Referellte aAMI AdmAnislrxtive DE ofthe C Its Truste¢ and Adviser3 For the Period l Febrn 2023 to 31 Ja 2024 Princi Addre&s Fairfiel4 Wocrttside RO Chithlingfol GodaJmIt Sutrey. GU8 41U Tru5tc Colonel P Crowley MBE DL Chairn Coloncl A C Ward OBE DL S Brigadicr J A P ladd Colonel A P Guthrie TD DL Colonel JRC Ivhitc Major P M H McGill BA MA Major D R Pollard BA Major M J Jarratt (rcsigned 17th qkt 2023) Mr l E J Chatficld Lieutenant Colonel P R P Swanson MBE Hon Colo1 A C Ward OBE DL Hono Mr A Rutt¢r. 10 GTe¢nfi¢lds. Lis& Hampshire GU33 7EH tnv¢slm¢nt Advisor The Armcd Forces Common tnvestsneDt Fu1 l BlackR 12 ThTOWOrton Avenue, Lon EC2N 2DL Indc dent Examiner Gerald Williams FCA (Rd) FCIW Beechw Ridg]ey W Chiddingfo14l GU8 4QW Bankers Barclays Bank Plc, SouthalL UBI IPX Hono Advisor Major M J Jart 10 F¢rndown Coutl W¢ytrf)utn4 Earnh GUIO 3PZ (Resigncd I Oct 2023) Stcture Governance alld Man ement The Charity is an amalgamation of weral fornier clwilic4 now governed by a singl¢ scal Schem¢ of the Chatity Commi&5iollcr4 for bcllcvolcnt putSe$ relating to the reliefof Iwdslllp ordistress of wns (and their dcpendants) who havc wY¢d in. and for Promoting th¢ ¢ffi¢]¢Y and maintaining th¢ traditions of th¢ County Itthty R¢gini¢nts of Suw and th¢ir Succcs in titl¢. The App)intment of Trustees is stated in The Cknuses 5 to 13 inclusive. The Tn use the Guidance contained in Charity Commi&sion 3 and 30 lItieS of a Trnstee and Recrnilment of Trustees) and consider the relevant skills needed as: L4aI, FinanciaL tnvcslmcnl R¢gularlRcs¢rYc S¢rvicc, Knowlcdgc of
activities to thosc w¢ mak¢ 8rants and R¢8im¢nlal knowledge. They seek a diverse and wid¢ ran8c of backgrounds and ¢xpui¢nc¢. TnL8tees' ADRual Re rt For the Period l Febrna 21)23 to 31 J 2024 At their Meeting on 5th Awil 2023, the T. Approvcd thc Accounts for the year to 31 January 2023. b. Rcviewed the past year during Wleb the Charity mad¢ grdnts tirtalling £ 34.358 of}Ich. £30,601 was to l. 3, 4 PWRR and 2 RANGEIL T(ytal &8 of 1° Febnw 2022 were £995.448. Atthc cnd of this accounting th¢y sto(Ml at £918289. a drop of £77,159 owy a tutbul¢nt year for invcstmcnts. Planned expenditur¢ cxccdcd incomc by £5.721. Over the iast 5 y¢ars th¢ valuc of thc asscts ha5 increased from £867.367 to £918.289 ie 6/0 whilst grdnts have often exceeded in¢om¢. ItJf]ation over the same peri(Ml IP/o. OY¢r th¢ last 10 years the investments valu¢ bas intlation of 25 /. Thc Trustccs notcd the comments of thc Jnd¢p¢ndcDt Examiner namely that rec¢iFis for all cxpcnditiwe should be produced. They agreed an - gratia Paymcllt to Mr Williams in rewgnition of his time and diligence ¢xaminiDg thc accounts for 20?a. The Tn agr¢cd to apEX)int Mr Williams for FIY 2314. Thc Secretary w&$ inS¢t¢d to ¢omplctc our amiual return to th¢ Charity Commi&qion. d. The Trustees re.visit¢d Peter Svranson's paw on future strategy aDd agreed: l. The Clwity would continue for thc ncxt yeats ulli Ilwe was a major r¢-structiring of the 2. Wh¢n th¢ capital value of our investmeots grows ah¢ad of itrflation then units could sold to increase our t giving. 3. Fund5 should bc Lsed to 0m0t¢ the R¢gimcnts hcritage within Surrey. 4. To fornialty review fulure strategy ¢ath April meelillg- e. of Committee to grant I PWRR £1750 to stage a totrr Company Boxing Evcnt. At thcir Mccting on 17th OctobEr 2023, the Tn. R¢1y¢d a rqK)rt on the very Success Battkfi¢ld Tour to Iraly in September which th¢ ¢harity had provided a subsidy of £110 to wh cligiblc tiCiPanL Of the 40 participants therc had been a total of I I whosc fathcrs had scN¢d in Italy including 5 whosc fathers had commanded ettlw a Qucen's Royal Rcgiment or Fast Surrey Bat[ali. Suviccs were conducted by David Pollard at Salcrno and Cassino CWGC'S. We were visited by Brthsh Military Attache and Ikp Comd NATO Rapid Rwtion Force. It was good to se¢ eith¢r plaqucs or monuments to our two fornirJ R¢giments at: Amazon Bridge, Scafati and the Caves of Aprill& Sp¢cial tncntion must be of the outstanding nInUtiolls of tan Chatficld both as a guidc and tour planner attd D¢¢ Hutchison as Tour rnanager. It was their hard work and dcterniination that mad¢ th¢ tow so succe. b. Ian Chatfield kindly agreed to updat¢ th¢ Quccn's Royal Sutrey Regiment website. A8rc¢d th¢ paymcnt of £R9.562 to RHQ PWRR Eting 4/• of thc costs (&5 previously agrc¢d) of th Prcsentsfion of Colours to 4 PWRR at wlWICh on 22rd April 23. Agtred to grant £3286 .£3.636 for the Painting in th¢ Guildhall Guildford to cleaned and r¢-glas%d. e. Agreed to re.appoint Guthrie. Rutter. Cluth¢l4 Sivanw and McGill as Trustees for another period of 4 years. f. Acccptcd thc resignatioll of Mik¢ h¢ had xtcd as Iw] advisor to the Clwity for nwly 30 y¢ars. Thc cxprcsscd their very Sit1¥ apprlati and prescntcd him witb a small gift. g. Two names were mentioned to fill thc vacancy cau5cd by Mxke JaTrnU's TCSi8natio It was awd that Cv's Ix forwarded to th¢ Chairnw for circulation out of rnri.
h. CafiR11Y reviewcd the Etrforniance of the Investment managers. D]ng 2019llO and 21 the Arnied FoTc¢s Growth and Income Fund had been in the Top Quartile of ARC Quart¢rty Surv¢ys. So. raDking comparcd io p¢¢rs in ARC table: Over 5 2rd Ovcr 3 Over I 4th uartile Bott(Mn! The Sccrctary att¢nded a Unit HoldeTS meeting on VIrtilty on 27th SetrtemlKr. Hc had pr¢-warncd BlacknKk that Trustees were disapp)int¢d wtth puforniancc. Blackr(Kk opcncd m¢¢ting by sayin. "Th¢y had not wvcred thcmselves with glory and it had len a difficult time-. They remitided IJM)se present that at start of year t1¢ had bccn thc Banking crisis (Silicon Valley and Credit Swiss). Th¢y thercforc had (akcn loo gTcat a deferLsive ltiOn and should havc held miwe cquity. Although tndices show sirong relurns the& especially US oncs. arc pushed up by World's top 10 companies whilst th¢ r¢st hav¢ laggcd behind. Blaekrock had also lost on Gr¢¢n Energy, Healthcare and Venture inves(m¢nts but hopcful th¢ invcstrlents will prove a sound selection in the longer terni Th¢ Divid¢nd has gone up and they Iwj a years. wofih of surp to pay dividcnds cvcn if all inc4)me dried up. They talking a caulious lin¢ for th¢ future. They don't think either UK orus clccfions will spoke the markets. Blkr[k Pro to chan BenchmaTk and aim for Totsl R¢twn. & Instcad of 31f/o UK F4uities and 3/ World th¢y Prow to go to 6IY/• Global Equiti¢s- likcwisc bonds go to a morc globaI spliL b. are looking for Total Rcturn rather than steking income and hop¢ capital ris¢s. This change allows for more US inv¢simcnt accordingly. Risk Since the role of the Charity is to wovide grdots and other paytncnts from inveslment funds the main Tisk is of a substantial fall ill thc value of the inveslm¢nt and th¢ incomc from those inveslmeA)ts. The Truste¢s regular1¢W th¢ tnv¢sfm¢nt Managcrs, rKrforniallce using the <>ty Rqxxts of ARC Rcscarch Multi. Asset CFwity R1¥ and f¢¢1 th th¢ iDV¢Stmcnts are Well-diVs1fie managed by Bla¢krocL Public Bejefit The TneS bave reviewed the Clwitys (ybicctiv&s and activities against the d¢¢ds. and in platming future activiti¢s hav¢ takcn acciNJnt of the Charlty commiss,5 guidancc on public Iefi( noting that the catCBOri¢S md includcd: _ -Thc prcvcntion and Tclicf of wTrvety. .The advancement of eth110 -The advancement of lThlth or saving of livcs. . The advanc¢m¢nt of ¢itiZCDship or Collmlullity developllenL . Thc advanccment of a@ culture, hwitagc or sci¢ncc. . The advancement of amat¢ur sixrt . Thc rclicf of thosc in Dec by rcason of You1 agc. ill-h¢ disability. financial Iwdship or other disadvantag¢. -Th¢ promotion of Thc efficiency of The anned forc¢s of Thc crow or Thc efficiency of The 11¢¢. f]re and rescue services or ambulanc¢ %rYic¢s. Ob eclives and Activities
The objective of the TTUStees is to maximise thc t¢fits in furthee¢ of the Obj¢¢ts of thc CEwity as (kfincd in the SeaIed Scheme, i.e: to relieve, either g¢n¢rally or individually. persons who have served in th¢ fornicr R¢gim¢nts or past or prcscnt Mem1 of the Regim¢nt' and thc dcpcndants of such who are in conditions of ne£(L FJaTdsbip or dislrw in suth ways &8 the Managing TntteS think fiL to make donations to chaTilabl¢ organisatiODS hospital& homes institytions which include in tbeir objects th¢ assistance of such SOnS as aforcsaid. c. to ls¢ such tTSOllS and th¢ir dqndants to obtain holidays. d. to promote the effici¢ncy of the Regtmcnt and to maintain its traditioLs and ¢5PTit de corps. towards providing reueational facilities aDd cquipment for wns seNing in thc R¢gimenL * Thc Regtment means The Prillc of Wales's Royal Regiment. ** Forni¢r R¢gim¢nts means Th¢ Quccn's Regim¢nL Thc Queen's Royal RegtincnL Thc East Suw Regiment and sucee&sor units. namcty: The Que¢ns Royal Surr¢y gIment and all regular. Territorial Service, Training and othcr Jnfanty Batralion4 Depots. wilts and $uU1ts of thc above vthcther badged or not bearing thc title of any of them. The objcdives are principalty achieved by 18 grants. Achievements aDd Perforni2nce The Chatity made grants totallillg £ 49.042 of which: £17,476 was to 1. 3. 4 PWRRand 2 RANGER and £19.562 towanls the Prcscntstion of Colours to 4 PIVRR by HRH Crown Prin¢c Frederlk of Dcnmark. Totsl assets a5 at ISL F¢bruary 2023 werc £918,289. At the eDd of this accounting th¢y stO(Ml at £872.101, a drop of £46.188 over anotherturbukntyear for invcsttnents. PtsDncd exallUTe exceedcd income by £18.097. Over the l&st 5 ycars Ihe valuc of the inv¢stments increased fr(Hn £844,540 to £855,873. The Tn$ continuc to monitor th¢ tKrfornianc¢ of the Arnicd Forces Growth and In¥Me Fund for which Capitsl growth been disappointing for l&st two y¢ars aithougb income has incrca lanation of Income and E diture The Charitys main sowc¢ of incoTn¢ is thc relurn on its invcsto)¢nts. Over the last ycar income Wds £31,823. As slated above, grants and administrdtive expenditure result¢d in an exccss of ald]tUr¢ over incom¢ of £18,097. This was caused by thc ¢xcqytional cost of £19.562 for 4 PWRR Presentation of Colours. Rcserves The Charity retains th¢ funds receivd from invcstmcnts. Any outside finHIiDg(cg donations. Icgacies) is inv¢sted to generatr income to fund the grant programmc of the Charity. Thc Charity also aims to hold approximatcly £30,000 in cash to provide WOEking capital. Additionally. the Trust¢cs have set asidc legacy incomc in a s¢paratr "Roff¢y Fund. invGStcd iti Th¢ iknned For$ Grovrth and tncome Fwid (Accumulation). which is us¢d to fund grants spccifically ID connectlon with The Q'S Royal Sutr¢y Reent and its foreb¢. concern The Charity ben¢ffts from a regular incom¢ from its inv¢slmcnts, which arc intendcd to cover its cxpenditure. Th¢ Charity also maintains non income g¢nuating inveslmcnts as res¢rvcs to cover unusual or additional funding r¢quircmcnts &s and wAcn deem appropriatc. Thc Tn accorrfkn8ty EKlieve that thc Charity will continue to be a 'Going Conccrn. for at l¢&st twelve rnthS from thc da* of approving th¢ accounts and for the
foreseeable future. For this rcas0 thcy continuc to adopt the 'Going Concern. basis in prqmring thc finan¢ial statements. Plans for thtsre whilst reviewing as circumstances chaDgc. Related Pa No f¢cs or rcmuncrationwcrc paid to 8llyTn duringth¢ periiMI under review. Expeoscs inCwd and claimcd by 4 (for it¢ms such &8 traveL van hire and mc¢titig expe$) amounted to £548. Th¢re were no transactions with any FWSODS or cntities in any way to ts Charity or its Trustees. The TnteeS express th¢ir gratitudc to: The Se•. Colo1 A C wa the TrUrer. Mr A Rutter. Mr I Chatficld ov¢rK¢ing thc ChatteL$ and Major M 1£881 Advisor fw actin8 as thc TrustC¢5 Officcrs and for their commilmtnL Declaralio The Trusfees d¢¢lare that they have appmvd the Tn. TerM)rt aEM)vc. Sign¢d on b¢ha]f of the Charitys Tn Colon¢l (R¢Vd) Patrick Crowley MBE DL Chairman of Tn
THE UEEN'S ROYAL SURREY REGIMEiYf COMBINED CIIAIUTIES Recei tsaDdPa ents Account For the Finaneial ear l Febrn 2023 to 31° Jan 2024 2024 2024 2023 2023 Incomi Resourees Donations and t£gacies 48 Investment Income 31,555 30,447 Bank tnterest 268 31 Total Incomin Resources 31 23 31J23 26 30026 Resources Ex nded GTants 49,042 34,358 Athninlstratko AountanCY and ExamIon costs 320 1,688 TTUStee Travel costs 237 177 TTUStee expenses 321 Total Resources Ex ended 49 20 Iyet Incomin Resournes l Ex diture (18,097) (5.721) Net Unrealised Gai(LoSs} on Jnvestments 71 TOTAL NET INCOME I oss (46,188) (77,158) Value of Funds Brou t Fonvard 918 VALUE OF FUNDS CARRIED FORWARD £872 101 £918
THE i]EEIW4'S ROYAL SURREY REGIMKNf COMBINED CHARrfiES Statement of Auets xnd Li2bilitses As at 31Jt Jan 2024 2024 2024 2023 2023 VALUE OF FUNDS CARRIED FORWARD £918 resenled Fixed Assets tnvestments 855 855073 Current Assets Business Current AUnt i( Business Savings Account 16,097 34,325 Debtor 41 Total Current knets 16238 34,325 ss: Current Liabiliti Creditor io Net Current Assets 16 TOTAL IYET ASSETS £872 101 £918