Docusign Envelope ID.. 0253985>5214472%677A-942882E964EB Chority number.. 1125179 The Mercian Regiment Benevolent Charity Trvstees, Report ond Finoncial Statements For the yeor ended 31 Morch 2024 .JDAINS
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Docusi9n Envelope ID". 02539B53-52144729-877A-942B82E964EB The Mercion Regiment Benevolent Charity Contenis Page Reference ond administrative details of the Chority. its Trvstees ond odvisers Trustees, report Independent exominer's report Statement of financial activities Bolance sheet 10 Notes to the financial stotements
Oocusign Envelope ID.. 02538B53-52144729-B77A-942882E964EB The Mercian Regirnent Benevolent Charity Reference ond Administrative Detoils of the Charity. its Trustees and Advisers For the year ended 31 March 2024 Trusiees Lt Gen Sir lan Cove KCB. Chairman and Colonel of Regiment Brig (Retd) S Bonton OBE. Deputy Colonel Heritoge Brig C Ginn CBE. Deputy Colonel RRCM Brig (Retd) P Kimber OBE, Deputy Colonel Finance Col (Retd) A Walton MBE Lt Col G Brown. COI Mercion Lt Col C Whitting. C04 Mercion (appointed 27 April 2023) Lt Col (Retd) M Jockson OBE Lt Col (Retd) N Mockinstosh Maj (fietd) M Bonks (appointed 30 October 2024) Mr M Elliott Lt Col R Spolton, C04 Mercian (resigned 27 April 2025) Charity registered number 1125179 Principal office Regimental Heodquorters The Mercian Reglment Whittington Borrocks Lichfield Stoffordshire WS14 9TJ Finonciol secretary Mrs P Mear Accountonts Doins Audil Limited 2 Chomberloin Square Birmingham B3 3AX Bankers CAF Bonk 25 Kings Hill Avenue West Malling ME19 4JQ Royal 8onk of Scotland 200 Fowler Avenue Farnborough GU14 7JP Investment Managers Investec Wealth and Investment 50 Greshom Street London EC2V 7QN Poge 1
Docusign Envelope ID.. 02539653-52144729-B77A-942B82Eg84EB The Mercian Regiment Benevolent Charity Trustees, report For the year ended 31 March 2024 The Trustees present their onnuol report together with the financial statements of the Chority for the yeor 1 April 2023 to 31 March 2024. Objectives and activities a. Objectives and aims The principle objective of The Mercian Benevolent Charity is the moking of grants for the relief. generolly or individuolly. of past ond present members of the Regiment and former Regiments and their dependents who ore in need. hordship or distress. During the reporting yeor, 1 April 2023 to 31 Morch 2024. the main octivity for the public benefit involved the giving of grants for relief totolling £63,569 (2023 £69,222). In setting objectives and planning for activities, the Trustees hove given due consideration to general guidonce published by the Charity Commission reloling to public benefit. including the guidonce 'Public benefit., running a charity (PB2)'. b. Activities undertaken to achieve objectives During o financiol year when there were still some restrictions. it wos remorkable thot the chority continued to benefit finonciolly. Mercion Service Personnel fund roised £5K. Furthermore, talks and golf matches were arronged. helping to roise some of the funds paid to the charity. Severol donations were poid in memory of loved ones passionole obout the chority. c. Grant-moking policies Regimental Instruction GS The Mercion Regiment Benevolent Chority operating procedures amendment 18 (doted 15 May 2022) details how grants will be manoged.. in summary thot only members of the Mercion Regiment or its ontecedent Regiments and their close family are entitled to assistonce from the chority. the lotest omendment now includes provision for serving Fleservlsts/Veterons. Members thot have not subscribed to the salary sacrifice scheme referred to os the Doys Pay Scheme will not be eligible for ossistonce unless there ore extreme mitigating circumstances. Also detoiled are how applicotions should be submitted for considerotlon, what is deemed os worthy for a gront to be owarded, the levels of disbursement and who can approve them. All grants ore paid to o third porty and not directly to the applicont. Poge 2
Docusign Envelope 10.. 02539B53-52144729-B77A-942B82E964EB The Mercian Regiment Benevolent Charity Trustees, report (continued) For the year ended 31 March 2024 Achievements and performance o. Review of activities The main octivity of The Mercian 8enevolent Chority is the provision of gronts, the key oreas of requests are received for". while ond brown goods. age related ossistance (electric powered vehicles, stair lifts and riser chairs). rentol deposits and priority debts. Annually the charity donotes £10K to The Army Benevolent Fund. The Mercian Benevolent Charity hos o protocol whereby at the very minimum they will contact bereaved fomilies that have opproved contact as per GDPFI., on the anniversary of their Soldier's deoth, the onnuol Crich pilgrimoge ond at Christmas. Furthermore. the charity purchoses and provides poppy wreaths and remembrance crosses for all memorial events. Throughout the yeor. presentations are provided to the Regular and Reservist serving personnel of the Mercion Regiment to inform them about solory socrifice. SSAFA cose workers, receive briefings ossisting them with how to efficiently submit gront oppllcotions enoblin9 them to receive o prompt ond successful result. Financiol review a. Going concern After making appropriate enquiries. the trustees hove o reasonable expectatiorn thot the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reoson. they continue to adopt the going concern basis in preparing the finonciol stotements. b. Reserves policy The copitol ossets of the Mercion Benevolent Charity sholl not fall below £1m. If Ihot level is breoched ol any time. the Charity's Stotement operating procedure shall be reviewed so as to limit gronts ond/or the trustees shall launch a fund-roising campaign designed to brin9 the capital ossets bock up to the reserve level. c. Prlncipal funding The principle source of funding for the Mercion Benevolent Charity has been through the receipt of monthly contributions made by serving members of the Mercian Regiment under the Doy's Pay scheme. The Mercian Reservists hove joined this scheme. ond this finonciol yeor's overoll income wos £57K. this being o slight increase f rom lost yeor (2019. £55K., 2020-. £55K,' 2021.. £56K, 2022.. £58K,' 2023.. £57K). The Mercian Benevolent Charity receives income from serving members of the Mercian Regiment who fundroise by embarking on vorious sporting events to ochieve income. The chority olso received fundroisirng income f rom individuols thot hove orranged events such as charity golf events, o drum display also benefilting donations from the generol public, either directly or vio the charity's Just Giving page. Poge 3
Oocusign Envelope ID". 02539B53-521447Z9-877A-942B82E964EB The Mercion Regiment Benevolent Chority Trustees, report (continued) For the yeor ended 31 March 2024 d. Investment policy and performance An Investment strategy for the Charity wos approved by the Trustees. recognising the long-term nature of the Charity ond its obligations. The objective is to grow the income ond reserves of the Chority while hoving sufficient liquidity to meet foreseeable needs in the short term. Investec Wealth ond Investment wos oppointed Investment Manager in August 2012 for the unrestricted f unds of the 8enevoleni Charity. The intention is thot the investments will be in o multi osset income portfolio spread across a number of collective investment vehicles and asset classes. Structure, governance ond management a. Constitution Declarotions of Trust in relotion to The Mercian Regimental Chority ond The Mercion Regiment Benevolent Chority (the "Charities" were made on 7 December 2006 ond these were sealed by the Charity Commission on 23 Jonuory 2007. The chorities were registered as linked charities with the Charity Registration No. 1117653. The Trustees elected to seporotely register The Mercian Regiment Benevolent Charity with effect from l April 2008, the Charity Commission agreed to this request and ollocoted the Chority Registration No. 1125179. The charities were creoted in anticipation of the formation of the Mercian Re9imeni on 31 Au9USt 2007 by the merger of the 22nd (Cheshire) Regiment. The Worcestershire and Sherwood Foresters Regiment ond The Staffordshire Regiment (The Prince of Woles's) together with elements of the West Midlands Regiment. o Territorial Army unit. A11 three regLJlar army regiments worked together to create the Mercion Regiment chorities ond agreed that on the formation of the new Regiment they would transfer their choritoble assets and responsibilities to the charities. b. Methods of oppointment or election of Trustees The Charter for the Regimental Council the Mercion Regiment. doted 7th December 2006, stoted the composition of the council being.. The Colonel of the Regiment. Battalion Commonding Officers, Deputy Colonels of the Regiment representing former Regiments ond Territorial Bottalion, up to 8 other members. Initiolly including at leasi 2 from each former Regiment. nominated by the Colonel of the Regiment ond approved by a mojority of the Council. to oct os odvisers in specif ic areas of responsibilily ollocoted by the Colonel of the Regiment. c. Organisotional structure and decision-making policies The trustees, all of whom ore members of the Council of the Mercian Regiment. meet not less than holf yearly. There ore oppropriote committees of trustees with clearly defined written terms of reference deoling Wlth such matters as Chottels. Museums. Finance ond Investments. Committee reports are provided to the full Council. Detailed onnuol budgets ore prepored and submitted to the Council for approval and actuol income and expernditure is compored with budget forecosts. The Mercian Benevolent Chority hos a SL)bcommittee consisting of eight members. two of which are Regimental Trustees. The subcommittee meet ot least twice o year. overseeing all aspects of the management of the finonces. Page 4
Dr>cusign Envelope 10.. 0253985>52144729-B77A-942B82E964E8 The Mercian Regiment Benevolent Charity Trustees, report (continued) For the year ended 31 March 2024 Structure. governance ond manogement (continued) d. Policies adopted for the induction and training of Trustees The Charter also stotes that the Regimental Secretory will issue each trustee with the trust deed, ony omendments thereto. the most recent report and occounts, ond current operating guidelines ond is to obtoin on acknowledgment signoture to thot effect. Selected trustees ond staff attend seminors orgonised by the chority's fund monagers that include governonce and investment. e. Financial risk monagement The trustees hove o duty to identify ond review the risks to which the charity is exposed ond to ensure appropriate controls ore in ploce to provide reosonoble assuronce ogoinst error and fraud. Financial accounting by the Finonce Officer is supervised by the Cholrmon of the Finance Committee and the Churity Secretary carries out a monthly check of oll tronsoctions processed by the Finance Officer. Plans for future periods The Trustees having been dealing with the implications of the loss of the 2nd Bottolion. which entails pocking. moving and relocating chattels and Regimentol property. Furthermore, the requirement of laying up the colours, Since 2007 The Charity has not been drawing on the income generated by the investment portfolio but insteod reinvesting whilst cognisont that in the future may need to alter this to receive dividends. Golf Motches are plonned to raise f unds for the chority next f inanciol year. Arrongements are being mode to moke visits ond provide lalks about the charity to roise oworeness and funds. The Through Life Care Officer hos been promoting a new long-term study of injured servicemen from Operationol tours called the Armed Services Trauma Rehabilitation Ovtcome Study. The aim of this study is to investigate the long-term botilefield troumo casualties ond their future heolth implications over 0 20-year period. A test group of 500 casualties will be selected from ocross the three Armed Services (with 300 belng allocated to the Army). which will hove full medicol assessments carried out on occeplonce lo the trial and then 3, 5. 10. 15 and 20 yeors following the first visit. The ospirotion is to get os many Mercion's onto the trial as possible which are held on their central databose. Page 5
Docus¢gn Envelope ID.. 02539B53_52144729-B77A-942B82E964E8 The Mercion Regiment Benevolent Chority Trustees, report (continued) For the yeor ended 31 March 2024 Statement of Trvstees, responsibilities The Trustees ore responsible for preporing the Trustees. report and the finoncial stotement5 in occordonce with opplicable law and United Kingdom Accovnting Standords (United Kingdom Generolly Accepted AccoLJnting Practice). The law applicoble to chorities In England & Wales requires the Trustees to prepore financial statements for each finonciol which give a true and fair view of the stote of offoirs of the Chority ond of its incoming resources ond opplication of resources. including its income ond expenditure. f or that period. In preporing these finoncial statements. the Trustees are required to., select suitoble occounting policies ond then opply them consisleF)tIy", observe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimotes thot are reasonable and prudent,. state whether opplicoble UK Accounting Standards (FRS 102) have been followed. subject to ony material departures disclosed ond explained in the f inoncial stotements: prepore the financial stotements on the going concern basis unless it is inoppropriote to presume thot the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records thot ore sufficient to show and explain the Charity's transoctions ond disclose with reosonob1e occurocy ot any time the financial position of the Chority ond enable them to ensure that the finonciol stotements comply with the Chorilies Aci 2011. the Chority (Accounts ond Reports) Regulations 2008 ond the provisions of the Trust deed. They are olso responsible f or safeguarding the assets of the Chority ond hence for taking reasonable sleps for the preventlon and detection of fraud and other irregvlarities. Approved by order of the members of the boord of Trustees ond signed on their behalf by.. Docu8lgned by. Brig (Retd) P Kimber OBE Deputy Colonel Benevolence & Finance Date.. 4 December 2024 Poge 6
Doeusign Envelope ID.. 02539B53_52144729-B77A_942B82E964EB The Mercian Regiment Benevolent Charity Independent Examiner's Report For the year ended 31 March 2024 Independent Examiner's Report to the Trustees of The Mercian Regiment Benevolent Charity ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Chority for the year ended 31 March 2024. Responsibilities and 80sis of Report As the Trustees of the Chority you ore responsible for the preparation of the occounts in accordance with the requirements of the Chorities Act 2011 ('the 2011 Act,). I report in respect of my exominotion of the Charity's occounts carried out under section 145 of the 2011 Act ond in corrying out my exominotion I have followed the opplicoble Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Exominer's Stotement Your attention Is drawn to the fact that the Charity has prepured the OCCOL)nts in accordonce with Accounting and Reporting by Chorities.. Statement of Recommended Proctice opplicable to chorities preporing their accounts in accordance with the Financial Reporting Standard applicoble in the UK and Republic of Irelond (FRS 102) in preference to the Accounting and Reporting by Chorities.. Stotement of Recommended Proctice issued on 1 April 2005 which is referred to in the extont regulotions but has been withdrawn. l understond thot this hos been done in order for the accounts to provide o true and fair view in accordonce with the Generally Accepted Accounting Practice effective for reporting periods beginning on or ofter1 Jonuory 2015. I hove completed my examination. I confirm that no matters hove come to my attention in connection with the examination giving me cause to believe thot in any materiol respecl.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act.. or the occounts do not occord with those records,. or the account5 do not comply with the opplicoble requirements concerning the form and content of occounts set out in the Chorities (Accounts and Reports) Regulations 2008 other than any requirement thot the accounts give a 'true ond fair, view which is not o motter considered os port of an independent exominolion. I have no concerns and hove come ocross no other molters in connection with the examinotion to which attention should be drown in this report in order to enable o proper understanding of the occounts to be reached. Page 7
Docusign Envelope ID.. 02539853-52144729-677A-942882E964EB The Mercion Regiment 8enevolent Charity Independent Examiner's Report (continued) For the year ended 31 March 2024 This report is made solely to the Charity's Trustees, os o body. in occordonce with Port 4 of the Chorities (Accounts ond Reports) Regulotions 2008. My work has been undertaken so that I might state to the Chority's Trustees those matters I am required to state to them in on Independent exominerfs report ond for no other purpose. To the fullest extent permitted by law. I do not occept or ossume responsibility to onyone other thon the Chority and the Charity's Trustees as o body, for my work or for this report. Signed.. Doted. 4 December 2024 Andrew Norris FCA Dains Audit Limited eirminghom Page 8
Oocusign Envelope ID.. 02539B53_52144729_B77A.942882E964EB The Mercian Regiment Benevolent Chority Statement of financial activities For the year ended 31 March 2024 Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Note Income from: Donotions and legacies Charitable octlvities 71.202 71.202 70,966 9,738 9.738 8.836 Investments 55.018 55.018 43.108 Total income 135.958 135.958 122.910 Expenditure on: Roising funds Charitable activities 11,073 11.073 10.907 79.520 79,520 85.008 Total expenditure 90.593 90.593 95,915 Net income before investments 45.365 45.365 26,995 Net gains/(losses) on investments 84.783 84.783 (119.292) Net movement in funds 130.148 130.148 (92,297) Reconciliation of funds: Totol fLJnds brought forword Net movement in funds 1.814.675 1.814.675 1,906,972 130.148 130.148 (92.297) Total funds carried forward 1.944.823 1.944.823 1.814.675 The note5 on poges 11 to 19 form part of these financial stotemenls. Poge 9
Docusign Envelope ID.. 02539853-52144729-B77A-942B82E964EB The Mercion Regiment Benevolent Charity Registered number: 8olonce sheet As at 31 Morch 2024 2024 2023 Note Fixed assets Investments 11 1.845,147 1,718.325 Current assets Debtors 12 5.081 4,584 Cash ut bank and in hand 97.566 94,500 102.647 99.084 Creditors.. amounts folling due within one yeor 13 (2.971) (2,734) Net current assets 99.676 96.350 Total net assets 1.944.823 1.814.675 Chority funds Unrestricted funds 14 1.944.823 1.814.675 Total funds 1.944.823 1.814,675 The f inanciol statements were opproved ond ovthorised for issue by the Trustees and signed on their beholf by". Docusiynèd by.. 8rig (Retd) P Kimber 08E Deputy Colonel Benevolence & Finance Dote.. 4 December 2024 The notes on pages 11 to 19 form part of these finonciol stotements. Page 10
Docusign Envelope 10.. 02539B53-52144729-B77A-942B82E964EB The Mercian Regiment Benevolent Chority Notes to the finoncial statements For the year ended 31 March 2024 General information The Mercian Regiment Benevolent Charity is a private charity registered with the Chority Commisslon in England & Wo1es. Its registered number ond registered office oddress ore given on poge 1. The chorlty's objects and principal activities are set out in the Trustees, Report. Accounting policies 2.1 8asis of preparation of financial statements The finoncial statements hove been prepared in occordonce with the Chorities SORP (FRS 102) Accounting ond Reporting by Chorities.. Stotement of Recommended Proctice opplicoble to chorities preparing their accounts in occordonce with the Finonciol Reporting Standard opplicoble in the UK and Republic of Irelond (FAS 102) (eff ective 1 January 2019), the Finoncial Reporting Stondord applicable in the UK and Republic of Irelond (FRS 102) ond the Charities Act 2011. The financial statements hove been prepared to give o 'true ond foir. view and hove departed from the Chorities (Accounts ond Reports) Regulotions 2008 only to the extent required to provide o 'true and foir, view. This departure hos involved following ihe Charities SORP (FRS 102) published in October 2019 rather than the Accounting ond Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Mercion Regiment Benevolent Charlty meets the definition of o public benefit entity under FRS 102. Assets ond liabilities are initiolly recognised at historicol cost or tronsoction value unless otherwise stoted in the relevont accounting policy. 2.2 Going concern After making appropriote enquiries. the Trustees hove a reasonoble expectation that the Charity hos adequate resources to continue in operotionol existence for the foreseeoble future. For this reuson. they continue to odopt the going concern bosls in preporing the finonciol stotements. 2.3 Income All income is recognised once the Chorily has entitlement to the income, it is proboble that the income will be received ond the omount of income receivoble con be measured reliobly. The recognition of Income from legacies is dependent on estoblishing entitlement. the probability of receipt and the obility to estimate wilh sufficient occuracy the amount receivoble. Evidence of entitlement to o legacy exists when the Chority hos suffic1ent evidence thot a gift hos been left to them (through knowledge of the existence of a volid will and the death of the benefactor) and the executor is sotisfied that the property in question will not be required to solisfy claims in the estote. Receipt of a legacy must be recognised when it is probable that it will be received and the foir volue of the amount receivoble. which will generally be the expected cosh omovnt to be distributed to the Chority. can be reliably meosured. Income tax recoverable in relotion to donations received under Gift Aid or deeds of covenont is recognised ot the time of the donotion. Income tox recoveroble in relotion to inveslment income is recognised ot the time the investment income Is receivoble. Page 11
Docusign Envelope ID.. 02539853_52144729_B77A-942882E964E8 The Mercian Regiment Benevolent Chority Notes to the finoncial statements For the year ended 31 Morch 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is o legol or constructive obligation to tronsfer economic benefit to o third party, It is proboble that o tronsfer of economic benefits will be required in settlement ond the omount of the obligotion can be measured reliobly. Expenditure is clossified by activity. The costs of each octivity are mode up of the total of direct costs ond shared costs, including support costs involved in undertoking each activity. Direct costs ottributable to o single octivity are ollocoted directly to thot octivity. Shored costs which contribute to more thon one octivity and svpport costs which ore not oltributoble to o single octivity are apportioned between those activities on a basis consistent with the Ljse of resources. Central staff costs ore allocated on the bosis of time spent, ond depreciotion chorges allocated on the portion of the asset's use. Expenditure on roising funds includes all expenditure incurred by the Charity to raise f unds for Its chorilable purposes and includes costs of oll fundraisin9 activities events ond non-charitable trading. Expenditure on choritoble octivities is incurred on directly undertaking the octivities which further the Chority's objectives. os well os ony ossocioted support costs. Svpport costs ore those costs incurred directly in support of expenditure on the objects of the charity and include project monogement corried out at Headquorters. Gronts payoble ore chorged in the yeor when the offer Is mode except in those cases where the offer is conditionol. such gronts being recognised as expenditure when the conditions ottoching ore fulfilled. Grants offered subject to conditions which hove not been met at the year end are noted as a commitment. but not tsccrued os expenditure. Grants returned to the Charity in such cases os they ore no longer required or have not been fully spent cannot be reliably foreseen or measured and ore often returned in a different reporting period to that of the gront oward ond recognition. For these reosons, grants returned ore recognised when notificotion is f irst received of the refund and presented in income f rom choritoble octivities. 2.5 Interest receivable Interest on funds held on deposit is included when receivoble and ihe amount can be measured reliably by the Chority," this is normolly upon notificotion of the Interest paid or poyoble by the institution with whom the f unds ore deposited. 2.6 Investments Fixed asset investments are a form of financial instrument ond ore initially recognised at their transoction cost ond subsequently measured ot fair volve ot the Balance sheet date, unless the volue connot be measured reliably in which case it is meosured at cost less impairment. Investment goins and losses. whether realised or unreolised, ore combined and presented as 'Goins/{Losses) on investments. in the Statement of f inuncial octivities. 2.7 Debtors Trade ond other debtors are recognised at the settlement amount after ony trade discount offered. Poge 12
Oocusign Envelope ID.. 02539B53-52144729-B77A-942882E964EB The Mercian Regiment 8enevolent Charity Notes to the financial statements For the year ended 31 March 2024 Accounting policies (continued) 2.8 Cash ot bank and in hand Cosh ai bank and in hond includes cash and short-term highly liquid investments with a short maturity of three months or less f rom the dote of acquisition or opening of the deposit or similar account. 2.9 Liabilitiès and provisions Liabilities are recognised when there is an obligotion at the Balance sheet dote as a resuli of a post event, it is probable thot o tronsfer of economic benefit will be required in settlement. and the omount of the settlement can be estimated reliably. Liobilities ore recognised ot the omount that the Charity onticipates it will poy to settle the debt or the amount it hos received os odvonced paymenis for the goods or services it must provide. 2.10 Financial instruments The Charity only has finoncial ossets and finoncial liobilities of a kind thot quolify as bosic financiol instruments. Basic f inonciol instruments are Initially recognised at tronsoction value ond subsequently measured at their settlement volue with the exception of bank loons which ore subsequently meosvred at amortised cost using the effective interest method. 2.11 Fund accounting General funds ore unrestricted funds which are availoble for use at the discretion of the Trustees in furtheronce of the general objectives of the Chority and which hove not been designated for other purposes. All income and expenditure in the yeor to 31 March 2024 wos attributable to unrestricted funds and therefore full comparative notes hove not been presented in the following notes to the finonciol slolements. Income from donations and legocies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 13.857 13.857 13.658 Day's Pay Scheme 57,345 57.345 57,508 71,202 71.202 70.966 Page 13
Docusign Envelope 10.. 02539B53-52144729-B77A-942B82E964E8 The Mercion Regiment Benevolent Chority Notes to the financial statements For the year ended 51 March 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Donalions 1 Mercion 4.014 4.014 5,000 Donations - 4 Mercion 1.583 1.583 37 Grants returned 4.141 3.799 9.738 9.738 8,836 Investment income Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Dividend and f ixed interest receipts 53.112 53.112 42,643 Bank nterest 1.906 1,906 465 55.018 55.018 45.108 Costs of raising funds Unrestricted funds 2024 Total f¢Jnds 2024 Total funds 2023 Investment monagement fees 11,073 11.073 10.907 Poge 14
Docvsign Envelope 10.. 02539B53-52144729-877A-942882E964EB The Mercian Regiment Benevolent Chority Notes to the finonciol statements For the year ended 31 March 2024 Analysis of expenditure on chorltable activities Activities undertaken directly 2024 Gront fundlng of activities 2024 Support costs Total funds 2024 Total funds 2023 2024 Benevolence ond relief 12462 63,569 3,489 79.520 85,008 Total 2023 12.832 69,222 2,954 85.008 Analysis of direct costs Total funds 2024 Total funds 2023 Army Benevolent Fund Comradeship ond Remembrance 10.000 10.000 1.571 2.016 Other expenses 841 816 Nar)agement 50 12.462 12,832 Anolysis of svpport costs Total funds 2024 Totol funds 2023 Manogement costs 369 137 Accountancy costs 2.970 2.700 Postoge and printing Other administrative costs 24 45 126 72 3,489 2.954 Page 15
Qocusign Envelope ID.. 02539B53-52144729-B77A-942682E964EB The Mercian Regiment 8enevolent Charity Notes to the finonciol statements For the yeor ended 31 March 2024 Analysis of grants Gronts to Individuals 2024 Total funds 2024 Total funds 2023 Benevolence gronts 63,569 63.569 69.222 Independent examiner's remuneration 2024 2023 Fees payoble to the Charity's Independent exominer for the Independent examination of the Charity's annual accounts 2.970 2,700 10. Trustees, remunerotion and expenses During the yeor. no Trustees received ony remuneralion or other benefits (2023 - £NIL). During the yeor ended 31 Morch 2024. no Trustee expenses hove been incurred (2023 - £NIL). Page 16
Oocusign Envelope ID.. L12539B53_52144729.877A_942882E964EB The Mercian Regiment Benevolent Charity Notes to the financial statements For the year ended 51 March 2024 11. Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Additions 1.718.325 808.275 Disposols (ni.385) Revaluotions 76.613 Cosh trading movements (46,681) At 31 Morch 2024 1.845.147 Net book value At 31 March 2024 1.845.147 At 31 March 2023 1.718.325 Investments ot market value comprise: 2024 2023 Listed investments 1.783.866 1.628,973 Cash and cosh equivalents 61.281 89.352 1.845.147 1.718.525 Had the investments been included at historicol cost. they would hove been held at £1.557,015 at 31 March 2024. 12. Debtors 2024 2023 Other debtors 5.081 4.584 Poge 17
Docusign Envelope ID.. 02539B53-52144729-B77A-942882E964EB The Mercian Regiment Benevolent Chority Notes to the finoncial statements For the year ended 31 March 2024 13. Creditors: Amounts falling due within one year 2024 2023 Accruals ond deferred income 2.971 2.734 14. Statement of funds Statement of funds - current year Balonce ot 1 April 2023 Goins/ Bolance at 31 (Losses) March 2024 Income Expenditure Unrestricted funds General Funds 1.814.675 135,958 (90.593) 84.783 1.944.825 Statement of funds - prior year Bolance ot Bolonce ot Gains/ (Losses) 31 March 2023 1 April 2022 Income Expenditure Unrestricted funds Generol Funds 1.906.972 122,910 (95.915) (119.292) 1,814,675 Poge 18
Docusign Envelope ID.. 02539B53-5214472B77A-942BB2E954E8 The Mercian Fleglment Benevolent Charity Notes to the financial statements For the yeor ended 31 March 2024 15. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed osset investments 1.845.147 1.845.147 Current assets 102,647 102.647 Creditors due within one yeor (2.971) (2.971) Total 1,944,823 1.944,823 Analysis of net ossets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed osset investments 1.718,325 1.718,325 Current ossets 99.084 99.084 Creditors due within one year (2,734) (2.734) Total 1,814,675 1,814,675 16. Related party transactions The Mercian Regimental Chority (registered chority number 1177059) is o related porty by virtue of being governed by the same board of trustees. At the bolance sheet dote, on omount of £NIL (2023 £35) was owed to The Mercian Regimentol Charity. Page 19