2023-10-31-accounts - Honourable Artillery Company

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Membership	ofthe Court ofAssistants .....
Annual Report ofthe Court ofAssishmts.
Independent	Auditor's Report ..
Consolidated	Statement ofFinancial Activities ..
Consolidated	and Charity Balance Sheets ...
Consolidated	Statement ofCash Flows ..
Notes to the	Financial Statements. .

ails ofprofessi	onal advisers are given b	elow:
Auditor	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 Plc	1Princes Street, London EC2R8BP
Property	Daniel Watney LLP		165Fleet Street
Agents			London EC4A 2DW
Investment	Evelyn Partners		25 Moorgate,
Managers			London EC2R 6AY

ear ended 31Octobe	r 20	23
							Total	Total
					Unrestricted	Restricted	31-Oct	31-Oct
					Funds	Funds	2023	2022
				Note	6000	6000	6'000	6000
INCOME AND FNDOINMENTS		FROM:
Donations and legacies							123	12
Charitable activities:
Member subscriptions					323		323	32D
Other income					(11)		331	264
Other trading activities					2331	73	2,404	2,D72
Investments:
Investment properly income Listed investments Interest on cash deposits					1,684 137 9	85	1,684 222 9	1,747 219 I
Total income				16	4,474	622	5,096	4,635
EXPENDITURE ON:
Raising Funds Trading costs					1,218	78	1,296	1,215
Investment properly costs Investment management charges					307 34	26	307 60	268 48
Charitable activihes:
MiTitary grants and other	charitable				1,343	372	1,715	765
expenditure Maintenance and operation of Armoury					1,432		1,432	969
House
Membership services and	general			10	928	I	929
administration
Total expenditure				16	5,262	477	5,739	4,087
Net operating (expendimre)/	income				(788)	145	(643)	548
Gainr/(losses) on invesbnents
Net gain/(loss on Listed investments Investment property revaluation Doss)				12 1lc	114 (3,596)	90	204 (3,596)	(L037) (3,399)
Net (expenditme)rincome and net		movement			(4,270)	235	(4,035)	(32I88)
m fends for pear
Funds brought forward at1November			2022	16	55,205	5,026	60231	64,119
Funds canied forward at31October 2023				17	50,935	5461	56196	60231

ear ended 31October	2022
						To teel
				Unrestricted	Restricted	31-
						Oct
				Fends	Ftmds	2022
INCOME ANDENDO~ FROM:			Note	6000	6000	6000
Donations and legncies						12
Clraritnbte activities:
Member subscnptions				320		320
Otherincome				I	263	264
Other hnding activities				1,988	84	2,072
Inveshnentsr
Investment properhy income Listed investments				1,747 133	86	1,747 219
Interest on cash deposits						I
Totalincome			16	4,191	444	4,635
EXPENDITURE ON:
Raising Fends Trading costs Investment properhy costs Investment managetnent charges				1,135 268 29	80	1,215 268 48
Charitable activities:
Mihtmy grants and other drari table expenditure Maintenance and operation ofArmouny House			8 9	487 969	278	765 969
Membership services and general administration			10	821		822
Totnl expenditure			16	3,709	378	4,087
Net opernting incoase				482	66	548
(Losses)fgntns on investntents
Nel Ross)/gatv on Listed	investmenls		12	I'602)	(435)	$,037)
Investment property revaluation (loss)			Ilc	(3,399)		(3,399)
Net (espendihtre) nnd netmovemeutin		fiends		(3,519)	(369)	(3,888)
for year
Funds brought fonvnrd atI November		2022	16	58,724	5,395	64,119
Fends cnrried fononrd nt	31October 2023		17	55,205	5,026	60,231

Honourable Artillery Company	Honourable Artillery Company
CONSOLIDATED &CHARITY BALANCE		SHEETS
31OCTOBER 2023			2023	2022	2023	2022
			Group	Group	Charity	Charity
		Note	EOOO	6000	6000	EOOO
Fixed Assets
Tangible assets —own use		lla	4,540	4,682	4,211	4,353
Tangible assets —Light Cavalry Tangible assets —Heritage assets Investment properties		lib lib llc	23 147 37,843	32 147 41,439	23 147 37,843	32 147 41,439
Intangible assets —software	—own use	lid	5	21	5	21
Listed investments		12	10,253	9,902	10,253	9,902
Shareholding in subsidiaries		13			301	301
Total fixed assets			52,811	56323	52,783	56,195
Current assets
Stocks			6	6	1	1
Debtors and prepayments		14	669	776	1,987	1,903
Short-term deposits			2,907	3,217	1,828	2,446
Cash atbank and in hand			937	1,067	462	390
			4519	5,066	4,278	4,740
Liabilities:
Creditors falling due within	one year	15	(1,134)	(1,058)	(903)	(711)
Net current assets			3,385	4,008	3,375	4,029
NET ASSETS			56,196	60,231	56,158	60,224
CHARITABLE FUNDS
General Fund		16&17	1,984	1,681	1,984	1,681
Designated Reserves		16&17	6,158	7,135	6,120	7,131
Fixed Asset Fund		16&17	42,793	46,389	42,793	46,389
			50,935	55,205	50,897	55,201
Restricted Funds		16&17	5,261	5,026	5,261	5,023
TOTAL CHARITABLE FUNDS			56,196	60431	56,158	60,224

ONSOLIDATED STATEMENT O EAR ENDED 31OCTOBER 2023	F	C	OWS
					Total Funds	Total Funds
					31-Oct2023	31-Oct2022
				Note	6000	6000
Cash flows from operating activities:
Net cash (used) in operating adivities					(2,178)	(844)
Cash flows &om investing activities: Dividends, interest and rent from investments					1,915	1,967
Purchase oftangible and intangible assets Purchase olinvestments- listed investments				12	(30) (1,260)	(32) (6,810)
Disposal of investments —listed investments				12	1,214	5,089
Net cash provided by investing activities					1,839	214
Change in cash and cash equivalents in repmting period Cash and cash equivalents as at1November 2022					(339) 4,791	(630) 5,421
Cash and cash equivalents asat31October	2023				4,452	4,791
					2023	2022
					6000	GIOO
Reconciliation ofnet income to net cash flow &om				Note
operating activities
Net expenditure for the reporting period
					(4,035)
Adjustments for:
Depreciation Chargcsr Depreciation, amortisation &impairment, Light Cavalry and Pikeman & Musketeers (Cain)/Loss on Listed investments Loss on Investment Property Revaluation	loss on disposals depreciation			lls/lid 12 I1c	195 2 (204) 3,596	252 10 1,037 3,399
Rents, dividends aed interest frora invsstraeatsr
Investment property income Listed investments					(1,684) (222)	(1,747) (219)
Interest on cash deposits Decrease in stocks					(9)	0) 1
Deuease in debtors					107	4
Increase in creditors					76	308
Net cash (used fn)/generated by operating	activities				(2,178)	(844)
Analysis ofcash and cash equivalents Cash in hand					937	1,067
Notice deposits peso than 3months)					2,907	3,217
					32144	4,284
Cash held with inveslment managers					608	507
Total cash and cash equivalents					4r452	4,791
Reconciliation ofnet debt:
					At 31
				Cash	October
	At	1November	2022	flows	2023
			6000	6000	6000
Cash and cash equivalents			4791	~39	4452

ended 31October 2023	(cont	'd)
Donations and legacies					2023 6000	2022 6000
Benevolent Fund					2	11
Other Restricted Funds					120
Restricted Funds					122
Unrestricted Funds					1
Total					123	12
Member subscriptions					2023 6000	2022 6000
Paid by members Tax recovered on Gift Aid subscriptions					296 59	290 61
Entrance fees						1
VAT payable on subscription		income			(32)	(32)
Total					323	320
Other income					2023	2022
					6000	6000
Pikemen &Musketeers	income				103	54
Light Cavalry income					239	209
Restricted funds					342	263
Other Events —unrestricted		funds			(11)	1
Total					331
Other trading activities			2023	2023	2023	2022
			Income	Expenses	Surplus/	Surpluttf
					(Deficit)	(Deficit)
			6000	6000	6000	6000
Sutling Sports &grounds activities Bedrooms			1,958 238 118	(740) (188) (96)	1,218 50 22	842 162 9
Car parking Sale ofbooks, ties, cards and other income			2 15	(2)	2 13	2 1
Audit fees				(10)	(10)	(5)
Administration charge				(182)	(182)	(158)
Unrestricted Funds			2,331	(1,218)	1,113	853
Flank Companies' Ball	—restricted funds		73	(78)	(5)	4
Total			2,404	(1496)	1,108	857

6.	Other trading a	cHvit	ies
						2022	2022		2022
						Income	Expenses		Surplusf
									(Deficit)
						KOOO	6000		EOOO
	Sutiing Sports &grounds Bedrooms		activities			1,582 312 89	(740) (150) (80)		842 162 9
	Car parking Sale ofbooks,	ties,	cards and other income			2 3	(2)		2 I
	Audit fees						(5)		(5)
	Administration charge						(158)		(158)
	Unrestricted	Ftmds				1,988	(1,135)		853
	Flank Companies'		Ball —restricted funds			84	(80)		4
	Total					2,072	(1,215)		857
7.	Investment	property income and						2023	2022
	expenditure Income							EOOO	f000
	Commercial							874	984
	Residential							394	401
	Other rental	income						416	362
	Total income							1,684	1,747
	Expenditure Management fees Cost ofinsurance, Maintenance and		(including legal and repairs	the PenceEi professional	estate) fees			55 83 169	50 37 181
	Total expenditure							307	268

rable Artille Company NOTES TO THE FINANCIAL STATEMENTS Year ended 31October 2023 (cont'd) Military grants and other charitable expenditure
	No of		No of
	Grants	2023	Grants	2022
	2023	6000	2022	6000
Grants to the Regiment and Sub Units -unrestricted Grants from the Benevolent Fund to individuals	47 5	388 31	47 5	380 10
Vambrace expenditure (see note below)	1	955	1	106
Total grants paid Other charitable expenditure Pikemen &Musketeers expenditure	53 1	1,374 1 98	53 1	496 1 41
Light Cavalry expenditure		242		227
Total military grants and other charitable expenditure	54	1,715	54	765

Maintenance and operation ofAr	moury House
		2023	2022
		0000	6000
Staff costs, including taxes and pension contributions		694	535
(including contract and temporary Rates, water, power and heating Cleaning and waste removal Property maintenance and repairs Treasures, Archives	staff)	281 74 478 87	134 44 375 44
Recharges to trading subsidiaries		(182)	(163)
Total		1,432	969

Membership service	s and	gener	al administratio	n
			2023	2023	2023	2022	2022	2022
			f800	f000	EOOO	EOOO	f000	8000
			Unrestricted	Restricted	Total	Uruestricted	Restricted	Total
			Funds	Funds		Funds	Funds
Staff costs, including	taxes,
pension contributions and pensions to former employees			518		518	475		475
Office services, 1Tand
telephone Membership administration Insurance			146 18 124		146 18 124	143 13 103		143 13 103
Publications			32		32	27		27
Bank charges, other professional costs	legal and		46		46	27		27
Recharges to trading
subsidiaries			(10)		(10)	(5)		(5)
Benevolent Fund
administration costs					1			1
Governance			54		54			38
			928	1	929	821	1	822
Auditors' remuneration
(excluding VAT) included		in
above total:
Audit Fees			31		31	27		27

Fixed	assets
Ila.	Tangible fixed assets for own use	Freehold/ Leasehold Land 4e Buildings		Furniture, Plant and Equipment	Charity Total	Subsidiary Freehold Land	Group Total
			OOOO	6000	EOOO	6000	EOOO
	Cost
	At 1November 2022		8,584	1,881	10,465	329	10,794
	Additions			30	30		30
	At 31October 2023		8,584	1,911	10,495	329	10,824
	Depreciation At 1November 2022		4,703	1,409	6,112	—	6,112
	Charge for year			101	172	-	172
	At 31October 2023		4,774	1410	6284	—	6284
	Net BookValue
	At 31October 2023		3,810	401	4,211	329	4,540
	At 31October 2022		3,881	472	4,353	329	4,682

Fixed	assets, contd	assets, contd
11b.	Tangible fixed assets, contd		Light Cavahy	Pikemen lk Musketeers	Heritage Assets
			f000	6000	0000
	Cost
	At 1November	2022	63	300	147
	Disposals		(15)
	At 31October 2023		48	300	147
	Depreciation
	At 1November	2022	31	300
	Charge for year		2
	On disposals		(8)
	At 31October 2023		25	300
	Net BookValue
	At 31October 2023		23		147
	At 31October 2022		32		147

Fixed	assets, contd
11c.	Investment	Properties		2023	2022
				f000	6000
	Valuation at	1November	2022	41,439	44,838
	Revaluation	(Ious)		(3,596)	(3,399)
	At 31October 2023			37,843	41,439

Intangible asset	s - Software for own use
		2023
		6000
Cost
At1November	2022	101
At 31October 2023		101
Amorttsation
At 1November	2022	80
Charge for year		16
At 31October 2023		96
Net BookValue
At 31October 2023
At 31October 2022		21

Listed inve	st	ments
						2023	2022
						6000	6000
Investments		at market		value —1 November	2022	9,395	8,711
Additions						1,260	6,810
Disposal proceeds						(1,214)	(5,089)
Realised and		unrealised		gains/(losses)		204	{1103
Sub-Total						9,645	9,395
Investment	cash					608	507
Investments		atmarket		value - 31 October	2023	10,253	9,902
Investments		at cost				10,871	9,876
Unrealised	(loss)/gains					(618)	26
						10453	9,902
Split ofinvestments UK listed investments			—31October 2023			3,011	3,255
Overseas listed investments						5,818	5,730
Multi-Asset		funds				816	410
Held as cash						608	507
							9,902

3	Subsidiary companie	s (cont'd)
			HAC Enterprises	HAC	Bank
			Ltd	Companies'		Ball Ltd	Pencelli	Ltd
			6000		6000		6000
	Fixed assets
	Tangible assets for own use						329
	Shares in subsidiary	(see above)
	Total fixed assets						329
	Current assets
	Stocks		5
	Debtors		103
	Other debtors and prepayments		87
	Cash at bank and in	hand	1,539
	Total current assets		1,734
	Creditors
	Trade creditors		52
	Accruals and deferred income		272
	Amounts owed to Company		1,410			16		29
	Total creditors		1,734			16		29
	Net current (liabilities)						(29)
	Net assets						300
	Share capital and reserves						300
14.	Debtors and prepayments			Group 2023		2022	Charity 2023	2022
				6000		6000	6000	6000
	Trade debtors			249		383	147	80
	Sundry debtors Prepayments and accrued income Taxation			289 131		249 124 20	289 96	253 92 85
	Amounts owed by	subsidiaries	(note 13)				1355	1,393
	Total			669		776	1,987	1,903

Creditors due within one year	Group 2023	2022	Charity 2023	2022
	6000	OOOO	f000	6000
Trade creditors	309	211	254	160
Accruala	266	177	266	177
Deferred income	269	370	93	74
Taxation	39	41	39	41
Other creditors	251	259	251	259
Total	1,134	1,058	903	711

Year	ended 31October 2023(cont	'd)
16.	Charitable Funds
	a) Current period	1November 2022	Income		Investment Gainer(Losses)	31October 2023
					&Transfers
		6000		6000	0000	6000
	Unrestricted Funds:
	General Reserve Designated Reserves Fixed Asset Fund	1,681 7,135 46,389	4,474	(4,285) (977)	114 (3,596)	1,984 6,158 42,793
	Total Unrestricted Funds	55405		(5,262)	(3,482)	50,935
	Restricted Funds: Benevolent Fund	3,454		(55)		3465
	Regimental Grants Fund Light Cavalry Pikemen 4rMusketeers	506 153 281	238 103	(244) (94)		506 147 290
	Other Restricted Funds	632	198	(84)		753
	Total Restricted Fmrds	5,026			90	5,261
		60A31	5,096	(5,739)	(3,392)	56,196
	b)Prior period	INovember 2021	Income	Bxpendihrre	Investment Gatnaf(Losses)	31October 2022
					gr Transfers
		0000	f000	6000		6000
	Unrestricted Funds:
	General Reserves	I/81	4,191	(3,709)	(482)	1,681
	Designated Reserves Fixed Asset Fund	'7,255 49,788			(120) (3,399)	7,135 46,389
	Total Uruestricted Funds	58,724	4,191	(3,709)	(4,001)
	Restricted Funds:
	Benevolent Fund	3,791	90		(400)	3,454
	Regimental Grants Fund Light Cavalry Pikeman tr Musketeers	506 170 269	209 54	(726) (42)		506 153 281
	Other Restricted Funds	659	91	(83)	(35)	632
	Total Restricted Funds			(378)	(435)	53I26
	Total Funds	64,119	4,635	(4,087)	(4,436)

nded 31Octobe	r 2023 (cont'd)
Analysis ofGroup Funds —2023	net assets between	Tangible and Intangible	Investments	Current Assets	Liabilities	Total 2023
		Fixed Assets
		6000	tooo	fooo	6000	6000
Unreshicted Funds
General Reserve			1,175	1,843	(1,034)	1,984
Designated Reserves			5,285	873		6,158
Fixed Asset Fund		42,388		405		42,793
Total Unrestricted	Funds	42,388	6A60	3321	(1,034)	50,933
Restricted Funds
Benevolent Fund			3,532	38	(5)	3,565
Regimental Grants Fund Light Cavalry Pikeman &Musketeers				506 179 316	(55) (26)	506 147 290
Other Restricted Funds		147	261	359	(14)	753
Total Restricted Funds		170	3,793	1,398	(100)	SWI
Total Funds		42,558	10&3	4319	(1,134)	56,196

unds by the Unr	estricted Funds,	was 6765k (202	2:6765k).
Analysis ofGroup Funds - 2022	net assets between	Tangible and	Investments	Current Assets	Iiabililies	Total 2022
		Intangible
		Fixed Assets
		fooo	6000			6000
Umestricted Funds
General Reserve			1,175	870	(364)	1,681
Designated Reserves Fixed Asset Fund			4,705 247	3,095	(665)	7,135 46,389
Total Unrestricted	Funds	46,142		3,965	(1,029)	55&5
Restricted Funds
Benevolent Fund			3,402	52		3,454
Regimental Grants Fund Light Cavalry Pikemen &Musketeers		32		506 16 284	(26) (3)	506 22 281
Other Restricted Funds		147	373	243		763
Total Restcicted Funds				laol	(29)	5,026
Total Funds		46,321	9,902	5,066	(1,058)	60,231

Payroll costs	2023 6000	2022 6000
HAC salaries (exch Er's Nl, pensioners &contract staff)	894	802
HAC employer's National Insurance	98	89
HAC emoluments (excluding pensioners &contract staff)	992	S91
Light Cavalry salaries (excl. Er's Nl) Light Cavalry employer's National Insurance Light Cavalry emoluments	72 6 78	88 8 96
Pensions paid
Total Staff Costs	~1081	998
	2023	2022
	No.	No.
Average number ofHAC employees (excl. contract staff and pensioners) Average number ofLight Cavalry employees Average number ofpensioners Total Staff	22 3 1 26	20 3 1 24
Number ofemployees earning between 560k and 670k
Number ofemployees earning between 670k and 680k
Number ofemployees earning between 6100k and 6110k
Number ofemployees earning between 6110kand 6120k