Not for Distribution 



|Reports||
|---|---|
|Referenceandadministrativeinformation|1|
|Trustees'report|3|
|Independentauditor'sreport|10|
|Financialstatements||
|Statementoffinancialactivities|14|
|Balancesheet|15|
|Statementofcashflows|16|
|Principalaccountingpolicies|17|
|Notestothefinancialstatements|21|





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|ClerktotheTrustees|ColonelSDRowland-Jones|
|---|---|
|Telephone|`01722501413`|
|Email|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|





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## 10 November 2021 




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|||Endowment|Unrestricted|Total|Endowment|Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||`funds`|`funds`|`2021`|`funds`|`funds`|`2020`|
||Notes|<br>£|£|£|£|£||
|Incomeandendowmentsfrom:||||||||
|Investments|`1`|<br>`—`|`371,439`|371,439|—|579,705|579,705|
|Totalincome||—|371,439|371,439|—|579,705|579,705|
|Expenditureon:||||||||
|Raisingfunds||||||||
|.Investmentmanagementcosts|2|<br>49,571|—|49,571|53,396|—|53,396|
|Charitableactivities|3|<br>—|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|<br>(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|<br>£|£|
|Cashflowsfromoperatingactivities:||||
|Netcashusedinoperatingactivities|A|<br>(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|<br>129,361|125,979|
|Cashandcashequivalentsat31March2021|B|<br>105,060|129,361|



|A|Reconciliationofnetmovementinfundston|etcashusedin|operatingac|tivities|
|---|---|---|---|---|
||||`2021`|`2020`|
||||`£`|`£`|
||Netmovementinfunds(asperthestatementoffinancialactivities)||<br>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|
|||`£`|<br>`£`|`£`|
||Cashatbankandinhand|103,940|(16,459)|87,481|
||Cashheldbyinvestmentmanagers|25,421|(7,842)|17,579|
||Totalcashandcashequivalents|129,361|(24,301)|105,060|





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|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|





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## 

|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|





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|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<br>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|



## 



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|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-`|
|---|---|---|
||`£`|<br>`£`|
|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|<br>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|





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|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|



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|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|





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|Analysisofnetassetsbetweenfunds||||
|---|---|---|---|
|||Unrestricted|Total|
||Endowment|general|funds|
||`funds`|<br>`fund`|`2021`|
||`£`|<br>`£`|<br>`£`|
|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)|