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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. .|
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|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|
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|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|ASH FL|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||
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|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|
##
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##
|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|
|11.|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|
##
##
|15.|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|
|18.|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|||
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