2024-03-31-accounts

THE ROYAL CORPS OF ARMY MUSIC TRUST

REGISTERED CHARITY NUMBER 1073432

Annual Report and Financial Statements for the year 1 April 2023 to 31 March 2024

The Charity’s principal address is:

Headquarters

The Royal Corps of Army Music Trust

Cloutman Building

Gibraltar Barracks

Minley GU17 9LP

Contents

1. List of Trustees

2. Governance

3. Objects of the Charity

4. Annual Report

5. Independent Examiner’s Report

6. Statement of Financial Activities

7. Balance Sheet

8. Analysis of Income and Expenditure

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1 LIST OF TRUSTEES

Role Date of appointment

Lieutenant General David James Eastman MBE Colonel Simon Neil Haw MBE Colonel David Andrew Barringer MVO MBE Lieutenant Colonel Craig Hallatt Lieutenant Colonel Lauren Petritz-Watts Warrant Officer Class One David James Hatton Doctor Marc van Grondelle MSc PhD Mr Nik Preston Professor Philip Dermot McEvoy OBE Mr Vincent Eckerman Mr Francis Roseman

Mr John Arvid Camillo Huggins Major Guy William Bennett

Chair 6 September 2021 Trustee Retired – 15 May 2024 Trustee 15 May 2024 Trustee Retired – 2 September 2024 Trustee 2 September 2024 Trustee 3 April 2023 Trustee 1 March 2014 Trustee 23 April 2015 Trustee 29 November 2016 Trustee 31 March 2022 Trustee 3 November 2022 Secretary Retired – 30 September 2024 Secretary 1 October 2024

Contact the Secretary Telephone: [phone] Email: [e-mail]

Major Guy Bennett Telephone: [phone] Email: [e-mail] / [e-mail]

2 GOVERNANCE

2.1 Colonel S Haw MBE retired as Corps Colonel (Trustee) on 15 May 2024 and Colonel D Barringer MVO MBE was appointed Corps Colonel (Trustee) on 15 May 2024. On 2 September 2024 Lieutenant Colonel C Hallatt Principal Director of Music (Army) (Trustee) retired and Lieutenant Colonel L Petritz-Watts was appointed Principal Director of Music (Army) (Trustee). On 20 September 2024, Dr M van Grondelle retired as a Trustee. Mr J Huggins retired as Secretary on 30 September 2024 and Major Guy Bennett was appointed Secretary on 1 October 2024.

3 OBJECTS OF THE CHARITY

3.1 Object 1. to promote the efficiency of the army and in particular that of the Royal Corps of Army Music (the Corps) in such ways as the trustees from time to time think fit.

3.2 Object 2. to foster esprit de corps and comradeship between all serving and former members of the Corps.

3.3 Object 3. to relieve either generally or individually serving and former members of the Corps and their dependants who are in conditions of need, hardship or distress (beneficiaries).

3.4 Object 4. to promote the education, training, physical fitness and efficiency of members of the Corps.

3.5 The Trust is open for membership to serving members of The Royal Corps of Army Music who subscribe one day’s pay a year to the Charity through the Day’s Pay Giving Scheme. On joining a member becomes a ‘life’ member, eligible for welfare and benevolence whilst serving or in

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retirement. Subscriptions are only collected from serving members of the Corps, but donations are welcome from all retired members and establishments.

4 ANNUAL REPORT

4.1 The Trust has three funds – an unrestricted General fund and two restricted funds; Army Sports Control Board which provides grants for Corps sporting activity and the RCAM Trust’s Enterprise funds. The latter of these is an experimental project, testing the viability of a larger income generating scheme. The report also shows Custodian funds managed through these accounts for the British Army Jazz Orchestra, the British Army Brass Band, the Director of Music’s Presentations, Kneller Hall Club and the Roots Memorial Prize funds.

The Corps Journal

4.2 The journal of The Royal Corps of Army Music, “Fanfare” is published annually and distributed to all members of the Corps and is available for purchase to those who have an interest in the Corps or military music and is essential for communicating with serving and veteran members. This year £349 was received in subscriptions for the journal and production costs were £3,979. Postal copies of the journal were extended to include members of the Army Musicians Association, as well as the Kneller Hall Club, the Corps’ veteran associations.

Financial Report

4.3 The overall income for this period was £153,145, an increase of 52% on the previous year’s amount of £100,636, showing a surplus of £7,679 compared to a deficit of £55,622 in the previous year. The total Trust income was £131,214 (unrestricted), an increase of 33% from £87,799. The increase was predominantly due to delayed investment receipts of an extra £18,484, a difference of £38,304 from BlackRock in the previous years and an increase of Subscriptions (outlined below).

4.4 The Statement of Financial Activity shows Subscriptions (Day’s Pay) was £67,763, up £5,494. Merchandise expenditure rose to £5,728 from £848, due to increased stocking levels in preparation for the upcoming Corps 30[th] Anniversary in 2024.

4.5 The Trust encourages welfare grants, which are a significant means of encouraging fitness and sporting activities through the contributions made to individuals’ cost of taking part in adventure training and other sporting activity. These activities develop not only part of an individual’s continuous professional development, but also the esprit de corps and moral component within the Corps and wider Army. The Army Sports Control Board grant of £10,000, was underutilised due to the Corps’ full commitment to the Coronation of His Majesty, King Charles III, however £5,484 was spent with the remaining amount identified for upcoming Corps events. Adventure Training, as ever, remains the greatest part of expenditure in the area of welfare support, with an overall spend of £15,506 promoting the training and education of members.

4.6 Expenditure of £40,434 has been made in preparation for the Corps’ 30[th] Anniversary Project – ‘RCAM30’ in 2024 and other expenditure is expected into the following year.

4.7 Benevolence grants are used to support Army musicians and their immediate dependants who require assistance through illness, disability or other personal conditions. Generally, grants are only a part of the individual’s needs and are made after in depth liaison with external service charities through their caseworkers. Expenditure in this area has increased by £2,844 to £8,911 from the previous year.

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Reserves Policy

4.8 The Royal Corps of Army Music Trust’s Funds are generated primarily through donations from the One Day’s Pay Scheme and investments income. Trustees are satisfied that the Trust funds remain sufficient to continue to support the objectives appropriately, sustaining the efficiency of the Corps and those in need.

4.9 The Trust Reserves Policy recognises Restricted and Unrestricted funds, the latter of which include the Free Reserves which are kept available for use in future years and include the RCAM Trust’s Enterprise project and the Corps’ 30[th] Anniversary events. It also considers strategic planning for catastrophic events, a planned increase in administrative spending and a working capital to support the objects for the next five years. This is a total of £1,089k.

Volunteers

4.10 RCAM Trust currently has no volunteers.

Structure, Governance and Management (Governance)

4.11 The Royal Corps of Army Music Trust is constituted by a Deed of Trust (Dated 8[th] January 1999) and was entered onto the Charity Commissioners Register on 21[st] January 1999. On 15[th] October 2020, these were amended to reflect new practices and changes to the ex-officio Chairmanship and Board membership composition. As such it is an unincorporated association.

Related Partes

4.12 There were no related party transactions during the year.

Investments and Cash

4.13 A total of £586,373 was held as investments at the end of the year. This is a reduction as the Investment Committee at that time were in the process of making new investments. Subsequently, in the next financial period, £562,733 was invested with Waverton Investment Management Ltd in September 2024. We no longer invest with St James’s Place Wealth Management, but have maintained investments with Blackrock Armed Forces Charity Growth & Income (Distribution) fund although this is reduced to £586,373. It should be noted that there was a gain on the overall investment value by £25,894 in this period, which is positive. Investments are reviewed periodically by the Investment Committee.

4.14 All funds are managed through two bank Accounts. The primary Current Account administers the Unrestricted Funds and Restricted Funds. The second, Special Interest Bearing Account provides some additional income to the charity through interest, this year returning £2,641, an increase on last year’s income. The third ‘Restricted’ account is due to be closed and is kept at nil value. There was £10,361 held in the primary Current Account, £717,800 in the Special Interest Bearing Account, which includes the Waverton investment funds (£562,733) noted above, and £0 in the Restricted Current Account at the end of the year with £115 in Petty Cash.

Bankers

4.15 Royal Bank of Scotland (Holt’s Military Banking).

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Disbursement Policy

4.16 The Trustees will continue to welcome applications from serving and former members of the Royal Corps of Army Music for disbursements which fall within the Objects of the Trust.

Approved by the Trustees on 29 January 2025 and signed on their behalf by:-

D J Eastman MBE Lieutenant General Colonel Commandant The Royal Corps of Army Music Headquarters Cloutman Building Gibraltar Barracks Minley, GU17 9LP

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6. STATEMENT OF FINANCIAL ACTIVITIES

The Royal Corps of Army Music Trust For the period from 01 April 2023 to 31 March 2024

	Unrestricted	Designated	Restricted	Total	Prior year
	funds	funds	funds	funds	total funds
Income and endowments from:
Donatons and legacies	70,066	10,000	6,475	86,541	76,009
Income from charitable actvites	374	-	-	374	749
Other trading actvites	1,568	-	-	1,568	4,138
Investments	59,206	-	-	59,206	18,903
Other income	-	-	5,456	5,456	837
Total income	131,214	10,000	11,931	153,145	100,636
Expenditure on:
Raising funds	9,707	-	-	9,707	848
Expenditure on charitable actvites	-	-	-	-	-
Grants for the beneft of individuals	96,425	6,091	-	102,516	138,987
Grants to other charites	7,550	-	-	7,550	100
Grant making and other support costs	9,300	-	-	9,300	11,405
Other expenditure	-	-	16,393	16,393	4,195
Total expenditure	122,982	6,091	16,393	145,466	156,257
Net income / (expenditure) resources before transfer	8,232	3,909	(4,462)	7,679	(55,622)
Transfers:
Gross transfers between funds - in	-	-	11,610	11,610	10,000
Gross transfers between funds – out	(11,610)	-	-	(11,610)	(10,000)
Other recognised gains / losses
Gains/losses on investment assets	25,894	-	-	25,894	-
Gains on revaluaton, fxed assets, charity's own use	-	-	-	-	(3,000)
Net movement in funds	22,516	3,909	7,148	33,573	(58,622)
Reconciliaton of funds
Total funds brought forward	1,262,190	9,863	31,051	1,303,104	1,361,725
Total funds carried forward	1,284,706	13,772	38,199	1,336,677	1,303,104

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7. BALANCE SHEET DETAILED

The Royal Corps of Army Music Trust – 1073432 For the period from 01 April 2023 to 31 March 2024

	As at 31 Mar 24	As at 31 Mar 23
Fixed assets Heritage assets Investments Current assets Debtors Investments Cash At Bank And In Hand Liabilites Creditors: Amounts Falling Due In One Year Net current assets less current liabilites Total assets less current liabilites Liabilites Total net assets less liabilites Represented by Unrestricted Unrestricted - General Funds Designated Designated - Army Sports Control Board Restricted Restricted - DOM Presentaton Fund Restricted – BAJO Restricted – BABB Restricted - Enterprise Restricted - Kneller Hall Club Restricted - Roots Prize Day Restricted – Other Fund Totals	13,200 586,373 599,573 8,828 - 728,276 737,104 - - 737,104 1,336,677 - 1,336,677 1,284,707 13,772 5,491 5,864 1,065 8,141 5,668 360 11,610 1,336,677	13,200 1,123,212
		1,136,412
		2,039 - 164,653
		166,692
		-
		-
		166,692
		1,301,104 -
		1,301,104
		1,262,190 9,863 5,611 6,443 1,065 6,642 10,930 360 -
		1,303,104

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8. ANALYSIS OF INCOME AND EXPENDITURE

The Royal Corps of Army Music Trust – 1073432

	Total General Designated Restricted As at 31 Mar 24 As at 31 Mar 23
Income and endowments from: Donatons and legacies 2201 - Subscriptons (Day's Pay) 2202 - Donatons Concerts 2203 - Donatons Personal 2204 - Donaton Corporate 2205 - Donatons Collectons 2206 - Grants - Army Sports Control Board 3331- Kneller Hall Club Subscriptons 3333- Kneller Hall Club Reunion 3334 - Kneller Hall Club Sales 3337 - Army Musicians Associaton Income (AMA) 3344 - DOMs Presentaton Fund Donatons and legacies Totals Income from charitable actvites 1161 - Benevolent Grants Return 2220 - Refund Welfare Grants 2230 - Welfare & Adventurous Training 3351 - Corps Journal Fanfare Subs Income from charitable actvites Totals Other trading actvites 3382 - Merchandise Sales Other trading actvites Totals Investments 4422 - Interest RBS SIBA 4424 - AFCIF BlackRock Dividends Investments Totals Other income 3346 – RCAM Enterprise Other income totals Income and endowments Grand totals	67,763 - - 67,763 62,269 200 - - 200 - 773 - - 773 1,318 1,320 - - 1,320 - - - - - 418 - 10,000 - 10,000 10,000 - - 1,443 1,443 1,692 - - 4,505 4,505 30 - - 437 437 30 10 - - 10 - - - 90 90 252
	70,066 10,000 6,475 86,451 76,009 25 - - 25 139 - - - - 106 - - - - 200 349 - - 349 304
	374 - - 374 749 1,568 - - 1,568 4,138
	1,568 - - 1,568 4,138 2,641 - - 2,641 642 56,565 - - 56,565 18,261
	59,206 - - 59,206 18,903
	- - 5,456 5,456 837
	- - 5,456 5,456 837
	131,214 10,000 11,931 153,145 100,636
Expenditure on: Raising funds 3561 - Corps Journal Printng 3,979 - - 3,979 - 4324 - Merchandise Expenditure 5,728 - - 5,728 848 Raising funds Totals 9,707 - - 9,707 848 For the period from 01 April 2023 to 31 March 2024	3,979 - - 3,979 - 5,728 - - 5,728 848

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	General Designated	Total Restricted As at 31 Mar 24 As at 31 Mar 23
Expenditure on charitable actvites Grants for the beneft of individuals 1665 - Benevolent Grants 2512 - Training Courses 2662 - Welfare Grants 2663 - Welfare Elite Sports 2664 - Welfare Sports 2665 - Welfare ASCB 2666 - Welfare Grants Adventurous Training 2667 - Welfare Music 3313 - Anniversary Projects (RCAM 30) 3511 - RCAM Prizes 3515 - Ofcers' Sergeants' / HQ Messes 3567 - Ethos - Veterans 3568 - Ethos - Expenditure 4501 – Roots 4601 - Presentatons Grants to other charites 4304 - Donatons to other Charites Grant making support costs 4335 - Postage 4517 - Statonery 4562 - RCAM Trustees Meetng 4564 - RCAM Trustees Expenses 4586 - Computer & IT 4590 - Independent examinaton fees 4600 - Bookkeeping fees 4723 - Insurance Premiums 4724 - Bank Charges Expenditure on charitable actvites Totals Other expenditure 3532 – Kneller Hall Club Purchases 3536 – Kneller Hall Club Expenditure 3539 – Kneller Hall Clubnight 3544 – DOM’s Presentaton 4542 – Britsh Army Jazz Orchestra (BAJO) 4544 - RCAM Enterprise Other expenditure Totals Expenditure Grand totals	8,911 - 650 - 6,901 - - - 786 - - 6,091 15,606 - 250 - 40,434 - 78 - 10,200 - 2,035 - 5,100 - - - 5,474 -	- 8,911 6,067 - 650 - - 6,901 10,531 - - 1,000 - 786 6,883 - 6,091 10,137 - 15,606 17,713 - 250 3,183 - 40,434 64,800 - 78 850 - 10,200 2,353 - 2,035 1,465 - 5,100 12,844 - - 104 - 5,474 1,057
	96,425 6,091 7,550 -	- 102,516 138,987 - 7,550 100
	7,550 880 - 89 - 44 - 30 - 3,534 - 1,440 - 2,574 - 606 - 103 -	7,550 100 - 880 359 - 89 216 - 44 339 - 30 5 - 3,534 9,922 - 1,440 - - 2,574 - - 606 495 - 103 69
	9,300 -	- 9,300 11,405
	113,275 6,091 - - - - - - - - - - - - - - 122,982 6,091	- 119,366 114,425 1,877 1,877 174 50 50 - 9,720 9,720 549 210 210 - 579 579 - 3,957 3,957 4,195
		16,393 16,393 4,918
		16,393 145,466 156,257

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