REGISTERED CHARITY NUMBER: 1104235 Report of the Trustees Ydnd Unaudlted Flnancial Stfitements rorthe Ye8r Ended 31 March 2024 for The Royal Armoured Corps Memorlil Trust Page I
The Royal Armoured Corps Memorial TNst Contents of the Financial Statements for the Year End¢d 31 March 2024 Page Report of the Trustees Independent Examiner's Report Statem¢nt of Financial Activities Balance Sheet Notes to the financial Statements 9 to 14 Detailed Statement of Financial Activities IS to 16 Page 2
The Royal Armoured Corps Memorial Trust Report of the Trustees for the Year Ended 31 March 2024 tNTRODUCTION The 'frustees present their Report with the f]nancial statements of the Charity for the year ended 31 March 2024. The 'frnstees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland (FRS 102) (effective l January 2015). OBJECTIVES AND ACTIVITIES ObJe¢tlves 'riie Trustees shall hold the Fund and its income upon trust to apply them for the following charitable objects: a. The relief of pcrsons in ne¢d, hardship or distress who are either: Serving or fornicr serving personnel of the Corps; OT ii. The d¢pendants, wives, widows (whether remarried or not) or children of such persons. b. To promole the ¢ffiLiency of the cos, bul not exclusively by encouraging rnilitary efficiency. Activitles Employed to Achleve the Ch8rity's Objectives The Trustees hold and mana&ve the Fund upon trust for the following VACtivities.' a. Maintaining a M¢morial insid¢ The Tank Museum, exhibiting for public benefit and contemplation the Roll of Hunour Books recording the names of all regular and reservist mernbers of the Royal Amoured Corps who have died in service sin¢e its fonnation in 1939. b. Maintaining the Memorial Wall of Remembrance at the Tank Museum presenting for public benefit and conteinplation the names of all regular ¢iiid r¢s¢rvist members of the Royal Arnioured Corps who have died on active service since the end of the Second World War in 1945. Promoting the RAC Memorial Trust's work as an effective living m¢morial that provides public benefit. d. Assistingy Ihose who claim to have served in an IIAC unit and have diffiLulty establishing claim to a RAC Regimental Fund. AssistingF ihose who claim to have served in a disbanded Second World War RAC Regiment, the Reconnaissance Corps or served in several RAC Regiments. Couperating and working in conjunction with other RAC, Regimental and bcnevolcnt institutions both military and Civilian. g. Offering tm Educalion Schemc for the education of children of all ranks in full-liin¢ or tertiary education. Making byrants to any charity or charilable fund or charitable institution (military QT civil) existing or hereafter established which in the opinion of the Managing Trustees directly or indirectly benefils the persons referred to in our objects. Regularly reviewing our vision, aims, obj¢ctlV¢5 and activitie5 when fonn ing any plans and budgels. Ilcviewing Charity Commission guidance on public benefit against the setting of our plans to ensur¢ it will deliver public benefit and contribute to our objectiV¢S. k. Ensuring we are qualified and properly equipped to meet our objectives. Recruiting and selection of Trustees by Board Mernbers. Potential truste¢s are interviewed and briefed by the Chaiman b¢fore being proposed io the board for final approval. Maii)taining an annual declaratiun and register of Trustee interests. Li8igin8 Wlth other military and civilian welfare agencies such as SSAFA, RBL and the ABF (the Soldiers, Charity) Trade Unions and Government agencies. Reviewing the fonnal financial Management and Investment of our Capital Investments, to g¢nerate enough income for uy to meet our objectives. Our income from investinent for this year was £36,000. p. The "frustees confirni that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to the guidance ¢ontain¢d in the Charity Commission's general guidance on public benefjt when r¢vi¢wing the Trust's (iims and objectives. Page I
The Royal Arnioured Corps Memorial Trugt Report of the Trustees for the Year Ended 31 Mareh 2024 ACH[EVElENT AND PERFORMANCE Charilable activitie5 W¢ continue to offer immediate financial assistance to the lamilies of those killed on operalions and to those seriously injured on operations. though fortunately no applications wcre received th?s year. b. All fornier serving and current members of RAC, regular and reserves and their families benefit from our support, provided their regim¢nt, if they have one, has supported them. The number of applications this year remained the same as the previous year at 37, however the total sum request¢d was down by aboui £10,000 to £75,728. The Trnst granted a total surn of £15,214 which continues to repTes¢nt 200/0 of the rcqu¢sted £75,727 that we know of for welfare benevolencc grants. Regiments provided £22.015 (290/0) and the major service donor charities provided the remaining 510/0. The number of grants awarded to individuals withoui a regiment increased from 6 to 9 this year. We supported one military etficiency expedition with £l.000, which may reflect the limited amount of adventur¢ training being und¢rtaken in the present military circumstances. We want our grants to make a difference so that serving members of RAC are better prepar¢d physically and mentally for operations. The Trustees do not support applications from Headquarters organisalions for activilies which should be funded through central MOD funds. d, We met twice as a bo<ird during the year, but incr¢asingly we conduct business electronically. Our investtnent manag¢menl costs have reduced io £5,362 froin £6,993 in the previous y¢ar. We have designed and constructed a new Memorial Room in the Tank Museum to house our 4 Roll of Honour books in a more appropriate manner and to educate the general public in words and videos the scale of sacrifice made by members of the Corps over the years sinc¢ its fonnation. This wa5 completed on time and to budget (£300,000). It was opened by our Patron, HRH ThL Dukc of Kent, in May 2023. 'rhe 'l'rust has now digitised the Roll of Honour. which has been made available to family m¢mbers. researchers and the gcneral public on a new touch screen facility mounted within the Meniorial Room. This reduces the need to handle th¢ aLtual Books of Rem¢mbrancc, which are now contained in hem¢tically seal¢d cabinets to protect their fabric. This digital facility provides a direct link to the Commonwealth War Graves Commission site, lo allow ftunily members and others the ability to view wherc individuals on the Roll of Honour are buried or commemoraled, h. We have now creuted web pages promoting the work of the Trust, which are contained within both The Tank Museum's and the Royal Arinoured Corps, rnain web sites. This includes a search facility for the digilised Roll of Honour, again with a direct link to the CWG'C website. The pagyes also include advice on how potential applicants can access ben¢volcnLe and military e]cIencY griints. During the first year over 3.500 individual users had accessed these web pa&Fes with almost 23.000 individual page views. The Memorial Wall at the Tank Museum continues to remind the public of Ihe sacrifice made by RAC Personnel killed on operations since 1945. We continue to award grants to the parish church of Wool, Dorset for the upkeep of RAC graves. k. We coiitinue to support the Annual National Field of Remembrance Event in Westminster. We continue to be members of Inforniation Commissioner8 Oftice, COBSEO and the FundrpAising Regulator. m. Saf¢guardinb, Health. and Saf¢ty reporting and r¢viewing conflicts of interest are p¢miancnt items on the Board's Agenda and no incid¢iits have bcen reported. FINANCIAL REVIEW Flnanclal posltion The fiiiancial position of the Charity at the balance sheet date was secure. The assets of the Charity are held for the generation of further income. They consist principally of investments which are shown in the accounts at market value. Trustee's power of investment The Trustees have delegated the discretionary management of the investment funds to JM Finn. The TnteeS have agreed to retain their services for a further year. b. Th¢ Investment Managers shall invest all property and funds not lawfully applicable as current income of the Charity and all property and Funds applicabl¢ as income which in the opinion of the Investment Managers are not presenlly required for applications. Primary Investment Objective: The Trnstees have mandated an income flow of £36,000 per year from the portfolio for the FY 23124. The Trustee5 have amended this figure to £30,000 for the nexi financial year. d. Secondary Investment Objective: L,ong terni balance of capital and incom¢ growth and outperforniing the agreed benchmark. Payment of total rcturn5 incoine is monthly in arrears. Rcserve's policy Trustees, policy is to maintain throughout the year unrestricted funds of approx. £30,000 in a cash account with J M Finn. JM Finn have confinned to retain this sum in an iT]Stant access investhlttnt portfolio. The current and deposit cash accounts at the end of March 2024 show cash holdings of over £25.000. This equates to approximately 12 months unrestricted expenditure to cover manageinent and administration and support costs. In line with ih¢ Truste¢s' decision, this sum will b¢ drawn down to £10,000 OV¢T the course of the next financial year by funding the budgeted shortfall in expected income over expenditure. In an emergency Trust¢es plan to fall back on the capilal sum. Page 2
The Roya] Arn)oured Corps Memorial Trust Report of the Trustee5 for the Year Ended 31 March 2024 CURREiYf AND FUTURE ACTIVITIES AND PLANS Our staff continue to work hard at improving the management and accountability of our welfare benevolence grant system, to make it simple and accessible for applicants. The obtainment of a verification of service (VOS) lo confirni the applicant was a genuine member of the corps, still takes time, though we appreciate MOD does all it can to r¢duce th¢ time taken. We share with The Tank Museum common charitable objectives and requirements laid out in ECAB Paper IP (98)6 dated 25 June 1998. We have an MOU with the Tank Mu%eum which is in both party's equal mumal interest. The objectives are to: Preserve, house. and maintain a pernian¢nt record of those who have lost their lives whilst in the service of the RAC since its formation in 1939 (currently contained in four Books of Remembrance).. "RAC Roll of Honour" b. t¥ovide and maintain a public memorial to those who have lost their lives on active scrvice from the BAC since 1945.. "RAC Memorial Wall" Educate the publi¢ in the sacrifice and suffering made by members of RAC and their dependants. d. Promote public recognilion of the record of sacrifice of those who have served in th¢ RAC. Provide a focus for remembrance for families, relatives, and fri¢nds of those who have suffered in the servTce of the RAC. f. Promote the charitable objeLtives of both Parties, particularly those relating to the edu¢atkon of the public, (the Museum), benevolence and promoting the efficiency of the RAC (the Trust). g. Encourage further charitable donations to both Parties. The MOU timeframe for partnership activities is coincident with the Tank Museum Ministry of Defence Lease, providing us with the security of tenure for our investment in the new indoor Memorial and to continue maintaining the external Memorial wall. In addition, the Tank Museum also provides resources on their website by hosting content pages promoting our work as well as providing a digital version of the Roll of Honour including & search facility. The new Memorial inside The Tank Museum has been well received by veterdns, the general public and Tank Mus¢um staff during its first year. a5 evidenced by a survey qu¢stionnaire Completed by members of the public for the Tank Museum. Their responses demonstrate that it clearly provides, in a contrasting space to the other Tank Muscum exhibitions, a meinorial that draws in visitors, offering them an opportuiiity to reflect upon and contemplate the sacrifice made by those 12,600+ members of the RAC whose names are recorded in the four Books of Remembrance. To help visitors grasp the suffering involved, a continuous loop video relates five very personal accounts of individual losses and their effect upon their farnilies. A total of £300.000 was withdrawn over two years trom capital to create this new Memorial. In addition. trustees added valu¢ of over £100,000 to th¢ project by contributing over 200 days of voluntary work, based on HLF protessional volunteer time. The Trustees continue to consider future improvements including how best we can.. Research and PTomote other stories behind the names in the Roll of Honour Books. b. Digitise the RAC Battle Casualty cards held in the Tank Museum archives, to make them accessible to all. Better promot¢ and develop a web presence on our work to ensure the memory of those in the Roll of Honour Books is kept alive. This may include cooperating with The Tank Museum to produce short YouTube videos rerounting individual storylines, with the emphasis on'we will Remember Them" Rrbuild vtspilul ball0 uftor a Jignifietsnt proj¢¢t exp¢ndituro ott the Memorial Room (Tot&l cogt nf project £300k)- During this year. in line with many MOD establishments having to scale back their output. HHQ RTR announced that it intended to withdraw its support for the administration of the T'Nst, includtng all secretarial, accounting, benevolence and military efficiency responsibilities. HQ RAC has otlered an S03 rnember of staff to assist with the secretarial role. In the short tern] the Chairnian of Trustees has adopted ihe accounting and grant giving roles, subject to a more pernianent arrangement being put in place during th¢ next financial year. Inevitably, the loss of HHQ RTR'S long-standing support will impact on the level of benevolcnce and military efficiency funding that the 'frust Gan offer going forward. Alternative operational systems are currently und¢r consideration, including further discussions with HQ RAC and The Tank Museum. Trustees are also willingly shouldering more of the burden of the general administration. Thi5 remains a fluid situation, which th¢ Trustees int¢nd to resolv¢ over th¢ next 12 months. The threats and risks facing the charity are continually under review and we continuously evaluate our current work to improve how we can best serve our beneficiaries. Th¢ value of our investments increased by 2.53 % during the year from opening to closing. Our investm¢nt managers are confident they will meet our mandated target of £30,000 for FY 202412025. Page 3
The Royal Arn)oured Corps Memorial Trust R¢port of the Trustees rorthe Year Ended 31 Mareh 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing DoeumenL The Charity is controlled by it5 governing document, a Deed of Trust, and constitutes an unincorpornted Charity. The Charity is called th¢ Royal Annoured Corps Meinorial Trust (KACMI") regulated by a governing document dated 25 September 2018. Recruitmenl and Appointment of New Trustees. The recNitment of Trnstees 15 th¢ r¢sponsibility of Board Members. Before being fomierly proposed to the Board pot¢ntial trustees are interviewed and briefed by the Chainnan. Organisation The Charity operates for the benefit of all serving and ex-serving RAC members and their dependants helping them in times of need and hardship. b. The major in year activity has been the opening of the new internal M¢morial in the Tank Museum and the ¢ontinuing dev¢lopment ot the web pages. The MOD currently provides premises for Th¢ Charity Meetlngs. The Trustees met physically twice in the year and conduct an increasing amount of business electronically. Staff. The Chairnian currently volunteers as a chief executive with an S03 from HQ RAC acting as secretary, ably supported by a privately lunded Finance officer. A CMS qualitied approved volunteer has generously managed our welfare support syslem up until this year, but the Chaimian will take ovcr this role temporarily as from l April 2024. Ihe salary aiid office cosls have been shared with RTR on the ratio RTR 900/0 RACMT IOO/•. This arrangement has now come io an end as @ 31 March 2024. Risk ManagemenL The Tru5te¢s actively review the major risks which the Charity faces on a regular basis and believe that maintaining reserves at currenl. levels, combined wtth an annual review of the controls over key tinancial systems, will provide enough resources in the event of adverse condition5. The Trustees have also examined other operational and business risks faced by the Charity and confirni that they have established systems to mitigate the Si&Tnificant risks. Preml$es. The Charity has been mosi grateful to the Ministy of Defence for the provision of office space for our staff in Home HQ R'FR. This has now bccn withdrawn as froin 31 March 2024. Alt¢rnative arrangements are currently under review, with the support of HQ RAL and Tlie 'fank Museum. Thc Trust's historical and finaiicial archives remaiii housed at HHQ R TR for thc foreseeable future, to meet statutory requirements. Assets are available and adequate in respect of all funds ot the Charity lo enable it to fulfil its obligations. MOD still provides uther s¢rvices and space for The Memorial Room and Wall at'The Tank Museum, cnabling us to carry out our objectives. Assets are available and adequate in respect of all funds of the Charity to enable it to fulfil its obligation5. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cbarlty number 1104235 Prineipal address HQ RAC Allenby Barracks Bovington War¢ham Dorset BH20 6JA Page 4
Th¢ Royal Annoured Corps Memorial Trust Report of the Trustees for the Year Ended 31 March 2024 Trustees Mr J H E Colton Brigadier (Retd) D Allfr¢y MBE FRGS Major General S J M Graham CB VR Mrs P G LorLgman Major (Retd) J J Macnamara CStJ TD VR JP DL FCA Mr M D Powell Colonel (Retd) D Swann CBE Brigadier (Retd) S J B White MBE Chainnan Appointed 01 .01.2022 Appointed 05.07.2023 Appoinled 07.04.2019 Appoint¢d 07.04.2019 Appointed 01.03.2000 Appointed 01.08.2018 Appoinled 18.04.2023 Appointed 08.11.2019 Mr J Walsh Appoinled 05.05.2020 Resigned 07.02.2024 Appointed 18.04.2023 Resigned 31.10.2023 Appoinled 01.09.2016 Resigned 05.07.2023 Mr Richard Smith OBE Lolonel (Retd) J Woodward MBE Approved by order ofthe board of trustees on and sign¢d on its behalt by: Trustee - Date - Trustee - Name- Date - Page 5
Independent ExYdmlner'$ Report to the Trustees of The Roygl Armoured Corps Memori91 Trust Independent examiner's report to the trustees of The Royal Armoured Corp5 Memorial Trust I report to the charity trustees on my exainination of the accounts of The Royal Armoured Corps Memorial Trust (the Trust) for the year ended 31 March 2024. R¢sponqibilities and b2sls of report A5 the chai'ity trustees of ihe Trust YOU are responsible for the preparation of the accounts in accordance with the requirements of th¢ Charities A¢t 2011 {'the Act,). report in respect of my examination of thc Trust'8 accounts carried out under section 145 of the Act and in cai'rying out my examination I have lollowed illl applicable Directions given by the c.harity Commission under section 145(5)(b) of the Act. Independent examiner's stat¢ment I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material I'esp¢¢t'. a¢¢ounting I'ecords wei-¢ not kept in I'espect of the Trust as required by s¢ction 130 of the Act. or the accounis do not aLcord with those records. or the accounls do not comply with the applicable requirements concerning the forni and conient of accounts set out in the C,harilies (Accounts and Reports) Regulatioiis 2008 other than any requirement that the a¢¢ounts give a truc and fair vicw which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should b¢ drawn in this report in ol'der to enable a proper understanding of the accounts to be reached. J A Ricliardson FCA FC.C.A DChA 32 Award Road Wimborne Doi'set BF1217NT Date,, Page 6
The Royal Armoured Corps Memorial 'l'rust Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 Total funds Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,672 2,114 Investment income & Interest 36,159 37,373 Total 37.831 39. 487 EXPENDITURE ON Raising tunds 11,332 11.821 ChY4rltabl¢ octlvlties General funds 16,923 326,717 Other 2,180 2,080 Total 30.435 340.618 N¢t (losses)/gains on investments 25,494 (170,064) NET INCOME I (EXPENDITURE) 32,890 (471,195) RECONCILIATION OF FUNDS Tolal funds brought forward 950,538 1,421,733 983,4211 950,538 TOTAL FUNDS CARRIED FORWARD The notes fomi part ofthese financial statements Pag¢ 7
Th¢ Royydl Armoured Corps Memorial Trust B#l2nee Sheet 31 March 2024 2024 Unrestricted funds 2023 'rotal funds Notes FJXED ASSETS Investments 959.765 935.508 C.URRENT ASSETS Cash at bank 27.825 17.185 CREDITORS Amounts falling due within one year {4,163) (2.155) 23,662 15. 030 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 983,428 951),538 IYET ASSEI'S 983.428 950,538 983.428 950,538 FIINDS Uni'LstriGted funds 'roTAL FUNDS 983,428 950,538 The financial statcmeiits were approved by the Board of Trustees and authorised for issue on . signed on its beha . and were Trustee - Date - Trustee- Name-.. Date - The notes form part of these financial statements Page 8
The Royal Armoured Corps MemoriAI Trust Iyotes to Ihe Financial Statements for the Year Ended 31 Mareh 2024 ACCOUNTING POLICIES Basis of preparing the financial staternents The financial slatements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Ac¢ounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republi of Ireland IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Donations Dondtions are included within the financial statements as 500n as the income is received LegAcie$ Lega¢ies arc included in the financial ?itatements when the conditions for receipt have been met. Granls recelvable Grants are accounted for in the ststement of financial activities on an accrual basis. Grant income received in advance is shown as deferred in¢oin¢. Investment Income I'he C.harity's investments are managed by JM Finn & Co. Investment income received is rcmitted by the fund managers to the ChIlIY quarterly in arr¢ars. Dlrect charitAbl¢ expendlture Direct charitiible expenditure includes all expenditure directly related to aims of the Charity. Expenditure is accounted for wheii payable. Management and admlnlgtratlon of the ChAri*y Management and administralion costs represent expenditure incurred in the management and administration of the Charity's assets, organisational administralion and compliance with constitutional and 8tatutory requirements. Grants payable are accounted foi. on an accruals basis and are made at the dis¢rdion of the Trustees. Taxation ThL charity is exeinpt from tax on its charitable activities. Fund accountlng The charity maintains the following types of fund: Unr¢$tricted funds Gen¢ral unr¥strictcd funds represent funds which ar¢ expendable at the discretion of the Trustees in the furtherance of the object5 of the Charity. Pension costs and other post-retlrement beneflts The charity operates a defined ¢ontribution pension scheme. Contributions payable to the charity's pen8ion scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 9 continued..-
The Royal Armoured Corps Memorial Trust Notes to the Financial Ststements- eontinued for tbe Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Debtors and prepayments Debtors and prepaymcnts are recognised at the transaction price where an entity has a present obligation r¢5ulting from a past event that will probably result in the transfer of fibnds from a third party to the charity and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provlslons Creditors ¢ind provisions are recognised where the charity has a present obligation resulting from a past eveT]t that will probably result in the transfer of funds to a third party and the amount due to settle the obligJation can be measured or estimated reliably. Creditors and provision5 are normally r¢¢ognised at their transaction prity¢ after allowing for any trade dis¥ouiits duc. Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of 95 days or less from the date of acquisition or opening of the deposit or similiir account. Fixed assets It 15 the policy of the I'rust¢es not to capitalise fixed assets in the balance sheet under £1,000 of Cost and to write off the cosl of fixed assets purchased in the year through the Statement of Financial Activity. fixed assets con%ist primarily of ompuler equipment which in the view of the "frust¢es soon becomes obsolete and are shared by all the C.harilies undoi. common administration. No fixed assets were purchased in the year ended 31 March 2022. Investments held as Flxed Assets In ordcr to comply wilh the slatement of Recommended Practice Accounting and Reportin¥ by Charities" investments held as fixed assets are stated at market value and realised and unreali5ed ¥ains and losse.s are shown in the Appropriate section of the Statement of Pinancial Activities. INVESTMENT IIYCOME & INTEREST 2024 2023 Dividend Income 36,000 36,000 Deposit Account Interest Other Investment Income 159 33 1,340 36,139 Page 10 continued,..
The Royal Armoured Corps Memorial Trust Notes to the Financial Slatements - contlDued For the Year Ended 31 Mareh 2024 RAISING FUNDS Raising donations and legacies 2024 2023 Management Support Costs (see note 5) 5,885 4,743 CHARtTABLE EXPENDITURE 2024 2022 Grants payable Other charilable expenditure 15.214 325.849 1.709 868 16,923 326.717 Grants to Individuals 15,214 25,849 Grants to Institsjtions The Tank Museum 300.000 15.214 325,849 In the year to 31 March 2023 £300.000 was paid as a grant to The Tank Museum for refurbishment of the Memorial Room. SUPPORT COSTS Management Other Tota15 Raising donations and legacies 5,883 8J 5,970 Investment managem¢nt costs 5,362 5,362 Other re50ur¢es expended 2,180 2,180 5,885 7,627 13,512 During the year to 31 March 2024 an amount of £2,180 {2023: £2,080) was paid to the independent examin¢r. These are included in support costs tor the year. During the year to 3 1st March 2024 investment manag¢ment costs totslling £5.362 were paid (2023: £6,993). TRUSTEES, REMUNERATION AND BENEFJTS There were no trustees, remuneration or other benefits for the year ended 31 Mar¢b2024 nor for the year ended 31 March 2023. Pagell continued...
The Roy&il Armoured Corp$ Memorial Trnst Notes to the Financial Statements- eontinued for the Year Ended 31 Mareh 2024 TRUSTEES, REMUNERATtON AND BENEFITS- contlnued Trustees, expenses Trustees r¢¢eived expenses for meeting costs during the year ended 31 March 2024 totalling £Nil {2023'. £247), Trustee Indemnity Insurance is included in total insurance costs of £727 {2023: £727). STAFF COSTS 2024 2023 Wages and salaries Other pension costs 3,085 119 2,856 195 3,204 3,051 Ainounts in¢ludcd within staff costs are a pei'centage attributed of the total costs split between the wider charity consortium. No employees received cmoluments in excess of £60,000. The averag¢ monthly number of employees during the year was as follows: 2024 2023 Head Count FIXFD ASSET INVESTMENTS Listed Investments MARKET VALUE At l April 2023 Additions 935,508 245,SIO Disposals Revaluations (292,624) 71,371 As at 31 MaTch 2024 959,765 NET BOOK V ALUE At 31 March 2024 959,765 At 31 March 2023 935.508 There wer¢ no investment assets outside the UK. The full value disclosed as fixed asset investments at the year end are held as listed investments. Any cash balances held in the portfolio valuation at the reporting date are in¢luded as Cash in these financial statements. C&8h held in the portfolio at the year end was £2,455 (2023.. £6.724). Page 12 continued...
The Royal Armoured Corps Memorial Trust Notes to the Finydneial Statements- continued for the Year Ended 31 March 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 4,163 2,155 4,163 2,155 io. MOVEMENT IN FUNDS At 1,4.23 Nel movement in funds Transfers between funds At 31.3.24 Unrestricted funds General tund 950.538 32.890 983,428 TOTAL FUNDS 950,538 32,890 983,428 Net movement in funds, included in the above are as follows: Incoming resources Resour¢¢s expended Gains and losses Movement in funds Unrestricted funds General fund 37,831 30,435 25,494 32,890 TOTAL FUNDS 37,831 30,435 25,494 32,890 Comparatives for movement In funds Net Movement in funds At 1.4.22 At 31.3.23 Unrestricted funds General fund 1,421.733 (471,195) 950.538 TOTAL fuNDS 1,421,733 (471,195} 950,538 Comparalive net movement in funds, included in th¢ above are as follows.. Incoming resources Resources exp¢nded Gains and losses Movement in fund5 Unrestricted funds ¢neral fund 39,239 340,370 (170,064) (471,195) TOTAL FUNDS 39,239 340,370 (170,064) (471,195) Page 13
The Royal Armoured Corps Memorial Trust Notes to the Financiydl Srtatements - eontinued for the Year Ended 31 Marcb 2024 ii. RF.LATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024 (2023 - £nil). Page 14
The Royal Armoured Corps Memorial Trust Detailed Statement of Fin*nelAI Aetivities For the Year Ended 31 March 2024 2024 2023 tNCOME AND ENDOWMENTS Donations and lebyacies Donations ,672 2.114 Envestment income & Interest Dividend income 36.000 36,000 Deposit account interest Other investment income 159 33 1,340 36.159 37,373 Total incoming resource5 37,831 39.487 EXPENDITURE Charitable activities Military Efficiency, Wreaths and Memorials Grants payable 1,709 868 R5,214 325,849 16,()23 326,717 Support cosls Management Wages and national insur1¢¢ Pensions 3,085 119 2,856 195 Insurance 727 727 Office and computer repairs Postage and Stationery 1,765 47 208 SILndri¢$ 38 Bookkeeping Committ¢¢ expenses 49 104 708 5,885 4,743 Other Accountancy Portfolio fees 2,180 2,080 5.362 6,993 Subscriptions 85 85 7,627 9,158 Total resources expended Net {expenditure) l income before gains and losses 7,396 This page does nol fomi part of the statutory financial statements 30.435 340,618 (301,131) Page 15
The Royal Armoured Corps Memorial Trust Detailed Stitement of Flnaneial Actlvitles For tb¢ YeAr Ellded 31 MNrch 2024 2024 2023 Realised rc¢o¥nAzed gains and losses Realised gains 1(losses) on fixed asset investm¢nts N¢t lexpenditur¢) l income 25,494 (170,064} 32.890 (471,195) This page does not forni part of the statutory financial statem¢nts Page 16