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2021-12-31-accounts

.

THE ROYAL REGIMENT OF FUSILIERS

FUSILIERS’ AID SOCIETY

REPORT AND ACCOUNTS

31 DECEMBER 2021

Registered Charity No. 259229

The Royal Regiment of Fusiliers

Fusiliers’ Aid Society

CONTENTS

Page No.
Legal and administrative details 1
Trustees’ Report 2-5
Auditors’ Report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11-14
The Royal Regiment Of Fusiliers

Fusiliers’ Aid Society
Legal and Administrative details
For the year ended 31 December 2021
Managing Trustees Major (Retd) RJ Turpin (Chair)
(ex officio appointments) Colonel P Stitt (relinquished appt 30 Sep 2021)
Lieutenant Colonel S Burton MBE (assumed appt 1 Oct 2021)
Brigadier J Lamb MC
Colonel A Gawthorpe
Major General J Swift OBE Captain (Retd) S Jubb
Major (Retd) M O’Hare
Colonel (Retd) NJP Easton QVRM TD
Brigadier Jim Taylor MBE
Nominated Secretary to the Trustees: Captain (Retd) A R G Harris
Address: H.M. Tower of London
London
EC3N 4AB
Bankers: Lloyds Bank TSB plc
72 Fenchurch Street
London
EC3P 3EH
Investment Advisors Sarasin & Partners
Juxon House
100 St Pauls Churchyard
London
EC4M 8BU
Independent Auditor PB Associates
Chartered Accountants
Statutory Auditors
2 Castle Business Village
Station Road
Hampton
Middlesex
TW12 2BX

Page 1

The Royal Regiment of Fusiliers

Fusiliers’ Aid Society

Report of The Trustees

For the year ended 31 December 2021

The Trustees take pleasure in presenting their report and audited financial statements of Fusiliers’ Aid Society (“FAS”) for the year ended 31 December 2021.

STATUS AND ADMINISTRATION

The Charitable Trust was founded by Trust Deed in 1969. The registered charity number is 259229.

The Managing Trustees (ex officio appointments) who have served during the year were:

Major (Retd) RJ Turpin Colonel P Stitt (relinquished appt 30 Sep 2021) Lieutenant Colonel S Burton MBE (assumed appt 1 Oct 2021) Brigadier J Lamb MC Colonel A Gawthorpe Major General J Swift OBE Captain (Retd) S Jubb Major (Retd) M O’Hare Colonel (Retd) NJP Easton QVRM TD Brigadier Jim Taylor MBE

CHARITY OBJECTS

The object of the Society is to provide advice and assistance, directly or indirectly, out of capital or income, to serving and past members of the Regiment and past members of the Regiments from which it was formed, and their widows and dependants, by making grants to them when in need and towards education.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The purpose of the charity is enshrined in its objects as outlined above. The Trustees ensure that this is carried out for the public benefit by delivering a range of activities to meet its objects.

ORGANISATIONAL STRUCTURE

The Society is operated from our Regimental Headquarters at HM Tower of London. It is managed by the nine Managing Trustees, 5 of whom are ex-officio appointments.

The Assistant Regimental Secretary, Captain (Retd) A R G Harris, is the Nominated Secretary of the Charity, and he acts as the Account Holder. The accounting records are maintained by Captain (Retd) A R G Harris.

Throughout the accounting period the Chairman of the Regimental Investment Committee has been Mr Clive Hexton. The Regimental Investment Committee continues to meet twice a year and Sarasin Fund Managers attend both meetings for a review of the investment performance.

REVIEW OF ACTIVITIES DURING THE YEAR

FAS continues to honour the obligations of the antecedent funds.

2021 saw a continuation of periodic lockdowns due to COVID19, but the distributed model of working continued to function well and there was no degradation of service. MOSAIC, the Army wide Charity Case Management System, continues to develop and as more SSAFA offices become familiar with it, the operational issues presented by its introduction are abating. This allows all agencies to offer timely and targeted help to individuals in need.

FAS paid out grants for the benefit of individuals totalling £105,845 during the course of 2021, representing 185 cases. This is a slight increase over 2020 but is in line with the previous 10 years. Considerable Government support during COVID19 has meant that the predicted increase in cases did not happen. The Trustees believe that the current cost of living crisis will however, cause an increase in requests for assistance in 2022 and beyond.

The Royal Regiment of Fusiliers

Fusiliers’ Aid Society

Report of The Trustees

FAS continues to enjoy a close working relationship with The Army Benevolent Fund The Soldiers Charity (ABF SC). In the period in question, ABF SC made grants totalling approximately £45,000 supporting 48 Fusilier cases with payment going direct to the relevant caseworking organisation. FAS donated £25,000 (£25,000 in 2021) to ABF SC to allow them to continue their activities. ABF SC supported 43 charities and organisations on behalf of FAS and other service charities, awarding block grants to the value of £3.8m.

Page 2 For the year ended 31 December 2021

Donations made by FAS to external charities (including ABF SC mentioned above) directly supporting serving and retired Fusiliers totalled £37,525. Welfare grants to our regular Battalion, reserve Battalion and Army Reserve units totalled £17,900. This sum includes a grant of £2,400 for specific mental health training following some tragic incidents in 1RRF. FAS also made grants totalling £6,150 to both Bns to enable them to buy laptops for families with home-schooled children. FAS also invested £7,650 in Leafyard. Leafyard offer cognitive behavioural therapy (CBT) via a web portal, which can assist people (in our case serving soldiers, veterans, and their families) cope with various mental health issues by guiding them through a number of self help exercises. It was introduced in 2021 following a successful pilot amongst a Fusilier study group. Leafyard has now been adopted by a number of Regiments and Corps and continues to be of massive benefits to our constituents.

In September 2021, to further enhance our offering to veterans (and serving members), FAS engaged 2 trained and experienced Welfare and Mental Health practitioners, trading as UK Service Matters (UKSM). UKSM has appropriate insurance and DBS clearances. £1,200 per month (representing 10 hours per week) is made available by FAS to UKSM, to enable them to offer focussed information, advice and guidance (IAG) on benefits, housing, employment and other vital matters, to our veterans. In 2021 (Sep to Dec), UKSM intervened in about 60 cases that received FAS funding, and have supported a further 76 cases (including 8 x serving Fusiliers working in tandem with the relevant Bn Welfare Office). It is expected that UKSM will continue to be engaged in 2022, and the intention is that early and focussed intervention will ensure state resources are properly accessed (social services, NHS, Op Courage, housing and benefit offices and police) thereby reducing the burden on FAS. This IAG intervention via UKSM is a valuable addition to FAS services, and one that the Trustees are pleased to continue into 2022.

£2,175 was paid in Christmas grants to widows and families of killed and injured Fusiliers, including in-pensioners at The Royal Hospital, Chelsea and residents of Broughton House, and Scottish Veterans Residences.

FAS continued to support The Fusilier Museum, Bury, with grants totalling £15,000, allowing the Museum to carry on its work supporting heritage and veterans. COVID19 lockdowns proved calamitous for all our museums as their income dropped to near zero overnight. FAS granted £30,000 to the Fusilier Museum London, which was particularly badly hit as no functions could take place (the major source of its income). £15,000 was also granted to Fusilier Museum Northumberland to ensure their operations could continue. Regimental museums are regarded as vital to maintain the history, heritage and golden threads of our antecedent and current Regiment, as well as providing a prop and support to our veteran community. A further £15,147 was spent supporting our museums, by subsidising their insurance premiums and assisting with other costs and expenses.

The sale of the Cooper VC (a VC, gifted to Regiment in around 1970 and held in Sheldon Reserve Centre for 40 years) raised £200,000. After deducting £5,000 in expenses to establish its origin, provenance and other matters, £195,000 was granted to Fusilier Museum Warwick. This sum will enable them to complete the move from St Johns House to Pageant House, as well as provide a working capital reserve to enable them to continue their operations and outreach work in the community.

A total of £9,845 was spent on remembrance activities in 2021, including supporting the re-interment of 6 x RNF soldiers in Tyne Cot Cemetery in Belgium.

FAS granted a total of £13,361 to the Fusilier Association Warwick to support the commitment made to honour the obligations of the Royal Warwick Compassionate and Welfare Fund (RWCWF)

Donations into the fund for the year totalled £52,748 (2021 £31,641). The FAS Lottery, launched in October 2020, produced an income of £5,807. The One Days Pay Scheme continued to be well subscribed and produced an income of £61,511.

IMPACT OF COVID19.

The impact of COVID19 was less in 2021, although homeworking continued. The £100,000 investment funds realised in 2021 and to be held as cash was not really needed but continue to be held as cash. The Trustees continue to closely monitor the cash

The Royal Regiment of Fusiliers

Fusiliers’ Aid Society

Report of The Trustees

requirement to ensure that all valid requests for assistance can be met in a timely manner. It is anticipated that this position will continue in 2022.

The greatest effect of COVID19 turned out to be the immediate loss of ticket and function income to all our museums. Fusilier Museum London needed radical help as all upcoming functions continued to be cancelled in 2021 due to lockdown uncertainty.

2021 did not see a rise in individual requests for help but did see a rise in donations as fund raising activities by individuals returned, and bar the extraordinary donation of £25,000 in 2021, donations in 2021 were double those of 2021. This is reassuring and shows that the appetite to fundraise for FAS continues.

The Trustees consider that FAS still has sufficient reserves to continue to operate in this new environment and continue to review all aspects of charity operations.

Page 3 For the year ended 31 December 2021

FUTURE ACTIVITIES AND DEVELOPMENTS

Donations and legacies continue to be vital to FAS.

FAS is governed by its Trust Deed signed in 1968. As such FAS is an unincorporated trust. Work is continuing to merge FAS with the other Regimental charity (the Fusiliers Fund, currently an excepted charity), and at the same time convert to a CIO. This has been held up due to the lawyer involved moving firms, but the new CIO should be set up by the end of 2022. There will be no change to the objects and it is anticipated that the work of FAS will continue. Assets will then be transferred to the new CIO throughout 2023.

FINANCIAL RESULTS

The results are shown on pages 8 to 14 of these financial statements

GRANT MAKING POLICY

Assistance is disbursed under the authority of the Trustees to members of the Regimental Family who have fallen on hard times normally through no fault of their own. The assistance provided is usually in the form of financial grants, however in addition advice on welfare problems and other financially related problems etc. is also available and holidays are arranged through the Army Benevolent Fund.

The Fusiliers’ Aid Society does not make loans other than in exceptional situations. Listed below are the circumstances where the Trustees would not usually authorise aid. There are however exceptions to the rules and all cases are treated on their merits :

INVESTMENT POLICY

The investment powers of the Charity are governed by the Deed of Trust which permits the funds to be invested in any investment without the restrictions imposed by the Trustee Investment Act 1961.

The Regimental investments are managed by Sarasin and Partners LLP, and funds are held in their Alpha Fund.

RESERVES POLICY

The Trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets, designated for specific purposes, or otherwise committed. The Trustees consider that, given the nature of the work of the Society,

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of The Trustees

there are sufficient unrestricted funds to give flexibility to cover temporary timing differences for grant claims and adequate working capital for core costs.

RISK MANAGEMENT

The Trustees actively review the major risks which the Society faces on a regular basis and believe that maintaining adequate free reserves, combined with the annual review of the controls over key financial systems will be sufficient to meet adverse conditions. The Trustees have also examined other operational and business risks and have established systems to mitigate any significant risk.

Page 4

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of the Trustees For the year ended 31 December 2021

TRUSTEES’ RESPONSIBILITIES

Charity law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity at the period end and of its incoming resources and resources expended during that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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.

Approved by the Managing Trustees and signed on their behalf by:

Major (Retd) R J Turpin

Trustee

Date: 2022

Page 5

he Royal Regiment of Fusiliers Fusiliers’ Aid Society

~~Auditors’ Report to t~~ The Fusiliers’ Aid Society

Opinion

We have audited the financial statements of The Royal Regiment of Fusiliers Fusiliers’ Aid Society for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Charity's affairs as at 31 December 2021 and of its income and expenditure for the year then ended;

T

he Trustees of

Independent

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our au ditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing s o, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements , we are required to determine whether there is a material misstatement in the financial statements or a material miss tatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6 he Royal Regiment of Fusiliers Fusiliers’ Aid Society

~~Auditors’ Report to t~~ The Fusiliers’ Aid Society (continued)

Opinions on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

T

Independent

he Trustees of

the information given in the Trustees report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Trustees remuneration specified by law are not made; or we

have not received all the information and explanations we require for our audit.

Responsibilities of the Trustees

As explained more fully in the Trustees responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities .

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Page 7 he Royal Regiment of Fusiliers Fusiliers’ Aid Society

T

he Trustees of

Independent

~~Auditors’ Report to t~~ The Fusiliers’ Aid Society (continued)

Audit response to risks identified .

Our procedures to respond to the identified risks included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charities Trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and the regulations made within that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth Rees (Senior Statutory Auditor)

For and on behalf of PB Associates Chartered Accountants & Statutory Auditor 2 Castle Business Village Station Road Hampton Middlesex TW12 2BX

2 CASTLE BUSINESS VILLAGE

PB ASSOCIATES

STATION ROAD, HAMPTON CHARTERED ACCOUNTANTS MIDDLESEX TW12 2BX

27 October 2022

Page 8

The Royal Regiment Of Fusiliers Fusiliers’ Aid Society

Statement Of Financial Activities

( including the Income and Expenditure Account )

For the year ended 31 December 2021

Notes
Incoming resources
Incoming
Resources
from
generated
funds
Voluntary income:
2
Investment income
3
Events and fundraising income
including sale of VC medal
Total incoming resources
Resources expended
Cost of generating funds:
Property expenses
4
Events and fundraising costs
4
Investment
management
charges and
custodian fees
4
Charitable activities:
Grants & other costs payable
5
Grant re VC medal
Donations to charities and others
5
80% One Day’s Pay to The Fusiliers Fund
14
Funeral, Casualty and Remembrance
expenses
Office costs and other costs
6
Total resources expended
Net
incoming
resources
before
other recognised gains		 Restricted
2021
£
2,500
______
2,500
-
____
-
______
2,500		 Restricted
2021
£
2,500
______
2,500
-
____
-
______
2,500		 Restricted
2021
£
2,500
______
2,500
-
____
-
______
2,500		 Unrestricted
2021
£
111,759
214,737
205,807
______
532,303
10,380
1,583
(13,008)

(1,045)
214,567
195,000
47,900
49,208
10,385
15,714
531,729
______
574		 Total
2021
£
114,259
214,737
205,807
______
534,803
10,380
1,583
( 13,008)

( 1,045)
214,567
195,000
47,900
49,208
10,385
15,714
531,729
______

3,074		 Total
2020
£
94,098
227,625
______
321,723
8,245
647
(10,936)
(2,044)
189,119
-
42,822
49,966
8,365
12,106
300,334
_
21,389
_

_

Other recognised gains

Unrealised gain on quoted investments
8
Unrealised loss on investment property
15

Net movement in finds for the year
Reconciliation of total funds
Total funds brought forward

Fund balances carried forward
2021
538,320
(50,000)
_
_
2,500
488,894
6,892
9,223,602
__
__
9,392
9,712,496		 538,320
(50,000)
_
491,394
9,230,494
__
9,721,888		 416,233
-
__
437,622
8,792,872
______
9,230,494

The Charity had no recognised gains and losses other than those included above. All the above results are derived from continuing activities.

Page 9

Fixed assets
Tangible Assets
Investment Property
Quoted Investments
Current assets
Debtors
Cash at bank and in hand		 f Fusiliers
Fusiliers’ Aid Society
Balance Sheet as at 31 December 2021
Notes
9
15
8
10
11		 2021
£
963
1,300,000
8,268,881
9,569,844
20,267
143,075		 2020
£
823
1,350,000
7,670,833
9,021,656
15,978
204,084
The Royal Regiment o

Creditors– Amounts falling due within one year
12
Net currents assets
Net Assets
Represented by:-
Restricted funds
16
Unrestricted funds		 163,342
(11,298)
152,044
9,721,888
9,392
9,712,496
9,721,888		 220,062
(11,224)
208,838
9,230,494
6,892
9,223,602
9,230,494

The financial statements were approved by the Board of Trustees on 27 October 2022 and signed on its behalf by:

Major (Retd) R J Turpin

Trustee

Page 10

The Royal Regiment Of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31 December

  1. Accounting policies

2021

(a) Accounting basis

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at fair value and in accordance with Financial Reporting Standard 102 ( “FRS 102”) –The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ FRS 102 as revised in 2020 ( “ the SORP”) together with the Charities Act 2011.

Having reviewed the activities and performance of the charity and taking into account the impact of COVID-19 the trustees have reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly they have adopted the going concern basis in the preparation of these financial statements as outlined in the Statement of Trustees’ Responsibilities.

(b) Unrestricted funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

(c) Restricted funds

Restricted funds are those to be used for specified purposes as laid down by the donor.

(d) Tangible fixed assets and depreciation

Tangible fixed assets for use by the Charity are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life on the following basis:

Computer software & equipment - 4 years straight line basis

(e) Income

Voluntary income and donations are accounted for on a receivable basis by the charity. The value of services provided by volunteers has not been included. Legacies are accounted for on a receivable basis when there is adequate certainty of receipt and value.

(f) Gift Aid Income

Income receivable under gift aid is included in the financial statements after including recoverable taxation.

(g) Grant income Grant income is recognised on a receivable basis when the granting organisation is committed to payment.

(h) Resources Expended Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income as well as cost of sales of Christmas Cards.

Grants payable are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

Office costs comprise costs for processing grants and applications, including support to actual and potential applicants.

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity.

(i) Stock

Stock is valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

(j) Financial Instruments

Quoted Investments are financial instruments stated at market value. Realised and unrealised gains and losses are dealt with in the Statement of Financial Activities. Investment income plus associated tax recoverable is credited to income on an accruals basis.

The Royal Regiment o Page 11

The Royal Regiment o

2021

f Fusiliers

Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31

December


2.
Donations, grants and similar incoming resources
Subscriptions
Donation ( restricted)
Donations ( unrestricted )		 2021
£

61,511
2,500
50,248
114,259		 2020
£

62,457
-
31,641
94,098

Donation in Kind

There was no charge for administration and other services provided by the Assistant Regimental Secretary and his 2 assistants. The estimated value of this donation in kind during the year was £12,000 (2020 - £12,000).

3.
Investment income
Bank deposit interest
Interest on Fund Manager’s deposits
Investment income from quoted investments
4.
Cost of generating funds
Property expenses
Fundraising event costs
Fund management charges
5
Charitable activities- Grants and other costs
Grant payable to individuals and others
Grant from sale of VC medal
Donations to charities and others		 2021
£

18
81
214,638
214,737
10,380
1,583
(13,008)
(1,045)
214,567
195,000
47,900		 2020
£
13
386
227,226
227,625

8,245
647
(10,936)
(2,044)

189,119
-
42,822

Grants payable during the year included those to members of the Regimental family to relieve hardship, welfare assistance and for help with dealing with mental health issues.

Page 12

The Royal Regiment o

2021

f Fusiliers

Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31 December

6.
Office costs		 2021 2020
£ £
Governance costs ( note 7) 1,700 1,500
Accountancy fees 2,040 1,650
Legal fees
429 966 Depreciation		 509 1,046
Bank charges 110 76
Travelling 2,497 4,575
Entertaining 260 -
IT support
1,893 854 Insurance		 4,242 2,625
Other 2,034 (1,186)
______ _____
15,714 12,106
7.Governance Costs
Audit fees		 1,700 1,500
8.
Fixed asset investments
Market value at beginning of year 7,527,246 7,265,014
Net cost of acquisition 5,492 6,000
Disposals in year (160,000)
Realised gain 59,407
Unrealised gain 538,320 356,825
Market value at end of year of financial assets measured at fair value through the Income and Expenditure account 8,071,058
7,527,246
Cash held by fund manager 197,823 143,587
8,268,881 7,670,833
Historic cost of investments 4,299,483 4,239,756
The investments held at 31 December 2021 were as follows:-
Sarasin Endowments Fund- 6,314,196 units
market value		 8,071,058
7,527,246
9.
Tangible fixed assets
Computer Software &
Equipment
Cost:
At 1 January 2021 £14,525
Additions in year 649
At 31 December 2021 £15,174
Depreciation:
At 1 January 2021 £13,702
Charge for year 509
At 31 December 2021 £14,211

The Royal Regiment o

2021

Net Book Value:

At 31 December 2021

At 31 December 2020

£ 963 £ 823

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f Fusiliers

Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31

December

10.
Debtors
Taxation reclaimable on gift aid income
Other debtors
11
Cash at bank and in hand
Bank deposit, current accounts and cash in hand
12.
Creditors:amounts falling due within one year
Accruals
Other creditors
13.
Trustees’ remuneration		 2021
£
746
19,521
20,267
143,075
3,740
7,558
11,298		 2020
£
981
14,997
15,978

204,084
4,236
6,988
11,224

No Trustees received remuneration or reimbursement of expenses during the year (2020 -Nil).

14. Related party transactions

During the year 80% of the One Day Pay donations receivable have been donated to the Fusiliers’ Fund, a total of £49,208 (2020 -£49,966)

15. Investment Property

The Charity purchased the long leasehold on 23 Jacana Court, The City Quay, St Katherine Docks, London E1 in June 2006. The total purchase cost amounted to £648,997.

In the opinion of the Trustees and on the basis of similar properties currently marketed in the area the estimated market value of the property at 31 December 2021 amounted to £1,300,000 (2020- £1,350,000).

  1. Restricted Funds 2021 2020 £ £ RRF Memorial at The National Arboretum Balance at beginning of year 6,892 6,892 Donations received during year - -

The Royal Regiment o

2021

Payments during year - - Balance at end of year 6,892 6,892

The £6,892 will be used as a maintenance fund for the RRF Memorial at The National Arboretum.

The Worshipful Company of Cotdwainers
Donation received during year
Payment during year
Balance at end of year
Total Restricted Funds		 2,500
-
_

2,500

9,392		 -
-
__
____-
6,892

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