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|---|---|---|---|
|Report ofthe Trustees|||1to 10|
|Report ofthe Independent
Auditors|||11to 13|
|Statement ofFinancial|Activities||14|
|Balance Sheet||||
|Cash Flow Statement|||16|
|Notes to the Financial|Statements||17to 27|
|Detailed Statement of|Financial|Activities|28 to 32|
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|||||||Year ended|Year ended|
|---|---|---|---|---|---|---|---|
|||||||31.12.2022|31.12.2021|
|||||Unrestricted|Restricted|Total|Total|
|||||funds|funds|funds|funds|
||||Notes|||||
|INCOME FROM||||||||
|Donations
and legacies|||2|328,661|658,803|987,464|535,145|
|Other trading activities|||3|4,503||4,503|9,227|
|Investment
income|||4|81,429|30,029|111,458|88,621|
|Total||||414,593|688,832|1,103,425|632,993|
|EXPENDITURE|ON|||||||
|Raising funds|||5|35,530|7,291|42,821|41,765|
|Charitable
activities|||6|283,063|119,644|402,707|385,324|
|Total||||318,593|126,935|445,528|427,089|
|Net (losses)/gains|on investments|||(354,101)|(129,487)|(483,588)|537,115|
|Net (expenditure)/income||||(258,101)|432,410|174,309|743,019|
|Transfers
between
funds||||||||
|Net movement
in|funds|||(258,101)|432,410|174,309|743,019|
|RECONCILIATION||OF FUNDS||||||
|Total funds brought forward||||4,866,517|1,881,127|6,747,644|6,004,625|
|TOTAL FUNDS|CARRIED FORWARD|||4,608,416|2,313,537|6,921,953|6,747,644|
##
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||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Notes||K|
|FIXEDASSETS|||||||
|Investments||||13& 14|8,379,732|9,142,132|
||||||8,379,732|9,142,132|
|CURRENT ASSETS|||||||
|Debtors||||15|62,929|49,000|
|Cash at bank|||||132,123|97,287|
||||||195,052|146,287|
|CREDITORS|||||||
|Amounts
falling due within one year||||16|(41,324)|(59,537)|
|NET CURRENT|ASSETS||||153,728|86,750|
|TOTAL ASSETS|LESSCURRENT||||||
|LIABILITIES|||||8,533,460|9,228,882|
|CREDITORS|||||||
|Amounts
falling|due|aller|more||||
|than one year||||17|(1,611,507)|(2,481,238)|
|NET ASSETS|||||6,921,953|6,747,644|
|FUNDS||||18 &,19|||
|Unrestricted
funds|||||4,608,416|4,866,5 17|
|Restricted
funds|||||2,313,537|1,881,127|
||||||6,921,953|6,747,644|
##
##
|||||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Notes||K||
|Cash flows from operating|activities:|||||||||||||
|Cash generated
from operations||||||||||||(65,403)|815,981|
|Net cash provided
by (used|in) operating|||activities||||||||(65,403)|815,981|
|Cash flows from investing|activities:|||||||||||||
|Purchase offixed asset investments||||||||||||(2,269,888)|(3,349,545)|
|Sale offixed asset investments||||||||||||2,369,846|2,565,996|
|Interest received||||||||||||281||
|Net cash provided
by (used|in) investing|||activities||||||||100,239|(783,540)|
|Change
in cash and cash equivalents|||in|the|reporting||period|||||34,836|32,441|
|Cash and cash equivalents|at the|beginning|||ofthe|reporting|||period|||97,287|64,846|
|Cash and cash equivalents|at the|end|of|the|reporting||period|||||132,123|97,287|
|1. RECONCILIATION
OF NET (EXPENDITURE)/INCOME|||||||||||TO NET|CASH FLOW FROM|OPERATING|
|ACTIVITIES||||||||||||||
|||||||||||||2022|2021|
|Net
(expenditure)/income|for|the|reporting|||period||(as||per|the|||
|statement offinancial activities)||||||||||||174,309|743,019|
|Loss/(Gain)
on investments||||||||||||662,442|(734,562)|
|Interest received||||||||||||(281)|(9)|
|Decrease/(Increase)
in stock||||||||||||||
|Decrease/(Increase)
in debtors||||||||||||(13,929)|11,727|
|(Decrease)/Increase
in creditors||||||||||||(18,213)|5,214|
|(decrease)/Increase
in long term liabilities||||||||||||(869,731)|790,592|
|||||||||||||(65,403)|815,981|
|ANALYSIS OF CHANGES IN NET~DEBT /FUNDS||||||||||||||
||||||||||At|01.01.22||Cash flow|At 31.12.22|
|Net cash||||||||||||||
|Cash at bank||||||||||97,287||34,836|132,123|
|||||||||||97,287||34,836|132,123|
|Total||||||||||97,287||34,836|132,123|
##
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##
||||Unrestricted|Restricted|Year ended|Year ended|
|---|---|---|---|---|---|---|
||||Funds|Funds|31.12.22|31.12.21|
|Subscriptions|(Riflemen|and Oflicers)|196,622||196,622|164,373|
|Subscriptions|(Officers)||36,582||36,582|34,987|
|Donations
and|legacies||94,466|679|95,145|269,615|
|Book sales|||991|120|1,111|1,986|
|Sale ofassets|and other|items||658,004|658,004|64,184|
||||328,661|658,803|987,464|535,145|
##
|||Unrestricted|Restricted|Year ended|Year ended|
|---|---|---|---|---|---|
|||Funds|Funds|31.12.22|31.12.21|
|Magazine|income|4,503||4,503|9,227|
|||4,503||4,503|9,227|
##
|||Unrestricted|Restricted|Year ended|Year ended|
|---|---|---|---|---|---|
|||Funds|Funds|31.12.22|31.12.21|
|Deposit|account interest|281||281|9|
|Dividend|and interest|81,148|30,029|111,177|88,612|
|||81,429|30,029|111,458|88,621|
##
||||Unrestricted|Restricted|Year ended|Year ended|
|---|---|---|---|---|---|---|
||||Funds|Funds|31.12.22|31.12.21|
|||||||K|
|Investment|management|fees|19,714|7,291|27,005|25,309|
|Regimental|magazine||15,816||15,816|16,456|
||||35,530|7,291|42,821|41,765|
##
##
##
||||||||||Grant funding|Grant funding|Support||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Direct|ofactivities|costs||
||||||||||costs|(see note 7)|(see note 8)|Totals|
|General (RHQ)|||||||||117,959|345|44,568|162,872|
|Battalions, Reserve||Forces, ITC Coy||||and AFC Harrogate||grants||39,417||39,417|
|City and County office|||grants|||||||7,189||7,189|
|Officers Fund|||||||||24,912|14,173||39,085|
|5 (V) RGJ Trust Fund||||||||||9,500||9,500|
|Lawrence Bequest||Fund||||||||20,000||20,000|
|Hatton Bequest Fund|||||||||||||
|RGJ Management|Fund||||||||244|86,044||86,287|
|Light Infantry
Management|||||Fund||||97|13,260||13,357|
|Museum
Grant||||||||||25,000||25,000|
||||||||||143,211|214,927|44,568|402,707|
|GRANTS PAYABLE|||||||||||||
|The total ofgrants||paid||during the year was as follows:|||||||||
||||||||||||Year ended|Year ended|
||||||||||||31.12.22|31.12.21|
|Unrestricted
funds:|||||||||||||
|Battalion, Reserve||Forces,|||ITC Coy and AFC Harrogate||||||39,417|45,500|
|Cornwall
office|||||||||||||
|Exeter office|||||||||||500|1,000|
|London office|||||||||||(97)|850|
|Salisbury office|||||||||||1,539||
|Shrewsbury
office|||||||||||1,500|1,000|
|Taunton office|||||||||||746|1,200|
|Yorkshire office|||||||||||3,000|2,300|
|South West office||||||||||||500|
|Rifles admin||||||||||||500|
|RHQ grant|||||||||||345|373|
|5(V)RGJ Trust|||||||||||9,500|7,500|
|Officers fund grant|||||||||||14,173|8,975|
|Restricted funds:|||||||||||||
|Grants (Hatton Bequest||||Fund)||||||||1,000|
|Grants (Light Infantry|||Fund)||||||||13,260|200|
|Adventure
Training
GGIGI'
I||grants (Lawrence Bequest Fund)
Ig
IGIGIgg~g
di|||||||||20,000
8;%4|20,000
%4,lgg|
|RGJ Association (RGJ||||Management||Fund)|||||||
|New museum
CI0|||||||||||25,000|13,000|
||||||||||||214,927|168,014|
##
##
##
|8.|SUPPORT COS|TS||||||
|---|---|---|---|---|---|---|---|
|||||||Governance||
||||||Management|(see note 9)|Total|
||||||8||8|
||Postage and stationery||||314||314|
||Publications||||(600)||(600)|
||IT admin support|and equipment|||1,987||1,987|
||Membership
and|subscriptions|||175||175|
||Equtpment
maintenance||and repairs||12,969||12,969|
||Trustee honoraria|||||||
||Staffhonoraria||||10,500||10,500|
||Insurance||||7,056||7,056|
||Meeting costs|||||321|321|
||Regimental
Secretary expenses||||140||140|
||Colonel Comdts|Expenses||||||
||Accountancy||||5,091||5,091|
||Auditors'
remuneration|||||6,600|6,600|
||||||15||15|
||||||37,647|6,921|44,568|
|9.|GOVERNANCE|COSTS||||||
|||||Unrestricted|Restricted|Year ended|Year ended|
|||||Funds|Funds|31.12.22|31.12.21|
|||||8|8|8|8|
||Meeting costs|||321||321|72|
||Auditors'
remuneration|||6,600||6,600|6,764|
|||||6,921||6,921|6,836|
##
##
|Rifles Collection Curators gross salaries|
|---|
|Pension costs|
|Employers
NI|
|Total salary costs|
##
##
##
##
||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
|||||g||
|INCOME II'ROM||||||
|Donations
and legacies|||519,676|15,469|535,145|
|Other trading activities|||9,227||9,227|
|Investment
income|||63,224|25,397|88,621|
|Total|||592,127|40,866|632,993|
|EXPENDITURE|ON|||||
|'||||||
|g flntda||||||
|Charitable
activities|||299,878|85,446|385,324|
|Total|||334,409|92,680|427,089|
|Net gains/(losses)|on investments||388,165|148,950|537,115|
|Net income/(expenditure)|||645,883|97,136|743,019|
|Transfers
between funds||||||
|Net movement
in|funds||645,883|97,136|743,019|
|RECONCILIATION||OF FUNDS||||
|Total funds brought||forward|4,220,634|1,783,991|6,004,625|
|TOTAL FUNDS|CARRIED FORWARD||4 866 517|1 881 127|6 747 644|
##
##
||Listed|
|---|---|
||Investments|
|MARKET VALUE||
|At 1stJanuary 2022|9,142,032|
|Additions|2,269,888|
|Disposals|(2,369,846)|
|Revaluation
(Charity)|(483,589)|
|Revaluation
(held for third parties)|(178,853)|
|At 31st December 2022|8,379,632|
|NET BOOK VALUE||
|At 31st December 2022|8,379,632|
|At 31st December 2021|9,142,032|
|||||Market|
|---|---|---|---|---|
|||||value|
|||||g|
|Within|the|United|Kingdom|3,026,053|
|Outside|the|United|Kingdom|5,353,579|
|||||8,379,632|
##
##
|FIXEDA|SSET INV|ESTMENTS - CHARITY ONLY|||
|---|---|---|---|---|
||||2022|2021|
|Listed investments|||8,379,632|9,142,032|
|Investment|in unlisted|subsidiary|100|100|
||||8,379,732|9,142,132|
##
|||2022|2021|
|---|---|---|---|
|||g||
|Other debtors||62,929|49,000|
|Deferred|consideration|||
|Amounts|falling due in more than one year:|||
|Deferred|consideration|||
|||62 929|49000|
##
||||2022|2021|
|---|---|---|---|---|
|Other|creditors||21,332|23,012|
|Rifles|Benevolent|Trust|19,992|36,525|
||||41,325|59,537|
##
##
|Group||||
|---|---|---|---|
|||2022|2021|
|DDLI Charities||762,661|865,829|
|I Rifles PRI||109,389|117,632|
|2 Rifles PRI||204,531|219,944|
|4 Rifles PRI||54,569|58,682|
|5 Rifles PRI||63,940|68,759|
|6Rifles PRI||40,748|38,772|
|7Rifles PRI||160,747|172,906|
|Rifles &LI Association|Somerset|214,923|231,119|
|RGBW Fund||(0)|707,595|
|||1,611,507|2481 238|
##
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||Funds|Funds|2022|2021|
||||K||
|Fixed assets|||||
|Investments|4,511,945|3,867,787|8,379,732|9,142,032|
|Current assets|137,740|57,312|195,052|146,287|
|Current liabilities|(41,269)||(41,324)|(59,538)|
|Long term habilities||(1,611,507)|(1,611,507)|(2,481,238)|
||4,608,416|2,313,537|6,921,953|6,747,542|
##
##
##
|MOVEMENT
IN|FUNDS|||||||
|---|---|---|---|---|---|---|---|
|||Balance at|Incoming|Resources|Investment||Balance at|
|||01.01.22|resources|expended|gains/(losses)|Transfers|31.12.22|
||||||||K|
|Unrestricted
fund||||||||
|General fund||4,680,541|375,631|269,431|(344,470)||4,442,271|
|Designated
funds||||||||
|5 (V)RGJ Trust||149,171|2,380|10,077|(9,631)||131,843|
|Officers Fund||36,805|36,582|39,085|||34,302|
|RGBW Fund||||||||
|||4,866,517|414,593|318,593|(354,101)||4,608,416|
|Restricted funds||||||||
|Hatton Bequest Fund||43,508|668|162|(2,945)||41,069|
|Lawrence Bequest|Fund|412,246|6,554|21,592|(28,883)||368,325|
|RGJ Management|Fund|1,286,602|21,091|91,334|(88,775)||1,127,584|
|Rifles Collection Curators Fund||||||||
|Lightlnfantry
Fund||138,771|2,515|13,847|(8,884)||118,555|
|RGBW Fund|||658,004||||658,004|
|||1,881,127|688,832|126,935|(129,487)||2,313,537|
|TOTAL FUNDS||6,747,644|1,103,425|445,528|(483,588)||6,921,953|
|||Balance at|Incoming|Resources|Investment||Balance at|
|---|---|---|---|---|---|---|---|
|||01.01.21|resources|expended|gains/(losses)|Transfers|31.12.21|
|||K|K|||K||
|Unrestricted
fund||||||||
|General fund||4,063,101|536,776|295,815|376,479||4,680,541|
|Designated
funds||||||||
|5 (V) RGJ Trust||143,588|1,955|8,058|11,686||149,171|
|Officers Fund||13,945|53,396|30,536|||36,805|
|Restricted funds||||||||
|Hatton Bequest Fund||40,650|576|1,164|3,446||43,508|
|Lawrence Bequest|Fund|395,258|5,526|21,577|33,039||412,246|
|RGJManagement|Fund|1,235,247|17,737|69,179|102,797||1,286,602|
|Light Infantry
Fund||112,836|17,027|760|9,668||138,771|
|||1,783,991|40,866|92,680|148,950||1,881,127|
|TOTAL FUNDS||6,004,625|632,993|427,089|537,115||6,747,644|
##
##
##
##
##
##
||||||||Year ended|Year ended|
|---|---|---|---|---|---|---|---|---|
||||||||31.12.2022|31.12.2021|
||||||||g||
|INCOME|FROM||||||||
|Donations|and legacies||||||||
|Regimental|Subscriptions||(Riflemen|and Officers)|||196,622|164,373|
|Regimental|Subscriptions||(Officers)||||36,582|34,987|
|Donations|and legacies||||||90,350|262,009|
|Donations|(Light Infantry)||||||377|11|
|Rifles Direct Income|||||||4,417|7,595|
|Book sales|(Light Infantry)||||||1,111|1,986|
|Sale ofassets and other items|||||||658,004|64,184|
||||||||987,464|535,145|
|Other trading
activities|||||||||
|Magazine|income||||||4,503|9,227|
|Investment|income||||||||
|Dividends|and interest||||||111,177|88,612|
|Deposit account interest|||||||281|9|
||||||||111,458|88,621|
|Total|||||||1,103,425|632,992|
|EXPENDITURE ON|||||||||
|Raising funds|||||||||
|Investment|management|fees|||||27,005|25,309|
|Regimental|magazine||||||15,816|16,456|
||||||||42,821|41,765|
|Charitable|activities||||||||
|Recruiting costs
Honour boards etc
Wreaths and remembrance
Travel expenses (Regional
Adventure
training/sports
~f
d
d
d
di|||Colonels
sponsored|and Advisory
through
RHQ||Board)|16,649
15,757
210
1,291
2,209
lddd|19,537
12,805
657
1,150
ld;ddd|
|Chronicle|contribution||||||2,000|2,031|
|Rifles Association|||||||5,323|4,059|
|Divisional|colonel||||||5,265|3,832|
||||||||68,616|60,632|
##
##
||||||Year ended|Year ended|
|---|---|---|---|---|---|---|
||||||31.12.2022|31.12.2021|
|Charitable
activities|continued||||68,616|60,632|
|StCross Cricket Ground|||||10,000|10,000|
|Marketing
and family|support||||205||
|Buglers|||||300||
|Freedom parades|||||988|838|
|Flags and association|standards||||660||
|Grants (see note 8)|||||214,927|168,014|
|RCO salary|||||17,500|17,500|
|Reunion/gathering
costs|||||6,600||
|RGJ Management
Fund costs|||||244|16|
|Light Infantry
Management|||Fund costs||97|114|
|Horseguards
event|||||37,553||
|Regimental
awards|||||450|1,700|
|Awards
dinner||||||19,790|
||||||358,140|278,604|
|Support costs|||||||
|Postage and stationery|||||314|365|
|Publications|||||(600)|606|
|IT and admin support|and|equipment|||1,987|7,544|
|Membership
and subscriptions|||||175|153|
|Equipment
and maintenance|||and repairs||12,969|6,491|
|Staff honoraria|||||10,500|10,000|
|Insurance|||||7,056|3,815|
|Meeting costs|||||321|72|
|Regimental
secretary|expenses||||140|51|
|Colonel Comdts Expenses||||||1,284|
|Accountancy|||||5,091|5,390|
|Auditors'
remuneration|||||6,601|6,765|
|Bank charges|||||15||
|Rifles collection - 9 Statuettes||||from sale ofassets by melting||64,184|
|down broken and unused||silver|||||
||||||44,568|106,720|
|Total|||||445,528|427,089|
|Net (losses)/gains
on|investments||||(483,588)|537,115|
|Net (expenditure)/income|||||174,309|743,019|
##
##
|||||Designated|Funds||
|---|---|---|---|---|---|---|
|||||5 (V)RGJ|Officers||
|||||Trust|Fund|Total|
|||||8||6|
|INCOME FROM|||||||
|Subscnptions|||||36,582|36,582|
|Investment
income||||2,380||2,380|
|Total||||2,380|36,582|38,962|
|EXPENDITURE|OiV||||||
|Grants||||9,500|14,173|23,673|
|Chronicle/Bugle
Publications|||||14,526|14,526|
|St Cross|||||5,000|5,000|
|Website costs|||||1,637|1,637|
|Adventure
training|||||3,749|3,749|
|Investment
management|||fees|577||578|
|Total||||10,077|39,085|49,163|
|Net (losses)/gains|on mvestments|||(9,631)||(9,63 1)|
|Net (expenditure)/income||||(17,328)|(2,503)|(19,831)|
|Net movement
in|funds|||(17,328)|(2,503)|(19,831)|
|RECONCILIATION|||OF FUNDS||||
|Total funds brought||forward||149,171|36,804|185,975|
|TOTAL FUNDS|CARRIED FORWARD|||131,843|34,301|166,144|
##
##
|||Batton|Lawrence|RGJ|Light|||
|---|---|---|---|---|---|---|---|
|||Bequest|Bequest|Management|Infantry|RGBW||
|||Fund|Fund|Fund|Fund|Fund|Total|
||||||8|g|8|
|iNCOME FROM||||||||
|Donations
and legacies||||300|379||679|
|Grant||||||||
|Booksales|||||120||120|
|Sale ofassets and other|items|||||658,004|658,004|
|Investment
income||668|6,554|20,791|2,016||30,029|
|Total||668|6,554|21,091|2,515|658,004|688,832|
|EXPENDITURE ON||||||||
|Grants|||20,000|86,044|13,260||119,304|
|Meeting costs||||235|||235|
|Postage and stationery||||9|42||51|
|Wreaths
and remembrance|||||55||55|
|Investment
management|fees|162|1,592|5,047|490||7,291|
|Total||162|21,592|91,334|13,847||126,935|
|Net (losses)/gains
on mvcstments||(2,945)|(28,883)|(88,775)|(8,884)||(129,486)|
|Net (expenditure)/income||(2,438)|(43,923)|(159,018)|(20,214)|658,004|432,411|
|Transfers between
funds||||||||
|Net movement
in funds||(2,438)|(43,923)|(159,018)|(20,214)|658,004|432,411|
|RECONCILIATION|OF FUNDS|||||||
|Total funds brought
forward||43,508|412,245|1,286,603|138,771||1,881,127|
|TOTAL FUNDS CARRIED FORWARD||41,070|368 322|1,127,585|118,557|658,004|1,655,534|
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