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

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





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|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<br>Captain 0G James||||
|||Lieutenant<br>Colonel C K Antelme DSO (Appointment|||23 Sept 22)|
|Regimental|Adjutant|Colonel TC S Bonas (until|1$|June 2023)||
|and Secretary||Lieutenant<br>Colonel G Bertie-Jones (from 19June 2023)||||
|Regimental|Welfare|Major M EBrowne BEM||||
|and Finance|Officer|||||
|Address||Regimental<br>Headquarters||||
|||Welsh Guards||||
|||Wellington<br>Barracks||||
|||Birdcage Walk||||
|||London||||
|||SW1E6HQ||||
|Investment|managers|Rathbones||||
|||8 Finsbury<br>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<br>Auditors||||
|||Wey Court West||||
|||Union Road||||
|||Farnham||||
|||Sun ey||||
|||GU9 7PT||||
|Registered|charity number|1)52766 (England &Wales)||||





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|||||General Purposes Fuod|General Purposes Fuod|Baod Fuod|Baod Fuod|Welfare Fund|Welsh Guards Afghaaistsn<br>Appeal Fuad|Welsh Guards Afghaaistsn<br>Appeal Fuad|2023|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|lacomc|ftnrestrtcted|income|Rcstrtcted Income|Restricted|Income|Total Income|
|income||||||||||||
|Investment<br>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<br>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|





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|FOR THE YE|A|R ENDED 31MA|RCH 2023 (cont.)|||||||
|---|---|---|---|---|---|---|---|---|---|
||||2023|2023|2023|Welsh Guards<br>Charity|Welsh<br>Guards<br>Association|||
|||||Total|Total|||||
||||Total Income|Expeadable|Permanent|Total 2023|Total 2023|2023|2022|
|||||Endowment|Endowment|||||
|lacome||||||||||
|Investment<br>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<br>activities|||210,037|||210,037|65,153|275.190|177,429|
|Renmental<br>property|||15,376|||15.376||15,376|18.794|
|Support costs|||60,375|||60,375|2.044|62,419|54,374|
|Investment<br>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<br>gains/(<br>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<br>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|





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||||General<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghssistsn<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Tots) 2022|Welsh<br>Guards<br>Association<br>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|





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|S AT 31|MARCH|2023||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Welfare<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Wehh<br>Guards<br>Gaseity<br>Total 2023|Welsh<br>Guards<br>Assodadan<br>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|






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|||||||2023|2022f|
|---|---|---|---|---|---|---|---|
|Cash flows from operating<br>)51etcash used in operating||activities<br>activities|||16|~283,733|~229,567|
|Cash flows from investing||activities||||||
|Dividends<br>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<br>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<br>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<br>Debt due within<br>I year||||501,039<br>~42,476<br>458.563||(188,505)<br>13,726<br>~374,779|312,534<br>~28.759<br>283,784|





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|2<br>GRANTS|AND DONATIONS|AND DONATIONS|Year ending<br>Year ending|Year ending<br>Year ending|
|---|---|---|---|---|
||||Mar 2023|Mar 2022|
|General Purposes|Fund||||
|Grants —1"Battalion Welsh||Guards|68,000|35,989|
|Atlantic<br>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<br>Grants —1"Battalion Welsh||Guards|30,662<br>5,000|38,519<br>30,000|
|Army Benevolent|Fund||5,000|5,000|
||||40,662|73,519|
|Welsh Guards Afghanistan||Appeal|||
|Grants||||8,385|
|Association<br>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<br>fund|||973|806|
||||171,106|146,975|





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|3<br>OTHER CHA|RIT|ABL|E ACTIVITIES|Year ending|Year ending|
|---|---|---|---|---|---|
|||||Mar 2023|Mar 2022|
|||||g|g|
|Battlefield tour||||74,736|1,415|
|Regimental<br>Veterans officer||salary and expenses||47,381|45,114|
|Honoraria<br>and expenses||||59,078|38,124|
|Remembrance<br>Day||||16,130|16,312|
|Welsh Guards Charity Christmas|||card|1,736|1,400|
|Presentation<br>- salvers||||9,348|6,648|
|Meeting/<br>entertainment||||126|14,795|
|Regimental<br>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<br>Amortisation||||691|2,333|
|Book launch|||||21,690|
|||||275,190|177,429|
|Summary<br>ofOther Charitable|||Activities expenditure|||
|General<br>Purposes<br>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|





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|General Purposes|General Purposes|Fund|||
|---|---|---|---|---|
|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|||||



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||||||
|---|---|---|---|---|
|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|



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|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<br>for the year|||||
|At|31 March 2023||13,947|13,947|
|Net book value at|||||
|31|March 2023||||
|31|March 2022||||





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||||Motor||Total|
|---|---|---|---|---|---|
|Welfare fund|||Vehicles|||
||||f|||
|Cost||||||
|At<br>I April 2022|||13,025||26,972|
|Additions||||||
|Disposal||||||
|At 31 March 2023|||13,025||26,972|
|Depreciation||||||
|At<br>I April 2022|||9,768||23,715|
|Charge for the year|||3 257||3,257|
|Deprecation<br>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.<br>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||





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|||||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<br>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|



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





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|||General<br>Purposes<br>Fund|Band<br>Fund|Welsh<br>Guards<br>Afghanistan<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2023|Welsh<br>Guards<br>Association<br>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<br>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|



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





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||||||||||||Welsh|Guards||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Geaerul Purposes<br>Fund||Bead Fund||Welfare||Fund|Afghanistan|Appeal|2022|
|||||||||||||Fund||
|||||Unrestricted|Income|Unrestricted|Income|Restricted|1acome||Restricted|1acomc|Total lacome|
|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|
|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<br>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|





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|FOR THE YE|A|R ENDED 31M|ARCH 2023||||||
|---|---|---|---|---|---|---|---|---|
||||2022|2022|2022|Welsh Guards<br>Charity|Welsh<br>Guards<br>Association||
|||||Tots I|Total||||
||||Total Income|Expendable|Permsneat|Total 2022|Total 2022|2022|
|||||Endowment|Endowment||||
|Income|||||||||
|Investment<br>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<br>funds|||18,608|||18,608|9495|2b,)03|
|Grants sod donations|||146 169|||146,169|806|146975|
|Other chantsble<br>activities|||167,677|||167,677|9.752|177429|
|Regimental<br>propeny|||18.794|||18,794||18,794|
|Soppoitcosts|||52,844|||52,844|1,530|54,374|
|Investment<br>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<br>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<br>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|





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|||General<br>Purposes<br>Fund|Band<br>Fund|Welfare<br>Fund|Welsh<br>Guards<br>Afghanistaa<br>Appeal<br>Fund|Welsh<br>Guards<br>Charity<br>Total 2022|Welsh<br>Guards<br>Association<br>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<br>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<br>liabilities|||||||||
|Inter fund creditors|||||||||
|Sundry<br>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|





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|||||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|
|---|---|---|---|---|---|---|---|---|---|---|
|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|





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