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2021-05-31-accounts

ROYAL WILTSHIRE YEOMANRY (PRINCE OF WALES'S OWN) WARWICKSHIRE YEOMANRY YORKSHIRE HUSSARS (ALEXANDRA, PRINCESS OF WALES’ OWN) SHERWOOD RANGERS YEOMANRY STAFFORDSHIRE YEOMANRY (QUEEN’S OWN ROYAL REGIMENT) SHROPSHIRE YEOMANRY

YEOMANRY BENEVOLENT FUND

Report and Accounts 31 May 2021

AYRSHIRE (EARL OF CARRICK'S OWN) YEOMANRY
CHESHIRE YEOMANRY (EARL OF
CHESTER’S)
QUEEN’S
OWN
YORKSHIRE
DRAGOONS
LEICESTERSHIRE
YEOMANRY
(PRINCE
ALBERT’S
OWN)
NORTH SOMERSET YEOMANRY
DUKE OF LANCASTER'S OWN YEOMANRY
LANARKSHIRE
YEOMANRY
NORTHUMBERLAND
HUSSARS
SOUTH
NOTTINGHAMSHIRE
HUSSARS
DENBIGHSHIRE
HUSSARS
WESTMORLAND
AND
CUMBERLAND
YEOMANRY
PEMBROKE
(CASTLEMARTIN)
YEOMANRY
ROYAL EAST KENT MOUNTED RIFLES (DUKE OF CONNAUGHT’S OWN)
HAMPSHIRE CARABINIERS
ROYAL BUCKINGHAMSHIRE HUSSARS DERBYSHIRE YEOMANRY
QUEEN’S OWN DORSET
YEOMANRY
ROYAL
GLOUCESTERSHIRE
HUSSARS
HERTFORDSHIRE
YEOMANRY
BERKSHIRE
YEOMANRY
MIDDLESEX
HUSSARS
(DUKE
OF
CAMBRIDGE’S
OWN)
(1ST
COUNTY
OF
LONDON
YEOMANRY)
ROYAL
FIRST
DEVON
YEOMANRY
DUKE
OF
YORK’S
OWN
LOYAL
SUFFOLK

HUSSARS
QUEEN’S
OWN
WORCESTERSHIRE
HUSSARS
QUEEN’S
OWN
OXFORDSHIRE
HUSSARS
ROYAL NORTH DEVON HUSSARS
QUEEN’S OWN WEST KENT YEOMANRY
WEST SOMERSET
YEOMANRY
MONTGOMERYSHIRE
YEOMANRY
2ND
WEST
YORK
YEOMANRY
(PRINCE
OF
WALES’
OWN)
LOTHIANS AND BORDER HORSE
QUEEN’S OWN ROYAL GLASGOW YEOMANRY LANCASHIRE HUSSARS
SURREY
YEOMANRY
(QUEEN
MARY’S
REGIMENT)
FIFE
AND
FORFAR
YEOMANRY
KING’S
OWN
ROYAL
NORFOLK
YEOMANRY
SUSSEX
YEOMANRY
GLAMORGAN
YEOMANRY
WELSH
HORSE
LINCOLNSHIRE
YEOMANRY
CITY
OF
LONDON
YEOMANRY
(ROUGH
RIDERS)
WESTMINSTER
DRAGOONS
(2ND
COUNTY
OF
LONDON
YEOMANRY)
BEDFORDSHIRE
YEOMANRY
3RD
COUNTY
OF
LONDON
YEOMANRY
(SHARPSHOOTERS)
ESSEX
YEOMANRY
LINCOLNSHIRE YEOMANRY
KING EDWARD'S HORSE (THE KING’S OVERSEA DOMINION
REGIMENT)
NORTH
IRISH
HORSE
SOUTH
IRISH
HORSE
NORTHAMPTONSHIRE
YEOMANRY
EAST
RIDING
YEOMANRY
(LORD
WENLOCK’S
HORSE)
LOVAT
SCOUTS
SCOTTISH
HORSE
FIRST AID NURSING YEOMANRY INNS OF COURT REGIMENT THE KING’S OWN YORKSHIRE YEOMANRY

YEOMANRY BENEVOLENT FUND

(Registered Charity No 259125)

Report and Accounts

For the year to 31 May 2021

CONTENTS

CONTENTS
Page
History of the Yeomanry 1
The Yeomanry Benevolent Fund 3
Statement of Purpose 3
Trustees and Officials 4
Trustees’ Report 5 - 9
Independent Examiner’s Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Accounts 13 - 15
Beneficiaries by Regiment 16
Private Donations 16
Donations from Regiments and Associations 16
Yeomanry Regiments and their Successor Units 17 - 21

The Yeomanry Benevolent Fund 10 Stone Buildings Lincoln’s Inn London WC2A 3TG Telephone: 01993 878516

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

HISTORY OF THE YEOMANRY

Yeomanry history begins with the French declaration of war in 1793 upon the monarchies of Europe, when the British Government realised that the regular forces of the Crown would be inadequate to resist a French invasion. A non-regular or volunteer force was advocated and in 1794 Parliament passed an Act which regulated the raising of volunteer corps: the Lord Lieutenant of each county was invited to raise units of both cavalry and infantry. Infantry volunteers were drawn mainly from the ranks of the unskilled workers, while cavalry recruits came from landowners, farmers and tradesmen, and were thus styled Yeomanry.

The first Yeomanry were formed into independent Troops, usually based on county towns. They used their own horses and paid for their own uniforms while the Government supplied weapons and equipment, and a small permanent staff. Their role was to act in time of invasion as mounted guides and a local mobile reserve, familiar with the geography of their own county. Their priorities were summed up by the motto frequently used by Yeomanry at the time “Liberty – Loyalty – Property”, ie: Liberty – defence of the realm against foreign invaders; Loyalty – defence of the Crown against revolution; Property – defence of their own by those who had something to defend. The only occasion when the Yeomanry was called upon to fulfil their role was at Fishguard in 1797 when the Castlemartin Yeomanry joined with the Fishguard Militia in rounding up a French invading force and for doing so they received the only battle honour awarded for an action on British soil.

In the troubled times that followed the end of the Napoleonic Wars, the Yeomanry acted as a form of gendarmerie under the control of local magistrates and were frequently called upon to quell civil unrest, a role for which they were well suited because of their local knowledge and their ability to assemble and disperse quickly. During fifty years of duties in aid of the civil power, only at Peterloo (where the Yeomanry were undeservedly blamed for the many deaths and injuries) was there any significant loss of life; on innumerable other occasions the mere presence of an armed disciplined body of men defused situations which might otherwise have got out of control.

Two factors altered the role of the Yeomanry. The development of effective police forces in the 1840s meant that the Yeomanry were no longer required to keep the peace and further fears of French invasion led to the formation in 1859 of the Rifle Volunteer Corps aimed specifically at the rapidly expanding middle classes and townspeople. These were seldom to be found in the Yeomanry that still recruited from its traditional rural bases. In the second half of the nineteenth century therefore the Yeomanry became a pillar of county society, better known for their splendid uniforms than for any military prowess. They did not take soldiering too seriously and tended not to train regularly, meeting only for Annual Camp and for occasional reviews and field days. They were committed to serve only in case of foreign invasion and then only within the confines of their own county. Their strength varied in different parts of the country but by 1899 the 38 regiments of Yeomanry were organised into 110 Troops in all, each Troop comprising 5 officers and 100 men.

In 1899 the defeats of the British Army in South Africa at the hands of the Boers revealed the need for a mobile force able to ride and shoot well and to challenge the Boers at their own form of warfare. By their terms of service, the Yeomanry were unable to serve abroad but their members volunteered in large numbers to join the newly established Imperial Yeomanry where they were formed into companies, many with affiliations to existing Yeomanry regiments. They were called upon mainly to guard extended lines of communication where their role encompassed months of patrolling and occasional bursts of intense action, vicious ambush or minor skirmish.

/continued

1

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

HISTORY OF THE YEOMANRY - continued

The Boer War gave the Yeomanry a new lease of life. By 1905 fourteen new regiments had been raised increasing the total to 52. All regiments were trained and equipped as mounted infantry rather than as cavalry and the rifle became their main weapon. By 1908 further reforms incorporated the Yeomanry into the Territorial Force and the arm was organised into fourteen cavalry brigades and fourteen divisional cavalry regiments.

On the outbreak of the First World War in 1914, most Yeomanry regiments were initially sent to the East Coast to provide a mobile reserve in case of invasion by the Germans, considered a real possibility at the time. For many their first taste of action came in Gallipoli where they fought against the Turks as infantry, having left their horses in Egypt. In 1917-18 they rejoined their horses and served under Allenby in the Palestine campaign, the last major successful campaign by British cavalry. In 1918 manpower shortages on the Western Front meant that the remaining mounted units again lost their horses and were converted into battalions of their associated county infantry regiment or into machine gun battalions and saw service in France and Flanders in the last year of the war.

On the revival of the Territorial Army (TA) in 1920, only fourteen Yeomanry regiments were required as cavalry. The remainder were offered the choice of becoming artillery (with the attraction that they still used horses), or armoured car companies, or to re-role as signal regiments. After an arid period in the 1930s when the army in general and the TA in particular were starved of equipment and financial support, the Munich crisis of 1938 saw a revival of fortune with a requirement to double the size of the TA.

On the outbreak of the Second World War in 1939, the horsed Yeomanry regiments found themselves once more in Palestine with little action. Changing to a more operational role in armour, after some early disasters (often attributed to too much “Yeomanry Spirit”) the Yeomanry soon proved themselves, notably in 7[th] Armoured Division (Desert Rats). There was also a Yeomanry Patrol in the Long Range Desert Group. Yeomanry regiments were among the first to land in Normandy on D-Day in 1944 and others served successfully in artillery and signals on many fronts.

The revival of the TA in 1947 saw the first of a succession of reorganisations that resulted in twenty six Yeomanry regiments serving in the Royal Armoured Corps and twenty four in the Royal Artillery. In the major reorganisation of 1967 many of the surviving regiments were reduced to cadres or squadron strength and merged into new regiments, such as The Royal Yeomanry each of whose five squadrons retained its former Yeomanry regimental identity, a concept that was repeated equally successfully in other arms. In an expansion of the Territorial Army, four new Yeomanry regiments were formed in 1977 from some of the cadres.

In recognition of their loyal service in defence of their country, in 1994 on the occasion of the 200[th] anniversary of the founding of the Yeomanry, Her Majesty The Queen Elizabeth II reviewed the thirty-nine surviving Yeomanry squadrons and batteries and the First Aid Nursing Yeomanry in Windsor Great Park.

In 2021 the Yeomanry consisted of the following units in the Royal Armoured Corps: the Royal Yeomanry; the Royal Wessex Yeomanry; the Queen’s Own Yeomanry; and, the Scottish and North Irish Yeomanry. In addition, there were the following yeomanry units in the wider Reserve element of the Army: a regiment and two batteries in the Royal Artillery; a troop in the Royal Engineers; a regiment and four independent squadrons in the Royal Signals; a squadron in the Army Air Corps; and, four yeomanry-titled squadrons in the Royal Logistics Corps. The First Aid Nursing Yeomanry (Princess Royal’s Volunteer Corps) continues to provide response teams in support of the civil and military authorities.

2

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

HISTORY OF THE YEOMANRY - continued

Today’s Yeomanry takes pride in its professional attitude to training while retaining its traditional values and historical associations; it offers to civilians of today a valuable opportunity to undergo demanding and challenging training encompassing a broad spectrum of military, leadership and management skills. As a result of the Reserve Forces Act, which came into force in the 1990s, many Yeomanry soldiers now take the opportunity to serve for periods of 6 to 24 months alongside their regular counterparts in operational theatres around the world, and in so doing they echo the spirit and dedication of their forbears of the Imperial Yeomanry a century ago.

THE YEOMANRY BENEVOLENT FUND

The Fund had its origin in the Boer War of 1899-1902 in South Africa. At the beginning of the war the British Government decided that the Yeomanry (hitherto a home defence force) could only be accepted for overseas service on a voluntary basis. Volunteers (and there were many) from each Yeomanry regiment were formed into companies, to fight as mounted infantry, and were styled “Imperial Yeomanry”.

The Government provided a small fixed sum per mounted man and therefore the bulk of the cost of equipping the volunteers and providing passage to South Africa had to be provided independently. Two funds were formed, a Yeomanry Fund and a Hospital Fund, and sufficient monies were raised by public subscription to meet the volunteers’ needs and to maintain the Yeomanry Hospital established at Dielfontein.

At the end of the war in 1902, substantial funds remained and in 1903 a trust was established with these funds to provide benefits for members of the Imperial Yeomanry and the Hospital staff. The Trust established a school at Hoddesden in Hertfordshire for the education of members’ daughters, but by 1930 the supply of pupils had dwindled and the school was closed.

Under a scheme approved by the Courts, the school was sold and the proceeds were used to endow a new fund, the Imperial Yeomanry Benevolent Fund, which had the objective of relieving distress amongst those who had served in the Yeomanry or their relatives and dependants. In 1966 the name of the fund was changed to the Yeomanry Benevolent Fund.

In more recent years the Fund has benefited from proceeds resulting from the dissolution of a number of regimental funds. These include the Queen’s Own Yorkshire Dragoons Welfare Fund, The Yorkshire Hussars Regimental Association, the Berkshire Yeomanry Trust and the Staffordshire Yeomanry. Funds from the Oxford Yeomanry Welfare Fund were returned to their Association in 2000.

STATEMENT OF PURPOSE

The Yeomanry Benevolent Fund exists today to provide financial assistance to members and former members of Her Majesty’s Armed Forces whose service has been with Yeomanry regiments and, where appropriate, to their relatives.

Financial assistance is provided by way of one-off grants or regular allowances for a wide range of purposes including medical and nursing fees, replacement of household appliances, repairs to the home, provision of electric wheelchairs or stair lifts, and easing of problems caused by indebtedness.

The Trustees remain committed to helping former members of every Yeomanry regiment or background and they are also keen to improve the awareness of the Fund amongst those serving in the Yeomanry units of today’s Army Reserve.

3

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES AND OFFICIALS

President and Trustee

Colonel the Lord de Mauley TD

Yeomanry Colonel Commandant

Vice Presidents

Major General S H Brooks-Ward CVO OBE TD VR Major General J Crackett CB TD VR Major General S J M Graham

The Royal Yeomanry North Somerset Yeomanry Queen’s Own Yeomanry

Yeomanry Association Representative

Colonel P M Long to November 2020 Colonel S Costello from November 2021

Corps Colonel Reserves, RAC

Chairman and Trustee

Major C Elwell TD

The Royal Mercian and Lancastrian Yeomanry

Trustees

Brigadier H J Robertson QVRM TD Colonel O J H Chamberlain QVRM TD DL Lt Colonel R A Burdon-Cooper VR Staff Commander Milne

Major S H Frost TD MA Captain K Durward FCA Captain A Mallin

Kent and County of London Yeomanry Royal Wessex Yeomanry Royal Wessex Yeomanry First Aid Nursing Yeomanry (Princess Royal’s Volunteer Corps) Berkshire Yeomanry Inns of Court and City Yeomanry Queen’s Own Yeomanry

Regimental Representatives

Lieutenant Colonel S Walker Major J D Baldwin TD DL Major D Ronaldson Mr P Mason

Berkshire Yeomanry Cheshire Yeomanry Scottish and North Irish Yeomanry The Royal Yeomanry

Secretary

Major C H Winkley VRSM

Berkshire Yeomanry

Bankers

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4QF

Independent Examiner

Mr R Lomax FCA

4

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES’ REPORT

The Trustees present their report and accounts for the year ended 31 May 2021, prepared in accordance with current statutory requirements and in accordance with the Yeomanry Benevolent Fund Trust Deed and the Charity Commission Statement of Recommended Practice [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2021).].

1. REFERENCE AND ADMINISTRATIVE DETAILS

a. Name, address and registration

The name of the charity is the Yeomanry Benevolent Fund and its address is 10 Stone Buildings, Lincoln’s Inn, London, WC2A 3TG. The charity is registered with the Charity Commission for England and Wales with registration number 259125.

b. Trustees

The Trustees who served during the year, unless otherwise shown, were:

Colonel the Lord de Mauley TD (President) Major C Elwell TD (Chairman) Brigadier H J Robertson QVRM TD Colonel O J H Chamberlain QVRM TD DL Lt Colonel B Burdon-Cooper VR Major S H Frost TD MA Captain K Durward FCA Staff Commander Milne Captain A Mallin

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Yeomanry Benevolent Fund was registered as a charity on 14 July 1969. Under a Scheme approved by the Charity Commissioners for England and Wales, the Yeomanry Benevolent Fund was constituted by a Trust Deed that became effective on 10 November 2004.

b. Appointment of Trustees

Senior representatives of Yeomanry regiments and their successors in title are invited, from time to time, to recommend candidates for consideration as Trustees. Candidates are expected to have strong connections with the sponsoring regiment and to have served with that regiment. New Trustees are elected by simple majority vote of the extant Trustees and are appointed for a term not exceeding four years. A short induction programme is provided for all new Trustees.

c. Management

The Trustees meet semi-annually to review matters of policy and to make appropriate judgements, directions, and decisions on Fund issues. The President, Vice-Presidents and Regimental Representatives are consulted on major issues affecting the Fund and their views are given due consideration by the Trustees.

The Trustees have delegated the day-to-day administration of the Fund to the Chairman and the Secretary.

5

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES' REPORT continued

None of the Trustees received any remuneration or reimbursement of expenses during the year. The costs of Trustees’ meetings are disclosed in note 7 to the Accounts.

3. OBJECTIVES AND ACTIVITIES

a. Objectives

The principal object of the Yeomanry Benevolent Fund is to provide financial assistance to beneficiaries for the relief of need, hardship, or distress. Beneficiaries consist of serving members or former serving members of Yeomanry regiments or their spouses (or partners), children, grandchildren, widows, or widowers. Yeomanry regiments include all units and sub-units which are of Yeomanry origin or which carry a Yeomanry title.

b. Public benefit

The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding on the activities the charity should undertake.

The Fund provides public benefit in several ways by:

The Fund achieves these aims by maintaining links with Yeomanry regiments and associations, by publishing an Annual Report reflecting the current standing of Yeomanry regiments and, through cooperation with other benevolent charities, by providing financial assistance to those in need.

In so doing the Fund helps to promote within the Yeomanry an ethos and esprit-de-corps that generates the fighting spirit necessary for successful operations. In turn this promotes the efficiency of the Armed Forces of the Crown by enhancing the British Army’s capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests.

c. Safeguarding

The trustees have adopted policies, which are regularly reviewed, to ensure that the Fund:

6

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES' REPORT continued

d. Strategies adopted

In accordance with the provisions set out in its Constitution, the Trustees have adopted the following strategies to meet the Fund’s principal object:

(i) Awareness and Sourcing of Beneficiaries

The Trustees remain committed to helping former serving members from every Yeomanry regiment and are keen to improve the awareness of the Fund amongst those serving today.

The Fund seeks to maintain close relationships with Yeomanry regiments and associations so that all these organisations are fully aware of the services provided by the Fund. The Fund also maintains close relationships with other military charities, which identify many of the beneficiaries that are brought to the Fund’s attention.

The Fund publishes an Annual Report that, inter alia, reflects the current standing of Yeomanry regiments and sets out the services the Fund provides.

The Fund offers an efficient home for those Regimental Welfare Funds that are small or too onerous to run effectively.

(ii) Assessment of Beneficiaries

The Fund works closely with other military charities including the Royal British Legion (RBL), Soldiers, Sailors, Airmen and Families Association (SSAFA) and The Soldiers Charity – Army Benevolent Fund in handling the assessment of the circumstances of individual beneficiaries.

The Fund works closely with other Yeomanry regimental welfare organisations (many of which are charitable) and whenever possible seeks to share with these organisations the burden of meeting beneficiaries’ financial needs.

(iii) Provision of Financial Assistance

The Fund provides direct financial assistance to beneficiaries through making grants of money to them, and through providing or paying for goods, services, or facilities for them. The Fund also makes grants of money to other charitable bodies that provide goods or facilities to those in need.

4. ACHIEVEMENTS AND FINANCIAL PERFORMANCE

a. Investment performance

The Fund currently has total resources valued in excess of £1million and the main source of income continues to be investment income.

The investment objective, set out in the Investment Policy Statement agreed with Quilter Cheviot Asset Management, is to provide capital and income growth which over the long term will endeavour to maintain and increase the real value of the assets whilst producing an annual yield of at least 3%. The performance of the investment portfolio is reviewed semi-annually by the Trustees and to date the Trustees have been satisfied with the performance of the portfolio.

The Fund has recorded a net gain in value of its investments during the year of £129,917 (2020 – a net loss of £16,394).

7

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES' REPORT continued

b. Fundraising

The Fund’s main source of income is investment income. In 2021 fees of £6,760 (note 5) were incurred during the year in managing these investments

The Fund does not seek to raise funds from members of the public and has not appointed any third party to do so on its behalf. As a result, the trustees have not felt it necessary to sign up to the voluntary regulatory regime for fundraising.

Instead, the Fund solicits support from associated military and charitable organisations with Yeomanry affiliations. The Fund does accept donations from serving or retired members of Yeomanry regiments and those connected with them. In accepting these donations, the Fund adheres to best practice in this regard. Regimental and private donations remain an important source of income for the Fund and the Trustees would like to thank all those who have contributed so generously.

The trustees are confident that the Fund does not foster behaviour which would constitute (i) unreasonable intrusion on a person’s privacy or (ii) unreasonably persistent approaches seeking donations of money or property from any person and (iii) the placing of undue pressure on any person to give money or property to the Fund.

Support costs of £70 (2020 - £55) (note 5) were incurred in the year in relation to fundraising.

c. Charitable Outgoings

The Fund has continued to support those in need of financial assistance during the year and has sought, in conjunction with other charities, to provide help in cases where the assistance needed has totalled £61,508 (2020 - £49,875). Grants and allowances dispensed amounted to £17,538 (2020- £22,168). Nineteen claimants benefited from grants during the year.

Charitable activities support costs for the year amounted to £4,152 (2020 - £4,601) (note 7). These costs were incurred in processing charitable claims and include fees paid to the Secretary, postage, stationery, and other office costs as well as investment management fees.

5. FINANCIAL REVIEW

a. Financial Position – Reserves

The Trust Deed specifies that the endowment capital of the Yeomanry Benevolent Fund cannot be expended, except that in an emergency a maximum of £1,500 can be spent in any one financial year that must then be recouped from surplus income from subsequent years. The Trustees have therefore set aside all of the endowment capital in an Endowment Fund.

The Trust Deed specifies that, after meeting the proper costs of administering the charity, all of the income must be applied in furthering the Yeomanry Benevolent Fund’s charitable objects and all surplus income has therefore accumulated in an Unrestricted Fund. The Trustees have reviewed what is appropriate to meet the continuing obligations of the Fund for regular payment of allowances and for future needs and contingencies and have determined that minimum reserves of approximately £50,000 should be held in the Unrestricted Fund.

The Unrestricted Fund currently has a balance of more than £200,000, in excess of the minimum level, and the Trustees have adopted a five-year plan to increase charitable spending in order to reduce the current level of this Fund.

8

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

TRUSTEES' REPORT continued

b. Principal Risks and Uncertainties

The Trustees have reviewed the risks faced by the Fund and have adopted appropriate policies to mitigate these risks. The principal risks faced by the Fund are:

(i) the value of investments may fall or the income may be reduced: the policies relating to investment management are described above and the Trustees are of the view that in the current circumstances the level of risk faced by the Fund is acceptable.

(ii) there may be insufficient resources to meet foreseeable future commitments: the policies relating to Reserves are described above and the Trustees are of the view that the Fund has achieved a reasonable balance between the needs of current beneficiaries and the foreseeable needs of future beneficiaries.

(iii) Although the COVID pandemic was an unknown risk that did not have an impact on the Fund, it did undermine the caseworkers’ activities. This resulted in a significant reduction of requests for grants compared to the previous year. The disease’s impact on future requests for grants is uncertain.

6. STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS

Charity law requires the trustees to prepare accounts for each financial year that give a true and fair view of the state of affairs of the Charity and of its financial activities for that year. In preparing those accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7. INDEPENDENT EXAMINER

The Trustees have appointed Mr R Lomax, Chartered Accountant, as independent examiner and his report is shown on page 10.

C Elwell Chairman

London 13 October 2021

9

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE YEOMANRY BENEVOLENT FUND

I report on the accounts of the Yeomanry Benevolent Fund, which are set out on pages 11 to 15.

Respective responsibilities of trustees and the independent examiner

As the charity’s trustees you are responsible for the preparation of the accounts. You consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the “Act”) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 145(5) (b) of the Act whether particular matters have come to my attention.

Basis of the independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners, 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by these accounts.

Independent examiners statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respects the requirements (i) to keep accounting records in accordance with Section 130 of the Act, and (ii) to prepare accounts which accord with the accounting records and which comply with the accounting requirements of the Act, have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

R Lomax, Chartered Accountant Independent Examiner

London 13 October 2021

10

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

STATEMENT OF FINANCIAL ACTIVITIES For the year to 31 May 2021

Note
Income and Endowments from
Donations and legacies
2
Charitable activities
3
Investments
4
Total income
Expenditure on
Raising funds
5
Charitable activities
6
Total expenditure
Net income[(expenditure)]
Transfers between Funds
Other recognised gains (losses)
Gains (losses) on investments
Net movement in funds
Reconciliation of funds
11
Total funds brought forward
Total funds carried forward
Unrestricted
Funds
£
3,225
1,250
24,565
29,040
6,830
21,620
28,450
589
-
589
28,982
29,571
208,960
238,531
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
100,935
100,935
727,743
828,678
Year to
31 May
2021
£
3,225
1,250
24,565
29,040
6,830
21,620
28,450
589
-
589
129,917
130,506
936,703
1,067,209
Year to
31 May
2020
£
3,765
71
28,471
32,307
5,144
25,814
30,958
1,349
-
1,349
(16,394)
(15,045)
951,748
936,703

The Fund has neither discontinued any of its operations nor acquired any new operations during the year.

The notes on pages 13 to 15 form part of these accounts.

11

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

BALANCE SHEET 31 May 2021

Note
FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at bank
9
LIABILITIES:
Creditors: amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Endowment funds
Unrestricted funds
11
TOTAL CHARITY FUNDS
31 May 2021
£
1,025,115
42,313
(220)
42,093
1,067,209
828,678
238,531
1,067,209
31 May 2020
£
923,442
28,746
(440)
28,306
951,748
740,498
211,250
951,748

The accounts set out on pages 11 to 15 were approved by the Trustees on 13 October 2021.

C Elwell Chairman

12

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

NOTES TO THE ACCOUNTS

Year to 31 May 2021

1. ACCOUNTING POLICIES

.

2. DONATIONS AND LEGACIES

Unrestricted funds
Donations received
Year to
31 May 2021
£
3,225
3,225
Year to
31 May 2020
£
3,765
3,765

3. CHARITABLE ACTIVITIES

Income from charitable activities comprises grants and allowances expended in previous years that have been fully or partly refunded by the beneficiary or by other charities and are credited to Unrestricted Funds. These totalled £1,250 (2020 - £71).

4. INCOME FROM INVESTMENTS

Unrestricted funds
Dividends received
RAISING FUNDS
Unrestricted funds
Investment management fees
Support costs (note 7)
Year to
31 May 2021
£
24,565
24,565
Year to
31 May 2021
£
6,760
70
6,830
Year to
31 May 2020
£
28,471
28,471
Year to
31 May 2020
£
5,089
55
5,144

5. RAISING FUNDS

13

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

NOTES TO THE ACCOUNTS

Year to 31 May 2021

6. CHARITABLE ACTIVITIES

Unrestricted Funds
Grants paid in the year
Allowances paid in the year
Support costs (note 7)
7.
SUPPORT COSTS
Secretary’s fees
Secretary’s expenses (travel)
Trustees’ meeting costs
Printing
Media storage, postage and stationery
Bank fees
Regulatory and subscriptions
Year to
31 May 2021
No
£
19
17,538
0
19
17,538
4,081
21,619
Year to
31 May 2021
£
3,600
0
0
170
128
75
209
4,152
Year to
31 May 2020
No
£
26
19,708
1
1,560
27
21,268
4,546
25,814
Year to
31 May 2020
£
3,600
69
361
110
227
60
174
4,601

The Trustees received no remuneration during the year (2020 – nil)

Support costs have been allocated to the following activities in accordance with the nature of the underlying expenditure:

Raising funds (50% of printing)
Charitable activities (balance)
8.
INVESTMENTS
Movement in investments during the year
Market value at start of the year
Net divestment
Investment gains (losses)
Market value at end of the year
Year to
31 May 2021
£
70
4,082
4,152
Year to
31 May 2021
£
901,959
(6,760)
129,916
1,025,115
Year to
31 May 2020
£
55
4,546
4,601
Year to
31 May 2020
£
923,442
(5,089)
(16,394)
901,959

14

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

NOTES TO THE ACCOUNTS

Year to 31 May 2021

Analysis of investments at end of the year
Listed Investments
Equities UK
Overseas
Alternative Investments - infrastructure & property
Fixed Interest
Cash
Total investments
9.
CASH AT BANK
Investment account
Deposit account
Current account
10.
CREDITORS falling due in under one year
Accrued expenses (printing)
Year to
31 May 2021
£
237,422
449,740
147,008
148,062
42,884
1,025,116
31 May 2021
£
5,104
2
37,207
42,313
31 May 2021
£
220
220
Year to
31 May 2020
£
223,216
383,147
138,528
153,845
3,223
901,959
31 May 2020
£
4,780
2
30,262
35,044
31 May 2020
£
300
300

11. RECONCILIATION OF CHARITY FUNDS

Investments
Cash at bank
Less accrued expenses
Total charitable funds
Endowment
Funds
£
828,678
-
-
828,678
Unrestricted
Funds
£
196,438
42,313
(220)
238,531
Total
Funds
£
1,025,116
42,313
(220)
1,067,209

The Endowment funds represent the capital of the Yeomanry Benevolent Fund and cannot be expended by the Trustees, except that in an emergency a maximum of £1,500 can be spent in any one financial year that must then be recouped from surplus income from subsequent years. The Unrestricted funds represent accumulated surplus income and can be expended by the Trustees in furtherance of the Yeomanry Benevolent Fund’s charitable objects without further restriction.

15

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

BENEFICIARIES BY REGIMENT

Year to 31 May 2021

During the year assistance was provided to beneficiaries with service in the following Yeomanry regiments:

Berkshire Yeomanry Essex Yeomanry Fife and Forfar Yeomanry Queen’s Own Yeomanry Royal Mercian and Lancastrian Yeomanry Royal Wessex Yeomanry Royal Wiltshire Yeomanry Royal Yeomanry Sherwood Rangers Yeomanry

PRIVATE DONATIONS

Year to 31 May 2021

The Trustees express their gratitude to the following individuals and organisations for their generous donations to the Fund:

Mr W J & Mrs C G Dunnachie’s Charitable Trust Mr G Hay Major R T Scholes TD FCA

YEOMANRY REGIMENTS AND ASSOCIATIONS

Year to 31 May 2021

The Trustees express their gratitude to the following regiments and regimental associations for their generous support for the Fund:

Cheshire Yeomanry Derbyshire Yeomanry Duke of Lancaster’s Own Yeomanry Northumberland Hussars Queen’s Own Yeomanry Royal Gloucestershire Hussars Sharpshooters Association

16

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

YEOMANRY REGIMENTS AND THEIR SUCCESSOR UNITS

In alphabetical order by county, location or title

Based on Yeomanry-titled Units and Sub-units in the Army ORBAT – July 2017

Former Title Successor Unit
Ayrshire (Earl of Carrick’s Own) A (Ayrshire (Earl of Carrick's Own) Yeomanry)
Yeomanry Squadron, Scottish and North Irish Yeomanry RAC
Bedfordshire Yeomanry No successor unit (suspended animation)
Berkshire Yeomanry 94 (Berkshire Yeomanry) Signal Squadron, 39th
Signal Regiment (The Skinners)
Royal Buckinghamshire Hussars 710 (Royal Buckinghamshire Hussars) Op Hygiene
Squadron, 165 Port & Maritime Regiment RLC
Cheshire Yeomanry (Earl of Chester’s) C (Cheshire Yeomanry (Earl of Chester's))
Squadron, The Queens Own Yeomanry RAC
Denbighshire Yeomanry Hussars 398 (Flint & Denbigshire Yeomanry) Transport
Squadron, 157 (Welsh) Regiment RLC
Derbyshire Yeomanry E (Leicestershire and Derbyshire Yeomanry (Prince
Albert’s Own)) Squadron, The Royal Yeomanry
RAC
Royal 1st Devon Yeomanry D (Royal Devon Yeomanry) Squadron, The Royal
Wessex Yeomanry RAC
Royal North Devon Hussars D (Royal Devon Yeomanry) Squadron, The Royal
Wessex Yeomanry RAC
Queen’s Own Dorset Yeomanry A (Dorset Yeomanry) Squadron, The Royal Wessex
Yeomanry RAC
Essex Yeomanry 36 (Essex Yeomanry) Signal Squadron, 71st(City of
London) Yeomanry Signal Regiment
Fife and Forfar Yeomanry C (Fife and Forfar Yeomanry/Scottish Horse)
Squadron, Scottish and North Irish Yeomanry RAC
First Aid Nursing Yeomanry First Aid Nursing Yeomanry (The Princess Royal's
Volunteer Corps)
Queen’s Own Royal Glasgow No successor unit
Yeomanry

17

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

Former Title Successor Unit
Glamorgan Yeomanry C (Glamorgan Yeomanry) Troop, 211 (South
Wales) Battery, 104 Regiment RA
Royal Gloucestershire Hussars C (Royal Gloucestershire Hussars) Squadron, The
Royal Wessex Yeomanry RAC
Hampshire Carabiniers 295 (Hampshire Yeomanry) Battery & 457
(Hampshire Carabiniers Yeomanry) Battery, 106
(Yeomanry) Regiment RA
Hertfordshire Yeomanry No successor unit (suspended animation)
Inns of Court Regiment 68 (Inns of Court & City Yeomanry) Signal
Squadron, 71st(City of London) Yeomanry Signal
Regiment
The Band (Inns of Court and City Yeomanry), The
Royal Yeomanry RAC
North Irish Horse B (North Irish Horse) Squadron, Scottish and North
Irish Yeomanry RAC
40 (North Irish Horse) Signal Squadron, 32ndSignal
Regiment
South Irish Horse No successor unit
Royal East Kent Mounted Rifles (Duke C (Kent & Sharpshooters Yeomanry) Squadron,
of Connaught’s Own) The Royal Yeomanry RAC
265 (Kent and County of London Yeomanry
(Sharpshooters)) Support Squadron, 71st(City of
London) Yeomanry Signal Regiment
Queen’s Own West Kent Yeomanry C (Kent & Sharpshooters Yeomanry) Squadron,
The Royal Yeomanry RAC
265 (Kent and County of London Yeomanry
(Sharpshooters)) Support Squadron, 71st(City of
London) Yeomanry Signal Regiment
Lanarkshire Yeomanry No successor unit
Duke of Lancaster's Own B (Duke of Lancaster's Own Yeomanry) Squadron,
Yeomanry The Queens Own Yeomanry RAC
Lancashire Hussars No successor unit
Leicestershire Yeomanry (Prince E (Leicestershire and Derbyshire Yeomanry (Prince
Albert’s Own (PAO)) Albert’s Own)) Squadron, The Royal Yeomanry
RAC

18

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

Former Title Successor Unit
Lincolnshire Yeomanry No successor unit
City of London Yeomanry 68 (Inns of Court & City Yeomanry) Signal
Squadron, 71st(City of London) Yeomanry Signal
Regiment
The Band (Inns of Court and City Yeomanry), The
Royal Yeomanry RAC
3rd County of London Yeomanry C (Kent and Sharpshooters Yeomanry) Squadron,
The Royal Yeomanry RAC
265 (Kent and County of London Yeomanry
(Sharpshooters)) Support Squadron, 71st(City of
London) Yeomanry Signal Regiment
Lothians and Border Horse E (Lothians & Border Yeomanry) Squadron,
Scottish and North Irish Yeomanry RAC
Lovat Scouts No successor unit
Middlesex Hussars (Duke of 31 (Middlesex Yeomanry & Princess Louise’s
Cambridge’s Own) (1st County of Kensington) Signal Squadron, 71st(City of London)
London Yeomanry) Yeomanry Signal Regiment
Montgomeryshire Yeomanry No successor unit
King’s Own Royal Norfolk Yeomanry 677 (Suffolk & Norfolk Yeomanry) Squadron, 6
Regiment AAC
Northumberland Hussars C &S (Northumberland Hussars) Squadron, The
Queen's Own Yeomanry RAC
Northamptonshire Yeomanry No successor unit
South Nottinghamshire Hussars No successor unit
Queen’s Own Oxfordshire Hussar 142 (Queen’s Own Oxfordshire Hussars) Vehicle
Squadron, 165 Port & Maritime Regiment RLC
Pembroke (Castlemartin) Yeomanry 224 (Pembroke Yeomanry) Transport Squadron,
157 (Welsh) Regiment RLC
Scottish Horse C (Fife and Forfar Yeomanry/Scottish Horse)
Squadron, Scottish and North Irish Yeomanry RAC
Sherwood Rangers Yeomanry A (Sherwood Rangers Yeomanry) Squadron, The
Royal Yeomanry RAC
Shropshire Yeomanry D (Shropshire Yeomanry) Squadron, The Royal
Yeomanry RAC

19

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

Former Title Successor Unit
Somerset Yeomanry 255 (Somerset Yeomanry) Tactical Air Control
Party Battery RA, National Reserve HQ RA
North Somerset Yeomanry 93 (North Somerset Yeomanry) Support Squadron,
39thSignal Regiment (The Skinners)
Staffordshire Yeomanry (Queen’s Own B (Staffordshire, Warwickshire, and Worcestershire
Royal Regt) Yeomanry) Squadron, The Royal Yeomanry RAC
Duke of York’s Own Loyal Suffolk 677 (Suffolk and Norfolk Yeomanry) Squadron, 6
Hussars Regiment AAC
Surrey Yeomanry (Queen Mary’s 2 (Surrey & Sussex Yeomanry) Troop, 579 Field
Regiment) Squadron, 101 (City of London) Engineer Regiment
(EOD)
Sussex Yeomanry 1 (Sussex Yeomanry) Troop, 579 Field Squadron,
101 (City of London) Engineer Regiment (EOD)
Warwickshire Yeomanry B (Staffordshire, Warwickshire, and Worcestershire
Yeomanry) Squadron, The Royal Yeomanry RAC
54 (Queen’s Own Warwickshire and
Worcestershire) Support Squadron, 37thSignal
Regiment
Welsh Horse No successor unit
Westminster Dragoons (2nd County of C & S (Westminster Dragoons) Squadron, The
London Yeomanry) Royal Yeomanry RAC
Westmorland and No successor unit
Cumberland Yeomanry
Royal Wiltshire Yeomanry (Prince of B & Y (Royal Wiltshire Yeomanry (Prince of
Wales’s Own) Wales’s Own)) Squadron, The Royal Wessex
Yeomanry RAC
Queen’s Own Worcestershire Hussars B (Staffordshire, Warwickshire, and Worcestershire
Yeomanry) Squadron, The Royal Yeomanry RAC
54 (Queen’s Own Warwickshire and
Worcestershire) Support Squadron, 37thSignal
Regiment
Yorkshire Hussars (Alexandra, A (Yorkshire Yeomanry) Squadron, The Queen's
Princess of Wales’ Own) Own Yeomanry RAC
Queen’s Own Yorkshire Dragoons A (Yorkshire Yeomanry) Squadron, The Queen's
Own Yeomanry RAC

20

YEOMANRY BENEVOLENT FUND Report and Accounts 2021

Former Title

Successor Unit

2nd West York Yeomanry (Prince of Wales’s Own)

A (Yorkshire Yeomanry) Squadron, The Queen's Own Yeomanry RAC

East Riding Yeomanry (Lord Wenlock’s Horse)

A (Yorkshire Yeomanry) Squadron, The Queen's Own Yeomanry RAC

The King’s Own Yorkshire Yeomanry (Light Infantry)

No successor unit

King Edward's Horse (The King’s Overseas Dominion Regiment)

No successor unit

Royal Mercian and Lancastrian In suspended animation since 2014 Yeomanry

21

ROYAL WILTSHIRE YEOMANRY (PRINCE OF WALES'S OWN) WARWICKSHIRE YEOMANRY

YORKSHIRE HUSSARS (ALEXANDRA, PRINCESS OF WALES’ OWN) SHERWOOD RANGERS YEOMANRY STAFFORDSHIRE YEOMANRY (QUEEN’S OWN ROYAL REGIMENT) SHROPSHIRE YEOMANRY

YEOMANRY BENEVOLENT FUND

10 Stone Buildings Lincoln’s Inn London WC2A 3TG

Telephone: 01993 878516

AYRSHIRE (EARL OF CARRICK'S OWN) YEOMANRY CHESHIRE YEOMANRY (EARL OF CHESTER’S)
QUEEN’S
OWN
YORKSHIRE
DRAGOONS
LEICESTERSHIRE
YEOMANRY
(PRINCE
ALBERT’S
OWN)
NORTH SOMERSET YEOMANRY DUKE OF LANCASTER'S OWN YEOMANRY LANARKSHIRE YEOMANRY
NORTHUMBERLAND
HUSSARS
SOUTH
NOTTINGHAMSHIRE
HUSSARS
DENBIGHSHIRE
HUSSARS
WESTMORLAND
AND
CUMBERLAND
YEOMANRY
PEMBROKE
(CASTLEMARTIN)
YEOMANRY
ROYAL EAST KENT MOUNTED RIFLES (DUKE OF CONNAUGHT’S OWN) HAMPSHIRE CARABINIERS
ROYAL BUCKINGHAMSHIRE HUSSARS DERBYSHIRE YEOMANRY QUEEN’S OWN DORSET YEOMANRY
ROYAL
GLOUCESTERSHIRE
HUSSARS
HERTFORDSHIRE
YEOMANRY
BERKSHIRE
YEOMANRY
MIDDLESEX
HUSSARS
(DUKE
OF
CAMBRIDGE’S
OWN)
(1ST
COUNTY
OF
LONDON
YEOMANRY)
ROYAL
FIRST
DEVON
YEOMANRY
DUKE
OF
YORK’S
OWN
LOYAL
SUFFOLK

HUSSARS
QUEEN’S
OWN
WORCESTERSHIRE
HUSSARS
QUEEN’S
OWN
OXFORDSHIRE
HUSSARS
ROYAL NORTH DEVON HUSSARS QUEEN’S OWN WEST KENT YEOMANRY WEST SOMERSET YEOMANRY
MONTGOMERYSHIRE
YEOMANRY
2ND
WEST
YORK
YEOMANRY
(PRINCE
OF
WALES’
OWN)
LOTHIANS AND BORDER HORSE QUEEN’S OWN ROYAL GLASGOW YEOMANRY LANCASHIRE HUSSARS
SURREY
YEOMANRY
(QUEEN
MARY’S
REGIMENT)
FIFE
AND
FORFAR
YEOMANRY
KING’S
OWN
ROYAL
NORFOLK
YEOMANRY
SUSSEX
YEOMANRY
GLAMORGAN
YEOMANRY
WELSH
HORSE
LINCOLNSHIRE
YEOMANRY
CITY
OF
LONDON
YEOMANRY
(ROUGH
RIDERS)
WESTMINSTER
DRAGOONS
(2ND
COUNTY
OF
LONDON
YEOMANRY)
BEDFORDSHIRE
YEOMANRY
3RD
COUNTY
OF
LONDON
YEOMANRY
(SHARPSHOOTERS)
ESSEX
YEOMANRY
LINCOLNSHIRE YEOMANRY KING EDWARD'S HORSE (THE KING’S OVERSEA DOMINION REGIMENT)
NORTH
IRISH
HORSE
SOUTH
IRISH
HORSE
NORTHAMPTONSHIRE
YEOMANRY
EAST
RIDING
YEOMANRY
(LORD
WENLOCK’S
HORSE)
LOVAT
SCOUTS
SCOTTISH
HORSE
FIRST AID NURSING YEOMANRY INNS OF COURT REGIMENT THE KING’S OWN YORKSHIRE YEOMANRY