2023-09-30-accounts

		Page
Trustees and administrative	information
Trustees' report
Independent auditor's report
Statement offinancial activities
Balance sheet		12
Cash flow statement		13
Notes to the accounts		14

Trustees		Major General J	M H Bowder	OBE
		Major General C	J Ghika CBE	(Resigned on 29September 2023)
		Brigadier M S P	Berry
		Lieutenant Colonel G CLight
		Lieutenant Colonel J E N BShaw LVO
		DS SChichester	Esq
		J A CCambell-Johnston Esq
Treasurer		Major W BStyle
Company number		CE030570
Charity number		1200873
Address		Horse Guards
		Whitehall
		London
		SW1A2AX
Investment	managers	Evelyn Partners	investment	Management
		45 Gresham Street
		London
		EC2V7BG
Bankers		Lloyds Bank Pic
		25 Gresham Street
		London
		EC2V 7HN
Independent	auditor	Saffery LLP
		Chartered Accountants
		71Queen Victoria Street
		London
		EC4V4BE
Solicitors		Wilsons
		4Lincoln's Inn Fields
		London
		WC2A 3AA

							9	For
							months	informatio
								n
								15months
			Unrestricte	Restricted	Permanent	Expendable	Total	Total
			d
		Note	Funds	Funds	Endowment	Endowment	2023	2022
		s
			6	6	6	6
Income from:
Donations, legacies,
subscriptions and			77,764				77,764	163,352
payments in kind
Activities to generate funds			496,091				496,091	493,456
Investment income		4	126,189	13,135			139,324	160,312
Total income			700,044	13,135			713,179	817,120
Expenditure on:
Raising funds		5	290,742				290,742	348,098
investment management costs			20,144	2,091	4,584	497	27,316	41,583
Charitable activities		6	325,331				325,331	559.396
Total expenditure			636,217	2,091	4,584	497	643,389	949,077
Net
income/(expenditure) before investment			63,827	11,044	[4,584)	(497)	69,790	(131,957)
gains
Gain/goes) on investment assets			110,392	11,458	25,120	2,723	149,693	(451,178)
Net
income/(expenditure) and net movement in			174,219	22,502	20.536	2,226	219,483	(583,135)
funds
Total funds brought forward			5,390,301	585,719	1,188,223	121,404	7,285,647	7,868,782
Total funds carried forward			5,564,520	608,221	1,208,759	123,630	7,505,130	7,285,647

						Forinformation	Forinformation
			Notes	30September f	2023 f	31December 2022 E E
Fixed assets
Tangible assets			9		82,945		82,150
Investments			10		7,056,424		6,919,528
					7,139,369		7,001,678
Currentassets
Debtors				60,016		66,972
Cash at bank				432,729		288,756
				492,745		355,728
Liabilities
Creditors: Amounts		falling due within one year	12	(126,983)		(71,759]
Net current	assets				365,761		283,969
Net assets					7,005,130		7485,647
Funds
Unrestricted	funds		13		5,564,520		5,390,301
Restricted funds			13		608,221		585,719
Permanent	Endowment		13		1,208,759		1,188,223
Expendable	Endowment		13		123,630		121,404
					7.005.130		7.305.007

						For
					9months 2023	information 15months 2022
				Note		6
Net cash (used in) operating activities					(6,009)	(222,209)
Cash flows from investing activities
Investment income					139,324	160,312
Fixed asset additions					(2,140)	(2,506)
Purchases ofinvestments Disposal proceeds from investments					(828,921) 903392	(1,615,461) 1705064
Net cash provided by investing activities					291,655	247,409
Change in cash and cash equivalents in the year Cash and cash equivalents at01January 2023					285,646 440509	25,198 415311
Cash and cash equivalents at 30September 2023					726,155	440,509
A. Reconciliation ofnet income/(expenditure)			to
net cash flow from operating	activities
Net income/(expenditure) for the reporting period as per the statement of flaandal activities					219,483	(583,135)
Adjustments for
Depreciation					1,345	1,146
Investment income					(139,324)	(160,312)
Unrealised investment losses/(gains)					(149,693)	451,178
(Increase)/Decrease in debtors					6,956	36,877
(Decrease)/Increase in creditors					55,224	32,037
Net cash provided by operating activities					~6009	~222209
Recondliation ofnet debt				Asat		Asat30
				1January	Movement	September
				2023	in the year	2023
				6	8	8
Cash atbank and on instant access deposit		accounts		288,756	143,973	432,729
Cash with investment manager				151753 440 509	141673 205 646	293426 726100

onations, lega	cies and subscriptions
		9months	15months
		2023	2022
		E	E
Donations		21,782	39,467
Subscriptions	and fees	38,707	81,716
Wages in kind		17,275	42,169
		77,764	163,352

3	Activities to	generate funds	generate funds	generate funds
					9months	15months
					2023	2022
					E	6
	Fundraising		events		481,414	479,963
	income from		goods and services		14,677	13,493
					496,091	493,456
4	Investment income
					9months	15months
					2023	2022
					E	E
	Dividends	from listed investments			138,655	160,235
	-in the UK				98,284	96,141
	-outside	the UK			40,371	64,094
	Interest				669	77
					139,324	160,312
5	Costofraising		funds
					9months	15months
					2023	2022
					E	E
	Fundraising		events		290,742	348,098
					290,742	348,098
6	Charitable activities
					9months	15months
					2023	2022
					6	E
	Direct charitable			expenditure	132,431	229,670
	Staffwages	and traveging costs			109,996	179,023
	Editor's expenses				31,343	18,000
	Repairs and		maintenance		549	34,553
	Yacht repair		costs			5,646
	Insurance				262	34,939
	Supportcosis				15,215	3,245
	Governance		costs	(see Note 8)	33,820	54,320
	Grant expenditure				1,715
					325,331	559,396

7	Governance
			9months	15months
			2023	2022
			E	E
	Audit fees		12,012	13,865
	Accounting	and support fees	10,972	13,035
	Advisory fees		2,736	1,980
	Legal fees		8,100	25,440
			33,820	54,320
8	Wages and salaries		9months	15months
			2023	2022
			E	E
	Wages		98,039	121,391
	Social Security		7,614	12,827
	Pension costs		1746	2 576
			107,401	136,794
	Salary costs	as Gift in Kind	17,275	42,229
	Travel costs
			124676	175,623

9 Tangible	flxed	assets
		Property A	Equipment,	Memorial	Yacht	Total
		Silver	fixtures and
			fitting
			E
Cost
At 1January 2023		53,712	87,938	29,164	141,475	312389
Additions			2,140			2,140
At30September	2023	53,712	90,078	29,164	141,475	314,429
Depreciation
At 1ianuary 2023		5,309	83,355		141,475	230,139
Charge during year			1,345			1,345
At30Septeinber	2023	~309	04900		141,475	231,484
Net book value
30September 2023		48,403	5,378	29,164		82,945
31December 2022		40,403	4 503	29104		02 150

sted investments
				30	31December
				September	2022
				2023
Opening Market value				6,919,528	7,604,712
Acquisitions				828,921	1,615,461
Disposal proceeds				(981,247)	(1,703,429)
Net realised/unrealised		investment	(losses)/gains	149,693	(451,178)
Movement in cash				136,998	(10,566)
Capital withdrawal					(142,007)
Other investment	movement			2,531	6,53
Closing Market value				7,056824	6,919,528
Historical cost				5,642836	4837,159

the Charity. This	the Charity. This	amount to6120,000(support to the E	vents account) plus 644,000(n	ot recalled).
Represented		by:
United Kingdom
Equities			1,959,289	2,060,905
Corporate		bonds	1,069,187	561,308
Overseas
Equities			2,833,608	2,924567
Bonds			121,404	374205
Alternative	investments		556,355	572248
Investment	cash		293,426	151,753
Other			223,155	274,542
			7,056,424	6,919,528
Debtors
			30	31
			September	December
			2023	2022
			E	6
Other debtors			4,000	4,000
Prepayments		and accrued income	56D16	62 972
			60,016	66,972
Creditors
Amounts	falling due within one year		30	31
			September	December
			2023	2022
			6	E
Trade creditors			28,531	38,731
Accruals			89,928	33,028
Other creditors			8,524
			1269r3	71,759

3 Analysis	ofnet assets between	funds
	Unrestricted	Restricted	Permanent	Expendable	30September
	funds	funds	Endowment	Endowment	2023
					Total
					6
Tangible fixed assets	82,945				82,945
Investments	5,203,831	540,148	1,184,133	128,312	7,056,424
Net current assets	277,744	68,073	24,626	(4,682j	365,761
	5,564,520	608,221	1,208,759	123,630	7,505,130
	Unrestricted	Restricted	Permanent	Expendable	31December
	funds	funds	Endowment	Endowment	2022
					Total
					E
Tangible fixed assets	82,080	70			82,150
Investments	5,135,696	522,062	1,141,165	120,605	6,919,528
Netcurrent assets	172,525	63,587	47,058	799	283,969
	5,390,301	585,719	1,188,223	121,404	7,285,647

14 Movement in	funds
							Balance at
							30
		Balance at	1				September
		lanuary2023		income	Expenditure		2023
			F,	6	6		6
Unresutcted funds
Generalfunds		5,232,322		700,044	(636,217)	106,944	5,403,093
Designated funds
Sailing fund Yacht fund		89,741 68238				1,698 »1	91,439
Total unrestricted		5,390,301		700,044	(636,217)	110,392	5,564,520
Restricted Funds
Military Efflciency		585,719		13,135	(2,091)	11,458	608,221
Permaneat Eadowment	funds
General Purpose		1,188,223			(4,584)	25,120	1,208,759
Expendable endowment	funds
Military Efficiency		121,404			(497)	2,723	123,630
Total funds		7,285,647		713,179	(643,389)	149,693	7,505,130
							Balance at 31
		Balance at1				Gains and	December
		October 2021		Income	Expenditure	unnsfers	2022
Unrestricted funds
General funds		5,695,306		804,579	(940,264)	(327,299)	5,232,322
Designated funds Sailing fund Yachtfund		93,202 72 362			(3,461) ~4		89,741 11231
Total unrestricted		5,860,870		804,579	(940,264)	(334,884)	5,390,301
Restricted Funds
Military Einciency		609,792		12,542	(2,580)	(34,035)	585,719
Permaneat Endowment	funds
General Purpose		1,268,257			(5,638)	(74,396)	1,188,223
Expendable endowment	funds
Military Efficiency		129,863			(596)	(7,863)	121,404
Total ntnds		7,868,782		817,121	(949,078)	(451,178)	7,285,647

16 Comparative	Statement	ofFinancial Acti	vities
		Unrestricted	Restricted	Permanent	Expendable	Total
		Funds	Funds	Endowment	Endowment	2022
		f	6	6	6	6
income from:
Donations, legacies and subscriptions		163,052	300			163,352
Activities togenerate funds		493,456				493,456
Investment income		148,071	12,241			160,312
Government grant income
Total income		804,579	12,541			817,120
Expenditure on:
Raising funds		348,098				348,098
Investment management costs		32,770	2,579	5,638	596	41,583
Charitable activities		559,396				559,396
Total expenditure		940,264	2,579	5,638	596	949,077
Net income/(expenditure) before investment gains		(135,685)	9,962	(5,638)	(596)	(131,957)
Gain/(toss) on investment		(334,884)	(34,035)	(74,396)	(7,863)	(451,178)
assets
Net (expenditure)/income
and net movement	in	(470,569)	(24,073)	(80,034)	(8,459)	(583,135)
funds
Total funds brought forward		5,860,870	609,792	1,268257	129,863	7,868,782
Total funds carried forward		5,390801	585,719	1,188,223	121,404	7,285847