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2023-12-31-accounts

THE ROYAL REGIMENT OF FUSILIERS FUSILIERS’ AID SOCIETY

REPORT AND ACCOUNTS

31 DECEMBER 2023

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
Cash Flow Statement 11
Notes to the Accounts 12-15

The Royal Regiment Of Fusiliers Fusiliers’ Aid Society


Managing Trustees
(ex officio appointments)
Nominated Secretary to the Trustees:
Address:


Bankers:
Investment Advisors




Independent Auditor






 Legal and Administrative details
For the year ended 31 December 2023
Major (Retd) RJ Turpin (Chair)
Lieutenant Colonel S Burton MBE
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
Captain (Retd) A R G Harris
H.M. Tower of London
London
EC3N 4AB
Lloyds Bank plc
72 Fenchurch Street
London
EC3P 3EH
Sarasin & Partners
Juxon House
100 St Pauls Churchyard
London
EC4M 8BU
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 2023

The Trustees take pleasure in presenting their report and audited financial statements of Fusiliers’ Aid Society (“FAS”) for the year ended 31 December 2023.

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 Lieutenant Colonel S Burton MBE 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.

FAS paid out grants for the benefit of individuals totalling £90,951 during the course of 2023, representing 160 cases (average of £568 per case). This was very similar to 2022 (£86,150 granted to 169 cases – average of £509 per case).

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 £63,597 (2022 - £50,544) supporting 80 Fusilier cases (2022 – 73 cases) with payment going direct to the relevant caseworking organisation. FAS donated £25,000 (£25,000 in 2022) 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

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of The Trustees For the year ended 31 December 2023

Donations made by FAS to external charities (including ABF SC mentioned above) directly supporting serving and retired Fusiliers totalled £27,000. Welfare grants to our regular Battalion, reserve Battalion and Army Reserve units totalled £13,000. FAS continues to offer cognitive behaviour therapy (CBT) via Leafyard, which can assist people (in our case serving soldiers, veterans, and their families) cope with various mental health issues by guiding them through several self-help exercises. FAS purchased a further 500 tokens in Sep 23 at a cost of £6,000. 429 tokens were ‘in hand’ as at 31 Dec 23.

FAS spent £23,629 (2022 - £24,089) with UK Service Matters (UKSM). As a recap, 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. UKSM offer focussed information, advice, and guidance (IAG) on benefits, housing, employment and other matters vital to our veterans. In 2023, UKSM continued to engage in about 48 cases per month, of which about 40% (20 cases) result in direct FAS financial assistance, but with the other 60% of cases (28 cases) involving IAG assistance, with signposting and referral to statutory bodies, such as local authorities, NHS and other charities. This IAG intervention via UKSM is a valuable addition to FAS services, and one that the Trustees are pleased to continue this support into 2024.

FAS received a grant of £4,000 from the Worshipful Company of Cordwainers, with the stipulation that £4,000 is spent on MH awareness training for staff (First Aid Mental Health (FAMH) training). This money was used to train one individual in FAMH – he will then be available to assist in training others. This, combined with our Leafyard offering, has greatly assisted us care for those with MH issues.

£1,800 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. We also invested a further £7,760 in a Living History project (involving the recording of oral interviews from veterans of various Operations post WW2). £4,279 was spent digitising all Regimental Journals from 1968 to date. A further £4,279 was spent in 1H 2023 to complete the project. A further £8,000 was spent supporting our museums, by subsidising their insurance premiums and assisting with other costs and expenses.

A total of £25,261 (2022 - £15,574) was spent on remembrance activities in 2023 to recognise the sacrifice of so many in the Regiment and its antecedents.

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).

FAS applied for, and received, a grant of £35,000 from the Armed Forces Covenant Trust Fund (AFCTF). This grant has been used to introduce Fusiliers Connect, a web-based app that provides connectivity, event management, news dissemination and other benefits amongst the entire Fusilier family (serving, veterans, families, adult Cadet Instructors and others). It has been designed to improve and modernise our digital platform to enable us to reconnect with our veteran and wider community. This will provide comradeship, increased connectivity, including face to face activity. It will further enable and foster esprit de corps, peer support and increased mentoring, as well as meeting mental health requirements. FAS has contracted with The Military App, a social enterprise, that designed, provides, services and operates the platform. The Household Cavalry Regiment is also on the platform and it hoped that others Regiments and Corps will join in due course, thereby enhancing the offering to the entire community.

The platform was launched on 23 April 2023 and is proving very popular. Considerable effort went into pre-launch activities and events, and over 1,500 people joined within the first 7 days of operation. The ongoing costs are expected to be in the region of £15,000 per annum, a sum the Trustees consider to be good value as it will become the digital hub of the Regiment for many years to come.

Donations into the fund for the year totalled £88,949 (2022 - £267,655 which included a large legacy of £181,559). The FAS Lottery, launched in October 2019, produced an income of £4,842 (2022 - £5,386). The One Day’s Pay Scheme continued to be well subscribed and produced an income of £62,862 (2022 - £61,090).

Page | 3

IMPACT OF COVID19.

COVID19 and its aftermath, had no effect on our operations in 2023. We have had to support our museums as their reserves had been diminished during the pandemic. With the exception of the museum co-located in The Tower, and the on-going financial support offered to the Bury Museum, the museums are expected to be self-sufficient.

The Trustees consider that FAS still has sufficient reserves to continue to operate and all aspects of the charity’s operations remain under constant review.

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 2024. There will be no significant 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 2024/5.

FINANCIAL RESULTS

The results are shown on pages 9 to 15 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, 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

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: 31 October 2024

Page | 5

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of 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 2023 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:

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 auditor’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 so, 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 misstatement 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

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of The Fusiliers’ Aid Society (continued)

Opinions on other matters prescribed by the Charities Act 2011

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:

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

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of 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 STATION ROAD, HAMPTON MIDDLESEX TW12 2BX

PB ASSOCIATES CHARTERED ACCOUNTANTS

31 October 2024

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 2023

Incoming resources
Incoming Resources from generated funds
Voluntary income:
Donations, grants and similar incoming
resources
Grant from AFCTF for Fusilier Connect
Grant from ATCG for Infantry
Investment income
Events and fundraising income
Total incoming resources
Resources expended
Cost of generating funds:
Property expenses
Events and fundraising costs
Investment
management
charges
and
custodian fees
Charitable activities:
Grants & other costs payable
AFCTF payments for Fusilier Connect
ACTF payments for Infantry
Donations to charities and others
80% One Day’s Pay to The Fusiliers Fund
Funeral, Casualty and Remembrance
expenses
Fusilier National Arboretum Memorial
Office costs and other costs
Total resources expended
Net incoming resources before other
recognised gains
Other recognised gains
Realised gain on quoted investments
Unrealised loss on quoted investments
Unrealised loss on investment property
Net movement in finds for the year
Reconciliation of total funds
Total funds brought forward
Fund balances carried forward		 Notes
2
3
4
4
4
5
5
14
6
8
15		 Restricted
2023
£
4,000
1,750
14,000
-
-
______
19,750
-
-
-
-
4,000
2,489
12,488
-
-
-
6,892
_-
25,869
______
(6,119)
-
-
-
_
(6,119)
189,190
___
183,071		 Unrestricted
2023
£
84,949
-
-
207,143
4,809
______
296,901
19,568
1,255
(11,301)
9,522
180,455
33,443
-
42,360

50,289
26,261
10,556
26,764
379,650
______
(82,749)
824,829
(492,698)
(80,000)
__
169,382
8,695,835
______
8,865,217		 Total
2023
£
88,949
1,750
14,000
207,143
4,809
______
316,651
19,568
1,255
(11,301)
9,522
184,455
35,932
12,488
42,360
50,289
26,261
17,448
26,764
405,519
______
(88,868)
824,829
(492,698)
(80,000)
_
163,263
8,885,025
__
9,048,288		 Total
2022
£
267,655
33,250
-
210,205
5,386
______
516,496
9,003
801
(12,856)
(3,052)
173,531
32,511
42,600
48,862
15,574
20,228
330,254
_
186,242
-
(1,003,105)
(20,000)
__
(836,863)
9,721,888
______
8,885,025		 Total
2022
£
267,655
33,250
-
210,205
5,386
______
516,496
9,003
801
(12,856)

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

Page | 9

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Balance Sheet as at 31 December 2023

Fixed assets
Tangible Assets
Investment Property
Quoted Investments
Current assets
Debtors
Cash at bank and in hand
Creditors– Amounts falling due within one year
Net currents assets
Net Assets
Represented by:-
Restricted funds
Unrestricted funds		 Notes
9
15
8
10
11
12
16		 2023
£
822
1,200,000
7,701,580		 2022
£
1,443
1,280,000
7,320,699
8,902,402 8,602,142
26,237
138,511
164,748
(18,862)
145,886
9,048,288
183,071
8,865,217
9,048,288		 10,073
284,339
294,412
(11,529)
282,883
8,885,025
189,190
8,695,835
8,885,025

The financial statements were approved by the Board of Trustees on 31 October 2024

and signed on its behalf by:

Major (Retd) R J Turpin

Trustee

Page | 10

THE ROYAL REGIMENT OF FUSILIERS FUSILIERS' AID SOCIETY

Cashflow Statement

For the year ended 31December 2023

Cashflows from Operating Activities
Net Cash Provided by Operating Activities (seenote below)

Cashflows from Investing Activities
Purchase of fixed assets
Purchase of investments

Sale of investments

Change in CashandCash Equivalents in theReportingPeriod

Cash and Cash Equivalents at Beginning of the Reporting Period
Cash and Cash EquivalentsatEnd oftheReporting Period
Reconciliation of Net Income/Expenditure to Net Cashflow
from Operating Activities
Netlncome/(Expenditure) for theReporting Period (per Statement of
FinancialActivities)
Depreciation
(Increase)/Decrease in Debtors

Increase/(Decrease) inCreditors

Realised (gain) on investments

Unrealised ( gains)/ losseson investments
Net Cash Provided by Operating Activities

Analysis of Cash and Cash Equivalents
Cash at bank

Cash heldbyinvestmentmanager		 2023
£
(97,078)
-
(1,895,817)
1,864,404

(128,491)
(128,491)
537,085
408,594
163,263
621
(16,164)
7,333
(824,829)
572,698
(97,078)
138.511
270,083
408,594		 2022
£
197,507
(1,320)
-
-
196,187
196,187
340,898
537,085
(836,863)
840
10,194
231
-
1,023,105
197,507
284,339
252,746
537,085		 2022
£
197,507
(1,320)
-
-
196,187

Page | 11

The Royal Regiment Of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2023

1. Accounting policies

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 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.

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

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

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.

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

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

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. 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) 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.

Page | 12

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2023

2.

2023 2022
£
 £
Donations, grants and similar incoming resources
Subscriptions 62,861 61,090
Legacies (unrestricted) 2,470 2,890
Legacies (restricted) - 181,559
Donations ( restricted) 4,000 5,000
Donations ( unrestricted ) 19.618 17,116
88.949 267,655

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 (2022 - £12,000).

Legacies

In 2022, legacies of £181,559 from the Estate of Dorothy Lonsdale Deceased Will Trust were left to The Lancashire Fusiliers Compassionate Fund. The Lancashire Fusiliers Compassionate Fund is now part of the Royal Regiment of Fusiliers Fusiliers’ Aid Society. The Trustees of the Royal Regiment of Fusiliers Fusiliers’ Aid Society have allocated this income to restricted income in 2022 pending legal opinion that the funds can be treated as unrestricted. The legal opinion is still awaited and the funds remain restricted in 2023.

2023 2022
£ £
3. Investment income
Bank deposit interest 1,706 137
Interest on Fund Manager’s deposits 10,303 2,331
Investment income from quoted investments 195,134 207,737
207,143 210,205
4. Cost of generating funds
Property expenses 19,568 9,003
Fundraising costs 1,255 801
Fund management charges (11,301) (12,856)
9,522 (3,052)
5 Charitable activities- Grants and other costs
Grant payable to individuals and others 184,455 173,531
Donations to charities and others 42,360 42,600

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 | 13

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2023

6. Office costs 2023 2022
£ £
Governance costs (note 7) 1,980 1,700
Accountancy fees 1,860 1,870
Depreciation 621 840
Bank charges 138 229
Travelling 11,045 10,066
Entertaining 5,646 218
IT support 5,474 1,613
Insurance - 3,624
Other 68
______ _____
26,764 20,228
7. Governance Costs
Audit fees 1,980 1,700
8. Fixed asset investments
Market value at beginning of year 7,067,953 8,071,058
Net cost of acquisition 1,895,817 -
Disposals in year (1,864,404) -
Realised gain 824,829 -
Unrealised(loss)/ gain (492,698) (1,003,105)
Market value at end of year of financial assets measured at fair value
through the Income and Expenditure account 7,431,497 7,067,953
Cash held by fund manager 270,083 252,746
7,701,580 7,320,699
Historic cost of investments 4,957,893 4,354,407
Market Value of Investments at 31 December 2023
Sarasin Endowments Fund Class A Inc 4,718,901 Units (2022 – 6,314,196 Units) 5,582,460 7,067,953
Sarasin Growth Fund - A Inc 1,936,569 Units (2022 – nil) 1,849,037 -
______ _______
7,431,497 7,067,953
9. Tangible fixed assets
Computer Software &
Equipment
Cost:
At 1 January 2023& 31 December 2023 £16,494
Depreciation:
At 1 January 2023 £15,051
Charge for year
 621
At 31 December 2023 £15,672
Net Book Value:
At 31 December 2023 £822
At 31 December 2021 £1,443

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements

Notes to the Financial Statements
For the year ended 31 December 2023
10.
Debtors
2023
£
Taxation reclaimable on gift aid income
2,409
Other debtors
23,918
26,237
11
Cash at bank and in hand
Bank deposit, current accounts and cash in hand
138,511
12.
Creditors:amounts falling due within one year
Accruals
17,512
Other creditors
1,350
18,862
13.
Trustees’ remuneration
No Trustees received remuneration or reimbursement of expenses during the year (2022 -Nil).
14.
Related party transactions		 2022
£
693
9,380
10,073
284,339		 2022
£
693
9,380
10,073		 2022
£
693
9,380
6,653
4,876
11,529		 6,653
4,876

During the year 80% of the One Day Pay donations receivable have been donated to the Fusiliers’ Fund, a total of £50,289 (2022 -£48,862)

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 2023 amounted to £1,200,000 (2022- £1,280,000).

16.Restricted Funds
RRF Memorial at The National Arboretum
At beginning of year
Received during year
Payments during year
Balance at end of year
Livery companies for Mental Health work
At beginning of year
Received during year
Payments during year
Balance at end of year
Grant from AFCTF for Infantry Connect
At beginning of year
Received during year
Payments during year
Balance at end of year
Grant for AFCTF for Fusilier Infantry
Received during year
Payments during year
Balance at end of year
Legacy from the Estate of Dorothy Lonsdale Deceased Will Trust
At beginning of year
Received during year
Balance at end of year
Total Restricted Funds		 2023
6,892
-
(6,892)
-
-
4,000
(4,000)
-
739
1,750
(2,489)
-
14,000
(12,488)
1,512
181,559
-
181,559
183,071		 2022
-
6,892
-
6,892
2,500
5,000
(7,500)
-
-
33,250
(32,511)
739
-
-
-
-
181,559
181,559
189,190

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