Charlty numb•r: 1125179 The Morclan Reglm•nt Benovolent Ch•rfty Trustees. rgport and financiol slotoments For the r ended 31 March 2021 dADAINS ACCOUt4ThNT5
The Merclan Reglment 8@v01•nI Charlty ontonts Page Rof•r•nc• and admlnlstratlv• dotalls of the Charlty, Its Trusto0$ and advl$ors Tru•tse8' report Indapandant •xamlnorfs rnport Statom•nt of finan¢i•l activiti0• Balanco 8he•t Notss to tho fln•ncl•l statemants 9-17
Tho Morcl•n R8glm•nt 8on•vol•nt Charity Rofernnco and admlnlstrntive details of the Charlty. Its Tfustses and advl¥•rJ For the year fjndgd 31 March 2021 Trusts Lt Gen I Cav8 CB, Chalmian and Colon91 of Rggim¢nt Br S B8nlon OBE, Deputy Colon81 Her4tag8 Brig S B811 QVRM, Deputy Colonel RRCM Brlg P Klmbor OBE, D¢puty Colonal Benevolence & Finance Col A Walton MBE Lt Col N Kelty OBE. C01 Mereldn Ires4gned 8 Septsmber 20201 Lt Col M Davis. C02 Mercian {resignad 8 August 20201 Lt Col F Cutue MBE, C04 Mercian Iresignad 9 November 2020) Lt Col {Retdl M Jackson OBE Ll Col (Retdl N Mackinstosh Lt Col R Spallon, C04 Mercian (appointed g Novembèr 20201 Ll Col O Canham OBE, C01 Marcian (apted 8 Soplembar 2020} Ll Col R Grover MBE. C02 Merclan (appointad 8 August 20201 Mr M Elliott Charlty r•gistor•d number 1126179 Prlnclpal 0ffl¢g Regimental Headquarters Th8 Mercian RegSment Whittington Barracks Lichfleld Stalfordshlrg WS14 9TJ Fifian¢l#l Secretary Mr8 P Mear Accountsnts Dains LLP 15 Colmore Row Birmingham B32BH Bankorn CAF Bank 25 Kings Hill Avenue West M8lling ME19 4JQ Royal Bank of Scouand 200 FOer Avenue Farnborough GU14 7JP Invwtrnorrt Managers Inv8slec Wealth and Investment 2 Gresham Streat London EC2V 7QN Po98 1
Tho Mgrolan Rgglment Bgngvolgnt Charlty Trusto08' roport For the ar •nd8d 31 March 2021 The Tru8tees present Ihalr annual r8port togethèr wlh the fi'nancial statements of the Charity for the year 1 Aprll 2020 to 31 March 2021. ObJ•ctlv8s and aetlvltlas . ObJ•ctbv•8 and alms The prlnclple objectlve of The Mercian 8enevolent Charity is the maklng of grants for the relief, generally or Indlvldually, of past and present m8mb8r8 of the Regiment and former Reglments and theSr dependents who are In noed, hard8hlp or dlslr8ss. Duiing the reportlng year, 1 Apru 2020 to 31 March 2021, the main activty f(x the publlc benefft Involved the glving of grants for rellef totalllng £48.518 12019:. £64,948. 2020.. £71,371) this belng a Slgnlficant decre8 compared lo pr6vious financial years and less than the covid budget, whlch wa8 r8vlslted al the outbreak of the pandemlc. Some of the decrease in requests ¢an bg attrlbuled to caseworkers vlslts baing Severely restrlrt8d because of pandemlc. In s9thng oblectlves and plannlng for advllles, th6 TnJslee8 havè given due con8lderatlon to general guldanca published by th? Chadly Commlsslon relatlng to publi¢ b8nofft. Includlng the guldance 'Publlc benefit.. runnlng a charity IP82}'. b. Adlvltlgs und•rtokon to achlgve oblèctlve• During a financial yaar infiictgd many restrlctlon8, it was remarkabl8 that the charlty conllnued to benefit linancl81ty. Mercian Service Personn81 rais almost £5K from a plethora of events from vSrtyai run$ to marathons, 24-hour HIIT lo cross fft challenges in memory of Merdan's kllled in action. When restrictions eas8d, talks and golf matches We arranged. helping to raiso some of thg funds paid to the charfty. Several donotions were paid in memory of loved ones passion8te about tha charity c. GrnntwmakSng pollclol Regimental lristruction G3 The Mercian Regiment Ban8volgnl Charlty operating procedures am8ndmenl 17 Idaled 28th Aprfl 2020) detalls how grants will be man8ge(I,' In summary that only members of the Mercian Roglmonl or Its ante¢edenl Regiments and their close famlly are enlllled to asslslanc8 from the charity. *h8 Satesl ampndment now Sncludes prov18ion for serving Reservistslveterans. Memb8rs that hav8 not subscribed lo the salary sacrific8 scheme referred to as the Doys Pay Scheme wlll not be e1BJ1b for assistanc8 unless there are extreme mltlgallng clrcum8tAnce8. Alyo detailed Is how appllcations are lo be submitted lor consldorgtlon, what 18 deemed as Worthy for a grant to b8 8ward8d, the levels of d18burs&nent arbd who Gan appro them. All grants are pahj to a third party and nol dlredy lo the appllcanl. Page 2
Tho Merclan Reglm•nt Ben•volont Charfty Trusto98' roport lcontlnuod) For tho yoar ondgd 31 March 2021 Achlovomonts and p•rfornianco a. Revlew of actlvltleB Thg main activity of The Mercian Benevolent Charlty Is tho provlslon of grants, the key areas of requests ar8 rgoeived for.. white and brown goods, age related assistance lelectrlc powered vehiclgs, stair Ilfts and rlser ch8lrsl, Tental deposts and prk)rlty debts. Annually the charity donate8 £10K to The Amiy Benevolent Fund. Thg Merclan Benevolent Charfty has a probcol whereby at the very minimum we 11 contscl bereaved families that have approved contact as por GDPR,. on the anniversary of their Soldier's death. th8 annual Crich pllgrfmage and at Chrf8tma8. FUrthemio. .the chority pur¢hgses and provld6s Wth8 and cr05888 for all m6morlal ev8nts. Throughout the year, pre8entsllons arg gen to th8 Regular and Resarvist seNng members of the Mercian Regiment to infom them about salary sacrifice. SSAFA cose workers, receive trainlng briefin08 from the Through Lrfe Care Offlc8r. Informlng them how lo correcly Submtt grant, 8ppltslion8 to en8uro a prompt lurn8round. Flnanclal rovi•w . Golng concom After makirMJ appropriate enquiiies, the tnJslee8 have o r8osonoble axpectation that th8 Tru81 ha8 adequalo r8sources to continue In operallonal exl8tence for the foresee8ble future. For thls reason, they conllnue lo aijopl Ihg golng conrn basls In preparfn9 th8 financlal 8181ements. Tr8Snlng continues lo be undertaken for tho roll out of Ihg n9w MOSAIC se management system, vthilsl there w8re d8lays and teethin9 troubles, the grant appllcallons are now leIVed and processed on it. b. Re•ebve• pollcy Th8 capltal assets of the Mwcian Benevolent Charlty shall not fall bolow £1m. If that lev61 Is breach8d al any tlme, the Charltys Slalemenl operatlng procedure sho11 be revlew8d go a8 to Ilmlt grants andlor the tru8lee8 shall launch a fund-ralslng campaign designed to brlng the capital assets back up lo tho r¢s8N818vel. Principal fundlng Th8 principle Source of funding for th8 Mercian Benevotent Charlty has been through the r8c6ipI of monthly contributions made by seNing members tsf the Mere4an Reglment und8r tho Doy3 Pay scheme. The Merclan Reservists have joined this sch8me, and thls financial y8a¢8 ov8rall Income wa8 255,968 this being a 811ght Inc¥g8se from the prevlous flnancSal year$12019= 54,776.. 2020.. £55,067). Th8 Mercian Benevolent Charity rgc8iv8s income from sefvlng members of lh8 Mercian Reglmenl who fundraisa by embarklng on vadous sporting ever4ts to ochieve Income. The ChatY 81so received fundraislng income from indivldLbal8 that have arranged events such as Gharity golf events 8nd also bgnefits ffom donations from the general publlc. 6ith8r dlrectly or vla the charlvs Just glving page and Vlrgln money glving paga. Page 3
Tho Morclan Rqglmont Benevolent Charlty Trustoos. r•port Icontlnugd) For tho year andod 31 Alarch 2021 Fln•n¢lal rnvlew {contlnuedl d, Inv•stmgnt pollcy and perfomianco An investment strategy for th8 Charity was approvgd by the Trustees, recoonl8Sng the lOntern nature of the Charity and its obligations. The oblectlve 18 to grow the Income and r88eThes of the Ch8rlty whllè having SLrfNcl8nl Ilquidlty to m801 forgs898bla needs in the Short temi. Investoc Wealth and Inve$lment was appolnted Investment Manager In August 2012 for the unrestricted furbds of the Benevolent Ch8rity. Th8 int8ntion is th8t the Investments ¥MII b8 in 8 multi a8sel InMe portrolio spread o¢ros$ 0 numbgr of collodve investment vehlcles and a8801 cla8888. Struclure, govornance and management Con•titutlon Declarations of Trust in r8lation to The Merclan Reulmental Charity and The Mercian Regim8nl B8n8volgnt CharSty Ilhe 'Charities were made on 7 December 2006 and th8s8 were spaled by the Charity Commission on 23 January 2007. The charities were reglslered a8 Ilnked charitie8 With th8 Charlty Reglslralion No. 1117653. The Trust885 olected to Sgparately register The Mercsan Regiment Ben8vol8nt Charity wlth effeol Irom 1 Aprll 2008. the Charity Commission agreed lo Ihls request and allocated the Charity Registration No. 1125179. Th9 Gharrtias were created In antlclpatlon of the f()matlon of the Merclan Reglmenl C 31 August 2007 by the mgrger of the 22nd ICheshSrel Reglment, The Worc88tershlre and SheThffjcd Forasl8rs R8gSmgnl and The staffordshir& R8gim&nt {Th8 Prince of Wales's) together with elernents of th8 West Midlands Reglmonl. Terrltorial Army unlt. I Ihrg9 rggular am)y reglm6nt8 worked togather to create the Mèrclan Roglmgnl ctharrties and agre8d that on the formation of the new Reglment they wtyjld Iransler their charitablg assgts and responslbllltles to the ch8rilie8. b. Mgthods of appolntmont or •1octlon of Trust• Th8 Chartèr for the Regimentsl Council the Merciah Reglment, datsd 7th December 2006, staled th8 composllion ol the council belng.. Th8 Colonel of the Règiment. B8ttalion Commanding Officers, Deputy Colonels ol the Raglmanl - r8pras9nng former Reglm&nts and Territorial Battalkjn, up to 8 othor members, initally including at least 2 from each fom)er Reglment, nominated by the Colonel of th9 Reglmanl and approved by a majority of th8 Council, to act as 8dvl8er8 In speclflc areas of responsibility allocat8d by the Colon81 of the Reglment. c. Organiffjational #tructuro and d•clslonwmaklng poll¢les The trustees. all of whom ar8 members of the Councll of the MerGl8n Reglment, megt not le8S than half yeaty. There are appropriate committe68 of trusteès wlh clearty deflngd writt8n terms of reference dealing such matters as Chattels, Musoums, Finance and Inveslm8nts..Commlttg9 report5 are provlded to the full Counc41. Detailed annual budgets are prep8rod and sUbmItt lo th¢ Councll for approval, and actual Income 8nd expendltur818 CClnPaf8d th budget forecasts. The Merclan 8enevolenl Ch8Vty has a subctsmmittoe C$$11ng of eight members, two of which are Regifflentsl Twsl8e8. Th8 subcommittee meet al lea$1 kn'ce a year, overseeing all aspects of the managèment of the finance8. Page 4
Tho Mgrolan Reglmwt 8gDgvolgnt Charlty Trustg0s' report Icontlnugdl For tho yaar •nded 31 March 2021 Structurè, g¢>vemance •nd managomènt Icontlnuodl d. Flnanclal rl8k managgmont Thè trustees have 8 duty to identfy arKt review the risks lo which the charity is axposgd and lo ensure Bppropriate ¢onlrols arp in place to provlde reasonable ossurance agalnst error and fraud. Financi818ccoUnn9 by the Flnants Officer Is supgrylsed by the Ch8lrman of Ihg Flnance Commlttee 8nd thg Charfty Secretary caines out o monthly ¢hgck of all Iransodlons procgss8d by Ihg Flnonco Officer. Plans foT lu¢uro perlod¥ Golf Mal¢hes are planned to rai88 funds for th8 charity next financial year. Arrangements are tfying to be made to make visits and provide talks about the charity to rai38 awareness and funds. The ThKwgh Life Gare OffieAr has been pr(Mnoling 8 new long-torm 8tudy of Inlurod servlcamen from Opor8fjonal tours called the Armed Servkes Trauma Rghabilltallon Outcomo Study. The alm of this study is to investlgate the long-term battlefield trauma casualli8s and their future hoallh implications over a 20-year peiiod. A lesl group of 500 casualli88 511 be selected from across the three Armed Services {wilh 300 being allocated to the mY), whlch wlll hav8 full medic81888888menl8 carri6d out on 8CC8Ptance lo the Irlal and then 3. 5, 10. 15 and 20 years followlng the Ilr81 vi851. The a8plr8tlon 18 to get as many Merclan's onlo the tri818s posslblg. ith are held on their central database. So lar. 47 Mercian par8onn&5 havo accepted. 8t•t•m•nt of Tru•tees' resp¢SIbIlItIeS The Trustees are rgsponsiblo for preparing tho Truste8s' rgp¢Kt and th8 financial statements in accordance th appllcable law and Unlted Klngdom Accounting Standards (United Kingd¢yn Generally Accepted Accountlng F¥aclicel. The law appllcable to charlues in Englond & Wales requlres th8 Trust88s to Pfepar6 financial slat8men18 for each fin8nd81 year which 9Sve a true and fair view of the slate of affaits of the Charity and of its Incomlng resources and application of resources, Includlng Its Income and expendilurg, for that period. In prep8ring these flnanclal 8ts1em8nts, th6 Trustees are required to: selgcl suitablo accounling policies and then apply them consislenlly.. observe the mathods ar principles of the Charities SORP (FRS 1021,. "makè judgements and accounung estlmales that are reasonable 8nd prudent.. slate whether applicable UK Accounllng Standards {FRS 102) hav8 been fcAlowed. subject lo any mal8rl81 dep8rture8 disclosed and explained in th8 fin8ncial stslements,. prepare the financial slatements on tha goiry concam bosis unless It is inapproprl8ts to pr88ume that the Charity wll ConnUe In buslness. The Trustse8 are responslble for keeplng adequate accountlng records that are SLrfid8nt Io Show and explaSn the charl19 transacllons and dlsc108e wlth reasonable a¢cur8cy al any tbmg the linancial position of the Charlty and enable thom to ensur8 that the financial 8talemenl8 comply wlth the Charities Act 2011, the Charity (Accounts and Report81 Régulallons 2008 and th6 provl8lons of the Tryst deed. They are also responslble for safegu8rdlng the assets of the Charity and hence f¢y tsklng reasonable steps ft)r the preventlon and detection of froud and other Irreguladtlos. od by ordgr of the members of the board of Trustees and Slgngd on their behalf by. Brlg P KlmbgrOBE Deputy Colonel Benavdence & Finance Oat8: £1/10/£i P.age 5
Thè Mercian Re9lm•nt Benevolont Ch•rlty Ind•p•nd•nl oxamlnw'• r•port For th• y••r ond•d 31 Match 2021 Independent examinerf8 report to the TruJtee8 of The Merclan Reglment 8enevol8nt Charlty I'the CharItl I roport to the chartty Truste88 on my examlnatlon of the accoLmts of the Charlty for tha year 8nd8d 31 March 2021. Ro$ponslbllltlg$ and basls of report As the Trustee5 of the Charlty you are resptsnslble for the praparatlon of tha account8 In 8ccordanc6 wllh the rgqulr9m8nls of th9 Charities Act 2011 I'lhg 2011 Act,). . I report In respect of my examlnatlon of the Charftys accounts C8rfed OLrt under 8&Ct4on 145 of the 2011 Act and in carrying out my examination I have fdlowed th8 applicable Directions given by the Charity Commission under Section 14515llbl of the 2011 Act. Indèp8nd•nt •xamlnerf8 8tatèm•nt Your attenllon Is drawn lo Ihg fact that the Charlty has prepared the accounts In accordance Accounllng and Reporbng by Charilias.. Slatem8nt of Recommand8d PrBctic& applicabl8 lo charftias preparing their accounts In accordance wllh th8 Flnanclal Reportlng Standard appllcable In the UK and R8publlc of Ir818nd IFRS 102} In preference to the Accounting and Reporting by CharSUgs.' Stslement of Recommended PraclSce Is$uod on 1 Aprtl 2005 whlch Is roforr8d to In the oXt8nt regulallons but has been wlthLlrawn. l understsnd that Ihls has been done In order for the accounts to provlde a true and falr eW accordance th8 Ganorally Ac¢epl8d Accounting Practc8 gffeclivg for reporting periods beginnlng on or after 1 January 2019. I have completed my examination. I confirm tho1 no mattars have coma to my attention in connection wlh t examination ¥ving me cause to believe that In any matedal resp8cL' accounting records wore not k8pl in r8spoct of tho Charity as r8quir8d by seclkjn 130 of Iho 2011 AOL. or the accounts do not accord with those records,. or the accounts do not comply with th8 applicablè requirements concerning the form and contonl of accounts set out in the Chartie5 {Accounts and Reports) Regulations 2006 other than any requirement that the accoun18 g4v8 a 'true and fairf vlew whlch is not a matter consTdered as part of an independent 8xaminatlon. I have no concem8 and have come across no other matters in connection with tho examination lo which attenllon should be drawn In thls report In order to onabla a propor undeTStanding of the accounts to be reached. Th18 rewrt Ss made 8018ty to the CharlV8 Trustees. 88 a body, In accordance th Part 4 of the Charltie8 (Accounts and Reports} Regulatlons 2008. My work h88 been undertak8n 80 that I might 8tate lo the Ch8rltys Trustees Ihose mallers l am requlred lo stats to them In an Indepgndenl 8xamlnerfs report and for no olhor purposg. To the fullosl extent permStted by law, I do not 8ccept or assume respon8lbility to anyone other than the Charlty and the CharlW8 Trustees as a body, for my work or for thls report. Signgd". Dated: Ii/ia/ii Andrew Morri5 FCA Dalns LLP Blmilngham Pa98 6
Th• Morclan Rogiment B?novolgnt Charfty 3t•tement olllnan¢lal #ctfvitlos For tho ygar ondgd 31 March 2021 Unrestrlcted funds 2021 Total fund$ 2020 funds 2021 Noto Incom• from: Donation5 and legacies Challtable activities Investments 71,475 9.718 41.041 71.475 9,718 41.041 71,559 11,063 49.453 Total income Exp•ndituro on: Raising funds Charllable acllvllles 122.234 122,234 132,075 10,028 63,439 10,028 63,439 10,115 87,882 Total expondlture 73,467 73,467 97,997 Nel galn81{1058esl on Investments 11 276,955 276,955 (162,305) Nel mvoment In funds Reconclllatlon of fund$: Total funds brought forw8rd Net movement Sn fvnd8 325,722 325.722 (128,227) 14 1N63.037 325,722 1.463.037 325.722 1,591.264 (128.227) Total fund8 canled forward 14 1,788,759 1.788.759 1,463,037 The note8 on pages 9 to 17 form part o* thes6 flnanclal 8tatsments. P808 7
The Merclan Reglm•nt Ben•volont Charlty 8•lanc• •h••t AS at 31 March 2021 2021 2020 Noto Flxod •88ots Investmgnts Current assots 11 1,702.913 1,394,974 Debtors Cash at bank and In hand 12 8,287 91.857 4,692 66,560 98.144 71,252 Creditors.. amounts falling du8 wilhin on8 ar 13 (12.300) 13,1891 Not curront assgts 68,063 Total nèt •t 1,788,759 1,463,037 Charlty funds Unro$trlctgd fvndB 14 1.788.759 1.463.037 Tatal funds 1.788.759 1,463,037 The financlal 8latements were approved and aulhori$ed for Issue by tho TfU51ee5 and 81gned on Ihelr behalf ty. Brig P Kimber 08E Deptsty Colon818enevolenc8 & FanCe Dats. 11 /i¢J/ii The notes on pag88 9 to 17 form part of these financial slat8m8nts. Page 8
M•rclan Reglment Benevolent Gharfty Not•B to th• financial statemonts For th• year ended 31 March 2021 General Inforniatlon The Mercian Reglment Benèvolent Charlty Is a prSvale chadty f8gistered with the Charity CommlssSon In England & Wales. Its reglstered numLw and registered office address are given on page 1. The charitys objects and prtndpal aCtIt are sel out in the Trustees, Report. Accountlng pollcles 2.1 Basls of preparatlon of flnanclal statomgnls The financi818tstem8nts have been prepared In 8¢wrdanca wlth the Ch8dtles SORP {FRS 102} - Accounting and Reportlng by Charfll88'. Ststement of Recommgndad Practice applicable to charleS prepallng th8ir accounts in accordance the Flnonclal Reporting Stsnd?rd applicable in the UK and Republic of Ireland IFRS 1021 {effectlve l January 20191, the Financial Reporting Stsndard 8pplic8bS6 in the UK and Republlc of Ireland (FRS 102} and the Charities Act 2011. The Merdan R8gimgnl Bgnevolenl Charity meats th& deflnllion of 8 publlc benefit gnllty-undor FRS 102. Assets and Ilabllltses are inilialty recognised at historical c08t or. Iransacll¢M valu8 un18SS olheNlse stal8d In the relevant accounting policy. 2.2 Golng conrn After making appropriate enqulrle8, the Trustees have a reasonable expeclation that the Charlty has ad&quate resources to continue in Operallonal existence for the for8s8eable lulure. For thls reason. they continue lo 8dopl thé golng concem ba818 In pr8partng the financial statements. 2.3 Incomo All Income is rewgnisod once the Charlty h88 ant1ement to the Income, It 13 probable that the Income wlll be recelved arKI the amount of Incomè rec8lvable can be me88ured rellabty. The recognition of irKomo from legacies is dgpend8nl C 8Stabli3hing entlllemenl, the probability of receipt and the ability lo eslimotg wlh sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exi818 when Ihe Charity has SLrfNclent evldancè that a gSfl has been 19ft 10 . them Ilhrough knowledge of the existence of a valid will and Iha death of th6 benefactor) and thg Bxgculor Is satisfied that the property in qu8Stlon wlll not be required to satisfy claim8'in the estate. Receipt of a legacy musl be recognI8ed when r( is probablo that it wll bs received and the falf valuè of the amount recewabte, whlch 11 generally be the expected cash 8m¢)unt to ba d18trlbLSted to tho Charlty. can be reliably measured. Incom& lax recoverable in ralatson to donations r8ceived under Glft Ald or deeds of covenant is recognised al the Ilme of Ihg donation. Inme tsx r8cover8ble In relatlon to Investment In¢om8 Is recognlsed at the Ilme the Invostrnent Incomg 1$ receivable. Pagg 9
The Merclon Reglmènt Benevolent Charity Not•$ to tho flnanclal $tatsment8 For tht y•ar endod 31 March.2021 Accountlng pollcies (continued) 2.4 Exp•ndltur• Expendlture 58 rectsanl8ed once there 18 a legal or constfuctive oblig81ion to transfer oconorn beneffl to a thlrd paty, It 18 prob8ble that a transfer of economic benefits wlll b8 requlred In setUem8nl and the amount of the obligation can bts mea8Ltr8d reliably. Expenditure Is clas51fi8d by acllvlty. The costs of each activity are made up of the total of direct. costs and sharod costs, Includlng support costs Involved In undèrtaking each activity. Direct costs attributabl8 to a singlg acllvty 8re allocated dlrectly to that acllvty. Shared costs whlch contrfbute to more thon one acttY and 8UPPOrt costs whlch are not attributsble to a slngle activity are apportlonad been those activities on a ba818 con818tenl the UBe of resourc8s. Central staff $ts aro allocated on th8 basls of tlme 8p8nt, and dapreclallon chargès allocatèd on the porbon of the assays use. Expendlture on ral8lng fvnd8 Includes 811 expèndltura Incurrod by th8 Charlty Io f8i8e funds for tt8 charitabl8 pur585 and includes costs of all fundroislng aotlvlues gvgnts and non-charltable tradlng. Expèndlture on charftabla 8ctlv1ÈS Is Incurred on directly undertaking the aetiviti8s which lurther th6 Charlty'8 oblecllv88, a8 well a8 any asBoclated support costs. Support Costs are those costs Incurred direthly in support of expenditure on the oblects of the charity and Include prolect management carried out 81 Headquartèrs.. Grants p8yable 8re charged in the year wn the offer is made except In th08e case8 where the offer Is condllional. stsch grants boing r8cognls8d as axpendlture when the condlllon8 att8chlng are fulfilled. Grants offered subject to conditions which havo not boon met at Ihg year end are noted a8 a c(Mnmltm8nt. iyjt rh)t accrued a8 expènditure. Gran18 relumed to tha Charity in SLbch cases as th8y are no longer requlred or have not been fully spent cannot be liablY foreseen or m8asured and aro often relurngd In a different reportlng period tr) that of the grant aw8rd and egnItIOn. For thes8 reasons. grants reWrned are recognised when notllkatlon18 recelved of thè rfund and wesented in income from thar4tabl8 actlvitle8. 2.5 Intgr•st rocelvabl• Int8f881 on funds hekt on dep05f( is included wh8n receivable and the amount can be measured reliably by thè Charfty, Ihls Is Tronnal Ltpon nolrficatlon of tho Inlgre8t P8ld or payable ty the Institution with whorn the funds ar8 d8posltgd. 2.6 Invè8tments Fixgd ass61 investmen15 ar8 a form of flnanclal Instwmenl and are Inltially recogni8ed at thelr transaction cost and subsaquonlly measured at falr value at Ihe Balance sheet date, unless the value cannot be measured relsably in which case It Is measured at cost le85 impairment. Inveslmgnl galns and losses, whether realised or unrealised, are combln8d and presented as 'Gainsl(Lossesl on Inv6stments' Irs Ihg Stal8manl of financial athllles. 2.7 Dobtors Trad8 and othar dablors ar8 raccgnlsgd al the settlement amount after any trad8 db3count offered. 2.8 Cash at bankand In hand Cash 8t bank and In hand Includes cash and short-lerm hSghly Ilquld investments whh a short maturity of thr99 months or Igss from the dale of acqu181Uon or op8ning of thg dgposil or similar account. Page 10
Th Mèrclan R¢glmont Bonovolent Charlfy Notes to tho flnanclal stat8m8nts For Iho year and•d 31 March 2021 Accountlng pollcles Icontlnuod) 2.9 Llabllltl•s and provislons Ll8blllU88 ar8 recconlsed wh8n there18 an obligation at the Balanc8 8h88t date as a Te5uIt of a past event, 51 18 probable that a Iransfgr of eoonomic benefit will bè required In 88ttIoment, and the amount of the settlement can be estimatgd reliably. Liabilrties are r8cogni8ed. al the amount that the Charity antiapates 51 will pay lo setue the ¢Jebt or th8 amount il has reeeived 88 advanced payments for the goods or servlces M must pm¥J8. 2.10 FlnanGlal InstrurnontB The Charity only has financlal a8$ets and financial158bllille8 of a klnd that qualify as basic flnandal Instruments. Basic flnanclal instwmen18 are Inllially recognlsed at Ironsacllon value and subsequently measurgd 01 their settlefn8nl value with the excepuon of bank ¢oans which are 8ubBeouenlly me88ured at amoitlsed cost using the effeclbve inter88t method. 2.11 Fund accountlng Genoral funds are unre8trictsd funds whlch are avallable for use at the di5crellon of the Tw8188s in furth8rance of the general oblectlves of tho Charity and which have not bgan designalod for other purposes. All Income and gxp8ndrture in the year to 31 March 2020 was atlrlbutable to unrestricted funds and Ihgrefot? full comparative notes have not boen presented in the following note8 to the financial ststements. In¢om• from donatlons and199xIgs Unrn8trfcted funds 2021 Total funds 2021 Total funds 2020 Donatlon8 Day's Pay Scheme 15.507 55.968 15,507 SS,968 16,493 55,086 71,475 71,475 71,.559 Page11
Th• Merclan Roglment Benevolent Charlty Not•$ to the finAnci*l itat•m•nt¥ For lh• yfjar end 31 March 2021 Income from charltablè actlvltleB Unrnjtrlcted lund$ 2021 Total fund8 2021 Total funds 2020 Don8tlons- l Merclan Donat4on8- 2 Merclan Donatlons- 4 Merclan Grants retumed 1,685 2,623 674 4,736 1,885 2,623 674 4736 2,671 1,661 184 6,647 9,718 9.718 11.063 Involtmènl Inc¢mo Unrn$tri¢t•d funds 2021 Tot•1 funds 2021 Total funds 2020 Dlvldend and flxed Intsrasl receipts Bank intsre8t 41,014 27 41,014 27 49,300 153 41,041 41,041 49,453 Pa99 12
Th• Morclan Roglm•nt 8gnevol8nt Charlly Notgs to tho flnanclal 8tatem•nts For the year ondod 31 March 2021 Costs of ralslng funds Unrnstrlctod funds 2021 Total lunds 2021 Total funds 2020 Intmant man8gèmenl feos 10,028 10,028 10,115 Analys1¥ of grnnts Grants lo Indlvldu?18 2021 Total funds 2021 Total funds 2020 Bgnovolgn¢o grants 48,518 48.S18 71,371 Pag813
Th• Marclan Reglment Bgnovolgnt Charlty Notss to the financlal Statsmonts For tho yoar •nd¥d 31 March 2021 Anatysls gf •xpondltur• on chailtable actlvlti Actlvltlos undertaken dlroctly 2021 Grant fundlng ol activities 2021 Support costs 2021 T¢tal funds 2021 rotal tunds 2020 Benevolence and relief 12.328 48.518 2,593 63,439 87,882 Tot•1 2020 13,119 71,371 3,392 87,882 Analygis of direct CO8t• Total fund8 2021 Total fund8 2020 Army Benevolent Fund Comradeship and Remembranc& other expen888 10.000 1,354 974 10,000 2,193 926 12,328 13,119 Analysls of support Costs Total funds 2021 Tol•l funds 2020 Management costs AccounlanGy costs Postsgg and prinlSng Other admlnlstrotive ¢o$ts 787 2.320 170 115 2,31JO 151 2,593 3.392 Page 14
Tho Merclan Reglment Bonevolefit Charity Note8 to the flnan¢lal stat9ments For the year endod 31 March 2021 Independent examlnerf8 remunerntlon 2021 2020 Fees p8yabl6 to the Charitys independonl examinar for Ihg indopgndent ex8mination of the Challvs annual accounts 2,300 2,280 10. Tru$ts•8' rnmun•ratlon and •xpen••8 During the yaar, no Trustees reGeiv8d any ramuneration or other b8n8fits (2020- £NILJ. DurfrMJ the y8ar. rK> Trustse expgnsgs havg bagn Incurr8d (2020- £NILJ. 11. Flxod assat Inv•stm8nts Ll¥tgd Invostrnont$ Market value Al 1 AprS12020 Addlt¢on8 Dlsposals R8valuatlOf18 Cash trydding movaments 1,394,974 245,220 1251.505} 277.959 36.267 At 31 March 2021 1,702.915 Net book valu• At 31 Plarch 2021 1,702,915 At 31 MarGh 2020 1,394,974 Investmonts at market valug cofflprlso: 2021 2020 Listed inveslinents Cash and cash equivalents 1,626,284 76,631 1,326,620 68,354 1,702,915 1.394.974 Pago 15
The Merclan R•glmont Bongvol•nt Charlty Notés to tho flnanclal stolgmonts For tho year ended 31 March 2021 12. Debto 2021 2020 Other debtors 6.287 4,692 13. Crndltorn: knount• lalllng du• wlthln one year 2021 2020 Accruals and deferred Income 12,300 3,189 Includod in creditors is deferred incom8 of £Nil12020 - £8891 in respect of fundralslng events planned for 'the next fin8nci81 year. 14. Stat•m•nt offund statemont of fvnds- current yoar Balanco at 31 Marcli 2021 8alanco at 1 April 2020 Gainsl (Lo8se8) Income Expendliure Unr#itrl¢tod funds General Funds 1,463,037 122,234 173,4671 276.955 1.788,7S9 statgment of funds - prfor yur 84lanc• at 31 March 2020 Balane• at 1 Aprll 2019 Galnsl ILo8svI In¢om¢ Exp¢ndltur8 .Unrestrf¢tsd funds General Funds 1,591.264 132,075 197.997) 1162.3051 1.463,037 Pag8 16
Th Merclan Roglmont Benevolont Charlty Notas to th• financlal ststemènt8 For the y•8r endod 31 March 2021 15. Analysls of not assets botwoon fvnd$ Analysis of net a••ets betwe8n funds . currnnt yoar UnrgStrlctBd funds 2021 Total fund• 2021 Flxed 88Set Investmgnts Current assets Credllor8 due wlthln one year 1,702,915 98,144 (12,3001 1,702,915 98,144 112,3001 Total 1,788,759 1.788,759 Analy•l• of not assets botwogn fvnds - prlor yoaT Unrestrlcted funds 2020 Total funds 2020 Fixed asset inve$thients Current assets Creditors due withln on8 year 1,394,974 71,252 {3,1891 1.394,974 71,252 13,1891 Total 1.463,037 1,463,037 16: Rglated party tr•nsactlon8 Therg were no rel?18d paty transactions requlrSng dlsclosure in tha reporting p6rt0d. P8g8 17