Charity number: 1114624 # **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST (FORMERLY THE YORKSHIRE REGIMENT CHARITABLE TRUST)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## CONTENTS ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Notes to the financial statements**|9 - 24| ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS _FOR THE YEAR ENDED 31 MARCH 2023_ |**Trustees**|Lt Col David O'Kelly| |---|---| ||MajGen Zac StenningOBE| ||Col Charles Le Brun| ||Mr Alex Liddle| ||Mr David Barraclough| ||Mr Peter Lee| ||Col Jason Wright| ||BrigPeter Monteith MBE| ||Lt Col Andrew Drake MBE| ||BrigDavid ColthupCBE| |**Charity registered number**
1114624
**Principal office**
3 Tower Street
York
YO1 9SB
**Independent examiner**
Laura Masheder FCA 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 ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## TRUSTEES' REPORT _FOR THE YEAR ENDED 31 MARCH 2023_ The Trustees present their annual report together with the financial statements of the The Royal Yorkshire Regiment Charitable Trust for the year 1 April 2022 to 31 March 2023. 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 £13,000 (2022: £17,000) has been spent on activities in relation to recruiting and retention. ## _**Achievements and performance**_ ## **a. Review of activities** The Trustees met three times, in May 2022, December 2022 and January 2023. All Trustees submitted Declaration of Interests at the end of the year and three undertook further Trustee training. 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 £163k, a slight increase on the previous year (£144k). The recruiting environment for soldiers continued to require less regimental funding whilst more has been spent on marketing and branding, especially with regards to the engagement of a professional company to lead on this work. 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. Page 2 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** TRUSTEES' REPORT (CONTINUED) _FOR THE YEAR ENDED 31 MARCH 2023_ ## **Achievements and performance (continued)** ## **b. One day's pay scheme (ODPS)** The Trustees are pleased to report that after an initiative to focus on low subscription rates, the number of soldiers in the Regiment now contributing to ODPS income has increased. This is likely to continue into the new FY. This however is set against the forthcoming reduction in the overall number of personnel in the regiment due the 2022 Defence Review. ## **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 objectives 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. ## **b. Reserves policy** The charitable funds of The Royal 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 charity. 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 2023 are £3,194,978 (2022: £3,467,678). 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. Page 3 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## TRUSTEES' REPORT (CONTINUED) _FOR THE YEAR ENDED 31 MARCH 2023_ ## **d. Results** Donations to the charity during the year amounted to £56,762 (2022: £61,013) from the Soldiers Day Pay Scheme and £11,589 (2022: £7,519) of other donations. Fundraising expenditure linked directly to these donations totalled £12,863 (2022: £28,812), resulting in net donations of £55,488 (2022: £39,720). 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 deficit of income over expenditure of £63,097 (2022: £22,059 surplus). Taken together with the losses on investments of £203,631 (2022: £69,859 gain), this has resulted in a decrease of funds of £266,728 (2022: £91,918 increase). Total funds carried forward amount to £3,205,040 (2022: £3,471,768), all being unrestricted. ## _**Structure, governance and management**_ ## **a. Constitution** The Royal Yorkshire Regiment Charitable Trust is unincorporated and is governed under a trust deed dated 15 May 2006. ## **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 principal 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 4 THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Statement of Trustees. responslb115tle$ The Trustees are responslble for preparln8 the Trustees, report and the financlal Statements In accordance with appllcable law and Unlted Kln¥dom Accountln8 Standards Iunited Klngdom Generally Accepted Accountlng Practlcel. The law appllcable to charltles In England & Wales requlres the Trustees to prepare financlal statements for each flnanclal year whlch 8lve a true and falr vlew of the state of affair5 of the charlty and of Its Incomlng resources and appllcatlon of resources, includlng Its Income and expendlture, for that perfod. In preparln8 these flnanclal statements, the Trustee5 are rèqulred to.. select sultable accountlng pollcles and then apply them conslstently: observe the method5 and prlnclple5 of the Charltle5 SORP 2019 IFRS 1021; make ludyrtents and accounting estlmates that are reasonable ènd prudent,. state whether appllcable UK Accountln8 Standards have been followed, subject to any materlal departure5 dlsclosed and explained In the financlal ststements; prepare the flnancial statements on the goln8 concern basls unless It Is Inapproprfatè to presume that the charlty wlll contlnue In operatlon. The Trustees are responsible for keeping proper accountlng records that disclose wlth reasonable accuracy at any tlme the nanclal posltlon of the charlty and enable them to ensure that the financlal statements comply wlth the Charltles Act 2011, the Chafity (Accounts and Reports) Re8ulatlons 2008 and the provlslons of the Trust deed. They are a150 responslble for safe8￿ardIng the assets of the charfty and hence for taklng reasonablè steps for the preventlon and detectlon of fraud and other irre8ularltles. Approved by order of the members of the board of Tru5teÈs and sl8ned on thelr behalf by.. Ueuten?nt Colo ITrusteel I DREO'KellyMA8A Page 5 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## INDEPENDENT EXAMINER'S REPORT _FOR THE YEAR ENDED 31 MARCH 2023_ ## **Independent Examiner's Report to the Trustees of The Royal 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 2023. ## **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: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. 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. ## Laura Masheder Laura Masheder (Nov 24, 2023 12:31 GMT) Signed: Dated: Nov 24, 2023 Laura Masheder FCA DChA BHP LLP Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH Page 6 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## STATEMENT OF FINANCIAL ACTIVITIES _FOR THE YEAR ENDED 31 MARCH 2023_ |**Note**
**Income from:**
Donations and legacies
3
Other trading activities
4
Investments
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net (expenditure)/income before net (losses)/gains on**
**investments**
Net (losses)/gains on investments
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**
16|**Unrestricted**
**funds**
**2023**
**£**
**68,351**
**25,159**
**93,737**
**187,247**
**12,863**
**237,481**
**250,344**
**(63,097)**
**(203,631)**
**(266,728)**
**3,471,768**
**(266,728)**
**3,205,040**|**Total**
**funds**
**2023**
**£**
**68,351**
**25,159**
**93,737**
**187,247**
**12,863**
**237,481**
**250,344**
**(63,097)**
**(203,631)**
**(266,728)**
**3,471,768**
**(266,728)**
**3,205,040**|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| The Statement of Financial Activities includes all gains and losses recognised in the year. All funds in the current and previous year are unrestricted. Page 7 THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST BALANCE SHEET ASA T31 MARCH 2023 2023 2022 Note Fl¥td assets Investments 12 3,13L¢ 3.382,058 3,134056 3.382,058 Current assèts Stocks 13 33,9n 14.006 44,221 29,786 12,319 57.197 Debtors 14 Cash at bank and In hand 91199 99.302 CrÈdltors.' amounts falllnB due wlthln one year 15 118,2151 19.5921 N•t current assets 89,710 Total assets le55 current IlabllStl*$ 3.205.040 3,471,768 Totsl net a55et$ 3,205,040 3.471,768 Charftylunds Unrestricted funds 16 3,205,040 3,471.768 Totalfunds 3.205.040 3,471,768 The flnanclal ststements were approved and authorlsed for Issue by the Trustees and slgned on thelr behalf by: Ueutenant Colonel D R E O'Kelly MA BA Date: t+4 Jwl l•LI The notes on pa8e5 9 to 24 form part of these flnanclal statements. Page 8 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **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 financial statements 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 the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Royal 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 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 9 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **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 10 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **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. There are no critical accounting estimates and areas of judgement that are considered to have a material impact on the accounts in either year. Page 11 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **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** |**_Donations_**
Soldiers Days Pay Scheme
Donations
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
**56,762**
**11,589**
**68,351**
68,532|**Total**
**funds**
**2023**
**£**
**56,762**
**11,589**
**68,351**
68,532|Total
funds
2022
£
61,013
7,519| |---|---|---|---| ||||68,532| ||||| Page 12 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **4. Income from other trading activities** ## **Income from fundraising events** |Journal subscriptions
Surplus on golf
Dinner subscriptions
York races
Dinner events
Total 2022
**Income from non charitable trading activities**
Sale of regimental memorabilia
Total 2022
Income from fundraising events
Income from non charitable trading activities|**Unrestricted**
**funds**
**2023**
**£**
**1,560**
**-**
**2,984**
**4,505**
**2,146**
**11,195**
27,113
**Unrestricted**
**funds**
**2023**
**£**
**13,964**
23,754
**Unrestricted**
**funds**
**2023**
**£**
**11,195**
**13,964**
**25,159**|**Total**
**funds**
**2023**
**£**
**1,560**
**-**
**2,984**
**4,505**
**2,146**
**11,195**
27,113
**Total**
**funds**
**2023**
**£**
**13,964**
23,754
**Total**
**funds**
**2023**
**£**
**11,195**
**13,964**
**25,159**|Total
funds
2022
£
320
250
2,380
19,985
4,178| |---|---|---|---| ||||27,113| ||||Total
funds
2022
£
23,754| ||||Total
funds
2022
£
27,113
23,754| ||||50,867| Page 13 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **5. Investment income** |Income from UK listed investments
Interest receivable
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
**93,636**
**101**
**93,737**
93,937|**Total**
**funds**
**2023**
**£**
**93,636**
**101**
**93,737**
93,937|Total
funds
2022
£
93,932
5| |---|---|---|---| ||||93,937| ||||| ## **6. Expenditure on raising funds** ## _**Fundraising trading expenses**_ |Purchase of regimental memorabilia
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
**12,863**
28,812|**Total**
**funds**
**2023**
**£**
**12,863**
28,812|Total
funds
2022
£
28,812| |---|---|---|---| ||||| Page 14 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **7. Analysis of expenditure by activities** |General charitable activities
PWO Antecedant Business
Brand Refresh Project
Total 2022|**Activities**
**undertaken**
**directly**
**2023**
**£**
**89,718**
**17,643**
**56,510**
**163,871**
102,295|**Grant funding**
**of activities**
**2023**
**£**
**51,717**
**-**
**-**
**51,717**
43,725|**Support costs**
**2023**
**£**
**21,893**
**-**
**-**
**21,893**
16,445|**Total**
**funds**
**2023**
**£**
**163,328**
**17,643**
**56,510**
**237,481**
162,465|Total
funds
2022
£
144,488
17,977
-| |---|---|---|---|---|---| ||||||162,465| ||||||| Page 15 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** ||**General**|**PWO**|||| |---|---|---|---|---|---| ||**charitable**|**Antecedant**|**Brand Refresh**|**Total**|Total| ||**activities**|**Business**|**Project**|**funds**|funds| ||**2023**|**2023**|**2023**|**2023**|2022| ||**£**|**£**|**£**|**£**|£| |Poppy Wreaths|**1,999**|**-**|**-**|**1,999**|833| |Normandy|**1,441**|**-**|**-**|**1,441**|1,706| |Officer and soldier recruiting|**13,739**|**-**|**-**|**13,739**|17,227| |York Officers Mess|**400**|**-**|**-**|**400**|-| |Freedoms|**6,884**|**-**|**-**|**6,884**|5,237| |Journal expenditure|**11,176**|**-**|**-**|**11,176**|12,000| |Honorary Colonel|**507**|**-**|**-**|**507**|279| |York races|**16,426**|**-**|**-**|**16,426**|15,869| |Flags|**-**|**-**|**-**|**-**|1,068| |Band|**1,000**|**-**|**-**|**1,000**|-| |Regimental handbook|**-**|**-**|**-**|**-**|5,388| |Great Yorkshire Show|**1,155**|**-**|**-**|**1,155**|328| |Just giving|**216**|**-**|**-**|**216**|214| |Hotels|**2,770**|**-**|**-**|**2,770**|210| |Social Media|**3,403**|**-**|**-**|**3,403**|-| |Regimental Association|**9,779**|**-**|**-**|**9,779**|11,853| |Other charitable expenditure|**665**|**-**|**-**|**665**|4,412| |KDLE Dinner|**838**|**-**|**-**|**838**|-| |Video and filming|**4,830**|**-**|**-**|**4,830**|320| |PWO Antecedant Business|**-**|**17,643**|**-**|**17,643**|17,977| |PR and Marketing|**255**|**-**|**-**|**255**|-| |Regimental Cross Brief|**-**|**-**|**-**|**-**|149| |Regimental Dinner|**3,048**|**-**|**-**|**3,048**|-| |Telecommunications|**984**|**-**|**-**|**984**|876| |YR Dinner|**5,972**|**-**|**-**|**5,972**|5,726| |Regimental historic|||||| |commemorations|**1,568**|**-**|**-**|**1,568**|623| |Donation/Giving|**154**|**-**|**-**|**154**|-| |Golf|**200**|**-**|**-**|**200**|-| |Engraving|**309**|**-**|**-**|**309**|-| |Brand Refresh Project|**-**|**-**|**56,510**|**56,510**|-| Page 16 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **7. Analysis of expenditure by activities (continued)** **Analysis of direct costs (continued)** |Total 2022|**89,718**
84,318|**17,643**
17,977|**56,510**
-|**163,871**
102,295|102,295| |---|---|---|---|---|---| ||||||| Page 17 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Insurance
Postage and stationery
Other costs
Reg Sec - PR and Marketing
Internet - YRST
Regt Sec Expenses
Colonel Regiment Expenses
Governance costs (note 8)
**Governance costs**
Independent examination fees
Trustees' meeting expenses|**Total**
**funds**
**2023**
**£**
**2,475**
**1,241**
**5,956**
**300**
**154**
**2,295**
**269**
**9,203**
**21,893**
**2023**
**£**
**3,465**
**5,465**
**8,930**|Total
funds
2022
£
2,409
34
3,843
-
139
478
1,959
7,583| |---|---|---| |||16,445| |||2022
£
3,150
3,383| |||6,533| ## **8. Governance costs** ## **9. Analysis of grants** |Grants, General charitable activities
Total 2022|**Grants to**
**Institutions**
**2023**
**£**
**51,717**
43,725|**Total**
**funds**
**2023**
**£**
**51,717**
43,725|Total
funds
2022
£
43,725| |---|---|---|---| ||||| Page 18 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **9. Analysis of grants (continued)** Grants payable during the period include £43,525 (2022: £38,585) to the 3 Battalions, and £8,192 (2022: £5,140) for sports, on duties in direct support of the Regiment. ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 March 2023, £4,245 expenses were reimbursed or paid directly to 3 Trustees (2022 - £114 travel expenses to 1 trustee). ## **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 (2022: £6,300). ## **12. Fixed asset investments** ||**Listed**
**investments**|**Total**
**2023**|**Total**
**2022**| |---|---|---|---| ||**£**|**£**|**£**| |**_Cost or valuation_**|||| |At 1 April 2022|3,382,055|**3,382,055**|3,277,037| |Additions|-|**-**|35,159| |Disposals|(50,000)|**(50,000)**|-| |Revaluations|(203,631)|**(203,631)**|69,859| |At 31 March 2023|3,128,424|**3,128,424**|3,382,055| ||||| |Investment cash|2,632|**2,632**|3| |At 31 March 2023|3,131,056|**3,131,056**|3,382,058| ||||| |Historical cost|2,806,645|**2,806,645**|2,849,347| Page 19 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **13. Stocks** ||**2023**|2022| |---|---|---| ||**£**|£| |Finished goods and goods for resale|**33,972**|29,786| ## **14. Debtors** |**_Due within one year_**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
**13,905**
**51**
**50**
**14,006**|2022
£
10,494
51
1,774| |---|---|---| |||| |||12,319| ## **15. Creditors: Amounts falling due within one year** |Other creditors
Accruals and deferred income|**2023**
**£**
**315**
**17,900**
**18,215**|2022
£
315
9,277| |---|---|---| |||| |||9,592| Page 20 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ |**16.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**April 2022**
**£**
**_Unrestricted_**
**_funds_**
**_Designated funds_**
Dinner
subscriptions
**4,701**
Regimental
association
**-**
**4,701**
**_General funds_**
General funds
**2,934,360**
Revaluation
reserve
**532,707**
**3,467,067**
**_Total Unrestricted_**
**_funds_**
**3,471,768**|**Income**
**£**
**2,984**
**-**
**2,984**
**184,263**
**-**
**184,263**
**187,247**|**Expenditure**
**£**
**-**
**(9,779)**
**(9,779)**
**(240,565)**
**-**
**(240,565)**
**(250,344)**|**Transfers**
**in/out**
**£**
**-**
**12,156**
**12,156**
**(7,491)**
**(4,665)**
**(12,156)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**(203,631)**
**(203,631)**
**(203,631)**|**Balance at 31**
**March 2023**
**£**
**7,685**
**2,377**| |---|---|---|---|---|---| ||||||**10,062**| ||||||**2,870,567**
**324,411**| ||||||**3,194,978**| ||||||**3,205,040**| Page 21 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **16. Statement of funds (continued)** ## **Statement of funds - prior year** |**_Unrestricted_**
**_funds_**
**_Designated funds_**
Dinner
subscriptions
Regimental
association
**_General funds_**
General funds
Revaluation
reserve
**_Total Unrestricted_**
**_funds_**|Balance at
1 April 2021
£
2,380
-
2,380
2,914,622
462,848
3,377,470
3,379,850|Income
£
2,321
-
2,321
211,015
-
211,015
213,336|Expenditure
£
-
-
-
(191,277)
-
(191,277)
(191,277)|Transfers
in/out
£
-
-
-
-
-
-
-|Gains/
(Losses)
£
-
-
-
-
69,859
69,859
69,859|Balance at
31 March
2022
£
4,701
-| |---|---|---|---|---|---|---| |||||||4,701| |||||||2,934,360
532,707| |||||||3,467,067| |||||||3,471,768| ## **17. Summary of funds** ## **Summary of funds - current year** |Designated funds
General funds|**Balance at 1**
**April 2022**
**£**
**4,701**
**3,467,067**
**3,471,768**|**Income**
**£**
**2,984**
**184,263**
**187,247**|**Expenditure**
**£**
**(9,779)**
**(240,565)**
**(250,344)**|**Transfers**
**in/out**
**£**
**12,156**
**(12,156)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**(203,631)**
**(203,631)**|**Balance at 31**
**March 2023**
**£**
**10,062**
**3,194,978**| |---|---|---|---|---|---|---| |||||||**3,205,040**| Page 22 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **17. Summary of funds (continued)** ## **Summary of funds - prior 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| ## **18. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Fixed asset investments
Current assets
Creditors due within one year
**_Total_**|**Unrestricted**
**funds**
**2023**
**£**
**3,131,056**
**92,199**
**(18,215)**
**3,205,040**|**Total**
**funds**
**2023**
**£**
**3,131,056**
**92,199**
**(18,215)**
**3,205,040**| |---|---|---| ## **Analysis of net assets between funds - prior year** |Fixed asset investments
Current assets
Creditors due within one year
**_Total_**|Unrestricted
funds
2022
£
3,382,058
99,302
(9,592)
3,471,768|Total
funds
2022
£
3,382,058
99,302
(9,592)
3,471,768| |---|---|---| Page 23 ## **THE ROYAL YORKSHIRE REGIMENT CHARITABLE TRUST** ## NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 31 MARCH 2023_ ## **19. Ultimate Controlling Party** Throughout the year, the charity was under the control of the Trustees. ## **20. Related party transactions** At the year end £4,697 (2022: £4,867) due to The Royal Yorkshire Regiment Benevolent Trust, which is an associated charity was included in accruals. At the year end £51 (2022: £51) was due from The Royal Yorkshire Regiment Benevolent Trust. Both charities have the same Trustees. ## **21. Associated Charities** The trustees of The Royal Yorkshire Regiment Charitable Trust are also the trustees of the following: The Royal Yorkshire Regiment Benevolent Trust (no. 1114654) The Royal Yorkshire Regiment Officers' Fund and Chattels (no. 3966401) Page 24