Charity Cornmission No. 1174691 (England and Wales) Offlce of the Scottish Regulator No. SC048007IScotlandl Company Registratlon 10696646 IEngland and Wales) THE SCOTS, GUARDS CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The Scots Guards bid farewdl to HRH Duke of Kent after 50 years of setvice as our C(Aond
THE SCOTS GUARDS CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Brigadier Iretiredl G H F S Nickerson Cc4 J D L Leask MBE The Rt Hon Sir lain Duncan Smith PC MP Major N A Mcclelland Mrs L Hobbs C8Ptain Irebredl M Joyns C8Ptain Irebredl P D Vail R•olm•ntsl Adlutsnt Major Irètlfedl J R Kel R8glm•ntal W•Ware and Flnan¢• Offlcèr Major (retidI MA ca (Company Secretsryl Charlty number IEngland and W*) 1174691 Charfty number ISc¢xlandl SC048C(J7 Company number Reglstorod offlcfr Regimen&4 Headquarters Scots Guards ellington 88rTacks Birthagewalk London SW1 E 6HQ Audltor Alliotts LLP Manfiehj H(Se 1 S¢xth8mpt London WC2R OLR Bankers Lloyds TSB Bank Pk Ctsx's and King's PO Box 1190 7 Pall Mall London SW1Y s1 Invèstm•nt athisors Ruffer LLP 80Vi¢tona Street London SW1 E 5JL AUBREY CaKxt4 Management 10 Coates cscent EdInrgh EH3 7AL Asset Risk ConsLdtants IUKI Ltd IARCUKI 46 Chancery Lanè Lotmjon WC2A1JE
THE SCOTS GUARDS CHARITY CONTENTS Supporting the regirnent Trustee5' report 4-6 ststernèntof tru$tee$' rèsrx)nsibdib"es Independent auditorf5 repryt 8-12 Slalementol financi activitss 13 Balance sheet 14 Notès to thè financial statèm¢nts 15-25 yi I l&*l, The Wreath laying paity at the Guards MeThri in Lc¥wJon
THE SCOTS GUARDS CHARITY SUPPORTING THE REGIMENT FOR THE YEAR ENDED 31 MARCH 2024 For 382 years we have had an enviable reputation of Iking after our ¢ywn - on the batllefield and off. The guardsrnen have always known that they and their families will be property cared for under all circurnstances. It is critical that fvture generations of guardsmen continue to have total Confiden in the Regirnent's ability to do this. With this critical and ambitious aim. wè néèd tts our Charit3tAé Fund at thè corè of règimÈntsl family and our supporters. d)aritat4e giving. We are encouraging them to fund our vital work by increasing donations, ensuriNJ legacies are dear in Wlls, persuading Others to dale or raising money through personal endeavors. The charity's purpose is to improve the quality of lrfe for Scots Guardsmen and their families, hdp to overcome injury or hardship and to speed rehabilitation. These needs have increased with the number of tours of duty and the very fact that the weapons used today. such a5 improvised exF405ive demces. can be devastats'ng. Our annual budget is divided into 4 main areas." Improving Soldiers & Veterans Quality of lrfe 148%), Relieving Hardship 133%). Administration overheads110%1 and preserving our heritage dating back to 164219%). For relief of hardship. we providè a $8rvic• lor dètsding and assessing welfare cases. aided by SSAFA. When we find someon8 in need, we provide the first tier ol benevolence grant5 while we seek more substantial a551Stance frryn thtr larger servi¢e ¢harilies or indee<l ihe relevant lo¢al authority. In rare ¢a$&$, where we fail to find extemal financial assistance, we wll consider using our own funds as the charity ollast resort. We are therefore proud that nearfy all our budgei is spent on our ch8ntabl& aims and our admini$lrative overheads are relativély low. Budget Allocation for year 2023124 Relieving frbrdship. 3 Improving Sc4diers & Veterans Quality of Life. Our charity gives out finanaal 5uppori based on incorne generaled from inve5trnents. Having reviewed our needs, we have been working to raise the profile and ty£4M in orderto secure the legacy for future generations of the Scots Guards family. A few examF4es of our work are as follows.. Se¥erety wounded veteran regaln$ hbs moblllty- wounded In a¢tion. Grants of several thousand pounds have been provided to assist wth home and car modthcations for a Scots Guards Lance Sorgeantwho lost both legs and an arm to a bomb In Afghanistan. Working wth other milrtary charities which speaalise in this area, we have given several grants to assist him wth rnobility and to support his wfe and three children. For exarne. he received a modthed fitness suite to help him devdop his musdes in order lo walk on prosthety¢ limbs. Woijnded Soldier ceiVe$ lrfesr?vii?g I&1ment whfflsl being ev8cu8led by heliGopler. Asslstance wbth removals and renL A grant of £300 was provided to assist wth removals and rent for a lon 5tsnding partner of a Scots Guards veteran. Due to an eviction nobce served at short notice the lady and her daughter had nowhere to go and no one to tum to for a55iStance. The Scots Guards Charity wa5 happy to assist and now the family have a 5tatAe horne. from which they can concentt8te their efftjrts with the nurnerous health issues she and her daughter have wthout the womes of being evicted.
THE SCOTS GUARDS CHARITY SUPPORTING THE REGIMENT Cost of Llvlng Crlsts eff•ct on our low Incomè mathed soldl•rs. A Winter luel Grant totalling £21.900 was awarded to Seventy Iow-lncome families of the Scots Guards to sUpeMent the Govemment Grant of £400. Married soldiers have been suffering due to the increased fuel and energy burden placed on them by ever spiraling energy and at the highest rate ol infiation in living memory. for rnost. if not all. Mèdlcally Olseharg•d V•t•ran. A Grant of £4,000 was awarded to assist wth re acing an old wheelehair. This Scots Guardsmen v4as on athve duty in 1972 and was shot by terrorists. confining him to a wheelchair for over 52 years. The Scots Guards Chanty agreed that a better, lighter and more maneuverable chair should be provided which will assist in maintaining a more active lifeSe for longer. Sèverety wounded ¥tt•ran reeeives grdnt to ropair much ne8d•d ear adaptlons and as$lst wlth purchaslng a Trl rld•. Separate grants of over £3.000 were awarded to assist a veteran injured from seNice In Afghanistan wth repairing his speoally adapted car, an¢J also to provide a Trride attachment which powers his wheelchair, as this will assist with quality lime outdoors wth his family for longer periods. I was able to say goodbye to my wll8 wlth dlgnlty- A grant towards fvneia costs gf a w89 rnadè to ¥ former Sergeant in thè Scots Guards with 13 yèars, sèrvicè. Thè sudden death of hi$ wif¥ an¢J a lack of savings resulted in the former sol¢Jief being unable lo meet Ihe costs ol his wrfe's lunefal. The ¢harity operat$$ pnmanly by managing rts investments and using the annual incomèto support beneficiaries. This income is augmented by subscriptions from serwng members oflhe gIment and some CharItae donatsons. en benevolence case occurs. the charity always provide5 the first tier of funding before seeking assistance, if necessary. frorn the18rgtrr specialist military ¢harilies, su¢h as the Sddier's Chanty and la$tyear they provifjed other military ¢hantse$ wth £115,440 to Seventy- members of the Scc Guards family in need. We aim to continue to grow ow irwe5trnenls by £4M over the next 5 years for the Scois Guards Charity. Wny? The Fund is concemed that given the current and ongoing milrtary commrtments. the Regiment won't have enough income to continue to support serving and lomer Scots Guardsmen and their familiès whi¢h. in our viw. 1$ ol paramount imp¢rtan¢e. In the last year we made 72 individual welfare grants. Standing outside No10 Downing Street Our trustees tightly control allocats'on of available funds according to priority and even though we conserve resources by seeking exlemal SoUrS of aid. the is nomially a shortfall. As il stands today, we remain reliant upon the gener051ty ol individuals through annual donations to avoid the Regiment having lo cut its welfare or welfare-related spending ol over £300k annually. At the same time. dernar for ftJnd5 15 continually increasing, dnven by recent heightened military *ivity. higher $uMvJ rates after setious Injury. 8 general Increase In life axpectancy and infiation. Unexpected costs, like providing le9al defence to guardsmen facing Investlgation$ ansing from their operational service, stretch th& fuThJs availatle even further and can deplete the Investment capital, exacerbating the undedying problem. As such, we are trying to boost the funds under management to a level that is sell- supporting,. a committee is contsnuousty reviewng vthat needs to be done, to achieve this goal.
THE SCOTS GUARDS CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financjal statementststheyearended 31 March 2024. The financial ststements have been prepared in accordance wth the accounting pdicies set out in note 1 to the financial Statements and cornply with the charity's artides of asxKiation. the Companies Act 2006. the Charities and Trustee Investrnent IScotl3ndl Act 2005. the Charib8sAccounts (Scotlandl R8gulabons 20[ las amended) and "Accounting an¢J Repo"n9 by Charities". Statement of Recommen¢Jed Practice applicable to charities preparing their accounts in accordance Mth the Finanual Reports"ng Standard apICable In the UK and Reputlic ol Ireland IFRS 1021. las amended lor accounting periods commenang from 1 January 20191 Obl8etlv•s and acdvW•s The charities objectives are to assist and Fffovide relief lo any seThing or former serving officer. warrant officer, non- cornmissioned officer or guardsmen. whether male or female. of the Regiment of the Scots Guards, or in exceptional circumstances any person associated the Regiment of the Scots Guards and their dependents, in¢luding but not exclusively, their spouses, partners. wdows. Widowe and parents Iwhelher or not mamedl and childrèn, parènts or ¢arèr$ ¢1 milar pgrsons are in hardship or distres$ or nosd, vA)èth¥r $u¢h neéd is financial or otherwise. The trustees confirm that they have refeThed to the guidancE contained in the Charity Commission Genera Guidance on Put4ic Benefit when reviewng the knnds. aims and obj'ectives and to planning future activities and setting giant making policies. Flnanclal r•vl•w At Ihtr yearnd Ih&re was a lolal ollund$ 01£7,974.715 with ¢ash lunds of £968.175 ¢arried forward. During th• year, il has re1Ve income 01 £301,529. We are gralelul for some substantial donations this year, such as b&quest from th6 estatè ol N 9ranls fr( the Cthv*Y)rkers F¢JJndatson, Scott IErÈdinel Trust. the John Scott tharitatr4e trust and Ihe DavKI and Kathleen HaNey TrLL8t After charitae donats.ons and Support costs, total eXP8nditure was £428.059. The net movement in funds was a negative £29,834. The charity's investments are managed by Ruffer LLP and Aubrey Capital Management. The investrnent$ strategy is to protect the Investment assets whilst providing a growing income stream for the charity over the medium temi. During the year the market value ol the Invesiments held increased by £296,897. Reserve Pollcy The charity aims to hc4d Thet current assets, or cash reserves. equivaerf lo at least 6 monihs operating cost5 plus £100,0 legal and conflict reserve. reflecbng Ihe uncertainDes inherent to the regiment and Ihe Arrned Forces, which is appro>xirnately £275,000. Ar the year erKJ the'frtre restrrves. stood at £964.615 Fixed asset investments dèfautt as designated funds 10 9enèrate an InCle retum in the longer tem) and are adively managed by thé trustees at each board meeting in response to the demands on the charity. Structure, governan¢¢. and m¥n4gement The charity Is a company limited by guarantee. 11 is affilialed to the Confederthon ol Service Charits"es which requires a bi•annual report on compliance govemance best practice, tested against their comprehensive review template. The overarching t¥xly responSie for effiuenl rnanagement ol Ihe chanty are the trustees. New trustees are recruited from serving or relired rnembers of Ihe regirnenl or frorn 5UPPOrters with relevant qualifications. Candidate5 are chosen because they are seen to have skills an(J experienGe which GomtAement or reinf()rce those of existing trustees. Aspiring trustees strK)d setveon one ofthe sUCOtliteeS before JoinirwJ the main board. The Trustees meet three times a year when pclicy cotKeming the charity is discussed and decisions made.
THE SCOTS GUARDS CHARITY TRUSTEES, REPORT {INCLUDING DIRECTORS REPORT} FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors forthe purpose gf company law. and Serv during the wri(xY and up to thè date ol signaturè of Ihè financial stalaments wèrè". Brigadier Iretiredl G H F S Nickerson Col J D L Leask MBE The Rt Hon Sir lain Duncan Smith PC MP Major N A Mcclelland Mrs L Hobbs Captain Iretiredl M Joynson Captain Ireliredl P D Vail The trust88$ are supported by Ihè offi¢e hdders (thè R8gim&ntal AdjLrtanl and the Regimental Well8re and Finance Officèr) from the reglstered officè in London and from the office at th• Casde in Edinburgh. Revlewof actlvltles The results ofth8 funds, acb'vibe5 are shovm on page 11. The acbvifE5 of Ihe charity'5 investrnents are shown within these finanaal statements. Chantsble spending during the yearwas lower than normal due lo the Covid pandèmic rastncting our abilrty to ddivèr wèlfafe assistancè. but thè pèndulum is expèdèd to swing thè othèr way as the backlo9 01 n8edy ca$es is deared. During the year funds of £1.970 were raised underthe initiative known as The Colonel's Fund. This fijnd will enable the regirnent to provide.. Support lo th& families of those killed in a¢bon by promplly resp)nding lo pr¢t4oms of beroavemonl and hardship, Support those wounded or injured on operations. partirJJlarfy those vtho have had lo leave the Amy,. to ¥$si$l in findin9 Ih&m new emkloym&nl and lo help Ih&m be¢ome a¢live family and ¢ommunily mombors, Support the families ol those geriously woundèd or injured in prcAonged recovery $ituation$. The a¢tivilies ollhe ¢harity dunng the year are detailed inthe Supporting Ihe Regimtrnl section tsf these ac¢ounls. Amalgamatlon With thè London Scottlsh Roglmènt During the latest reorganizalion ol the Amiy. the Scots Guards took command ofA (London Scottish) Cornpany ol the London Regirnent who have been renamed G Imessinesl Company Scots Guards. The London Scottish are beneficiaries of a series of charities within a scherne. one of which owns London Scottish House. The Scots Guard5 Charity has been working wth the Trustees of ihe v8nous London Scottish charities to exarnine doser ways ofworking with Èach other. The Ministry of Dèfence has cèased to IpY London Scottish HoLJSè as a re$ervi$t barracks and an ambib.ous KAan to diversify its use had run into finanual diffi¢ulb"e$ under their prèvious trustèes. Thè naw trust considèrèd sèlling a Victoria Cross, ownèd by thè London Scottish Regimental Trust, In orderto raise funds for essential maintenance and to keep the building functioning. At this point, the Scots Guards Charity intervened at the request of the Regimental Lieutenant Cdonel of ihe nY cornbined regirnents to prevent (he sale by way of a loan. The loan is repayatle on demand. but is intended to buy time to identify whether Ihe building can be rnade financially viatle. vthile preserving a key itern of London Scottish hentage. Thi3 offer was accepled by the new Trustees of the London Scottish Headquarter5 Trust under an executed loan agreement and a re5tridion has en ented on the tide ofthe pioperty, and a charge has been raised over the property. Meanv4hile. the Trustees of Ihe London Scothsh Headquarters Trust exercised their discrets'on to make the whde of the Scots Guards las opposed to G Imessinesl Company) as the successor unit to the London Scotbsh Regiment, meaning thal the Regiment has becorne the rnain beneficiary of that Trust. Discussions are continuing over streamlining of the various London Scottish charities and closer cooperation wth Ihe Scots Guards Charity.
THE SCOTS GUARDS CHARITY TRUSTEES, REPORT IINCLUDING DIRECTORS REPORTI {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PreseNlng Reglmental Herftsge The charity owns and preservesa collectionof regimental hen'tage acCumated sincethe Regirnent'sforrnation in 1642, which is rnanaged by a ComMee of vdunteer5. Thi5 indudes the historiral archive which is iegulated and inspected by the National Archive. An aangernent FindMyPast has enatAed the public to 8Gce55 many of the re9im8ntal records onlinè and many other itèms of histori interest are disk4ayed In thè Guards Musèum. Plans for Future Poriods Th• sxpogjrtr ¢)ft ¢harity irKr&a$ing to th$ lar9e number of operab.onal tours in r$¢&nl d•ca¢J¥$. Sadly, these have resulted In some gnevous physical Injuries cau&ng immediately visie needs. Psychological injuries may lake longer lo materialise and since operats'ons are continuing, the pressure on our funds is steadily increasing. The Charity is also tracking the rapidly deVelong cost of living crisis which may cause hardship lor the families or serving perSne1 and veterans. The chanty has strengthened its structure with afun&rai5ing committee working alongside the inve5trnent cornrniltee lo attract donalion5 to augment the Investment incorne. A carnpaignto Improvèthe culturÈ orcharitat* giving among our potènbal benÈficiane$ is showng strong rèsLJlts with a si9nifieanl in¢reas8 in s1-mOtiVated lun&raising activities Induding a proposed series of activities CLAminats"ng In a $ki insertion to a remote Greenland location before e$lshIng a base camp lo then attempt to summit several previousty unclimbed peaks. To support this and other activities. the charity is In a major effort to modemize its information technology to enhance outreach. hamess support and manage dona.On5. The review ol investment policy and the initiative lo raise funds by charitatle donations is likely to become a continuous cycle. Our fundraislng was ur+oUY ¢urtailed during the pandemi¢. Indu¢Jing impa¢ts'ng on expedition annrn9. and a broad swathe ol activities were suspended until reslnctions were lifted. The ongoing upgrade of IT has enablad minimum disruption to the charity business end. especially delivering nevenCe grants to those in need. Post pandemic and now in the cOstl-l1VIng cnsis. we anljcipate an Increase in welfare requestswhich has been factored into next yearfs budget. Rl$k M?nog•ment Th6 trustees have regard for the principal areas of the Charity's opefalion8 gnd the major risks which may arise in these areas. In their opinion, the charity has estat4ished resources and review systems lCh, under nomial conditions, should allow the risks idenffied by them to be M1jated to an arptable bevel in ils daY-tdaY operations. The Irusleey have assesged the major riyky to whith the chaiity is exposed. those related to the operations and finan¢es of the Charity and a satisfie(J those systems are in FAa¢e to mitigate our trxp98u to the major ri8ks. The charity relies paY on its investment retums to meet its finanaal commitments, therefore one ol the principal risks lies in the performance ol its inveslments. The trustees have mitigated this by the appointment of professional investment managers to advise thern, by having a balawl investrnent strategy. having a diversified portfolio and by ensuring that the portfc4io is suffi¢ienUy liquid to meet otligabons in ihe event ol a down•rn in financial markets andlor default. Brigadier Ireliredl G H F S Nickerson Trustee Dated.. 2311212024
THE SCOTS GUARDS CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors ol The S¢ots Guards Charty for the purpo$e of Company law, are responsible for Pfepanng the Trustees, Report and the finanaal statements in accordance wth apFAicable law and United Kingdom Accounting Stan¢Jards (Unrted Kingdom GeneraIlyApted Accounting Practice). Company Law requires the trustees to prepare fina81 statements for each finanryal year 1¢ gNe 8 true and fair view of the state of aff8its of th8 charity and of the incorning reu[Ce5 and apkli¢ab"on of resoui¢es, Induding the income and expendrture. of the charitable company that year. In preparing these financial ststement5. the trustees are required to.. salect suitable accounting pc4iaes arwj then apply them consistèndy," - observe the methods and pnwples in the Charities SORP., - Make judgements and eslimatos that ar& reasmatrk and pwdont". stale whether applicable UK Accounting Standards have been ld1cpd, subject to any material departures disclosed and explained in the financial staternents.. and preparo the flnan&al stalm•nts on th• going ¢on¢em basis unl&s$ it 1$ inappropriat8 lo presurre that the charity will continue in operation. The trustees are responsible for keewng adequate KrUntIng records that disc)se with reasonatle accuracy at any time the fin8nTh81 p05ilion of the charity and enable them to ensure that Ihe finanrial statements cornply with the Companies Act 2006, thè Charitses and Trustee Investmènt Iscolandl Act 2005 and the Charities Ac¢ount$ (Scotlandl Regulations 2006 las amended). They are also reSponsie for safeguarding the assets of th& charity and hence for taking reasonable steps for the prevention and deiection of traud and other irregularities.
THE SCOTS GUARDS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SCOTS GUARDS CHARITY Oplnlon We have audited Ihe finanaal statements of The Scots Guards Charity (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financi4 activibes. the balance sheet and the note5 to the financial statements. including 8 summary of signifi¢Anl a¢¢ounbng Oiues. The finanual reporting framewort( that has been applied in their preparation is alcaLle law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Fiftiancial Reporting SlanLlarcl applicable in Ihe UK ano RepublK of Iand (United Kingdom Generally Accepted Accounting Praciicel. In our opinion. thè financial statémènts". give a true and fair view of the slale of the tharitalAe company's affairs 86 at 31 March 2024 and of its incorning resources and apF4icatyon of resource5. for the year then ended", have been properfy prepared in accordance wth United Kingdom Generally Accepted Accounting PraCte., and have been prepared in accordance wlh the requirements of the Companies Act 20C6, the Charrties and Trustee Investment Iscouandl Act 2005 and regulalw 8 of the Charities Accounts IScoUandl Regul3lion5 2006 las 8m8ndedl. Basls for oplnlon We conduued Our audit In 8¢¢ordan¢e Intemational Standards on Audits"ng IVKI IISAS IUKII and applicable law. Our r&$pon$ibiliti&s under th¢$& standards are fvrthef d&s¢nbe£l in the Audilofs sponsibl11$$ for Ihe audit ol th9 financial slalemenls section ol our report. We are independent of the charity In accordance wth the ethical requirements that are relevant to our audit of the finoncial statements in the UK. induding the FRC'S EICal Standard. and we have fulfilled our other ethical responsibili1185 in accordance with these requirements. We believe that the audit evidence we have oblairbed 1$ suffiixni and appropnale lo provide 8 ba$ for our opinion. Concluslons relatlng to golng conc•m In auditsng th& financial $tslem$nts, w& have conduded Ihat Ihe trustees, ol the going conc&m b8sls of accounting In thè préparation ol tha financial statem8nts Is appropnal•. Based on the work we have perfomied. we have not identified any rnaterial uncertainties relating to events or ¢ondilions th81. individually or ¢olledively. rnay cast significant doubt on the charrty's ability Ic* continue 88 a going con¢$rn for a pedod of 81 least twelv¥ mwths from vthen the fin8n¢ial $¢alements a oulhori$ed for i$$u¥. Our responsibilities and the responsiblilies ol the tnjstees respecl to going ojncem a described in the relevant sections of this rewt. Oth•r information The other informalion comprises the infomiation induded in the annual report other than the finarrAal statements and our audilorfs report thereon. The trustees are responsiL4e ftx the other irrforrnalion contsined within the annu81 raport. Our opinion on the finanoal statèments does not cover thè other Infom)ation and we do not 6xprass any form ol assuran conclusion thereon. Our responsibility Is to read the other infomiation and, in doing so, consider whether the other inlomiation is rnaterially inconsistent with ihe finanaal staternents or our knovAedge obtained in the course of the audit. or otherwse appears lo be malenally rnisststed. If we identify such material Inconsistencies or 8pparent m8teri81 rnisstateTnents. we are fequired to detertnine whether this gives n5e to a rnaterEI mis5t8ternent in the financial statements themsdves. If, based C Ihe work we have perfomied, we condude that there is matenal rnisstatement of this olher inlornialion, we are required lo report that fact. h8v& nothing lo report in this regar<l.
THE SCOTS GUARDS CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF THE SCOTS GUARDS CHARITY Mt¢rs on whlch wè ar• r•qulr•d to rnport by èxeèptlon We have nothing to report in respect of the followng matters in retation to which the Charitie5 (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scollandl Regulab"on$ 20[ las amendedl requirp us to report to you rf, in our opinion.. the information given in the finarKial statsrnents is incjjnsistent in any material respect wf(h the trustee5' report". or suffiaenl and proper accounting records have not been kept., or the finanoal statements are not In agreement wth the accounting records,. or we have not received all the in1¢)"on and expl8nab"on5 we require for ow audit. R•sponslbllltl•s of trusta•8 As 8xplained more fully in the $18rnertt of trustees, responsibilities. the tnjstees. who are also the directors of the olarity for the purpos8 of company law. are responsitAe for the preparation of thè financial statèmènts and for bèing satisfied that they give a true and fair vw. and for such intemal control as the trustees detem)ine is necessary to enable the preparation of finanoal statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financi81 statements. the Iwslee5 are responsitle for assessing the charity's abilrty lo conlinug a$ a gtyng wncem, dis¢losiny. as apF4i¢atrA&. matters related to going nCern and using the golng concern basis of accounting unless the trustees either Intend to liquidate the charitatle company or to cease OP8rations. or have no r8alistic alternative tJt lo do so. Audl¢or'$ respon¥lblllUes for the audlt ol the Ilnanclal statements We have been appointed as auditor under section 144 of the Charilies Act 2011 and section 4411llcl of the Charitr'es and Trustee Investment Iscouandl Act 2005 and report in accordance with ¢he Acts and relevant regulations made or having effed Ihertrunder. Our objéctwas ara to obtain réasona8 assurancé about %thethèr tha finanaal statèmants as a whcle ar8 fraè from material misslalemenl, vthether due to fraud or errcrf. and to issue an audrtorfs report Ihal includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a malerial rnisstatement when il exisis. Misstatements can arise from fraud or error and are cOndered matenal rf, individually or In the a99re9ate, they could reasona1Y be expected to influence tha aconomic dacisions ol users taken on tha basis of Ihese financial statements. Irregularities. induding fraud, are inslanrEs of rKJrrfomFAiance with laws and regulations. We design procedures in line with our responsibilities. oudined above. to dect merial rnisstatements in respect of irregularitieg. including fraud. Thè èxtant to which our pdurS af8 rapaL4è of dètethng Irregulantiès. Induding fraud. Is dèt8ilÈd b81ow.
THE SCOTS GUARDS CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF THE SCOTS GUARDS CHARITY Extent to which Ihg aufjil was ¢onsidered ¢apai49 of deteth.ng irrggulants"es. induding frau Our approach to identifying and aSseSng the risks of material misstatement in respect of irregularities, induding fraud and non-cc>mpliance wth law5 and regulations. was as fdlows.. the engagement partner en5UTed that the engagement team ¢ollethvdy had the appropriate cornpeten, capabilities and sknlls to identsfy or fecognise nOornEiance wrth apFlicatle laws and regulations., we idents'fied the laws and regulalions applicable to the charrtat4e company through discussions wrth Trustees and other management. and from our knovAedge and experience ofthe sector,. we IcKused on specific laws and regulabons which we Dsidered may have a direct material effect on the finanaal statements or the operations ol the d)atitatAe cornpany. indudin9 the Cornpanies Act 201%. thè Charits'es Act 2011. the Charities SORP, the Charities and Trustee Investsnent Iscodandl Act 2005 and 8 01 the Charities Accounts (Scollandl Regulations 20(. taxation legiallOn, dats protection. anti-bribery, employrnenl. environmental and health and safety legislation.. we assessed the eent of ¢omplian¢e wrth the laws and r¢9ulab"on$ identsfi8d abov& through Man9 enquiries of management and inspectirrfJ legal correspondence, and identified laws and regulations were communicated wthin the audit team regularfy and the tearn remained alert to instanc£s of noTrcompliance throughout the audiL We assessed the suseeptibilty of the ch8ritst4e company's fin8nc481 statements to material misslatemenl. induding obtaining an understanding of how fratjd might cttur, by.. makin9 enquines of mana9ment a$ to they ¢on$id&red there was $u$¢epts'bility lo fr8uL1, their knovAedge ol actual. suspected and alleged fraud.. and • considering the internal contrds in place lo mitigate risks of fraud and nOrKMplIance wrth laws and regulations. Audit response to risks identified To od4r&ss tha nsk ol fraud through manag¢m¢nt bw$ ond ovwid ¢1 ¢ontr¢4$, ". performed arnal1c procedures to identify any unusual or unexpected relationships, reviewed all transactions listed.. as5es5ed whether judgements and asBumpb'ons made in deteIn1j the accounting estirnates were indicative tsl potential bias,. and invÉslig8lèd the rabonale bÉhind signth¢anl or unusul transxlions. In response to (he risk of irregularies and nonwcomF4iance wth laws and gUlaonS, we designed procedures which included, but were not limrted to. agreeing financial 5ts1ernenl dis¢lo$ure$ lo Undern9 $w)wb"ng do¢umentglion". and trnquiring ol managoment a$ lo actual and potonb"al1thg*"on and daim$. There are inherent limitations in ojr audit procedures descnbed above. The more removed that laws and regulations are frorn financial transactions, the less likely rt is that we would becorne aware of non-compliance. Auditing Standards also limit the audil procedures required to Identify nonvcomFAiance wilh law5 and regulation5 to enquiry ol the Trustees and other management and the ins0n of iegul810ry and legal ¢orre$ponden¢e. if any. Material misstatements that arise due to fraud can be harder to detect than those thai arise from error as they may involve deliberate concealment or collusion. A further descript'on of our responsibilities is avadable on the Financial ReportiThJ Cncil,$ website at.. https'.l/ www.frc.org.ukJauditorsresponsblities. This description fomis part of our audilorfs reporL 10-
THE SCOTS GUARDS CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF THE SCOTS GUARDS CHARITY U$• of our rèport This report is made sotely to ihe charity's trustees. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Re9ulation5 2008 and regulab.on 10 01 Ihe Charities Accounts Iscotlandl Reg(Jlations 20(E. O(Jr audit work has been undertaken so that we might state to the ¢h8rity's trustees those matters we a requred lo state to them in an auditorfs report an¢J for no other purpose. To the fullest extent pem)itted by law. we do not accept or assume responsibility to anyone other than the tharity and Ihe charty's Injslees as a booy, lor our audrt work, for this report, or lor the ownions we have tomied. 2311212024 Alllotts LLP Chartered Accountants Statutory Audltor Manfield HSe 1 Southarnpton Street London 2R OLR Alliotts LLP is eligie lor 8ppointment as aui*tor of the charity by virtue of ts eligibility for appointment as auditor ol company under section 1212 of the CompaniesAct 2006.
THE SCOTS GUARDS CHARITY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlct•d R•strfct•d fvnds fvnds 2024 2024 Total Unrnstrlcted R•strlct8d fvnds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitabl8 activities Other trading activities Investments 204,645 41.146 6.593 49.145 204,645 41.146 6,593 49,145 404,512 56.209 e.597 42,129 404,512 56,209 6,597 42,129 Totsl Income 301.529 301.529 509.447 509,447 Exp•ndltur• on: Raising funds Chantabl8 activiti8$ Other expenditure 63,852 349,207 15.000 63,852 349,207 15.OL 82,418 396,932 82,418 396,932 13 Totsl exp•ndttur• 428.059 428,059 479,350 479,350 Net gainslllosssl on investments 14 298,698 296.696 1299,778 1299,7761 Nat Incomoll•xpendStur•l and movement In funds 170,166 170.166 1269,879 12e9,6791 Re¢on¢lllallon ol fund5= Fund balances at 1 April 2023 7,802,535 2.014 7,804,549 8.072,214 2,014 8,074,228 Fund balan¢es at 31 March 2024 7.972.701 2.014 7,974.715 7.802.535 2.014 7,804,549 The statemtrnt of fin8n¢ial activ"8$ includes 811 gain$ and Iwes r8¢ognisgd in the year. 1 In¢ome and expgndlture derive from continuing a1V.e 12-
THE SCOTS GUARDS CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxad assèts Intangible assets Tangible assets Investments 17 18 19 2.496 52,423 6,7S2,966 3,456 112,423 7,283,163 6,807,885 7,379,042 Curr•nt ass8ts stocks Debtors Cash at bank and in hand 20 21 13.487 200.0(KI 968.175 11.823 426.915 1,181.662 438.738 Credltorn: amounts lalllng du• thIn ono yoar 22 114,8321 113,2311 Net current assets 1,166,830 425,507 Totsl a88•ts1o curr¢nt11oblllti 7,974,715 7,804,549 Th• funds of the ¢harlty Restricted incorne funds Unrestriet8d funds 26 2,014 7.972,701 2,014 7,802,S35 7,974,715 7,804,549 The cornpany is entiljed (o the exemption trom audrt requirement contained in section 477 ofthe Companies Act 2006, for the year ended 31 Marth 2024, 8tthough an audit hag been carried out under section 144 of the Charitie5 Act2011. The directors acknowledge their responsibilities for comFtying with the requirements of the Companies Act 20( with respect to accounting record5 and the preparation of finarrial stalements. The members have not QuIred the rnpany to obtain an audit of its finanual Statements under the roquiremènls of the CompaniesAct 20C6. for Ihe year in quèsbon in acCdanCe Vlith section 476. These financial statements have been prepared in accordance with the provisions apF4lCae to coMpanS subject to the small companies regirne. 2311212024 The financial statements were approved by the trustees ......................... Brigadier Ireliredl G H F S Nickerson Trustee Company registration nUMr 10596645 (England and Waes) 13-
THE SCOTS GUARDS CHARITY BALANCE SHEET ICONTINUED) AS AT 31 MARCH 2024 Crlll¢al a¢¢ountlng •stlmatss and ludgèm•nts In the application of the charty's accounting pc4iues. Ihe injstees a required to make judgements, estimates and assumptions about the carrying amount ol assets and Iiabililies that are not readily apparent from other Sources. The estimates and associated assumption5 are based on historical experience and other factors that arè considÉr6d to bè rélèvant. Actua rèsuAs may drffer from thèsè èstimatès. The estimates and underlying assumpts'ons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the penod in which the estimate is revised wthere the revision allects cfftly that period. or in the period of the revision and ftjture peri¢)ds where the revision affect5 both current and fvture periods. Accountlng pollcles Charlty Informatlon The Scots Guards Charity is a private company limited by guarantee incorporated in England and Was. The registered office is Regimental Headquarter6 Scots Guards. Wellington 8arracks, Birdcage Walk. London, SW1E 6HQ. 2.1 Accounllng conv•ntlon The finan¢ial slatem&nl$ have been pparts in a¢¢ordance vith the d)arity's Igovarning documenll. the Companies Act 2006. the Charibes and Trustee Investment (Scollandl Acl 2005, the Charities Accounts (Scotlandl Regulations 20C6 las amended) an(J "Accounting and Reporting by Charities.. Statement of Recommended Practice applicab18 to charitses prepanng their accounts in accordance wth the Financial Reporting Standard applicable In Ihe UK ar Republic ol Ireland IFRS 1021 leffecti¥e 1 January 20191 The ¢h8rty 1$ a Publi¢ B•n•fit Entty as defined by FRS 102. The charity has (aken advantage ol the provICS in the SORP for chanties not to prepare a statnent ol Cash Flow5. The financial statemènts ara prèpared in stèrfing. %thid) is thè fun¢b"onal ¢yffen¢y of th• ¢h8rbty. M¢nelary grnounts in these financial stalemenls are rounded to the nearest £. The financial statements have been Prepared under the histoiical c05t convention, modified to indude the revaluation of freehold properties and to Indude Investrnent protertie5 and certain financi81 in8lrumentS at fair valu$. The pnnupal a¢¢ntIng p¢4Ks ¥(lopled 8ro Set OLrt boltyw. 2.2 Golng concern Al th8 timè of appron9 the finan¢ial stements. the trustees have Considered their sitiOn and hav& a reasonable expectation that the charity has adequate resources to contsnue In operational existen for the foreseeable future. Thus the trustees conb'nue to athjpt the goiThJ concem basis of accountirrfj in preparing the financial staternents. 2.3 CharStable funds Unrestricted funds are availatle for use at the discretion of the trustees in fijrtherance of their charitable objectives. 2A Income Income is recognised when tre tharity is legally entrtled to rt after any perfomance conditions have b6en mèt, the amounts can be measure(I reliabfy. and rt is 0bae that income wll be received. Cash donations are recognised receipt Other donations are recognised once the charity has been notified of the donation. unless perforrnance conditions require deferral of the amount. Incorne tax recoverable in relation to donab'ons received under GiftAid or deeds of Covenant is recA)gnised at the tirne ol the donation. 14-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl•s IContlnu#dl Legacies are recognised on rewpt or otherwse rf the thanty has been notyfied of an Impending dBtribution, the arnount 15 known, ¥rKI receipt is exp*¢igd. If the amount is not kn¢Thn, the legacy is tiested 8$ 9 contingent asseL 2.6 Expandltuf• Expenditure is rewgni8ed cfjce there is a lega or constnKtive to transler economic benefit lo third party. it Is probable that a transfer of èconomi¢ t&fitS will bè rèquired in setllèment, and the amount of the obligation can measureil reliably. Expenditure is da5sified by activity. The costs of each activity are rnade up of the total of dir c05t5 and 5h8red costs. including suprrfjrt costs inv¢Aved In undertaking eath activity. Oirect costs attnbut8ile to 8 single 8¢tivity are all¢catwl dire¢tly to that activity. Shared ¢o$ts vh)ich ¢ontnbutè to more than one a¢tivity an support costs which are not attributable lo a single activity are apportioned betsveen those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of tirne spent, and depreciation charges are allocated on the portion of the a55et's use. 2.6 Intanglble fixe(l assets other than goodvlll Intangible assets acquired separatdy from a bLNness are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulaled impaimwnt losses. Intangible a8se15 acquired on busine$$ ¢omt4nab"on$ are recognised sepor¥tely fr¢m 900th111 ¥1 the acquisition date vhere rt is probable that th& expected ftrture economic benefits that are attributable to the asset will flow lo the entity and the fair value ol the asset can be measured reliabty". the intangible asset arises from contractual or other begal nghis.. and the intsngit4e asset is separat4e from the entty. Amortisation is recognised so as to write off the cost or valuation of as6ets less their re&dual values over their useful lives on the following bases.. Information system over S years 2.7 Tanglble flxed assets Tangible fixéd assets are initiany mèasurgd at ¢ost and subsequenlly m&a$ur¥d at ¢osl or valuation, ol depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or Valuatic of assets less their redUal values over their useful lives on the following bases.. Fixiures and fittings Chattels Atlantic Guardsmen over 4 years not depreuatÈd impaimient The gain or loss arising on the disposal of an asset is determined as the dffterence beeen the sale proceeds and the carrying value of the asset. and is recognjsed in the ststement ol financid acb'vibes. 2A Flxed asset Investments Fixed asset investments are inalty meagjred at transaction pn exduding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incornellexpendilurel lor the year. Transaction costs are expensed as incued. 15-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl•s IContlnu#dl 2.9 Impoirment of fixod aets At each reporting end date. the charity reVw9 the carrying amounts of Its tangible and inlangiNe assets to determine whether there is any indication that Ihose assels have suffered an irnpairment loss. If any such Indication exists, the recov8rat4e amount of the asset IS 85timated in order to detemiin8 the ext8nt of th8 Impairment loss lil any). 2.10 Stocks Stocks are stated at the I0T of cost and estirnaled selling price less costs to complete and 8ell. Cost cornprises direct m8len815 an(1. where aptAiratAe, dirert latxjur costs and those overheads that have been incurred In bnnging the stocks to their present Ictation and eondits"on. Items held for distnb(th¢)n al nc or nominal consideration are rneasud the lower of replacement cost and cost. Net realisable value is thè esbmated sellin9 price le$$ all ¢$ts"mated Cosis of mpletion and co$t$ tg b9 incurred in marketing, selling and distribution. 2.11 ¢•$h and ¢a¥h ¢gulvalents Cash and cash equivalents indude cash in hand. deposits hdd at call wrth banks, other short.term liquid investrnenls with original maturitses of three months or less, and bank overdrafts. Bank overdrafts are Shown wrthin borrowings in Curnt Iiabilrti&& 2.12 Flnanclal Instrum•nts The ¢harily has elected lo apF4y Ihe prtsvisions ¢1 Section 11 '80$1¢ Finantyal Instrumonls, 8nd Section 12 'Other Financial Inslrumenis Issu¥$' of FRS 102 to all of 11$ finanoal inslwmenls. Financial instruments are recognised in the chanty's balance sheet when the charty beeomes paty to the contraclual prowsions ol the inslrument. Financial Bssats ond liabilrtias are offset, wth the net gmounts pr&sent8d in the financi81 statemants, when there is a legally enforCeae nght lo set off the recognised amounts and there is an intents'on to settle on a net basis or to realise Ihe asset and settle the liability Multaneouy. B)$1¢ fin•n¢ll •$$•ts Basic finanrial assets. vthich include debtors arKI cash and bank balances. are infaally measured at transaction price including transaclion costs an(J are sub5equendy camed at amortised cost U5in9 the effective interest method unless the arrangement ¢onstrtutes a finanong tran$8¢tion. where the transa¢tion 1$ measured at the present value ol the fLrture 1p1S discounted at a market rate of interest Finanaal assets dassth'ed as receivable within one year are nol amortise Basic financial liabilities, including creditors and bank loans are initialty recognised at transaction price unles5 the arrangement constitute5 8 financing transaction. vthere the debt instrument Is rneasured at the present value ol the future paymènts discwnte(l at 8 market rate of inlerèst. Finon¢ial 114bilits&s dossified as payable wrthin one year are not amortised. Debt instrument5 are subsequenty carried at aMtised cost. using the effects've interest rate method. Trade creditors a 0119.0ns to pay for gc¥)ds or SeNS thal have acquired in the ordinary course of operations from suppliers. Amounts payatle are dassified as current liabilities il payment is due within one year or less. If not, they are presented as nonwcurrent Ila.1rtles. Trade creditors are recognised Initially at transaction price and subsequenlty rneasureil at amortised c05t Using the effective interest rnethod. Dor8cognlllon olllnanclalllabllhl Financial liabilities are derewnised when the tharty's cnntracknal otrAigations expire or are discharged or cancelled. 16-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl•s IContlnu#dl 2.13 Employeg benefits The charity has no emoYeeS but pays hor#)raria al the discretion of ihe trustees. 2.14 Revremgnt bgngffts Payrnents to defined contribution retirement tenefft schemes are charged as an expense as they fall due. 2.15 Lgasgs Rentals payable under operating leases. indLkYing any lease incentives rec*ived, are charged as an expense on 8 straight line b8315 over the terrn of the relev8nt lease. Income from donatlons and legacl Unrestrlcted funds 2024 Unrestrlcted funds 2023 Donations and gifts Grants 168,629 38,016 376,690 27,822 204,645 404,512 Incomo from charftabl• actlvltles Unr•8trlct8d funds 2024 Unrnstrlctod funds 2023 Charltabl• actJvltl8S Ch8ri18ble income 41,146 56,209 Income from other tradlng actfvltles Unre5tr1¢ted Unrestrlcted funds funds 2024 2023 Shop income 6,593 6.597 17-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Inv•stm•nts Unr•strlctsd Unrestricted funds funds 2024 2023 Investment income Intsr&st receivable 38,925 10,220 39,751 2,378 49,145 42,129 Ralslng funds Unrostrlcted Unrestrictèd lunds funds 2024 2023 Other fvndraising ojsts 18,034 34,092 Investment rnanègers, fee8 45,818 48,326 63,852 82,418 18-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp•ndltur• on ¢harttsbl• a¢tlvltl•s Grdnts payable 2024 Grants payable 2023 Dlrect costs Depreciation and impaim)ent Charitable expenditure 110.791 102,425 111,7S1 103,289 Grant fvnding of activities and donaticS Isee note 101 85,179 152,489 Shar• of 8UPPOrt and gov•man¢• ¢ts {$•• nots 9 Support Govern8nca 140,409 11,868 130,402 10,752 349.207 396,932 Analysls by fund Unrestricted funds 349,207 396,932 Support costs Support Gov•mancè ¢osts ¢o•ts 2024 Support Gov•rnancè ¢osts ¢08ts 2023 Honorarium Archivas Magazine, Diary and Christmas cards Postage Flowers and e8th$ Fee5 and insurance Events and Gffts Travel costs Regimental stock Regimental Headquarters costs 45,617 5,419 45.617 5,419 48,375 9,654 48,375 9,654 17.914 7.291 978 15.(k$9 13.688 1,419 17.809 17.914 7,291 978 15.069 13,688 1,419 17.809 21,176 9,309 21,176 9,309 14,133 3,2 14.133 3,962 6.094 6,094 15.205 15,205 17,233 17,233 Audit fees 11.866 11.868 10,752 10,752 140,409 11,868 152.277 130,402 10,752 141.154 Anatysed beNveen Charitable activrties 140,409 11,868 152.277 130,402 10.752 141.154 Govemance costs indudes payments to the auditors of £11.86812023- £10,560) for audit fees. 19-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Donatlon$ and Grants payab Grants payable 2024 Grants payable 2023 Grants to institutions.. Clothworkerfs Grant- Awarded to 1st Battalion &'F' company Scots Guards Regiment Scots Guards Regiment- Command officer. 'F' &'K' companies and Batyj Grants 28.000 16,050 22,004 11,050 44.050 33,054 Grants lo individuals Donations to London Scottish Headquarters Trust 1158.8711 200,000 119,435 85.179 152,489 11 N•t mov•mont In funds 2024 2023 The net movernenl in ndS 15 ststed after chargin(clengj'. Fees payable ICY ?udf¢ of the ¢h8rity'$ finanoal statements L053 on disposal of tangible fixed assets Arnortisation of intangible assels 11,868 15.000 10,752 12 Tru8t8•8 None of the trustees lor any COnrcted per%Jns them) received any remuneration or benefits frorn the Charity during the year except for £29212023.. £nll being paid on behaw ol tr115tees for subsi51en¢e. 13 Oth•r •xp•ndStur• Unrestrlcted Unrestrlcted funds funds 2024 2023 Nel103s on disposa oflangitle fixed as3ets 15.000 -20-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Galn$ and loss•s on Invéslmènts Unrestrlcted Unrestrlcted funds funds 2024 2023 Gainslllossesl arising on.. Revaluation of investments Sale of investments 262,976 33,720 1286,7971 112,9791 296,696 1299,7781 15 Honorarla Th&r• were 2 individuals in r•wpl of honofarfia payments 2024 Number 2023 Numbar Honorarla co• 2024 2023 Honoraria Pension 44.704 913 47,375 1,000 45.617 48,375 There wa3 no individual whose 8nnua remuneration was more Ihan £60.000. 16 Taxation The charty is exempt from tax on income and gains falliThJ wilhin section 505 01 the Taxes Act 1988 or section 252 of the Taxation of Chargeat4e Gains Act 1992 to the exlent Ihat these are applied to rts charitable objects. 21
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Intanglbl• fixsd as$•ts Imlormatio system Cost At 1 April 2023 and 31 March 2024 4,800 Amortl$atlon and Impalrment At 1 April 2023 Amortisation d)argèd for Ihè year 1,344 960 At 31 March 2024 2,304 Carrylng amount At 31 March 2024 2,496 Al 31 March 2023 3,456 18 Tanglble flxed asset¥ Flxlur•A and Chatt• ffttlng# Atlantlc Guardlma Total Coit or v4luatlon At 1 April 2023 Disposal$ 21,587 52.423 63,257 163,2571 137,267 163,2571 At 31 March 2024 21,587 52.423 74,010 Doproclatlon and Impalnnent At 1 April 2023 Eliminated In respect of di$F#)sas 21.587 3,257 13,2571 24,844 13,2571 At 31 March 2024 21.587 21,587 Carrylng amount At 31 March 2024 52,423 52,423 At 31 March 2023 52,423 60.000 112,423 -22-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Flx¢d a$s•t Inv*stm¢nts Listed Inv8strnents Cash in portfollg Totsl Cost or valuatlon Al 1 April 2023 Additions Valuation changes Divid8nd$ Irtrinvestedl Fees Disposal$ 7.079.342 2,112.560 262,976 183.621 7,263,163 2,112,560 92,823 38,925 145,8201 12,708,685) 1170,1531 38.925 145.8201 12,708,885) At 31 March 2024 6,746.193 6.773 6,752,968 Carrylng amount At 31 March 2024 6,746,193 8.773 6,752,968 Al 31 March 2023 7.079.342 183.821 7,263,163 20 Stocks 2024 2023 Raw materials and consumatAes 13.487 11,823 21 Dobtors 2024 2023 Amounts falllng due ¥Athln on¥ y••r'. Other debtors 200,000 The debtor balance relates to a balartt repayatle on demand for vthich there is a legal charge over the debtorfs property. 22 CreditoTr- •mounts falling due Y4ithin year 2024 2023 Other taxation and social security Other creditors Accru819 and deferred inccrfne 1.812 2,241 10.979 2,671 10,560 14,832 13.231 -23-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 R¢Ur•m•nt fftèfft $chèm•s 2024 2023 Daflnèd contrlbutlon sch•m8S Charge to profit or loss in fesFect of defjned ojntribution schemes 913 1,000 The charity operates a defined contribution pension scheme for all qualfying employees. The assets of the s¢hémè aré hdd sÈparatdy from thtssè of the tharity in an indèpÈndénUy administèrÈd fund. 24 Unrestrlcted funds The unrestricted funds of the charty comprise the unexpended balances ofdon3tions and grants which are not subject to spÈcifit ndIllonS by donors and grantors as to how they may bo used. ThÈs8 indude de$ignat$d lun¢Js which ha¥& Lw set asid& of unr&sth"¢te<l fvnd$ by th$ Iw$ls&$ for $w¢ifi¢ purposes. At 1 Aprfl 2023 Incomlng rvsources Resources •xponded Transfers Galns and At 31 March losses 2024 Investment Fund General funds 7,263.165 539.370 1510,1991 510,199 6,752,966 1,219,735 301.529 1428.0591 298.896 7.802.535 301.529 1428.0591 296.696 7,972,701 Pr•vlous y•ar: At 1 Aprfl 2022 In¢omlng r•sourc•8 Re$our¢es •xpond•d Tran$f•rn G•ln$ and At 31 M•r¢h k*81•• 2023 Investment Fund Ggneral fund$ 7,571.516 500,698 1308,3511 308,351 7,2e3,165 539,370 509.447 1479,3501 1299,7761 8.072.214 509.447 1479,3501 1299.7761 7,802,535 The Investment Fund represenls the fixed asset investments of the charity which are managed with the aim to generate an incornÈ rÈturn to supp(yt the tharity Irb the longer twrn. whilst at the time protecting the underlying Investment base. -24-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Analy$l$ of n•t a$$èts bètwn fvnd$ Unrestricted funds 2024 RtrICted funds 2024 Totsl 2024 At 31 March 2024: Intsngible fix8d asssts Tangible assets Investments Current asselsllliabililitrsl 2,496 52,423 8,752,966 1.164.816 2,496 52,423 6,752,966 1, 1fj6,830 2.014 7,972,701 2.014 7,974,715 UntrICted funds 2023 Rostrlcted funds 2023 Tot*1 2023 At 31 March 2023: Intsngibla fixéd assets Tangible assets Investments Current assetsllliabilitiesl 3,456 112.423 7,263,163 423,493 3,456 112,423 7,2e3.163 425,S07 2,014 7,802,535 2,014 7,804,549 26 RtrIcted lund$ The restricted funds ol Ihe chanty comprise the unexpended balances of donations and gr8nts held on trust subject to specAfic cOnd.0nS by donors as to how they may be used. Movement In fund$ 2023 Movement In fund$ 2024 Balance at Incoming Balan¢e at 31 Incoming Balanee at 1 April 2022 Apwil 2023 Rèsour¢•$ 31 Marth 2024 Cloihworkers Grant fund 2.014 2,014 2,014 -25-
THE SCOTS GUARDS CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Operating le8$e Commitments Lessee At th8 rèporting ènd dal8 thè tharrty had <Krtstanding ¢x)rnmrtmènts for futurè minimum16as8 paymènts undèr non-cancellable operating leases, vthich fall due as follows". 2024 2023 Wthin one year Befvleen and five years 9.850 938 13,537 1,688 10.588 15,225 28 R•lated party transactlons There We n¢ dis¢losable related party tr8nsa¢tity)$ dunng the ye8r, olher than th& grants lo the Regim8nl, which are disclosed in these accounts. -26-