Charity number: 1114624
THE YORKSHIRE REGIMENT CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE YORKSHIRE REGIMENT CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 23 |
THE YORKSHIRE REGIMENT CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | Brigadier A T Jackson CBE (resigned 28 May 2021) |
|---|---|
| Mr D Barraclough | |
| Brigadier Z R Stenning OBE | |
| Lieutenant Colonel D R E O'Kelly MA BA | |
| Colonel C G Le Brun | |
| Brig Peter Monteith MBE (appointed 28 May 2021) | |
| Mr P Lee | |
| Colonel J K Wright | |
| Brigadier E D Colthup (appointed 4 February 2022) | |
| Mr A Liddle | |
| Lieutenant Colonel A H S Drake MBE | |
| Charity registered number 1114624 Principal office 3 Tower Street York YO1 9SB Independent examiner Alyson Kimber FCCA DChA BHP LLP Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH Bankers The Royal Bank of Scotland Lawrie House Victoria Road Farnborough GU14 7NR Investment manager Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU |
Page 1
THE YORKSHIRE REGIMENT CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the The Yorkshire Regiment Charitable Trust for the year 1 April 2021 to 31 March 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 published in October 2019.
Objectives and activities
a. Policies and objectives
The objects of the charity are:
-
to promote the efficiency of the Regiment in such charitable ways as the trustees may decide;
-
to support the relief of such persons in need by virtue of sickness, poor health or financial hardship who are serving or have served in the Regiment or the Former Regiments or the Former Disbanded Regiment or the children or dependants (whether or not remarried) of such persons (whether alive or dead);
-
to support such other charitable purpose or purposes of or connected with the Regiment or the Former Regiments or the Former Disbanded Regiment as the trustees may from time to time decide.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the charity's purposes for the public benefit
The main activities of the charity are the grants returned to the Battalions for the efficiency of the Regiment. A sum in excess of £17,000 (2021: £9,000) has been spent on activities in relation to recruiting and retention.
Page 2
THE YORKSHIRE REGIMENT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
a. Review of activities
The Trustees met twice, in May 2021 and February 2022. All Trustees submitted Declaration of Interests at the end of the year.
There have been no changes to the overall governance structure; some work was done with an umbrella organisation, COBSEO (Confederation of British Service Charities) which helped Trustees to consider all aspects of good governance. This, together with the Risk Management Strategy, provides the Trust with necessary assurance.
The activities of the Regiment required the Trust to allocate circa. £150k, something of an increase on the previous year (£110k) during which most activity was cancelled as a result of the coronavirus pandemic.
The recruiting environment for soldiers changed during the year and therefore required less regimental funding; this is likely to be continued into the new financial year (FY).
The funds that had been spent were largely on discretionary running costs for the Regiment - grants to battalions, Journal, Recruiting, Antecedent grant, and heritage maintenance.
b. One day's pay scheme (ODPS)
The Trustees report that, however slight, the number of soldiers in the Regiment contributing ODPS income has decreased. There is however some concern that as a result of a recent Defence Review, numbers may decrease in subsequent years.
c. Investment policy and performance
The management of investments this year was by Sarasin & Partners who were appointed in September 2018.
Funds are invested for the purpose of generating future income to enable each of the Trusts to achieve their objectives. As the requirement for income will continue into the very long term, the Trustees aim to preserve the capital value of the portfolio in real terms. The Trustees are satisfied that the investments continue to meet our investment objective and return a consistent and appropriate level of income, in line with our risk profile and time horizon.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 3
THE YORKSHIRE REGIMENT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
b. Reserves policy
The charitable funds of the Yorkshire Regiment are to provide support for the Regiment and its antecedent Regiments for welfare, benevolence, the efficiency of the Regiment and the relief of need. The funds represent the total reserves of the Regimental charities and the income from them, together with the Day's Pay Scheme, represent the total income of the charities. As the requirement for income will continue into the very long term, the trustees aim to preserve the capital value in real terms. The Trustees consider that a level of free reserves of £2,300,000 is sufficient to achieve this.
Free reserves as at 31st March 2022 are £3,467,067 (2021: £3,377,470). Whilst this is above the target level the income currently generated was utilised in the year.
c. Material investments policy
Investments are held in the Sarasin Endowments Funds (SEF), with which the trustees remain content. SEF are invested in Sarasin & Partners who have reported to the trustees in the year. The investments remain under regular annual review. The Board of Trustees take a long term view with investments in the knowledge that their value may fluctuate. The investment continues to bring a consistent return of income.
d. Results
Donations to the charity during the year amounted to £61,013 (2021: £63,551) from the Soldiers Day Pay Scheme and £7,519 (2021: £10,471) of other donations. Fundraising activities linked directly to these donations totalled £28,812 (2021: £25,295), resulting in net donations of £39,720 (2021: £48,727).
There is sufficient cash flow within the charity to meet its obligations. It is our aim to continue to invest all donations received.
The charity is accruing funds to meet the future obligations to support the Regiment soldiers and their dependants in need.
During the year, the charity had a surplus of income over expenditure of £22,059 (2021: £45,154). Taken together with the gains on investments of £69,859 (2021: £570,236), this has resulted in a increase of funds of £91,918 (2021: £615,390). Total funds carried forward amount to £3,471,768 (2021: £3,379,850), all being unrestricted.
Structure, governance and management
a. Constitution
The Yorkshire Regiment Charitable Trust is unincorporated and is governed under a trust deed dated 15 May 2006.
Page 4
THE YORKSHIRE REGIMENT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The number of trustees shall be not less than six and not more than ten comprising:
four ex-officio trustees; and
not less than two and not more than six nominated trustees.
ex-officio trustees shall be:
The Colonel of the Regiment The Deputy Colonel of the Regiment The Honorary Colonel Army Reserves The Regimental Secretary
Nominated trustees shall be nominated by The Colonel of the Regiment in writing and appointed by a resolution of the trustees passed at a special meeting. A nominated trustee shall hold office for five years unless nominated for a shorter period.
c. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The principle risks are connected to the volatility of the stock and fixed income markets, potential cuts to the defence budget and our inability to recruit and therefore man our battalions. This would lead directly to less ODPS money for the charities and potentially less dividend being paid to us from Sarasin & Partners.
Page 5
THE YORKSHIRE REGIMENT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP 2019 (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
DRE O'Kelly DRE O'Kelly (Jul 7, 2022 12:14 GMT+1)
Lieutenant Colonel D R E O'Kelly MA BA
Date: 14 June 2022
Page 6
THE YORKSHIRE REGIMENT CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of The Yorkshire Regiment Charitable Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2022, which are set out on pages 8 to 23.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed:
Dated: Jul 7, 2022
Alyson Kimber FCCA DChA BHP LLP Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH
Page 7
THE YORKSHIRE REGIMENT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 68,532 50,867 93,937 213,336 28,812 162,465 191,277 22,059 69,859 91,918 3,379,850 91,918 3,471,768 |
Total funds 2022 £ 68,532 50,867 93,937 213,336 28,812 162,465 191,277 22,059 69,859 91,918 3,379,850 91,918 3,471,768 |
Total funds 2021 £ 74,022 17,917 99,451 |
|---|---|---|---|
| 191,390 | |||
| 25,295 120,941 |
|||
| 146,236 | |||
| 45,154 570,236 |
|||
| 615,390 | |||
| 2,764,460 615,390 |
|||
| 3,379,850 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 23 form part of these financial statements.
Page 8
THE YORKSHIRE REGIMENT CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 16 Total funds |
29,786 12,319 57,197 99,302 (9,592) |
2022 £ 3,382,058 3,382,058 89,710 3,471,768 3,471,768 3,471,768 3,471,768 3,471,768 |
31,440 11,587 66,623 109,650 (8,873) |
2021 £ 3,279,073 |
|---|---|---|---|---|
| 3,279,073 100,777 |
||||
| 3,379,850 | ||||
| 3,379,850 | ||||
| 3,379,850 | ||||
| 3,379,850 | ||||
| 3,379,850 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: DRE O'Kelly
DRE O'Kelly (Jul 7, 2022 12:14 GMT+1)
Lieutenant Colonel D R E O'Kelly MA BA
Date: 14 June 2022
The notes on pages 10 to 23 form part of these financial statements.
Page 9
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
The Yorkshire Regiment Charitable Trust is an unincorporated charity registered in England and Wales.
2. Accounting policies
2.1 Basis of preparation of financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The Yorkshire Regiment Charitable Trust meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
2.2 Going concern
As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of COVID-19 on the charity's activities and workforce, as well as the wider economy and on the forecasted income for the year to 31 March 2023. They have also considered the period up to 12 months from the signing of the accounts. The majority of the expenditure, being grants, is at the discretion of the Trustees. The charity also has sufficient reserves to cover the current level of expenditure for several years ahead.
At the time of approving the financial statements therefore, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 10
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 11
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.9 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 three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 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 settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
2.13 Critical accounting estimates and areas of judgment
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Page 12
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.14 Taxation
The charity is considered to pass the tests set out in Sch.6, para.1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521-s537 or s256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations Soldiers Days Pay Scheme 61,013 Donations 7,519 68,532 Total 2021 74,022 |
Total funds 2022 £ 61,013 7,519 68,532 74,022 |
Total funds 2021 £ 63,551 10,471 |
|---|---|---|
| 74,022 | ||
4. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2022 £ Journal subscriptions 320 Surplus on golf 250 Dinner subscriptions 2,380 York races 19,985 Dinner events 4,178 27,113 Total 2021 3,609 |
Total funds 2022 £ 320 250 2,380 19,985 4,178 27,113 3,609 |
Total funds 2021 £ 370 859 2,380 - - |
|---|---|---|
| 3,609 | ||
Page 13
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Income from other trading activities (continued)
Income from non charitable trading activities
| Unrestricted funds 2022 £ Sale of regimental memorabilia 23,754 Total 2021 14,308 Unrestricted funds 2022 £ Income from fundraising events 27,113 Income from non charitable trading activities 23,754 50,867 Total 2021 all unrestricted. |
Total funds 2022 £ 23,754 14,308 Total funds 2022 £ 27,113 23,754 50,867 |
Total funds 2021 £ 14,308 |
|---|---|---|
| Total funds 2021 £ 3,609 14,308 |
||
| 17,917 | ||
5. Investment income
| Unrestricted funds 2022 £ Income from UK listed investments 93,932 Interest receivable 5 93,937 Total 2021 99,451 |
Total funds 2022 £ 93,932 5 93,937 99,451 |
Total funds 2021 £ 99,445 6 |
|---|---|---|
| 99,451 | ||
Page 14
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Expenditure on raising funds
Fundraising trading expenses
| Unrestricted funds 2022 £ Purchase of regimental memorabilia 28,812 Total 2021 25,295 |
Total funds 2022 £ 28,812 25,295 |
Total funds 2021 £ 25,295 |
|---|---|---|
7. Analysis of expenditure by activities
| General charitable activities PWO Antecedant Business Total 2021 |
Activities undertaken directly 2022 £ 84,318 17,977 102,295 69,899 |
Grant funding of activities 2022 £ 43,725 - 43,725 37,818 |
Support costs 2022 £ 16,445 - 16,445 13,224 |
Total funds 2022 £ 144,488 17,977 162,465 120,941 |
Total funds 2021 £ 103,727 17,214 |
|---|---|---|---|---|---|
| 120,941 | |||||
Page 15
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Poppy Wreaths Normandy Officer and soldier recruiting Freedoms Journal expenditure Honorary Colonel York races Flags Regimental handbook Great Yorkshire Show Just giving Hotels Regimental Association Other charitable expenditure Regimental China PWO Antecedant Business Regimental Cross Brief Telecommunications YR Dinner Regimental historic commemorations Engraving Total 2021 |
General charitable activi 2022 £ 833 1,706 17,227 5,237 12,000 279 16,189 1,068 5,388 328 214 210 11,853 4,412 - - 149 876 5,726 623 - 84,318 52,685 |
PWO Antecedant Business 2022 £ - - - - - - - - - - - - - - - 17,977 - - - - - 17,977 17,214 |
Total funds 2022 £ 833 1,706 17,227 5,237 12,000 279 16,189 1,068 5,388 328 214 210 11,853 4,412 - 17,977 149 876 5,726 623 - 102,295 69,899 |
Total funds 2021 £ 1,231 - 9,192 2,661 11,900 - 883 - - - - - 4,418 8,454 13,312 17,214 - - - - 634 |
|---|---|---|---|---|
| 69,899 | ||||
Page 16
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Insurance Postage and stationery Other costs Internet - YRST Regt Sec Expenses Colonel Regiment Expenses Governance costs |
Total funds 2022 £ 2,409 34 3,843 139 478 1,959 7,583 16,445 |
Total funds 2021 £ 2,362 104 4,841 133 2,053 - 3,731 |
|---|---|---|
| 13,224 |
8. Governance costs
| Independent examination fees Trustees' meeting expenses |
2022 £ 4,200 3,383 7,583 |
2021 £ 3,582 149 |
|---|---|---|
| 3,731 |
9. Analysis of grants
| Grants, General charitable activities Total 2021 |
Grants to Institutions 2022 £ 43,725 35,299 |
Grants to Individuals 2022 £ - 2,519 |
Total funds 2022 £ 43,725 37,818 |
Total funds 2021 £ 37,818 |
|---|---|---|---|---|
Page 17
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Analysis of grants (continued)
Grants payable during the period include £38,585 (2021: £36,900 less £5,320 returned) to the 3 Battalions, £5,140 (2021: £3,718) for sports, on duties in direct support of the Regiment and £nil to individuals (2021: £2,520).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, £114 travel expenses were reimbursed or paid directly to 1 Trustee (2021 - £nil).
11. Staff costs and emoluments
A salary of £525 a month has been paid to a staff member who deals with secretarial matters relating to the PWO Antecedent Business, totalling £6,300 (2021: £6,300).
12. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 The historic cost of the investments is £2,849,351 (2021 - £2,816,224). |
Listed investments £ 3,279,072 33,127 69,859 |
|---|---|
| 3,382,058 | |
| 3,382,058 | |
| 3,279,072 | |
13. Stocks
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Finished goods and goods for resale | 29,786 | 31,440 |
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THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2022 £ 10,494 51 1,774 12,319 |
2021 £ 11,168 - 419 |
|---|---|---|
| 11,587 |
15. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 315 9,277 9,592 |
2021 £ 315 8,558 |
|---|---|---|
| 8,873 |
Page 19
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Dinner subscriptions General funds General funds Revaluation reserve Total Unrestricted funds |
Balance at 1 April 2021 £ 2,380 2,914,622 462,848 3,377,470 3,379,850 |
Income £ 2,321 211,015 - 211,015 213,336 |
Expenditure £ - (191,277) - (191,277) (191,277) |
Gains/ (Losses) £ - - 69,859 69,859 69,859 |
Balance at 31 March 2022 £ 4,701 |
|---|---|---|---|---|---|
| 2,934,360 532,707 |
|||||
| 3,467,067 | |||||
| 3,471,768 |
Page 20
THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Dinner subscriptions General funds General funds Revaluation reserve Total Unrestricted funds |
Balance at 1 April 2020 £ - 2,764,460 - 2,764,460 2,764,460 |
Income £ 2,380 189,010 - 189,010 191,390 |
Expenditure £ - (146,236) - (146,236) (146,236) |
Gains/ (Losses) £ - 107,388 462,848 570,236 570,236 |
Balance at 31 March 2021 £ 2,380 |
|---|---|---|---|---|---|
| 2,914,622 462,848 |
|||||
| 3,377,470 | |||||
| 3,379,850 |
17. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 April 2021 £ 2,380 3,377,470 3,379,850 |
Income £ 2,321 211,015 213,336 |
Expenditure £ - (191,277) (191,277) |
Gains/ (Losses) £ - 69,859 69,859 |
Balance at 31 March 2022 £ 4,701 3,467,067 |
|---|---|---|---|---|---|
| 3,471,768 |
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THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
17. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 April 2020 £ - 2,764,460 2,764,460 |
Income £ 2,380 189,010 191,390 |
Expenditure £ - (146,236) (146,236) |
Gains/ (Losses) £ - 570,236 570,236 |
Balance at 31 March 2021 £ 2,380 3,377,470 |
|---|---|---|---|---|---|
| 3,379,850 |
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 3,382,058 Current assets 99,302 Creditors due within one year (9,592) Total 3,471,768 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Fixed asset investments 3,279,073 Current assets 109,650 Creditors due within one year (8,873) Total 3,379,850 |
Total funds 2022 £ 3,382,058 99,302 (9,592) |
|---|---|
| 3,471,768 | |
| Total funds 2021 £ 3,279,073 109,650 (8,873) |
|
| 3,379,850 |
19. Ultimate Controlling Party
Throughout the year, the charity was under the control of the Trustees.
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THE YORKSHIRE REGIMENT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
20. Related party transactions
At the year end £4,867 (2021: £5,156) due to The Yorkshire Regiment Benevolent Trust, which is an associated charity was included in accruals.
At the year end £51 (2021: £nil) was due from The Yorkshire Regiment Benevolent Trust.
Both charities have the same Trustees.
21. Associated Charities
The trustees of The Yorkshire Regiment Charitable Trust are also the trustees of the following:
The Yorkshire Regiment Benevolent Trust (no. 1114654)
The Yorkshire Regiment Officers' Fund and Chattels (no. 3966401)
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