THE ROYAL REGIMENT OF FUSILIERS FUSILIEILS, AID SOCIETY REPORT AND ACCOUNTS 31 DECEMBER 21120 RryJ#ered Charfty No. 259229
Page No. Tte¢5' Report Atiditors. R¢port ststement of Finl1?1 ActivitKs Balance Sheet 10 11-16
en¢OfF 31 Managin8 TTU8ttt8 Major(Rdd) RJTu4)in. CThairn)an (¢x officio 8tTA)iDtments) Colonel P Smitt Coloael TW T8yh)r MBE (assumoj appl l Oct 2020) Colonel J IAmb MC (L%umed tppt 23 Apr 2020) Brigler M Butterwick CBE (relinquished appt 22 Apr 2020) Colonel A Ga00 (assum appt 23 Apr 20201 Bripjier J Swift OBE Captsw (Rpjdl S Jubb MajorlRdd) M O'H8re Colottel (Rdd) NJP Easton QVRM TD Major G¢neThl PAE Nan80D CB CBE (TelinquisI appt 30 Sep 2020) Nominated SKtetary to tbe Tru8t¢C8: CaptAiD (Rdd) A R G HATri8 Addre5S: HM ToThw ofLon&)n EC3N 4AB Bankers: Lloyds BBnk TSB pk 72 FeD¢hurch Str¢a EC3P 3EH Inveytment Adviw Jttxon House i(Ki St Pauls Cbwchyard ECAM 8BU IndqJendeDt Auditor Chartered Accountants Ststutory Audito 2 Casde Business Villa8e Staiion Ro H8mpton Middl&x TW12 2BX
of Fuslllers. Ald So ' rt of Tht Trwtees r ended 31 December For the The Trjstees take ple4sure iti presenting their rewr aDd aJ¥Jitryl financial ststernts of Fu5Alicts' Aid Society C'FAS.) ftr th¢ year endtyj 31 De¢ember2020. STATUS AND ADMINISTRATION Th¢ ChaTit4ble TTUStwas founded by TTUSt DeeA ID 1969. The re charity number 16 259229. Th¢ MaDaw Th1CeS (ex officio an]1c} who have serfftl during th¢ year wu¢.' Major IRetd} RJ Twpits. Chairn Colonel P Stitt Colonel JW Taylor MBE (a&qumed awt l 2020) Colonel J tAmb MC (&8SUtDcd appt 23 Apr 2020) Brigath"er M Butterwick CBE (relinquished appt 22 ApT 2020) Colonel A Gawth0¢ (p85Uln appt 23 Apr 2020) Bri¥udicr J Swift OBE Captain (Retd) S Jubb Major (Rehl) M O'HAre Colonel (Reid) NJP Easton QVRM TD Major CJenerAI PAE Nanson CB CBE (relinquished at 30 Sep 21)20) CHARITY OWECTS The object of the So¢iety is to provide advice and usistsDtt, dir¢¢tly or iNlireetly. of capital or income. to 8uvin8 8nd pa8t members of th¢ Re81[rt ard past members of the RegItits from wbich 1¢ fomie4 and their widows and depeDdAnts. by Jnaking 8rants to them when in ne¢d and towards oJuutioD. PUBLIC BENEFIT Thc Tru$t¢¢s ¢onfinn that they h•v¢ wmplied with the in s#10 17 of the CbAtiti¢8 Act 2011 to bave due regard to the Charity Commis8ioll's Benetal guidaDL% OD public b¢n¢fit. The ptrpose of the cFwity is erffjhrin¢d ID its objects as outlined above. The TnL8tees ensure that this i5 ¢aTried out for th¢ publi¢ benefit by delivains a range of artivities to mtet its objects. ORGANISATIONAL STRucfuRE The Society is oper&ted from our Regimentsl Headqu•rt¢T¥ at HM TOWLY of Loth. It is mana8fAI by the nine Managin8 Tru8tee&. 5 of whom are ex-officio #ppointiJe The Assistant Re8imentsl Secw, Captsin A R G H[1& 18 the Nominated Secrelary of th¢ Chan'ty, and he 8¢rs as the Accoullt Holder. The xrountio8 r#(Yds 8T¢ by C•pthw (Retd) A RG Ham8. Two otber8 Wi8t him on welfare Through0 the accoting wiod the Chairnw of the Rt8imetttsl Invwlment Comnurte¢ been Mr Clive Hexton. The Re8imentsl Investment Cornmitt¢t ¢oniinues meet tivice a year and Sw¥sin Futtd Manw attend me¢tinBs for a vieW of the investment perf0rnWe. FAS ¢OntiDU to hotLour the obli8ation5 of the bM¥J& 2020 ha5 b¢¢n an ¢xtraordin8ry year. FAS Iw Contilluoj to fimrtion rettH)tely thrtng the COVID19 [1¢ r¢striction8. There h#5 been no dedation of servio provided by FAS Is out systems ore Cloud cnabled. FAS paid out granty forthe benefit of 1vIllU8l8 totalling £86.931 duriti8 the of 2020, reprw¢Dting 184 cases. Thi5 is a slight decrease over previous yeArs whicb is refiexd by The Arniy Benevolent Fund The Soldiers, Charity (" ABF SC,). However, th¢ Trn8t¢¢s believe thelt a significarfpen¢ for 51$1#< 8s the ezonomic. ka1 and health a8pccts of the COVID19 pand¢]ni¢play out.
alR eDtofF Fusl]iers' Ald Socie rt of The Trustees ear ended 31 December 21120 For the FAS eontitiues to enj()y 4¢1s>5¢ wokng T¢]ation8hip with ABF SC In the perKl in question. the bAsis of fiujding changed wh¢r¢by ABF SC made tbe paynThts r)ts behalf of Fusilicrs. Aid diTectly to the r¢l¢Y#Dt easeworking OTganisation. FAS de a donation of £25.0 (£20.IKXI in 2019) to ABF SC allow thun to continue their activities. Thig iticre&8e grant was ts) r¢fltct th¢ extra support that ABF SC prov& and coniinu&s w provid< to service ¢1111eS dwtllg the COVID19 pandemic. ABF SC supported 43 charities and OTganisatsoDS on bthalf of FAS oth¢r ¢horitie4 awarding block 8rJnts to the v41 of£3.3m. Dottaiiotts made by FAS to ¢x¢ern81 clwilies (including ABF SC) diredly SupWti 8c¥ving and retired FusiIieTS totslled £12,250. Welfare grants to our regu]Ar Battalioty reserv¢ Battyiion And ATMY Reserve units tota]led £20.072. This sum include$ 4 grant of £5,672 ts) l RRF for not¢books wntsining mthI halth (MH) iDfonDation and contsct points for 8¢rYing soldiers their relhtives. A gmt of £30.000 w86 made IRRF to ¢Dabl¢ th¢m to purcb& ar¢plac¢m¢lli weifkrt ]lliDibus. The Worshipful Company of Cordw8in¢TS also genelY th)Dated £5.} knvards this minibus. £1.475 was paid ill Chrigthw grants widows and f8milie8 of killed i4iur&l Fusilier& including inwl0n¢TS at The Royal Hospitsl, Chelsea and residents of Broughton How Swttish vetera Rexidenca. FAS 5UPPOrted The Fusilier Musaun. Bthy. with ygnts totsllin8 £15.(KKI. allowin8 the to OD its WO supporting heritage And veterani. Cjrnnts kntslling £15.(KMJ were also pavj to the Fusilier Mut¢utn Warwick to enable the Muaellrn contknue its work gUPPOrting herith8e atyj veter8DB' i88ueB. FAS COVID19 Support grall to Fusilier8 Museum Bury. Warwick and NortbutDberland totsllin8 £1,528 ts) ¢D4bl¢ the4e mu8¢urns ts) Comply with COVID19 guidelines attd ettable them to open to visitor& A furt1 £10.071 was spenl gupportsn8 our muSeun by gjbsidismg their insuranc¢ ptfflniums and assisling with other costs 4nd ¢xpens¢8. FAS a150 contributed £1 enable The Fusilier W4rwi¢k Mu5eutn to purchw 4 plwue CQTnmemornting Lucie Smith VC. The plned move of the Fusilier Museum Warwick fmm St Johns House to Pa8eant House has been delay due to the COVID19 pandanic- it is now expect)J to tsk¢ p]ac¢ in 2022. A total of £8.751 was sr¢nt on remembr8n¢¢ tiviti in 2020. A numbtr of lIVitieS on this area were planne4 but then C8DLelled due to pandemic. This has re8ulied in lus exrndiDJre thall in previous year& It ig expty1 that rem¢mbrancc gDd 0mmoratiVe events will re¢urn to Dortnal lertls ID 2021. FAS granted a total of £13,361 to th¢ Fu$iliq Al10n Warwick to supwt the Ly)mDuIDMt rne to honow the obligotionB of the Royal Warwick Compassionate alld Welfare Fund (RWCWF). Donations inlo the fimd for the year totalled £30.660. The FAS Low. Jaun¢b¢d in October 2019, pIll¢ed an income of £6,236. The One Days Pay Scheme contsnued to be well subscriw and produc•1 ao iTKOtne of ffi1457.. IMPACT OF COVIDI9. When the possible impliutioGs of the COVID19 ODd th¢ T¢sultsnt IkdOWn other eetsnomie rne88ure4 became clcBr in carly 2020 (possible reduccd capital valu4 pjssible Ttthicd tticome di5kn1Trution, possible InueaS requests for assistance, p)sgible need for in¢Te•sed ReMents1 and Museum amongst othets). the Tntste&% acted on the recomtnendatiots of the Investmeni Committee and realised £l(XI.(KKI, be kept as cash winst a p05sibl¢ loss of fvtur¢ income. Th¢ TnL8te¢s 8150 undertook a r¢vi¢w of 1 FAS OFmtioDS to ¢Dsure that there would be no imp8et on the activities of the Charity by the COVID19 restricttons {80¢ial di8lwJcm& rentr workm& amongst others). AdoptioD of th¢6¢ measures ba$ ensur¢d that FAS operations havc continue<L with little inconveniente to anyone. In 2020. it oui that thwe have fewer for 8JsislaDce. This is countuintuilive as more trqucsts were aiiticiwed. Howcyer, weworking organisalions IWJ to adapt to new of working ts) en5urc safe prliCe. a1 this resul*d in fewer requests for assistsnce bein8 made vi8 SSAFA and RBL. The TTttstees therefo ensurnj thre1Cv8nt procedur were put in place to ensutz that h8Td8hip grants could be made direct fo g1wle individuth if necessw. attd thk4 happ ona iotsl of 8 OC¢98i(TrnS. Funthaisitig a¢tivities were affectaL Imt this lJaB hf•J iDwact of FAS re50urca.
FtrruRE ACTIVITIES AND DEVELOPMENTS Donatio$ and legacies continue to be vitsl to FAS. and various furydraising ev¢ttts were planned for 2020. however du¢ to the covtD19 palldemic, noDe took place. FAS is govetlled by it5 ThLSt Deed signed in 1968. As such FAS is all ullin¢oryorat¢d trust. A futur¢ d¢v¢loprnent Rs beitsg considered kn merge FAS wtth the other R¢gimentsl charity (the FusiliErs Fund. currently an excepted charity), and ai the s8me 'me convert to a CIO or CLG. We will rnsure that there is no chw¢ to thc charitabl¢ noz will there b¢ any other material ¢hange. Although a name Chattge may take place. and it 19 antieipated ib&t the work of FAS wtll co]Jtinue. However. updating the charity's leg&1 will future prf FAS and will give v8riou8 optiODS iti the fubjre. This work comtnenced in 2020 alld is ongoing. FINANCIAL RESULTS The results are on pa8¢8 9 to 16 of tha¢ finatte1 Statenients GRANT MAKING POLICY A8SiStance is disbur8ed under the authority of the Th¢S to members of the Regimental Family who hav¢ f4]len on hard tirne Donnally through no fault of th¢ir owtt. The asEistance provided is u8ually in th¢ form of fJnJncibl granls, however in addition dvicc Lin w¢lfarc problems and other fit)an¢iaily r¢lat¢d problernB etc. is aIso available &nd holidthy.8 ar¢ aTrang¢d through th¢ Arnjy Benevolent Fund. Th¢ Fu8ili¢rn' Aid Soclety does not make lofirjs other than in excep¢ioDal Situatlons. Listed below are the circum5rallc wbere the Tru8tees would not USUlY wth0ri8e aid. There 4r¢ hmvevw exception8 to the ruleB and all case8 are tr¢ated ott tbeir nherits.. A%8iStRn¢e to pay off fines. Orant$ to car owners, unless medically Justified, as such ownership 1$ ttot ton$idtrnd synonymous with Verty. Payment of legAI bills, private medi1 bills buskness debts. INVESTMETrIT POLICY The investment powerg of the Charity arc 8ovcrned by the Deed of Tmst wbi¢h pemits the fiJnd8 to be Inve&t in any inv¢stm¢nt without the re8triction3 imposed by th¢ Trust¢¢ Investmellt Act 2961. The R¢gimentsl inve&tments are managed by Sarasin and Parthers LLP, and fiLnd8 ar¢ held in their Alpha Fund. RFSERVES POLICY The TrustCC5 have examined the r¢quirement for frce re8erYe6 whicb th05¢ unrestricted fvnds not invested in fixed us8¢ts, delignated for Splf1¢ purpe4 or otherwise c¢)mmitted. The Tr%1¢¢5 consider rhai, given the nare of the work of the Society. And Ihg d9¢1FlQlI to illv•Btmmt property123 JA¢ot)g e.niirt), there Are Oijffieienl iJnreAlricted fiindB Itt BIVP flexibility to cover temporary titnin8 differenc¢5 for grant claims and &deqle working Capital for ¢ore costs. IUSK WAGEMEKr The Trustees activ¢ly revi¢w th¢ m&jor ri8ks whieb the Society faces on H regular basis believe that maintainittg adequats free r¢serves. Combined with the annual r¢vi¢w of the eontrols ov¢r key fllmncial systems will b¢ Sufficient to meet adverse conditions. The Trustees have 8150 examined other operational and bu8ines8 risks including additional risks due to COVID-19 8nd hove establis11 8yStem8 to mitigate any sig1)ifi¢t r4sk
TheRo rt ofthe Trustees l Detember 2 TRUSTEES, RLSPONSIBILrriEs Charity law requires th¢ Tntt8 tb 8tstemts for eacb fiDEnc1 which give a and fair view of the state of Affairs of the charity the period end and of tts incomiD8 rwurees and reKWrc expdj duriug that period. In pr¢p8Ting th0 rmanc1 $tAt¢m¢n¢4 th¢ TTUStee8 treqUIre41 . sel Suitable k¢¢ountitiB pli¢ie8 attd then apply them cA)DtaY. state whether ttpplieable xeiMmtiti8 s13[& statern of prgclic have been followeAI subje¢t to any prepare the finftttcial Statern on the 80iD8 C4JD£em kni5 wJl¢88 it IS iti4)pttyri6te to Pll¢ th¢ charity will eontinue in busiae88. The TNste¢8 respolble for keeping prow aCmlin8 rd3 whicb di105¢ with rnwnobl¢ xcurncy et any time the financial position of the charity and enabl¢ th¢m to ensurt the fin8ncwi sth¢ern¢nts ¢4)rnply wkth the Chartiies Act 2011. They are 4150 T¢4P)nsibl¢ for 8&feguardin8 the a8sets of the chuity and lthce ftt rtawnable 8t¢ps for the prevention ddeetion of fraud and Ot1 irre8ulaTitie5. Approved by the Mana8itig TtU8te¢s si8o¢d co theirb¢balf by: Major {Retd) R J Turpin Tnle¢ D¥t¢'.
TheRts alRe ent of Fuslliers Fu5illers' Aid So lllde ettdent Auditors. Re rt tts the Tr stses of ien, Aid Socie OpiDlOn We h&Ye audited th¢ fmancial sthtements of The Royal Regiment of Fusili¢rs Fu8iliers' Aid Society for the year ended 31 December 2020 which eomprise the ststement of financial a1vitie the balance 8he¢¢ and the T¢lated notes, including a Summary of Significant accounting poiieies. The financial reporting fralnework tbat bas been wlied IL) their prepdration is applicable jaw and UDited Kingdom A¢¢oulltin8 Standards, including FRS 102 Section IA The FiDaThcial Reportin8 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acc¢ptsd Accounting PracliGe}. In our opinion the fjnancial sthtement8'. 81.vc a tnw and fair view of the stafr of the Charitys affatY8 as at 31 Deccmbcr 2020 and of Tts incom¢ and ¢xpcnditur¢ for th¢ year then mIed. h8v¢ en properly prepoTed in o¢¢ord¥n¢e with Utiited Kingdom Generally Accepted Accounting Prartice. h8ve b¢¢n PTq>ared ip 4ccord4n¢e with the rwuir¢ments of the Charitie8 Act 2011. Ba1 for opknlon We conducted our Audit in accord8Ace wtth tntrrnational StAlldardB on Auditing (UK) {ISA8 {UK)) 2nd appli¢2bl¢ law. Our r¢5ponsibiliti¢s und¢r thos¢ stand8rd8 4r¢ furth¢r d¢5cribd in the auditorfs resp()nsibilitie8 for the audii of thc financial stat¢m¢nts section ofour reyort. We are independent of the Charity in accordance with th¢ ¢thi¢g1 rquirements that are relevallt to OUT audit of th¢ fIDCIal statem¢nt8 in the UK ineludin8 the FRC'S Ethical Stdard. we have fulfilled our oth¢r ethical r¢8pon8ibilitL¢S in accordance with th¢% requirements. We believe th4¢ the audit evtdenee we have obtained is sufficient and approprfate to PIOVLd¢ 4 b¥3L8 for our QPiDiOn. Con¢14on& r¢lAtlng to 8olng £ODeern In auditing the financial ststements. we have c(mcluded that the Tnte£S Use of the goin8 con¢ern bagis of aceounting in the praration of the fIn8]8] slaternents is 4ppropri4te. Based on the work we have pdomled, wc have not identified any m&teriAI un¢e)tsinties r¢latin8 to events or ¢onditions tha( individually or Collcrtively, m8y cas¢ yignifit doubt on thc Charity's ability to continue a8 a going con¢¢m foT U P¢Tiod of at lea9t twelve months from the finAneio1 statements are Authorised for i&8UC. Our re¥pon#ibilities #t the reBpon#ibilitieB of the Th]stee8 with reApect to going concern Bre deBcribed in the relevant A¢ttion$ tsf this report. Other thfom*tlo The otb¢r information Comprises the itiforntioll illLluded ID the 4Dnuai rewrt, other tbatt the financial statejnenis and our auditor's report th¢r¢on. The Trust¢¢ is respotwible for the othcr inf0mtio1). Our opinion OD the financial ststements does not ¢over the other infom)ation and, ¢x¢ept to the exient oth¢1$C expliciily stated in our rq)orL we do not expre9s any forni of assurance conclusioJ th¢r¢on. In Connection with our audKt of the financial 8tstrm¢n our responsibility is to Tead the other inf(fftnation d. in doing so. CODSLder whetb¢r the other intbrmation is [n&teri1Y inconsit witb the financia181atements or our knowledge obtained ill the audit or othenvise appeA tr> be m#teria]ly misst&tg(L Jf we identify such inconsistencies or £ypaTent materi81 IDIS8tAtemeut8. we we required to detcrttiine whether ibere is a material mi8stat¢Jnellt in the fujancial statements or a material misstatement of the other infomiation. If. bascd on thc work we have perfomie4 we conclude th&t th¢rc is a material missiat¢m¢nt of th1$ other itifornMtioT¥ we are required to report that facL We have nothing to report im this regard P4ge 6
Fuslllers, AAd So¢1¢ Inde den The Auditsn, Re rt to the TTllSt sillers, Aid Soci CODtinu¢d OplntODS illl Other pruerAbed by the Ch•rid¢s Act 2011 In our opillion. based on the work ulldertaken in the course of th¢ audit.. the inf0Mtioll given in tbe Trn8tees report for the fwanciaE yeaT for whi¢h the fitmttcial statements are prepar&J is consistent with the finallciBI statements,. alld the Trustees report has been prepsTed in accordanc¢ with applithk legal r¢quir¢ments. Matters on TYhl¢h we are requlred to report by exceptlon In the light of the knowlcdgc and understanding of th¢ ¢on)pdny 8nd its ¢nvimnment obtsined in the course of the d]E we have not identifi¢d matyial rois8tat¢meDls in th¢ dir¢ctots' r¢wrt. We have nothing to reNJrt in resp¢¢t of the followin8 mattus in relation to whith th¢ Cb4riti¢¥ A¢1 2011 rv4uires us to r¢port to you if, in our opinioll.. adequate accounting records have not bc¢n k¢pt. or reftjrns adequate for our audit have not beeD rKeived frorn brats¢h noi visitd by us; or the financial st4t¢ments aEe no¢ iti a8reetn¢nt with th¢ a¢¢ouutin8 record8 ood ielurn8,' Of ¢ert&in di8¢1osur¢$ of Trust$ r¢mun¢ration ¥pecified by law ore not mth. or we have not received all the inf0mtIOn lod ¢xpl¥n4tiow we require for our audit. Respon•lbllltl¢$ of the Trniteti As ¢xplain¢d more fully iti th¢ Tru8e$ r¢8rrt)Asibilitie8 statemenL the Tru8te¢s 8re r¢6ponBible for the preparntion of the fman¢ial Statements and for being satisfied thRt they give u tN¢ ond fair view. llnd for such internttl control the dir¢c¢oT determines 1$ necessary to enable the preparation of fmancial siv4t¢m¢nts thal are free from material misststernenL whether du¢ to fraud or error. In preparin8 the finan¢i41 ytstements, the Trystees are Te8ponsiblc for asse$8ing ihe Charity'5 ability to continue as a going onccrn, disclo&itig, & Applicable. m&tterg related to 80ing concern and using thc going cijn¢ern b8si$ of accounting unle85 the director either intends to liquidate the oompany or ¢0 cease operntioi)8, or have no realistic <ernaliv¢ but to do 80. Audltor'j r¢#potttslbllld¢• for th¢ #udlt of th¢ flnncil fflt#t•m•nts Our objectives ore to obthin re&80bI¢ 8syur8ne¢ glK>ut WhetIr the finAnciul statements 45 4 whole are free from n)8terial mi&siatemenL whether due to fraud or erroT. ond to i5su¢ &n auditor'¥ rq)ort thai irtclud¢y our opinion. RSOnble a$5uranc¢ is a high l¢v¢l of assurance, but ts not & guardtttee that an audit condu¢¢ed ia ¥¢cordancc with ISAS (UK) will alw8y$ detect a rn&t¢Tial iisstatement when it exists. Misststements c4n 8ri8e from fraud or error and are considered material if, individually or in the 48gregate, they ¢ou]d rethsonably be expected to influen th¢ ewnomio decision8 of users tsken on the basis of th¢5¢ financial st&tements. Irregularities. including fraud. are instances of non-compliance wtth lawg and regulation& We design pro¢edures in line with our Tesponsibilitics, outlined above, to detect material misstatements in r¢spect of Irregu1ltieS, including fraud. Th¢ extent to whtch our procgjures are capabk of d¢t¢¢tiDg irregularitie4 including frnid ts detailed below.. We identify and assess the risks of material misstatern¢nt of the Ftnartci Sthtements. whether due to fraud or error, attd then design and perform audit procedllrts responsive to those risks. including obtatDin8 audit evidence that 18 sufficient atjd 8ppropiiat¢ to provide a basis for our opinion. Identifyi8 and a8sessfing poteDdal rlsks related to Irrryul*ritleg. In identifying and a&e$s1ng risks of m&teriai misststemellt io reSpt of irre8ularitie& in¢luding fraud and non-COEThpliance with I&w8 and reguiatitsn4 our proc¢duw ittcluded tbe following: Page 7
- enquiring of tnanagement whesber th¢y w¢ aware of any instances of fraud 0rnon4omplkate with laws and regulation4
- obtailling 8n und¢rstandiD8 of tbe legal and regulatory franwork within wbich the company opcraw. The nMÉn laws and regulations we considered as affecting tbe financial stat¢DJ¢nts were the Charities Act 2011 and UK tsx legisl10.
- discwsing amongst the eDga8ernent team how alld where fraud might occur and atjy potential Indit0[3 of fraud. As part of this discussion we identified potrntial fraud risks in r¢latioll to n)8nagemeDt overyid¢ of ¢ontrol8 and grant expenditwe. Audlt response to rl$k$ Id¢ntlfl¢d. Our wocedur¢5 tt) respond to tbe ida&tsfied risks indud¢d..
- analytical review of the fujauciai st&l¢m¢ttts' -Teviewin8 grant appllcations alld SUp)rtIng documentstion.
- examining journal ¢ntri¢s to address the ri8k of fraud through management override of CODtrols'
- review of th¢ disclo8Utes in the statements. Owing the iTtherellt IAmitation8 of aa uudt¢ th¢r¢ is 8D uIhavoidable ri8k that some m8terial mis8tstements in th¢ finan¢1 staternents may not bE detected, even though the audit i% properly planned and perfomied in accordance with the JSA8 (UKI. For instat)ce, the fiuth¢r r¢moYcd Don-compliance ig from the cvcnts and tTInetiOns r¢flec*d in the finan¢iat sta¢nI& the les8 likely th¢ Huditor is to become awAre of it OT to r¢co8lli$e the non-compliance. A further de8cription of our re5pon8ibilitie8 is aVAilabl¢ on tbe Financial Rwrtin8 Coull¢il's website 8t.. www.frc.org.uklauditot5responsibiliti¢s. Thi$ description fornjs p4rt of our auditor's report. U•¢ ofour report Thi8 report 18 mado solely to the Charities TrusteeN. au 8 b¢)dy, in Accordancc with Sedion 144 r)f the Cbaritie5 Act 2011 Wld the regulations made within th&t Act. Our audtt work has been undut&k¢n ¥0 thAt we might gtstc ¢0 the Charity's Trustees those matt¢r8 we are required to 8ta(e to them in an 4uditols roport and for no other purw8e. To the fullest cxlent pem)itteAI by law, we do no¢ accept or a&8ume responsibility to allyone other than the Charity and the Cbarity's Trustees as a body. for our pudit worK for tbis report, or for the opini¢)DS w¢ hav¢ forni CAr¥th (Sgttlor St10ry Audltor) Forand ott behalf of PB Associates charter A¢wuntants & Stathtory Auditor 2 Castle Busines6 Villag¢ Ststion Road Hampton Midd1¢5¢x TW12 2BX a<-2£)Li FB ASSOCIA'fES CHARTERED AccoufiTANrs 2 CASTLE BUSiNESS VILLAGE STA'flON ROAD. HAMPTON MIDDLESEX TW12 2BX Pa8¢ 8
irnent Of F slliers Fuilllers. Ald S cie Stgt ment Of Actiwilles ( including the Income and Expenditure Account ) eAr ended 31 December 2020 Restric 2020 2019 Incomlng reJoU¢S Yolr4rttory Income.. DonAUOnS. grants alld 8in)ilar ineomin8 resouT¢es 94.098 94.098 111.943 Inv¢slm¢nt in¢omc Events aad fjjndraising incon 227.625 227.625 228,003 Tot•1 IDeomltt¥ rere 21 Resources expended Property expenses Events and fvndrai8in8 CQ8ts Inve4tmetrt mund8ement ciw8es and ustodiwn f¢es 8,245 8.245 647 16,694 1,291 (2,044) (2,044) 7,856 Ch4rltobl¢4¢rfvlrf&K' Grants & othw c08ts Yable Am)y Benevolen¢ Fund Dooatitsns to charities alld oth¢rs 8UO/o One Day's P4y ¢0 Th¢ F8l7Cr8 Fund Funeral. Casualty and Remembrance expenses Offi¢¢ w5ts and tsther costs 189,119 189.119 182.909 3,005 24.675 $1,660 32,543 37,822 49.966 8.36S 42,822 49,966 8.365 14 TO¢ re8{Jre expended 95 00 (S.0)) 26.389 21.389 16.617 other recnIg8d 8iln$ Other rocogn16ed gAln8 Ullrealised g&inlllossl on quoted illvethents Unrealised gaiDI(10ssI on tnvcstmtnt property 416233 416233 982,322 15 N¢t mtyvement In Ilnd8 for the yeAr R¢conelllatloD of tot*1 fllndi Total funds brought forward (5,(KMI) 439.702 437.622 1,1)03,939 11.892 8.780.980 8,792,872 7.788.933 Fund cArrled forward The Charity had no reeo8nised gait)g and losses other than those iticlllded above. All the above result5 sr¢ derived from continuing a¢tivÈties. Pag¢ 9
ent fF Fslers, Ald BalaJKe Sheet as at 31 De¢em 2020 2020 2019 Ftsed ailets Tangible As8ets Investment Property Quot Invc$tm¢nts 823 1,350.(KJO 1,357 1,350.0(K) 15 9021656 710410 Current amets Debtor8 io 15,978 41,146 Cash at bank attd In hand 220,062 I,70] Credltor•- AllUnts follin8 due With otte year 12 Nrt currents a8Kts N¢t knets R¢pr¢$eDt¢d by:. Re¥triCted funds Unreytricted funds 16 6.892 11.892 The financial 8thtements wwe approv by the Boaftl of Truste¢s o and signed on its behalf by: M&jor Oietd) R J Turpin Trnstee Page io
alR eBt Of Fusiliera, Ald ocle Notes to the Financial Statsments de 31D Aettsuntlttg polld¢$ (a) The finaucigl %tamu)ts arcpreparcd under the hi8torical st conventiojj as modified by the inclusion of illvestWWLts al fi V81uc &Dd in accordattte with FI[tial Reporting St#lldmi 1021"FRS 102')-Thc Financtal Reporting Standard applical)le the Unit¢d Kingdom and th¢ Republic of Jrcland and with the Statement of Recommended Pra¢tic¢ 'knoutttirL8 and Keporlmg by chlties. FRS 102 as rtVi8¢d iti 20191" th¢ SORP'I tO8¢th¢r with th¢Cban'li¢8 Aa 2011. Having review&1 the activiti¢s and pthTmgnc¢ of th¢ chan.ty and irito aCLyJunt the impact of COVID-19 the trJBte¢s have re&sonabl¢ ¢xp¢etaiion that the charily ha8 adequate re$our¢es kn tottiinue iiy acisvkties fvr the furE&ceable futUT¢. Accordingly they have A(k)pted th¢ Koio8 con¢¢m basis in th¢ pr¢parntion of thwe fJnatLcial 8tatemeDts Bs out]ined ill th Sthtcment of Trnste&8' Respnsibilities. (bl Unrutrl¢ted fundi Unrestticted futsds #r¢ donatiOll8 aDd other inco[[ rwéivable or genuated for the objects of the eharity without furtbor Jpcciflcd purwse and aro 8vai]•bl¢ 1$ grr#I fity¥J8. (C) RestriCl¥d fund8 4r¢ th08e to b¢ud forspecified puryo8es as laiddownby the donor. (d) T•A8lbl¢ fix i••¢ts and dtprttl#tlo Tangible fixd assets for use by the Clwity w¢ st8ted 8t cost d¢pre¢iation. DepT¢¢iilion 1$ provid¢d At rnt¢& ¢•lculAted to wrio off the eo$t•f fixtJ 089¢18. thcirtS¢imAted reslduaj vAlu4 over theirexpgcted uselbj life on the followujg baqio.. CIFmputw w)IIwHte & equipment 4 ye8 stsaighl lilleb4¥is le) Jneome Volurtt8ry io¢om¢ and donatiolls arc aOunt¢d for on u recrivablo buis by thc Chlty. Thc value of tervicu Provid by volunteers h8S ttot been n¢luded. L£yeies are aecoullted for lx) a r¢oeivthl¢ b48i8 whttt there is aUl ¢¢inty of Ttccipt and v&luc. 10 Glft Ald Income In¢orn¢ rnr¢iv&ble under gift Aid is included in the fillDmciRI st8ments after Includt[tcDV¢reb]e tsl0Th. Grant llloome Gr8rtt irt¢ome is rfxogni8ed on a n¥ei•Able basis when the 8r8ntin8 or8attisathon 18 coJnmittoJ to payTrw)L (h) Ruourtu Expended EXPU1¢ is Cluded on all accThaiB basis. Costs of getL¢ratin8 funds compri80 those costs direKtty attributEble to mar¥]8 tht illve5tment portfolio and taisjng tnvulmcnt income as well a¥ cost of sale$ of chr1¥tsl4 Cards. Oranls payable are ch8r8ed in the period when the otyer is conveyed to the recipient except in th08e easey whett the offer li ¢onditiotyal, su¢h belu8 r¢co8Di8ed expeodituto when thc conditson5 attactLillB Bre fvlflllod. Grnnts offered bJt to Conditsons which have not be met at the wiod end are noied 08 a MMitmen1. butnot a¢cyued as expendiiutt. OffLC¢ CO8¢s comwise COBIS forpmcesstttB 8r8nts alld applications. incldIng 8UPIKTrrt to actual attd poteotLAi appli¢thts. Ihv¢rn¢ ¢05ts include tlb)se associated with meeting the conjtitstiorwl and sthtuWrwuÈrements of the charity. Slo¢k Stock is v8lu¢d sttht lowa of ca%t n¢trrnlis&bl¢ uft¢rrnaknng alloWall for obsol¢t¢ and slow moving iteats. ti) Ibotcd Investments are fmanctal iL8tnLttMts ststed at tt)arkel value. Reatised and unrealisa gains and losses de8lt with in tht Slat¢mellt of Financial Adivities. Jnvc8thellt illwme plus a&80¢iated tsx recoverablc is ¢r¢ditcd to income on an accnjals basi& Pageil
e01 F sllltrs, Ald Sode tr• the Fl#nLiai Statem ts r ended 31 December 202(1 For subslptions 62.457 64.600 Don8tion8 31.641 44.653 CrAnts Grants (eIVed from ABF Th¢ SoldiaB' Cbarity Donltlon lrt Klnd assistants. The estimat voh of this drywtion in kind durin8 the year was £IlL) (2019. £?,5). lavMtmtnt In¢ome Bank deposil Int¢rei¢ Interest on Fund Mana8er's dqx>sits Inv&sttt)ent in¢omc from quotoj iov¢6SJJ 13 386 22 647 P¥g¢ 12
The ROY RThent ofFu Iyotes to the ¢al Sttemeots For the Cost of gellerAthig 8245 16.694 Fundrnisiti8 event Costs 647 1,291 Fund m#naBemtnt eblr M¥ Net 008syprofit on Mles Charlt•bl¢ A¢tlvltl* Grnttts other eogts Grants payable to iDdivi¢thJals & othern 189.119 182.9Y19 42.822 24.675 All grants payable thin8 the yearwere to memkn of the Re8imentsl family to ffli¢ve hard8hip. Offlte erfts Govern3nc¢ ¢osts { Note 7) Aecountoncy feos Le8 fees Depreeiation B8nk char8es Travellin Entertaining IT support Insuranc¢ Other 1.500 1.650 966 1,046 76 4J75 1.500 1,650 3,503 150 5,892 107 81 2,077 3,150 854 2.625 (1.186) Page 13
alR eTht fF Notes tts the Fftsantlal StteMthts Governnee CoAts Audit feeB Ftsed ••Kt IDVUtments Mark¢t v8iuc ai beginnin8 of year N¢l cost L)f aLquisition Disposals in y¢or Re&lised Bain Unrealised Bain 7265.014 6282.692 {160,(K¥O) 59,407 Market VY41u¢ at end of year of financial ety fair va] through the Income 4rtd Exprndityr¢ accowit Ca8h held by fund m8Dag 7J27.246 7265,014 Htstoric cost of investments The investments held 31 2020 w¢ 89 followo:_ Alpha CIF for Ettdowments Incotn¢- 6JQ)JIO units market value Tan8lble fixed Ajsets At l January 2020 Additions in yeAr £l4.013 12 At 31 December 2020 Deprecl*tlon". Ai l January 2020 Charge for year At 31 DecemE¢r 2020 £12.656 Net Book Vme. At 31 Decernber 2020 At 31 Decernb 2019 Page 14
ThtR ent of FuslllerA Dtss to the Fi4anclal St8tem¢ 020 io. Debto oi Taxation re¢l3itDable aid itic•m¢ Otb¢r debtc 981 .913 14 Casb mt buk and ltt bpd 12. Credlton: amounts fallin8 th witbin ye•r AccnJ&l$ 4236 13. Tru8teu' remunerntlon No Tnttts re1ved tetlluneratiofj or1ambu of exF¢llSts duriD8 the ye (2019.Vlil}. 14. Related party tr•nMctlons Dunng ihe year 80Y• of the 0 Day Pay d(4thtion8 Teceivabk have to the Fu8iliers' Fun4 a totsl of £ 49,966 (2019-£51,6(4)) Page 15
Fuslllers, Ald Socle Notes to the FIDne1 Sttements For Ibe ew ethdeo 31 Deeember 2020 15. Investment Property The Chariry pllrdll the lthg k&g¢hold OD 23 Jacana c([( The City I)y. St Kat11 Dock4 Lon(k*n Bl in June In the OPiDiOD of the Tnte$ th¢ bti¥i8 of prowli amtly TnaTketsJ ID the area the eslinuted markd value of the prop¢ty * 31 Dlber 2020 amounted to £1.350.CW (2019- £1.350.(KKJ). 16. Re$trleted Funds BJiF Memorial t Balance be8innin8 of y Donatiott4 rcccived duriD8 year P8yrneDts during year Balanc¢ &1 ¢nd of year 6.892 6,892 The £6.892 will b¢ u6ed 08 4 Mainte¢¢ fuwj for ts RRF MCD at The Nation Arboreb Ban(C at bc8inTring of th¢ year Donatsons rweived durin8 yar P8ym¢nts during ycar Balance end of year 5.0 Total Re5trithd Funth Page 16