2024-03-31-accounts

Reports
Referenceandadministrativedetails	1
Trustees'report	3
Independentauditor'sreport	16

Financialstatements
Statementoffinancialactivities	21
Balancesheet	22
Statementofcashflows	23
Principalaccountingpolicies	24
Notestothefinancialstatements	29

Trustees	BrigadierMSPBerry(Chairman)
	LieutenantColonel(Retired)JPEyre(DeputyChairman)
	LadyJMGrosvenor
	CaptainJRDove
	EDJGoodchild,Esq.(untilJanuary2024)
	RFDFryer,Esq.(fromJanuary2024)
Director	LieutenantColonel(Retired)GGEStibbe,OBE
CompanySecretaryand	LieutenantColonel(Retired)RRDGriffin
SecretarytotheTrustees
Principaloffice	HeadquartersHouseholdCavalry
	HorseGuards
	Whitehall
	London
	SW1A2AX
Charityregistrationnumber	1151869
Companyregistrationnumber	08236363(EnglandandWales)
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Accountant	CPHarmsworthFCCA
	WickMeadows
	VVickford
	Essex
	SS129RP
Bankers	RoyalBankofScotlandplc
	Holt'sFarnboroughBranch
	LawrieHouse
	VictoriaRoad
	Farnborough
	GU147NR

Investmentmanagers	CazenoveCapitalManagementLimited
	1LondonWallPlace
	London
	EC2Y5AU
	WavertonInvestmentManagementLimited
	16BabmaesStreet
	London
	SW1Y6AH
Solicitors	StoneKingLLP
	BoundaryHouse
	91CharterhouseStreet
	London
	EC1M6HR

		Un-			Un-
		restricted	Restricted	Total	restricted	Restricted	Total
		funds	funds	funds	funds	funds	funds
		2024	2024	2024	2023	2023	2023
	Notes	£	£
Incomeandexpenditure
Incomefrom:
Donationsandlegacies	1	239,299	92,522	331,821	393,382	41,972	435,354
Investmentsandinterestreceivable	2	89,375	76,154	165,529	76,919	68,331	145,250
Totalincome		328,674	168,676	497,350	470,301	110,303	580,604
Expenditureon:
Raisingfunds	3	108,295	9,573	117,868	130,768	9,279	140,047
Charitableactivities
.Assistingservicepersonneland
dependants	4	337,390	90,777	428,167	258,108	115,575	373,683
Totalexpenditure		445,685	100,350	546,035	388,876	124,854	513,730
Net(expenditure)incomebefore
investmentgains(losses)		(117,011)	68,326	(48,685)	81,425	(14,551)	66,874
Netgains(losses)oninvestments		170,604	157,838	328,442	(132,066)	(121,417)	(253,483)
Netincome(expenditure)forthe
year		53,593	226,164	279,757	(50,641)	(135,968)	(186,609)
Transfersbetweenfunds	13	(2,000)	2,000		(2,000)	2,000
Netmovementinfunds		51,593	228,164	279,757	(52,641)	(133,968)	(186,609)
Fundbalancesat1April		2,059,921	2,188,255	4,248,176	2,112,562	2,322,223	4,434,785
Fundbalancesat31March		2,111,514	2,416,419	4,527,933	2,059,921	2,188,255	4,248,176

		2024	2024	2023	2023
		£	£	£	£
Fixedassets
Investments	10		7,276,479		6,730,140
Currentassets
Debtors	11	71,354		103,474
Shorttermdeposits		100,000
Cashatbankandinhand		433,820		458,646
		605,174		562,120
Liabilities
Creditors:amountsfallingdue
withinoneyear	12	(3,353,720)		(3,044,084)
Netcurrentliabilities			(2,748,546)		(2,481,964)
Totalassetslesscurrent
liabilities			4,527,933		4,248,176
Totalnetassets			4,527,933		4,248,176
Representedby:
Thefundsofthecharity:
Restrictedfunds	13		2,416,419		2,188,255
Unrestrictedfunds
-Generalfunds			1,901,514		1,879,921
-Designatedfunds	14		210,000		180,000
			4,527,933		4,248,176

		2024	2023
	Notes	£	£
Cashflowsfromoperatingactivities:
Netcash(usedin)operatingactivities	A	(96,484)	(685)
Cashflowsfrominvestingactivities:
Investmentincomeandinterestreceived		165,529	145,250
Proceedsfromthedisposalofinvestments		51,618	29,876
Investedinshorttermdeposits		(100,000)
Purchaseofinvestments		(24,881)	(302,557)
Netcashprovidedby(usedin)investingactivities		92,266	(127,431)
Changeincashandcashequivalentsintheyear		(4,218)	(128,116)
Cashandcashequivalentsat1April	B	513,422	641,538
Cashandcashequivalentsat31March	B	509,204	513,422

		2024	2023
		£	£
Netmovementinfunds(asperthestatementoffinancialactivities)		279,757	(186,609)
Adjustmentsfor:
(Gains)lossesoninvestments		(552,468)	483,901
Investmentincomeandinterestreceivable		(165,529)	(145,250)
Decrease(increase)indebtors		32,120	(48,591)
Increase(decrease)increditors		309,636	(104,136)
Netcash(usedin)operatingactivities		(96,484)	(685)
Analysisofchangesinnetdebt
	2023	Cashflows	2024
	£	£	£
Cashatbankandinhand	458,646	(24,826)	433,820
Cashheldbyinvestmentmanagers	54,776	20,608	75,384
Totalcashandcashequivalents	513,422	(4,218)	509,204

Incomefrom:Dona	tionsandleg	acies
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	2£
Donations	142,309	42,522	184,831	141,090	41,972	183,062
Legacies		50,000	50,000	-	-	-
Incomefromevents	50,887	-	50,887	208,885	-	208,885
TheDay'sPayScheme	46,103		46,103	43,407	-	43,407
Totalfunds	239,299	92,522	331,821	393,382	41,972	435,354

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Investmentincome	82,403	75,811	158,214	74,586	68,241	142,827
Interestreceivable	6,972	343	7,315	2,333	90	2,423
Totalfunds	89,375	76,154	165,529	76,919	68,331	145,250

Expenditureon:Raisin	gfunds
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Staffcosts	26,055		26,055	24,201		24,201
Eventsandfundraisingcosts	54,217		54,217	71,998	-	71,998
Websitecosts	1,436		1,436	1,532	-	1,532
Investmentmanagementfees	10,301	9,573	19,874	9,989	9,279	19,268
UKentertainment	16,286		16,286	23,048	-	23,048
Totalfunds	108,295	9,573	117,868	130,768	9,279	140,047

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Grantsanddonations	196,672	79,368	276,040	121,226	104,463	225,689
Staffcostsandhonoraria	73,670	-	73,670	71,058	-	71,058
Promotionofmilitaryefficiency	13,696		13,696	12,920	-	12,920
Accountancy	8,275		8,275	10,004	-	10,004
Publishingcosts—The
HouseholdCavalryJournal	20,628		20,628	19,060	-	19,060
Websitedevelopment	1,436		1,436	1,532	-	1,532
Professionalfees	35		35	106	-	106
Officeandadministrationcosts	1,954	-	1,954	1,711	-	1,711
Insurance		11,409	11,409	-	11,112	11,112
Governancecosts:auditor's
remuneration	13,164		13,164	11,994	-	11,994
Othercosts	7,860		7,860	8,497	—	8,497
Totalfunds	337,390	90,777	428,167	258,108	115,575	373,683

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Soldiers	126,184	-	126,184	63,659	-	63,659
Operationalcasualties		46,328	46,328	-	65,064	65,064
Veterans	2,911	-	2,911	1,771		1,771
Childrensfund			-		26,203	26,203
Heritage	30,457		30,457	39,614	-	39,614
Silversticksfund	16,672	-	16,672	14,532	-	14,532
Servingofficerstrust	-	33,040	33,040		13,196	13,196
Standardsparade	18,548	-	18,548		-	-
Other	1,900		1,900	1,650	-	1,650
Totalfunds	196,672	79,368	276,040	121,226	104,463	225,689

Netmovementinfunds Thisisstatedaftercharging
	2024	2023
	£	£
Staffcosts,excludinghonoraria(note6)	78,165	72,604
Auditor'sremuneration
.Currentyear	12,624	11,580
.Non-auditservices	540	600

Staffcosts Staffcosts,excludinghonoraria,areasfollows:
	Total	Total
	funds	funds
	2024	2023
	£	£
Wagesandsalaries	60,709	56,440
Socialsecuritycosts	1,687	1,392
Employer'spensioncontribution	2,073	1,852
	64,469	59,684
ContributioninrespecttoRegimentalAdjutant	13,696	12,920
	78,165	72,604
Theaveragenumberofemployeesduringtheyearwas:
	2024	2023
	No.	No.
	2	2

Investments
	Total	Total
	funds	funds
	2024	2023
	£	£
Listedinvestments
Marketvalueasat1April	6,675,364	6,886,584
Additionsatcost	24,881	302,557
Disposalsatopeningmarketvalue(proceeds£51,618;losses£657)	(52,275)	(27,026)
Netunrealisedinvestmentgains(losses)	553,125	(486,751)
Marketvalueasat31March	7,201,095	6,675,364
Cashheldforreinvestment	75,384	54,776
	7,276,479	6,730,140
Historicalcostoflistedinvestmentsasat31March	6,861,490	6,852,622
At31March2024listedinvestmentscomprisedthefollowing:
	Total	Total
	funds	funds
	2024	2023
	£	£
DiversifiedInvestmentfunds	2,756,088	2,462,037
Unitisedfunds	4,401,010	4,127,941
Alternatives	43,998	85,386
Total	7,201,096	6,675,364

	2024
	Market	2024
	Value	Percentage
Holding	£	%
CazenoveCharityMulti-AssetFund	4,401,010	61.1%
WavertonCharityGrowthandIncomeFund	2,756,088	38.3%

Investments(continued)
	2023
	Market	2023
	Value	Percentage
Holding
CazenoveCharityMulti-AssetFund	4,127,941	61.8%
WavertonCharityGrowthandIncomeFund	2,462,037	36.9%

Debtors
	Total	Total
	funds	funds
	2024	2023
	£	£
Otherdebtors	16,063	20,990
Accruedinvestmentincome	48,468	57,103
Otheraccruedincome	6,193	24,751
Prepayments	630	630
	71,354	103,474

Creditors:amountsfallingduewithinoneyear
	Total	Total
	funds	funds
	2024	2023
	£	£
AmountsduetotheHouseholdCavalryRegimentsandassociatedfunds
(seebelow)
.Listedinvestments	3,185,677	2,947,154
.Investmentincomepayable	106,715	6,266
Grantspayable		5,000
Accruals	43,240	57,664
Socialsecurityandothertaxes		10,000
Deferredincome	18,088	18,000
	3,353,720	3,044,084

(ordeducted)fromthesefundsandthebalancesdueareref above.At31March,theamountsowedwereasfollows:	lectedinthecred	itorsfigure
	2024	2023
Listedinvestments	£	£
TheBluesandRoyalsAssociation	1,500,996	1,388,738
OliverMontagueFund	1,390,935	1,286,909
HouseholdCavalryRegiment(BulfordCamp,SalisburyPlain)	149,891	138,497
HouseholdCavalryMountedRegiment(Knightsbridge)	143,855	133,010
	3,185,677	2,947,154

	2024	2023
Investmentincomepayable	£	£
TheBluesandRoyalsAssociation	55,388	3,252
OliverMontagueFund	51,327	3,014
	106,715	6,266

Deferredincomeprimarilyrelatesto moniesreceivedin followingtheyearend:	advanceofanevent	takingplac
	2024	2024
	£	£
At1April	18,000	18,523
Amountreleasedtoincomefromcharitableactivities	(18,000)	(18,523)
Amountdeferredinyear	18,088	18,000
At31March	18,088	18,000

unexpendedbalancesofdonatio purpose.	nsandgrantshe	ldontrustst	obeapplie	dforspecif
			Serving
	Operational		Officers
	Casualties	Children's	Trust
	Fund	Fund	Fund	Total
	2024	2024	2024	2024
Yearended31March2024	£	£	£	£
At1April2023	1,678,877	98,632	410,746	2,188,255
Income	143,663	4,176	20,837	168,676
Expenditure	(54,288)	(274)	(45,788)	(100,350)
Netinvestmentgains	131,491	4,521	21,826	157,838
Transferfromunrestrictedfunds	-	2,000		2,000
At31March2024	1,899,743	109,055	407,621	2,416,419

			Serving
	Operational		Officers
	Casualties	Children's	Trust
	Fund	Fund	Fund	Total
	2023	2023	2023	2023
Yearended31March2023	£	£	£	£
At1April2022	1,765,583	122,623	434,017	2,322,223
Income	87,494	3,964	18,845	110,303
Expenditure	(72,781)	(26,468)	(25,605)	(124,854)
Netinvestmentlosses	(101,419)	(3,487)	(16,511)	(121,417)
Transferfromunrestrictedfunds	-	2,000		2,000
At31March2023	1,678,877	98,632	410,746	2,188,255

		New
	1April	design-		31March
	2023	ations	Utilised	2024
	£	£	£	£
StandardsParadeFund	180,000	30,000	-	210,000
		New
	1April	design-		31March
	2022	ations	Utilised	2023
	£	£	£	£
StandardsParadeFund	150,000	30,000	-	180,000

	Unrestricted	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds	Funds	funds	funds	Funds
		2024	2024	2024	2023	2023	2023
		£	£	£	£	£	£
Fundbalancesat31March
2024arerepresentedby:
Investments	5,304,236		1,972,243	7,276,479	4,906,642	1,823,498	6,730,140
Netcurrent(liabilities)assets	(3,192,722)		444,176	(2,748,546)	(2,846,721)	364,757	(2,481,964)
Totalnetassets	2,111,514		2,416,419	4,527,933	2,059,921	2,188,255	4,248,176
						Total	Total
						2024	2023
						£	£
Unrealisedgainsincludedabove
Oninvestmentassets					339,606		(177,257)
Reconciliationofmovementsinunrealised(losses)gains:
Totalunrealisedgainsat1April					(177,257)		304,531
Movementinrespectofdisposalsin		theyear			(36,262)		4,963
Netgains(losses)arisingonrevaluationsin			theyear		553,125		(486,751)
Totalunrealisedgains(losses)at		31March			339,606		(177,257)