Report of the Trustees I to 2 Independent Examlnerfs Report Statement of FIDanclal Activltles Balgnee Sheet Notes to the FAnanclal Statements 6 to 10
eKin al Hussars icers, Trust ort of the Trustees h Y ar E ded 31st Mareh 2024 The trustees present their report with the fmancial statements of the charity for the year ended 3 1st March 2024. The trustees have adopted the provisions of 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 l January 2019). OBJECTIVES AND ACTIVITIES Objeetives and Aitns Subject t() the payment of expenses the Managing TSteeS shall apply the income and at their discretion the whole or part of the propety of the charity in promoting the efficiency of the Regiment by increasing the physical and general eificiency of its serving officers whdher serving with the Regiment or extra-regimentally employed in such ways as the Managing Trustees from time to time think fit. Public benefil The trustees believe that the charity meets the requirement of public benefit by virtue of its activities providing financial asslstance to Cuent and fornier members of the regiment, or their fatnilies, who are in fmancial need. ACHIEVEMENT AND PERFORMANCE The Managing Tru5tces have continued to support the serving Regiment with grants towards expenditure on sport, equitstion, adventure training, education and property. During the year expenditure included grants to King Edward VII'S Hospital (Sister Agnes) and to the Household CavalrylRAC Officers, Mess FINANCIAL REVIEW Inveslment pollcy and objeetlves In accordance with the trust deed. the trustees have the power to invest in stocks, shares, investments and propeTty in the UK as they see fit. The investment of the fund is managed by Investec Wealth & Investment Limited. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The King's Royal Hussars Officers, Trust is registered with the Charity Commission (No 1052828) and is constituted by a scheme dated 25 March 1993. Reerultment and Appointment of New Trustees There are ten Managing Trustees, three of whom are ex-officio appointed for the tenure of their appointment. The remaining seven Cowopted Managing Trustees are appointed for an initial tern] of three years. REFERENCE AND ADMINISTRATIVE DETAII Registered Charlty number 1052828 Principal address Home Headquarters The King's Royal Hussars Peninsula Barracks Winchester Hampshire S023 8TP Page I
The Kin 'sRo sl Hussars Officers, Trust Re ort of the Trustees r the Year Euded 31st M rch 202 Trustees Chairman Brigadier J N N Orr, Colonel of the Regiment (ex officio) Members Lieutenant Colonel P J Perowne, Commanding Officer Lieutenant Colonel A Harnian, Chaimian Regimental Association Colonel G H R Tilney MBE, Chairman Regimental Museum Major General S J M Grdham CB Colonel P R C Flach LVO MBE Colonel J D H Porter Colonel A M A Tilney MC Major P J Lawson C B Godfrey-Fauss¢tt Esq (ex olTicio) (ex 01ClO) Secretary Major S Penkethman Independent Examln¢r Kevin Wheeler FCA Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB Bankers Lloyds Bank plc Cox's and King's Branch PO Box 1000 BXI ILT Investment advisor Investec Wealth and Investment Management 2 Gresham Street London EC2V 7QP Approved by order of the board of triistees on ....,........ ......... . and signed on its behalf by: Brigadier J N N Orr - Tste¢ Page 2
Inde endenl Examiner, ort to the Trustees or The Kin 'sRo al Hu55ars Officers, Trus Ind¢pendent examiner's report to the trustees of The Kingls Royal Hussars Offieers, Trust I report to the charity trustee5 on my examination of the accounts of Th¢ King's Royal Hussars oificers, Trust (the Trnst) for the year ended 31 st March 2024. Responsibilities and basis of report As the charity trustees of the Trnst you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Ac¢). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my ¢xamination I have followed all applicabl¢ Directions given by the Charity Commission under Section 145(5Xb) ofthe Ad. Independent examlner's ststement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a trne and fair view which is not a matter consid¢r¢d as part of an independent ¢xamination. I have no concerns and have come across no other matters in connection with the cxamination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be rea¢hed, Kevin Wheeler FCA Wheeler & Co Ltd Chartered Arxountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB Page 3
The Kin 'sRo al Hussars Officers, Tr st Statement of Finanei21 Activities for the Year Ended 31st March 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 18,363 18,910 Investment income Total EXPENDITURE ON Charilable Activltles To increase the efficiency of the regiment 39,721 17.500 Other Total Net gainsl(1058es) on investments NET INCOMEI(EXPENDITURE) 34,632 (61,343) RECONCILIATIOIY OF FUNDS Total fvnds brought forward 847,691 909,034 TOTAL FUNDS CARRIED FORWARD 882 323 847 691 The notes forni part of these financial ststements Page 4
The Kin 'sRo alH ssars Offleer Trust lance S March 31.3.24 Unrestricted fund 31.3.23 Tolal funds Notes FIXED ASSETS Tangible assets Investments 3.500 843.508 3,500 847,008 800.404 CURRENT ASSETS Debtors Cash at bank io 5,977 31,359 4.291 45.434 37,336 49,725 CREDITORS Amounts falling due within one year {2,021) (2,438) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 882,323 847,691 NET ASSETS 882 323 847 691 FUNDS Unrestricted funds 882 323 847 691 TOTAL FUNDS 882 323 The financial statements were approved by the Board of Thistees and authorised for issue on . and were signed on its behalf by: J N N Orr- Trustee The notes forni part of these financial statements Page 5
The Kin 'sRo al Hussars Office Notes to the Finaneial Statements r the Year Ende 31st March 2024 ACCOUNTING POLICJES Basls of preparlng the fiDanclal statements The financial statements of the charity, which is a public benefit enlity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Siandard 102 'The Financial Reporting SLdard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The fmancial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain ass¢ts. Income All income is recognised in the Statement of Financial Activities once the charity has entitlemenl to the fvnds, it is probable that the income will be r¢c¢iv¢d and the amount can be measured r¢liably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal OT constwctive obligation committing the ¢harity to that expenditure, it is probable that a transfer of economic benefits will be requir¢d in seitl¢ment and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings thal aggregate all cost related to the ¢ategory. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tanglble fixed assets and deprecivdtion Depreciation is provided at the following annual rates in order to write off each &sset over its estimated useful life. Fixtures and fittings not provided Taxatlon The charity is exempt from tax on its charitable activities. Fund aeeounting UnrestrAct¢d funds can be used in accordance with the charitable objectiv¢s at th¢ discretion of the trnstees. Restri¢ted funds can only be used for parti¢ular restricted purpos within the objects of the ¢harity. Restrictions arise when specified by the donor or when funds are raised for parti¢ular restricted purposes. DONATIONS AND LEGACIES 31.3.24 31.3.23 Subscriptions - serving officers Subscriptions - retired officers 12,521 12.783 Page 6 continued..
The Ki 'sRo al Hussa Officers, Trust Notes Éo the Financial St tements- eontinued orthey ar Ended 3 t Mareh 2024 INVESTMENT 11¥4COME 31.3.24 31.3.23 Income from listed investments 22,273 GRANTS PAY ABLE 31.3.24 31.3.23 To increase the efficiency of the regiment 39.721 The total grants paid to institutions during the ycor was as follows: 31.3.24 31.3.23 The Serving Regiment Regimental A55ociation King Edward Vll's Hospital (Sister Agnes) H CavlRAC Corps Mes5 Fund 33,746 5,350 25 600 10,225 6,650 25 600 SUPPORT COSTS Governance costs Management Totals Other resource5 expended 432 Support costs, included in the above, are as follows: Management 31.3.24 Other resource5 expended 31.3.23 Total activities Wages Insuranc¢ Trustees, meeting expen5e5 Sundries Colonel of The Regiment Heritage and conservation Travelling expenses Investec management chargey 5,250 4,780 571 695 4,375 448 944 750 371 566 Page 7 continued..
The Kin 'sRo alHu ars Offjcers, Trust Notes to the Fln8nci31 Statements - eontinued f the Year Ended 31st reh 2024 SUPPORT COSTS - continued Governanee eosts 31.3.24 Other resources expended 31.3.23 Total activities Accountancy and legal fees 432 420 TRUSTEESI REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023, Trustees, expenses There were no 3 1st March 2023. trustees, expenses paid for the year ended 31st March2024 nor for the year ended STAFF COSTS The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 Management and support No employees received emoluments in excess of £60.(K)O. TANGIBLE FIXED ASSETS Fixtures fittings COST At 1st April 2023 gnd 3 1st March 2024 NET BOOK VALUE At 31st March 2024 At 3 1st Mar¢h 2023 Tangible fixed assets relate to a picture, the "Klip Drift" which is ¢utTently on loan to the Cavalry and Guards Club. Page 8 continued...
The Kin '5 R l Hussars Officers, Trust Notes to the Financial Ststements- continued for the Year Ended 31st March 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st April 2023 Purchases Disposal proceeds 796,904 175,329 128 725 At 31 st March 2024 843 508 NET BOOK VALUE At 31st March 2024 843 508 At 31st March 2023 796.904 There were no investment assets outside the UK. The above inve5tTnents are stated as follows: 2024 2023 Historic cost Revaluation 719,071 124437 722,266 843 508 Acquisitions in the year were financed solely from the Sale proceed5 of investments. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31,3.24 31.3.23 Prepayments and accrued incorne CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Accrued expenses 11 RELATED PARTY DISCLOSURES There were no related party trnnsactions for the year ended 3 1st March 2024. Page 9 continued..
The Kin 'y Ro al Hussars O(fiLers' Tr st Note5 to the Financial Statements- continued for tbe Ye r Ended 31st areh 2024 13. HERITAGE ASSETS The Tmst owns a number of heritage assets that bave been acquired historically> silver, paintings, medals, some propety items (campaigm chests, etc) and ceremonial accoutrements. These &ssets are not included at cost in the accounts but were professionally valued in 2016 for insurance purposes at £2,746,919. Page 10