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2020-12-31-accounts

Trustees Major General JSKerr CBE Major General JSKerr CBE Major General JSKerr CBE Major General JSKerr CBE
Bdgadier
M JWharmby		 OBE
Lieutenant
Colonel		 N A Smith
Lieutenant
Colonel		 A Monk
Colonel J Fielden LVO MBE
Colonel JWest ADC
Charity number 1172831
Senior Management Personnel
Lieutenant
Colonel		 (Retired) Stephen Ahmed Yafai (Regimental
Secretary)
Lieutenant
Colonel		 (Retired) lan Geoffrey Stark (Regimental
Treasurer)
Registered address Regimental
Headquarters
The Royal
Logistics Corps,
Building 204, Worthy Down Camp
Wincheter
Hampshire
SO21 2RG
Auditor Moore (South) LLP
33The Clarendon Centre
Salisbury
Business		 Park
Dairy Meadow Lane
Salisbury
Wiltshire
SP1 2TJ
Bankers Holt's Military Banking
Lawrie House
Victoria Road
Farnborough
Hampshire
GU14 7NR
Solicitors Clifton Ingram
LLP
11 South Street
Farnham
Surrey
GU9 7QX
Investment advisors Armed Forces Charities Growth & Investment Fund
(Managed
by Blackrock)
12ThrogmortonAvenue
London
EC2N 2DL

Page
Trustees report 1-7
Independent
auditor's		 report 8-11
Statement offinancial activities 12
Balance sheet
Statement ofcash flows 14
Notes to the financial statements 15-27

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
Notes 2020
f		 2020 2019f 2019f 2019
F
Income from:
Donations and legacies
Other trading
activities
Investments		 3
4
5		 378,166
20,994
88,825		 2,816 378,166
20,994
91,641		 375,000
50,267
157,366		 2,706 375,000
50,267
160,072
Total income 487,985 2,816 490,801 582,633 2,706 585,339
~ddiit
Raising funds 6 33,047 33,047 56,051 56,051
Charitable
activities		 7 1,449,251 1,449,251 849,561 849,561
Total resources expended 1,482,298 1,482,298 905,612 905,612
Net gains/(losses) on
investments 11 (397,473) 4,450 (393,023) 493,125 9,946 503,071
Net movement in funds (1,391,786) 7,266 (1,384,520) 170,146 12,652 182,798
Fund balances at 1 January
2020 3,558,379 103,872 3,662,251 3,388,233 91,220 3,479,453
Fund balances at 31
December 2020 2,166,593 111,138 2,277,731 3,558,379 103,872 3,662,251

Fixed assets
Terhtfsfe esvele
Hergage asss!s		 9,8'lO
21,080		 10,745
2'l,080
Investments 1,688,424 3,459,157
Current assels 1,71S,314 3,490,982
Stocks 18 24,975 27,420
Debtors 17
Cash at bank and in hand 628,856 175,937
651,631 204,303
Crud(terat
amounts		 faglng due within
one year (93.414) (33,034}
Net current assets 55S,417 171,269
Total assets less cunent ttabiTdfes 2277,731 3,662,251
income funds
iten(doted funds 111,13S 103,872
UmnatffotgtUOM
Dmignahd
funds		 1,908,302
General unrestdcted funds 2,166,593 1,650,077
2,168,593 3,55S,379
2,277,731 3,662251

2020 2019
Notes 6 f
Cash flows from operating activities
Cash absorbed
by operations		 23 (1,018,055) (464,431)
investing activities
Purchase oftangible fixed assets (377) (11,891)
Purchase of investments (91,525) (159,803)
Proceeds on disposal of investments 1,469,234 550,000
Investment income received 91,642 160,072
Net cash generated
from		 investing
activities 1,468,974 538,378
Net cash used in financing activities
Net increase
in cash and cash equivalents		 450,919 73,947
Cash and cash equivalents at beginning ofyear 175,937 101,990
Cash and cash equivalents at end of year 626,856 175,937

Unrestricted Unrestricted
funds funds
2020 2019
6 5
Donations and gifts
Grants receivable
for core activities		 9,979
368,187		 9,894
365,106
378,166 375,000
Grants receivable for core activities
The RLCAssociation
Trust Fund Annual
The RLCAssociation
Fund Shop Grant
Grant
in Aid - Ogilby Trust
MOD funded staff and premises costs
Other		 Grant 90,000
10,000
88,828
179,359		 90,000
10,000
85,747
179,359
368,187 365,106

Unrestricted Unrestricted
funds funds
2020 2019
5
Shop income 20,994 50,267

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2020 2020 2020 2019 2019 2019
6 6 6 F 6
Income from listed
investments 88,709 2,816 91,525 157,097 2,706 159,803
Interest receivable 116 116 269 269
88,825 2,816 91,641 157,366 2,706 160,072

Unrestricted Unrestricted
funds funds
2020 2019
6
S~hE«dit
Cost ofSales 9,603 39,800
Postage 1,149
Other expenditure 1,360 544
Staffcosts 22,084 13,283
Support costs 1,275
Shop Expenditure 33,047 56,051
33,047 56,051

Charitable Charitable
Expenditure Expenditure
Heading
1		 Heading
1
2020 2019
6 E
Staffcosts 279,358 271,848
Depreciation and impairment 1,312
Rent, Rates and Utilities 47,764 47,764
Conservation 14,320 11,179
Maintenance 1,928 7,971
Collections 10,009 4,961
Reference 47 38
Postage 34 541
IT 17,862 378
Insurance 3,727
Security 1,367
Stationery 930 379
Telephone 1,799 1,718
Travel 1,357 3,545
Printing 8Advertising 473
Professional Fees and Subscriptions 264 1,834
Training 240 862
Other charitable expenditure 1,061,974 478,749
1,439,198 837,334
Share ofsupport costs (see note 8) 1,584
Share ofgovernance costs (see note 8) 10,053 10,643
1,449,251 849,561

Support costs
Support
costs		 Governance
costs		 2020 Support
costs		 Governance
costs		 2019
6 6 f 5 8
Depreciation 1,584 1,584
Audit fees
Accountancy		 6,800
3,000		 6,800
3,000		 8,055
3,000		 8,055
3,000
Meetings 253 253 863 863
10,053 10,053 1,584 11,918 13,502
Analysed between
Trading
Charitable		 activities 10,053 10,053 1,584 1,275
10,643		 1,275
12,227
10,053 10,053 1,584 11,918 13,502

The average monthly
number ofemployees
during
t		 he year was:
2020 2019
Number Number
Museum
Shop
Adminstration
Total
Employment costs 2020 2019
E
Wages and salaries 301,442 285,131

Unrestricted Unrestricted Restricted Total Unrestdcted Restricted Restricted Total
funds funds funds funds
2020f 2020
6		 2020
8		 2019
f		 2019
6		 2019
Revaluation of
investments (397,473) 4,450 (393,023) 493,125 9,946 503,071
12 Tangible fixed assets
Computer and other equipment
6
Cost
At 1 January 2020 33,018
Additions 377
At 31 December 2020 33,395
Depreciation and impairment
At 1 January 2020 22,273
Depreciation charged in the year 1,312
At 31 December 2020 23,585
Carrying
amount
At 31 December 2020 9,810
At 31 December 2019 10,745
13 Heritage assets
Heritage
assets
8
At 1January 2020 and at 31 December 2020 21,080

Listed Listed Listed Total
investments: investments: investments:
MDF M&G Museum Museum
Development
Fund
Cost orvaluation
At 1 January 2020 1,908,302 1,468,943 81,912 3,459,157
Additions 38,208 50,501 2,816 91,525
Valuation changes (477,276) 79,802 4,450 (393,024)
Disposals (1,469,234) (1,469,234)
At 31 December 2020 1,599,246 89,178 1,688,424
Carrying amount
At 31 December 2020 1,599,246 89,178 1,688,424
At 1 January 2019 1,908,302 1,468,943 81,912 3,459,157
15 Financial instruments 2020 2019
6 6
Carrying amount offinancial assets
Instruments measured at fair value through profit or loss 1,688,424 3,459,157
16 Stocks
2020 2019
6 6
Finished goods and goods for resale 24,975 27,420
17 Debtors
2020 2019
Amounts falling due within one year: 6
Trade debtors 946

18 Creditors: amounts falling due within one year
2020 2019f
Trade creditors 2,253 45
Other creditors 91,161 32,989
93,414 33,034

Movement in funds Movement in funds
Balance at Incoming Revaluations, Balance at incoming Revaluations, Balance at
1 January 2019 resources gains and1 January 2020 resources gains and 31December
losses losses 2020
6 6 f 6
Other
restricted 91,220 2,706 9,946 103,872 2,816 4,450 111,138
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21 Analysis ofnet assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2020 2020 2020 2019 2019 2019
E E E E F E
Fund balances at 31
December 2020 are
represented
by:
Tangible assets 9,810 9,810 10,745 10,745
Heritage assets 21,080 21,080 21,080 21,080
Investments 1,599,246 89,178 1,688,424 3,377,245 81,912 3,459,157
Current assets/
(liabilities) 557,537 880 558,417 170,389 880 171,269
2,166,593 111,138 2,277,731 3,558,379 103,872 3,662,251

The Royal
Logistics Corps Association		 The Royal
Logistics Corps Association		 Trust
Fund shares		 Trust
Fund shares		 Trust
Fund shares		 key management management and two Trustees and two Trustees and two Trustees with
this		 with
this
Trust.
During
the year the Trust		 received a F100,000 donation and E109,650 contribution towards
the
medal
collection
from The Royal
Logistics
Corps Association
E59,856(2019 - 20,646)to The Royal Logistics Corps Association		 Trust.
Trust.		 At the year end, the Trust owed
23 Cash generated
from operations		 2020 2019
F
(Deficit)/surpus
for the year		 (1,384,520) 182,798
Adjustments
for:
Investment
income recognised
in statement		 offinancial activities (91,641) (160,072)
Fair value gains and losses on investments 393,023 (503,071)
Depreciation
and impairment
oftangible		 fixed assets 1,312 1,584
Movements
in working
capital:
Decrease
in stocks		 2,445 5,805
Decrease/(increase)
in debtors		 946 (553)
Increase
in creditors		 60,380 9,078
Cash absorbed
by operations		 (1,018,055) (464,431)
24 Analysis ofchanges
in net funds
The trust had no debt during the year.