THE QUEEN'S ROYAL SURREY REGIMENT COMBINED CHARITIES
Charity Number: 249538
Financial Reports
For the Period 1 February 2020 to 31 January 2021
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Reference and Administrative Details of the Charity, Its Trustee and Advisers
For the Period 1 February 2020 to 31 January 2021
Principal Address
Fairfield, Woodside Road, Chiddingfold, Godalming, Surrey, GU8 4RJ
Trustees
Name Office Colonel P Crowley DL Chairman Colonel A C Ward OBE DL Secretary Mr A Rutter Treasurer Colonel J A P Ladd Colonel A P Guthrie TD DL Major P M H McGill BA MA Major D R Pollard BA Major M J Jarratt Legal Advisor Mr I E J Chatfield Chattels Lieutenant Colonel P R P Swanson MBE Honorary Secretary
Colonel A C Ward OBE DL
Honorary Treasurer
Mr A Rutter, 10 Greenfields, Liss, Hampshire GU33 7EH
Investment advisor
The Armed Forces Growth and Income Fund / BlackRock, 12 Throgmorton Avenue, London, EC2N 2DL
Independent examiner
Malcolm Lucas FCA DChA, Menzies,
Ashcombe House, 5 The Crescent, Leatherhead KT22 8DY
Bankers
Barclays Bank Plc, Southall, UB1 1PX
Honorary legal advisor
Major M J Jarratt, 10 Ferndown Court, Weybourne, Farnham, GU10 3PZ
Structure, Governance and Management
The Charity is an amalgamation of several former charities, now governed by a single Sealed Scheme of the Charity Commissioners, for benevolent purposes relating to the relief of hardship or distress of persons (and their dependants) who have served in, and for promoting the efficiency and maintaining the traditions of the County Infantry Regiments of Surrey and their successors in title.
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The Appointment of Trustees is stated in The Trust Deed, Clauses 5 to 13 inclusive. The Trustees use the Guidance contained in Charity
Commission 3 and 30 (Duties of a Trustee and Recruitment of Trustees) and consider the relevant skills needed: Legal, Financial, Investment, Regular/Reserve Service, Knowledge of activities to those we make grants and Regimental knowledge. They seek a diverse and wide range of backgrounds and experience.
Trustees' Annual Report
For the Period 1 February 2020 to 31 January 2021
At their Meeting on 2nd April 2020, the Trustees:
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a. Reviewed the financial position of the Charity, together with examining the performance of the Armed Forces Growth and Income Fund (AFGIF) which was producing a yield of 3.6%, a small increase on previous year. As at 1[st] Jan 2020 total assets were: £920,058. There had been a sharp drop in the first Quarter due to the economic effects of COVID 19, the drop in value was 28%. It was agreed this was not the time to sell assets...
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b. Formally approved the Trustee Report and Accounts for the year ending 31st January 2020.
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c. They agreed to retain Menzies as the Trusts Independent Examiner.
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d. Received a report on the Chattels: All Chattels which had been on loan to the London Regiment had been passed to 4 PWRR. The Chairman undertaking to ensure all were insured.
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e. Agreed grants totalling £18,065 of which £10,750 was pledged but payment held back until the COVID situation allowed activities to take place. The largest grant was to The PWRR and Queen’s Virtual Museum of £2,500 with the proviso it was linked to the Queen’s Royal Surrey website.
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f. Had a long discussion on the Governance and future of The PWRR and Museum Charity. It was recalled that this Charity had passed £300,000 specifically for the maintenance of The Surrey Infantry Museum (SIM). A paper proposing a Governance option had been prepared by the Chairman and David Pollard which had been passed to RHQ. The Trustees had recorded their appreciation to David Pollard for his commitment and hard work overseeing SIM maters. They also were most appreciative of all the hard work of the Volunteers.
At their Meeting on 15th October 2020 the Trustees:
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a. Reviewed the financial position of the Charity and its investments. The total value of the Charity stood at £918,813. The rise being due to the hope that a COVID 19 vaccine and BREXIT deal would lead to an economic recovery.
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b. Noted that the Armed Forces Growth and Income Fund managed by Blackrock had performed well. It was forecast that income would be maintained at current level for 2021.
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c. The previous decision to hold £30,000 in cash was discussed. It was agreed to keep this policy under review.
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d. Received a report on SIM from David Pollard. The main concerns were:
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Recruitment of a Collections Officer.
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SIM Office to remain at Surrey History Centre (SHC).
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More displays to be established at SHC.
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The importance of remaining close contact with Guildford BC concerning the permeant SIM home. Has the economic downturn post COVID 19 forced a change of plans?
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Final resolution of the insurance claim. Some £300,000 has been paid. Uninsured claim is for £1,800,000. How will this sum be invested? Barclays Wealth had been disappointing.
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They thanked David and Ian Chatfield for their commitment and asked if their appreciation could be passed to all the volunteers.
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e. Received a report from Ian Chatfield on the Chattels. The Victorian Centre piece on loan to 4 PWRR had sustained minor damage. Some pictures on loan to 4 PWRR were not being displayed. It was agreed these could be gifted.
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f. Made Grants totalling £17,741 of which £5,000 was towards the cleaning of the picture of Catherine of Braganza held at RHQ PWRR. This to be paid from the Roffey Fund. The Treasurer was asked to sell units from the Roffey Fund to pay for this Grant.
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Risk Management
Since the role of the Charity is to provide grants and other payments from investment funds, the main risk is of a substantial fall in the value of the investment and the income from those investments. The Trustees regular review the Investment Managers performance and feel that the investments are well-diversified, managed and regularly monitored.
Public Benefit
The Trustees have reviewed the Charity's objectives and activities against the deeds, and in planning future activities have taken account of the Charity Commission's guidance on public benefit, noting that the categories met included: -
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The prevention and relief of poverty.
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The advancement of education.
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The advancement of health or saving of lives.
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The advancement of citizenship or community development.
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The advancement of arts, culture, heritage or science.
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The advancement of amateur sport.
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The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.
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- The promotion of The efficiency of The armed forces of The Crown, or The efficiency of The police, fire and rescue services or ambulance services.
Trustees' Annual Report
For the Period 1 February 2020 to 31 January 2021
Objectives and Activities
The objective of the Trustees is to maximise the benefits in furtherance of the Objects of the Charity as defined in the Sealed Scheme, i.e:
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a. to relieve either generally or individually persons who have served in the former Regiments* or are past or present members of the Regiment and the dependants of such persons, who are in conditions of need, hardship or distress in such ways as the Managing.
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Trustees think fit.
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b. to assist such persons who have served or who are serving as aforesaid to seek and obtain employment.
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c. to make donations to charitable organisations, hospitals, homes or institutions which include in their objects the assistance of such persons as aforesaid.
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d. to assist such persons and their dependants to obtain holidays.
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e. to promote the efficiency of the Regiment and to maintain its traditions and esprit de corps. f. towards providing recreational facilities and equipment for persons serving in the Regiment.
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The Regiment means The Princess of Wales's Royal Regiment.
** Former Regiments means The Queen's Regiment, The Queen's Royal Regiment, The East Surrey Regiment and successor units, namely: The Queens Royal Surrey Regiment and all regular, Territorial Service, Training and other Infantry Battalions, Depots, units and sub-units of the above whether badged or not bearing the title of any of them.
The objectives are principally achieved by making grants.
Achievements and Performance
Many activities which the Charity has supported in past years could not take place due the COVID 19 pandemic. It made grants totalling £36,826 of which: £17,541 was to 1,2, and 4 PWRR mainly for sports equipment. It donated £10,920 for the production of new Colour Belts for 4 PWRR and made a contribution of £5,000 towards the restoration of the painting held at RHQ PWRR of Queen Catherine of Braganza.
Total assets as at 31[st] Jan 2020 were £920,058. At the end of the accounting period, they stood at £937,820. over the last 5 years the value of assets has increased from £746,177 to £937,820 an increase of 25.6% whilst often the total
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made in grants exceeded income. Inflation over the same period is 14%. The Trustees are content that the Armed Forces Growth and Income Fund is professionally managed and is well suited to the objectives of the Charity.
The Trustees express their gratitude to: The Secretary, Colonel A C Ward, the Treasurer, Mr A Rutter, Mr I Chatfield overseeing the Chattels and Major M Jarrett Legal Advisor for acting as the Trustees Offices and for their commitment.
Financial Review
Explanation of Income and Expenditure
The Charity's main source of income is the return on its investments. Over the last year income was £33,818 which includes the sale of £5,000 Roffey Fund units and Bank interest of £31.60. As stated above grants and administrative expenditure was £38,422 resulting in an excess of expenditure over income of £4,603. This small excess is well covered by the increase in the value of our investments (£18,000) during the period.
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Reserves policy
The Charity retains the funds received from investments. Any outside funding (donations, legacies) is invested to generate income to fund the grant programme of the Charity. The Charity also aims to hold approximately £30,000 in bank accounts to provide working capital.
Additionally, the Trustees have set aside legacy income in a separate "Roffey Fund" invested in The Armed Forces Growth and Income Fund, which is used to fund grants specifically in connection with The Queen's Royal Surrey Regiment and its forebears.
Trustees' Annual Report
For the Period 1 February 2020 to 31 January 2021
Going concern
The Charity benefits from a regular income from its investments, which are intended to cover its expenditure. The Charity also maintains non income generating investments as reserves to cover unusual or additional funding requirements as and when deemed appropriate. The trustees accordingly believe that the charity is a Going Concern of at least twelve months from the date of approving these accounts and for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Plans for future periods
The Trustees intend to continue their present policies and practices in the periods ahead.
Related Party Transactions
No fees or remuneration were paid to any Trustee during the period. Expenses incurred and claimed by Trustees (for items such as travel) amounted to NIL. Both meetings were held using ZOOM. There were no transactions with any persons or entities connected in any way to the Charity or its Trustees.
Independent examiner
Malcolm Lucas FCA, Menzies LLP has been re-appointed as independent examiner for the ensuing year.
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Declaration
The Trustees declare that they have approved the Trustees' report above.
Signed on behalf of the Charity's Trustees.
Colonel (Ret'd) Patrick Crowley DL MA Chairman of Trustees Dated ..........................................
Independent Examiner's Report to the trustees of The Queen's Royal Surrey Regiment Combined Charities
For the Period 1 February 2020 to 31 January 2021
Respective responsibilities of Trustee and Examiner
The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 ("the Act") and that an independent examination is needed.
It is my responsibility to:
w Examine the accounts under Section 145 of the Charities Act, w to follow the applicable
Directions given by the Charity Commission (under Section 145(5)(b) of the Act), and w to state
whether particular matters have come to my attention.
Basis of Independent Examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
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Independent Examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that, in any material respect:
w accounting records were not kept in accordance with Section 130 of the
Charities Act; w the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: ............................................................
Date:..........................
Malcolm Lucas FCA DChA
Menzies LLP Chartered Accountants Ashcombe House 5 The Crescent Leatherhead KT22 8DY
Receipts and Payments Account
| For the January Receipts Donations and legacies Dividends and other investment income Sale of investments Bank interest Total receipts28,898 Payments Grants to institutions: Regimental bodies 24,311 Surrey East Surrey Memorial Gates 8,000 FOSIM Battlefeld Tour - Other9,177 |
Period 1 February 2020 to 31 2021 Unrestric ted Funds Total Funds Last Year £ £ £ - - 750 35,245 35,245 2 8,048 - - - 72 72 100 ACF 1,940 7 of 9 35,317 35,3 17 23,384 23,3 84 2,000 2,00 0 - - 1,000 1,00 0 408 408 26,792 26,7 92 1,656 1,65 6 450 450 103 103 2,209 2,20 9 29,001 29,0 01 6,316 6,31 6 - - 6,316 6,31 6 36,260 36,2 60 |
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|---|---|---|
| 29,001 6,316 - |
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| 7 of 9 6,316 36,260 |
THE QUEEN'S ROYAL SURREY REGIMENT COMBINED CHARITIES
43,428
Support costs:
Accountancy and independent examination 2,970 Trustee expenses reimbursed 117 Other support costs 1,017
4,104
Total payments 47,532
Net of Receipts/(Payments) (18,634) Inter-fund transfers -
| Net Receipts / (Payments)(18,634) | Net Receipts / (Payments)(18,634) | ||||
|---|---|---|---|---|---|
| Cash held at 1 February 2019 | 54,894 | ||||
| Cash Held at 31 January 2020 | £ | 42,576 | £ 42,576 |
£ | 36,260 |
| Statement of | Assets and | ||||
| Liabilities as at 31 January | |||||
| 2021 | |||||
| Unrestricted | |||||
| Funds | Total Funds | Last | |||
| Year | |||||
| £ | £ | £ | |||
| Assets | |||||
| Investments | £ 877,482 |
£ 877,482 | £ 794,640 |
||
| £ | £ | ||||
| Cash at bank | 42,576 | £ 42,576 | 36,260 | ||
| Total assets | £ | £ 920,058 | £ | ||
| 920,058 | 830,900 | ||||
| Liabilities | |||||
| Accruals | £ 1,596 |
£ 1,596 | £ 1,620 |
||
| £ | |||||
| Grants approved but not yet paid | 11,750 | £ 11,750 | |||
| Total liabilities | £ | 13,346 | £ 13,346 |
£ | 1,620 |
The financial statements were approved by the Trustees and signed on their behalf by:-
Colonel (Ret'd) Patrick Crowley DL MA Chairman of Trustees
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