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 exQmine￿S 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>$274472￿87TA-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
d￿rectlY Suppon costs
2023
2023
Totol
funds
2023
Furtherance of the chorily's objects
85.624
5.616
91.240
Poge 19

DoGusvJn Envelope ID.. O2539B53-5214472￿877A_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.. 02539BS3-5214472￿B77A.942882￿964eB
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