## 

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





## 

## 

|Trustees||Chairman —Colonel GRHarris <br>Major General RJXStanford|DSO OBE(Appointment<br> CBMBE (Relinquished|DSO OBE(Appointment<br> CBMBE (Relinquished|9Aug 21)<br>8Aug 21)|
|---|---|---|---|---|---|
|||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<br>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<br>Headquarters||||
|||Welsh Guards||||
|||Wellington<br>Barracks||||
|||Birdcage Walk||||
|||London||||
|||SW1E6HQ||||
|Investment|managers|Rathbone s||||
|||8 Finsbury<br>Circus||||
|||London||||
|||EC2M 7AZ||||
|Bankers||Lloyds Banking Group Plc||||
|||Cox's &King' s||||
|||PO Box1190||||
|||7Pall Mall||||
|||I.ondon||||
|||SW1YSNA||||
|||Teachers Building Society||||
|||Allenview<br>House||||
|||Hanham<br>Road||||
|||Wimbourne||||
|||Dorset||||
|||BH21 1AG||||
|Auditors||Wise and Co||||
|||Chartered<br>Accountants||||
|||Registered Auditors||||
|||Wey Court West||||
|||Union Road||||
|||Farnham||||
|||Surrey||||
|||GU9 7PT||||
|Registered|charity number|1152766(England &Wales)||||





## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

||||General Purposes<br>Fund|General Purposes<br>Fund|Band Fund|Band Fund|Welfare Fund|Welsh Guards Afghanistan<br>Appeal Fund|2022|
|---|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Income|Unrestricted|Income|Restricted Iacome|Restricted Income|Total Income|
|Income||||||||||
|Investment<br>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<br>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<br>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<br>Charity|Welsh<br>Guards<br>Association|||
||||||Total|Total|||||
|||||Total Income|Expendable|Permanent|Total 2022|Total 2022|2022|2021|
||||||Endowment|Endowment|||||
|income|||||||||||
|Investment<br>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<br>property||||18,794|||18,794||18,794|12,332|
|Support costs||||52,844|||52,844|1,530|54,374|62,642|
|Investtnent<br>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<br>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<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2022|Welsh<br>Guards<br>Association<br>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<br>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<br>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<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2022|Welsh<br>Guards<br>Association<br>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<br>GRANTS|AND DONATIONS|AND DONATIONS|Year ending<br>Year ending|Year ending<br>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<br>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<br>fund|||806|350|
||||146,975|85,557|





## 

||||||
|---|---|---|---|---|
|3<br>OTHER CHARIT|ABL|E ACTIVITIES|Year ending|Year ending|
||||Mar 2022|Mar 2021|
|Battlefield tour|||1,415||
|Regimental<br>Veterans officer salary and expenses|||45,114|34,142|
|Honoraria<br>and expenses|||38,124|46,348|
|Remembrance<br>Day|||16,312|7,808|
|Welsh Guards Charity Christmas||card|1,400|2,653|
|Presentation<br>—salvers|||6,648|1,247|
|Meeting/<br>entertainment|||14,795|2,392|
|Regimental<br>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<br>Amortisation|||2,333|358|
|Book launch|||21,690||
||||177,429|141,672|
|Summary<br>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<br>REGIMENTAL PROPERTY|4<br>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<br>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<br>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<br>on disposal||||||
|At 31March 2022|||9769||23775|
|Net book value at||||||
|31March 2022|||3257||3,257|
|31March 2021|||6,513||6,513|
|9.<br>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<br>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<br>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<br>Other Debtors|45,857|4,386<br>1,403|
||42,354|5,789|



## 



## 

## 

## 

|3<br>EXPE|NDABLE EN|DOWMENT<br>FUN|DS||||||
|---|---|---|---|---|---|---|---|---|
|||General<br>Purposes<br>Fund|Band<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2022|Welsh<br>Guards<br>Association<br>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<br>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<br>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<br>property||||7,908||946|3,368||110|12,332|
|Supportcosts||||28,045||1,729|9,768||21,168|60,710|
|Investment<br>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<br>Charity|Welsh<br>Guards<br>Assoctahon||
|||||Total|Total||||
||||Total income|Expendable|Permanent|Total 2021|Total 2021|2021|
|||||Endowment|Endowment||||
|Income|||||||||
|Investment<br>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<br>activities|||135,048|||135,048|6,624|141,672|
|Regimental<br>property|||12,332|||12,332||12,332|
|Support costs|||60,710|||60,710|1,932|62,642|
|Investment<br>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<br>gains/(|losses) on||||||||
|investments||||1,144,959|128999|1,273,958|93 108|I 367066|
|Net movement<br>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<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2021|Welsh<br>Guards<br>Association<br>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<br>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<br>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<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2021|Welsh<br>Guards<br>Association<br>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|





## 

## 








##