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|||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|||
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||||||||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|
##
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##
|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
ยป1|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|