|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|





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|||Un-|||Un-|||
|---|---|---|---|---|---|---|---|
|||restricted|Restricted|Total|restricted|Restricted|Total|
|||funds|funds|funds|funds|funds|funds|
|||2024|2024|2024|2023|2023|2023|
||Notes|`£`|<br>`£`|||||
|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)|<br>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)|<br>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|





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## 

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





## 

## 

|Staffcosts<br>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|`£`|<br>`%`|
|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<br>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 <br>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<br>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|<br>Total|
|---|---|---|---|---|---|---|---|
|||funds|funds|Funds|funds|funds|<br>Funds|
|||2024|2024|2024|2023|2023|<br>2023|
|||£|£|£|£|£|<br>£|
|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)|



##