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2022-10-31-accounts

Membership ofthe Court ofAssistants ..
Annual
Report ofthe Court ofAssistants		 .2-9
Independent Auditors'
Report		 .10-13
Consolidated Statement ofFinancial Activities. .. .14-15
Consolidated and Charity Balance Sheets... ..16
Consolidated Statement ofCash Flows .. ..17
Notes to the Financial Statements .. .18-37

Auditors Buzzacott LLP 130Wood Street,
London EC2V 6DL
Solicitors Charles Russell Speechlys LLP 5Fleet Place, London EC4M 7RD
Boodle Hatfield LLP 240 Blackfriars Road,
London SE18NW
Bankers National Westminster Bank Pic 1Princes Street, London EC2R8BP
Property Daniel Watney LLP 165Fleet Street
Agents London EC4A 2DW
Investment Evelyn Partners 25Moorgate,
Managers London EC2R 6AY

Total Total
Unrestricted Restricted Endowment 31-Oct 31-Oct
Funds Funds Funds 2022 2021
Note 6000 6000 f000 6000 6000
INCOME AND ENDOWMENTS FROM:
Donations and legacies 12 37
Charitable
activities:
Member subscrip lions 320 320 309
Other income 1 264 191
Other trading activities 1,988 84 2,072 917
Investments:
Investment
property		 income 1,747 1,747 1,698
Listed investments 133 219
Interest on cash deposits 1 1
Total income 16 3 4,635 3,380
EXPENDITURE ON:
Raising Funds
Trading costs 1,135 80 1215 878
Investment
property costs
Investment
management
charges		 29 18 I 268
48		 246
73
Charitable
activities:
Military
grants and other		 charitable 487 765 418
expenditure
Maintenance
and operation ofArmoury		 969 969 656
House
Membership
services		 and general 10 821 822 725
adrrunistration
Total expenditure 16 3,709 1 4,087 2,996
Net operating
income		 482 2 548 384
(Losses)(gains on investments
Net (lass)/gain
on Listed		 invesunents 12 (602) (419) (16) (1,037) 2,185
Investment
property		 revaluation (toss) 11c (3,399) (3,399) (417)
Net (expenditure),
income		 and movement in (3,519) (355) (14) (3,888) 2,152
funds for year
Funds bmught
forward		 at1Navember 2021 16 58,724 5,216 179 64,119 61,967
Funds carried forward at 31Octaber 2022 17 55,205 4+61 165 60,231 64,119

ear ended 31October 2021
Total
Unrestricted Restricted Endowment 31-
Oct
Funds Funds 2021
Note f000 6000 EOOO
INCOME AND ENDOWMENTS FROM:
Donations and legacies 34 37
Charitable activities:
Member subscnphons 309 309
Other mcome 7 184 191
Other trading activities 917 917
lnvestmentsi
Investment
properly income		 1,69S 1,698
Listed investments 135 89 4 228
Tote!income 16 3/69 307 4 3,380
EXPENDITURE ON:
Raising Funds
Trading costs 6 878 878
llivestmeat
properhJ costs		 7 246 246
Investment
management		 charges 12 28 73
Charitable
activities:
Military
grants and other		 charitable expenditure 8 151 267 418
Maintenance
and operation ofA		 rmoury House 9 656 656
Membership
services
and		 general administration 10 723 725
Total expendi lure 16 2,698 297 1 2,996
Net operatingincome 10 3 384
GaIW(tosses) oninveshnents
Net gain/(loss)
on Listed		 inveshmnts 12 1,239 889 57 2,185
Investment
property
revaluation		 gain llc (417) (417I
Net income and net movementin funds for 1,193 899 60 2,152
year
Funds brought fonvard at1November 2020 57,531 4,317 119 61,967
Funds carried forward at 31October 2021 17 5S,724 5+16 179 64,119
Honourable
Artille
Com
an		 Honourable
Artille
Com
an
CONSOLIDATED &CHARITY BALANCE SHEETS
31OCTOBER 2022 2022 2021 2022 2021
Group Group Charity Charity
Note 6000 f000 KOOO 6000
Fixed Assets
Tangible assets —own use lla 4,682 4,902 4,353 4,573
Tangible assets - Light Cavalry lib 32 16 32 16
Tangible assets —Heritage assets lib 147 147 147 147
Investment
properties		 1lc 41,439 44,838 41,439 44,838
Intangible
assets —software		 —own use 11d 21 47 21 47
Listed investments 12 9,902 10,784 9,902 10,784
Shareholding
in subsidiaries		 13 301 301
Total fixed assets 56,223 56,195 60,706
Current assets
Stocks 6 7 1 1
Debtors and prepayments 14 776 780 1,903 1,064
Short-term
deposits		 3,217 2,376 2,446 2,376
Cash at bank and in hand 1,067 972 390 531
5,066 4,135 4,740 3,972
Liabilities:
Creditors falhng due within one year 15 (1,058) (750) (711) (559)
Net current assets 4,008 3,385 4,029 3,413
NET ASSETS 60,231 64,119 60,224 64,119
CHARITABLE FUNDS
General Fund ]6&17 1,681 1,681 1,681 1,681
Designated
Reserves		 16&17 7,135 7,255 7,131 7,255
Fixed Asset Fund 16&17 46,389 49,788 46,389 49,788
55,205 58,724 55,201 58,724
Restricted Funds 16&17 4,861 5,216 4,858 5,216
Endowment
Funds		 16&17 165 179 165 179
TOTAL CHARITABLE FUNDS 60331 64,119 60,224 64,119

EAR ENDED 31OCTOBER 2 02 2
Total Funds Total Funds
31-Oct2022 31-Oct2021
Note 6000 6000
Cash flows from operating activities:
Net cash (used) in operating
activities		 (844) (1,265)
Cash flows from investing
activities:
Dividends,
interest and rent from investments		 1,967 1,926
Purchase oftangible and intangible assets 11a/11b (32) (24)
Purchase ofheritage assets (4)
Purchase ofinvestments
-listed investments		 12 (6,810) (1,234)
Disposal ofinvestments
—listed investments		 '12 5,089 2,498
Net cash provided by investing
activities		 214 3,162
Change in cash and cash equivalents in reporting period (630) 1/I97
Cash and cash equivalents
at 1November		 2021 5321 3,524
Cash and cash equivalents
at 31October 2022		 4,791
2022 2022
6000 GNl0
Note
Reconciliation ofnet income tonet cash flow fmm
operating
activities
Net income for the reporting period (3,888) 2,143
Adjustments
for:
Depreciation
Charges:
Depreciation,
amor tisation &impairment		 11a/lid 252 283
Light Cavalry and Pikeman &Musketeers depreciation lib 10 5
Loss on the disposal ofFixed Assets 6
(Gain)/Loss on Listed investments 12 1,037 (2,185)
Loss on Investment
Property
Revaluation		 11c 3,399 417
Rents, dividends
and interest from		 invcshncats:
Investment
property income		 (1,747) (1,698)
Listed investments (219) (228)
Interest on cash deposits (I)
(Increase) in stocks 1 (1)
Decrease in debtors 4 (37)
Increase in creditors 308 30
Net cash (used in)(generated
by operating		 activities (844) (1365)
Analysis ofcash and cash equivalents
Cash in hand (see note below) 1,067 972
Notice deposits (less than 3months) 3,217 2,376
4,284 3,348
Cash held with investment
managers		 507 2 073
Total cash and cash equivalents 4,791 5,421
At31
Cash October
Reconciliation
ofnet debt		 At1November 2021 flows 2022
6000 flMO 6000
Cash and cash equivalents 5421 630 4791
Cash at bank includes E840k deposits for future events

ended 31October 2022 ended 31October 2022 ended 31October 2022 (con t'd)
Donations and legacies 2022 2021
6000 GNO
Benevolent Fund 11 13
Other Restricted Funds 21
Restricted Funds 34
Unrestricted
Funds		 3
Total 12 37
Member subscriptions 2022 2021
EOOO EOOO
Paid by members 290 285
Tax recovered on Gift Aid subscriptions 61 55
Entrance fees 1 2
VAT payable on subscription income (32) (33)
Total 320 309
Other income 2022 2021
BNO OOOO
Pikemen &Musketeers income 54 14
Light Cavalry income 209 170
Restricted funds 263 184
Other Events - unrestricted funds 1 7
Total 191
Other trading activities
2022 2022 2022 2021
Income Expenses Surplus Surplus/
(Deficit) (Deficit)
EOOO EOOO 00 E000
Sutling 1,582 (740) 842 (114)
Sports &grounds
activities		 312 (150) 162 182
Bedrooms 89 (80) 9 (20)
Car parking 2 2 11
Sale ofbooks, ties, cards and other income 3 (2) 1 3
Audit fees (5) (5) (5)
Administration charge (158) (158) (18)
Unrestricted
Funds		 1,988 (1,135) 853 39
Flank Companies' Ball —restricted funds 84 (80) 4
Total 2,072 (1,215) 857 39

6.O ther trading a c tivit ies
2021 2021 2021
Income Expenses Surpluar
(Deficit)
OOOO 6000 6000
Sutling 538 (652) (114)
Sports &grounds activities 332 (150) 182
Bedrooms 32 (52) (20)
Car parking 11 11
Sale ofbooks, ties, cards and other income 4 (1) 3
Audit fees (5) (5)
Administration charge (18) (18)
Total 917 (878) 39
7. Investment property income and 2022 2021
expenditure
Income 6000 6000
Commercial 984 961
Residential 401 373
Other rental income 362 364
Total income 1,747 1,698
Expenditure
Management fees (including the Pencelli estate) 50 44
Cost ofinsurance, legal and professional fees 37 38
Maintenance and repairs 181 164
Total expenditure 268 246

8. Military grants and other charitab le
e		 xpe nditure
No of No of
Grants 2022
Grants		 2021
2022 6000
2021		 6000
Grants to the Regiment and Sub Units —unrestricted 47 380 14 151
Grants from the Benevolent Fund to individuals 5 10 12 15
Grants to Pikemen &Musketeers from the Dugdale Bequest 1 3
Total grants paid 52 390 27 169
Other charitable
expenditure		 1 1 7 3
Vambrace expenditure 106 55
Pikemen &Musketeers
expenditure		 41 18
Light Cavalry expenditure 227 173
Total military
grants and other charitable		 expenditure 53 765 34 418
9. Maintenance
and operation of Armoury		 House
2022 2021
6000 E000
Staff costs, including
taxes and pension		 contributions 535 371
(including
contract and temporary		 staff)
Rates, water, power and heating 134 82
Cleaning and waste removal 40
Property maintenance
and repairs		 375 206
Treasures, Archives 49
Recharges totrading subsidiaries (163) (92)
Total 969

2022 2022 2022 2021 2021 2021
8000 6000 GI00 E000 E000 6000
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
Staff costs, including taxes,
pension contributions and
pensions to former employees 475 475 410 410
Employee termination payments 19 19
Office services, ITand
telephone 143 143 99 99
Membership
administration		 13 13 14 14
Insurance 103 103 96 96
Publications 27 27 25 25
Bank charges, other legal and
professional
costs		 27 27 42 - 42
Recharges to trading
subsidiaries (5) (5) (11) - (11
Benevolent Fund
administration
costs		 1 1 2 2
Governance 38 29 29
821 1 822 723 2 725
Auditors'
remuneration
(excluding VAT) included in
above total:
Audit Fees 28 24 24

lla. Tangible fixed assets Tangible fixed assets Freehold/ Furniture, Subsidiary
for own use Leasehold Land Plant and Charity Freehold Group
&Buildings Equipment Total Land Total
6000 f000 4000 4000 E000
Cost
At 1November 2021 8,584 1,875 10,459 329 10,788
Additions 6 6 6
At31October 2022 8,584 1,881 10,465 329 10,794
Depreciation
At 1November 2021 4,601 1,285 5,886 5,886
Charge for year 102 124 226 226
At31October 2022 4,703 1,409 6,112 6,112
Net BookValue
At31October 2022 3,881 472 4,353 329 4,682
At31October 2021 3,983 590 4,573 329 4,902

Fixed assets, contd assets, contd
11b. Tangible fixed assets, contd Ptkemen ss
Light Cavalry Musketeers Heritage Assets
BXNI GSO f000
Cost
At 1November 2021 37 300 147
Additions 26
At31October 2022 63 300 147
Depreciation
At 1November 2021 21 300
Charge for year 10
At 31October 2022 300
Net BookValue
At 31October 2022 32 147
At 31October 2021 16 147

Fixed assets, contd
11c. Investment Properties 2022 2021
4000 6NO
Valuation at 1November 2021 44,838 45,255
Revaluation (loss) (3,399) (417)
At 31October 2022 41,439 44,838

Intangible
asset		 s —Software for own use
2022
6000
Cost
At 1November 2021 101
At 31October 2022 101
Amortisation
At 1November 2021 54
Charge for year 26
At 31October 2022 80
Net BookValue
At 31October 2022 21
At 31October 2021 47

2022 2021
6000 6000
Investments at market value —1November 2021 8,711 7,790
Additions 6,810 1,234
Disposal proceeds (5,089) (2,498)
Realised and unrealised (losses)/gains {11037 2185
Sub-Total 9,395 8,711
Investment cash 507 2,073
Investments at market value —31October 2022 9,902 10,784
Investments atcost 9,876 9,278
Unrealised gains 26 1,506
9,902 10,784
Split ofinvestments —31October 2022
UK listed investments 3,255 4,654
Overseas listed investments 5,730 3,077
Multi-Asset funds 410 980
Held as cash 507 2,073
9,902 10,784

HAC Enterprises HAC Flank Flank
Ltd Companies' Ball Ltd Pencelli Ltd
6000 f000 6000
Fixed assets
Tangible assets for own use 329
Shares in subsidiary (see above)
Total fixed assets 329
Current assets
Stocks 4
Debtors 415
Other debtors and pzepayments 24
Cash atbank and in hand 1,433 14
Total current assets 1,876 14
Creditors
Trade creditors
Accruals and deferred income 406
Amounts
owed		 to Company 1,399 29
Total creditors 1,876
Net current asset4f(liabilities) (29)
Net assets 300
Share capital and reserves 300
14. Debtors and prepayments Group Charity
2022 2021 2022 2021
6000 6000 6000 6000
Trade debtors 383 404 80 77
Sundry debtors 249 48 253 40
Prepayments and accrued income 124 323 92 323
Taxation 20 5 85 5
Amounts
owed by		 subsidiaries (note 13) 1,393 619
Total 776 780 1,903 1,064

15. Creditors due within one year Group Charity
2022 2021 2022 2021
6000 6000 6000 6000
Trade creditors 220 153 160 116
Accruals 173 169 177 166
Deferred income 370 235 74 84
Taxation 41 24 41 24
Other creditors 254 169 259 169
Total 1,058 750

Charitable
Funds
a)Canon tperiod INovember Income Expendihrre Investment 31October
2021 Galoot(losses) 2022
&Transfers
f000 IISO Inoo
Unrestricted
Funds:
General Reserve 1~1 4,191 (3,709) (482) 1,681
Designated
Reserves		 7~5 (120) 7,135
Fixed Asset Fund 49,788 (3,399) 46,389
Total Unrestricted Funds 58,724 (3,709) (4,001) 55,205
Restricted Funds:
Benevolent Fund 3,791 90 (27) (400) 3~4
Regimental
Grants		 Fund 506 506
Light Cavalry 170 209 (226) 153
Pikeman &Musketeers 269 54 (42) 281
Other Restricted Funds 480 88 (82) (19) 467
Total Restricted Funds 5416 (377) (419) 4,861
Endowment
Funds
Dugdale Bequest (16) 165
Total Funds 64,119 4,635 (4A36) 60,231
b)Prior period INovember Income Expenditure Investment 31October
2020 Gatmt/(Losses) 2021
&Transfers
6000 f000
Unrestricted
Funds:
General Reserves 1,194 3,069 (2,426) (156) 1,681
Designated
Reserves		 52I60 1,395 7,255
Fixed Asset Fund 50377 (272) (417) 49,788
Total Unrestricted Funds 57,5m (2,698) 822 58,724
Restricted Funds:
Benevolent Fund 2,944 98 (65) 814 3,791
Regimental
Grants		 Fund 506 506
Light Cavalry 173 169 (172) 170
Pikemen &Musketeers 277 13 (21) 269
Other Restricted Funds 417 27 (39) 75 480
Total Restricted Funds 4,317 (297) 5~6
Endowment
Funds
Dugdale Bequest 119 57 179
Total Funds 61,967 3,380 (2996) 1,76S 64,119

nded 31Octobe r 2022 (cont'd)
Analysis ofGroup net assets between Tangible and Investments Current Liabilities Total
Funds —2022 Intangible Assets 2022
Fixed Assets
6000 6000
Unrestricted
Funds
General Reserve 1,175 870 (364) 1,681
Desrgoated
Reserves		 4,705 3,095 (665) 7,135
Fixed Asset Fund 46,142 247 46,389
Total Unrestricted Funds 46,142 6,127 3,965 (1,029) 55,205
Restricted Funds
Benevolent Fund 3,402 52 3,454
Regimental
Grants		 Fund 506 506
Light Cavalry 32 16 (26) 22
Pikeman &Musketeers 284 (3) 281
Other Restricted Funds 147 212 239 598
Total Restricted Funds 3,614 1,097 (29) 4,861
Endowment
Funds
Dugdale Bequest 161
Total Funds 46,321 9,902 5,066 (1,058) 60,231
unds by the Unr estricted
Funds,		 was E765k (202 1:E765k).
Analysis ofGroup net assets between Tangible Invesnnents Current Liabilities Total
Funds —2021 and Assets 2021
Intangible
Fixed Assets
6000
Unrestricted
Funds
General Reserve 1,659 676 (654) 1481
Designated
Reserves		 4,977 2,341 (63) 7,255
Fixed Asset Fund 49,788 49,788
Total Unrestricted Funds 49,788 6,636 3,017 (717) 58,724
Restricted Funds
Benevolent Fund 3,745 62 3,807
Regimental
Grants		 Fund 506 506
Light Cavalry 16 54 (31) 39
Pikemen &Musketeers 272 (2) 270
Other Restricted Funds 146 219 594
Total Restricted Funds 162 3,974 1.113 (33) 5,216
Endowment
Funds
Dugdale
Bequest		 174 179
TotalFunds 49,950 10,784 (750) 64,119

TES TO THE FINANCIAL STATEM
r ended 31October 2022 (cont'd)
 ENTS
Payroll costs 2022 2021
f000 OOOO
HAC salaries (excl. Er's NI, pensioners &contract staff) 802 706
HAC employer's
National Insurance		 89 71
HAC emoluments
(excluding pensioners &contract staff)		 891 777
HAC Job Retention Scheme payments received (38)
Light Cavalry salaries (excl. Er's NI) 88
Light Cavalry employer's
National Insurance		 8
Light Cavalry emoluments 96
Light Cavalry Job Retention Scheme payments received (9)
Pensions paid 10
Total Staff Costs 998 817
2022 2021
No. No.
Average number ofHAC employees (excl.contract staff and pensioners) 20 20
Average number ofLight Cavalry employees 3 3
Average number ofpensioners 1 1
Total Staff 24 24
Number ofemployees
earning between 660kand 670k
Number ofemployees
earning between 690k and 6100k
Number
ofemployees
earning between E110k		 and 6120k