THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY REGISTERED CHARrrY NO: 1085050 NCI L STA TEMENTS Fo nd d 30 June 2020
ThE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY INDEX TRUSTEES, REPORT AUDITORS, REPORT 9-11 STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 NOTES TO THE ACCOUNTS 14-24
THE ROYAL ANGLIAN REGIMENT BEN OL NT CHARfTY TRUSTEES, REPO FOR THE YEAR ENDED 30 JUNE 2020 The Trustees submit their Report and Accounts for the year ended 30 June 2020. The financlal statements have been prepared in accordance with the accounting policies set out on pages 14 to 16 of the accounts and compty wllh the charty's trust deed, the Charities Act 2011 and A¢ntIng and Reporting by Charities.. Ststement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland FRS102 published in October 2019. ObJe¢tfv¢s and Aclfvllles for the Publ1¢ Beneflt The objects of The Royal Anglian Regimènt Benevolent Charity are: The rellef ol persons who are: In need, hardship or distress and Are seNing or fom)er members of Th? Royal Anglian Regiment, fomier Regimènts that make up the Royal Anglian Regiment (rhe 'Regiment'l and spouses and dependanls of such persons. To promote the efficiency of the Royal Anglian Regiment {the 'ReglmenV) in such ways as Ihe Trustees may decide. The Trustees confimi Ihat they have referred to the Charity Commission's guidance on public benefil when reviewing the ¢harty's aims and objeclNes. when setting the benevolent grant making policy for the year and in determining which activities fall within the scope of'promoting the efficiency ofthe amed forces of the Crown.. The principal contribution to public benefft comes from the charlty's benevolent grant-making lo those members of the RegirrEntal famity who are in need, hardship or distress, often operating in conjunction with other charitable bodie5. Public benefft is also derived from our support of the Regimental chapels. memorials and museums across the Counties of Easl Anglia and the East of England. This encourages esprit de corps within the Regiment whose efficiency is further enhanced by the charity's maSntenance of chattels, including the Regimental silver collection and band instrunRnts. and our support ofthe Officers. and NCOS, messes and the Regimental Institutes for Other Ranks, in each of Ihe Regiment's battalions. The efficièncy of seNing soldiers is also enhanced by grants in support of physical fitness, sport and adventurous training and the charity contributes to recnJilin9 actNities ft)r officers and soldiers. Fomier members of the Regiment are supported by the Regimental Asscciation, which receives a grant from the charity. Grant Maklng Pollcy The Royal Anglian Regiment Benevolent Charty continues to bè responsible for dealing with all benevolent Cases Involving past and present members of the Reglment and its 'fomer Regiments., their spouses and dependants. The Trustees have agreed an upper limit of £750 which is an exception. wth a normal upper limil of £500 being applied to each case. The Royal Tigers. Association continues to staff and pay its own cases, with the Charity assistin9 where it is appropriate to do so, with a combined grant not to exceed the Charity's limits. This arrangement will continue until 2022. when the Royal Tigers AssKiation will march off parade. From that dale the charity will take sole responsibillty for their veterans. The Royal British Legion and The Army Benevolent Fund IThe Soldlers, Charity) contlnue lo provlde Invaluable financial support in those cases th8t exceed the limll agreed by the Truslees. Almonisation with these organisations has more than trebled the arrth)unt of benevolence given to seNing and I0er members of the RegimenL
E ROYAL ANGLIAN REGI ENT BENEVOL NT CHARI USTEES. REPORT FO THE YEAR ENOED 30 JUNE 2020 Achlevements and perfornlance Benevolence- During the year the Charity reviewed 21312019: 216) cases wth £51,05812019.' £57,568) of grants being paid out The Trustees currently expect that level of grant to be maintained or exceeded for the foreseeable future. ReglffEntsl Efficierry - During the year the following major expendlture was undertaken lolalling £112,281 (2019: £108,897), by support to: Two regular Batt81ions and our Reserve Battalion for adventure training. Further support to our Battalions, serving overseas and on their retum from operational tours. Regimental recNlting, both for officers and soldiers. The Regimental Gathering Day. The fomier Regiments Associations. The RenEmbrance Day Service at the Regimental MewK)rial. The Regimental Bathefield Tour. Fundralslng The maln sources of wulaT inwme are the Days Pay Scheme, income on investments and donations. Total ino)me has decreased on the previous year by 12.72Yo lo £295.638 (2019= £338,725). This is mainly due to a fall in charitsble activities incoffÈ recefved during the year. The Day's Pay Scheme produced £107,347, a decTra$8 of £3.837 for 2020. The fundraising tsrgets for RHQ and the Battalions are set by the Regimental Council. PJI new soldlers and Offr8 are encouraged to participate in the Days Pay Scheme. Donations are not Speafically sought for general fursding. No professional fund raisers are used and the Regirnentsl Council ensures thatall fijndraising iscarried outwithin Charity Commission guidelines. We have not receNed any complainls about the way in which we cary out our fttndraising aCtIve5. Future Plans The Trustees have Conducted a review of future benevolen¢e requirements and are ¢ontentlhat planned expenditure on benevolence is both necessary and sustainabl8. Caseload varies year by year, but the Trustees are pleased to note that all valid requests for assistance were met. The Trustees have discussed a range of measures that will ensure that they wll continue to be met, potentially with increased levels of hardship, in the wake of the Covid 19 pandemic. At the same time, fundralsing is becoming more challenging due lo the Covld 19 restrictions. The replacement of Ihe Regimenlal Shop (which was operated by the Charity) with a Comractual agreement beeeft the Regiment and a third-party operator, has been fully completed and has significantty reduced the Charity's trading rfsk while providing better seNice and the prospect of greater income in fvlure years. The Trustees conlinLre lo place the highest emphasis on improved govemance. The proposed new govemance operating rffel has been implemented, including the recruitment of new trustees. The govemance operallng rrn)del sets out a coherent framewoth for the strudure, responslbllllies, policies and reporting processes thal are requlred to. achieve the Charity's objectives. fulfil all slatlrtory and regulatory reqU1MentS, operate in the most effKfent and effeclwe way. 11 consisls ofan Inveslmenl Committeewhich manages the Charity's investrnents, an Audit and Assurance Committee which oversees all aspects of Risk. Assurance and the good govemance of the Charity and an Operating Committee which oversees the annual budget and the day to day manageffent of financial perfonTon¢e, fundraising and benevolen¢e. All three committees report direotty to the maln Board. A separate Benevolence Committee is responsible for the day to day administration of benevolence and reports annualty lo the Board, Vk? the Operating Commlttee.
ThE ROYAL ANGLIAN REGIME T BENEVOLENT HAR TRUSTEES, REPORT R THE YEAR ENDED 30 JUNE 2020 Flnanclal Revlow Income exceeded expendilure ty £173,167 (2019.. £280,577), after investrnent gains of£137,792 (2019.. £234.280). The net asseis of the Charity at 30 June 2020 were £8,836,437 (2019.. £8,663,270). At 30 June 2020 the Charity had unrestricted reserves of £5,469,055, endowment reseprfes of £3,221,968 and restricted reseNes of£145,414. Restrlcled reserves a made up of£96,845 in the Wayland Amputee Fund, £5,813 in the Chapel Fund and £42,756 in the Silver Fund. Investmènt Pollcy and Pèrforniance The TTUStees have concluded that the cent fvndamental VIeW of Investment strategy remains valKI. This takes account of changing economic prospects and the Charity's requirements lor incoffe and capital growth overthe short lo medium lemi. The investment portfolio continues to be managed on a discretionary basis by the agreed investnnt manager, Sarasin & Partners LLP. Th& Charity's InVesthnt Policy includes the followlng dlrection to th& invèstment manager: The objectNe Is for capltal and Income growth and generating the best financtal return withln an acceptable level of risk. InvesthEnt should grr)w, or at least m8intsin in real temts, the value of thè capital whilè produc¢ng a steady stream of income for grant making. The charty seeks lo derive around £150k from Its Investments per year, and therefore the overall long temi tsrget is CPI +4% per annum net of costs. The objectives should be achieved within a bespoke porlfolio, allowlng the Investment manager greater responsiveness lo current and future e¢onomi¢ turbulence. The Trustees have elected nol to follow an exclusionary ethfjcal policy, but are keen for the investment manager lo demonstre good corporate govemance and stewardship of the Charity's capikl. The perfomiance of Sarasln & Parknèrs LLP Is monitored ty quarterly reports and bi-annual meetings of the investment subcommittee whlch in tum reports to all the Tnjstees. Durlng the year the Portfolio presented a retum of £111,382 whlch Is a decrease of 9.82% on the prevlous financlal year {2019.' £123,506). The portfolio shows an unrealised gain of £131,34612019: £262.920) and 8 realised gain of £6,446 {2019.' loss £28,640}. The mathet value as at 30 June 2020 stood at £5,381,965 {2019: £5.246.942). The Royal Anglian Regiment Benevolent Charity is custodian trustee for the investments of the 141 Battalion and 2nd Battallion The Royal Anglian Regiment. The value of these investments as at 30 June 2020 is £590,293 and £17,819 12019: £456,996 and £17.168) respeclNely. These amounts have not been included wtthin the balance sheet 8t the yearnd dale.
E ROYAL ANGUAN REGIMENT BENEVOLE ARITY TRUSTEES, REPORT FOR TH YEAR ENDED 30 JUNE 2020 Rlsk Managoment The malor rlsks to which the Chaiity is exposed have been revlewed ty the TteeS who conduded that the major risks to the Charity's operallons are.. Extraordinary circumstances resulling from Ihe Covid 19 outbreak. including volatility of investments. redUd opportunities for fundraising and grEater demand for benevolence. Infomtstion Technology, including security and data protectlon Budgetary control and reporting Fraud or error Public perptIOn. and its impact on fundraising. Compliance with legislation, regulation, taxatlon and reporting requirements. The Trustees have put in place. and will continue to improve, systems to mrtuate these and other risks. Covld 19 Impacts The inltial effect of the pandemic was to reduce applications for benevolent grants. mainty due to the age demographtcs of caseworkers and the need to swal dislance. Protocols were aged by the Ihlrd sector stakeholders. amending the workng practice to ensure that those seeking as51Stance are not penalised, these are working well. The casework load is reVering to pre-covid levels. The Investment Committee 15 meeting more fquenty with our investment managers, lo address volatilty and uncertainty in the markets and we have discussed a range of measures to ensure the maximum flow of resources for benevolence in the coming months. We are prepared for an increase in the number of Cases of hardship as the Govemment furfough scheme comes to an end. We would also highlight the new Govemance OFeraling Model which will provide a fimer foundalion for all risk managemenl and we will be conducting a thorough review of intemal controls In the light of increased distancing and home-WOTknng. Reserves Pollcy The Charity's Investments are Its reserves. The Trustees have examined the requirements of the Charity in the light of the main risks and have agreed that the Charity must maintain sufficient reserves to enable-. an Increased number of benevolent grants to be paid overthe coming SIX months whilst seeking to preserve sufficient reserves to allow for the inevit8ble growth in the number of Benevolent cases in the future. conllnue to promte the effiaency ofThe Regiment overthe coming 1ve mnths. This Indudes providing grants for BattalKJns and supportirvJ officer and soldier recruitmenL The Trustses are satisfied that the investmnts all both of these criteria to be met. The level of reserves expected lo be required to salisty these objectives for the comlng year is comfortabty exceeded by even the worst case prole¢tion5 of our investment capitsl and in¢ome.
E ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2020 STRUCTURE GOVERNANCE AND ADMINISThATION The Royal Anglian Regwnent Benevolent Charity was initialty constited by a Deed of Trust dated 20 January 1967 as a wistered Charity. Number 1085050. The Scheme was revised and a replacement Trust Deed sealed on 7 September 2000. The Charity was merged with Ihe Royal Anglian Reglmenl Regimental Charity (3955217) under the provisions of an amendeil Scheme dated 1 July 2015. Further amendments to the s¢heme were made by a resolution daled 15 Aprfl 2016. The Trusteès meet physlcally l¢e a year to review the perf0rrnan and governance of the Charity and meet electronically as required to deal with day to day business. Subcommittees, covering investments, audit and assurance, benevolence and the Charity's operations meet regularly and report back to the full meeting of Truslees. The amended Scheme allows Ihe recfuilment ofnew TNstees to bring a wider range of èxperience and skills to bear on the charity's needs. Newty nomlnaled Trustees are briefed by the Chaimian of Trustees and all new Trustees receNe an induction pack consisting of background infomwtion on each of the regimental charities, includlng copies of trust deeds, annual accounts. minutes of recent meetings and a copy of the Charity Commlssion booklet 'Responsibilitles of a Charity Trustee,. Training through seminars etc. arranged by specialist advisors Is made available for all Trustees and 'Truslee Training. is a standing agenda ilem at all Trustee Meetings. An online training session, for all available trustees, was conducted by Bales Wells In June 2020.
E ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY TRUS ES, REPORT FOR THE YEAR ENDED 30 JUNE 2020 Admlnlstratlon The Charity is administered by the Regimental Secretary and hls slaff. Grants for Indivldual cases are determined by an almonising committee whose Chaimian is Lieutenant Colonel P R C Dlxon. The Committee follows a policy laid down by the Trusteès. This pollcy Includes the upper limit for each case and the guidelines for eligibility- Reference and Admlnlstratlyo Infomiatlon Trustses The Trustees who seNed during the year were: Major General R Wwoodisse CBE, MC Brigadier (retired) D J Clements MBE Brigadier (retired) A J C Wild MBE Lieutenant Colonel {retired) R C J Goodin OBE Lieutenant Colonel {retiredl B Weston (from 1 July 2019) Captsin {retiredl S C Lane Captain {retired) K P Tansley MrDJTill Mr R W H Colgan {from 1 O¢tober2019) Admlntslratlve Offl¢e RHQ The Royal Angllan Regimenl The Keep, Gibraltar Barracks, Bury St Edmunds, IP33 3RN Charlty Numbor 1085050 AudltOV8 Ensors A¢¢ountants LLP. 46 St Nicholas Street, Ipswich, IP1 Irr A¢countsnts Churchgate AKountants Limited. 1&18 Langton Place. 8ury St EdmurKls, IP33 INE Bankers Royal Bank of Scouand Plc. Famborough, Hampshire, GU14 7NR Investmgnt Manage Sarasin & Partners LLP. Juxon House. 100 St Pauls Churchyard, Londgn, EC4M 8BU
EROY LANG IAN REGIM NTB EVOLENT CHARITY TRU8TEES' REPORT R T NDED 30 JUNE 202 Trustees, r¢8 onslbllltlès In relatlon to the Flnanclal tatements The Charity's Trustees are responsible for preparing a trustees. annual report and financial slatements in accoTdance th applicable law and United lfjngdom Accounting Standards (Uniled Kingdom Generally ApIed Account9 Practice). Law applicable to Charities In England and Wales requires the Truslees to prepare Financial Statements for each financial year which give a true and fair view of the Charity's financial aclNities during the year and of its flnancial position at the end of the year. In preparing Financial Statements giving a twe and falr view, the Trustees should follow best practice and.. Select suitable accounting policies and then appty them consistentty. Observe the methods and principles in the applicable Charities SORP. Make judgements and estimates that are reasonable and prudent. Stste whether applicable accounting standards and statements of recommended PTactKe have been followed, subject to any departures disclosed and explained in the Financial Ststements and Prepare the Flnancial Statements on the going Concern basis unless it is Inappropriate to presuffe that the Charity will continue In operation. The Trustees are responsible for keeping accounting re¢ords which dBclose with reasonable a1[acY the financial position of the Charity and which enabte them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports} Regulations, and the provisions of the Trust deed. They aTe also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenlion and deteclion of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial inf0mtiOn included on the Charity's website in aCrdance with legislation in the United Klngdom govemlng the pParatIOn and dtsseminalion ot financlal statements. Insofar as Ihe Trustees are aware:. There is no relevant audit inf0mtion of which the Charity's auditors are unaware,. and The Trustees have tsken all steps they ought lo have taken to make themselves aware of any relevant audit information and to establish that th8 auditors are aware of that information. Dale- On behalf of the Trustees Lleutenanl lonel {tired) R C J Goodln OBE
THE ROYAL ANGLIAN R GIMENT BENEV T CHARITY END DITOR ' REPORT TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY FOR THE REN 030JU 020 Oplnlon We have audited the finandal Statements of The Royal Anglian Regiment Benevolent Charity {the'Charity') for the year ended 30 June 2020 which comprlse the statement of finanual activities, the balance sheet and the notes to the financial ststements, Includlng a summary of signifi¢ant ac¢ountlng pcAi¢ie$. The financlal reporting framework that ha$ been applied In their preparation 1$ applieable law and United iangdom Aecounling Standards, including Flnancial Repoiting Slandard 102 The Financial Reporbng Standard applieable in the UK and Republic of Ireland (Unlted Kingthm Generally Aecepted Attwnting Practice). In our oplnlon. the financial statements: give a true and fair view of the stste of the chari$ affairs as at 30 June 2020 and of ils incoming resources and application of resour¢e$, lorthe year then ended; have been properly prepared In accordance with Unlled Kingdom Generally Accepted Accounting Practlce: and have been prepared in accordan¢e with th8 requirements of the Charities Acl 2011. Basls for oplnlon We ¢onductedour audit In 8¢cordance with Intemattonal Standards on Auditing (UK) (ISAS (UKI) and appfscable law. OUT responsibilities under those stsndards are further described in the Auditorfs responsibllities for the audit of the ftnandal stslements section of our report. We are independent of the Charity In accordance wth the elhlcal requirementslhat aTe relevant lo our audrt ofthefinanci8J stslements inlhe UK. Including the FRC'S Ethlcal Standard, and we have fttlfjlled our other ethical responsibilities in accordance wth these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate lo prowde a basis for our opinion. Con¢luslon$ lat1nll to golng concern We have nothing to port in re$pe¢t of the followlng matteTr In relatlon to whlch the ISAS (UK) require us to reFQrt to you where.. - Ihe Trustees. use of the golng concern basls of aco)unting In the preparation 01 the financlal slalements is not approprfate., or -the Trustees have not dis¢losed in the financial statemenls any idtrntified material uncertalnties thal may casl signifi¢ant doubt about the Charity's abillty lo ¢onllnue lo adopt the going concem basis of accounting for a nod of at least twelve month$ fmm the dale when the finandal stslemenls are authorised for Issue. Other Inforniatlon The Trustee$ are responsible for the other infomation. The other information comprises the infomation Included in the annual report, other than the finanual stslements and OUT auditors report theOn. Our opinion on the financial statements does not eoverthe other Infomiation and we do not express any fom of assurance conduslon theon. In connectlon wlh our audit ol the finaneial statements, our reSF0nsijity is to read the other Infomiatlon and, In doing so. consider whether the other Inforniation Is malerfally Inconsistent wllh the finan¢lal ststements or ow knowledge obtalned In the audlt or othenvise appears to be m8terialty misstated. If we identify such material InconsisterleS or appareni material misstatements, we are required lo delemine ether there is a matèrial misstatement in the financlal statements or a material misslatemenl of the other Infomalion. If, based on the work we have perfom)ed. we condude that there Is a material misststemenl of this other Snfomialion, we are required to report that fact. We have nothlry to report In this regard.
THE ROY NGLIAN EGIMENT BENEVOLENT CHARrrY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF E ROYAL ANGLIAN REGIME[ BENEVOLENT CHAR FOR THE YEAR ENDED 30 JUNE 2020 Matters on whlch we ale requlTed to roport by ex¢¢ptlon We have nothing to report in respectofthe folln9 matters in relation to thIch the Charities (Accounts and Reports) Regulauons 2008 requlre us to report to you If, In our oplrsion: -the infomiatlon glven In the fjnancid stslements is inconsistent in ary malerfal respect vllh the Trnslees report., or -sufficien1 accountlng records have not been kept: or -the finandal sl*ements are not In agreement with the a¢¢ounting records; or -we have not received all the Infornation and explanaliorts we require for our audll. Responslbllltles olTnffjtse$ As exptalned more fully in the stslement of Tru$t¢es' reS51b111Iies, IheTwslees are responsible for the preparation of the finanaal statements and foi being satisfied Ihal they glve a tnre and fair view, and for such intemal ¢ontrol as the Trustees delemiine is necessary to enable the preparation of financial statements that a free from material misslatement, whethor due to fraud or error. In preparing the finandd stalemtrnts. the Trustees are spOnsIble for assesslng the Charity's abillty to conllnue as a golng concem, disdoslng. as appllc8t4e, matters related to going ¢on¢em and using the golng Concem basis ol g¢counting unless the Trustees either Intend lo cease operations, OT have no reallslic allemalive but lo do so. AudStofs responslbllltles for tho audlt of the Ilnanclal ststements We have been apF>ointed as auditor under section 144 of the Charilles Act 2011 and report In accordance wAth the Act and relevant regulations made or havlng eflect thereunder. Our objectives are to obtaln reasonable a$surance about whether the financial statements as a whole are free from material missialemenl, whether due to fraud or error. and lo issue an audilorfs reF¢rt that indLtde$ our opinion. Reasonable assurance 1$ 8 high level of assuran¢e. bul Is not a guarantee that an audit conducted in ac¢ordance with ISAS (UK) wlll always delect a material misststement when it exists. Misstatements can arise from fraud or error and gre considered material if. individually or in the aggregate, they could reasonably be expectsd lo Influence tho economlc decisions of users taken on the basts of these financial slatemenls. A fvrther de%PIlon of our responsil%lilie$ for the audil of the finanoal slatemenls 1$ located on the Financial Reporting Council's website aL http'.lfvwM.frc.org.uVaudilorsre$ponsibilitie5. This des¢ription fom$ part of our audilorfs reporL Other matter Your attention 1$ drawn to the f8Ct that the Charity has prepared finandal statements In accordance with'Accounting and Reporting by Charities.. Slalement of Recommended Pr8Ctice applicatle to ch8ri1ies preparing their account8 In a¢¢ordance Wlh the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (as amended) in preférence to the Accounllng and Reporting by Chadlles.. Slalemenl of Recommended Practlce issued on 1 April 2005 whlch is referred to In the extant regulations but has now been thdraWn. This has been done in order for the financi81 statements to provide a true and fair vivw in accordance wrth current Generally A¢pted A¢¢otIng Pra¢ti¢e. io
E ROYAL ANGLIAN RE IME BEN OLE INDEPENDENT AUDITOR81 REPORT TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT BENEVOLEKf CHARITY FOR THE Y AR ENDED 30 JUNE 2020 Use of our report This report is made solety to the Charity's TNstee$. os a boty, Sn acCoance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Ourauditwork has been undertaken so Ihatwe might slate10 the Charity'$Trvstees those matters we are required to state to them in an audltors, report and for no other purpos¢. To tre fullest extent pemiltted ty law. we do not accept or assume responsibility to anyone other than the Charlty 8ThJ the Charity's Tnjslees as a body. for our audit work, foT this reporL or for the opinions we have fomied. Ensor6 Accountants LLP Chartered Accountants ststutory Audllor Cardinal House 46 St Ni¢holas Street Ipswlch Suffolk IP1 1 Date.. 11 January 2021 Ensors A¢xounlanl8 LLP Is ellglble for appolntmenl 8S au(fslor of the Charlty by vlrtue of Its ellgibility fN appolntment 8S auditor ofa company under section 1212 of ihe C¢)mpanles Act 2006 li
E ROYAL ANGLIAN REGIMENf BENEVOLENT CHARrrY STATEMENT OF FINANCIAL ACTIVrn FOR THE YEAR ENDED 30 JUNE 2020 Note Unrestrlcted Endowment Rostrf Fund Sllver Fund Funds otal 2019 n¢ome and endowm?nts rom: Donations and legaaes Charitsble activities Olher trading activitres Investments Other 156,687 7.381 164 111,517 16,658 173.345 7,381 164 111.517 166,614 23,097 7.874 123,693 Total 278,980 295 638 338 725 ndilure on: Raising funds Charitable activitles 3,894 239,916 3.894 18.984 273.444 otal 243 810 260 263 292 428 Net income1(expenduTe) before gains and losses 35,170 205 35,375 46,297 Net galnsl(losses) on Investments 137 792 Net incomel{expendilure) Transfers 172,962 4.668 205 173,167 280,577 Net movement in funds 168,294 4,873 173,167 280.577 Reeoncll atlon of f Totsl Funds Broughl ForvRrd 5 300 761 3 221968 140 541 8 663 270 8 382 693 Total Funds CarTled Forward £5 469.055 £3 221968 £145 414 £8 836.437 £8.663.270 The notes on pages 14 to 24 fomi part ofthese Financial Statements 12
OYAL AN LIAN REGIMENT BENEVOLEMf CHARITY BALANCE SHEET 02 Note 2020 2019 Flxed Assets Investments 5.381,965 5.246.942 Tanglble Flxed Assels 3 248 297 3 248 907 B,630,262 8,495,849 Current Stock Debtors Deposits and Bank and Money Market Cash in Hand 1,857 18,675 169,386 71 9,870 222.732 21 232,623 189,989 Credltors: Amounts falllrKJ due withln one year 22,568 206,175 167,421 Net Current Assetsl Llabllltles Not Assets £8.836,437 £8,663,270 Unrestrlcted Fund Restricted Funds Endowment Fund- SIer 5,469,055 145,414 3 221968 5,300,761 140,541 3 221968 £8,836,437 £8,663,270 Approved and slgned on behalfof the Trustees on ... Lleutenant lonel jreliredl R C J Goodin OBE The notes on pages 14 to 24 fom part ofthese Flnanolal Slaten*nts. 13
THE ROYAL ANGLIAN REGIMENT BENEV LENT C NOTES TO ThE ACCOU FOR THE YEAR ENDED 30 JUNE 2020 CCOUNTING POLICI a> Basls ol preparatlon and assessment of golng concern These Financial Statements have been ppared in accordan with appluble accounting standards and under the hislorical cost convention, except for investments. The Financial Statements have been ppared on an 8ccruals basis, and include income and expenditu as earne(l or incurred except as ststed below. The Financial Statements have been prepared In accordance with the Ststement of Recommended Pradice- Accounting and Reporting by Charities, applicable to Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019 and the Charities Act 2011. The accounts have been prepad to give a'true and faiff view and have departed from the Charities (Accounts and RepDrtsl Regulations 2008 only to the extent required Io Provide a "true and fairt view. This departure has involved foll¢)wing Accounting and Reporting by Charities Stslement of Rrnrnended Practice applicable to charities preparing thelr ar£ounts In accordance wilh the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) issued In October 2019 rather than the Accountin9 and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrdwn. The charity constitutes a public benefit enllty as defined by FRS102. The trustees conshJer there to be no material uncertainties regarding the Charity's ability to continue as a going concern due to the value of the investments and reserves held. The financial statements are prepared in sterling, which fs the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. b) Funds structure Unrestrlcted Fund- General Fund- The General Fund consists of fvnds which the Trustees may use lor the Charity's objecis at their discretion. Unrestricted Fund- Designated Fund-Thi$ fund is designated to meetthe expenses of the Regimental Chapel at Warley. Essex. Restricted Silver Fund - Indudes Days Pay Scheme Silver Subscription to3ether wth any insurance pmceeds and Incurs any Insurance and repair costs in resp1 of the Sifver. Reslricled Fund - Wayland Amputee Fund- This fund has been set up wlth the purpose ol providing assistance and support for amputee5 from recent and future operations. Restricted Fund- Chapel Fund - Thts fund has been set up to account for the income ceiVed and expenditure incurred on behalf of the Chapel. Endowment Silver Fund - This represents the deemed $t of the Silver together with any proceeds on disposals. 14
OYAL ANGLI EGIMENT BENEV LENT CHARITY NOTES TO THE ACCOUNTS Contlnue FOR TH YEAR ENDED 30 JUNE 2020 ccou LICIES cont... c) Flxed AG$et Investments Inveslments are a fom of bas financial instrument and a inilially regnised at their transaction value and sUbseqUenY measured at thelr market value as at the balance sheet date using the Closing quoted market price. The statement of financial adivities includes the net gains and losses arising on revaluatlon and disposals throughout the year. The charity does not acquire put options, derivatives or other Complex financial instruments. The maln forn) of financlal rfsk frad by the charity is that of volalilty in investment markets due to wider economic conditions. d) Galns and L088•s on Invostments Al gains and losses are tsken to the Statemenl of Financial Activities as they arise. Realised gains and losses on inveslmenls are olculated as the difference betsveen sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Un8]Ised gains and losses are calculated as the difference betsveen the market value at the year end 8nd their carrying value. Realised and unrealised investment galns and losses are combined In the stalemenl of Financial Acltvities. è) Ineomo Grants Received- Grants of a revenu& nature are credited in the period to whlch they relate. Investment In- DNidends and interest are credited when receivabie. Donations are included In full in the Statement of Financial Aclivities when receivable. Legacy income is included in the aGcounls when the receipt is probable and it can be measured reliably. Income from Charilable Activities are accounted for when eamed Days Pays Scheme income is Included within the accounts as received in relation to the perfc* lo whkh it relales. All other Income is recorded on a recefvable basis. O Resoureès Expend ExFenditure (including grant commitments) i% recognised on an accnpls basis as a knability is incurred and includes any VAT which cannot be recovered. g) Donated S¢rvl¢e$ and Glfts In Klnd The value of donated services and gifts in kind are recognised at their open maTkel value in the year in which they are receivable and where the benefit to the charity Can be MeasUd reliably. An equNalent amount 1$ included wfthin expenditure under the relevant heading in the Statement of Finan¢ial Activit5. 15
E ROYAL ANGLIAN REGIMENT BENEVOLENT CHA NOTES TO THE ACCOUNTS Continued DED CCOUNTING POLICIES cont... h} Tonglble Assets Office Equipment is recorded at historical cost. Office Equipment is depreciated at 25% per annum on the reducing balance methtsj. Depreciation is not provided on Chattels and Silver assets due to their very long expected remaining useful life. Their expected residual value is nol materrally tess than th&ir ¢arying value. An annual review of the likelihood of asset impaimient is undertaken. Sifver Endowmènt Fund asset5 are stated at their deemed cost as at 111 July 2014. l) Stock stocks are valued at the lower of cost and net realisablè value. J) Debtorn Debtors include amounts owed to the charity for the provision of goods and seNices or anTh)unts the charity has paid in advance for the 9otsds and services it will receive. Debtors also Include amunts receivable on grant fvnding to which the Charity is entitled. Deblors are measured al their recoverable amounts (the amount the charity anticipates it will receNe from a debt or the amount il has paid In advance for goods)- k) Credltors Creditors are recognised where the charity has a present obligation resultin9 from a past event thal will probably result in the transfer of funds to a thlrd paty and the amount due to selde the obligations can be measured or estimaled reliably. Creditors are nomtslly recognised al their settlement amount. l) Flnanclal Instrumonts The chaiity only has financial 8ssets and financi81 liabillties of a klnd that qualtfy as basic ffinancial Instruments. Bas financial instruments are initialty recognised at transaGtion value and subsequentty rrEasured al thelr markel value. m) Aecountlng tstlmates and Judgements In the preparation ofthe finandal statements, no materlal judgements, estimates and assumptions have been made Ihal affecl the amounts reported for assets and Ilabllibes as at the balance sheet date and the amunts reported for revenues and expenses during the year. with the exception of depreciation as detailed above. n) Cash at bank and In hand Cash at bank and in hand are bas[¢ financial assets and include cash in hand, deposlts held al call wth banks. other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urrent liabilities. 16
THE ROYAL ANGLIAN EGIMENT BENEVOLEirr CHARI NOTES TO THE ACCOUNTS Contlnu FOR THE YEAR ENDED 30 JUNE 2020 ANALYSIS OF INCOME 2020 2019 alions and le ¢ie Donations CeIVed (including gift aid recoverable) Legacy Days pay scheme Transfer from Wharfey Chapel Silver Subscription 47,934 3,000 107.347 4,500 53.930 1,500 111,184 £173 345 £166.614 Charitable aclivilies Caslle subscriptions and sales Battlefield Tour 7.381 6,857 Other tradin activities Sale of regimental souvenirs £164 strn Investment Funds Other interest.. Royal Bank of Scotland 111.382 123,506 135 187 £111517 £123 693 Case grant income Memorial restoration Speedboat hire BBC royalties Sundry income 2,760 3,563 10,644 2,000 547 693 396 75 £17 447 In the year ended 30 Junè 2020.. £278,980 {2019.'£338,725) ofthe above income related to unreslTlcted fund income. In the year ended 30 June 2020: £nil (2019.. £nll) of the above incowe related to endowment fund Income. In thè year ended 30 June 2020: £16.65812019.' £nill of the above income related to StrICted fund Income. NALYSIS OF EXPENDITURE Raisin funds Shop purchases (adjusted for stock} Fundraising costs Investment management fees 2020 2019 1,912 1,094 888 15,725 1,122 17
E ROYAL ANGLIAN REGIMEITT 8ENEVOLEKf CHARITY TES TO THE ACCOUN inuod OR THE YEAR ENDED 30 JUNE 2020 ANALYSIS O XPENDITURE ¢ont.. 2020 2019 hartlable activities Irsservice Welfare Grant- No of cases 9 {2019: 8) Case Grants- No of cases 114 (2019: 116} Memorial Running Costs Memorial Restoration Remembrance Day Costs ABF Sponsorship RCO- Officer & Soldier Recruiting Expenses Other Grants 111 Battalion Gr8nts- Includlng Adventure Training 2nd Battalion Grants- Including Adventure Training 3rd Battalion Grants- including Adventure Training Regimental gathering expenditure Associatlon Suppart Chapel Malnlenan¢e Days Pay Scheme- RHQ Days Pay Scheme - Silver Castle expenditure Sundry Expenses Council Meeting Expenses Battlefield Tour RLlMentsI propety repairs Representational Event DepreciatK>n Audit Accountancy Sifver insuranee and repalrs 3,370 47,688 1,056 8,425 3,504 13,000 9.355 2,319 31,228 37,670 9.341 17.881 3,302 2,271 2,092 10.563 15,569 10,026 1,430 5,061 52,507 1,208 14,904 3,761 13,000 14,505 26,993 15,373 29,130 9,000 16,265 4,623 733 2,177 15,834 5,123 2,334 16,240 115 5,251 813 6,540 3,684 525 610 6,540 4,422 £256 369 In the year ended 30 June 2020: £243,81012019.' £281,465) of the above expenditure relatgj to unrestricted fund inMme. In the year ended 30 June 2020: £nil {2019.' £nil) of the above expenditu related to end¢)wment fund income. In the year ended 30 June 2020: £16,45312019: £10,963) of the above expenditure related to restrS¢ted fund Income. 18
YAL ANGLIAN REGIMENT BENEVOLEprf CHARITY NOTES TO THE ACCOUNTS Contlnued OR THE YEAR ENDED 30JUNE 2020 TANGIBLE FIXED ASSErs Offlco ndovmient Sllvor Fun Chattels Totsl os alu lion Asat 1 Juty 2019 Additions Disposals 18,220 3,221,468 25,000 3.264,688 As at 30 June 2020 3 221468 3 264 688 De reciation As al 1 July 2019 Charge for the year 15,781 610 15,781 610 As at 30 June 2020 Ne Book V lue As at 30 June 2020 £3 221.468 £25.000 £3.248.297 Asat 30 June 2019 £2.439 £3.221.468 £25.000 £3.248 907 Endowment Sllver Fund assets are stated at their deemed cost a5 at 1 Juty 2014. 19
ROYAL ANGLIAN EGIMENT BENEVOLETrrr CHAR NOTES TO THE ccou Contlnued FOR THE Y ED 30 JUNE 2020 INVESTMENTS ddltlon51 D15 osals eallse Galnsl Losses Market Value Cos 30.06.20 Value 01. Galn81 Losses Investment portfolio £5 246 942 £131.346 £5,381,965 £4.676 919 The Reglmental Charfty Investments representing over SQA of the market value ofthe fund at 30 June 2020 are'.- Value £2.228,767 £861,432 £934,276 Sarasin Thematic Global Sarasin Global Dividend Sarasin Thematic Global- Sterfing Hedged DEBTORS: AMouTrrrs FALLING DUE wrrHIN ONE 2020 201 Other Debtors £18 675 7. CRE ".AM LLING DUE WITHIN ONE YEA 2020 Accruals Other Creditors 25,858 590 13,525 £26,448 20
E ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY NOTES TO THE co C ntlnued FOR THE YEAR ENDED 30 JUNE 2020 CURRETrif YEAR- OVEMEN DS Unrestrlcted Unrestrlcted Endowme Ilver Funds Balance at 1 July 2019 Incomlng resources Rosources expended Gain on investments Transfers 5,231.733 278,980 (243,810) 137,792 69,028 3,221,968 140,541 8,663,270 16,658 295,638 (16,4531 (260.263> 137,792 Balance at 30 June 2020 £5.402,017 £67,038 £3,221.968 £145,414 £8,836,437 Am und Sllver Fu Cha Total Restrlcted Funds Balance at 1 July 2019 Incoming resources Resources expended Galn on investrnents Transfers 94,167 46.374 10,$64 (14.182) 140,$41 16.658 (16.453> {2,271) 2,678 Balano at 30 June 2020 £145 414 21
THE ROYAL ANGLIAN R GIMEpif BENEVOLENT CHARITY NOTES TO E ACCOUNTS Contlnue FOR THE YEAR ENDED 30 JUNE 2020 RIOR YEAR- IIIETrTh ON FUNDS LLed Unrestrl¢tèd Endovmien General De$1 nate Sllver rfctod unds ota Balance at 1 2018 Incomlng resources Resources expBnded Gain on investrnents TraferS 4,950,207 335,882 (280,612) 234,280 8.024 67.038 2,843 (853) 3,221.968 143,480 8,382,693 338,725 (10,963) (292,428) 234,280 Balance at 30 June 2019 £5231733 £69 028 £3 221,968 £140 541 £8 663 270 land utee Fund Fu Restrfcted Funds ealance at 1 July 2018 Incoming resources Resources expended Galn on investments Transfers 88,836 143.480 {2,693) (8,270) {10,963) Balance at 30 June 2019 £94.167 £46,374 £140,541 Unrestricted Fund - General Fund - The General Fund consists of fijnds which the Trustees may use for the Charity's objects at their disuetion. Unrestricted Funds- Deslgnaled Fund~ This fund is designated to meet the expenses of the Règimental Chapel at Warfey, Essex. Restricted S]er Fund- Includes Days Pay Scheme Sllver Subscfiptton togelherwith any insurance proceeds and Incurs any Insurance and repalr costs In reSpt of the Sllver. Restricted Fund- Wayland Amputee Fund- This fund has been set up with the purpose of providing asslstance and support for amputees from recent and future operations, Restricted Fund- Chapel Fynd - This fund has been set up to account for the ineome recewed and expenditure incurred on behalf of the Chapel. Endrnent Sltver Fund~ Thls represents the deemed cost ofthe Sllver tt)gether vhlh any proceeds ofdlsposals. Transfern A transfer of £4,66812019.' £8.024) frnm unrestricted re$eNes lor the Wayland Amputee fund relates to galns and Inccrfne earned from the investment pothlio ofthe charlty whl¢h has been Included thIn unrestricted fund income. 22
TAE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARI NOTES TO THE ACCOUNTS Con In FOR THE YEAR ENDED 30JUNE 2020 cu R- ANALYSIS OF NET ASSETS BETWEEN FUNDS Non Current Assotsl labllltles an Ible Flxèd Current Assetsl Llabllltles Net Assets ricle Wayland Amputee Fund Silver Fund Chapel Fund 96.845 96.845 42,756 5,813 42,756 5,813 Sitver Endow t Fund 3,221.468 500 3,221,968 Unrestricted Fun General Fund Designated- Essex Chapel Fund 26,829 5.285,120 90,068 5,402.017 67.038 £3 248 297 £5 381.965 £206.175 £- £8 836437 PRIOR YEAR- ANALYSIS OF NET ASSEfs BErweEN FUNDS Non Current Assetsl Llabllltles an Ibl• Flxed Assets Current Assetsl Llabllltles Assets Wayland Amputee Fund Silver Fund 94,167 94,167 46,374 46.374 Sifver End men 3,221.468 3.221,968 Unreslricled General Fund Designated- Essex Chapel Fund ds 27.439 5,152.775 51,519 5.231.733 £3.248 907 £5 246.942 £167,421 £8 663,270 The Fund is a Registered Charity, and no Corporation Tax Is payable on the results for the year. Income Tax deducted from covenanted donations and Gift Aid is recoverable. 11. NSACTIONS WITH USTEESI KEY MANAG METrrf PERSONNEL The Trustees consider the key management personnel of the charity to be the Trustees. who are In charge ol directing and controlling the tharity and running and operating the charrty on a day to day basis. All Trustee5 give their lime freely and no tfU5tee rernunetion was paid during either year. 23
THE ROYAL ANGLIAN REGIMENT BENEVOLETrif CHARrrY NOTES TO THE ACCOUNTS Contlnued FOR THE YEAR ENDED 30 JUNE 2020 12. RELATED PARTY TRANSACTIONS. During the ye8r no Trustees (2019= one) were reimbursed 12019.. £141) In relation to travel expenses in perfomiing thelr dutles as a Trustee of the charity. 13. CUSTODIAN TRUSTEESHIP The charity acts as Custodian trustee for the 1rt Batt81ion and 2nd Battalion The Royal Angltan Regiment. The assets held on behaff of these entities relate lo the Investment portfolio. These assets are separate from those of the charity and 8re not included wtthin these accounts. The value of Investments held as at 30 June 2020 Is £590,293 and £17,819 (2019: £456.996 and £17,168) respectivety. 24