The Household Cavalry Foundation Annual Report and Financial statements 31 March 2023 Ch*ty Reg￿traI￿)n Number 11818 Corrpany Re9tstrat￿n Nurnber. 08238X3 (Eng￿rnI 4rxl Waksl Contents Reports Reference and adminislralive details Truslees, report Independent audf(or's report 16 Flnanclal statomants Slal8menl of financral actThrities 21 Balance sheet Slalemenl of cash flows 23 Principal accounting policies 24 Notes lo the financial statements 29 The Household Cavalry Foundatlon Reference and administratlve detalls Tn￿te95 Cokjnel MSP Berry (Chaimianl (from 29 Juty 20221 Cobnel CA Lockhart LVO. MBE (until 29 Juty 20221 Lieutenant Colonel (Retired) JP Eyre (Deputy Chairman} Captain JR Dove EDJ Ggodchild, Esq. Lady JM Grosvenor Dlrector Lieutgnanl Colonel (Retired} GGE Stibbe, OBE Company S8crotary and Sgcretary to the Tru$toes Lieutenant Colongl IR8tired} RRD Grlffin Prin¢lpal offlGe Headquarteis Household Cavalry Horse Guards hf(ehall London SW1A 2AX Charlty registration numb 1151869 Company registration number 08236363 (England and Wales) Auditor Buzzacott LLP 130 Wo(xl Street London EC2V 6DL Accountant CP Harm5WOrth FCCA Wick Meadows Wickford Essex SS12 9RP Bankeys Royal Bank of Scotland plc Holt's Farnborough Branch Lawrie House Victork? Road Farnborough GU14 7NR Inv8strn•nt managers Cazenove Capital Management Limited 1 London Wall Place London EC2Y SAU The Household Cavalry Foundation 1 Reference and admlnlslratlve detslls Waverton Inv8Stm8nt Management Limited 16 Babmaes Street London SW1Y 6AH Sollcltors stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR The Househoid Cavalry Foundation 2 Trustees, report 31 March 2023 The trustees present their statutory report together Wbth the financial statemen18 of the Household Cavalry Foundation I'the charity. or HCF) for the year ended 31 March 2023. The financial ststements have b88n prepared in accordance wf(h the accounting policies set out on p4es 24 to 28 and comply with the ¢harity's Articles of Association and applicable law. The requirements of Accounts'ng and Reporting by Charities.. Statement of Recommended Pra¢tiGe applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the Un((ed Kingdom and Republi¢ of Ireland {FRS 102) have been followed in the preparation of this report and financial statements. GOVERNANCE. STRUCTURE AND MANAGEMENT Govemlng Documents The charity constilules a company, limited by guarantee as defined by Companies Act 2006. The charty is govomed by its Articles of Association dated 2 October 2012 (amended by special resolution dated 16 April 2013 and 3 November 2016) and by a Charty Commi$si Order dated 2 May 2013. The Household Cavalry Serving Officers, Trust was tran5ferr8d to the Household Cavalry Foundation on 21 December 2016 and this Iransf8r was confinned by Deed of Amendment on 22 December 2016. Objects The Household Cavalry Foundation exists to provide charTtable and pastoral support to all the members of the Household Cavalry family., whether they are Serving Soldiers. casualt￿$. Veterans or Ih8ir dependants. The charty supports the protection and development of the Household Cavalry's hi8tory and hwilage, and the weffare of retired horses. The objects for which the charty is e8tabli$hed are: • the promotion of the military efficiency of the Household Cavalry by any charitable means the trustees may decide. including without limitation by fostering and preserving the tradiliins of the Household Cavalry and of any component of pred￿e$SOr regiment or unil., • to promote and protect the health of those Ihal have been wounded or injured, whgthgr on actwe seNiGe or otherwise, whilst 8eNing in the Household Cavalry, or at the trustees, discretion,. • the relief of hardship or distw¥ among members and fomier members of the Househohd Cavalry, members of their families and other dependants, including without limitation by providing financial support to families or other dependants of those who have lost their lives on active serwce.. The Household Cavalry Foundation 3 TfUStees' report 31 March 2023 GOVERNANCE. STRUCTURE AND MANAGEMENT Icontinuedl Oblects Icontinuedl • to advance the education of the public and of members and former members of the Househo￿ Cavalry In the history, heritage, and traditions of the military accomplishments of the Household Cavalry including without limitation by 8LlPPOrting museum or museums, archives and eolleetions., • lo promote humane behaviour towards serving or retired Househokl Cavalry Hoises by providing appropriate care, protectr'on, treatment and security for horses in need of care and 8ttenlion', and such other exclusivety ch8rttsble purposes relating to the Household Cavalry as the trustees in their absolute discretion think fil. The charty's operational stakeholders inelude the folk)wing'. • Headquartèrs Household Cavalry., • Headquarters Household Division., • Unit Welfare Officers., • Household Cavalry Museum Trust Limited., + The Lrfe Guards, Regimental Ass¢xiation', • Tho Blues & Royals, Regimental Association. Truste The following trustees were in office al the dale the financial statements were approved. and served throughout the year, ex¢epl where shown. Tru8tses Colonel MSP Bery {Chaimianl suctseded Colonel CA Lockhart. LVO, MBE on 29 Juty 2022 Lieutenant Colonel (Reliredl JP Eyre {Deputy Chaimianl Captain JR Dove EDJ Goodchikl, Esq. Lady JM Grosvenor No trustee recewed any remuneration for services as a trustee. One trustee was relmbursed travel and subsistence expenses during the year. The Household Cavalry Foundation 4 Trustees, report 31 MarGh 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {continuedl Trnstee recruitment and appointment The Charity regular￿ reviews the skills necessary at board level and identifies where there are gaps. Proposed trustees Individual￿ meet all existing trustses in advance and are invbted to attend a trust￿s, meeting before their appointment. SO that they may be assessed by the trustees for suitability and, where appropTiate, relevant professional qualifications, dwersty and experience. New trustees also sign a de¢larab"on confirming that they are not ineligible to be charity IrLtstees. The trustees each serve for at least three years and are deliberately chosen lo represent all aspects of Household Cavalry life and provide relevant expgrtise. The Foundation's Article5 of Association d*ed 3 November 2016 state: 'trustses shall always aspire lo, but not be obliged to. achieve a majority of serving or retired officers of the Hotssehold Cavalry on the board of trustees"; and 'No trustee serve for a period longer than six consecutive years without retirfng for at least one complete year. Where a majority of the othor trustees agree it would assist with the work of the charty, this ruk may be disapplied in respect of a particular trustee" Trust90 Induction and training New trustees receive a compr8hensrve pack of infomiation ineluding a copy of the charity's goveming document. Board members attend training, where possible, to refresh knowledge of board governance matters and charity law. Trustees. responslbllhleg ststement The trustees {who are also directots of the Household Cavalry Foundation for the purposes of company lawl aro responsibla for preparing the Iruslees, report and financial statements in ac￿rdanCe with applicable law and United Kingdom Accounting Standards {Un4ted Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements for each financi81 year which give a true and fair view of the charitable company's affairs and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to: 8elect suitable accounting policies and then app￿ them consistently; • observe the methods and principles in Accounting and Reportlng by Charilie8'. Statement of Recommended Practice applicable lo charities pr￿arIng their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 1021., + m8keludgemenls and estimates that are reasonable and prudent; The Household Cavalry Foundation 5 Trustees, report 31 Mar¢h 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Trusto95' r9sponsibili￿QS statement {continuedl stole whether applicable United Kingdom Accounting Standards hav8 boen foll¢)w8d, Subject lo any material departure8 di8cIo8ed and explained in the financial stolemenl8', and prepare the financial slalemenls on the going Concern basis unless it is inappropriate to presume that the charitable mmpany will continue in operatlon. The trustees are responsible for keeping proper accounting rgcords that disclose wf(h reasonable accuracy al any time the financial posf(ion of the Charitab￿ company and enable them to ensure that the financial slalemgnls comply with the Companies Act 2006 and the provisions of the charity's Articlos of Association. They are also rgsponsible for safeguarding the assets of the charitable company and hence for tsking reasonab￿ steps for the prgvention and detection of fraud and other ITrggulariti￿. In so far 05 the trustees are aware.. • there 1$ no r818vant audit information of which the charitable ccfflpany's auditor Is unaware,. and • the trustees have taken all steps that they ought lo have lakon lo make theMse￿eS aware of any rebvant audit information and to establish that the charitable company'$ aLKlitor is aware of that infomialion. The trustees are reswn8ible for the maintenance and integrty of the corporate and financial infomation included on the eharilable company's website. Legislation in the Unit8d Kingdom governing the preparation and dissemination of finarKial ststements may drffer from legislations in other jurisdictions. Key managoment personnel The key management personnel of the charity in charge of dIr￿tIng and controlling, running and operating the charity on a day-104ay basis are considered lo be the Iruslees of the charity and the Director. All strategic and other key deeisK)ns arg made by them. None of the trustees are remunerated for their role as trustees nor in their role as a member of the key management team. The Director's salary 18 Set by the trustees and is reviewed annually wf(h consideration given to charity sector salaries aThJ pay indices. Details of key management personnel's pay are set out in nole 7. Oryanisational structure and management reporting The trustees are ultimately responsible for the charity and meet at least ￿lce a year, in spnng and autumn. Day-to-day functions are delegated to the Director. The appointment of the Director is undertaken by the trustees. The Iruslees are responsible for agreeing objectives for the Director and monilgring these on a regular baals. Tho DireGtor report6 to the tru8tee¥ on a regular basis, both formally and Infomally. The Household Cavalry Foundation Trustees, report 31 March 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Organisational structure and managemont reporting (continued) The Director provides the operational delivery of transparent and accurate administration, implementation of procedures and controls, along with regular reporting. This enables the trustees to tske reasonable and informed step5 to delect or prevent any irregularf(ies including misappropriation of funds or fraud. Rlsk managemenl The charity, like any organisalion, is expo$gd to Several risks. Some of these are Part￿UlaT to the charity and ils work., many are generic. It is the responsibility of the trustees lo anticipate these risks and to ensure that procedures are in place to mitigate them. The charty has IMp￿mented efficient systems, including operational and financial controls, to mitigate risk and enable the trustees, on a regular basis, to review any major risks with regard to ¢)perational areas, finan￿ and re59Tve levels. There were three generic risks throughout this financial year. Russia'3 invasKJn of Ukraine on 24 February 2022 exacert)ated economiG problems caused by the Coronaviru5 IC0vid- 19) pandemic. Both had an unprecedented social and economic effect across the world on scale not seen for at least 75 years. A third factor - the Truss govemmenl's budget last autumn caused more problem8_ So, 81 tho time of wriiing this Report, the Consumers. Prices, Index inflation rate including housing is 6.7%. Increased infL*ion Could mean a reduction in donation Inco￿ for the Foundati(Jn. The Foundation continues to face three perenn￿1 challenges and risk$= • Latent Staff resilience. There is inherent strenglh-in4epth despite the fact that there is only one full-tiw£ employee. the Director, wf(h a primary financial budgetary and fundrai8ing role. The Chairman of the trustees is the alternate director. Formal authorisation for invoice payn￿nI is electronic. The management a¢coynl$ are fomialty checked on a monthly basis by representative8 of the Iruslees. The transparency of these documents fa¢ilitate$ revEw and oversight of the Director's role by any of the trustees. Lack of Investment Income. In 2021. the charlty undertook a PefiodK Review of Fund Managers. This resutted in 40% of tho capital value of the charity's portfolio wrth Cazenove Capitsl Management's Charity Mutti-Assel Fund being IransfeTr&J in two 20% tranches lo Waverton Investrnenl Management's Charity Growth and Income Fund. These two 20Vkn transfers were in March 2021 and December 2021. The balance remains in Cazenove Capf(al Management's Charity Mulli-Asset Fund. The resutt of this Periodic Review of Fund Managers was considored a risk-reducing measure. Stakes held in both funds remain proportionate to original and subsequent inveslmenls. All Household Cavalry charitable investment portfdios are now divided between Cazenove Capital Management and Wavortrm Investment Management. As a result of this Periodic Review the trustees are content that they have a resilient management strategy in respect to the Gharty's investments, and that they mnitor the parfonnance of the current fijnd managers regularly espeeialty in th&se unprecedented times which are inhefently dynamic. The Househokl Cavalry Foundation 7 Trustees, report 31 March 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {conlinued} Rlsk managemenl lcontinuedl • Lack of Income from donors. Possible donor fatigue, which is exacerbated by an unprgdictable economy, is mitigated by the trustees. focus on building enduring relationships wi(h regular donors, who, so far, have proved lo be less affected by Ihg prevailing economic situation. Slate ceremoni81 duties, especially in the year that saw a Platinum Jubilee and a Stale Funeral, keep the Housohold Cavalry in tha 'public eyg and organised vi8rts to both our regiments (operational and ceremonial) ensure that our donors can meet our soldiers. This is a proven and effective 8tralegy because extant and potential donors m￿1 soldiers who deploy on both w8r-fighling operations and ceremonial duties thus demonstrating the versatility of Household Cavalry soldiers. The trustees aim always lo match demand for assistance from the chaTty with Ihelr abillty to raise follow-on funding to meet other priorty needs that arise. This prioritisation underpins the support for all members of the Household Cavalry °family' that the charity offers lo our operational casualties, our serving soldiers, our veterans and their dependents bul also, when applicable, lo our heritage and the welfare of our retired horses. Our risk managomenl framework encourag$s smaller 18rgeted fundraising events which do not involve significant up-front capital outlay or any exira work for our already busy soldiers. ACTIVITIES AND PUBLIC BENEFIT Th@ charty provides public benefrt by the provision of welfarg grants and donations that help Regimental personnel both past and present, as well as their dependanls. who are in need, hardship or distress. In addrtion, the charty enabbs Regimental personngl lo perfom their ro￿$ more effectively as members of the Am)ed Forces of The Crown. 11 does this by supporting educational, sporting and adventure training activities. This asslstance enables Regimental personnel to develop and maintsin tèamwork, skills, fitness. confidence, character and morale. This is especHlly important after operational tours as some of them confront the consequ8ncgs of their milrtary service,. for example. Post-Traumalic Stress Dlsorder IPTSDI. The Gharity promotes the efficiency of the Armed Forces of The Crown by enhanclng the Brftish Army's capability to undertake the roles dem8nded of it, including the defence of the United Kingdom and ils international interests. The funds to support the above activities are generated in part from investments, by encouraging donalh)ns lo the charty, and also from events. In fomiulaling the aims of tho charity and in planning its activf(Ses, the Iruslees have regard to the Charity Commission's general guidance on public benefit, ensuring that the work undertaken by the charity is in line with it8 charitable objects and aims. The HoLtseF¥)Id Cavalry Foundation 8 Trustees, report 31 March 2023 ACHIEVEMENTS FOR THE YEAR Dlrectlon During this economically volatile financial year, affected by both global health and political factors, trustees, dIreCt￿n remained the established successful focus on selecting donors and targeted events that minimise any extra work for already busy serving soldiers. Fundraising Stalwart loyaty has been shown in the 'mi8sion critical" financial support given by extant donors despite continuing challenges unprecedented for eight decades. The Foundation's donation, legacy and events. income this yaar was £435,354 {2022.. £274,152), the increase in income was drNen by a strong year for fundraising enhanced by a small number of 8ignatLfjre èvents. One key resu￿ is this gènerosty has continued to honour a pledge to our global￿ unique "Jewel in our Crown. Household Cavalry Museum where visitor number8 were reduced by the impact of the pandemic. Our Band played two'Through Music We Care. concerts for the Foundation that proved the qualty of the British Army's senior and largesl Slate Band wf(h ts unique mounlad ceremonial role: -22 Octobor 2022.. a repeat of 2017 in The Guards. Chapel with Rtck Wakeman, the famous keyboard player both as a member of 'Yes' and as a 8010 artist, who has since asked to join them for a third concert. The London-based Orion Youth Orchestra. who are useful for recrurting. again accompani￿1 our Band. -2 February 2023.. a gala evening at the Leonardo Royal Hotel near Sl Paul's in The City featuring their versalilty. This is now immortalised in their new Tecording to celebrate Her late Majesty The Queen's Platinum Jubilee year. This recording was made in St George, Chapel, Wndsor outside which The BarKI paraded before The late Queen's Christmas broadcast in 2020. James Blount's support was, as ever, superb wilh prize access al his concerts and generous donations from biopics and the Royal Albert Hall musical icons, gallery. Other fvndraising events included.. -Sl George's Day Roast Beef lunch at Hurfingham. Shared with The Queen's Royal Hussars, this lunch was our most successful event to date. -A Guards, Polo Club All Rank. mld8ummer clay pigeon sh¢))t featured Servlng and Veteran -The Foundation wa$ Land Rover Burghley Horse Trials, charty ¢ommemoraling Gold Stlck Blue8 & Royals. victory there with Doublet In 1971, and featured a Household Cavalry Jackbcd as a cross rustee ED J Goodchild, Esq. Approved on: /[/ The Household Cavalry Foundation 15 Independent auditor's report 31 March 2023 Independent audltor's report to tho members of the Household Cavalry Foundatlon Opinion We hava audrte(I the financial slalernenls of the Household Cavalry Foundation Ilhe 'charitable company'l for the year ended 31 March 2023 which comprise the Statement of financial activf(i8s, the balance sheet, and slalem9nt of cash flows, the principal accounting policies and the notes to the financral stslemenls. The financial reporting framework that has been applied in their preparation 1$ applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, IUnf(ed Kingdom Generalty Accepted Accounting pract￿91. In our opinion, the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its income and expenditure for the year Ihen ended., • have been properfy prepared in accordance with Uni18d Kingdom Generally A￿pted Accounting Practice.. and + have been prepaTed in accordance wf(h the requirements of the Compani8$ Act 20C6. Basls for opinlon W8 conducted our audit in accordance wf(h International Standards on Auditing {UKI IISAS {UKI and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the finanGial slalemenls section of our report. Vve are indyndent of the charitable company in accordance wrth the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical standard. and wa have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we havg obtsined is sufficient and appropri*e lo provide a basis for our opinion. Conclusions relating to golng concern In audrting the financial slalemenls, we have concluded that the trusleos. vse of the going concern basis of accounting in the preparation of the financial statements 18 appropriate. Based on the work we have performed, we have not identrfred any materkgl uncertainties ralating to evenl8 or conditions that, individually or collectively, may cast 8ignrficant doubt on the charitable company's ability lo continue as a going conceffl for a period of at least elve months from when the financial statements are authorised for issue. Our responsibili(1è3 and the re$ponsibiif(ies of the trustees %wth respect to going concem are described in the relevant sections of this rewrt. other infomiation The other information comprises the infomiation included in the annual report and financial statements, other than the financial statements and our auditor's report thereon. The Household Cavalry Foundation 16 Independent audltor's report 31 March 2023 Oth•r Informatlon (continued) Tho trustees are responsib18 for the other infomation contained within the annual report and financial ststements. Our opinion on the financial statements does not cover the other information and, ex¢ept to the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion thereon. Our resFonsibility L8 to read the other information and. in doing so. consider whether the other infomation is materially inconsislenl with the financial slalements or our knowledge obtsined in the COUTse of the audit or othemise appears to be materially misstated. If we identify such material inGon8iSten¢ies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatemént in the financial slalemenls thems@￿e5. If, based on the work we have perfoTmed, we conGlude that there is a material mi8Statement of this other inform*ion, we are wuired to report that fact. Wè have nothing to report in this regard. Opinions on other mattgrs prescrfbgd by the Companles Act 2006 In our opinion, based on the WOTk undertaken in the course of the audit: the infomiation given in the trustees, report, which is abo the directors, report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial $latemenls', and the trustees. report, which is also the directors. r8PQrt for the purposes of company law, has been prepared in accordance wf(h applicable legal requirements. Matters on which are roqulred to roport by excgption In the light of the knowledge and understanding of the charitable company and ts environment obtained in the wurse of the audr(, we have not identified material misslataments in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require5 US to report lo you rf, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been re¢eived from branches not visf(ed by us" or the financial statements are not in agreement wilh the accounting reeords and retur￿., or certain disclosures of ITUStees' remuneration specffied by law are not made., or we have not received all the infomiation and explanations we require for our audit.. or the trustees were not enti(leto1 Inwffl• 393.382 76.919 470,301 41.972 61331 110,303 435,364 145.250 080,604 203.163 82,455 285,618 70,989 76,545 147,584 274.152 159,000 433.152 Expend￿18 on: Rakwry fur¥J5 Charitable a&ivitses . Assk81ing k*r$w￿l 8rKI dependants Total exp8ndltuf8 130,768 279 140.047 74,541 84,423 258,108 388,876 115,515 124,854 373,683 613.720 281.995 356.536 72.696 82.518 354.891 439.114 N•t Income l•xwndltur•l beftye Invostment galns11058851 81,426 114,5611 874 170.9181 64.956 15.%21 Net Ilotssesl on In¥8strrents Ngt l•xpgndlturel Incon* IOT I 1132,086) 1121A171 2S3.48J 100,209 90,808 190,815 IW8411 11349681 1186,6091 29.291 155.562 184.853 Trar￿fer8 bet¥¥een furKIs Net movement In fund8 13 12.0001 2.000 162,6411 1133,9681 1186,6091 (2.0001 27.291 2,LKIO 157,562 184.853 Fund balanco¥ at 1 Aprti 1112,$62 1321223 &434,785 2.085,271 2,164,e61 4,249,932 Fynd b•knn¢es 4¢ 31 ￿r¢h IOSg.921 2,188.265 4248.176 2.112.562 2.322.223 4.434.785 The charity has no r￿gnised gains or losses other than those 8h¢)wn above. All the above resurts were derived from continuing operations. The Household Cavalry Found*ion 21 Balance sheet 31 March 2023 2023 2023 2022 2022 Flx•d assets Invethents 10 6,730,1410 7.060,899 Curr•nt ass•ts Dobtors Cash at bank and in hand 11 103.474 458.646 562.120 54,8 487,223 522,106 Ll#bilitie8 Creditor8.' amourts falling due thin one year 12 13.044.084) 13,148,220) N•t curr•nt Ilabllltl•8 12N72.6641 2,628,114) Totsl 8s8•ts 1•88 eurr•nt Ilabllltles 4.248,176 4,434.785 Total n•t asg•ts 4,248.176 4,434.785 Rgprg5gntgd by: Th• funds of th• ¢harlty- Rgstrictsd funds Unrestricted fvnds - General fund$ - Designated funds 13 2.188,256 2,322.223 1.879.921 180,000 4.248,176 1,962.562 150,000 4,434,785 14 The financial statements have been prepared in 8c£ordance wf(h the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard 102. Approved by the trustees and si on their behaf by.. Trust8e EDI Goodchild, Esq. Approvgd on.. The Household Cavalry Foundation.. Charity Registration Number 1151869, Company RegiStrat￿n Number 08236363 IEngland and Walesl The Househokl Cavalry Foundation 22 Statement of cash flovA Year to 31 March 2023 2023 2022 Notss Ca8h flows from operatlng a¢tJvltl¢s'. Net cash (used inl operats.ng aclimlies 16851 175,6(KJl Co•h flow8 from inv¥sting a￿l¥ll1e¥. Invethent incorne and interest received Prct8ad$ from the dispo$81 of investrnents Purchase ol investrnents Ngt cash Iu60d Inl provSdod by In￿stIng a¢￿vItI0$ 145.2SO 159,￿0 29,876 2.105.413 1302,5571 11,971,074) 1127,4311 293,339 Chang? in ca•h and ca•h equSvalents In the year 1128.1161 217,739 Cash #nd ca•h equivalgnts Jt 1 April 641,638 423,799 Cash and ca8h •qulval•nts at 31 March 513,422 641,538 Notes to tho ststsmgnt of Cash flows for thg ygar to 31 March A Reconciliation of net movement in funds to net ￿$h provided by {uged in) Op￿ating actlvltle5 2023 2022 Ngt rnovomgnt In lund• la8 Pgrthg ststwngnt of flnan¢lal actlvltlg81 1188,6091 Adlu8knènts for: Los8es Igainsl on invesknents Investment income an(J interest re￿Ivable Ilncreasel decrease in debtors ID&crnas•l ineraasè in eraditors N•t cash Iu89d In) oper4tln9 actlvlths 184,853 483.901 13cE.8651 {145,2501 1159,(KM)I 148,5911 5.605 1104,136} 199,807 1685} 175.6fM)I B Analysls ot changes In net debt 2022 Cash flow8 2023 Cash 3t b￿k and in hand Cash hold by inve8tr)gnt man8gars Total ￿#h and ea8h équlvahnts 487,223 174,315 641,538 18,5771 1119.5391 1128.1161 458.646 $4,776 613.422 The Household Cavalry Foundation 23 Prlnclpal accounting policies 31 March 2023 The principal accountinu poI￿leS adopted, judgements and key sources of estimation un¢8rtainly in thè preparation of the financial statéments ar8 laid out below. Basls of preparatlon These financial statement8 have been prepared for the year to 31 March 2023 with comparative information provhded in respect lo the year lo 31 March 2022. The financial Statements have been prepared under the historical cost ctsnvention wf(h f(ems I￿￿gnised at cost or transaction value unless Othe￿ISe staled In the relevant accounllng policies below or the notes lo these financkgl slatemenls. The financial statements have been prepared in accord8ne£ wkh AccoLFnling and Reporting by Charities.. Statement of Recommend￿ Pracliee applicable to charfties preparing their financial statements in accordance wf(h the Financial Reporting Standard applicable in the Unfted Kingdom and Republ￿ of Ireland ICharf(ies SORP FRS 1021. the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 102) and the Companies Act 20LIS. The charity conslitules a public benefrt entity as defingd by FRS 102. The financial statements are presented in sterling and are roundod to the nearest pound. Crltlcal accountlng estlmates and areas of ludggmgnt Preparation of the financial statements requires the Irustses to makè significant judgements and estimates. The principal areas in the financial statements where these judgemen18 and estimates have been made relate to.. th8 allocation of support costs be￿en expendkure heading$', determining the value of listed investments held on behalf of associated Househokl Cavalry organi8alions.. • assessing the probability of the receipt of legacy income., and e81imating future income and expendf(ure flows for the purrrt)se of assessing going concem. Assessment of going concorn The Iruslees have assessed whether the use of the going concem assumption is appropriate in preparing these financial $tal8ments. The trustees have made this assessment in respect lo a period of one year from the date of approval of these financial slalemenl$. The Household Cavalry Foundation 24 Prlnclpal accounting pollcles 31 March 2023 Assessment of going concern Icontinuedl The trustees of the charity have conduded that there are no material uncertainties related to events or ￿nditionS that may east signrficant doubt on the ability of the charity to continue as a going concern. Th8 trustees are of the opinion that the charty will have sufficient resources to meet f(s liabilrties as they fall due. The key areas of judgement that affect f(em5 in the financial statements are detsiled above. wr(h regard lo the next accounting poriod, the year ending 31 March 2024, the most significant areas that affect the carying value of the assets held by the charity are the level of investment return and the performance of the investment markets Ipl8ase see the investment policy and the risk management sections of the trustees, report for more information). Income recognltlon Incomè is recognised in the period in which the charity has entillemenl lo the income, the amount of income can be measured reliably and rt is probable that the income will be received. Income comprises transfers from other registered charities, donation8 and legacies, income frcffl fundraising events and inveslrnent income and inlere$l re￿1Vable. Donations and transfers from other registered Charities amounting to donations are recognised when the charity has ¢onfirmalton of k)oth the amount and settlement dale. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is $ubjeet to conditions that require a level of perfomance before the ¢harty is entitled to the funds. the income is deferred and not recognised until ef(her those Gondilions are fulty met, or the fuifilment of those condthons is wholly wsthin the control of the charity, and il 1$ probable that those conditions will be fulfilled in the reporting period. In accordance with the Charities SORP FRS 102 volunteer time is nol recognised. Legacigs are included in the statement of financial actniities when the charity is entitled lo the 18gacy. the executors have èatabli8hÈd that there are srficient surplus assals in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charty. Entitlement is taken a5 the earlier of the dale on which ai(her. the charty is aware that probate has b8&n granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charty has been nolffied of the ex8culorfs intention to make a distribution. Where legacies have been nolifiod to the charty, or the charty is aware of tho granting of probate, but the criteria for income recognition have not been met, then the kgacy is treated as a contingent asset and dI￿10s￿l if material. In the event that the gift 18 in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of rea80nable accuracy and the tille of the asset having being transferred to the chafity. Thg Household Cavalry Foundation 25 Prlnclpal accountlng pollcles 31 March 2023 Income recognltlon (continu￿) Income from fundraising events is measured at fair value and accountéd for on an accruals basis. Investment income comprising fJividend8 and similar income from listed inveslmgnts is recognised once the div*Jgnd has been declared ond notification has been received of the dividend due. Interest on fvnds held on deposit is included when receivable and the amount can bg measured reliably by the charity,. this i% nom)alty upon notrfication of thg interest paid or payable by the bank. Expendlture recognltlon Liabil(£ies are recognised as eyndi(ure as soon as there is a legal or constructThie obligation commilling the charty to make a payment to a third paty. it 1$ probable that transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accourtrbj for on an accTuals basis and comprises.. • Expendf(ure on raising funds, including all expenditure associated wlth raising funds for the charity by way of donations or fundraising events together with investment management fees. • Expenditure on charitable activities including all direct and Indlrect costs in relation to assisting servi￿ personnel and their dependants. Such expenditu￿ includes the provision of donations and grants lo service personnel andlor their dependants. These grants and donations are made where the tru$lees consider therg is real need following a review of the details of each particular case and comprise single year payments raI￿r than murti-year grants. Grants payable are included in the statement of financial activf(ie8 when approved and when the intended recipient ha5 either received the funds or been infomied of the decision to make the grant and has satisfied all perfomiance conditions. Grants approved bul not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fu￿11 perfomance condf(ions before the grant rs released are not accwed for but are disclo$ed as financial commitments in the nolos to the financial slaloments. All expendf(ure is staled inclusive of irrecoverable VAT. Alloc*ion of support and governance costs Support Costs represent indirect Charitable expgnditure. In order to Garry out the primary purp¢)¥es of the charty it is necessary lo provide support in the fomi of financial Pr￿edures, provision of office services and equipment, and gen8ral administration. Govemanc& costs comprise the ￿$ts involving the public accountability of the charty (including audr( costsl and costs in respect to ils Complian￿ wlh Tegulation and good practicè. Governance ¢osts arg inGluded as a speclfic ¢alegory within support Gosts. The Household Cavalry Foundation 26 Principal accountlng policles 31 March 2023 Allocatlon of support and govemance ￿$ts (continued) Both Support and govemance costs are aliocaled to the e081 of assisting servlce per80nnel and their dependants. Herltagfr assgts Certain assets owned by the charrty meet the definition of heritage asse18 in the Charities SORP FRS 102 and are not valued for the purposes of these financial statements. Further details are provided in note 9 to thgse financial statements. Investments Listed investments are a fomi of baslc financial instrument and are inibally recognised at their transaction value and sub$equenlly measured al their fair value as al the balance sheet date using the ck)sing quoted market price. The charty does not acquire pul options. derivatives or other Complex financial instruments. As noted above the main fomi of fir￿nCIal risk faced by the charty 18 that of volatility in equity martets and investment markets due to wideT economic conditions. the attrtude of investots lo investment risk, and thanges in sentiment concerning equities and wf(hin particular sectors or sub Sectors. Realised gains lor lossesl on investment assets are calculated as the difference between disposal proceeds and their opening ¢arrying value or their PUTchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are ealculated as the drfference between the fair value al the year end and their carrying value at that date. Included within investments are monies advanced to the charity by the Household Cavalry and its associated funds which are repayable on demand. Income and gains (or losses) accruing from these mnies are added lor deducledl from these funds and the balance8 due are refiecte(I within the creditors figures in note 12 to these financial statements. All other realised and unrealised investment gains lor Ios8esl are combined in the Statement of financial acaivities and are credi(ed (cf debited) in the year in which they arise. Debtors Debtors are recognised at their settlement amount. less any provision for non-recoverabilty. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are avalLgble on demand or have a maturty of19ss than three months from the date of acquisf(ion. Deposits for mofe than three months but less than ono year have been disclosed as short temi deposits. The Household Cavalry Foundation 27 Principal accounting policies 31 March 2023 Creditors and provlslons Credf(ors and provisions are retognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefrt will be required in setllemgnl, and the amount ol the settlement can be estimated ￿lIablY. Creditors and provisions are recognised at the amount the charty anticipate8 it will pay to settle Ihe debt. They have been discounted lo th8 present value of the future cash payment where such discounting is material. Fund accounting The restricted funds are monies raised for, and their us8 restricted lo. a specffic purpose, or donations subject to donor imposed condi(ions. Designated funds comprise monies set aside out of unrestricted gen8ral funds for specific futur8 purposes or projects. General funds represent monies which a￿ freely available for application towards &hieving any Charitab￿ purpose that falls within the ¢harily's charitabl8 objecls. The Household Cavalry Foundation 28 Notes to the flnanclal statements 31 March 2023 I InGomo from: Donatlons and legaGles Unr8Stslct8d R4strf¢t•d fund8 2023 Total Unresmcted Restrthd fvnd8 fund$ fundy 2023 2022 Total ds 2Q21 2023 2022 Donalons Legacies Income from evenls The Days Pay Schem8 TWI funds 141,090 41.972 183,062 116,502 3,100 42.819 40,742 203.163 70.989 187,491 3.100 42,819 40,742 274.152 208.88S 43A07 393,382 20B,886 43,407 43S,3S4 41,972 70.989 The income from events represents donations received at events that were organised by third parties and held on behalf gf the Household Cavalry Foundation. The Day's Pay Scheme is 8 voluntary payroll giving scheme where participating members of Ihe Household Cavalry Regiments contribute one day's pay per month to the charity. 2 Income Irom: Investment Income and Interest receivable Unrtstritt￿ Rostriet fvnds funds 2023 2023 Totsl unrestr￿ed funds funds 2023 2022 Restricted funds 2022 Total fLmds 2022 Invastrnenl Intewi reCova￿e Total fund8 74SB8 2,333 76,919 68,241 90 68,331 142,827 2,423 146,250 82.413 42 82.455 76.S43 158.958 76.545 159,000 3 Expgndlture on: Ralslng funds Llnrestrlctsd Rostrlcted fvnds 2023 Total Unrestrlct8d Reslrfcted funds 2022 Total fuT¥Js 2022 2023 2023 2022 staff Ctssts E¥ents and kndralBlrrfJ costs Èbsite ¢osts 1rwes1￿nt managemant f UK entert8inmenl Total fur 24201 71,998 1.532 9,989 23,048 130,788 24,201 71.998 1.531 19,268 23.048 140.IM7 23.371 28,704 781 10.601 13,084 74,541 23,371 781 20.483 13,OB4 84,423 9,279 9,882 9,279 9,882 The Household Cavalry Foundation 29 Notes to the flnancial statements 31 March 2023 4 Exp•ndliure on: A$sl$tlng seNice personnel and their dependants Unmtri¢tsd R￿trIcted funds fund¥ 2023 2023 Total Unrestrictad lund fthd$ 2023 2022 Restricted furKIs 2W22 Total funds 2022 Grants and donatbrn8 Staff costs and honoraria ProTDolion of military effirien Ac￿UntancY Publishiry c05ts-The Household Cavalry Joumal Website devek)wie Professional fees ar￿ adrnini8lration c05tS In$uiarte Govemarte cc6ts.' alwj￿0ff$ muner>i￿n Other costs Totsl fund8 121,228 71,0S8 12.920 10,004 104,483 224689 71.058 11920 10.ty)4 154,731 67.417 12,484 10.533 62,258 216,98> 67.417 12,484 10,533 19,060 I,￿2 408 19,060 1,532 108 1.711 11,112 18.639 781 1,918 1.689 18.639 781 1.916 1.689 10.438 11.112 10.438 8.628 5,177 281.995 8.628 5,17T 354,891 497 204108 8.497 373,683 116,570 72,696 5 Net movement In funds This 1$ slated after charging 2023 2022 Stsff costs. excluding honoraria (note 81 Audrto¢$ remuneratitsn . Current year . Non-audit servi 72.604 70,113 11.580 600 7,092 1,536 6 Staff costs Staff costs, excluding honoraria, are as follows.. Total fund8 2023 Total fiJnds 2022 Wa9e8 and ￿larieS Social security costs Employ&¢s pension eontribub.on 54,(k80 1,794 1,775 57,629 1,392 1,852 69.684 Contribution in respect to Re9imental Adjutant 12,920 72,604 12,484 70,113 The average number of employees during the year was.. 2023 2022 No. The Household Cavalry Foundatlon 30 Notes to the financial statements 31 March 2023 6 Staff costs leonlinu8d) No employee eamed more than £80,000 per annum during the year. including taxable beneffts but excluding pension contribut￿9 {2022 - none). 7 Trustees, expenses and remuneration and transactions with trustees The key management personnel of the charity in charge of directing and controlling. running and operating the charity on a day lo day basis comprise the trustees and the Director. The total cost to the charty of employing key managernenl was £56,02412022- £53,290). One trustse was reimbursed travel and Subsistence expenses during the year {2022- none). 8 Taxation Household Cavalry Foundation 18 a registered charrty and. therefore. is not liable to inc£Jme tax or corporation tsx on income or gains derived from ils charitable xt1vil￿s, as they fall within the various exemptions available lo registered charities. 9 H•ritag6 assets The charity has tille to a number of unique artefacts including silverware and paintings wh￿h form part of the herf18ge of the Household Cavalry and the nation generally and wh￿h tha charty intends to preserve for the enjtyment of future generation5. One of the principal obl￿tIveS of the charty is 'to advance the education of the public and of members and fom?er members of the Household C8V81ry in the history, heritage. traditions of thg military accOmpl￿hM8nfS of the Household Cavalry including wilhout limitat￿n by supporting 8 museunF or museums. 8￿h1Ve8 and coll8clions°. As such. the a¥$els meet the definition of herf(age assets in the Charili8s SORP FRS 102 and are not valued for the purposes of these financial statements. 11 is not possib￿ lo place any meaningful valuation on the collection for the purposes of these financial statements and details of $peCrf￿ items are not given for security reasons. 10 Inva6tment8 Total funds 2023 Total I £1 L￿ted InveBtments Matkat Valuè as at 1 Ap￿1 Add￿On$ at CLJSt DBpos81s al openirwJ mart(at valua Iprocaads £29,876,. gains £2,850> Net unrealised investment Ib5sesl gain Market value as at 31 March 6,888.584 6,714.058 302.557 1,971,074 127,026} 12.095.726) 1486,751) 297,178 6.675,364 6.886,584 Ca•h held for r•11N￿kn•nt 54,776 6,730,140 174,315 7,060,899 Hlstorical cost of list•d 1nv••tM￿ts as at 31 March 6,B52.622 6.582.055 The Household Cavalry Foundation 31 Notes to the flnanclal statements 31 March 2023 10 Investments Icontinuedl At 31 March 2023 listed investments comprised the following.. Total fund8 2023 Total funds 2022 'versifi8d Investment fvnds Unitiswj tund A￿ematI￿S Totsl 2,462,037 4,127,941 85,388 6,675,364 2,427,200 4,361,960 97,424 6,886,584 All listed inve$lmenl$ were dealt in on a recognised stock exchange. Al 31 MarGh 2023, listed investments included investments wth a mafkel value of £2,947,154 (2022 - £3,018.3231 representing amounts due lo the Household Cavalry regiments and assochated funds Inole 121. Included wf(hin these investments are lolal net unrealised Ios8es of £486,751 and Tealised gains of £2,850 which arose during the year ended 31 March 2023. Those and gains wh￿h ￿late lo the inve$tmen15 which repre$enl part of the amount due lo the Household Cavalry wiments and a$sc￿lated funds are not reflected through the slalement of financial 8Ctivrties. The following individual investment holdings as at 31 March were deemed material in the context of the market value of the portfolio as al that dale.. 2023 Markèt 2023 Value P8reAntaga Hokli Caz8nove Charity MultFAs88t Fund Waverton Charity Growth and Income Fund 4,127.941 2,462,037 61.8% 36.9% 2022 Market 2022 Value Per￿ntage Holdi Cazanove Charity MultFA6set Fund Waverton Charty Growth and Ine¢mg Fund 4.361,960 2,427,200 83.3W. 352% The Household Cavalry Foundation 32 Notes to the financlal statsments 31 March 2023 11 Debtors Total funds 2023 Total funds 2022 Other dèbtors Accru&Y investment inc0rn0 Other accrued incc*nè Prepaym*nts 20,990 57,103 24,751 630 103,474 4,850 49.422 611 54,883 12 Crèditorn: amounts falling du8 within ono y•ar Total fund$ 2023 Totsl funds 2022 Amounts dug to th& Housahokl Cavalry Rgginents and ass￿l8t¢￿ lunds (see b¢lowl . Li%ted inwskn•nts . Inv8strn8nt incom8 payablg Grants p8y8bl& Accruals Social 8gcurty and othertaxes l)eferred income 2.947.154 8.288 5.000 157,664 10,000 18,000 3.044.084 3,018,323 47.858 5,000 58,516 18.523 3,148.220 Included above are monies advanced to the charty by the Household Cavalry Regiments and associated funds. Income and gains lor losses} accruing from these monies are added {or dgducledl from these funds and the balanc8s due arg refi￿1￿d in the creditors figures above. At 31 March. the amounts owed were as follows.. 2023 2022 Ll•tedlnve8tsn•nts The BIu8s ond Royals As8ociation Oliver Montagu8 Fund Househoky Cavalry Regiment (Buiford Camp. Salisbury Plainl Househokl Cavalry Mounted Regiment (Knightsbridgel 1,388.738 1,286,909 138.497 133,010 2,947.154 1,413,377 1,309,741 153.047 142.158 3.018,323 2023 2022 Inv•s*n•ntlneonM p•y4bl• The Blues and Royals Assocwtion 011￿r Mont8gw Fund 3,252 3.014 6,268 24,840 23,018 47.8&8 The Household Cavalry Foundation 33 Notes to tho flnancial statements 31 March 2023 12 Creditorn: amounts falllng due wlthln one year Iconlinuedl Deferred income primarily relates lo monies receiv&J in advance of an event takir¢g pla following the year end.. 2023 2022 At 1 Aplll Amount reloased to incorne charitsblè actiwtss Amount dèfarrad in y&ar At 31 March 18,523 118,S231 18,OlJO 18.0 17,000 117,0001 18,523 18,523 13 Restrfcted funds The income fund8 of the charty includg restricted funds ¢¢)mpri$iThJ the following unexpended balances of donation$ and grants held on trusts to be applied for 8pecrfic purpose. Servlnq Offlcèrs Tru8t Fund 2023 Op•rnt50nal C4$ualtlg8 Chlldr•n'$ Fund Fund 2023 2023 Total 2023 Y?argndgd 31 Ma￿h 2023 At 1 April 2022 Income Expenditure Net investment bs8e8 Transfer from unrestricted fijnds At 31 MarGh 2023 1.766,683 87,494 172.7811 1101,4191 122,623 434,017 2,322,223 18,846 110.303 {25.6051 {124,8541 {16,5111 {121,4171 2,000 2,18B,255 {26,4681 13,4871 2,000 98.832 1.678,877 410,746 Serving Officèrs Trust Fund 2022 Operational Ca$u8ltie$ Fund 2022 Childrèn s Fund 2022 Total 2(Y22 Y&4r èndad 31 March 2022 At 1 April 2021 Income ExpeThJiture Net investment gains Transfer from unrestricted fvnds At 31 March 2022 1.634.676 105,035 149.2781 74,9 114,138 4,190 12821 2,577 2,000 122,623 415,647 38,309 133,0181 13,079 2,164.661 147,534 {82,5781 90.606 2,000 2,322.223 1,765,583 434,017 Operatlonal Casualties Fund The Oparational Casualtiès Fund is used to allgviate hardship of injured Household Cavalry service personnel and their fami1ie¥. The Household Cavalry Foundation 34 Notss to the financial statements 31 March 2023 13 Restrlcted funds (continued) Children's Fund The Children's Fund 1$ used to provKle money to children of deceased Household Calvary parsonnel who have died during conflict. Donations are made each year by each of th8 Regimental Associations and an amount equal to those donations is transferred from unrestlldèj to restricted funds by the charty. SeThing offKa￿ TnJst Fund The Serving Officers Trust Fund is used to promote the efficienGy of the Household Cavalry by fostering and preserving traditions and increasing the effici8ncy of f(s serving officers by making provision for participation in a wide range of sports, purchasing leamed periodicals. paying educational fees, assisting with purchase of rtem$ of uniform and paying for refurbishment, 8¢qU18ition and insurance of regimental propety. 14 Dosignated funds The trustees have set aside or designated certain monies for specffic purpws as follows. New d•$lgn. ation8 1 Aprll 2022 31 March 2023 utlllg•d Stsndard9 Parade Fund 150,000 30.000 180,000 New design- ?tions 1 April 2021 31 M8r¢h 2022 Utilised Standards Parade Fund 120,000 30.000 150.000 The Standards, Parade Fund comprises monies set aside to help towards the cost of the next Standards, Parade where the Monarch, as Colonel in Chief of the Household Cavalry, 11 present n8w Standards. The Parade is anticipalod to take place in 2024. The Household Cavalry FouNlation 35 Notes to the flnanclal statements 31 March 2023 15 Anaty¥l$ of net assets betwoon funds Unro8trlcted Re¥trfctqd ftsnds funds 2023 2023 Total Vnresmcled Reslrkted Fund¥ fur￿$ furKIs 2023 2022 Tot81 Funds 2￿2 Fund balan¢q8 at 31 March 2023 aro repres•ntgd tsy: Inveslments Net ¢urrent1P18￿11lyd8>ag88t¥ Tot81 rtt 88sets 4.906,642 1.823.498 8.730.140 5,111.175 1,949.724 7.CfO.899 12,846,7211 364,757 12.481.964) 12,998,e131 372.499 12.628.114) 2.059.9Z1 2.18B.255 4,248.176 2,112.562 2.322.223 4.434.785 Total 2023 Totsl 2022 Unr•alls•d galn8 Includ￿ above On investrnent assets 11TI,2671 304,531 Re¢on¢illatlc•n of movements in unreaS18èd I10sae•} galn?: Total unrealised gains al 1 April Movement in respect of disposals In the year Net110s8e61 gain3 ark8ing on revaluatioro in thg year Totsl unre&ll••d I1￿808) gain* at 31 Mareh 31)4,S31 4,963 {486,761) {177,20n 128,803 1121,2501 297,178 304,531 The total unrealised gains as at 31 March 2023 constitute movements on the revaluation of li$led investments. 16 Related partles Two trustees are serving Household Cavalryman12022- one trustee was a serving member) and so may have benefrtied indirectly from grants made during both 2023 and 2022. One trustee was reimbuT5ed minor travel and subsk%lenee expenses lotalling £33412022- no tNstees}. The Iruslees who are serving members of the Household Cavalry conlribtrted to the Day's Pay Scheme. which made payments lo the charty during the year. Four Iruslees12022 - one Irusteel contributed donations lo the HouseholJ Cavalry Serving Officers, Trust fLfjnd during the year amounting lo £200 {2022- £50). The Household Cav81ry Foundation 36