| Page | |
|---|---|
| Trustees and Administrative Information | |
| Trustees Report | 2-10 |
| Report of the Auditors | 11-14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16-17 |
| Cash Flow Statement | 18 |
| Notes to the Financial Statements | 19-30 |
| Kelly Holdsworth Artillery Trust | |
| Independent Examiner's Report | 31 |
| Statement of Financial Activities | 32 |
| Balance Sheet | 33 |
| Brigadier MN Fountain CBE | |
|---|---|
| Colonel WG Prior MBE | |
| Colonel CE Comport OBE ID DL | |
| Colonel C Fletcher-Wood OBE | |
| Colonel GH Malee | Commander 7th Air Defence Group (Resigned 16 Oct 20) |
| Colonel MD Relph MBE | |
| Major AJ Dines TD | |
| Major JO Leighton TD | |
| Colonel G Taylor | Commander 7th Air Defence Group (Appointed 24 Nov 20) |
| Col R Murphy TD VRQVRM | Deputy Commander 1st Artillery Brigade |
| Colonel AB Phillips | Commandant Royal School of Artillery |
| Colonel C Palmer | Deputy Commander 1st ISR Brigade (Appointed 10 Feb 20) |
| Regimental Secretary | Colonel M G J Carter |
|---|---|
| Finance Secretary | Mrs В Hoblyn |
| Professional Advisors | |
| Bankers | Lloyds Bank PLC, 39 Piccadilly, London, W1V 0АА |
| Solicitors | Wilsons, Alexandra House, St John's Street, Salisbury, Wiltshire, SPI 2SB |
| Auditors | Saffery Champness LLP, 71 Queen Victoria Street, London, EC4V 4BE |
| Investment Managers | BlackRock Investment Management (UK) Ltd, 12 Throgmorton Avenue, London, EC2N |
| 2DL | |
| Address | Artillery House, Royal Artillery Barracks, Larkhill, Wiltshire SP4 8QT. |
| Registered Company No | 163205 |
| Registered Charity No | 210202 |
| Income and Expenditure RACF RACF Permanent |
Endowment Unrestricted Restricted RABF 2020 2019 |
Fund Funds Funds Total Total Fund |
Income and endowments from: £ £ Notes £ £ £ £ |
Donations and legacies inc SPGS 1,014 1,014 720,869 722,897 2 629,048 |
Investment Income 35,003 229,849 543,011 807,863 669,417 3 |
Other Income 7,401 7,909 15,310 10,352 4 |
Total income before Expenditure 36,017 238,264 1,546,070 1,271,789 1,308,817 |
Expenditure on: | (616) (616) Raising funds 5 29,066 |
Net income available for charitable activities 36,017 1,271,173 238,264 1,545,454 1,337,883 |
Charitable activities 36,017 6 238,264 991,395 717Д14 1,727,521 |
Total expenditure 36,017 238,264 717Д14 991,395 1,727,521 |
Net income for the year before gains on investments Net gains/(losses) on investment assets |
Net movement in funds Total funds brought forward Total funds carried forward |
The notes on pages 19 to 29 form part of these financial statements |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RACF(PE) 2019 2020 Note RACF RABF |
£ £ £ £ £ |
954,000 932,800 932,800 |
34,129,840 9,657,280 33,729,139 8 22,599,776 1,472,083 |
35,083,840 22,599,776 10,590,080 34,661,939 1,472,083 |
(362,707) | 35,446,814 23,452,542 1,472,946 10,669,339 35,594,827 |
35,446,814 23,452,542 10,669,339 35,594,827 1,472,946 |
29,028,377 23,347,458 5,288,338 28,635,796 |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET | AT 31 DECEMBER 2020 | Fixed assets | Tangible | Investments | Current assets | Debtors | Short Term Deposits | Cash on Current Account | Residents contributions | Current liabilities | Creditors: Amounts falling due within one year | Net current assets | Total assets less current liabilities | Funds | Unrestricted | Memorial Fund | Permanent Endowment |
| 2020 | 2019 | 2019 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Net cash used in operating activities | (525,454) | (865,629) | ||||
| Cash flows from investing activities | ||||||
| Dividends, interest and rents from Investments | 807,863 | 669,877 | ||||
| Purchase of investments | (11,585,304) | (7,141,227) | ||||
| Proceeds from sale of investments | 11,580,902 | 7,075,194 | ||||
| Net cash generated in investing activities | 803,461 | 603,844 | ||||
| Net increase in cash & cash equivalents | ||||||
| Cash and cash equivalents at the beginning of the year | ||||||
| Cash and cash equivalents at end of the year | 2 | 928,371 | 650,363 | |||
| Notes to the cash flow statement | ||||||
| Reconciliation of net movement in funds to net | 2020 | 2019 | ||||
| cash flow from operating activities | £ | £ | ||||
| Net movement in funds (Gains)/losses on Investments |
||||||
| Investment income Appropriation from STLG |
||||||
| Decrease/(increase) in debtors Decrease m creditors |
||||||
| Depreciation charge | ||||||
| Net cash used in operating activities | (525,454) | (865,629) | ||||
| 2. Analysis of cash and cash equivalents |
At 1 Jan | Cash | At | 31 Dec | ||
| and net debt | 2020 | flow | 2020 | |||
| £ | £ | £ | ||||
| Cash on short term deposit Cash current account |
||||||
| Cash balance held in investments | ||||||
| Net cash provided by operating activities |
| RACF | RACF | RABF | Total | |
|---|---|---|---|---|
| (PE) | ||||
| 2020 | ||||
| £ | £ | £ | £ | |
| Officers’ subscriptions | 90,935 | 90,935 | ||
| Soldiers' subscriptions | 125,845 | 125,845 | ||
| Retired Donations | 22,408 | 22,408 | ||
| Income tax recoverable (gift aid) | 5,483 | 5,483 | ||
| Donations and Grants | 67,426 | 67,426 | ||
| Intangible Income-Wages in Kind | 113,427 | 1,014 | 1,014 | 115,455 |
| Fundraising | 85 | 85 | ||
| Donations Connected Charities RACF PE | 35,003 | 35,003 | ||
| Donations Connected Charities RABF | 211,832 | 211,832 | ||
| Legacies | 48,425 | 48,425 | ||
| 720,869 | 1,014 | 1,014 | 722,897 | |
| 2019 Donations and legacies ine SPGS | ||||
| RACF | RACF | RABF | Total | |
| (PE) | ||||
| 2019 | ||||
| £ | £ | £ | £ | |
| Officers' subscriptions | 87,381 | 87,381 | ||
| Soldiers' subscriptions | 126,088 | 126,088 | ||
| Retired Officers Donations | 23,298 | 23,298 | ||
| Income tax recoverable (gift aid) | 8,960 | 8,960 | ||
| Donations and Grants | 63,736 | 63,736 | ||
| Intangible Income- Wages in Kind | 89,211 | 966 | 966 | 91,143 |
| Fundraising | 1,463 | 1,463 | ||
| Donations Connected Charities RACF PE | 28,091 | 28,091 | ||
| Donations Connected Charities RABF | 168,339 | 168,339 | ||
| Legacies | 30,549 | 30,549 | ||
| 627,116 | 966 | 966 | 629,048 |
| RACF | RACF | RABF | Total | |||
|---|---|---|---|---|---|---|
| (PE) | ||||||
| 2020 | ||||||
| £ | £ | £ | £ | |||
| Investments | 543,011 | 35,003 | 229,849 | 807,863 | ||
| 543,011 | 35,003 | 229,849 | 807,863 | |||
| 2019 Investment Income Comparison | ||||||
| RACF | RACF | RABF | Total | |||
| (PE) | ||||||
| 2019 | ||||||
| £ | £ | £ | £ | |||
| Investments | 447,508 | 29,352 | 192,557 | 669,417 | ||
| 447,508 | 29,352 | 192,557 | 669,417 | |||
| 4. | 2020 Other Income | |||||
| RACF | RACF | RABF | Total | |||
| (PE) | ||||||
| 2020 | ||||||
| £ | £ | £ | £ | |||
| Government Grants - Furlough | 5,819 | 5,819 | ||||
| Interest received on short term deposits | 192 | 192 | ||||
| Alanbrooke club | 1,898 | 1,898 | ||||
| Residents Contribution | 7,401 | 7,401 | ||||
| 7,909 | 7,401 | 15,310 | ||||
| 2019 Other Income Comparison | ||||||
| RACF | RACF | RABF | Total | |||
| (PE) | ||||||
| 2019 | ||||||
| £ | £ | £ | £ | |||
| Interest received on short term deposits | 460 | 460 | ||||
| Alanbrooke club | 657 | 657 | ||||
| Residents Contribution | 9,892 | 9,892 | ||||
| 460 | 10,549 | 11,009 |
| RACF | RACF | RABF | Total | ||
|---|---|---|---|---|---|
| (PE) | |||||
| 2020 | |||||
| £ | £ | £ | £ | ||
| Fundraising costs | 616 | 616 | |||
| 616 | 616 | ||||
| 2019 Cost of Raising Funds Comparison | |||||
| RACF | RACF | RABF | Total | ||
| (PE) | |||||
| 2019 | |||||
| £ | £ | £ | £ | ||
| Fundraising costs | 1,661 | 1,661 | |||
| Investment commission and | |||||
| management fees | (40,260) | 1,261 | 8,272 | (30,727) | |
| p8,599) | 1,261 | 8,272 | {29,066) |
| RACF | RACF | RABF | Total | ||
|---|---|---|---|---|---|
| (PE) | |||||
| 2020 | |||||
| Welfare | £ | £ | £ | £ | |
| Welfare grants - 817 (2019: 949) | |||||
| individual cases | 540,215 | 540,215 | |||
| Welfare grants to institutions: | |||||
| Gunner Magazine | 10,000 | 10,000 | |||
| Royal Artillery Sports | 67,000 | 67,000 | |||
| Army Benevolent Fund | 65,000 | 65,000 | |||
| Not Forgotten Association | 1,000 | 1,000 | |||
| Veterans Aid | 3,000 | 3,000 | |||
| King Edward VII Hospital | 3,000 | 3,000 | |||
| Army Widows Association | 1,000 | 1,000 | |||
| Scottish Veterans Garden City Assoc | 2,000 | 2,000 | |||
| RAA Grants | 7,935 | 7,935 | |||
| Regiments | 82,500 | 82,500 | |||
| RA Memorials | 14,492 | 14,492 | |||
| General Grants | 1,885 | 1,885 | |||
| Donations to connected charities | 35,003 | 211,832 | 246,835 | ||
| (RACF) | |||||
| 799,027 | 35,003 | 211,832 | 1,045,862 | ||
| Grants Payable to RAM cancelled | |||||
| Support Cost to Charitable Activities: | |||||
| Wages and salaries Wages and salaries in kind |
|||||
| Employers Nationals Insurance Employers Pension Contribution |
|||||
| Printing & stationery | |||||
| Publicity | |||||
| Postage Network maintenance |
|||||
| Travel & Subsistence (incl BOM & AGM) Miscellaneous Bank charges Cottage expenses Depreciation (cottages) Audit and accountancy fees Audit Under provision 2019 Legal and professional fees Total support costs |
|||||
| 2020 Total Expenditure |
| RACF | RACF | RABF | Total | ||
|---|---|---|---|---|---|
| (PE) | |||||
| 2019 | |||||
| Welfare | £ | £ | £ | £ | |
| Welfare grants - 949 (2018: 1,086) | |||||
| individual cases | 687,362 | 687,362 | |||
| Welfare grants to institutions: | |||||
| Gunner Magazine | 20,000 | 20,000 | |||
| Royal Artillery Sports | 65,000 | 65,000 | |||
| Army Benevolent Fund | 65,000 | 65,000 | |||
| Not Forgotten Association | 1,000 | 1,000 | |||
| Veterans Aid | 3,000 | 3,000 | |||
| King Edward VII Hospital | 3,000 | 3,000 | |||
| RAA Grants | 60,000 | 60,000 | |||
| Regiments and Batteries | 87,500 | 87,500 | |||
| RA Memorials | 7,461 | 7,461 | |||
| General Grants | 1,000 | 1,000 | |||
| Donations to connected charities | 28,091 | 168,339 | 196,430 | ||
| (RACF) | |||||
| 1,000,323 | 28,091 | 168,339 | 1,196,753 | ||
| Grants Payable (RAM) | 300,000 | ||||
| Support Cost to Charitable Activities: | |||||
| Wages and salaries Wages and salaries in kind |
|||||
| Employers Nationals Insurance Employers Pension Contribution |
|||||
| Printing & stationery | 361 361 |
||||
| Publicity | 1,205 | 1,205 | |||
| Postage | 2Д99 | 2Д99 | |||
| Network maintenance | 5,669 | 5,669 | |||
| Travel & Subsistence (incl BOM & AGM) | 3,672 | 3,672 | |||
| Miscellaneous | 40 | 40 | |||
| Training | 498 | 498 | |||
| Bank charges | 748 | 748 | |||
| Cottage expenses | 4,638 | 4,638 | |||
| Depreciation (cottages) | 21,200 | 21,200 | |||
| Audit and accountancy fees | 10,560 | 10,560 | |||
| Audit Under provision 2018 | 630 | 630 | |||
| Legal and professional fees | 13,518 | 13,518 | |||
| Total support costs | 202,998 | 996 | 26,804 | 230,768 | |
| Total charitable activities | 1,503,321 | 29,057 | 195Д43 | 1,727,521 |
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Office and administration | 4 | 4 |
| RACF | RACF (PE) | RABF | Total | |
|---|---|---|---|---|
| 2020 | ||||
| £ | £ | £ | £ | |
| Cottage Homes | ||||
| Deemed cost at 31 December 2020 | 1,081,200 | 1,081,200 | ||
| At 31 December 2020 | 1,081,200 | 1,081,200 | ||
| Depreciation at 1 January 2020 Charge for the year |
||||
| At 31 December 2020 | ||||
| Net book value at 31 December 2020 | 932,800 | 932,800 | ||
| Net book value at 31 December 2019 |
| 8.2020 Fixed Asset Investments | ||||
|---|---|---|---|---|
| RACF | RACF (PE) | RABF | Total | |
| 2020 | ||||
| £ | £ | £ | £ | |
| Quoted investments | ||||
| Market value at 1 January Net additions at cost |
||||
| Sales proceeds Net realised/unrealised gains |
||||
| Aliquote Changes | ||||
| Cash Commitments | ||||
| Market value at 31 December | 22,599,776 | 1,472,083 | 9,657,280 | 33,729,139 |
| Historical value at 31 December | 19,943,040 | 1,299,031 | 8,552,011 | 29,764,082 |
| Investment / Cash Breakdown | ||||
| Investments | 22,563,903 | 1,469,746 | 9,641,952 | 33,675,601 |
| Bank Settled Account | 2,764 | 180 | 1Д80 | 4,124 |
| Bank Unsettled Account | 33,109 | 2Д57 | 14,148 | 49,414 |
| 22,599,776 | 1,472,083 | 9,657,280 | 33,729,139 |
| £ | |
|---|---|
| BFM-BLK Emerging Markets (12.89%) | 4,408,677 |
| BlackRock Char UK Bond Fund A Inc (8.89%) | 3,089,998 |
| BLK Char UK EQ Fund A Inc (31.39%) | 10,097,166 |
| BlackRock Global Income Fund (31.36%) | 10,897,785 |
| RACF | RACF | RABF | Total | Total for | ||
|---|---|---|---|---|---|---|
| (PE) | RACF | |||||
| 2020 | 2019 | |||||
| £ | £ | £ | £ | £ | ||
| RACF | 863 | 69,406 | 70,269 | 52,147 | ||
| Royal Artillery Association Income tax repayments |
33,540 3,223 |
33,369 11,536 |
||||
| Accrued Service Giving Income Sundry Debtors |
18,583 4,968 |
18,453 4,500 |
||||
| 10. | 2020 Current Asset Investments | |||||
| RACF | RACF | RABF | Total | |||
| (PE) | ||||||
| 2020 | ||||||
| £ | £ | £ | £ | |||
| Short term deposits (incl investment | ||||||
| balance) | 841,262 | 841,262 | ||||
| 2019 Current Asset Investments | ||||||
| RACF | RACF | RABF | Total | |||
| (PE) | ||||||
| 2019 | ||||||
| £ | £ | £ | £ | |||
| Short term deposits (incl investment | ||||||
| balance) | 569,088 | 569,088 | ||||
| 11. | 2020 Creditors | |||||
| RACF | RACF | RABF | Total | Total | ||
| (PE) | ||||||
| 2020 | 2019 | |||||
| £ | £ | £ | £ | £ | ||
| Amounts falling due within one year: | ||||||
| RACF (PE) | 81,765 | 362,707 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Movements: | £ | £ | £ | £ |
| At 1 January | 13,559 | |||
| Allocation of interest | 339 | |||
| Leaving payments in year | (13,898) | |||
| At 31 December 2020 | ||||
| 13. Designated Fund - Memorial Fund | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| At 1 January | 105,084 | 105,936 | ||
| Transfer from Income and Expenditure account | ||||
| Expenditure | (852) | |||
| 105,084 | 105,084 |
| 2019 | Total | £ | 629,048 | 669,417 | 10,352 | 1,308,817 | 1,337,883 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15. 2019 Comparatives for the Statement of Financial Activities | Income and Expenditure RACF Permanent RACF |
Endowment Unrestricted Restricted RABF |
Fund Funds Funds Fund |
Income £ £ £ £ |
Donations and legacies inc SPGS 2 627,116 966 966 |
Investment Income 447,508 3 29,352 192,557 |
Other Income 9,892 4 460 |
Total income before Expenditure 1,075,084 30,318 203^415 |
Expenditure on: | Raising funds | Net income available for charitable activities 1,113,683 29,057 195,143 |
Charitable activities Total expenditure 6 |
Net income for the year before gains on investments Net gains/(losses) on investment assets Net movement in funds Total funds brought forward Total funds carried forward |
| Notes | 2020 | 2019 | ||
|---|---|---|---|---|
| Income | £ | £ | ||
| Income available for charitable application | ||||
| Donation | ||||
| Legacies | ||||
| Expenditure on Charitable Activities | ||||
| Charitable activities | ||||
| Total resources expended | ||||
| Net (outgoing) for the year resources |
||||
| Net movement in funds | ||||
| Fund balances brought forward at 1st January | 500 | 500 | ||
| Fund balances carried forward at 31st | 500 | 500 | ||
| December |