The Royal Lancers Charitable Trust Trustees’ Report and Financial Statements For the year ended 31 December 2021 Charity No 1163409
The Royal Lancers Charitable Trust Report of the Trustees for the year ended 31 December 2021
Contents
| Legal and Administration Information Trustees’ Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes forming part of the Financial Statements |
Page 1 2-4 5 6 7 8-10 |
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The Royal Lancers Charitable Trust Report of the Trustees for the year ended 31 December 2021
The Trustees present their report and financial statements for the year ended 31 December 2021
Reference and Administrative information
Charity Name The Royal Lancers Charitable Trust Charity Registration Number 1163409 Operational Address & Trust Office Lancer House Prince William of Gloucester Barracks Grantham NG31 7TJ
Trustees
Trustees as at 31.12.2021
Administrator
Brigadier Andrew Hughes CBE Chairman Colonel Richard Charrington Vice Chairman Lieutenant Colonel Will Richmond Ex Officio Colonel David Bennett Ex Officio Major Anthony Jones Ex Officio Warrant Officer Class I (RSM) S Weaver Ex Officio Major David Pritchard Ex Officio Captain John Chatfeild-Roberts Appointed Trustee Mrs Georgina Pritchard Appointed Trustee Captain Rupert Maitland-Titterton Appointed Trustee Lieutenant Colonel James Scattergood Appointed Trustee Brigadier Julian Buczacki Appointed Trustee Lieutenant Colonel Nick Everard Regimental Secretary
Independent Examiners
Foxwise Accountancy Ltd, 22a Burton Street, Melton Mowbray, Leics LE13 1AF
Bankers
Holt’s, Lawrie House Victoria Road Farnborough GU14 7NR
Investment Advisors
Close Bros Asset Management Ltd, 55 Grosvenor Street, London W1K 3HY
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The Royal Lancers Charitable Trust Trustees Annual Report 2021
The committee presents its report together with the financial statements of The Royal Lancers Charitable Trust (‘the charity’) for the year ended 31 December 2021. The Trustees confirm that the Committee’s report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Structure, governance and management
a Constitution
The charity is an incorporated association governed by the rules adopted on 4 September 2015.
The committee members, who act as the Association’s Trustees for the purpose of the charity law, are set out page 1.
b Organisational structure and Method of appointment or election of Trustees
The committee has the power to elect a chairman. The trust is governed by a committee consisting of seven ex-officio members and not more than eight appointed members. The ex-officio members act on the committee as they fill their Regimental Appointments, and there is a regular turnover.
The appointed members include an officer’s wife who brings additional experience of welfare matters within the Regiment.
c Decision making
The Trustees follow the guidance in CC27 issued by the Charity Commission.
d Risk Assessment
The Trustees are mindful of their duty to safeguard the Assets of The Royal Lancers Charitable Trust. They have made the following provisions concerning the financial affairs of the charity;
Cash – All financial transactions are only made either by cheque or by electronic banking. Payment instructions for £1000 or more require two signatures.
Investments – To safeguard the capital holdings of the charity the Trustees have decided to place their investments in the hands of Close Brothers Asset Management Ltd.
A full Risk Assessment has been prepared in accordance with the Charity Commission guidance document.
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Objectives and Activities
a Policies and objectives
The charity was established to:
Promote the efficiency of the Regiment and to maintain its history, traditions and esprit de corps.
Relieve, either generally or individually, members of The Association who are in condition of need, hardship or distress, and their dependents who are so qualified.
Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005.
b Grant making policies
According to The Regimental Association’s Constitution, financial assistance can be given to anyone who was ‘badged’ to The Royal Lancers and its antecedent regiments including the 24[th] and 27[th] Lancers. Grants are also given to dependants of such soldiers. Usually, a specially trained representative of the Sailors’, Soldiers’ and Airmen’s Families Association (SSAFA) is tasked to investigate the circumstances as to why a grant is required. Experience is also drawn from past officers and soldiers to assist with assessing applications. When all the information available is collected a decision is made by the Regimental Secretary in conjunction with the trustees as to what level of financial assistance should be given.
Achievements and performance
Review of activities
The Charitable Association benefits from 3 distinct sources of revenue: investment income of £44,795, annual contributions and donations from past officers of £12,062 and the ‘One Day’s Pay Scheme’ to which every serving member of the Regiment is expected to contribute of £60,347. Other Income during the year included Legacies of £201,500, and Donations from external sources of £8,028.
The grants donations and subscriptions provided in the year have continued to fulfil the charity’s objectives. Grants were made to individuals ranging from priority debt to prevent eviction, property adaption and conversion for mobility requirements, declaration of bankruptcy and power of attorney expenses, debt arising from the provision of utilities, quality of life for the elderly, rent arrears, essential furnishings and rent bonds. Additionally, individuals receive regular payments to help with heating, rent and other expenses.
Financial Review
The attached financial statements give details of the financial transactions in the year.
The net expenditure for the year amounted to £207,566.
Investment policy and performance
The policy is to safeguard invested capital against inflation whilst maintaining income levels.
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Each year the trustees appoint a sub-committee to review the performance of the chosen Investment House against its peers, and to recommend whether or not to continue with that house, or to adjust the policy.
The investment valuations have fluctuated in line with the market.
Other
a Reserves policy
Although it is not the policy of the trustees in general to hold reserves committed for specific purposes, certain sums voted by the trustees for expenditure in one year are held over until certain conditions set by the charity have been met.
b Tangible fixed assets
The Trustees took ownership of the Regimental Chattels from 4 September 2015. The Chattels have been put back on loan to the serving Regiment. Subsequent additions are included in the financial statement at cost.
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Independent Examiner’s Report on the Accounts of the Royal Lancers Charitable Trust
We report on the accounts for the year ended 31 December 2021 set out on pages six to twelve.
Respective responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is our responsibility to
Examine the accounts (under Section 145 of the Charities Act) to follow the procedures laid down by the general directions given by the Charity Commission (under Section 145 (b) of the Charities Act).
and
To state whether particular matters have come to our attention.
Basis of Independent Examiner’s Statement
Our examination was carried out in accordance with general directions given by the Charities Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the account and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view, and the report is limited to those matters set out in the statement below.
Independent Examiner’s statement
In the course of our examination no matter has come to our attention
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which gives us reasonable cause to believe that in any material respect, the trustees have not met the requirements to ensure that proper accounting records are kept in accordance with Section 130 of the Charities Act and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act.
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to which in our opinion attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Foxwise Accountancy Ltd 22a Burton Street Melton Mowbray Leics LE13 1AF
Date 16 June 2022
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The Royal Lancers Charitable Trust
Statement of Financial Activities for the Year Ended
31 December 2021
| Notes Income Donations 2 Investment 3 Liquidation of Portfolio Shop Income Gift Aid Sundry Total Income Expenditure Grants and Legacies 4 Governance 5 Social Lotteries Staging Events 6 Shop Costs Costs - Other RLCT - Trustees Meeting COR Expenses Support 7 The Regimental Journal Costs Total Expenditure Net Income / -Costs Gains / - Losses on Sales and Revaluation of Investments Net Movement in Funds Reconciliation of Funds Restricted Unrestricted Funds Carried Forward |
£ £ 2021 2020 283,504 111,127 44,795 66,814 150,000 0 10 255 2,486 2,508 2,693 14,325 483,488 195,029 121,541 125,127 2,400 2,400 1,705 1,710 9,584 10,242 84 252 42,571 44,371 394 0 1,256 28,031 11,491 8,280 0 215,846 195,593 267,641 -564 81,631 167,057 349,272 166,493 139,769 132,331 3,490,591 3,148,757 3,630,360 3,281,088 |
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The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 8 to 10 form part of these accounts.
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The Royal Lancers Charitable Trust
Balance Sheet as at 31 December 2021
----- Start of picture text -----
£ £
2021 2020
Fixed Assets 9 3,319,952 3,238,321
Current Assets
Bank 310,408 45,167
Current Liabilities
Creditors 10 0 2,400
Net Current Assets 310,408 42,767
Net Assets 3,630,360 3,281,088
Funds 11
Restricted 139,769 132,331
Unrestricted 3,490,591 3,148,757
Total Funds 3,630,360 3,281,088
----- End of picture text -----
Approved by the Trustees on 13 June 2022 and signed on their behalf
Brigadier A G Hughes CBE…...................................................... Trustee
Lieutenant Colonel (Ret'd) Nick Everard..........…........................... Regimental Secretary
The following notes form part of these accounts
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THE ROYAL LANCERS CHARITABLE TRUST NOTES AND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
1.1 Basis of Accounting
These accounts have been prepared with the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
1.2 Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Unrestricted funds include unrealised gains on revaluation of fixed asset investments.
1.3 Incoming Resources
All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Voluntary income is received by way of grant, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity, are recognised when the Charity is unconditionally entitled to the grant.
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Investment income is included when receivable.
1.4 Resources Expended
Expenditure is recognised on an accrual basis as a liability incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
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Costs of generating funds comprise the costs associated with attracting voluntary income.
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Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the examiner’s fees and costs linked to the strategic management of the Charity.
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All costs are allocated between the expenditure categories of the SORP on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.
1.5 Tangible Fixed Assets for Use by the Charity Investment assets are stated at book cost values.
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The Royal Lancers Charitable Trust
Notes and accounting policies for the Year ended 31 December 2021
| 2 Donations and Gifts - Unrestricted Legacies Donations Subscriptions - One Day Pay Subscriptions - Past Officers & OR's Staging Events 200 Club Social Lottery 3 Investment Income Income Receivable on Listed Investments 4 Grants Payable To Organisations Branch Grants External Grants - ABF & SSAFA Museum Loans & Offsets RAC Central Fund Subs RLNY Museum Grant to Regiment - RL Central Bank No 1&2 Christmas Hampers Donation to Regiment Memorials Subcription Rebate To Individuals Grants Total Grants 5 Governance Costs Foxwise Accountancy Ltd 6 Costs of Staging Events 9/12 L Officers Lunch Regimental Journal Officers Dinners CCOCA - Subs |
£ £ 2021 2020 201,500 27,550 8,028 10,143 60,347 57,849 12,063 12,540 197 1,522 1,369 1,524 283,504 111,128 44,795 66,814 0 3,000 12,000 12,000 10,621 3,796 600 600 0 4,684 68,500 70,000 75 150 4,000 1,000 2,078 1,640 674 0 98,548 96,870 22,994 28,257 121,541 125,127 2,400 2,400 75 66 0 10,176 9,509 0 0 0 9,584 10,242 |
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The Royal Lancers Charitable Trust Notes and accounting policies for the Year ended 31 December 2021
| 7 Support Costs Bank Charges Insurance Postage Repairs & Maintenance Software Stationery & Printing Telephone & Fax Chattels 8 Net Income for the Year This is after charging Independent Examiner's Fees 9 Tangible Fixed Assets - Investments at Market Value Opening Balance Movement Closing Balance Cost of investments 10 Creditors falling due within one year Accruals 11 Movement in Funds Opening Restricted Unrestricted Income including gain on revaluation Costs including loss on revaluation Closing Closing Restricted Unrestricted |
£ £ 2021 2020 273 44 8,491 8,483 2,569 1,426 0 0 6,483 240 0 0 1,030 1,149 9,186 150 28,031 11,492 2,400 2,400 4,381,814 4,130,712 355,192 251,102 4,737,006 4,381,814 3,319,952 3,238,321 . 0 2,400 132,331 129,527 3,148,757 2,985,069 565,119 362,085 -215,846 -195,593 3,630,360 3,281,088 139,769 132,331 3,490,591 3,148,757 3,630,360 3,281,088 |
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