##
##
|**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**|||||
##
##
##