REGISTERED CHARITY NUMBER: 1052828
Report of the Trustees and
Financial Statements
for the Year Ended 31st March 2025
for
The King's Royal Hussars Officers' Trust
Wheeler & Co Ltd Chartered Accountants The Shrubbery
14 Church Street Whitchurch Hampshire RG28 7AB
The King's Royal Hussars Officers' Trust
Contents of the Financial Statements for the Year Ended 31st March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
The King's Royal Hussars Officers' Trust
Report of the Trustees for the Year Ended 31st March 2025
The trustees present their report with the financial statements of the charity for the year ended 31st March 2025. 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and Aims
Subject to the payment of expenses the Managing Trustees shall apply the income and at their discretion the whole or part of the property of the charity in promoting the efficiency of the Regiment by increasing the physical and general efficiency of its serving officers whether serving with the Regiment or extra-regimentally employed in such ways as the Managing Trustees from time to time think fit.
Public benefit
The trustees believe that the charity meets the requirement of public benefit by virtue of its activities providing financial assistance to current and former members of the regiment, or their families, who are in financial need.
ACHIEVEMENT AND PERFORMANCE
The Managing Trustees have continued to support the serving Regiment with grants towards expenditure on sport, equitation, adventure training, education and property. During the year expenditure included grants to King Edward VII's Hospital (Sister Agnes) and to the Household Cavalry/RAC Officers' Mess
FINANCIAL REVIEW
Investment policy and objectives
In accordance with the trust deed, the trustees have the power to invest in stocks, shares, investments and property 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.
Recruitment 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 Co-opted Managing Trustees are appointed for an initial term of three years.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1052828
Principal address
Home Headquarters The King's Royal Hussars Peninsula Barracks Winchester Hampshire SO23 8TP
Page 1
The King's Royal Hussars Officers' Trust
Report of the Trustees for the Year Ended 31st March 2025
Trustees Chairman
Brigadier J N N Orr, Colonel of the Regiment
Members
Lieutenant Colonel David T M Welford MBE, Commanding Officer Lieutenant Colonel A Harman, Chairman Regimental Association Colonel G H R Tilney MBE, Chairman Regimental Museum Major General S J M Graham 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-Faussett Esq
(ex officio) (ex officio) (ex officio)
Secretary
Lieutenant Colonel G D Wills
Independent Examiner
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 BX1 1LT
Investment advisor
Tom Quicke Senior Investment Director Investec Wealth and Investment Management 2 Gresham Street London EC2V 7QP
Approved by order of the board of trustees on 18[th] June 2025 and signed on its behalf by:
........................................................................ Brigadier J N N Orr - Trustee
Page 2
Independent Examiner's Report to the Trustees of The King's Royal Hussars Officers' Trust
Independent examiner's report to the trustees of The King's Royal Hussars Officers' Trust
I report to the charity trustees on my examination of the accounts of The King's Royal Hussars Officers' Trust (the Trust) for the year ended 31st March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
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 examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm 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 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.
Kevin Wheeler FCA
Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
Date: .............................................
Page 3
The King's Royal Hussars Officers' Trust
Statement of Financial Activities for the Year Ended 31st March 2025
| 31.3.25 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 17,178 Investment income 3 23,031 Total 40,209 EXPENDITURE ON Charitable activities To increase the efficiency of the regiment 37,747 Other 28,665 Total 66,412 Net gains/(losses) on investments (693) NET INCOME/(EXPENDITURE) (26,896) RECONCILIATION OF FUNDS Total funds brought forward 882,323 TOTAL FUNDS CARRIED FORWARD 855,427 |
31.3.24 Total funds £ 18,363 22,273 40,636 39,721 18,755 58,476 52,472 34,632 847,691 882,323 |
|---|---|
The notes form part of these financial statements
Page 4
The King's Royal Hussars Officers' Trust
Balance Sheet 31st March 2025
| 31.3.25 | 31.3.24 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 8 | 3,500 | 3,500 |
| Investments | 9 | 828,343 | 843,508 |
| 831,843 | 847,008 | ||
| CURRENT ASSETS | |||
| Debtors | 10 | 5,836 | 5,977 |
| Cash at bank | 19,918 | 31,359 | |
| 25,754 | 37,336 | ||
| CREDITORS | |||
| Amounts falling due within one year | 11 | (2,170) | (2,021) |
| NET CURRENT ASSETS | 23,584 | 35,315 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 855,427 | 882,323 | |
| NET ASSETS | 855,427 | 882,323 | |
| FUNDS | |||
| Unrestricted funds | 855,427 | 882,323 | |
| TOTAL FUNDS | 855,427 | 882,323 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18[th] June 2025 and were signed on its behalf by:
----- Start of picture text -----
.............................................
J N N Orr - Trustee [L]
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The notes form part of these financial statements
Page 5
The King's Royal Hussars Officers' Trust
Notes to the Financial Statements for the Year Ended 31st March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial 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 assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. 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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - not provided
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.25 | 31.3.24 | |
| £ | £ | |
| Subscriptions - serving officers | 11,546 | 12,521 |
| Subscriptions - retired officers | 5,632 | 5,842 |
| 17,178 | 18,363 |
continued...
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The King's Royal Hussars Officers' Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
| 3. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| Income from listed investments | 23,031 | 22,273 | ||
| 4. | GRANTS PAYABLE | |||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| To increase the efficiency of the regiment | 37,747 | 39,721 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 31.3.25 | 31.3.24 | |||
| £ | £ | |||
| The Serving Regiment | 32,372 | 33,746 | ||
| Regimental Association | 1,540 | 5,350 | ||
| King Edward VII's Hospital (Sister Agnes) | 25 | 25 | ||
| H Cav/RAC Corps Mess Fund | 3,810 | 600 | ||
| 37,747 | 39,721 | |||
| 5. | SUPPORT COSTS | |||
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Other resources expended | 27,681 | 984 | 28,665 | |
| Support costs, included in the above, are as follows: | ||||
| Management | ||||
| 31.3.25 | 31.3.24 | |||
| Other | ||||
| resources | Total | |||
| expended | activities | |||
| £ | £ | |||
| Wages | 2,292 | 5,250 | ||
| Insurance | 5,914 | 4,780 | ||
| Trustees' meeting expenses | 564 | 571 | ||
| Sundries | 334 | 695 | ||
| Heritage and conservation | 11,933 | 371 | ||
| Travelling expenses | 179 | 566 | ||
| Investec management charges | 6,465 | 6,090 | ||
| 27,681 | 18,323 |
continued...
Page 7
The King's Royal Hussars Officers' Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
5. SUPPORT COSTS - continued Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 31.3.25 | 31.3.24 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Accountancy and legal fees | 984 | 432 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Management and support No employees received emoluments in excess of £60,000. TANGIBLE FIXED ASSETS COST At 1st April 2024 and 31st March 2025 NET BOOK VALUE At 31st March 2025 At 31st March 2024 |
31.3.25 1 |
31.3.24 1 Fixtures and fittings £ 3,500 3,500 3,500 |
|---|---|---|
8. TANGIBLE FIXED ASSETS
Tangible fixed assets relate to a picture, the "Klip Drift", which is currently on loan to the Cavalry and Guards Club.
continued...
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The King's Royal Hussars Officers' Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st April 2024 Purchases Disposal proceeds Revaluations At 31st March 2025 NET BOOK VALUE At 31st March 2025 At 31st March 2024 There were no investment assets outside the UK. The above investments are stated as follows: 2024 £ Historic cost 719,071 Revaluation 124,437 843,508 Acquisitions in the year were financed solely from the sale proceeds of investments. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 £ Prepayments and accrued income 5,836 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 £ Accrued expenses 2,170 12. RELATED PARTY DISCLOSURES |
Listed investments £ 843,508 622,459 (636,931) (693) 828,343 828,343 843,508 2023 £ 722,266 74,638 796,904 31.3.24 £ 5,977 31.3.24 £ 2,021 |
|---|---|
There were no related party transactions for the year ended 31st March 2025.
continued...
Page 9
The King's Royal Hussars Officers' Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
13. HERITAGE ASSETS
The Trust owns a number of heritage assets that have been acquired historically; silver, paintings, medals, some property items (campaign chests, etc) and ceremonial accoutrements. These assets are not included at cost in the accounts but were professionally valued in 2016 for insurance purposes at £2,746,919.
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