2021-03-31-accounts

Eoander		The Late Colonel SirDavid Stirling DSO OBE
Correspondent		The Treasurer
Charity number
Registered office		PO Box 35051 London
		NW1 4WF
Auditor		Whittle & Partners LLP
		The Old Exchange
		64West Stockwell Street
		Colchester
		Essex
		CO1 1HE
Bankers		HSBCPlc
		13-14Sloane Square
		London
		SW1W 8AL
Solicitors		Greene & Greene
		80 Guildhall Street
		Bury StEdmunds
		Suffolk
		IP331QB
Investment	advisors	J Stern &CoLLP
		4Carlton Gardens
		London
		SW1Y5AA

	Page
Trustees' report	1-3
Statement ofTrustees' responsibilities
Independent auditor's report	5-8
Consolidated statement offinancial activities
Consolidated balance sheet	10
Charity balance sheet
Consolidated staiement ofcash flows	12
Notes to the financial statements

		LA		IQ 00 ''N	Ch IV	c CI	LQ		Ch Ch TV	Ch Ch TV		CQ	C0 IV
				ON CQ			Pkk						00 C0 Ch
				CO	CV R		a	X	g			CI C4
		I	I	I	I	I	I	I
	.O'													O
	O
0	O	I	I	I	I	I	I	I					8 CI	8O LQ
		I	I	I
ID					'Cl
	.g
4g c4 4													00 Ch		.6
								E				C0	CCI
	O Q	C4 00	LQ			Ch , LQ	O	rv Ch	.	CV IV		00	8		h 5 m rQ	Q
	O	Q	00	O 00	CQ5 Q		LA	IQ CQ 00			LQ IQ	N LD Ch		NO
											C4
																0
															j
							641			Ol I0	I0 8.6				g5 g I0

			2021
	Notes
Fixed assets
Tangible assets	13,		66,745		70+77
Investments	14		13,439~6		11/89412
			13,506,101		11,460~9
Current assets
Stocks	16	32,109		19,261
Debtors	17	11,132		23,552
Cash atbank and in hand		73,290		90/99
		116+31		133,211
Creditors: amounts faIling due within
one year	18	(54,757)		(33,719)
Net current assets			61,774		99,492
Total assets less current liabilities			13/67,875		11,559,881
Capital funds
Endowment funds —general			3,650,000		3,650,000
Income funds
Restricted funds	21		238,355		192,821
Unrestricted funds			9,679420		7,717,060
			13/67+75		11~9,881

		2021		2020
	Notes
Fixed assets
Tangible assets Investments	13 14		66,745 13,439@58		70,577 11389,814
			13/06,103		11,460,391
Current assets
Stocks	16	30,809		17,961
Debtors	17	9,133		21,552
Cash atbank and in hand		53,992		70,462
		93,934		109,975
Creditors: amounts falling due within one year	18	(54,631)		(33~)
Net current assets			39,303		76,435
Total assets less current liabilities			13,545,406		11,536,826
Capital funds Endowment funds - general	20		3,650,000		3,650,000
Income funds
Restricted funds	21		238,355		192,821
Unrestricted funds			9,657,051		7,694,005
			13,545,406		11,536,826

					2021		2020
			Notes
Cash flows from operating activities
Cash absorbed by operations						(617,949)		(856,700)
Investing activities
Purchase oftangible fixed assets							(691)
Purchase ofinvestments				(6,289,619)			(3,731,960)
Proceeds on disposal of	investments			6,589,702			4,036,511
Investment income				202,373			412@97
Net cash generated from investing
activities						502,456		716,257
Net increase/(decrease)	in cash and cash
equivalents						(115,493)		(140,443)
Cash and cash equivalents atbeginning		ofyear				395,104		535~6
Cash and cash equivalents at end ofyear						279,611		395,104
Relating to:
Cash atbank and in hand						73,290		90,399
Short term deposits included in fixed asset
investments						206+21		304,705
						279,611		395,104

3	Donations	and legacies	and legacies	2021
				6
	Donations and gifts Legacies receivable			99,088 62,695	84,259 34,010
				161,783	118,269
4	Charitable	activities
				2021	2020
				6	6
	Christmas	draw income		33,534	32+77
	Stock sales			15,559	5,083
	Others			16,225	16,807
				65,318	54,767
5	Other			2021	2020
	Booksales			11,901	6,186
	Journal income			5,915	4,767
	Life Subscriptions		and Reunions income	504	3,860
				18,320	14,813

Investments
	Unrestricted	Restricted	Total	Total
	funds	funds	2021	2020
Dividends	139886		139/86	366,817
Income received on Russell King Investment		8,690	8,690	7,000
Interest on bonds	53,797		53,797	38~0
Interest on bank accounts
	193,6S3	8,690	202,373	412/97

For the year ended 31March 2020
	Unrestricted	Restricted	Total
	funds		2020
Dividends	366/17		366,817
Income received on Russell King Investment		7,000	7,000
Interest on bonds	38,580		38,580
Interest on bank accounts
	405+97	7,000	412,397

Raising funds
			2021	2020
Activities for raisin		funds
Direct trading costs			4/16	1,454
Fundraisin and	ublici
Stock purchases			14+37	5,751
Draw costs k publicity			31,99S	28,727
			51,051	35,932
Investment mana	ement		45,172
			96,223	104,755

			RmR	RmR	RmR
0	O O		C C4	t W CV	cn CO
	C4
													m	m
			kAS											Ch ICI
									g		O
											Pl
													I
														ClI
)	'N										J5
																	I
			Rm									R	k
			O	CCI N							L]
																	I'
			en													CV
																CCI
			(4													CO			C&
																			C4 C)
		III	CV CO	QO CO cV		CV	N		CCI CV		0j		E		CP C& ECI
																	I
				LCl		Pl	C4				&5, ~&[ ll 9				1CI					Tf I
			Q f	Q I	I		IO	gO							C&	P O CCI	CCI CO	D	IR
										O				0
				'5 C	h ICI
					0 CJ								CG	Pj 8
				IXI	QJ
										4
										8
													C4
													rn	bO
												g!	IW OI	0
										K

Support costs
		Support	Governance		2021	2020	Basis ofallocation
		costs	costs
Staff costs		186,075			186,075	177P61	Charitable	activities
Depreciation		3,832			3+32	3 832	Charitable	activities
Office Costs		95,465			95,465	75,176	Charitable	activities
Travel &Subsistence		2,856			2,856	1Q,844	Charitable	activities
Audit fees			7	320	7/20	7680	Governance
Meeting &Training	costs			135	135	693	Governance
Financial Managers	Fee		18,013		18,013	25,22Q	Governance
		288,228	25,468		313,696	301/06
Analysed between
Charitable activities		288,228	25,468		313,696	301+06

The average monthly	number ofemployees during the yea	r was:
		2021	2020
		Number	Number
Office and adminhtration
Employment costs		2021	2020 6
Wages and salaries		158,727	151+23
Social security costs		15,791	15,035
Defined contribution	pension costs	11,557	11,303
		186,075	177/61

		Unrestricted	Restricted	Total	Total
		funds	funds	2021	2020
					6
Revaluation	ofinvestments	1,314,095	25,245	1,339+40	(1492,753)
Gain/Poss)	on sale ofinvestments	1,141,258	10,599	1,151,857	(265,427)
		2,455,353	35,844	2,491,197	(1,858,180)

			Unrestricted	Restricted	Total
			funds	funds	2020
					E
Revaluation	of	investments	(1,590,363)	(2,390)	(1/92,753)
Gain/Poss)	on	sale ofinvestments	(265,427)		(265,427)
			(1,855,790)	(2,390)	(1,858,180)

Tangible fi Group and	xed assets charity
		Computers	Roll of	Works ofArt	Total
			Honour	and Artefacts
Cost
At 1April 2020		35,991	34,588	24+51	95,130
Additions
At31~2021		35,991	34~8	24,551	95,130
Depreciation	and impairment
At 1April 2020		24/53			24/53
Depreciation	charged in the year	3,832			3,832
At31March	2021	28,385			28,385
C~ amount
At31March	2021	7,606	34,588	24,551	66,745
At31March	2020	11,438	34@88	24,551	70,577

Fixed asset investm Group	ents
			Listed	Cash	in	Total
			investments	portfolio
				E
Cost or valuation
At1April 2020			11,085,108	304,704		113S9,812
Additions			6,289,619			6@89,619
Valuation changes			1,296,153		43,187	1,339,340
Profit/(loss) on disposal ofinvestments			1,151,857			1,151,857
Disposals			(6,589,702)	(141+70)		(6,731,272)
At31March 2021			13,233,035	206,321		13,439@56
Carrymg amount
At 31March 2021			13,233,035	206,321		13,439356
At 31March 2020			11,085,108	304,704		11,389,812
Fixed asset investments
Charity
		Listed	Cash in	Other		Total
		investments	portfolio	investments
Cost orvaluation
At 1April 2020		11,085,108	304,704			11/89,814
Additions		6,289,619				6,2S9,619
Valuation changes		1,296,153	43,187			1,339,340
Profit/(loss) on disposal ofinvestments		1,151,857				1,151,857
Disposals		(6,589,702)	(141470)			(6,731,272)
At31March 2021		13,233,035	206+21		2	13,439+58
Carrying amount
At31March 2021		13,233,035	206,321		2	13,439+58
At31March 2020		11,085,108	304,704		2	11,389+14
				2021		2020
Other investments	comprise:		Notes
Investments in subsidiaries

Creditors: amounts falling due within one year
	Charity		Group
	2021	2020	2021	2020
	f.			6
Taxation and social security Trade creditors	8,257 10,995	5,841 3,565	8/83 10,995	6,021 3365
Other creditors Accruals and deferred income	35,379	24,134	35@79	24,133
	54,631		54,757	33,719

			Movement in funds	Movement in funds
		Balance at 1	Incoming	Resources	Balance at 31
		April 2020	resources	expended	March 2021
		6
Permanent	endowments
Russell King fund Jubilee Appeal		150,000 3+00,000			150,000 3+00,000
		3,650,000			3,65O,OOO

			Movement in funds	Movement in funds	Movement in funds
		Balance at 1	Incoming	Resources	Revaluations,	Balance at 31
		April 2020	resources	expended	gains and	March 2021
					losses
Russell King fund		192/21	8,690	(1,000)	35~	238,355
Analysis ofnet assets between funds
Group
		Unrestricted		Restricted	Endowment	Total
			funds	funds	funds
Fund balances at31March 2021 are
represented	by:
Tangible assets Investments			66,745 9,632,809	156~	3,650,000	66,745 13,439356
Current assets/(liabilities)			(20,034)	81,808		61,774
			9,679,520	238~5	3,650,000	13+67/75
Analysis of	net assets between funds
Charity
		Unrestricted		Restricted	Endowment
			funds	funds	funds
Fund balances at31March 2021are
represented	by:
Tangible assets			66,745			66,745
Investments			9,632,811	156,547	3,650,000	13,439358
Current assets/giabilities)			(42,505)	81,808		39,303
			9,657,051	238@55	3r650r000	13$45r406

24	Subsidiaries '
	Name ofundertaking	Registered	Nature ofbusiness	Class of	0/ Held
		Office		shares held Direct
	SASRegimental Association	England &Wales BookPublishing		Ordinary	100
	Publishing Limited
25	Cash generated from operations				2021	2020
	Surplus/(Deficit) for the year				2,007,994	(2,291,133)
	Adjustments for:
	Investment income recognised	in statement of financial activities			(202+73)	(412,397)
	Gain/Loss on disposal of investments Fair value gains and losses on investments Exchange gain/loss Depreciation and impairment oftangible fixed assets			(1,151,857) (1339340) 43,187 3,832		265,427 1392,753 2,456 3,831
	Movements in working capital:
	(increase)/Decrease in stocks Decrease/(increase) in debtors				(12,848) 12,418	2,751 (16,978)
	Increase/(Decrease) in creditors				21,038	(3,410)
	Cash absorbed by operations				(617,949)	(856,700)