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2020-12-31-accounts

Page
Report ofthe Trustees 1 tc 10
Report ofthe Independent
Auditors		 11to 13
Statement of Financial Activities 14
Balance Sheet
Cash Flow Statement 16
Notes to the Finanmal Statements !7to 27
Detailed Statement of Financial Activities 28 to 32

Year ended Year ended
31.12.2020 31..12.2019
Unrestricted Restricted Total Total
funds funds funds funds
Notes f f f f
INCOME FROM
Donations
and legacies		 2 195,199 609 195,808 184,169
Other trading activities 3 7,787 7,787 11,339
investment
income		 4 78,240 32,847 111,087 170,586
281,226 33,456 314,682 366,094
EXPENDITURE ON
Raising funds 27,777 6,840 34,617 49,596
Charitable
activities		 242,583 56,281 298,864 413,121
Total 270,360 63,121 333,48 1. 462,717
Net (losses)/gains
on investments		 211,257 87,373 298,630 502,647
Net (expenditure)/iacome 222,123 57,708 279,831 406,024
Transfers
between
funds
Net movement
in funds		 222,123 57,708 279,831 406,024
RECONCILIATION OF FUNDS
Total funds brought forward 3,998,511 1,726,283 5,724,794 5,318,769
TOTAL FUNDS CARRIED FORWARD 4,220,634 1,783,991 6,004,625 5,724,793

Notes 2020f 2019
f.
FIXED ASSETS
Investments 13R 14 7,624,021 7,206,850
7,624,021 7,206,850
CURRENT ASSETS
Debtors 15 60,726 91,089
Cash at bank 64,846 23,041
125,572 114,130
CREDITORS
Amounts
falling due within one year		 16 (54,322) (92,874)
NET CURRENT ASSETS 71,250 21,256
TOTAL ASSETS LESSCURRENT
LIABILITIES 7,695,271 7,228,106
CREDITORS
Amounts
falling		 due ager more
than one year 17 (1,690,646) (1,503,312)
NET ASSETS 6,004,625 5,724,794
FUNDS 18gt 19
Unrestricted
funds		 4,220,634 3,998,511
Restricted
funds		 1,783,991 1,726,283
6,004,625 5,724,794

2820 2019
Notes
Cash flaws from operating activities:
Cash generated
from operations		 77,754 50,163
Net cash provided by (used in) operating activities 77,754 (50,163)
Cash flows from investing actlvifles:
Purchase offixed asset investments (2,733,013) (2,971,521)
Saleoffixed asset investroents 2,697,013 3,019,586
Interest received 51 88
Net cash provided by (used in) investing activities 35,949 48,153
Change in cash and cash equivalents in the repordng period 41,805 (2,010)
Cash and cash equivalents at the beginning ofthe reportiag period 23,041 25,0SI
Cash and cash equivalents at the end of the reporting period 64,846 23,041
1. RECONCILIATION OF NET (EXPENDITI/RE)/INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2020 2019
f
Net
(expenditure)/income		 far the reporting period (ss per the
statement offinancial activities) 279,831 406,024
Loss/(Gain)
on investments		 (381,171) (633,485)
Interest received (51) (88)
Decrease/(Increase) in stock
Decrease/(Increase) in debtors 30,363 19,341
(Decrease)/increase in creditors (38,552) 48,981
(decrease)/increase in long term liabilities 187,334 109,064
77,754 (50,163)
ANALYSIS OF CHANGES
IN NET		 (DEBT)/FUNDS
At 01.01.20 Cash tlow At 31.1220
Net cash
Cash at bank 23,041 41,805 64,846
23,041 41,805 64,846
Total 23,041 41,805 64,846

Unrestricted Restricted Year ended Year ceded
Funds Funds
f		 31.12.20f 31.12.19f
Subscriptions (RIBemen and Officers) 149,752 149,752 148,058
Subscnptions (Officers) 34,059 34,059 33,103
Donations snd legacies 10,203 503 10,706 1.,516
Book sales 1,185 106 1,291 185
Sale ofassets and other items 1,307
195,199 609 195,808 184,169

Uarestricted Restricted Year ended Year ended
Funds
f		 Funds 31.12.20f 31.12.19f
7,787 7,787 11,339
7,787 7,787 11,339

Uarestricted Restricted Year ended Yearended
Funds Funds 31,12,?0 31.12,19
f.
Deposit account interest 51 51 88
Dividend and interest 78,189 32,847 111,036 170,498
78,240 32,847 111,087 170,586
Unrestricted Restricted Year ended Yeareaded
Funds Funds 31.12.20 31.12.19
Investment management fees 16,284 6,840 23,124 22,216
Regimental magazine 11,493 11,493 27,380
27,777 6,840 34,617 49,596

Grant fundiog Grant fundiog Support
Direct ofactivities casts
casts
f		 (see nate 8) (see nate 9) Totals
General (RHQ) 45,270 215 61,337 106,822
Battalions,
Reserve		 Forces, ITC Coy aud AFC Harrogate grants 51,900 51,900
Ctty and County oflice grants 5,580 5,580
Gfflcers Fund 37,545 10,185 47,730
5 (V) RGJ Trust Fund 9,000 9,000
Lawrence
Bequest		 Fund 20,000 20,000
Hatton
Bequest Fund		 1,000 1,000
RGJ Management Fund ID5 35,000 35,105
Light Infantry
Management		 Fund 76 100 176
Rifles Collection Curator's wages and costs 21,55 I 21,551
82,996 154,531 61,337 298,864
GRANTS PAYABLE
The total ofgrants paid during the year was as follows:
Year ended Year ended
31.12.20 31.12.19
f
Unrestricted
funds:
Battalion, Reserve Forces, ITC Coy and AFC Harrogate 51,900 75,590
Cornwsl1 offlce 1,500 3,180
Exeter oflice 1,000
London oAice 493
Salisbury office 471
Shrewsbury
oflice		 1,580 2,000
Taunton
oAice		 4,000
Yorkshire office 1,000 3,500
South West oiTtce 1,000
Rifles admiu 500
RHQ grant 215 2,298
5(V) RGJ Trust 9,000 3,000
GAicers fund grant 10,185 14,547
Restricted feeds:
Grants (Hanon Bequest Fund) 1,000 1,000
Grants (Light Infantry Fund) 100 7,061
Adventure
Training		 grants (Lawrence Bequest Fund) 20,000 11,000
RGJ Museum
Trust grant (RCiJ		 Management
Fund)		 35,000 25,000
RGJ Association (RGJ Management
Fund)		 45,50D
New museum
CIO		 21,551 19,586
154,531 219,226

SUPPORT COS TS
Governance
Management (see note 10) Total
f. f
Postage and stationery 790 790
Publicattons 2,100 2,100
IT admin support and equipment 9,582 9,582
Membership
and		 subscriptions 90 90
Equipment
maintenance		 and repairs 12,022 12,022
Trustee honoraria 2,500 2,500
Staffhonoraria 15,500 15,500
Insurance 4,469 4,469
Meeting costs 175 175
Regimental
Serretary		 expenses 45 45
Colonel Comdts Expenses 306 306
Accountancy 6,998 6,998
Auditors'
remuneration		 6,760 6,760
54,402 6,935 61,337
GOVERNANCE COSTS
Unrestricted Restricted Year ended Year ceded
Funds Funds 31,12,20 31.12,19
f
Meeting costs 175 175 1,197
Auditors'
remuneration		 6,760 6,760 6,358
6,935 6,935 7,555

Rifles Collection Curators gross salaries
Pension costs
Employers
Nl
Total salary costs

Unrestricted Restricted Total
funds funds funds
f f f
INCOME FROlyl
Donations
snd legacies		 182,250 1,919 184,169
Other trading activities 11,339 '1 1,339
Investment
income		 118,869 51,717 170,586
Total 312,458 53,636 366,094
EXPENDITURE ON
Raising funds 42,865 6,731 49,596
Charitable
activities		 314,741 98,380 413,121
Total 357,606 105,111 462,717
Net gains/(losses)
on investments		 351,990 150,657 502,647
Net income/(expenditure) 306,842 99,182 406,024
Transfers
between
funds
Net movement
in funds		 306,842 99,182 406,024
RECONCILIATION OF FUNDS
Total funds brought forward 3,691,669 1,627,101 5,318,770
TOTAL FUNDS CARRIED FORWARD 3,998,511 1,726,283 5,724,794

Listed
Investmentsf
MARKET VALUE
At lstJanuary
2020		 7,206,750
Additions 2,733,013
Disposals (2,697,013)
Revaluation
(Charity)		 298,630
Revaluation
(held for third parties)		 82,541
At 31st December 2020 7,623,921
NET BOOK VALUE
At 31st December 2020 7,623,921
At 31st December 2019 7,206,750
Market
valuef
Within the United Kmgdom 2,771,554
Outside the United Kingdom 4,852,367
7,623,921

FIXEDA SSET INV ESTMENTS -CHARITY ONLY
2020 2019
2
Listed investments 7,623,921 7,206,750
investment in unlisted subsidiary 100 100
7,624,021 7,206,850

2020 2019
Other debtors 60,726 82,263
Deferred consideration 8,000
Amounts falling due in more than one year:
Deferred considemtion 826
60,726 91,089

2020 2019
Other creditom 21,401 25,480
Ritles Benevolent Trust 32,921 67,394
54,322 92,874

Group
2020 2019
DDLI Charities 846,866 897,547
I Rifles PRI 108,723 104,405
2 Rifles PRI 203,285 195,212
4 Rifles PRI 54,238 52,41.4
5 Rifles PRI 63,551 61,027
6 Rifles PRI 35,835 34,411
7 Rifles PRI 164,844 158,297
Rifles k. LI Association Somerset 213,304
1,690,646 1,503,312

Unrestricted Restricted Total Total
Funds Fundsf 2020 2019
Fixed assets
Investments 4,217,852 3,406,169 7,624,021 7,206,750
Current assets 57,104 68,468 125,572 114,130
Current
liabilities		 (54,322) (54,322) (92,874)
Long term liabilities (1,690,646) (1,690,646) (1,503,312)
4,220,634 1,783,991 6,004,625 5,724,694

MOVEMENT
IN		 FU NDS
Balance at Incoming Resources investment Balance at
OLD L20
f		 resources expended gains/(losses)f
Transfers
f		 31.12.20
f.
Unrestricted
fund
General fund 3,828,028 243,614 213,104 204,563 4,063,101
Designated
funds
5(V)RGJ Trust 143,916 2,504 9,526 6,694 143,588
Officers Fund 26,567 35,108 47,730 13,945
3,99S,511 2S1,226 270,360 211,257 4,220,634
Restricted funds
Hatton Bequest Fund 39,098 730 1,152 1,974 40,650
Lawrence Bequest Fund 390,755 7,056 21,479 18,926 395,258
RGJ Management Fund 1,190,863 23,1D4 39,906 61,186 1,235,247
Light Infantry
Fund		 105,567 2,566 584 5,287 112,836
1,726,283 33,456 63,12'I 87,373 1,783,991
TOTAL FUNDS 5,724,794 314,682 333,481 298,630 6,004,625
A detailed description ofthe dcstgnatcd
and restricted
funds ts included
in		 thc trustees
annual		 report.
Comparative
net movements		 in funds, induded io the above are as follows:
Balance st Incoming Resources Investment Balance at
01.01.19
f		 resources expended
f		 gains/(lasses)
Transfers
f		 31.12.19
f
Unrestricted
fund
General
fund		 3,537,884 274,506 324,258 339,896 3,828,028
Designated
funds
5 (V) RGJ Trust 131,299 4,051 3,528 12,094 143,916
Officers Fund 22,486 33,901 29,82D 26,567
3,69'1,669 3'12,458 357,606 351,990 3,998,511
Restricted funds
Hstton Bequest Fund 35,829 1,107 1,144 3,306 39,098
Lawrence Bequest Fund 358,547 11,2DS 12,461 33,461 390,755
RGJ Management Fund 1,127,709 37,743 79,623 105,034 1,190,863
Light Infantry
Fund		 105,0'I 6 3,578 11,883 8,856 105,567
1,627,101 53,636 105,111 150,651 1,726,283
TOTAL FUNDS 5,318,770 366,094 462,717 502,647 5,724,794

Year ended Year ended
31.12.2020 31,12,2019
f
INCOME FROM
Donations and legacies
Regimental Subscriptions (Ritlemen and Ofticers) 149,752 148,058
Regimental Subscriptions (Officers) 34,059 33,103
Donations and legacies 9,989 1,089
Donations (Light Infantry) 503 427
Rifles Direct Income 214
Book sales (Light Infantry) 1,291 185
Sale ofassets and other items 1,307
195,808 184,169
Other trading
activities
Magazine income 7,787 11,339
Investment income
Dividends and interest 111,036 170,498
Deposit account interest 51 88
111,087 170,586
Total 314,682 366,094
EXPENDITURE ON
Raising funds
Investment management fees 23,124 22,216
Regimental magazine 11,493 27,380
34,617 49,596
Charitable activities
Recmiting costs 21,685 26,081
Honour boards etc 4,999 2,486
Wreaths snd rememberance 547
Travel expenses (Regional Colonels and Advisory Board) 467 928
Adventure training/sports sponsored through RHQ 1,650 2,920
Band and Bugles expenses 1,766
Officers Fund expenditure 30,545 10,273
Chronicle contribution 4,000 2,500
Rifles Association 59 394
Divisional colonel 3,139 2,540
66,544 50,434

Year ended Year ended
31.12.2020 31,122019
Charitable
activities		 continued 66,544 50,434
StCross Cricket Ground 10,000 10,000
Battlefield
study/tours		 1,311
Marketing
and fairnly		 support 82
Buglers 619
Freedom parades 3,178
Grants (see note S) 154,531 219,226
RCO salary 5,250 2,275
Reunion/gathering
costs		 1,020 28,452
RGJ Management
Fund costs		 105 4,384
Light Infantry
Management		 Fund costs 77 935
Regimental
awards		 1,200
Awards
dinner		 23,841
237,527 345,937
Support casts
Postage and stationery 790
Publications 2,100
)T and admin
support		 and equipment 9,582 22,530
Membership
and subscriptions		 90 76
Equipment
and maintenance		 and repairs 12,022 12,657
Trustee honoraria 2,500 2,500
Staff honoraria 15,500 10,000
insurance 4,469 4,729
Meeting costs 175 1,197
Regimental
secretary		 expenses 45 101
Colonel Comdts Expenses 306
Accountancy 6,998 6,716
Auditors'
remuneration		 6,760 6,358
61,337 67,184
Total 333,481 462,717
Net (losses)/gains
on		 investments 298,630 502,647
Net (expenditure)/income 279,831 406,024

Designated Funds
5(V)RGJ Officers
Trust Fund Total
8 8
INCOME FROM
Subscriptions 34,059 34,059
Investment
income		 2,504 2,504
Bugle sales 1,049 1,049
2,504 35,108 37,612
EXPENDITURE ON
Grants 9,000 1.0,185 19,185
Chronide/Bugle
Publications		 30,470 30,470
Chroniole
honoraria		 2,000 2,000
St Cross 5,000 5,000
Adventure
training		 75 75
Investment
management		 fees 526 526
Total 9,526 47,730 57,256
Net (losses)/gains on investments 6,694 6,694
Net (expenditure)/income (328) (12,622) (12,950)
Net movement
in		 funds (328) (12,622) (12,950)
RECONCILIATION OF FUNDS
Total funds brought forward 143,916 26,567 170,483
TOTAL FUNDS CARRIED FORWARD 143,588 13,945 157,533

Hatton Lawrence RGJ Light
Bequest Bequest Management Infantry
Fund Fund Fund Fund Total
8 8 f.
INCOME FROM
Donations
aod legacies		 503 503
Book sales 106 106
Investment
income		 730 7,056 23,104 1,957 32,847
Total 730 7,056 23,104 2,566 33,456
EXPENDITURE ON
Grants 1,000 20,000 35,000 100 56,100
Meeting costs 48 48
Postage and stationery I 40 42
Wreaths and rememberance 56 37 93
Investment
management		 fees 152 1,479 4,801 407 6,840
Tatal 1,152 21,479 39,906 584 63,121
Net (losses)/gains on investments 1,974 18,926 61,186 5,287 87,374
Net (expenditure)/income 1,552 4,503 44,384 7,269 57,708
Transfers
between
funds
Net movement
in		 funds 1,552 4,503 44,384 7,269 57,708
RECONCILIATION OF FUNDS
Total funds brought
forward		 39,098 390,755 1,190,863 105,567 1,726,283
TOTAL FUNDS CARRIED FORWARD 40,650 395,258 1,235,247 112,836 1,783,991
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