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2022-12-31-accounts

T HE RO YAL ANGLIAN REGIMENT BENEVOLENT CHARITY

REGISTERED CHARITY NO: 1085050

FIN A NCI A L S T A T E M E N T S

For the period ended 31 December 2022

THE ROYAL ANGLIAN RE G IMENT BENEVOLENT CHARITY

INDEX

TRUSTEES' REPORT
AUDITORS' REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
CASH FLOW STATEMENT
NOTES TO THE ACCOUNTS		 Page No.

2-8
9-11
12
13
14
15-27

1

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

The Trustees submit their Report and Accounts for the period ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 15 to 18 of the accounts and comply with the charity's trust deed, the Charities Act 2011 and 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 FRS102.

Objectives and Activities for the Public Benefit

The objects of The Royal Anglian Regiment Benevolent Charity are:

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, when setting the benevolent grant making policy for the year and in determining which activities fall within the scope of 'promoting the efficiency of the armed forces of the Crown'.

The principal contribution to public benefit comes from the charity's benevolent grant-making to those members of the Regimental family who are in need, hardship or distress, often operating in conjunction with other charitable bodies. Public benefit is also derived from our support of the Regimental chapels, memorials and museums across the counties of East Anglia and the East of England. This encourages esprit de corps within the Regiment whose efficiency is further enhanced by the charity's maintenance of chattels, including the Regimental silver collection and band instruments, and our support of the Officers' and NC Os' messes and the Regimental Institutes for Other Ranks, in each of the Regiment's battalions. The efficiency of serving soldiers is also enhanced by grants in support of physical fitness, sport and adventurous training and the charity contributes to recruiting activities for officers and soldiers. Former members of the Regiment are supported by the Regimental Association, which receives a grant from the charity.

Grant Making Policy

The Royal Anglian Regiment Benevolent Charity continues to be responsible for dealing with all benevolent cases involving past and present members of the Regiment and its "former Regiments", their spouses and dependants. The Trustees have agreed an upper limit of £1,000 being applied to each case. The Royal Tigers' Association continues to staff and pay its own cases, with the Charity assisting where it is appropriate to do so, with a combined grant not to exceed the Charity's limits. This arrangement will continue until 2024, when the Royal Tigers Association will march off parade and close. From that date the charity will take sole responsibility for their veterans.

The Royal British Legion and The Army Benevolent Fund (The Soldiers' Charity) continue to provide invaluable financial support in those cases that exceed the limit agreed by the Trustees. Almonisation with these two organisations has more than doubled the amount of benevolence given to serving and former members of the Regiment.

2

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

Achievements and performance

Benevolence - During the period the Charity reviewed 150 (2021: 121) cases with £110,446 (2021: £39,982) of grants being paid out. The Trustees currently expect that level of grant to be maintained or exceeded for the foreseeable future.

Regimental Efficiency - During the period the following major expenditure was undertaken totalling £448,580 (2021: £57,692), by support to:

Fundraising

The main sources of regular income are the Days Pay Scheme, income on investments and donations. Total income is significantly higher in the 18 month period by 255.4% to £679,312 (2021: £269,877).

The Day's Pay Scheme produced £184,264 in the 18 month period.

The fundraising targets for RHO and the Battalions are set by the Regimental Council. All new soldiers and officers are encouraged to participate in the Days Pay Scheme. Donations are not specifically sought for general funding. No professional fund raisers are used and the Regimental Council ensures that all fund raising is carried out within Charity Commission guidelines.

We have not received any complaints about the way in which we carry out our fundraising activities.

Future Plans

The Trustees have conducted a review of future benevolence requirements and believe that planned expenditure on benevolence is both necessary and sustainable. Caseload varies year by year, but the Trustees are pleased to note that all valid requests for assistance were met. The Trustees continue to place the highest emphasis on improved governance. The proposed new governance operating model has been implemented, including the recruitment of new trustees.

The governance operating model sets out a coherent framework for the structure, responsibilities, policies and reporting processes that are required to, achieve the Charity's objectives, fulfil the statutory and regulatory requirements and operate in an effective way. It consists of an Investment Committee which manages the Charity's investments, an Audit and Assurance Committee which oversees all aspects of Risk, Assurance and the good governance of the Charity and an Operating Committee which oversees the annual budget and the day to day management of financial performance, fundraising and benevolence. All three committees report directly to the main Board. A separate Benevolence Committee is responsible for the day to day administration of benevolence and reports annually to the Board, via the Operating Committee.

It was decided to move the activities, assets & liabilities of The Royal Anglian Regiment Benevolent Charity to a Charitable Incorporated Organisation (CIO) called The Royal Anglian Regiment Charity as of 1 January 2023. The main rationale behind this decision was to protect the Trustees from having unlimited personal liability.

3

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

Financial Review

Expenditure exceeded income by £510,854 (2021: income exceeded expenditure by £1,286,838), after investment losses of £426,426 (2021: gains of£ 1,108,734). The net assets of the Charity at 31 December 2022 were £9,612,421 (2021: £10,123,275).

At 31 December 2022 the Charity had unrestricted reserves of £6,139,354, endowment reserves of £3,313,481 and restricted reserves of £159,586. Restricted reserves are made up of £86,429 in the Wayland Amputee Fund, £3,940 in the Chapel Fund, £47,710 in the Silver Fund and £21,507 in the Afghan Veterans Fund.

Prior Year Adjustment

Following on from the theft of some items of silver in 2022 a full audit of the Silver was completed in 2024. Additional silver with a value of £144,493 was discovered, whilst £52,980 of silver was either not found or found to be duplicates in the original listings, leaving a net adjustment of £91,513 which has been included as a prior year adjustment in these accounts. This has increased the net assets of the Silver Endowment fund by £91,513 and the opening reserves of this fund by the same amount.

Investment Policy and Performance

The Trustees have concluded that the recent review of investment strategy remains valid. This takes account of changing economic prospects and the Charity's requirements for income and capital growth over the short to medium term. The investment portfolio continues to be managed on a discretionary basis by the agreed investment manager, Sarasin & Partners LLP. The Charity's Investment Policy includes the following direction to the investment manager:

During the period the Portfolio presented a return of £177,914 which is an increase of 85.4% on the previous financial year (2021: £95,961) which is largely due to the extended accounting period. The portfolio shows an unrealised loss of £449,443 (2021: gain of £1,102,143) and a realised gain of £23,017 (2021: £6,591). The market value as at 31 December 2022 stood at £6,064,990 (2021: £6,615,158).

The charity acts as custodian trustee for the 1[st ] Battalion, 2[nd ] Battalion and 3[rd ] Battalion The Royal Anglian Regiment. The assets held on behalf of these entities relate to the investment portfolio. These assets are separate from those of the charity and are not included within these accounts. The value of investments held as at 31 December 2022 is £480,984, £20,002 and £29,336 (2021: £719,165, £21,673 and £nil) respectively.

4

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

Risk Management

The major risks to which the Charity is exposed have been reviewed by the Trustees who concluded that the major risks to the Charity's operations are:

The Trustees have put in place, and will continue to improve, systems to mitigate these and other risks.

During the year a theft of a small number of Silver items was identified. Additional security procedures are now in place to ensure that the risk of theft due to officer deployments is reduced. A full audit of the Silver has been undertaken in 2023/2024.

Reserves Policy

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:

The Trustees are satisfied that the investments allow both of these criteria to be met. The level of reserves expected to be required to satisfy these objectives for the coming year is comfortably exceeded by even the worst case projections of our investment capital and income.

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

STRUCTURE. GOVERNANCE AND ADMINISTRATION

The Royal Anglian Regiment Benevolent Charity was initially constituted by a Deed of Trust dated 20 January 1967 as a registered Charity, Number 1085050. The Scheme was revised and a replacement Trust Deed sealed on 7 September 2000. The Charity was merged with the Royal Anglian Regiment Regimental Charity (3955217) under the provisions of an amended Scheme dated 1 July 2015. Further amendments to the scheme were made by a resolution dated 15 April 2016.

The Trustees meet physically twice a year to review the performance 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 Trustees.

The amended Scheme allows the recruitment of new Trustees to bring a wider range of experience and skills to bear on the charity's needs.

Newly nominated Trustees are briefed by the Chairman of Trustees and all new Trustees receive an induction pack consisting of background information on each of the regimental charities, including copies of trust deeds, annual accounts, minutes of recent meetings and a copy of the Charity Commission booklet 'Responsibilities of a Charity Trustee'. Training through seminars etc. arranged by specialist advisors is made available for all Trustees and Trustee Training' is a standing agenda item at all Trustee Meetings.

POST-BALANCE SHEET EVENT

A Charitable Incorporated Organisation (CIO) was registered on 25 October 2022 called The Royal Anglian Regiment Charity. On 1 January 2023 the assets and liabilities ofThe Royal Anglian Regiment Benevolent Charity were transferred to the new CIO.

6

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PE�OD ENDED31DECEMBER2�2

Administration

The Charity is administered by the Regimental Secretary and his staff.

Grants for individual cases are determined by an almonising committee whose Chairman is Lieutenant Colonel P R C Dixon. The Committee follows a policy laid down by the Trustees. This policy includes the upper limit for each case and the guidelines for eligibility.

Reference and Administrative Information

Trustees

The Trustees who served during the period were:

Major General D S J Biddick MBE MC (appointed 1 September 2023) Lieutenant General. R W Woodisse KCB,CBE, MC (resigned 31 August 2023) Brigadier (retired) DJ Clements MBE (resigned: 4 November 2022) Brigadier (retired) A J C Wild MBE (resigned:9 December 2021) Lieutenant Colonel (retired) R C J Goodin OBE (retired 29 December 2023) Lieutenant Colonel (retired) J C J Wright (appointed 29 December 2023) Lieutenant Colonel (retired) B D Weston Lieutenant Colonel (retired) R Bredin (appointed 4 November 2022) Major (retired) P D Connolly (appointed 6 January 2022) Captain (retired) S C Lane Captain (retired) K P Tansley (resigned 18 October 2022) Captain (retired) R W H Colgan Mr DJ Till

Administrative Office

RHQ The Royal Anglian Regiment, The Keep, Gibraltar Barracks, Bury St Edmunds, IP33 3RN

Charity Number 1085050

Auditors

Ensors Accountants LLP, Connexions, 159 Princes Street, Ipswich, IP1 1QJ

Accountants

Churchgate Accountants Limited, 16-18 Langton Place, Bury St Edmunds, IP33 1 NE

Bankers

Royal Bank of Scotland Pie, Farnborough, Hampshire, GU14 7NR

Investment Managers

Sarasin & Partners LLP, Juxon House, 100 St Pauls Churchyard, London, EC4M 8BU

7

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2022

Trustees' responsibilities in relation to the Financial Statements

The Charity's Trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to Charities in England and Wales requires the Trustees to prepare Financial Statements for each financial period which give a true and fair view of the Charity's financial activities during the period and of its financial position at the end of the period. In preparing Financial Statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable 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 are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Insofar as the Trustees are aware:-

17 December 2024

Date : ......................................... .

On behalf of the Trustees

Lieutenant Colonel (retired) J C J Wright

8

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

FOR THE PERIOD ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of The Royal Anglian Regiment Benevolent Charity for the period ended 31 December 2022 which comprise the statement of financial activities, balance sheet, cash flow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Emphasis of matter

We draw attention to Note 1 to the financial statements which explains that the Trustees intend to dissolve the charity and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

FOR THE PE�OD ENDED31DECEMBER2�2

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below

Our audit was designed, after obtaining suitable knowledge and understanding of the Charity and its operating systems, controls and culture, to include tests of detail together with supportive analytical procedures, to enable us to obtain reasonable assurance that the financial statements are free from material misstatements. This included focussed work on areas where we considered there to be a higher risk of fraud or misstatement. These areas include revenue recognition and areas where there is a risk of management override of systems and controls or where there are high levels of uncertainty regarding an estimate or judgement. These higher risk areas were subject to detailed substantive testing.

It is however primarily the responsibility of the trustees to ensure that the charity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

10

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF

FOR THE PE�OD ENDED31DECEMBER2�2

Other matter

Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ensors Accountants LLP Chartered Accountants Statutory Auditor

Connexions 159 Princes Street Ipswich P1 1QJ

Date: 18 December 2024

Ensors Accountants LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

11

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THEPE�OD ENDED31DECEMBER2�2

Income and endowments
from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total
Exrenditure on:
Raising funds
Charitable activities
Total
Net (expenditure)/income
before gains and losses
Net (losses)/gains on
investments
Net (expenditure)/income
Transfers
Net movement in funds
Reconciliation of funds
Total
Funds
Brought
Forward
Prior year adjustment
Revised balance at 1 July
2020
Total
Funds
Carried
Forward		 Note
Unrestricted
Endowment
Restricted
Total 2022
Total 2021
Fund
Silver Fund
Funds
{restated)
399,672
53,185
452,857
158,181
18,054
18,054
9,181
4,030
4,030
1,500
178,068
178,068
95,977
2,283
24,020
26,303
5,038
2
6021107
241020
531185
6791312
2691877
928
928
713
6991979
241020
381813
7621812
1821573
3
700,907
24,020
38,813
763,740
183,286
(98,800)
14,372
(84,428)
86,591
(426,426)
(426,426)
1,108,734
(525,226)
14,372
(510,854)
1,195,325
5,651
(5,651)
(519,575)
8,721
(510,854)
1,195,325
8
6,658,929
3,313,481
150,865
10,123,275
8,836,437
15
91,513
6,658,929
3,314,481
150,865
10,123,275
8,927,950
8
£6,139,354
£3,313,481
£159,586
£9,612,421
£10,123,275

The notes on pages 15 to 27 form part of these Financial Statements

12

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2022

Fixed Assets
Investments
Tangible Fixed Assets
Current Assets
Stock
Debtors
Deposits at Bank and Money Market
Cash in Hand
Creditors: Amounts falling due within one year
Net CurrentAssets/{Liabilities)
Net Assets
Funds
Unrestricted Fund
Restricted Funds
Endowment Fund - Silver		 Note
2022
2021
{Restated)
5
6,064,990
6,615,158
4
3,316,985
3,339,353
9,381,975
9,954,511
843
1,419
6
56,485
51,651
218,058
136,923
23
2
275,409
189,995
7
(44,963}
(21,231}
230,446
168,764
£9,612,421
£10,123,275
6,139,354
6,658,929
159,586
150,865
3,313,481
3,313,481
9
£9,612,421
£10,123,275

17 December 2024

Approved and signed on behalf of the Trustees on ............................................. .

�6, Wvi,jJ ...................................................... Lieutenant Colonel (retired) J C J Wright

The notes on pages 15 to 27 form part of these Financial Statements.

13

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

STATEMENT OF CASHFLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2022

Cashgenerated fromoperations note
(Deticit)/Surplus for year
Gain on disposal of investment
Fair value (gains)/losses on
investments
Depreciation on fixed assets
(lncrease)/Decrease in stock
(lncrease)/Decrease in debtors
(Decrease)/lncrease in creditors
Main cash fow statement
Cash fow from operating activities
Cash generated from operations
Cash fow from investing activities
Purchase af fixed assets
Proceeds on disposal
Disposal/(purchase) of investments
Cash at start of year
Cash at end of year		 2022
(510,854)
(23,017)
449,443
1,816
576
(4,834)
23,732
(63,138)
(63,138)
(3,468)
24,020
123,742
81,156
136,925
218,081		 2021
1,195,325
(6,591)
(1,102,143)
457
(1,419)
(41,781)
(5,217)
38,631
38,631
(124,459)
(85,828)
222,753
136,925

The notes on pages 15 to 27 form part of these Financial Statements

14

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS

FOR THEPE�OD ENDED31DECEMBER2�2

1. ACCOUNTING POLICIES

a) Basis of preparation and assessment of going concern

These Financial Statements have been prepared in accordance with applicable accounting standards and under the historical cost convention, except for investments. The Financial Statements have been prepared on an accruals basis, and include income and expenditure as earned or incurred except as stated below. The Financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, 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 and the Charities Act 2011.

The accounts have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair'' view. This departure has involved following 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS102.

During the period the trustees took the strategic decision to convert the charity into a CIO to benefit from the limited liability.

As of 1 January 2023, the existing charity transferred all operations, assets and liabilities to the new formed CIO (The Royal Anglian Regiment Charity - Charity No: 1200816), in which they will continue to provide the same charitable services as the current charity did in the period.

Given the transfer of all operations, the existing charity will be wound up once these financial statements have been completed and as such the charity is not a going concern so these financial statements have not been prepared on that basis. The change in basis has not resulted in any changes to the values of assets and liabilities.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest£.

The accounting reference period ended 30 June 2022 was extended so as to end on 31 December 2022. The reason for extending the period was administrative. As a consequence the comparative amounts presented in the financial statements (and related notes) are not entirely comparable.

15

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

1. ACCOUNTING POLICIES cont. ..

b) Funds structure

Unrestricted Fund - General Fund -The General Fund consists of funds which the Trustees may use for the Charity's objects at their discretion.

Unrestricted Fund - Designated Fund - This fund is designated to meet the expenses of the Regimental Chapel at Warley, Essex.

Restricted Silver Fund - Includes Days Pay Scheme Silver Subscription together with any insurance proceeds and incurs any insurance and repair costs in respect of the Silver.

Restricted Fund -Wayland Amputee Fund -This fund has been set up with the purpose of providing assistance and support for amputees from recent and future operations.

Restricted Fund -Chapel Fund -This fund has been set up to account for the income received and expenditure incurred on behalf of the Chapel.

Restricted Fund -Afghan Veterans Fund -This fund provided by the Armed Forces Covenant has been set up with the purpose of providing assistance and support to veterans, serving soldiers and their families from the conflict in Afghanistan and other recent operations.

Endowment Silver Fund -This represents the deemed cost of the Silver together with any proceeds on disposals.

c) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.

The charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in investment markets due to wider economic conditions.

d) Gains and Losses on Investments

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the market value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

16

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

1. ACCOUNTING POLICIES cont. ..

e) Income

f) Resources Expended

g) Donated Services and Gifts in Kind

The value of donated services and gifts in kind are recognised at their open market value in the period in which they are receivable and where the benefit to the charity can be measured reliably. An equivalent amount is included within expenditure under the relevant heading in the Statement of Financial Activities.

h) Tangible Assets

Office Equipment is recorded at historical cost. Office Equipment is depreciated at 25% per annum on the reducing balance method. Depreciation is not provided on Chattels and Silver assets due to their very long expected remaining useful life. Their expected residual value is not materially less than their carrying value. An annual review of the likelihood of asset impairment is undertaken.

Silver Endowment Fund assets are stated at their deemed cost as at 1[st ] July 2014.

i) Stock

Stocks are valued at the lower of cost and net realisable value.

j) Debtors

Debtors include amounts owed to the charity in relation to the amounts receivable on grant funding to which the charity is entitled.

Debtors are measured at their recoverable amounts (the amount the charity anticipates it will receive from a debt or the amount it has paid in advance for goods).

17

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

1. ACCOUNTING POLICIES cont. ..

k) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligations can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

I) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their market value.

m) Accounting estimates and judgements

In application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Key accounting estimates

The silver asset has been retained at its deemed cost, being the valuation in place on adoption of FRS 102. There is an annual impairment review of the silver, but given its uniqueness and specialist nature any consideration of value is subjective and based on the opinion of the valuer.

n) Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

18

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

2. ANALYSIS OF INCOME

Donations andlegacies
Donations received (including gif aid recoverable)
Legacy
Monies from closure of former funds/associations
Days pay scheme
Silver Subscription
Charitable activities
Castle subscriptions and sales
Battlefield Tour
Othertradingactivities
Sale of regimental souvenirs
Investments
Investment Funds
Other interest:
Royal Bank of Scotland
Other
Case grant income
Speedboat hire
BBC royalties
Sundry income
Silver insurance claim		 2022
117,974
100,000
32,580
184,264
18,039
£452,857
10,854
7,200
£18,054
4,030
£4,030
177,914
154
£178,068
1,838
119
326
24,020
£26,303		 2021
(Restated)
22,487
5,000
119,273
11,421
£158,181
9,031
150
£9,181
1,500
£1,500
95,961
16
£95,977
2,601
2,000
63
374
£5,038

19

NOTES TO THE ACCOUNTS (Continued)

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

FOR THE PERIOD ENDED 31 DECEMBER 2022

2. ANALYSIS OF INCOME cont ...

In the period ended 31 December 2022: £602,107 (2021: £258,456) of the above income related to unrestricted fund income.

In the period ended 31 December 2022: £24,020 (2021: £nil) of the above income related to endowment fund income.

In the period ended 31 December 2022: £53,185 (2021: £11,421) of the above income related to restricted fund income.

3.
ANALYSIS OF EXPENDITURE
Raisingfunds
Fundraising costs
Investment management fees		 2022
2021
(Restated)
813
216
115
497
£928
£713

20

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

ANALYSIS OF EXPENDITURE cont ...
Charitable activities
lnservice Welfare Grant- No of cases 6 (2021: 1)
Case Grants - No of cases 85 (2021: 69)
Memorial Running Costs
Memorial Restoration
Remembrance Day Costs
ABF Sponsorship
RCO - Oficer & Soldier Recruiting Expenses
Other Grants
1stBattalion Grants - including Adventure Training
2ndBattalion Grants - including Adventure Training
3rdBattalion Grants - including Adventure Training
Regimental gathering expenditure
Not for profit purchases
Association Suppor (including Big Breakfast & Minden Day)
Chapel expenditure
Days Pay Scheme - RHO
Days Pay Scheme - Silver
Castle expenditure
Sundry Expenses
Council Meeting Expenses
Trustee training
Presentation account
Representational Event
Depreciation
Legal fees
Audit (including Gif Aid audit)
Accountancy
Silver insurance and repairs
Disposal of Silver
Fuel allowance
Childrens Trust Fund professional fees
Gif aid training
Afghan Veteran Fund expenditure
Heritage expenses
Battlefield Tour
2022
22,311
88,135
1,495
9,472
3,361
13,000
17,680
8,596
129,121
99,044
43,371
46,586
2,848
14,720
2,793
3,290
18,038
21,650
28,886
5,747
1,455
4,805
1,816
10,260
15,210
7,380
11,368
24,020
5,100
2,500
910
11,743
67,359
18,742
£762,812		 2021
(Restated)
400
39,582
967
5,627
184
13,000
12,735
2,158
14,325
16,960
9,439
1,890
976
2,196
11,421
14,423
7,277
292
3,000
483
957
457
7,020
3,666
13,138
£182,573

In the period ended 31 December 2022: £700,907 (2021: £159,758) of the above expenditure related to unrestricted fund income.

In the period ended 31 December 2022: £24,020 (2021: £nil) of the above expenditure related to endowment fund income.

In the period ended 31 December 2022: £38,813 (2021: £23,528) of the above expenditure related to restricted fund income.

21

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPE�OD ENDED31DECEMBER2�2

4. TANGIBLE FIXED ASSETS

.
TANGIBLE FIXED ASSETS
Ofice Endowment Chattels Total
Eguiement Silver Fund
CosWaluation
As at 1 July 2021 (restated) 18,220 3,312,981 25,000 3,356,201
Additions 3,468 3,468
Disposals (241020) (241020)
As at 31 December 2022 211688 312881961 251000 313351649
Depreciation
As at 1 July 2021 (restated) 16,848 16,848
Charge for the period 1,816 1,816
As at 31 December 2022 18,664 18,664
Net Book Value
As at 31 December 2022 £3,024 £3,288,961 £25,000 £3,316,985
As at 30 June 2021 (restated) £1,372 £3,312,981 £25,000 £3,339,353

Endowment Silver Fund assets are stated at their deemed cost as at 1 July 2014.

22

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31 DECEMBER2�2

5. INVESTMENTS

Market (Disposals)
Value
01.07.21
Realised
Gains
Investment porfolio
£6,615, 158
(£123,742)
£23,017
==
==~~='~~
~~==~~
==
=		 Realised Unrealised
(Losses)
Market
Value
31.12.22
Cost
31.12.22
(£449,443)
£6,064,990
£4,872,322
~~=~~
~~=~~
==
=
==
=

The Regimental Charity Investments representing over 5% of the market value of the fund at 31 December 2022 are:-


2022 are:-
Market
Value
Sarasin Thematic Global 2,372,146
Sarasin Global Dividend 934,685
Sarasin Global Dividend - Class I 447,783
Sarasin Thematic Global - Equity Class 1,095,303
6.
DEBTORS: AMOUNTS FALLINGDUEWITHIN ONE YEAR
Other Debtors
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
Other Creditors		 2022
56,485
£56,485
2022
33,161
11,802
£44,963		 2021
(Restated)
51,651
£51,651
2021
(Restated)
20,875
356
£21,231

23

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

8. CURRENT PERIOD - MOVEMENT ON FUNDS

.
CURRENT PERIOD - MOVE		 MENT ON FUNDS
Unrestricted Unrestricted Endowment Restricted Total
General Designated Silver Funds
Balance at 1 July 2021 6,591,891 67,038 3,313,481 150,865 10,123,275
Incoming resources 602,107 24,020 53,185 679,312
Resources expended (700,907) (24,020) (38,813) (763,740)
Gain on investments (426,426) (426,426)
Transfers 5,651 (5,651)
Balance at 31 December 2022 £6,072,316 £67,038 £3,313,481 £159,586 £9,612,421
Wailand
Ameutee
Fund
Silver Fund
Restricted Funds
Balance at 1 July 2021
104,989
41,039
Incoming resources
18,039
Resources expended
(12,909)
(11,368)
Gain on investments
Transfers
{5,651}
Balance at 31 December 2022
£86,429
£47,710		 Afghan
Chaeel
Veterans
Total
Fund
Fund
4,837
150,865
1,896
33,250
53,185
(2,793)
(11,743)
(38,813)
{5,651}
£3,940
£21,507
£159,586

24

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

8. PRIOR YEAR-MOVEMENT ON FUNDS (RESTATED)

Balance at 1 July 2020
Prior year adjustment (note
15)
Revised balance at 1 July
2020
Incoming resources
Resources expended
Gain on investments
Transfers
Balance at 30 June 2021
Restricted Funds
Balance at 1 July 2020
Incoming resources
Resources expended
Gain on investments
Transfers
Balance at 30 June 2021		 Unrestricte
Unrestricted
Endowent
Restricted
Total
d General
Designated
Silver
Funds
(restated)
5,402,017
67,038
3,221,968
145,414
8,836,437
91,513
91,513
5,402,017
67,038
3,313,481
145,814
8,927,950
258,456
11,421
269,877
(159,758)
(23,528)
(183,286)
1,108,734
1,108,734
17,558
(17,558)
£6,591,891
£67,038
£3,313,481
£150,865
£10,123,275
Wa�land
Chaeel
Ameutee
Silver Fund
Fund
Total
Fund
(restated)
96,845
42,756
5,813
145,414
11,421
11,421
(9,414)
(13,138)
(976)
(23,528)
17,558
17,558
£104,989
£41,039
£4,837
£150,865

Unrestricted Fund - General Fund - The General Fund consists of funds which the Trustees may use for the Charity's objects at their discretion.

Unrestricted Funds - Designated Fund - This fund is designated to meet the expenses of the Regimental Chapel at War1ey, Essex.

Restricted Silver Fund - Includes Days Pay Scheme Silver Subscription together with any insurance proceeds and incurs any insurance and repair costs in respect of the Silver.

Restricted Fund - Wayland Amputee Fund - This fund has been set up with the purpose of providing assistance and support for amputees from recent and future operations.

Restricted Fund- Chapel Fund - This fund has been set up to account for the income received and expenditure incurred on behalf of the Chapel.

Restricted Fund- Afghan Veterans Fund -This fund provided by the Armed Forces Covenant has been set up with the purpose of providing assistance and support to veterans, serving soldiers and their families from the conflict in Afghanistan and other recent operations.

Endowment Silver Fund - This represents the deemed cost of the Silver together with any proceeds of disposals.

Transfers

A transfer of (£5,651) (2021: £17,558) from unrestricted reserves for the Wayland Amputee fund relates to (losses)/gains and income earned from the investment portfolio of the charity which has been included within unrestricted fund income.

25

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

NOTES TO THE ACCOUNTS (Continued)

FOR THEPEmOD ENDED31DECEMBER2�2

9. CURRENT PERIOD - ANALYSIS OF NET ASSETS BETWEEN FUNDS

.
CURRENT PERIOD -ANAL		 YSISOF NETA SSETSBETWE EN FUNDS
Non
Tangible Current Current
Fixed Assets/ Assets/ Net
Assets Investments (Liabilities) (Liabilities Assets
Restricted Funds
Wayland Amputee Fund 86,429 86,429
Silver Fund 47,710 47,710
Chapel Fund 3,940 3,940
Afghan Veterans Fund 21,507 21,507
Silver Endowment Fund 3,288,961 24,520 3,313,481
Unrestricted Funds
General Fund 28,024 5,978,561 65,731 6,072,316
Designated - Essex Chapel Fund 67,038 67,038
£3,316,985 £6,064,990 £230,446 £- £9,612,421

PRIOR YEAR-ANALYSIS OF NET ASSETS BETWEEN FUNDS (RESTATED)

Non
Tangible Current Current
Fixed Assets/ Assets/ Net
Assets Investments (Liabilities) (Liabilities Assets
Restricted Funds
Wayland Amputee Fund 104,989 104,989
Silver Fund 41,039 41,039
Chapel Fund 4,837 4,837
Silver Endowment Fund 3,312,981 500 3,313,481
Unrestricted Funds
General Fund 26,372 6,510,169 55,350 6,591,891
Designated - Essex Chapel Fund 67 038 67 038
£3,339,353 £6,615,158 £168,764 £- £10,123,275

10. TAXATION

The Fund is a Registered Charity, and no Corporation Tax is payable on the results for the period. Income Tax deducted from covenanted donations and Gift Aid is recoverable.

11. TRANSACTIONS WITH TRUSTEES/ KEY MANAGEMENT PERSONNEL

The Trustees consider the key management personnel of the charity to be the Trustees, who are in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis.

All Trustees give their time freely and no trustee remuneration was paid during either period.

26

NOTES TO THE ACCOUNTS (Continued)

FOR THE PE�OD ENDED 31DECEMBER 2�2

THE ROYAL ANGLIAN REGIMENT BENEVOLENT CHARITY

12. RELATED PARTY TRANSACTIONS.

During the period 1 Trusteee (2021: nil) was reimbursed £317 (2021: £nil) in relation to travel expenses in performing their duties as a Trustee of the charity.

During the period the charity received donations totalling £10,260 (2021: £3,000) from Oakley Capital Limited, a company connected to Mr D Till, a trustee.

During the period the charity received donations totalling £1,000 (2021: £nil) from a trustee.

13. CUSTODIAN TRUSTEESHIP

The charity acts as custodian trustee for the 1[st ] Battalion, 2[nd ] Battalion and 3[rd ] Battalion The Royal Anglian Regiment. The assets held on behalf of these entities relate to the investment portfolio. These assets are separate from those of the charity and are not included within these accounts. The value of investments held as at 31 December 2022 is £480,984, £20,002 and £29,336 (2021: £719,165, £21,673 and £nil) respectively.

14. POST-BALANCE SHEET EVENT

A Charitable Incorporated Organisation (CIO) was registered on 25 October 2022 called The Royal Anglian Regiment Charity. As of 1 January 2023, the existing charity transferred all operations, assets and liabilities to the new formed CIO which will continue to provide the same charitable services as the current charity did in the period.

Given the transfer of all operations, the existing charity will be wound up once these financial statements have been completed and as such the charity is not a going concern so these financial statements have not been prepared on that basis. The change in basis has not resulted in any changes to the values of assets and liabilities.

15. PRIOR YEAR ADJUSTMENT

Following on from the theft of some items of silver in 2022 a full audit of the Silver was completed in 2024. Additional silver with a value of £144,493 was discovered, whilst £52,980 of silver was either not found or found to be duplicates in the original listings, leaving a net adjustment of £91,513 which has been included as a prior year adjustment in these accounts. This has increased the net assets of the Silver Endowment fund by £91,513 and the opening reserves of this fund by the same amount.

27