2022-03-31-accounts - Welsh Guards Charity

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		Page
Trustees and Administrative Information
Trustees' Report
Independent Auditors'	Report
Statement ofFinancial	Activities	12
Balance sheet		14
Notes to the Financial	Statements	16

Trustees		Chairman —Colonel GRHarris Major General RJXStanford	DSO OBE(Appointment CBMBE (Relinquished	DSO OBE(Appointment CBMBE (Relinquished
		Captain RSMason
		TA Cooper Esq (Relinquished	1 May 22)
		Captain BM H Branston
		SC Rhodes Esq
		Captain TCMacDonald-Milner
		JAJPrice Esq
		Mrs M Bowen
		Captain RAJForrest
		Captain P W H Craig-Cooper
		Captain 0G James
		Lieutenant Colonel CKAntelme DSO (Appointment		23 Sept 22)
Regimental	Adjutant	Colonel TC SBonas
and Secretary
Regimental	Welfare	Major M EBrowne BEM
and Finance	Officer
Address		Regimental Headquarters
		Welsh Guards
		Wellington Barracks
		Birdcage Walk
		London
		SW1E6HQ
Investment	managers	Rathbone s
		8 Finsbury Circus
		London
		EC2M 7AZ
Bankers		Lloyds Banking Group Plc
		Cox's &King' s
		PO Box1190
		7Pall Mall
		I.ondon
		SW1YSNA
		Teachers Building Society
		Allenview House
		Hanham Road
		Wimbourne
		Dorset
		BH21 1AG
Auditors		Wise and Co
		Chartered Accountants
		Registered Auditors
		Wey Court West
		Union Road
		Farnham
		Surrey
		GU9 7PT
Registered	charity number	1152766(England &Wales)

			General Purposes Fund	General Purposes Fund	Band Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	2022
			Unrestricted	Income	Unrestricted	Income	Restricted Iacome	Restricted Income	Total Income
Income
Investment income				112,579		12,201	20,157	67,145	212,082
One and two days' pay scheme				35,930			35,930		71,860
Donations				77,639			44,140	26,557	148,336
Fundraising				8,801		2,168			10,969
Other income				29,535		204	229		29968
Total income				264,484		14,573	100,456	93,702	473,215
Expenditure
Cost ofraising funds				13,197		411		5,000	18,608
Grants and donations				63,944		321	73,519	&,385	146,169
Other charitable	activities			94,494		9,341	10,929	52,913	167,677
Regimental property				14,244		1,192	3,307	51	18,794
Supportcosts				23,498		2,142	8,524	18,680	52,844
Total expenditure				209,377		13,407	96,279	85,029	404,092
Net expenditure				55,107		1,166	4,177	8,673	69,123
Transfer				167,072		(5,138)	(131,126)	(23,249)	7,559
Gain on revaluation assets		offixed		103,000					103,000
Net movement	in funds			325,179		(3,972)	(126,949)	(14,576)	179,682
Fund balances	brought
forward				673,937		28,563	167,579	58,713	928,762
Total funds carried		forward		999,116		24,591	40,630	44,137	1,108,474

FOR THE	YEA		R ENDED 31M	ARCH 2022 (cont.)
				2022	2022	2022	Welsh Guards Charity	Welsh Guards Association
					Total	Total
				Total Income	Expendable	Permanent	Total 2022	Total 2022	2022	2021
					Endowment	Endowment
income
Investment income				212,082			212,082	14,544	226,626	201,967
One and two days' pay		scheme		71,860			71,860		71,860	69,454
Donations				148,336			148,336	12	148,348	37,179
Fundraising				10,969			10,969	3,868	14,837	8,350
Other income				29,968			29,968	4	29,972	32,381
Total income				473,215			473,215	18,428	491,643	349,331
Expenditure
Cost ofraising	funds			18,608			18,608	9,495	28,103	18,229
Grants and donations				146,169			146,169	806	146,975	85,557
Other charitable	activities			167,677			167,677	9,752	177,429	141,672
Regimental property				18,794			18,794		18,794	12,332
Support costs				52,844			52,844	1,530	54,374	62,642
Investtnent manager fees					38,516	4,404	42,920	3,178	46,098	36,425
Total expenditure				404,092	38,516	4,404	447,012	24,760	471,773	356,857
Net expenditure				69,123	(38,516)	(4,404)	26,203	(6,332)	19,871	(7,526)
Realised gains/(losses)			on
investments					27,003	3,034	30,037	2,189	32,226	73,392
Unreaitsed gains/( losses) on
investments					375,996	42,245	418,241	30,486	448,727	1,367,066
Transfer				7,559	(49,252)		(41,693)	41,693
Gains on revaluation		oflixed
assets				103,000			103,000		103,000
Net movement	in funds			179,682	315,231	40,875	535,788	68,036	603,824	1,432,932
Fund balances	brought		forward	928,792	6,345,899	691,897	7,966,589	545,869	8,512,458	7,079,526
Total funds carried forward				1,108,474	6,661,130	732772	8,502,376	613,906	9,116,282	8,512,458

		General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2022	Welsh Guards Association Total 2022	2022	2021
Fixed assets
Tangible assets	g			3,257		3,257		3,257	6,513
Heritage asset	9	628,900				628,900		628,900	502,600
Investments	10	3,688,S04	452,231	746,950	2,514,696	7,402,954	539,128	7,942,082	7,469,242
Debentures	11	11,374		8,322		19,696		19,696	22,030
		4,329,078	452,231	758,529	2,514,696	8,054,807	539,128	8,593,935	8,000,385
Current assets
Stocks		17,926				17,926		17,926	11,665
Debtors		7,886				7,886	37,791	45,857	5,789
Cash at bank and in hand		376,104	8,320	17,242	52,229	453,895	47,144	501,039	519,167
Inter fund debtors									187,997
		398,413	8,320	17,242	52,229	476,204	85,115	561,319	724,618
Current liabilities
Inter fund creditors									(187,997)
Sundry Creditors		(20,532)	(1,145)	(2,369)	(8,092)	(32,139)	(10,337)	(42,476)	(24,548)
		(20,532)	(1,145)	(2,369)	(8,092)	(32,139)	(10,337)	(42,476)	(212,545)
Net current assets		381,385	7,175	14,873	44,137	447,569	74,778	522,347	512,073
Net assets		4,710,462	459,406	773,402	2,559,106	8,502,376	613,906	9,116,282	8,512,458

				feral Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2022	Welsh Guards Association Total 2022	2022	2021
Unrestricted	income funds			43~~14$	24,591			456,739	61,750	518,4$9	261,743
Restricted	income funds					40,630	44,137	84,767		84,767	226,292
Expendable	endowment	funds	13	3,711,346	434,815		2,514+69	6,661,130	552,156	7+13,286	6,868,558
Permanent	endowment	funds				732,772				732,772	691,897
Revaluation	reserve			566,968				566,968		566,968	463,96$
Net assets				4,710,462	459,406	773,402	?559.106	8,502,376	613,906	9,116.282	8,512.458

2 GRANTS	AND DONATIONS	AND DONATIONS	Year ending Year ending	Year ending Year ending
			Mar 2022	Mar 2021
General Purposes	Fund
Grants —1"Battalion Welsh		Guards	35,989	34,253
Other grants ofless than f200 each			72	245
Other grants			35,742	23 047
			63,944	57,545
Welfare Fund
Welfare grants			38,519	22,145
Grants —1 Battalion Welsh		Guards	3Q,QQQ
Army Benevolent	Fund		5,000	5,000
			73,519	27,145
Welsh Guards Afghanistan		Appeal
Grants			8,385	517
Association Fund
Other grants			806	350
Total Grants payable
General purposes	Fund		63,944	57,545
Band Fund			321
Welfare Fund			73,519	27,145
Welsh Guards Afghanistan		Appeal	8,385	517
Association fund			806	350
			146,975	85,557


3 OTHER CHARIT	ABL	E ACTIVITIES	Year ending	Year ending
			Mar 2022	Mar 2021
Battlefield tour			1,415
Regimental Veterans officer salary and expenses			45,114	34,142
Honoraria and expenses			38,124	46,348
Remembrance Day			16,312	7,808
Welsh Guards Charity Christmas		card	1,400	2,653
Presentation —salvers			6,648	1,247
Meeting/ entertainment			14,795	2,392
Regimental goods			8,332	14,003
Other expenses			4,968	8,295
Various events			8,706	7,949
Welsh Guards Charity Website			817	939
HQH Div. Subs			4,587	4,170
Esprit de Corps			2,188	11,368
Debenture Amortisation			2,333	358
Book launch			21,690
			177,429	141,672
Summary ofOther Charitable		Activities expenditure
General Purposes Fund			94,494	57,739
Band Fund			9,341	7,983
Welfare Fund			10,929	9,858
Welsh Guards Afghanistan	Appeal		52,913	59,468
Welsh Guards Association			9,752	6,624
			177,429	141,672

4 REGIMENTAL PROPERTY	4 REGIMENTAL PROPERTY
General Purposes Fund
Repairs and	maintenance	6,883	1,639
Insurance		2,945	4,308
Regimental	property	4,416	1,961
		14,244	7,908
Band Fund
Insurance		395	311
Repairs and	maintenance	797	635
		1,192	946
Welfare Fund
Depreciation		3,256	3,257
(Profit)/Loss	on disposal
Insurance		51
		3,307	3,368
ASSOC Fund
Insurance		51	110


7	EMPLOYEES &HONORARIUM	Year ending	Year ending
		Mar 2022	Mar 2021
Wages	and salaries and car allowance	39,788	39,298
Social	security and pension costs	1,438	781
Honorarium		49,750	63,750
		90,976	103,829

8 TANGIBLE FIX	EDASSETS
General purposes	Fund	Office
		Equipment	Total
Cost
At 1 April 2021		13,947	13,947
At 31March 2022		13,947	13,947
Depreciation
At 1 April 2021		13,947	13,947
Depreciation for the year
At 31March 2022		13,947	13,947
Net book value at
31March 2022
31March 2021

			Motor		Total
Welfare fund			Vehicles
Cost
At 1 April 2021			13,025		26,972
Additions
Disposal
At 31March 2022
			13,025		26,972
Depreciation
At 1 April 2021			6,512		20,459
Charge for the year			3,256		3,256
Deprecation on disposal
At 31March 2022			9769		23775
Net book value at
31March 2022			3257		3,257
31March 2021			6,513		6,513
9. Heritage assets
	Other	Victoria	Paintings	Total
General fund		Cross
	f.
Cost
At 1 April 2021		150,000	352,600	502,600
At 31March 2022	3,000	250,000	375,900	628,900

				2022
Market value 1 April 2021				7,469,242
Additions				666,437
Disposals				(631,166)
Net realised/unrealised	investment	gains		437,568
Market value 31March 2022				7,942,080
Investments are made up of:
			Year ending	Year ending
			Mar 2022	Mar 2021
Listed investments			7,871,734	7,387,553
Cash investments			70,346	81,689
Total			7,942,080	7,469,242

DKBTORS	Year ending	Year ending
	Mar 2022	Mar 2021
	K
P repayments Other Debtors	45,857	4,386 1,403
	42,354	5,789

3 EXPE	NDABLE EN	DOWMENT FUN	DS
		General Purposes Fund	Band Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2022	Welsh Guards Association Total 2022	2022	2021
Balance brought	forward	3,509,006	410,093	2,426,801	6,345,900	522,658	6,868,558	5,597,012
Movement in the	year	202,340	24,722	137,420	364,481	29,498	393,979	1,271,546
Transfers				(49,252)	(49,252)		(49,252)
At 31March 2022		3,711,346	434,815	2,514,969	6,661,130	552,156	7,213,286	6,868,558

								Welsh	Guards
			General Purposes Fund		Band Fund		Welfare Fund	Afghanistan	Appeal	2021
									Fund
			Unrestricted	Income	Unrestricted	Income	Restricted Income	Restricted	Income	Total Income
Income
Investment income				94,110		11,551	19,057		63,494	188,212
One aud two days' pay scheme				34,727			34,727			69,454
Donations				22,893			2,550		11,660	37,103
Fundraising				6,637		295				6,932
Other income				31,482		25				32,371
Total income				189,849		11,871	57,198		75,154	334,072
Expenditure
Cost ofraising funds				13,774		294	174		1,333	15,575
Grants and donations				57,545			27,145		517	85,207
Other charitable	activities			57,739		7,983	9,858		59,468	135,048
Regimental property				7,908		946	3,368		110	12,332
Supportcosts				28,045		1,729	9,768		21,168	60,710
Investment manager		fees
Total expenditure				165,011		10,952	50,313		82,596	308,872
Net expenditure				24,838		919	6,885		(7,442)	25,200
Transfer
Gain on investment		assets
Net movement	in funds			24,838		919	6,885		(7,442)	25,200
Fund balances	brought
forward				649,099		27,644	160,694		66,155	903,592
Total funds carried		forward		673,937		28,563	167,579		58,713	928,792

STATEMENT	O	FFINANCIAL	ACTIVITES (2N1 CO	MPARATIVES)	cont.
			2021	2021	2021	Welsh Guards Charity	Welsh Guards Assoctahon
				Total	Total
			Total income	Expendable	Permanent	Total 2021	Total 2021	2021
				Endowment	Endowment
Income
Investment income			188,212			188,212	13,755	201,967
One and two days' pay scheme			69,454			69,454		69,454
Donations			37,103			37,103	76	37,179
Legacies
Fundraising			6,932			6,932	1,418	8,350
Other income			32,371			32,371	10	32,381
Total income			334,072			334,072	15,259	349,331
Expenditure
Cost ofraising funds			15,575			15,575	2,654	18,229
Grants and donations			85,207			&5,207	350	85,557
Other charitable activities			135,048			135,048	6,624	141,672
Regimental property			12,332			12,332		12,332
Support costs			60,710			60,710	1,932	62,642
Investment manager	fees			30,507	3,437	33,944	2,481	36,425
Total expenditure			308,872	30,507	3,437	342,816	14,041	356,857
Net expenditure			25,200	(30,507)	(3,437)	(8,744)	1,218	(7,526)
Realised gains/(losses)		on
investments				61,468	6,925	68,393	4,999	73,392
'Unrealised gains/(	losses) on
investments				1,144,959	128999	1,273,958	93 108	I 367066
Net movement in funds			25,200	1,175,920	132,487	1,333,607	99,325	1,432,932
Fund balances brought		forward	903,592	5,169,979	559,410	6,632,982	446,544	7,079,526
Total funds carried	forward		928,792	6,345,899	691,897	7,966,589	545,869	8,512,458

		General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2021	Welsh Guards Association Total 2021	2021
Fixed assets
Tangible assets	8			6,513		6,513		6,513
Heritage asset	9	502,600				502,600		502,600
Investments	10	3,480,798	426,730	704,788	2,348,224	6,960,540	508,702	7,469,242
Debentures	11			22,030		22,030		22,030
		3,983,398	426,730	733,331	2,348,224	7,491,683	508,702	8,000,385
Current assets
Stocks		11,665				11,665		11,665
Debtors	12	1,403				1,403	4,386	5,789
Cash at bank and in hand		376,121	7,013	22,757	67,783	473,674	45,493	519,167
Inter fund debtors			5,884	105,472	76,642	187,997		187,997
		389,189	12,897	128,229	144,425	674,739	49,879	724,618
Current liabilities
Inter fund creditors		(178,974)				(178,974)	(9,023)	(187,997)
Sundry Creditors		(10,669)	(971)	(2,084)	(7,135)	(20,859)	(3,689)	(24,548)
		(189,643)	(971)	(2,084)	(7,135)	(199,833)	(12,712)	(212,545)
Net current assets		199,546	11,926	126,145	137,290	474,906	37,167	512,073
Net assets		4,182,943	438,656	859,476	2,485,514	7,966,589	545,869	8,512,458

				General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2021	Welsh Guards Association Total 2021	2021
Unrestricted	income funds			209,969	28,563			238,532	23,211	261,743
Restricted income funds						167,579	58,713	226,292		226,292
Expendable	endowment	funds	13	3,509,006	410,093		2,426,801	6,345,900	522,658	6,868,558
Permanent	endowment	funds				691,897		691,897		691,897
Revaluation	reserve			463,968				463,968		463,968
Net assets				4,182,943	438,656	859,476	2,485,514	7,966,589	545,869	8,512,458