2023-03-31-accounts - Welsh Guards Charity

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WELSH GUARDS CHARITY REPORT AND FINANCIAL STATF.MENTS 31 MARCH 2023

		Page
Trustees and Administrative Information
Trustees' Report
Independent Auditors'	Report	10
Statement ofFinancial	Activities	13
Balance sheet		15
Statement ofCashflows
Notes to the Financial	Statements	Ig

Trustees		Chairman —Brigadier G R Harris DSOOBE(Chairman)	Chairman —Brigadier G R Harris DSOOBE(Chairman)	Chairman —Brigadier G R Harris DSOOBE(Chairman)	Chairman —Brigadier G R Harris DSOOBE(Chairman)
		Captain R S Mason
		T A Cooper Esq (Relinquished		1 May 22)
		Captain BM H Branston
		SC Rhodes Esq
		Captain TC MacDonald-Milner
		J A J Price Fsq
		Mrs M Bowen
		Captain R A 1Forrest
		Captain P W H Craig-Cooper Captain 0G James
		Lieutenant Colonel C K Antelme DSO (Appointment			23 Sept 22)
Regimental	Adjutant	Colonel TC S Bonas (until	1$	June 2023)
and Secretary		Lieutenant Colonel G Bertie-Jones (from 19June 2023)
Regimental	Welfare	Major M EBrowne BEM
and Finance	Officer
Address		Regimental Headquarters
		Welsh Guards
		Wellington Barracks
		Birdcage Walk
		London
		SW1E6HQ
Investment	managers	Rathbones
		8 Finsbury Circus
		London
		EC2M 7AZ
Bankers		Lloyds Banking Group Pic
		Cox's dc King' s
		PO Box 1190
		7 Pall Mall
		London
		SW)Y SNA
Auditors		Shaw Gibbs (Audit) Limited
		Statutory Auditors
		Wey Court West
		Union Road
		Farnham
		Sun ey
		GU9 7PT
Registered	charity number	1)52766 (England &Wales)

				General Purposes Fuod	General Purposes Fuod	Baod Fuod	Baod Fuod	Welfare Fund	Welsh Guards Afghaaistsn Appeal Fuad	Welsh Guards Afghaaistsn Appeal Fuad	2023
				Unrestricted	lacomc	ftnrestrtcted	income	Rcstrtcted Income	Restricted	Income	Total Income
income
Investment mcome					116,798		14 167	23,447		77.907	232,319
One and two days* pay scheme					36,279			36,279			72.558
Donations					75,037		677	1,118		6,544	83,376
Legacies					55.482						55,482
Fuudraismg					15709		(281)				15328
Other mcome					26683		31	79			26.793
Total income					325,988		14,594	60,923		84.451	485,956
Expenditure
Cost ofraising	funds				29,853		405				30,258
Giants sod dooauons			2		129329		142	40.662			170,133
Other charttsble	activities		3		107,089		10,920	15.807		76,221	210.037
Regimental property					12,023		6	3.302		45	15,376
Support costs					24,391		1,712	9,952		24 320	60,375
Tote)expenditure					302 685		13 185	69 723		100586	486 179
Net expenditure					23,303		1.409	(8.800)		(16,135)	(223)
Traasfer					(139,608)		(15,946)	(11,817)		(17,055)	(184,426)
Gain oa revalustioa		oflixed
assets
Net movement	in funds				(116,305)		(14.537)	(20,617)		(33,190)	(184,649)
Fuod balances	brought
forward					999,)16		24.591	40.630		44 137	1,108,474
Total funds carried		forward			882,811		10,054	20,013		10,947	923,825

FOR THE YE	A	R ENDED 31MA	RCH 2023 (cont.)
			2023	2023	2023	Welsh Guards Charity	Welsh Guards Association
				Total	Total
			Total Income	Expeadable	Permanent	Total 2023	Total 2023	2023	2022
				Endowment	Endowment
lacome
Investment income			232,319			232,319	16,886	249/05	226.626
One and two days* psy		scheme	72,558			72,558		72,558	71,860
Donations			83,376			83,376	3632	87,008	148.348
Legsmes			55.482			55,482		55,482
Fiitidtsisiiig			15.428			15,428	25,822	41,250	14,837
Other income			26.793			26 793	68
Total income			485,956			485,956	46,408	532,364	491,643
Expenditure
Cost ofraising funds			30,258			30258	3,081	33.339	28,103
Grants sud doosuons			170,133			170,133	973	171,106	146,975
Other chantsble activities			210,037			210,037	65,153	275.190	177,429
Renmental property			15,376			15.376		15,376	18.794
Support costs			60,375			60,375	2.044	62,419	54,374
Investment manager	fees					37444		40,118	46.098
Total expeaditure			486.179	33,737	3,707	523,623	73,925	597,548	471.773
Net expenditure			(223)	(33,737)	(3,707)	(37,667)	(27.517)	(65,184)	19,871
Realised gains/(losses)		on iavestmeats		31,835	3.516	35,351	2,538	37,889	32,226
Unite)ised gains/( losses) on
iovestments				(396,467)	(43„790)	(440,257)	(31.607)	(471,864)	448,727
Transfer			(184,426)	151 724	31.483	(1,219)	1,219
Gaias on revaluation	offixed assets								103,000
Net movement in funds			(184,649)	(246,645)	(12,498)	(443,792)	(55,367)	(499.159)	603,824
Fund balsoces brought		forward	1.108,474	6,661,130	732,772	8,502,376	613,906	9,116.282	8,512,458
Total funds carried	forward		923,825	6,414485	720.274	8058 584	558,539	8,617,123	9,116,282

			General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghssistsn Appeal Fund	Welsh Guards Charity Tots) 2022	Welsh Guards Association Total 2023	2023	2022
Fixed assets
Tangible	assets	8								3,257
Heritage	asset	9	638,350				638,350		638.350	628,900
Investments		10	3,564,799	437,508	722 631	2.408,122	7.133,060	521674	7654.634	7,942,082
Debentures		11	10,960		8.045		19,005		19,005	19.696
			4214,109	437.508	730,676	2.408,122	7790,415	521,574	8.311.989	8,593,935
Current	assets
Stocks			16,957				16,957		16,957	17.926
Debtors		12	2,549				2,549	I 844	4 393	45,857
Cash at	bank and in hand		214.175	8,912	11,980	36,113	271,182	41,352	312.534	501,039
			233.681	8,912	11,980	36,115	290.187	43,196	333 883	564,823
Current	liabilities
Sundry	Creditors		(11,773)	(286)	(2,369)	(8,091)	(22.520)	(6.230)	(28,750)	(42,476)
			(11773)	(286)	(2,369)	(8,091)	(22,520)	(6,230)	(28,750)	(42.476)
Net current assets			221,908	8,626	96) I	28.024	268, 168	36.966	305 134	522.347
Net assets			4,436,017	446, 134	7!IO287	2,436.146	8,058,583	558,540	8.617,123	9,116,282

S AT 31	MARCH	2023
						Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Wehh Guards Gaseity Total 2023	Welsh Guards Assodadan Total 2023	2023	2022
Unrestricted	income funds			3'1S.843	10,054						518,489
Restricted	income funds					20,013	10.947	30.959		30 rr59	84,767
Expendable	endowment	1'unde	13	3,553,206			2.425,199	6.414,4$4	519,874	6,934,358	7,213486
Pennaneat	endowment	funds				720,274		720,274		720+74	732,772
Revaluation	reserve							566,968			5665rss
				4.436,017			2.436,146	8,058„5$3	558,540	8,617,123	9,116n82

						2023	2022f
Cash flows from operating )51etcash used in operating		activities activities			16	~283,733	~229,567
Cash flows from investing		activities
Dividends and interests from investments						249,205	226,626
Purchase ofheritage fixed assets						(9,450)	(23,300)
Purchase ofinvestments						(1,718,406)	(666,437)
Proceeds from sale ofinvestments						1,780,791	663,207
Investment cash movements						(208,912)	11,343
Net cash (used in)/provided		by investing		activities		93,228	211,439
Net cash used in financing		activities
Change iu cash and cash	equivalents		in	the year		(188,505)	(18,128)
Cash and cash equivalents	at the beginning			ofthe year		501,039	519,167
Cash and cash equivalents		at the end	of	the year		312,534	501,039
Analysis ofchanges in net debt
				At	1April	Cash tlows	At 31March
					2022f	f	2023
Cash at bank and in hand Debt due within I year				501,039 ~42,476 458.563		(188,505) 13,726 ~374,779	312,534 ~28.759 283,784

2 GRANTS	AND DONATIONS	AND DONATIONS	Year ending Year ending	Year ending Year ending
			Mar 2023	Mar 2022
General Purposes	Fund
Grants —1"Battalion Welsh		Guards	68,000	35,989
Atlantic Venture -	rowing		21,035
Other grants ofless than f200 each				72
Other grants			40,294	27,883
			129,329	63,944
Welfare Fund
Welfare grants Grants —1"Battalion Welsh		Guards	30,662 5,000	38,519 30,000
Army Benevolent	Fund		5,000	5,000
			40,662	73,519
Welsh Guards Afghanistan		Appeal
Grants				8,385
Association Fund
Other grants			973	806
Total Grants payable
General purposes	Fund		129,329	63,944
Band Fund			142	321
Welfare Fund			40,662	73,519
Welsh Guards Afghanistan		Appeal		8,385
Association fund			973	806
			171,106	146,975

3 OTHER CHA	RIT	ABL	E ACTIVITIES	Year ending	Year ending
				Mar 2023	Mar 2022
				g	g
Battlefield tour				74,736	1,415
Regimental Veterans officer		salary and expenses		47,381	45,114
Honoraria and expenses				59,078	38,124
Remembrance Day				16,130	16,312
Welsh Guards Charity Christmas			card	1,736	1,400
Presentation - salvers				9,348	6,648
Meeting/ entertainment				126	14,795
Regimental goods				2,640	8,332
Other expenses				2,099	4,968
Various events				51,243	8,706
Welsh Guards Charity	Website			2,932	817
HQH Div. Subs				4,493	4,587
Esprit de Corps				2,557	2,188
Debenture Amortisation				691	2,333
Book launch					21,690
				275,190	177,429
Summary ofOther Charitable			Activities expenditure
General Purposes Fund				107,089	94,494
Band Fund				10,920	9,341
Welfare Fund				15,807	10,929
Welsh Guards Afghanistan		Appeal		76,221	52,913
Welsh Guards Association				65,153	9,752
				275,190	177,429

General Purposes	General Purposes
Repairs and	maintenance	7,293	6,883
Insurance		2,984	2,945
Regimental	property	1,746	4,416
		12,023	14,244
Band Fund			f
Insurance			395
Repairs and	maintenance		797
		6	1,192
Welfare Fund
Depreciation		3,257	3,256
Insurance		45	51
		3,302	3,307
ASSOC Fund			f
Insurance			51
Afghan Fund
Insurance


7	EMPL	OYEES &HONORARIUM	Year ending	Year ending
			Mar 2023	Mar 2022
			g
Wages	and salaries and car allowance		39,446	39,788
Social	security	and pension costs	3,239	1,438
Honorarium			71,500	49,750
				90976

S	TANGIBLE FIX	EDASSETS
	General purposes	Fund	Office
			Equipment	Total
				X
Cost
At	1 April 2022		13,947	13,947
At	31 March 2023		13,947	13,947
Depreciation
At	1 April 2022		13,947	13,947
Depreciation for the year
At	31 March 2023		13,947	13,947
Net book value at
31	March 2023
31	March 2022

			Motor		Total
Welfare fund			Vehicles
			f
Cost
At I April 2022			13,025		26,972
Additions
Disposal
At 31 March 2023			13,025		26,972
Depreciation
At I April 2022			9,768		23,715
Charge for the year			3 257		3,257
Deprecation on disposal
At 31 March 2023			13,025		26,972
Net book value at
31 March 2023
31 March 2022			3,257		3,257
9. Heritage assets
	Other	Victoria	Paintings	Total
General fund		Cross
Cost
At I April 2022	3,000	250,0QO	375,9QO	628,900
At 31 March 2023	3,000	250„000	385,35Q	638,350

				2023f
Market value —listed investments		1 April 2022		7,871,734
Additions				1,718,406
Disposals				(1,742,857)
Net realised/unrealised	investment	gains		(471,865)
Market value —listed invcstmeats		31 March 2023		7,375,418
Investments are made up of:
			Year eading	Year ending
			Mar 2023f	Mar 2022
Listed investments			7,375,418	7,871,734
C»sb investments			279,216	70,346
Total			7,654,634	7,942,080

DEBTORS	Year ending	Year ending
	Mar 2023	Mar 2022f
Prepayments	4,393	45,857
Other Debtors
	4,393	45,85'7

		General Purposes Fund	Band Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2023	Welsh Guards Association Total 2023	2023	2022
Balance brought	forward	3711,346	434,815	2,514969	6.661.130	552,156	7,213,286	6,868,558
Movement in the	year	(223.733)	(26,630)	(148,007)	(398,370)	(31,744)	(430 I)4)	393,979
Transfers		65,593	27.894	58237	151.724	(538)	151,186	(49.252)
At 31 March 2023		3 553.206	436,079	2 425,199	6.414.484	519,874	6,934,358	7,213,286

				2023	2022
Net income/expenditure	for	the year (as	per Statement ofFinancial Activities)	(499,159)	603,824
Adjustments for:
Depreciation charges				3,257	3,256
Amortisation charges				691	2,333
Gains on fixed assets					(103,000)
Dividends and interests	from investments			(249,205)	(226,626)
Gains on investments				433,975	(480,953)
Decrease/(increase) in	stocks			970	(6,261)
Decrease/(increase) in	debtors			41,464	(40,068)
Increase/(decrease) in	creditors			13,726	]7,928
Net cash provided by/(used		in) operating	activities	28],733	229,567

											Welsh	Guards
				Geaerul Purposes Fund		Bead Fund		Welfare		Fund	Afghanistan	Appeal	2022
												Fund
				Unrestricted	Income	Unrestricted	Income	Restricted	1acome		Restricted	1acomc	Total lacome
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
Fuodrcismg					8,801		2,168						10,969
Other mcome					29535		204			229			29.968
Total income					264,484		14 573		100,456			93,702	473.215
Expenditure
Cost ofraismg	funds				13,197		411					5000	18,608
Grants and donations			2		63,944		321			73,519		8.385	146,169
Other chantable	activities		3		94494		9,341			10,929		52,913	167.677
Regimental property					14,244		I,192			3,307		51	18,794
SuppoA costs					23498		2 142			8,524		18680	52 844
Total expenditure					2t)9,377		13,407			96,279		85,029
Net expenditure					55.107		1,166			4,177		8.673	69,123
Traasfer					167,072		(5,138)	(131.126)				(23,249)	7,559
Gain on investment		assets			103,000								103,000
Net movement	in funds				325.179		(3972)	(126,949)				(14.576)	179,682
Fund balances	brought
forward					073,937		28,563		167.579			58 713	928.762
Total funds carried		furward			999,116		24,591			40,630		44,137	1,108,474

FOR THE YE	A	R ENDED 31M	ARCH 2023
			2022	2022	2022	Welsh Guards Charity	Welsh Guards Association
				Tots I	Total
			Total Income	Expendable	Permsneat	Total 2022	Total 2022	2022
				Endowment	Endowment
Income
Investment income			212,082			212,082	14,544	226,626
One aod Iwo days* pay		scheme	71,860			71,860		71,860
Donations			148,336			148,336	12	148,348
Fondraismg			10,969			10,969	3,86R	14,837
Other mcome			29,968			29,968	4	29.972
Total income			473,215			473,215	18.42R	491,643
Expenditure
Cost ofraismg funds			18,608			18,608	9495	2b,)03
Grants sod donations			146 169			146,169	806	146975
Other chantsble activities			167,677			167,677	9.752	177429
Regimental propeny			18.794			18,794		18,794
Soppoitcosts			52,844			52,844	1,530	54,374
Investment manager	fees					42 920	3.178
Total expeaditure			404,092	38,516	4,404	447,012	24,760	471,773
net expenditure			69,123	(38,516)	(4,404)	26,203	(6,332)	19,871
Realised gains/(losses)		on
invcstmeats				27,003	3 034	30,037	2.189	32.226
llnreslised gsias/( losses) oa
investments				375,996	42,245	418,241	30,486	448,727
Transfer			7,559	(49,252)		(41.693)	41,693
Gains on revalustioa	offixed
assets			103,000			103000		103,000
net movement ia funds			179.682	315231	40.875	535,788		60 3,824
Fund balances brought		forward	928,792	6 345 R99	691,897	7.966,589	S4S.869	8,512,458
Total funds carried	forward		1.108,474	6.661.130	732.772	8,502,376	613.906	9.116,282

		General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistaa Appeal Fund	Welsh Guards Charity Total 2022	Welsh Guards Association Total 2022	2022
Fixed assets
Tangible assets	g			3,257		3,257		3,257
Heritage asset	9	628,900				628,900		628.900
Investments	10	3,688,804	452,231	746.950	2,514.696	7,402,954	539.128	7,942,082
Debentures	il	11 374		8,322		19,696		19.696
		4,329,078	452,231	758.529	2,514.696	8,054,807	539 128	8,593935
Current assets
Stocks		17,926				17,926		17.926
Debtors	12	7,886				7,886	37,791	45,857
Cash at bank and in hand		376,104	8.320	17.242	52 229	453,895	47,144	501,039
Inter fund debtors
		398.413	8,320	I7,242	52.229	476,204	85,115	564,823
Current liabilities
Inter fund creditors
Sundry Credttors		(20,532)	(1,145)	(2,369)	(8,092)	(32,139)	(10,337)	(42,476)
		(20,532)	(1,145)	(2,369)	(8,092)	(32,139)	(10,337)	(42476)
Net current assets		381.385	7,175	14 873	44.137	447,569	74,778	522,347
Net assets		4 710,462	459,406	773,402	2,559,106	8,502,376	613.906	9,116,282

				General Purposes Fund	Band Fund	Welfare Fund	Welsh Guards Afghanistan Appeal Fund	Welsh Guards Charity Total 2022	Welsh Guards Association Total 2022	2022
Unrestricted	income funds			432,148	24.591			456739	61 750	518,489
Restricted	income funds					40 630	44,137	84,767		84.767
Expendable	endowment	funds	l3	3711.346	434.815		2,514,969	6.661,130	552 156	7.213.286
Permanent	endowment	funds				732 772		732,772		732,772
Revaluation	reserve			566.968				566.968		566.968
Net assets				4 710.462	459,406	773,402	2 559 106	8,502,376	613,906	9,116,282