Not for Distribution
| Reports | |
|---|---|
| Referenceandadministrativeinformation | 1 |
| Trustees'report | 3 |
| Independentauditor'sreport | 10 |
| Financialstatements | |
| Statementoffinancialactivities | 14 |
| Balancesheet | 15 |
| Statementofcashflows | 16 |
| Principalaccountingpolicies | 17 |
| Notestothefinancialstatements | 21 |
| ClerktotheTrustees | ColonelSDRowland-Jones |
|---|---|
| Telephone | 01722501413 |
| QMRT@hotmail.co.uk | |
| Registeredoffice | 2SovereignClose |
| Quidhampton | |
| Salisbury | |
| SP29ES | |
| Charityregistrationnumber | 211715 |
| Auditor | BuzzacottLLP |
| 130WoodStreet | |
London |
|
| EC2V6DL | |
| Bankers | CAFBankLtd |
| 25KingsHillAvenue | |
| KingsHill | |
| WestMailing | |
| Kent | |
| ME194JQ | |
| Investmentmanagers | CazenoveCapitalManagementLimited |
| 1LondonWallPlace | |
London |
|
| EC2Y5JA | |
| Solicitors | WilsonsSolicitors |
| AlexandraHouse | |
| StJohn'sStreet | |
| Salisbury | |
| SP12SP |
10 November 2021
| Endowment | Unrestricted | Total | Endowment | Unrestricted | Total | ||
|---|---|---|---|---|---|---|---|
funds |
funds |
2021 |
funds |
funds |
2020 |
||
| Notes | £ |
£ | £ | £ | £ | ||
| Incomeandendowmentsfrom: | |||||||
| Investments | 1 |
— |
371,439 |
371,439 | — | 579,705 | 579,705 |
| Totalincome | — | 371,439 | 371,439 | — | 579,705 | 579,705 | |
| Expenditureon: | |||||||
| Raisingfunds | |||||||
| .Investmentmanagementcosts | 2 | 49,571 |
— | 49,571 | 53,396 | — | 53,396 |
| Charitableactivities | 3 | — |
401,109 | 401,109 | — | 598,714 | 598,714 |
| Totalexpenditure | 49,571 | 401,109 | 450,680 | 53,396 | 598,714 | 652,110 | |
| Netexpenditurebefore | |||||||
| investmentgains(losses) | 6 | (49,571) |
(29,670) | (79,241) | (53,396) | (19,009) | (65,796) |
| Netgains(losses)on | |||||||
| investments | 9 | 2,026,377 | — | 2,026,377 | (2,104,699) | — | (2,104,699) |
| Net(expenditure)incomeand | |||||||
| netmovementinfunds | 1,976,806 | (29,670) | 1,947,136 | (2,158,095) | (19,009) | (2,177,104) | |
| Reconciliationoffunds: | |||||||
| Fundbalancesbroughtforwardat | |||||||
| 1April2020 | 12,406,011 | 100,750 | 12,506,761 | 14,564,106 | 119,759 | 14,683,865 | |
| Fundbalancescarriedforward | |||||||
| at31March2021 | 14,382,817 | 71,080 | 14,453,897 | 12,406,011 | 100,750 | 12,506,761 |
2021 |
2021 |
2020 |
2020 |
||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixedassets | |||||
| Investments | 9 | 14,372,912 | 12,401,662 | ||
| Currentassets | |||||
| Debtors | 10 | — | 7,411 | ||
| Cashatbankandinhand | 87,481 | 103,940 | |||
| Totalcurrentassets | 87,481 | 111,351 | |||
| Creditors:amountsfallingdue | |||||
| withinoneyear | 11 | (6,496) | (6,252) | ||
| Netcurrentassets | 80,985 | 105,099 | |||
| Totalnetassets | 14,453,897 | 12,506,761 | |||
| Thefundsofthecharity: | |||||
| Endowmentfunds | 13 | 14,382,817 | 12,406,011 | ||
| Unrestrictedfunds | |||||
| .Generalfund | 71,080 | 100,750 | |||
| Totalcharityfunds | 14,453,897 | 12,506,761 |
2021 |
2020 |
||
|---|---|---|---|
| Notes | £ |
£ | |
| Cashflowsfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | A | (443,026) |
(645,332) |
| Cashflowsfrominvestingactivities: | |||
| Dividendsandinterestfrominvestments | 371,439 | 579,705 | |
| Proceedsfrom thedisposalofinvestments | 18,653,567 | 2,693,453 | |
| Purchaseofinvestments | (18,606,281) | (2,624,444) | |
| Netcashprovidedbyinvestingactivities | 418,725 | 648,714 | |
| Changeincashandcashequivalentsintheyear | (24,301) | 3,382 | |
| Cashandcashequivalentsat1April2020 | B | 129,361 |
125,979 |
| Cashandcashequivalentsat31March2021 | B | 105,060 |
129,361 |
| A | Reconciliationofnetmovementinfundston | etcashusedin | operatingac | tivities |
|---|---|---|---|---|
2021 |
2020 |
|||
£ |
£ |
|||
| Netmovementinfunds(asperthestatementoffinancialactivities) | 1,947,135 |
(2,177,104) | ||
| Adjustmentsfor: | ||||
| (Gains)lossesoninvestments | (2,026,377) | 2,104,699 | ||
| Dividendsandinterestfrominvestments | (371,439) | (579,705) | ||
| Decreaseindebtors | 7,411 | 6,154 | ||
| Increaseincreditors | 244 | 624 | ||
| Netcashusedinoperatingactivities | (443,026) | (645,332) | ||
| B | Analysisofcashandcashequivalentsandmovementinnet | debt | ||
| 2020 | Cashflows | 2021 | ||
£ |
£ |
£ |
||
| Cashatbankandinhand | 103,940 | (16,459) | 87,481 | |
| Cashheldbyinvestmentmanagers | 25,421 | (7,842) | 17,579 | |
| Totalcashandcashequivalents | 129,361 | (24,301) | 105,060 |
| Incomefrominvestments | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| andtotal | andtotal | |
funds |
funds |
|
2021 |
2020 |
|
| £ | £ | |
| Incomefromlistedinvestments | 371,439 | 579,261 |
| Interestreceivable | — | 444 |
| 371,439 | 579,705 |
| Expenditureonraisingfunds | ||
|---|---|---|
| Endowment | Endowment | |
| andtotal | andtotal | |
funds |
funds |
|
2021 |
2020 |
|
| £ | £ | |
| Investmentmanagercosts | 49,571 | 53,396 |
| Unrestricted | Unrestricted | |||||
|---|---|---|---|---|---|---|
| Grants | Support | andtotal | Grants | Support | andtotal | |
| payable | costs | funds | payable | costs | funds | |
| (note4) | (note5) | 2021 | (note4) | (note5) | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Grantmaking | ||||||
| activities | 370,000 | 31,109 | 401,109 | 564,500 | 32,214 | 598,714 |
| Grantspayable | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| andtotal | andtotal | |
funds |
funds |
|
2021 |
2020 |
|
£ |
£ |
|
| RoyalBritishLegionIndustries-routineexpenditureandreliefwork | 15,000 | 35,000 |
| BroughtonHouse—routineexpenditureandreliefwork | 20,000 | 30,000 |
| CombatStress—insupportoftheCommunityMentalHealthProgramme | ||
| foreligiblebeneficiaries | 25,000 | 30,000 |
| ErskineHospital—routineexpenditureandreliefwork | 25,000 | 30,000 |
| PoppyFactory—Insupportofthe'GetYouBacktoWork'programmefor | ||
| eligiblebeneficiaries | 20,000 | 30,000 |
| Stoll(previouslySirOswaldStollFoundation)—routineexpenditureand | ||
| reliefwork | 30,000 | 30,000 |
| BritishLimblessEx-ServiceMen'sAssociation—insupportofthe'Making | ||
| GenerationR'programme | 15,000 | 25,000 |
| DefenceMedicalWelfareService—routineexpenditureandreliefwork | 20,000 | 25,000 |
| HaigHousing—routineexpenditureandreliefwork | — | 25,000 |
| The'NotForgotten'Association—routineexpenditureandreliefwork | 10,000 | 25,000 |
| RoyalNavalBenevolentTrust-routineexpenditureandreliefwork | 10,000 | 25,000 |
| VeteransAid—Insupportofeligiblebeneficiaries | 25,000 | 25,000 |
| BritishEx-ServicesWheelchairSportsAssociation—routineexpenditure | 12,000 | 20,000 |
| RoyalCommonwealthEx-ServicesLeague—routineexpenditureand | ||
| reliefworkforeligiblebeneficiaries | 15,000 | 20,000 |
| Soldiers,Sailors,AirmenandFamiliesAssociation—routineexpenditure | ||
| andreliefwork | 15,000 | 20,000 |
| CaninePartners—insupportofaspecificcaninepartnership | 10,000 | 15,000 |
| GurkhaWelfareTrust—welfaresupporttoeligiblepensionersandin | ||
| supportoftheirtwocarehomesinNepal | 11,000 | 15,000 |
| ScottishVeterans'Residences—repairandmaintenancework | 6,000 | 15,000 |
| Alabare—routineexpenditureandreliefwork | 20,000 | 10,000 |
| BournemouthWarMemorialHomes—insupportofcapitalplanstorebuild | ||
| thecommonroom | 8,000 | 10,000 |
| ChaseleyTrust—routineexpenditureandreliefwork | 8,000 | 10,000 |
| EHayesDashwoodFoundation—insupportoftheinstallationofshowers | ||
| foreligiblebeneficiaries | — | 10,000 |
| Launchpad—routineexpenditureandreliefwork | 10,000 | 10,000 |
| RoyalNavyandRoyalMarineChildren'sFund—routineexpenditureand | ||
| reliefwork | 5,000 | 10,000 |
| SpinalInjuriesAssociation—routineexpenditureandreliefwork | 7,500 | 10,000 |
| NationalGulfVeteransandFamiliesAssociation—routineexpenditureand | ||
| reliefwork | 7,500 | 8,000 |
| RAFBenevolentFund—insupportofthedisableholidaytrustforone | ||
| beneficiary(inperpetuity) | — | 7,000 |
| ReVitalise—insupportofsixteenone-weekbreaksforeligiblebeneficiaries | ||
| andtheircarers | — | 7,000 |
| HolidaysforHeroesJersey—routineexpenditureandreliefwork | — | 5,000 |
| QueenAlexandraHospitalHome—routineexpenditureandreliefwork | 4,000 | 5,000 |
| TurntoStarboard—provisionofservicesforeligiblebeneficiaries | — | 5,000 |
| VeteransOutreachSupport—routineexpenditureandreliefwork | 6,000 | 5,000 |
| WilliamSimpson'sHome,Stirling—routineexpenditureandreliefworkin | ||
| supportofeligiblebeneficiaries | 5,000 | 5,000 |
| RoyalStarandGarterHomes—provisionofservicesforeligibleresidents | — | 3,000 |
| HosannaHouseandPilgrimageTrust—insupportofexpensesfor | — | 2,500 |
| eligiblebeneficiariesonpilgrimagetoLourdes | ||
| AssociationofJewishEx-ServiceMenandWomen—routineexpenditure | ||
| andreliefwork | — | 2,000 |
| KartForce—routineexpenditureandreliefwork | 5,000 | — |
| Totalgrantspayabletoinstitutions | 370,000 | 564,500 |
| Supportcosts | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| andtotal | andtotal | |
funds |
funds |
|
2021 |
2020 |
|
| £ | £ | |
| Staffcosts(note7) | 24,677 | 23,505 |
| Governancecosts | 5,984 | 5,796 |
| Othercosts | 448 | 4,913 |
| 31,109 | 34,214 |
| 6 | Netexpenditurefortheyearbeforenetinvestmentgains Thisisstatedaftercharging: |
||
|---|---|---|---|
2021 |
2020 |
||
£ |
£ |
||
| Auditor'sremuneration | |||
| .Auditfees | 5,984 | 5,796 | |
| 7 | Staffcostsandremunerationofkeymanagementpersonnel | ||
2021 |
2020 |
||
£ |
£ |
||
| Salariesandwages | 23,527 | 22,380 | |
| Pensioncontributions | 1,150 | 1,125 | |
| 24,677 | 23,505 |
| Investments | ||
|---|---|---|
2021 |
2020 |
|
£ |
£ |
|
| Marketvalueat1April2020 | 12,376,241 | 14,549,950 |
| Additionsatcost | 18,606,281 | 2,624,444 |
| Disposalsatopeningmarketvalue(proceeds£18,653,567;realised | ||
| gains£2,010,399) | (16,643,168) | (2,659,620) |
| Unrealisedinvestmentgains(losses) | 15,979 | (2,138,533) |
| Marketvalueat31March2021 | 14,355,333 | 12,376,241 |
| Cashheldbyinvestmentmanagersforre-investment | 17,579 | 25,421 |
| 14,372,912 | 12,401,662 | |
| Historicalcostofinvestmentsat31March2021 | 14,362,014 | 13,012,412 |
2021 |
2020- |
|
|---|---|---|
£ |
£ |
|
| UKEquities-UnitTrust | — | 4,641,377 |
| InternationalEquities-UnitTrust | — | 3,154,190 |
| UKBonds-UnitTrust | — | 1,423,655 |
| UKProperty-UnitTrust | — | 1,636,851 |
| UKMulti-AssetHolding-UnitTrust | 14,355,333 | 494,852 |
| Commodities | — | 337,782 |
| OtherTrusts | — | 687,614 |
| 14,355,333 | 12,376,241 |
| Holdingat31March2021 | % | £ |
|---|---|---|
| CharityMulti-AssetFund-Dis | 87.48 | 12,557,664 |
| CharityMulti-AssetFund-Acc | 12.52 | 1,797,669 |
| Holdingat31March2020 | % | £ |
| CharityEquityIncomeFund | 11.79 | 1,458,502 |
| VanguardS&P500UCITSETF | 10.36 | 1,281,891 |
| CapitaFinlandManagers—TrojanIncomeFund | 9.70 | 1,199,889 |
| J.O.HambroUKEquityIncome | 8.33 | 1,030,800 |
| CharitiesPropertyTrust | 7.84 | 969,756 |
| SchroderCharityEquityValueFund | 7.69 | 952,186 |
| PropertyIncomeTrustforCharities | 5.40 | 667,095 |
| Debtors | ||
|---|---|---|
2021 |
2020 |
|
£ |
£ |
|
| Accruedinvestmentincome | — | 7,411 |
| — | 7,411 |
| Creditors:amountsfallingduewithinoneye | ar | |
|---|---|---|
2021 |
2020 |
|
£ |
£ |
|
| Accruals | 5,970 | 5,796 |
| Taxationandsocialsecurity | 526 | 456 |
| 6,496 | 6,252 |
| Amount | ||
|---|---|---|
2021 |
||
| Trustee | Voluntaryorganisation | £ |
| LieutenantCommanderH.BettsRN | BritishLimblessEx-ServiceMen's | |
| Association | 15,000 | |
| MrEdwardTytherleigh | Stoll | 30,000 |
| MajorJamesJMacnamara | DefenceMedicalWelfareService | 20,000 |
| Amount | ||
|---|---|---|
2020 |
||
| Trustee | Voluntaryorganisation | £ |
| CommanderStephenFarringtonQGMRN | RoyalCommonwealthEx-ServicesLeague | 20,000 |
| LieutenantCommanderH.BettsRN | BritishLimblessEx-ServiceMen's | |
| Association | 25,000 | |
| MrEdwardTytherleigh | Stoll | 30,000 |
| MajorJamesJMacnamara | DefenceMedicalWelfareService | 25,000 |
| ColonelPaulCummings | VeteransAid | 25,000 |
| Endowmentfunds | ||||
|---|---|---|---|---|
| At1 | Expenditure, | At31 | ||
| April | gainsand | March | ||
| 2020 | Income | losses | 2021 | |
| £ | £ | £ | £ | |
| Endowmentfunds | 12,406,011 | — | 1,976,806 | 14,382,817 |
| At1 | Expenditure, | At31 | ||
| April | gainsand | March | ||
2019 |
Income |
losses |
2020 |
|
| £ | £ | £ | £ | |
| Endowmentfunds | 14,564,106 | — | (2,158,095) | 12,406,011 |
| Analysisofnetassetsbetweenfunds | |||
|---|---|---|---|
| Unrestricted | Total | ||
| Endowment | general | funds | |
funds |
fund |
2021 |
|
£ |
£ |
£ |
|
| Fundbalancesat31March2021arerepresentedby: | |||
| Investments | 14,372,912 | — | 14,372,912 |
| Currentassets | 9,905 | 77,576 | 87,481 |
| Creditors:amountsfallingwithinoneyear | — | (6,496) | (6,496) |
| Totalnetassets | 14,382,817 | 71,080 | 14,453,897 |
| Unrestricted | Total | ||
| Endowment | general | funds | |
| funds | fund | 2020 | |
| £ | £ | £ | |
| Fundbalancesat31March2020arerepresentedby: | |||
| Investments | 12,401,662 | — | 12,401,662 |
| Currentassets | 4,349 | 107,002 | 111,351 |
| Creditors:amountsfallingwithinoneyear | — | (6,252) | (6,252) |
| Totalnetassets | 12,406,011 | 100,750 | 12,506,761 |
2021 |
2020 |
|
|---|---|---|
£ |
£ |
|
| Unrealisedgainsincludedabove: | ||
| Oninvestments | (6,682) | (636,171) |
| Totalunrealisedgainsat31March2021 | (6,682) | (636,171) |
| Reconciliationofmovementsinunrealised(losses)gains | ||
| Unrealisedgainsat1April2020 | (636,171) | 1,619,936 |
| Movementsinrespectofdisposalsintheyear | 613,510 | (117,574) |
| Netgains(losses)arisingonrevaluationintheyear | 15,979 | (2,138,533) |
| Totalunrealisedgainsat31March2021 | (6,682) | (636,171) |