Docusign nVelope iu.. vd)&ytS>J-tyL1441£¥-uriM-¥4£O0Lf¥D4tt0 Chority number.. 1177059 The Mèreion Reglmental Chority Trusiees, Report ond Finonclal Stotements For the year ended 31 MoTch 2024 rfIDAINS
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DocusvJn Envalope ID". 02539B5>5314472&877A-942882E964EB The Mercian Regimental Choriiy Contènts Page Reference and odministrtstivè detoils of the CIO. its Trustees and advlsèrs Trustèès. rèport Independent exQmineS report Stotement of financlal octivitles io Balance sheet Notès to the finonciul stotements 12-27
DocusKJn Envelope ID.. 02539B53-52144729-877A-942882E964EB Thè Mercian Regimenlul Chorily Rtference and Administrotivè Details of the CIO, it5 Trustéès ond Advisers For thè year ènded 31 March 2024 Trustees Lt Gen Sir lun Cuve KC8. Choirman ond Colonel of the Regiment Brig (Retd) S Banton 08E. Deputy Colonel Heritoge Brig C Ginn CBE. Depvly Colonel RRCM Brig (Retd) P Kimber OBE. Deputy Colonel Finance Col (Retd) A Wolton MBE Lt Col G Brown. C01 Mercian Lt Col C Whitting. C04 Mercion (oppointed 27 Aprll 2023) Lt CDI (Retd) M Jackson OSE Lt Col (Retd) N Mockintosh Moj (Retdl M Banks (tsppointed 30 October 20241 Mr M Elliott Lt Col R Spalton. C04 Mercion (resigned 27 April 2023) Charity reglstered number 1177059 Principal officé Regimental Headquorters The Mercion Re9iment Whittington Borrocks Lichfield Stoffordshire WS14 9TJ Finuntiol secretory Mrs P Meor Accountonts Doins Audit Limited 2 Chomb8rlain Squore Blrrninghom 85 3AX 8unkèr$ Lloyds 8ank plc 22 Conduit Street Lichfield WS13 6JS CAF 8onk 25 Kings Hill Avenue West Malling ME19 4JQ Royol Bonk of Scotland 200 Fowler Avenue Farnborough GU14 7JP Poge 1
Dttfuslgn Envelope ID.. 02539B5>5214472&B77A.942B82E964E6 The Mercian Regimentol Charity Reference and Administrative Details of the CIO, its Trustèes ond Advisers (continued) For the year endèd 31 March 2024 Investment Managers Investec Wealth ond Investment 30 Gresham Street London EC2V 7QN Puge 2
DocusvJn Envelope10.' 02539853-52144729-877A-942882E964EB The Mercion Regimental Chority Trvstees, report Fof the year ended 31 Mor¢h 2024 The Trustees present their onnuol report together with the finoncltsl sioiements of the CIO for the 1 April 2023 to 31 Norch 2024. Objèctives and gctivitiès a. Objèctlvès and aims The prlncipol objectives of the The Mercian Regimentol Chorlty ore.. Promote the efficiency ol the Regiment. Preserve memoriols ond chapels ol the Regiment rjnd the former Regiments, including preservotion in perpetuity of Crich Memori01 and grounds Moke gronts to any other chority or Drganisotion for the benefit of the Regiment or former Regiments. Provide for rhe upkeep and mainienonce ol any museum of or reloted to the Reglment or former Regiments and their contenis ond In ocquiring new exhibits Provide lor the preservotion. reptsir moinienonce. replocement. sale custody. and exhibition of chottels. trophies oncj memorials of the Regiment and the former Regiments. Provide for the compilotion ond reproduction by prinllng. photogrophing. or otherwise ol records. histories ond documents of the Regiment ond former Regiments. including the expenses ol a Regimentol Journttl (known os the Merciarn Eoole). newsletter. tsnd website. Mointainillg and preserving the traditions ond spirit of the Regiment ond the former Reglments ond maintaining communication between post ond present members of the Regiment ond former Regiments In setting objectives ond plonning for r)ctiviti8s. the Trusiees hove given due consideration to general guidonce published by the Chority Commission relating to public benefit. including the guidance 'Publlc benefit.. running ts charlty (PB2)' b. Main activitiès undertaken to further the CIO'S pvrposes for the public benetit The main activities of the charlty to further its chtsritoble purposes for the public benefit have been undertoken In the following cjreos by.. Provicsing grants lor the efficiency of the Regiment. ond to ony other charity tsf the Regiment. lor the benefit ol the Regiment or the former Regiments. Funding the mointenance cjnd upkeep ol the memoriols ond chtspels of the Regiment. ond Its former Regiments. Including The Crich Nemorial. FLJnding the maintenance ond preservution ol the chottels of the Regiment and the former Regirnents. gerving members ol the Mercian Regiment are entitled to opply for grants iowords odventure training tsnd sport. Day's Poy scheme presentations ore given throughout the year to oll serving members of the Mercian Regiment to keep them Informed of the benefits of donating to their Regimentol Chorities. Fundin9 SUPPOrt is olso given to key Regimeniol events. including Remembrance and freedom porodes Poge 3
Docusign Envelope ID.. 02539853-52144729-877A-942882E964EB Thè Mèrcion Regimentol Charity Trustees, report (continued) For th* year ended 31 March 2024 Achievements and performonce a. Review of activities of the CIO The largest portion of income for The Mercion Regimentol Chority Is monthly contributions mode by serving members of The Mercian Regiment under a soloru socrifice scheme called the Ooy's Poy Scheme Reservists joined the scheme in April 2018. The Income Is paid to the Regimentol Charity ond 51% is tronsferred to The Mercion Benevolent Chority The Regim&ntol Charity's share thig finoncial yeor was £50K. this being o slight Increose from the previous finonciol yeors (2019.. £45K.. 2020.. £46K." 2021. £48K.. 2022. £49K, 2023.. £50K). Due to the pondemic some event5 for hosting and fLJndraising are still to be rescheduled. It is hoped thot events will be arronged nexi linonclol yeor ond work hos been Initioted to Lay the 2nd Battalion's Colours in Lichfield Cathedral. Crich The memorial gorden at Crich was formally opened June 2025. Incorporoted with the opening wos the lounch of Crich Remembronce plaques to raise some tsddition(Jl funds. July 2023 wos o poignont year as it was the Centenary ol Crich." it wcjs marked by hosting o dinner the nlght before the Pilgrlrnoge and o slightly more eloborote pilgrimage wa5 h05ted commemorate the occosion. b. Invesiment policy ond performonce An investment strotegy lor the Choriiy wos opproved by the Trustees. recognising the long-term nature of the Chority ond its obligotions. The objective is ro grow ihe income ond reserves of the Charity while having sufficient liquidity to meet foreseeable needs in the short term. Investec Wealth ond Investment was oppointed Investment Monoger in August 2012. The Intention Is thot investment5 will be in o multi asset Income portfolio spreod acfOSS o number of collective investment vehicles ond osset closses Finoncial review o. Going concern Alter making oppropriote enquiries, the iru5tees have a reasonable expetrtotion that the Trust hos odequote resources to continue In operorionol existence for the foreseeoble future. For this reason. they continue to adopt the going concern bosis In preparing the finonciol stoiements In October 201B the process was compleied for tronsferring the Nercion Flegimentul Chority 1117655 assets to the CIO registered os The Merci(Jn Regimentol Chorlty 1177059. b. Reserve5 policy The free reserves of the CIO totolled £126,939 ot the bolonce sheet dote (2023 - £110.074). The copitol ossers (minus the Bond Fund) of Mercian Regimental Chority assets represented within the assets sholl noi foll below £1.75m. Page 4
Do¢usign Envelope ID." 02539853-52144729-877A-942B82E964EB The Mèrcian Reglmental Charity Trv$tees' rèport (contlnued) For the yeor èndèd 31 Morch 2024 f thot level Is breoched ot ony time. expendllure shall be reduced so ihot no further cash is drawn down to moke up any deficit of expenditure over Income. Insteod. oll Income generated by the remolnlng copitol shall be re-invested Until the reserve level of £1.75m hos been restored. Crich Restricted Fund withln Merclon Regimentol Ch¢Jrbty The copital value of ihe Crich Fund shall not foll below £300.000 11 that level is breoched ot ony time. the trustees wlll review ond reduce expenditure ond/or couse a lund-raislng compoign to be launched ond/or tronsfer copital from Merclun Regimentol Chority. . Principal funding The principle sources of fundin9 for the Mercion Reglmeniol Churity hos been from the solory sacrifice scheme. referred io os the 'Days Poy Scheme. from serving members ol the Mercian Regiment. The Charity olso receives dividend income from the investment portfolio. The restricted fund Crich Memorial Fund has benefitied from fundraising income where the orgalliser ol the annuol Merrion golf evernt split the proceeds between The Mercion Reglment Benevolent Chtsrity Ctnd Crich. The Memorial Fund olso receives some donotions from the public. directly into the charity bonk occount. Stfuctvre. governonce and monagement a. Constitution Declorotions ol Trust in reltstion ro The Mercian Regimental Chority ond The Mercion Regiment Benevolent Charity {"the Chorities") were made on 7th December 2006 and these were seoled by the Chority Cornmission on 23rd Jonuory 2007. The chorities were reglstered os linked chorities with the Charity Registrotion No. 1117653. The Trustees elected to separately reglster The Merciun Regiment Benevolent Charity with effect from 1st April 2008. the Charity Commlssion ogreed to this requesi. The charities were created in onticipotion of the formation of the Mercion Regiment on 21st August 2007 by the merger ol the 22nd (Cheshire) Regiment. The Worcester and Sherwood Foresters Regiment and The Stolfordshire Regiment (The Prince of Woles's) together with elemenis of the West Midlonds Regiment. a Territorial Army unit. All three regulor ormy regiments worked together to create The Mercion Regimenttsl Charity and ogreed that on the formation of the new Regiment they would tronsfer their eharittsble assets ond responsibilities to the Chority. The Trustees agreed to tronsfer The Mercian Regimentol Chority 1117653 trust to o choriioble Incorporated organisation (CIO).The Mercion Regimentol Charity 1177059 CIO wos registered with the Charity Commission on 8th February 2018. b. Methods of appointment or election of Trusteés The constitulion of the CIO. dated 8th February 2018. started with 15 trustees ond states the composition of the Council being.. The Colonel of the Regiment. Deputy Colonels of the Regiment - (Heritoge. previously refefred to os RRCM now CME. Finonce & Benevolence). Commc5nding Officers. non-execLJtive member. plus non-votlll9 members a secretory ond o ireosurer The trustees ore recorded in the register of members. Poge 5
Docusign Enveigpe ID." 02539B53-52144729-B77A-942B82E564EB The Mercian Regimental Charity Trustees, report (continued) For the year ended 31 Mgrch 2024 Structure. governonce and monogèmènt {eontinuéd) . Policie5 Qdopted for the indvction and troining of Trustees The consTilUtion siotes ihot eoch new chority trustee will be provided cs copy of ihe current constitution ond o copy of the CIO'S lorest trustees report ond slotement of occounis. Selected trustees tsnd stofl ottend seminars organisecl by the charity's fund manogers thot include governance ond investment. d. Orgoniststional strueturè The trustees, oll of whom orè members of the Council of the Mercian Fle9iment. meet biannually. There are svbcommittees comprising of members where ot leost two of thern ore members of the Council The subcommittees hove cleorly defined written terms of reference deoling with such motters os Heritoge. CME. Finonce und Associations., committee reports ore provided to the Council. Detolled annuol budgets ore prepored and submitted to the Council for approval, ond vorlonces scrutinised. The subcommittees meet ot leost twice a yeor. overseeing all aspecrs of the monogement of the linonces. e. Finoncial risk monogement The Trustees hove o duty to identify ond review the risks to which the charity Is exposed tsnd to ensure appropriate controls are in place to provide reasonable assuronce against froud ond error Financial occounting by the Finonce Officer is supervised by the Chairmon of the Finance Committee. The Charity employ5 0 communication5 officer who works at ihe Lichfield RHQ. The Chcjrity also employs o warden to caretoke the Crich site ond it provided with lied occommodotion. Plons for future periods The Trustees hoving been deoling with the Implicotions of the loss of the 2nd Botialion. which enioilecl pocking. moving and relocoting chottels ond Regimentol property. Furthermore. laylng up of the colovrs continue to be plonned. The Trustees and solicitors completed the transition of the Charity registered number 1117653 to a Charitoble Incorporated Organisation registered number 1177059. the Charity Commission incorporated the CIO on 26th October 2018 Presentotions aboui the Mercion charities ond salary sacrifice scheme cjre planned In the new finonciol yeor. for serving personnel to Inform them of whot Is ovoiloble to them ond how they con donote to Their charity. Chattels These ore comprised of Regimentol trophles. plciures ond sllverware. much of which were preseniotion ond cost is not oscertoinable. Eoch month o section of chottels Is checked ond annuolly a full Inspection is ctsrried out. A new improved system is beino investigtsted for presentation to the Trustees lor their consideration. Poge 6
Do¢usign Envelope ID". 02539B5>52144729-577A-942B82E964EB The Mèrclan Reglmental Chority Trustèes, report (continued) For the yèar ènded 31 March 2024 WSlh ihe llews that the 2nd Bottolion was io disband, o consideroble amount of plonning went into the retrieving. packing ond dispersing prior to ihe octuol pock. The retrievol took place but unpackSn9. Cotologuing. restoration where necessary and reollocoting is ongoing. Statement of Trustees, responsibilitiès The Trustees ore responsible lor preporing the Trustees, report and the financial stotements in occordonce with applictsble low ond United Kingdom Accounting Strsndords (United Kingdom Generally Accepred Accounting Pr(Ictice). The low opplicoble to chorities in Engltsnd & Woles reouires the Trustees to prepare finonciol stotements for each finonclol which give a true and lair view of the state of alfoirs of the CIO ond of Its incoming resources and application ol resources, Including its income and expenditure. lor that periocl. In preparing these finonciol statements. the Trustees ore required io.. select suitable accounting pollcies ond then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 102).. make judgements ond accounting esiimaies that are reasonable ond prudent.. state whether opplicoble UK Accounting Slondurds (FRS 102) hove been followed. subject to ony material deportures disclosecl and exploined in the finonclol stotements. prepore the Iinanciol statements on the going concern bosis unless it is Inoppropriote to presume that the CIO will continue in business. The Trustees are responsible lor keeping adequote occounting records thot ure sufficient to show and explain the CIO'S transociion5 and disclose with reasonable accurocy ot ony time the linonciol position of the CIO ond enoble them to ensure thol the Iinonciol statements comply with the Chorities Act 2011, the Chority (Accounts ancl Reponsl Regvlotions 2008 ond the provisions of the Trusr deed. They are tslso responsible for safeguordin9 the assets of the CIO ond hence for taking reosonoble steps lor the prevention and detettion of froud ond other irregularilles. Approved by order ol ihe members ol the boord of Trvstees ond signec* on their beholf by". OottuSI9Md by.. Brig (Retd) P Kimber 08E Deputy Colonel Finonce Date." 4 December 2024 Puge 7
Docusign Envelope 10. 02539B53-52144729-B77A-942B82E964E8 The Mercign Re9imental Charity Independent Examiner's Report For the yeor ended 31 Morch 2024 Independent Examinerfs Report to the Trustees of The Mercian Regimental Chority ('the CIO I report to the chorily Trustees on my examinotion of the accounrs of ihe CIO lor ihe year ended 31 Morch 2024. Responsibilities and Basis of Report As the Trustees of the CIO you are responsible lor the preporotion of the occounts in occordance with the requifernents ol the Charities Act 2011 (the 2011 Act,). I report in respect of my exumination of the CIO'S accounts corried out under section 145 of the 2011 Act ond in corrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Exominer's Statement Since the CIO'S gross Income exceeded £250.000 your exominer musi be o member of o body 15sred in section 145 01 the 2011 Act. I confirm thot l om qualified to undenoke the exomlnotion becovse l om o member of the ICAEW. which is one ol the lisied bodies. Your oiiention is drawn to the loct thot the CIO has prepored the accounts in occordonce with Accounting ond Reporting by Charities. Stotement ol Recommended Pructice opplicable to chorities preparing their accounts i accordance with the Fintsnciol Reporting Standtsrd applic(Jble in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Chorities." Stotement ol Recommended Prrjctice Issued on 1 April 2005 which is referrecl to in the extant regulations but hos been withdrown. l understalld thot thi5 has been done in order for the accounts to provide o true ond foir view In occorcjonce with the Generally Accepted Accounting Procrice effective for reportin9 periods beginning on or ofter l Jc*nuory 2019. I hove completed my exominotion I confirm thot no motters hove come to my orieniion In connectlon with the exominoiion giving me covse to believe thot in any moierlol respeci.. occounting records were not kept In respeci of the CIO as required by section 130 ol the 2011 Att". or the accounts do not accord with those records.. or the occounts do not comply with the applic(Jble requirements concerning the form and content ol accovnts set out in the Chorities (Accounts and Reports) Regulations 2008 other than any requirement thc5t the accounts give a true ond lair, view which is not a matter considered os Port ol an Independent exominotion. I huve no concerns ond hove come ocross no other motters in conneciion wlth the examinoiion to which attention should be drown in this report in order to enoble o proper uncSerstanding ol the (Jccounts to be reached. Page 8
Dtrcusign Envelope ID". 0253985&52144729-B77A-942B82E964EB The Mèrclon Regimental Charity Independent Exominer's Rèport {contlnued) For the yeor ended 31 Morch 2024 This report is mode solely to ihe CIO'S Trustees. os o body. in oJccordance with Port 4 01 the Chorities (Atcounts ond Reports) Re9ulations 2008. My work hos been undertoken so thot I might state to the CIO'S Trusrees those motters l am required to stote to them In on Independent exuminer's report tsnd for no other purpose. To the fullest extent permitted by low. I do not occept or ossurne responsibilily to onyone other thon the CIO ond the CIO'S Trustees as a body. for my work or for this report. Signed". Dated.. 4 December 2024 Andrew Morris FCA Dains Audit Limited Birminghom Poge 9
Docusign Envelope ID. 02539B53-52144729-877A-942B82E964E6 The Mercion Regimental Chority Staiement of financlol octivitiès For the ytor ended 31 Morch 2024 Unrestricted funds 2024 Restrirted fvnds 2024 Total fvnds 2024 Totol funds 2023 Note Income from- Oonotions tsnd legtscies 143.982 7.783 151.765 65.690 Other trtsding octivities-. Fundroisin9 Invesiments 19.032 21.170 40.202 14.963 70.746 11.966 82,712 71.938 Totol incomè 233.760 40.919 274.679 152.591 Expèndlture on: Roising funds Charitable activities 74.410 15.474 89.884 60.170 177,634 36.757 214,391 91,240 Totol èxpenditurè 252.044 52.231 304.275 151410 Net Income/(expendltvre) before invesiments {18.284} 01,3121 (29.5961 Net goins/(losses) on Investments 138,720 26.211 164.931 (192.915) Net income/(expendilure) Tr(Jnslers between fullds 120.436 14.899 135.355 (191,7341 15 03.826) 13.826 Net movement in fynds 106.610 28.725 135.355 1191.754) Reconciliotion of funds.. Totol funds brovghi forword Net movement in funds 2,529.259 425.373 2.954.632 3.146.366 106.610 28.725 135.535 (191,734) Total funds carried forwgrd 2.63S.869 454.098 3.089.967 2.954.652 The notes on poges 12 10 27 form part ol these financiol stotements Page10
Dowsign Envelope ID." 0253985>$27447287TA-942882E9S4Es The Mercitsn Règimental Chorlty Registered number.. Bolaneè sheet As ot 31 March 2024 2024 2025 Notè Fixed ossèts Tongible assets Investments 3.655 7,161 12 2.927,172 2.810.164 2.930.827 2.817.325 Current assets Debiors 13 45.110 20.825 Cosh ot bonk ond in hond 193.920 145.959 239.030 166.764 Creditors. omounis lolling due within one year 14 (79.890) (29.45n Net current tsssèts 159.140 137.307 Toiol net assets 3.089.967 2.954.632 Chorlty funds Restricted funds 15 454.098 425.373 Unrestricted funds 15 2.635.869 2.529.259 Toial fvnds 3.089.967 2.954.632 The flnonciol statements were opproved and outhorised for issue by the Trustees and signed on their beholf by.. O¢¢uSWd by.. Brig (Retd) P Kimber OBE Deputy Colonel Finonce Dote. 4 December 2024 The notes on poges 12 to 27 form port of these financiol stotements Poge 11
Docusign Envelope ID.. 02539653-52144729-B77A-942B82E964EB Thè Mercion Règimèntal Chority Notes to the finoncigl 5tutement5 For the year ended 31 March 2024 Gènèrol information The Mercion Regimentol Chority Is o private Charitable Incorporated Orgonisotion (CIO) registered with the Churity Commission in Englond & Woles. Its re9lSterecl number ond registered office address are given on poge l. The CIO'S objects ond principol octiviiies ore sei out In the Trusiees, Report. Accounting policies 2.1 8osis of preparation of finarbcial statèments The flnoncl01 stoiemenrs hove been prepored in occordonce with the Chorities SORP IFFIS 1021 Accounting nd Reporting by Chorilles. Stoiemenr of Recommended Prociice opplicoble to choriiies preporing their (Jccounts in accordonce with ihe Finonciol Reporiing Siondord opplicable in the UK ond Republic of Irelond (FRS 102) (effective l January 20191. the Finonciol Reporting Stondord opplicoble In the UK ond Republlc ol Irelancl IFRS 102) and the Charities Act 2011. The linonciol statements hcjve been preptsred to give o 'true and loir, view ond have deported from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has Involved following the Charities SORP (FRS 102) published in October 2019 rather thon the Accounting ond Reporting by Chorities.. Stotement of Recommended Practice ellective from 1 April 2005 which hos slnce been withdrown. The Merclon Regimentol Chority meets the definition of o public benefit entity under FRS 102 Assets ond Iiobilities ore inltiolly recognised ot historicol cost or tronsoction vulue unless otherwise stoted in the relevont accovnting policy. 2.2 Going concern After making oppropriate enouiries. the Trustees hove o reasontsble expectotlon thot the CIO hos odeqvote resources to continue in operationol existence lor the foreseeable future. For this reason. they continue to adopt the going concern basis in preporing the financial stotements. 2.3 Income All Income Is recognised once the CIO has entitlement to the income. it is proboble thot the income wi11 be received ond the omount of income receivuble con be meosufecj reliobly The recognltion of Income from legocies is dependent on estoblishing entitlement. the probobility of receipt and the obS1ity to esiimate with sufficieni occurocy the omount receivoble. Evidence of entitlement ro a legacy exists when the CIO hos sufficieni evldence thot o gifi hos been lefi to them Ilhrough knowledge of the existence ol a volid will ond the deoih of the beneloctor) ond ihe executor is Soiisfied thot the properly ID question will Dot be required to sotisfy c101ms in the estoie. Receipt ol o legtscy must be recognised when it Is probable that It will be received ond the fair value of the omount receivoble. which will generally be the expected cosh omount to be distributed to the CIO. can be reliobly measured. Income tox recovercjble in relation to Investment Income Is recognised at the time the investment income is receivable. Other income Is recognised In ihe period In which li is receivoble cjnd to the extent ihe goods hove been provided or on compleiion of the service. Poge 12
Docusign Envelope ID". 02539853-52144729-B77A-942B82E964E Thè Mercian Regimentol Churity Notes to the finontial stoièments For the yeor ended 31 Morch 2024 Accounting policies (continved) 2.4 Expènditure Expenditure is recognised once ihere is o legal or construcrive obligotion to transfer economlc benefit to o third porty. It is probable that a tronsler of economic benefits will be required in settlement and the omount of the obligotion con be measured reliably. Expenditure is classified by octivily. The costs of each octivity ore mode up of the totol of direct costs ond shared costs, Including support costs involved in undertokin9 eoch octivity. Direct costs atiributoble to cj single activity ore ollocoted directly to thot activity. Shored costs which coniribute to more thon one ociivity ond support costs which ore not ottributable to a single octlvity are opporiioned between those octivities on o bosis consistent with the use of resources Central staft costs are ollocated on the bosis of lime spent. and depreciotion charges allocoted on the portion of the asset's use Expenditure on roising funds includes all expenditure incurred by the CIO to roise funds for t5 choriiable purposes and includes costs ol tsll lundrolslng octivities events ond non-chariioble trading. Expenditure on choritoble octivities is incurred on dlrectly undertaking the octlvilles which furrher the CIO'S objectives. tss well as any ossocioied support costs. All expenditure Is inclusive ol irrecoveroble VAT. 2.5 Interest receivable Intefest on funds held on deposit Is included when receivoble and the amount can be meosured reliably by the CIO.. thig is normolly upon notification of the inieresi pcsid or payable by the institution with whom the funds Ofe deposited. 2.6 Tangible fixed ossèts and depreciation Tangible fixed osseis costing £l.000 or more are copitolised ond recognised when future economic benefits ore probtsble and the cost or vcjlue of the asset con be measured relitsbly. Tongible fixed ossets are Initiolly recognised ot COSI. After recognition. under the cost model tongible fixed osseis are measured at cost less occvmvlated depreciation ond ony occumulttted impoirment losses. All costs incurred to bring o tonglble fi%ed osset into its intended working condition should be included in the meosurement of cost At each reporting dote the CIO ossesses whether there is any indicotlon of Impoirment. If such indicotion exists. the recoveroble omount of the asset is deiermined to be the higher of its foir volue less costs to sell ond its value in use. An Impoirment loss is recognised where the carryino amount exceeds the recoverable omount. Page 13
DoGv$ign Envelope 10 02539B53-52144729-677A-942682E964E8 The Mercion Regimental Charlty Notès io thè finonciol statèmènts For thè year énded 31 March 2024 Accountlng policles (continved> 2.6 Tongible fixèd assets and dèpreciation (continuèd) Depreciation is ehorged so as to ollocote the cost of tangible fixe(J ossets less their residuol volue over their estimoted useful live5. using the stroight-line method. Depreciotion Is provided on the following boses.. Equipment Crockery ond cutlery 10%-20% stroighl-line IO% straight-llne No depreciotion is charged in the year of purchase or clisposol. 2.7 Investments Fixed osget investrnents ore (J form of financiol instrument ond are initially recognised at their tronsoction cost oncl subsequently measured at lair value at the Balance sheet date. unless the volue connol be measured reliobly in which case it Is measured at cost less Impoirrnent Investment goins cjnd losses. whether realised or unrealised. are combined ond presented os 'Goins/lLosses) on invesrments. in the Statement of finonciol ociivities. 2.8 Oebtor5 Trode cjnd other debiors ore recognised oi ihe settlemeni omount after any discount offered. Prepoyments ore volued ot the omovni prepaid net of ony trode discounts due. 2.9 Cash ot bank and in hond Cash at bank and in hand includes cash ond short-term highly liquid investments with a short maturity of three months or less from the date of ocquigititsn or opening of the (Jeposit or 5imilor account 2.10 Liobilitiès Liabilities are recognised when on obligation arises to transfer economic benefits os u result of posi transactiorTrs Dr events Liabilities are recognised ot the omount thot the CIO onticipotes It will poy to seiile the debt or the amount it hos received os odvonced poyments for the goods or services it must provide. 2.11 Finoncbal instruments The CIO only hos finoncial ossets ond flnonclol liabilities of o kind thot quallfy os bosic financiol instruments. Bosic finoncial instruments are initially recognised ot transaction volue oncl subgequently measured ot their settlement volue with the exception of bonk loans which are subsequently measured at omortised cost using the effective interest methocl. 2.12 Pènsions The CIO Dperotes o defined contribution pensior? scheme and the pension chorge represents the omovnts poyoble by the CIO lo the fund In re5peci of the yeor Poge 14
Docuswn Envelope ID.. 02539B5>52144729-677A-942882E964EB The Mercian Regimental Charity Notès to the financiol statements For thè year ended 31 March 2024 Accountlng policies (continued) 2.15 Fund accountlng Generol funds are unrestricted fLJndg which are avoiloble for use at ihe discreiion of the Trvsiees In furtheronce of the general objectives of the CIO and whlch hove not been deslgnoted lor other purposes. Restricted funds ore funds which ore to be used in occordonce with specific restrictions imposed by donors or which hove been rolsed by the CIO lor particulur purposes. The costs of raising Jnd odministering such funds are chr)rged against the specific fund. The oim und use of etsch resrricted fund is set out In the notes to the linonciol stotements. Investment income, gains ond losses are ollocoted to the oppropriote fund. Income from donotions and legacies Unre5tri¢tèd funds 2024 Restricted funds Toial funds 2024 2024 Donotions 82.941 7.783 90.724 Subscriptions ond legacies Other voluntary income Day's Poy Scheme 8.482 8.482 1.762 1.762 50,797 50,797 Total 2024 143.982 7.783 151.765 Poge 15
Docusign Envelope ID.. 02539853.52144729-B77A-942682E964Ee Thè Mercion Regimental Charity Notes to the financiol statements For the year ended 31 Morth 2024 Income from donations and legacies (continued) Unrestricted funds 2025 Restricted funds 2023 Totol funds 2023 Donotions 4.548 6.665 Subscriptions ond legacies Other volvntcjry income Ooy's Poy Scheme 8.483 8.483 158 158 50,384 50.584 Total 2023 61.142 4,548 65.690 Income from fundroising Unrestricted funds 2024 Restricted funds 2024 Totol fvnds 2024 Cor pork Field and stoble rentol 2.949 2.949 2.164 2.164 Tower odmission 2.128 2.128 Calé incofne 325 325 Shop income 8.690 8.690 Other income 10,342 13.604 23.946 Tottsl 2024 19.032 21.170 40.202 Poge 16
Decus¥n Envelope 10.. 02539853-52144729-877A-942B82E964EB The Mercion Regimentol Charlty Notes to the finonclal statement5 For the year endèd 51 March 2024 Income from fundraising (continued) (continued} Unrestricted funds 2023 Flestricted funds 2023 Totol funds 2023 Car purk Field and stoble rental 2.494 2.164 2.164 Tower admission 1.797 1.797 Calé income 520 520 Shop income Other income 7.154 7,154 98 736 834 Totol 2023 7.252 7.711 Invèstmeni income Unrèstricted fvnds 2024 Restricted funds 2024 Total funds 2024 Invesiment income 68.181 11.966 80,147 Deposit occount inierest 2.565 2.565 rotol 2024 70.746 11.966 82.712 Unrestricted funds Restricted funds 2023 Total funds 2023 2025 Investment Income 61.290 10.165 71.453 Deposit occouni Inierest 485 485 Total 2025 61.775 10.163 71.938 Pa9e 17
Docusign Envelope10' 02539B53-52144729-677A-942882E964EB The Mercian Regimental Charitu Notes to the finonciol sioteménts For the yeor endèd 31 March 2024 Expendiiurè on roising funds Investmènt management Llnrestricted funds 2024 Restricted funds Total fund5 2024 2024 Investment monogement fees 15.387 2,536 17.923 Unrestricted funds 2025 Restricted funds 2023 Totol funds 2023 Investment manogement fees 15,515 2.511 18.026 FvndroTrsing truding expenses Unrestritted ftjnds 2024 Rèstrictèd funds 2024 Total funds 2024 Woges and solories Sociol security Events 24.582 24.582 2,157 2.157 6.700 6.700 Pension cosis 550 550 Goods for resole 9.970 9.970 Regimental dinner costs Crich site 15.084 15.084 12.938 12.938 59,023 12.938 71.961 Page 18
Docusign Envelope ID.. 02539B53-52144729-877A.942882E964EB The Mercion Regimental Charity Notes to the financial statements For the yeor ended 31 March 2024 Expenditurè on ralsing funds (continued) Unrestrlcted funds 2023 Restricted fvnds 2023 Tottsl funds 2023 Woges and solories Sc)ciol security costs 21.982 21.982 1.872 1.872 Events 1.320 1.520 Pension costs 472 472 Goods lor resole 12.227 12.227 Crich site 4.271 4.271 37,873 4.271 42.144 Analysis of expèndlture on churitoble octivitles Activities undertaken direcily 2024 Support osts 2024 Total f unds 2024 Furtheronce ol the charity's objects 208,833 5.558 214.391 undertoken drectlY Suppon costs 2023 2023 Totol funds 2023 Furtherance of the chorily's objects 85.624 5.616 91.240 Poge 19
DoGusvJn Envelope ID.. O2539B53-5214472877A_942882E564E8 The Mtrcitsn Rè9imentol Charity Notes to the financial statements For the yeor ended 37 March 2024 Analysi$ of expenditure on choritable octivitiès (¢ontinued) Anulysis of direct costs Total fvnds 2024 Totol funds 2023 Staff costs 22.368 19.848 Depreciotion 3,506 3.506 Marketing 23.956 25.815 HeritQ9e costs RMAS officer 18.892 3.557 1.680 2.042 GIA for Worcester Museum 100.000 Eagle journol cosis RHQ costs 8.203 8.762 1.830 2.282 Other direct costs 28.398 19.812 20B.833 85.624 Analusis of support costs Toiol funds 2024 Toiol funds 2023 Insuronce 1.520 1.532 RHQ administration Other supporr costs Governonce 648 956 736 2.970 2.700 5.558 5.616 Page 20
Docvsign Envelope 10." 02539B5>52144729-B77A-942682E964E8 The Mérclon Regimental Churity Notes to the finoncigl statements For the year ended 31 Murch 2024 Net income/(expenditure) Th15 is stated tsfter charglng.. 2024 2023 Depreciation of tangible fixed ossets Pension coniributions 3.506 3.506 734 830 Indepencjent examiner's fee 2.970 2.700 Staff 2024 2023 Woges and solories Sociol security costs 45.179 40,145 5.724 3.199 Pension costs 734 830 49.637 44.174 The avertsge number of persons employed by the CIO durin9 the yeor was as follows 2024 2023 Stoff No employee received remunerotion amounting to more than £60.000 in either yeor 10. Trvstees, remunerotion ond expenses Dvring the year, no Trustees received any remvnerotion or other benefits (2023 - £NIL). Durin9 the year ended 31 Morch 2024. no Trustee expenses hove been incurred (2023 - £NIL). Poge 21
Do¢w$iyn Envelope ID". 02539853-52144729-877A-942B82E964E8 The Mercian Regimental Charity Notes to the finoneiol stotemenis For the yeor ended 31 March 2024 Tangible fixed assets Crockery and cutlery Eqvipment Total Cost At l April 2023 6.879 27.000 53.879 Ai 31 Morch 2024 6.879 27.000 33.879 Depreciation At l April 2023 Chorge fof the year 2.418 24.300 26.71B 806 2.700 3.506 Al 31 Morch 2024 3.224 27.000 30.224 Nèt book value At 31 Morch 2024 3.655 3.655 At 31 March 2023 2.700 7.161 Poge 22
Docusign Envelopp ID." 02S39B53.52144729-B77A-942682E964E8 The Mèrcian Regimentol Charity Notes to the finonciul statements For the yeor ended 31 Mgrch 2024 12. Fixed osset investments Listèd investments C05t or vtslutstian At l April 2023 2.810.164 Additions 1.052.7SO Disposols 0.190.371) Revoluotions 164.206 Cosh troding movements 90.423 At 31 Morch 2024 2.927.172 Nèt book volve At 31 March 2024 2.927.172 At 31 March 2023 2.810.164 Investments ot market volue comprise.. 2024 2023 Listed Investments 2.803.856 2.655.582 Cash ond c05h equivalents 123.336 154.582 2.927,172 2.810.164 Had the Investments been included at hisioricol cost. they would htsve been held ot £1.981.097 at 31 March 2024. Page 23
Docusign Envelope ID.. 0253985>52144729-677A-942B82E964EB The Mercian Regimental Chorily Notes to the flnonciol statemènts For the yeor ended 31 Mtsrch 2024 13. Oebtors 2024 2023 Trade debtors 27.525 19.608 Other debtors 269 139 Prepoyments and accrued Income 17.316 1.078 45.110 20.825 14. Crèdiiors-. Amounts falling due within one year 2024 2023 Trade creditors 275 Accruols ond deferred Income 79.887 29.182 79.890 29.457 Included In creditors is deferred incorne of £1.31312023 - £8.621) in respeci of field rental income ond fundraising evenrs plonned for the next financial year. Page 24
Oocusvjn Envelope ID.. 02539653-5Z144729-677A-942882E964EB The Mercion Regimentul Chority Notes to thè finoncial statement5 For the yeor èndéd 31 March 2024 15. Stotement of funds Statement of fund$ - currènt yèar Balonce ut 1 April 2023 Transfèrs in/(out) Goins/ Balance at 31 (Losses) March 2024 Incomè Expendlture Unrestrirted funds Generol Funds- oll funds 2.529.259 233.760 (252.044) 03.826) 138.720 2.655.869 RestrirtÈd funds Crich 425,375 40.919 (52.231) 13.826 26.211 454.098 Total of funds 2.954.632 274.679 (304.275) 164.931 3.089.967 The specific purposes for which ihe funds ore lo be opplied tsre os follows.. Restricted Fvnd - Crich The Mercion Reoimentol Wor Memoriol 1S Situoted in Crich Derbyshire. Annually o pilgrimage is held ar the site. There Is o bungalow on site. which Is occupied by the Warden who Is employe(J by the Mercian Regimentol Chority. The Restricted fund pays for oll ossocioted costs lor Crich which Include woges lor the worden. utility bills for the lower ond ony necessary reptsirs ond grounds maintenance expenditure. Income comes in for Crich through visitors parking their cors on site (Jnd entry lees being paid to go up in the tower. The warden runs o coffee shop of which ts rent is poid io the chority each month. Rent is also receivecS for the leiiing out of fields. Page 25
Doou5ign Envelope ID.. 02539BS3-5214472B77A.942882964eB The Mèrcion Règimentol Chority Notes to the financiol staiements For the year ended 31 Morch 2024 15. Sttstément of funds {continued) Statement of funds - prior ueor Bolonce at 31 March 2023 Balance ot l April 2022 Trtsnsfers in/out Goins/ (Losses) Income Expenditure Unrestricted fvnds Gellerol Funds 2,703.914 130.169 (123.546) (6.679) (174.599) 2.529.259 Restricted funds Crich 442 452 127.864) 6.679 (18.316) 425.373 Tottsl of funds 3,146.366 152.591 (151.4101 (192.915) 2.954.652 16. Anolysis of nèt assets between funds Anolysis of net QS5ets between funds - current period Unrestricted funds 2024 Restricted funds 2024 Total tvnds 2024 Tonglble Ilxed ossets Fixed osset investments 3.655 3.655 2.505,275 421.897 2.927.172 Current ossets 205196 33.834 239.030 Creditors due within one year (78.257) 11.633) (79.890) Totol 2.635.869 454.098 3.089.967 Poge 26
DOCU51gn Envelope 10 02539B53.52144728.877A.942B82E964E8 The Mercian Regimentol Charity Notes to the finon¢iul stotèments For the year ended 31 March 2024 16. Analysis of net assets between furbd$ (continuèd) Anolysls of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible lixecl assets Fixed osser investments 7.161 7.161 2.412.024 398,140 2.810.164 Current assets 132.629 34.135 166.764 Creditors due within one year (22,555) (6.9021 (29.457) Total 2.529.259 425.373 2.954 632 17. Pènsion cammltments The charity operotes a defined contribution pension scheme. The ossets of the scheme ore held seporotely from Ihose of ihe chority in an independently tsdministered fund. The pension cosi chor9e represents contrlbutions poyable by the chority to the fund and amounted to £734 (2023 - £850). No omounts were ovtstandlng ot either bolonce sheet dote. The pension expense is allocated to restricted funds on the bclsis that one member ol staff Is employed to work ot the Crich site ond therefore that employee's pension cost Is treated os restricted. 18. Related porty transoctions The MercSon Reglment Benevolent Charity (registered chority number 1125179) is o related party by virtue of being governed by the some boord of trusiees. At the balance sheet date. on omount of £NIL (2023 - £351 was owed from The Mercion Regiment Benevolent Churity. Page 27