**T HE ROYAL ANGLIAN REGIMENT CHARITY**
## **REGISTERED CHARITY NO: 1200816**
## **FIN A NCI A L S T A T E M E N T S**
**For the period ended 31 December 2023**
**THE ROYAL ANGLIAN REGIMEN T CH ARITY**
## **INDEX**
|TRUSTEES' REPORT
AUDITORS' REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
CASH FLOW STATEMENT
NOTES TO THE ACCOUNTS|**Page No.**|
|---|---|
||
2-8
9-11
12
13
14
15-27|
1
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
**The Trustees submit their Report and Accounts for the period ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 15 to 18 of the accounts and comply with the charity's constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS102.**
**A Charitable Incorporated Organisation (CIO) was registered on 25 October 2022 called The Royal Anglian Regiment Charity. On 1 January 2023 the assets and liabilities of The Royal Anglian Regiment Benevolent Charity were transferred to the new CIO, charity number 1200816. The main rationale behind this decision was to protect the Trustees from having unlimited personal liability. It has been determined by the Trustees that the charitable undertakings managed and operated by them can be more conveniently and effectively managed by a CIO. These accounts have been prepared using merger accounting. As all of the assets and liabilities of The Royal Anglian Regiment Benevolent Charity were transferred to the new CIO, and the CIO itself did not previously have any assets or liabilities of its own, the comparative figures shown in the Accounts are those of The Royal Anglian Regiment Benevolent Charity and no adjustments have been required to align the accounting policies of the two entities.**
## **Objectives and Activities for the Public Benefit**
**The objects of The Royal Anglian Regiment Charity are:**
- **The relief of persons who are:**
- **In need, hardship or distress and**
- **Are serving or former members of The Royal Anglian Regiment, former Regiments that make up the Royal Anglian Regiment (The 'Regiment') and spouses and dependants of such persons.**
- **To promote the efficiency of the Royal Anglian Regiment (the 'Regiment') in such ways as the Trustees may decide.**
**The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives, when setting the benevolent grant making policy for the period and in determining which activities fall within the scope of 'promoting the efficiency of the armed forces of the Crown'.**
**The principal contribution to public benefit comes from the charity's benevolent grant-making to those members of the Regimental family who are in need, hardship or distress, often operating in conjunction with other charitable bodies. Public benefit is also derived from our support of the Regimental chapels, memorials and museums across the counties of East Anglia and the East of England. This encourages esprit de corps within the Regiment whose efficiency is further enhanced by the charity's maintenance of chattels, including the Regimental silver collection and band instruments, and our support of the Officers' and NC Os' messes and the Regimental Institutes for Other Ranks, in each of the Regiment's battalions. The efficiency of serving soldiers is also enhanced by grants in support of physical fitness, sport and adventurous training and the charity contributes to recruiting activities for officers and soldiers. Former members of the Regiment are supported by the Regimental Association, which receives a grant from the charity.**
## **Grant Making Policy**
**The Royal Anglian Regiment Charity continues to be responsible for dealing with all benevolent cases involving past and present members of the Regiment and its "former Regiments", their spouses and dependants. The Trustees have agreed an upper limit of £1,000 being applied to each case. The Royal Tigers' Association continues to staff and pay its own cases, with the Charity assisting where it is appropriate to do so, with a combined grant not to exceed the Charity's limits. This arrangement continued under 2024, when the Royal Tigers**
2
## THE **ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Grant Making Policy cont.**
Association marched off parade and closed. From that date the charity will take sole responsibility for their veterans
The Royal British Legion and The Army Benevolent Fund (The Soldiers' Charity) and Blesma continue to provide invaluable financial support in those cases that exceed the limit agreed by the Trustees. Almonisation with these three organisations has more than doubled the amount of benevolence given to serving and former members of the Regiment.
## **Achievements and performance**
Benevolence - During the period the Charity reviewed 117 (2022: 150) cases with £46, 120 (18 month period to 31 December 2022: £110,446) of grants being paid out. The Trustees currently expect that level of grant to be maintained or exceeded for the foreseeable future.
Regimental Efficiency - During the period the following major expenditure was undertaken totalling £182,271 (18 month period to 31 December 2022: £448,580), by support to:
- Two regular Battalions and our Reserve Battalion for adventure training.
- Further support to our Battalions, serving overseas and on their return from operational tours.
- • Regimental recruiting, both for officers and soldiers.
- The Regimental Day
- The former Regiments Associations.
- The Remembrance Day Service at the Regimental Memorial.
- The Regimental Battlefield Tour.
- Regimental Heritage
- Regimental Communications
- Regimental Big Breakfast
Fundraising events - In December 2023 a Regimental Benevolent Charity Boxing event was held at Kendrew Barracks, Rutland. The evening was an overwhelming success and the chairman and trustees of The Royal Anglian Regiment Charity would like to thank all of those who planned and delivered, sponsored, and most importantly fought at the event.
The event was organised with the aim of starting a process to annually fundraise to support the charity. Without revenue generation going forward the charity will not be able to grow and compete with the ever-growing demands on the charity. Therefore, none of this would have been possible without the generosity of our sponsors, those who attended as paying guests and the silent auction donations. All of which played a significant part in reaching the figure of £160,000 !
## **Fundraising**
The main sources of regular income are the Days Pay Scheme, income on investments and donations. Total income is lower this period by 10.9% at £614,244 (18 month period to 31 December 2022: £679,312).
The Day's Pay Scheme produced £122,868 (18 month period to 31 December 2022: £184,264) in the period.
The fundraising targets for RHO and the Battalions are set by the Regimental Council. All new soldiers and officers are encouraged to participate in the Days Pay Scheme. Donations are not specifically sought for general funding. No professional fundraisers are used and the Regimental Council ensures that all fundraising is carried out within Charity Commission guidelines.
3
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Fundraising cont.**
**We have not received any complaints about the way in which we carry out our fundraising activities.**
## **Future Plans**
**The Trustees have conducted a review of future benevolence requirements and believe that planned expenditure on benevolence is both necessary and sustainable. Caseload varies year by year, but the Trustees are pleased to note that all valid requests for assistance were met. The Trustees continue to place the highest emphasis on improved governance. The proposed new governance operating model has been implemented, including the recruitment of new trustees.**
**The governance operating model sets out a coherent framework for the structure, responsibilities, policies and reporting processes that are required to achieve the Charity's objectives, fulfil the statutory and regulatory requirements and operate in an effective way. It consists of an Investment Committee which manages the Charity's investments, an Audit and Assurance Committee which oversees all aspects of Risk, Assurance and the good governance of the Charity and an Operating Committee which oversees the annual budget and the day to-day management of financial performance, fundraising and benevolence. All three committees report directly to the main Board. A separate Benevolence Committee is responsible for the day-to-day administration of benevolence and reports annually to the Board, via the Operating Committee.**
## **Financial Review**
**Income exceeded expenditure by £276,137 (18 month period to 31 December 2022: expenditure exceeded income by £510,854), after investment gains of £232,728 (18 month period to 31 December 2022: losses of £426,426). The net assets of the Charity at 31 December 2023 were £9,888,558 (2022: £9,612,421).**
**At 31 December 2023 the Charity had unrestricted reserves of £6,422,333, endowment reserves of £3,313,481 and restricted reserves of £152,744. Restricted reserves are made up of £87,423 in the Wayland Amputee Fund, £2,985 in the Chapel Fund, £60,585 in the Silver Fund, £1,751 in the Afghan Veterans Fund and £nil in the 1964 Project Fund.**
**The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.**
## **Investment Policy and Performance**
**The Trustees have concluded that the recent review of investment strategy remains valid. This takes account of changing economic prospects and the Charity's requirements for income and capital growth over the short to medium term. The investment portfolio continues to be managed on a discretionary basis by the agreed investment manager, Sarasin & Partners LLP. The Charity's Investment Policy includes the following direction to the investment manager:**
- **The objective is for capital and income growth and generating the best financial return within an acceptable level of risk to fund the grant making activities of the charity.**
- **Investment should grow, or at least maintain in real terms, the value of the capital while producing a steady stream of income for grant making.**
- **The charity seeks to derive around £150,000 from its investments per year, and therefore the overall long term target is CPI +4% per annum net of costs.**
- **The objectives should be achieved within a bespoke portfolio, allowing the investment manager greater responsiveness to current and future economic turbulence.**
4
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Investment Policy and Performance cont.**
- The Trustees have elected not to follow an exclusionary ethical policy, but are keen for the investment manager to demonstrate good corporate governance and stewardship of the Charity's capital.
- The performance of Sarasin & Partners LLP is monitored by quarterly reports and bi-annual meetings of the investment subcommittee which in turn reports to all the Trustees
During the period the Portfolio presented a return of £131,254 which is a decrease of 26.2% on the previous financial period (18 month period to 31 December 2022: £177,914). The portfolio shows an unrealised gain of £246,991 (18 month period to 31 December 2022: loss of £449,443) and a realised loss of £14,263 (18 month period to 31 December 2022: gain of £23,017). The market value as at 31 December 2023 stood at £6,280,086 (2022: £6,064,990).
## **Investment Policy and Performance cont.**
The charity acts as custodian trustee for the 1[st ] Battalion, 2[nd ] Battalion and 3[rd ] Battalion The Royal Anglian Regiment. The assets held on behalf of these entities relate to the investment portfolio. These assets are separate from those of the charity and are not included within these accounts. The value of investments held as at 31 December 2023 is £497,042, £21,114 and £30,966 (2022: £480,984, £20,002 and £29,336) respectively. The investment portfolio also includes a cash account, the values of these as at 31 December 2023 is £1,408,£7 and (£1,047) (2022: £9,666, £350 and (£544) respectively.
## **Risk Management**
The major risks to which the Charity is exposed have been reviewed by the Trustees who concluded that the major risks to the Charity's operations are:
- Extraordinary circumstances resulting from the Covid 19 outbreak, including volatility of investments, reduced opportunities for fundraising and greater demand for benevolence.
- • Information Technology, including security and data protection
- Budgetary control and reporting
- Fraud or error
- Public perception, and its impact on fundraising.
- Compliance with legislation, regulation, taxation and reporting requirements.
- Safety of Regimental Silver.
The Trustees have put in place, and will continue to improve, systems to mitigate these and other risks.
5
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Reserves Policy**
The Charity's investments are its reserves. The Trustees have examined the requirements of the Charity in the light of the main risks and have agreed that the Charity must maintain sufficient reserves to enable:
- an increased number of benevolent grants to be paid over the coming six months whilst seeking to preserve sufficient reserves to allow for the inevitable growth in the number of Benevolent cases in the future.
- continue to promote the efficiency of The Regiment over the coming twelve months. This includes providing grants for Battalions and supporting officer and soldier recruitment.
The Trustees are satisfied that the investments allow both of these criteria to be met. The level of reserves expected to be required to satisfy these objectives for the coming year is comfortably exceeded by even the worst case projections of our investment capital and income.
## **Structure, governance and administration**
The Royal Anglian Regiment Benevolent Charity was initially constituted by a Deed of Trust dated 20 January 1967 as a registered Charity, Number 1085050. The Scheme was revised and a replacement Trust Deed sealed on 7 September 2000. The Charity was merged with the Royal Anglian Regiment Regimental Charity (3955217) under the provisions of an amended Scheme dated 1 July 2015. Further amendments to the scheme were made by a resolution dated 15 April 2016.
A Charitable Incorporated Organisation (CIO) was registered on 25 October 2022 called The Royal Anglian Regiment Charity under a CIO Constitution dated 24 October 2022. On 1 January 2023 the assets and liabilities of The Royal Anglian Regiment Benevolent Charity were transferred to the new CIO, charity number 1200816. The main rationale behind this decision was to protect the Trustees from having unlimited personal liability. It has been determined by the Trustees that the charitable undertakings managed and operated by them can be more conveniently and effectively managed by a CIO.
The Trustees meet physically twice a year to review the performance and governance of the Charity and meet electronically as required to deal with day-to-day business. Subcommittees, covering investments, audit and assurance, benevolence and the Charity's operations meet regularly and report back to the full meeting of Trustees.
The amended Scheme allows the recruitment of new Trustees to bring a wider range of experience and skills to bear on the charity's needs.
Newly nominated Trustees are briefed by the Chairman of Trustees and all new Trustees receive an induction pack consisting of background information on each of the regimental charities, including copies of trust deeds, annual accounts, minutes of recent meetings and a copy of the Charity Commission booklet 'Responsibilities of a Charity Trustee'. Training through seminars etc. arranged by specialist advisors is made available for all Trustees and Trustee Training' is a standing agenda item at all Trustee Meetings.
6
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Administration**
The Charity is administered by the Regimental Secretary and his staff.
Grants for individual cases are determined by an almonising committee whose Chairman is Lieutenant Colonel P R C Dixon. The Committee follows a policy laid down by the Trustees. This policy includes the upper limit for each case and the guidelines for eligibility.
## **Reference and Administrative Information**
## **Trustees**
The Trustees who were appointed on 22 October 2022 when the CIO was created and served during the period were:
Major General D S J Biddick MBE MC (appointed 1 September 2023) Lieutenant General. R W Woodisse KCB,CBE, MC (resigned 31 August 2023) Lieutenant Colonel (retired) R C J Goodin OBE (resigned 29 December 2023) Lieutenant Colonel (retired) J C J Wright (appointed 8 January 2024) Lieutenant Colonel (retired) B D Weston Lieutenant Colonel (retired) R Bredin Major (retired) P D Connolly Captain (retired) S C Lane Captain (retired) R W H Colgan Mr DJ Till
## **Administrative Office**
RHQ The Royal Anglian Regiment, The Keep, Gibraltar Barracks, Bury St Edmunds, IP33 3RN
## **Charity Number** 1200816
## **Auditors**
Ensors Accountants LLP, Connexions, 159 Princes Street, Ipswich, IP1 1QJ
## **Accountants**
Churchgate Accountants Limited, 16-18 Langton Place, Bury St Edmunds, IP33 1 NE
## **Bankers**
Royal Bank of Scotland Pie, Farnborough, Hampshire, GU14 7NR
## **Investment Managers**
Sarasin & Partners LLP, Juxon House, 100 St Pauls Churchyard, London, EC4M 8BU
7
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **TRUSTEES' REPORT**
## **FOR THE PERIOD ENDED 31 DECEMBER 2023**
## **Trustees' responsibilities in relation to the Financial Statements**
**The Charity's Trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).**
**Law applicable to Charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing Financial Statements giving a true and fair view, the Trustees should follow best practice and:**
- **Select suitable accounting policies and then apply them consistently.**
- **Observe the methods and principles in the applicable Charities SORP.**
- **Make judgements and estimates that are reasonable and prudent.**
- **State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Statements and**
- **Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.**
**The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.**
**The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.**
## **Insofar as the Trustees are aware:-**
- **There is no relevant audit information of which the Charity's auditors are unaware; and**
- **The Trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.**
## **Date : 14 March 2025**
**On behalf of the Trustees**
**Lieutenant Colonel (retired) J C J Wright**
8
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT**
## **TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT CHARITY**
## **FOR THE PERIOD ENDED 31 DECEMBER 2023**
## **Opinion**
We have audited the financial statements of The Royal Anglian Regiment Charity for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, cash flow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with the International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity, in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustee's use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
9
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT**
## **TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT CHARITY**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Matters on which we are required to report by exception**
**We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:**
- **the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or**
**sufficient accounting records have not been kept; or**
**the financial statements are not in agreement with the accounting records; or**
**we have not received all the information and explanations we require for our audit.**
## **Responsibilities of Trustees**
**As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.**
**In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.**
## **Auditor's responsibilities for the audit of the financial statements**
**We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.**
**Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.**
**Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.**
**Our audit was designed, after obtaining suitable knowledge and understanding of the Charity and its operating systems, controls and culture, to include tests of detail together with supportive analytical procedures, to enable us to obtain reasonable assurance that the financial statements are free from material misstatements. This included focussed work on areas where we considered there to be a higher risk of fraud or misstatement. These areas include revenue recognition and areas where there is a risk of management override of systems and controls or where there are high levels of uncertainty regarding an estimate or judgement. These higher risk areas were subject to detailed substantive testing.**
**A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://w w.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.**
10
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT**
## **TO THE TRUSTEES OF THE ROYAL ANGLIAN REGIMENT CHARITY**
## **FOR THE PE�OD ENDED31DECEMBER2�3**
## **Other matter**
Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
## **Use of our report**
This report is made solely to the Charity's Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Ensors Accountants LLP**
## **Chartered Accountants Statutory Auditor**
Connexions 159 Princes Street Ipswich Suffolk IP1 1QJ
Date: 18 March 2025
Ensors Accountants LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
11
THE **ROYAL ANGLIAN REGIMENT CHARITY**
## **STATEMENT** OF **FINANCIAL ACTIVITIES**
## **FOR THEPE�OD ENDED31DECEMBER2�3**
|**Income and endowments**
**from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
**Total**
**Exeenditure on:**
Raising funds
Charitable activities
**Total**
Net income/(expenditure)
before gains and losses
Net gains/(losses) on
investments
Net income/(expenditure)
Transfers
Net movement in funds
**Reconciliation of funds**
Total
Funds
Brought
Forward
**Total**
**Funds**
**Carried**
**Forward**|**Note**
**Unrestricted**
Fund
158,887
16,256
208,427
132,713
3,233
2
519,516
44,938
400,681
3
445,619
73,897
232,728
306,625
(23,646)
282,979
8
6,139,354
8
£6,422,333
Endowment
Silver Fund
3,313,481
£3,313,481
**Restricted**
Total**2023**
Total 18
Funds
month
eeriod to
31
December
**2022**
94,728
253,615
452,857
16,256
18,054
208,427
4,030
132,713
178,068
3,233
26,303
94,728
614,244
679,312
44,938
928
125,216
525,897
762,812
125,216
570,835
763,740
(30,488)
43,409
(84,428)
232,728
(426,426)
(30,488)
276,137
(510,854)
23,646
(6,842)
276,137
(510,854)
159,586
9,612,421
10,123,275
£152,744
£9,888,558
£9,612,421|
|---|---|
The notes on pages 15 to 27 form part of these Financial Statements
12
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2023**
|**Fixed Assets**
Investments
Tangible Fixed Assets
**Current Assets**
Stock
��ra
Deposits at Bank and Money Market
Cash in Hand
Creditors: Amounts falling due within one year
**Net CurrentAssets/(Liabilities)**
**Net Assets**
**Funds**
Unrestricted Fund
Restricted Funds
Endowment Fund - Silver|**Note**
5
4
6
7
8||
|---|---|---|
Approved and signed on behalf of the Trustees on 14/03/2025 .
Lieutenant Colonel (retired) J C J Wright
The notes on pages 15 to 27 form part of these Financial Statements.
13
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **STATEMENT OF CASHFLOWS**
## **FOR THE PERIOD ENDED 31 DECEMBER 2023**
|**2023**
**Cash (absorbed bylgenerated from operations**
**Surplus/(Deficit) for period**
**276,137**
**Loss/(Gain on disposal of investment**
**14,263**
**Fair value (gains)/losses on**
**investments**
**(246,991)**
**Depreciation on fixed assets**
**756**
**Decrease in stock**
**479**
**Decrease/(lncrease) in debtors**
**15,548**
**Increase in creditors**
**65,644**
**125,836**
**Cash fow from operating activities**
**Cash generated from operations**
**125,836**
**Cash fow from investing activities**
**Purchase af fixed assets**
**Proceeds on disposal**
**Disposal/(purchase) of investments**
**17,632**
**Net increase in cash/cash**
**equivalents**
**143,468**
**Cash and cash equivalents at start of**
**period**
**218,081**
**Cash and cash equivalents at end of**
**period**
**361,549**|**18 month**
**period**
**2022**
**(510,854)**
**(23,017)**
**449,443**
**1,816**
**576**
**(4,834)**
**23,732**
**(63,138)**
**(63,138)**
**(3,468)**
**24,020**
**123,742**
**81,156**
**136,925**
**218,081**|**18 month**
**period**
**2022**
**(510,854)**
**(23,017)**
**449,443**
**1,816**
**576**
**(4,834)**
**23,732**
**(63,138)**
**(63,138)**
**(3,468)**
**24,020**
**123,742**
**81,156**
**136,925**
**218,081**|
|---|---|---|
||||
||||
**The notes on pages 15 to 27 form part of these Financial Statements**
14
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**NOTES TO THE ACCOUNTS**
## **FORTHEPE�OD ENDED31DECEMBER2�3**
## **1. ACCOUNTING POLICIES**
## **a) Basis of preparation and assessment of going concern**
**These Financial Statements have been prepared in accordance with applicable accounting standards and under the historical cost convention, except for investments. The Financial Statements have been prepared on an accruals basis, and include income and expenditure as earned or incurred except as stated below. The Financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Charities Act 2011.**
**The accounts have been prepared to give a "true and fair" view and have departed 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 Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.**
**The charity constitutes a public benefit entity as defined by FRS102.**
**A Charitable Incorporated Organisation (CIO) was registered on 25 October 2022 called The Royal Anglian Regiment Charity under a CIO Constitution dated 24 October 2022. On 1 January 2023 the assets and liabilities of The Royal Anglian Regiment Benevolent Charity were transferred to this new CIO. The comparative figures shown in these Financial Statements for 2022 therefore are for The Royal Anglian Regiment Benevolent Charity as these accounts have been prepared using merger accounting. As all of the assets and liabilities of The Royal Anglian Regiment Benevolent Charity were transferred to new CIO, and the CIO itself did not previously have any assets or liabilities of its own, the comparative figures shown in the Accounts are those of combined entities, being The Royal Anglian Regiment Benevolent Charity and The Royal Anglian Regiment Charity and no adjustments have been required to align the accounting policies of the two entities.**
**The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest£.**
**The accounting reference period ended 30 June 2022 was extended so as to end on 31 December 2022. The reason for extending the period was administrative. As a consequence the comparative amounts presented in the financial statements (and related notes) are not entirely comparable.**
**The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.**
15
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
## **1. ACCOUNTING POLICIES cont. ..**
## **b) Funds structure**
**Unrestricted Fund - General Fund - The General Fund consists of funds which the Trustees may use for the Charity's objects at their discretion.**
**Unrestricted Fund - Designated Fund - This fund is designed to meet the expenses of the Regimental Chapel at Warley, Essex.**
**Restricted Silver Fund - Includes Days Pay Scheme Silver Subscription together with any insurance proceeds and incurs any insurance and repair costs in respect of the Silver.**
**Restricted Fund -Wayland Amputee Fund - This fund has been set up with the purpose of providing assistance and support for amputees from recent and future operations.**
**Restricted Fund - Chapel Fund - This fund has been set up to account for the income received and expenditure incurred on behalf of the Chapel.**
**Restricted Fund -Afghan Veterans Fund - This fund provided by the Armed Forces Covenant has been set up with the purpose of providing assistance and support to veterans, serving soldiers and their families from the conflict in Afghanistan and other recent operations.**
**Restricted Fund- Project 1964 -This fund has been set up to assist with the refurbishment of the Kendrew Barracks.**
**Endowment Silver Fund - This represents the deemed cost of the Silver together with any proceeds on disposals.**
## **c) Fixed Asset Investments**
**Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.**
**The charity does not acquire put options, derivatives or other complex financial instruments.**
**The main form of financial risk faced by the charity is that of volatility in investment markets due to wider economic conditions.**
## **d) Gains and Losses on Investments**
**All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the market value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.**
16
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
**1. ACCOUNTING POLICIES cont. ..**
## **e) Income**
- **Grants Received - Grants of a revenue nature are credited in the period to which they relate.**
- **Investment Income - Dividends and interest are credited when receivable.**
- **Donations are included in full in the Statement of Financial Activities when receivable.**
- **Legacy income is included in the accounts when the receipt is probable and it can be measured reliably.**
- **Income from Charitable Activities is accounted for when earned.**
- **Days Pays Scheme income is included within the accounts as received in relation to the period to which it relates.**
- **All other income is recorded on a receivable basis.**
- f) **Resources Expended**
- **Expenditure (including grant commitments) is recognised on an accruals basis as a liability is incurred and includes any VAT which cannot be recovered.**
## **g) Donated Services and Gifts in Kind**
**The value of donated services and gifts in kind are recognised at their open market value in the period in which they are receivable and where the benefit to the charity can be measured reliably. An equivalent amount is included within expenditure under the relevant heading in the Statement of Financial Activities.**
## h) **Tangible Assets**
**Office Equipment is recorded at historical cost. Office Equipment is depreciated at 25% per annum on the reducing balance method. Depreciation is not provided on Chattels and Silver assets due to their very long expected remaining useful life. Their expected residual value is not materially less than their carrying value. An annual review of the likelihood of asset impairment is undertaken.**
**Silver Endowment Fund assets are stated at their deemed cost as at 1**[st ] **July 2014.**
## i) **Stock**
**Stocks are valued at the lower of cost and net realisable value.**
## j) **Debtors**
**Debtors include amounts owed to the charity in relation to the amounts receivable on grant funding to which the charity is entitled.**
**Debtors are measured at their recoverable amounts (the amount the charity anticipates it will receive from a debt or the amount it has paid in advance for goods).**
17
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
## **1. ACCOUNTING POLICIES cont. ..**
## **k) Creditors**
**Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligations can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.**
## **I) Financial instruments**
**The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their market value.**
## **m) Accounting estimates and judgements**
**In application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.**
**The estimates and underlying assumptions are reviewed on an ongoing basis.**
## **Key accounting estimates**
**The silver asset has been retained at its deemed cost, being the valuation in place on adoption of FRS 102. There is an annual impairment review of the silver, but given its uniqueness and specialist nature any consideration of value is subjective and based on the opinion of the valuer.**
## **n) Cash at bank and in hand**
**Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.**
18
**THE ROYAL ANGLIAN REGIMENT CHARITY**
**NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
## **2. ANALYSIS OF INCOME**
|**.**
**ANALYSIS OF INCOME**|||||
|---|---|---|---|---|
|Donations and legacies
Donations received (including gif aid recoverable)
Legacy
Monies from closure of former funds/associations
Days pay scheme
Silver Subscription
Charitable activities
Castle subscriptions and sales
Battlefield Tour
Other trading activities
Sale of regimental souvenirs
Fundraising event
Investments
Investment Funds
Other interest:
Royal Bank of Scotland
Other
Case grant income
BBC royalties
Sundry income
Silver insurance claim|**2023**
117,872
122,868
12,875
£253,615
6,950
9,306
£16,256
1,538
206,889
£208,427
131,254
1,459
£132,713
3,233
£3,233||**18 month**
**period to 31**
**December**
**2022**
117,974
100,000
32,580
184,264
18,039||
||||||
|||||£452,857
10,854
7,200
£18,054
4,030
£4,030
177,914
154
£178,068|
|||||1,838
119
326
24,020
£26,303|
19
THE **ROYAL ANGLIAN REGIMENT CHARITY NOTES TO THE ACCOUNTS (Continued)**
## **FOR THE PERIOD ENDED 31 DECEMBER 2023**
## **2. ANALYSIS OF INCOME cont. ..**
In the period ended 31 December 2023: £519,516 (18 month period to 31 December 2022: £602,107) of the above income related to unrestricted fund income.
In the period ended 31 December 2023: £nil (18 month period to 31 December 2022: £24,020) of the above income related to endowment fund income.
In the period ended 31 December 2023: £94,728 (18 month period to 31 December 2022: £53,185) of the above income related to restricted fund income.
|**3.**
**ANALYSIS OF EXPENDITURE**
Raising funds
Fundraising event costs
Investment management fees
**2023**
43,447
1,491
£44,938|**18 month**
**period to 31**
**December**
**2022**
813
115
£928|**18 month**
**period to 31**
**December**
**2022**
813
115
£928|
|---|---|---|
||||
||||
20
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
|**3. ANALYSIS OF EXPENDITURE cont ...**
Charitable activities
lnservice Welfre Grant - No of cases 4 (2022: 6)
Case Grants - No of cases 69 (2022: 85)
Memorial Running Costs
Memorial Restoration
Remembrance Day Costs
ABF Sponsorship
RCO - Oficer & Soldier Recruiting Expenses
Other Grants
1**st**Battalion Grants - including Adventure Training
2**nd**Battalion Grants - including Adventure Training
3**rd**Battalion Grants - including Adventure Training
Regimental gathering expenditure
Not for profit purchases
Association Support (including Big Breakfst & Minden Day)
Chapel expenditure
Days Pay Scheme - RHO
Days Pay Scheme - Silver
Castle expenditure
Sundry Expenses
Council Meeting Expenses
Excess paid to Millie Fisk
Presentation account
Representational Event
Depreciation
Legal fees
Audit
Accountancy
Silver insurance and repairs
Disposal of Silver
Fuel allowance
Childrens Trust Fund professional fees
Gif aid training
Afghan Veteran Fund expenditure
Heritage expenses
Battlefield Tour
Project 1964
Branding Review Project Futurum
RHO Projects
**2023**
2,632
43,488
1,691
2,540
13,000
18,493
5,546
40,942
6,500
25,562
9,663
2,134
3,968
12,875
24,779
22,375
3,612
919
4,372
756
13,530
11,976
10,012
1,090
19,756
49,336
23,689
99,761
38,498
12,402|**18 month**
**period to 31**
**December**
**2022**
22,311
88,135
1,495
9,472
3,361
13,000
17,680
8,596
129,121
99,044
43,371
46,586
2,848
14,720
2,793
3,290
18,038
21,650
28,886
5,747
1,455
4,805
1,816
10,260
15,210
7,380
11,368
24,020
5,100
2,500
910
11,743
67,359
18,742|
|---|---|
|||
£525,897 £762,812
In the period ended 31 December 2023: £445,619 (18 month period to 31 December 2022: £700,907) of the above expenditure related to unrestricted fund income.
In the period ended 31 December 2023: £nil (18 month period to 31 December 2022: £24,020) of the above expenditure related to endowment fund income.
In the period ended 31 December 2023: £125,216 (18 month period to 31 December 2022: £38,813) of the above expenditure related to restricted fund income.
21
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPE�OD ENDED31DECEMBER2�3**
## **4. TANGIBLE FIXED ASSETS**
|CosWaluation
As at 1 January 2023
Additions
Disposals
As at 31 December 2023
Depreciation
As at 1 January 2023
Charge for the period
As at 31 December 2023
Net Book Value
As at 31 December 2023
As at 31 December 2022|**Ofice**
**Endowment**
**Chattels**
**Total**
**Equipment**
**Silver Fund**
21,688
3,288,961
25,000
3,335,649
211688
312881961
251000
313351649
18,664
18,664
756
756
19,420
19,420
£2,268
£3,288,961
£25,000
£3,316,229
£3,024
£3,288,961
£25,000
£3,316,985|
|---|---|
Endowment Silver Fund assets are stated at their deemed cost as at 1 July 2014.
22
THE ROYAL **ANGLIAN** REGIMENT CHARITY
## NOTES TO THE ACCOUNTS (Continued)
## **FOR THEPEmOD ENDED31 DECEMBER2�3**
## **5. INVESTMENTS**
|**Market (Disposals)**
**Value**
**01.01.23**
**Realised**
**(Losses)**
Investment porfolio
£6,064,990
(£17,632)
(£14,263)
==
===~~=~~
~~==~~
~~=~~
~~==~~|**Unrealised**
**Gains**
**Market**
**Value**
**31.12.23**
**Cost**
**31.12.23**
£246,991
£6,280,086
£5,196,262
==
==
=
==
=|
|---|---|
The Regimental Charity Investments representing over 5% of the market value of the fund at 31 December 2023 are:-
|
2023 are:-||
|---|---|
||**Market**|
||**Value**|
|Sarasin Thematic Global|3,614,718|
|Sarasin Strategic Bond|326,261|
|Sarasin Global Dividend - Class I|1,422,065|
|**6.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|---|
|||**2023**|**2022**|
|Other Debtors||40,937|56,485|
|||£40,937|£56,485|
|7.|**CREDITORS: AMOUNTS FALLING**DUE**WITHIN ONE YEAR**|||
|||**2023**|**2022**|
|Accruals||39,331|33,161|
|Other Creditors||71,276|11,802|
|||£110,607|£44,963|
23
THE **ROYAL ANGLIAN REGIMENT CHARITY**
## **NOTES** TO THE **ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
## **8. CURRENT PERIOD - MOVEMENT ON FUNDS**
|Balance at 1 January 2023
Incoming resources
Resources expended
Gain on investments
Transfers
Balance at 31 December 2023
**Restricted Funds**
Balance at 1 January 2023
Incoming resources
Resources expended
Gain on investments
Transfers
Balance at 31 December 2023|**Unrestricted**
**General**
6,072,316
519,516
(445,619)
232,728
(23,646)
£6,355,295
**Wayland**
**Amputee**
Fund
**Unrestricted**
**Designated**
67,038
**Endowment**
**Silver**
3,313,481
£67,038
£3,313,481
**Silver**
Fund
**Chapel**
Fund
**Afghan**
**Veterans**
Fund
86,429
(3,565)
4 559
47,710
12,875
3,940
1,179
(2,134)
21,507
(19,756)
£87,423
£60,585
£2,985
£1,751
**Restricted**
Funds
159,586
94,728
(125,216)
23,646
**Total**
9,612,421
614,244
(570,835)
232,728
£152,744
£9,888,558
Project
**1964**
Fund
80,674
(99,761)
19 087
£-
Total
159,586
94,728
(125,216)
23,646
£152,744|
|---|---|
24
**THE ROYAL ANGLIAN REGIMENT CHARITY**
## **NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
|**OR THEPEmOD ENDED31DECEMBER2�3**||||
|---|---|---|---|
|**.**
**PRIOR PERIOD- MOVEMENT ON FUNDS**
**Unrestricted**
**General**
Balance at 1 July 2021
6,591,891
Incoming resources
602,107
Resources expended
(700,907)
Gain on investments
(426,426)
Transfers
5,651
Balance at 31 December 2022
£6,072,316|**Unrestricted**
**Designated**
67,038
£67,038|**Endowment**
**Silver**
3,313,481
24,020
(24,020)
£3,313,481|**Restricted**
**Funds**
150,865
53,185
(38,813)
(5,651)
£159,586
**Total**
10,123,275
679,312
(763,740)
(426,426)
£9,612,421|
|||||
||**Wa�land**|**Silver**|**Chaeel**|**Afghan**|**Project**|**Total**|
|---|---|---|---|---|---|---|
||**Ameutee**|**Fund**|**Fund**|**Veterans**|**1964**||
||**Fund**|||**Fund**|**Fund**||
|**Restricted Funds**|||||||
|Balance at 1 July 2021|104,989|41,039|4,837|||150,865|
|Incoming resources||18,039|1,896|33,250||53,185|
|Resources expended|(12,909)|(11,368)|(2,793)|(11,743)||(38,813)|
|Gain on investments|||||||
|Transfers|(5,651}|||||(5,651)|
|Balance at 31 December 2022|£86,429|£47,710|£3,940|£21,507|£-|£159,586|
Unrestricted Fund - General Fund - The General Fund consists of funds which the Trustees may use for the Charity's objects at their discretion.
Unrestricted Funds- Designated Fund - This fund is designated to meet the expenses of the Regimental Chapel at Warley, Essex.
Restricted Silver Fund - Includes Days Pay Scheme Silver Subscription together with any insurance proceeds and incurs any insurance and repair costs in respect of the Silver.
Restricted Fund - Wayland Amputee Fund - This fund has been set up with the purpose of providing assistance and support for amputees from recent and future operations.
Restricted Fund- Chapel Fund - This fund has been set up to account for the income received and expenditure incurred on behalf of the Chapel.
Restricted Fund- Afghan Veterans Fund -This fund provided by the Armed Forces Covenant has been set up with the purpose of providing assistance and support to veterans, serving soldiers and their families from the conflict in Afghanistan and other recent operations.
Restricted Fund- Project 1964 -This fund has been set up to assist with the refurbishment of the Kendrew Barracks.
Endowment Silver Fund - This represents the deemed cost of the Silver together with any proceeds of disposals.
25
THE ROYAL **ANGLIAN** REGIMENT CHARITY
**NOTES TO THE ACCOUNTS (Continued)**
## **FOR THEPEmOD ENDED31DECEMBER2�3**
## **Transfers**
A transfer of £4,559 (2022: (£5,651)) from unrestricted reserves for the Wayland Amputee fund relates to gains and income earned from the investment portfolio of the charity which has been included within unrestricted fund income.
A transfer of £19,087 (2022: £nil) from the unrestricted reserves to the 1964 Project reserve to cover the balance of the refurbishment expenditure in the period from general funds.
## **10. CURRENT PERIOD -ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Restricted Funds
Wayland Amputee Fund
Silver Fund
Chapel Fund
Afghan Veterans Fund
1964 Project
Silver Endowment Fund
Unrestricted Funds
General Fund
Designated - Essex Chapel Fund
**Tangible**
**Fixed**
**Assets**
**Investments**
87,423
3,288,961
27,268
6,192,663
£3,316,229
£6,280,086|**Current**
**Assets/**
**(Liabilities)**
60,585
2,985
1,751
24,520
135,364
67,038
£292,243|**Non**
**Current**
**Assets/**
**(Liabilities**
**Net**
**Assets**
87,423
60,585
2,985
1,751
3,313,481
6,355,295
67,038
£-
£9,888,558|
|---|---|---|
## **11. PRIOR PERIOD -ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**11**
**PRIOR PERIOD -ANALYSI**|**S OF NET ASS**|**ETS BETWEEN**|**FUNDS**|||
|---|---|---|---|---|---|
|||||**Non**||
||**Tangible**||**Current**|**Current**||
||**Fixed**||**Assets/**|**Assets/**|**Net**|
||**Assets**|**Investments**|**(Liabilities)**|**(Liabilities**|**Assets**|
|Restricted Funds||||||
|Wayland Amputee Fund||86,429|||86,429|
|Silver Fund|||47,710||47,710|
|Chapel Fund|||3,940||3,940|
|Afghan Veterans Fund|||21,507||21,507|
|Silver Endowment Fund|3,288,961||24,520||3,313,481|
|Unrestricted Funds||||||
|General Fund|28,024|5,978,561|65,731||6,072,316|
|Designated - Essex Chapel Fund|||67,038||67,038|
||£3,316,985|£6,064,990|£230,446|£-|£9,612,421|
26
**NOTES TO THE ACCOUNTS (Continued)**
**FOR THE PE�OD ENDED 31DECEMBER 2�3**
## **THE ROYAL ANGLIAN REGIMENT CHARITY**
## **11. TAXATION**
The Fund is a Registered Charity, and no Corporation Tax is payable on the results for the period. Income Tax deducted from covenanted donations and Gift Aid is recoverable.
## **12. TRANSACTIONS WITH TRUSTEES/ KEY MANAGEMENT PERSONNEL**
The Trustees consider the key management personnel of the charity to be the Trustees, who are in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis.
All Trustees give their time freely and no trustee remuneration was paid during either period.
## **13. RELATED PARTY TRANSACTIONS.**
During the period 1 Trustee (2022: 1) was reimbursed £500 (2022: £137) in relation to travel expenses in performing their duties as a Trustee of the charity.
During the period the charity received donations totalling £70,000 (2022: £10,260) from Oakley Capital Limited, a company connected to Mr D Till, a trustee.
During the period the charity received donations totalling £45,000 (2022: £1,000) from a trustee.
## **14. CUSTODIAN TRUSTEESHIP**
The charity acts as custodian trustee for the 1[st ] Battalion, 2[nd ] Battalion and 3[rd ] Battalion The Royal Anglian Regiment. The assets held on behalf of these entities relate to the investment portfolio. These assets are separate from those of the charity and are not included within these accounts. The value of investments held as at 31 December 2023 is £497,042, £21,114 and £30,966 (2022: £480,984, £20,002 and £29,336) respectively. The investment portfolio also includes a cash account, the values of these as at 31 December 2023 is £1,408,£7 and (£1,047) (2022: £9,666, £350 and (£544) respectively.
27