Charlty Reglstratlon Number: 2746B9 1ST THE QUEE_NIS DRAGOON GUARDS REGIMENTAL TRUST REPORT OF THE TRUSTEES AM) FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1ST TIIE UEENIS DRAGOON GUARDS REGI￿￿￿TAL TRUST COI%TENrs Page Company Inforniation Annual Report of the TTU5tees depend¢nt Examin¢rfs Rq)ort Stat¢ment of Financial Activities Balance Sheet Cash Flow Statement Notes to tbe Financial Stslements 8tolO Ast The een s Dra ental Trust Guard5 al and AdministratSv¢ InforD￿tion Chxrity reglstration ￿￿￿ber. 274689 Truytees: AFJ Ro¢ Colonel PJ Andrew5 OBE FDS Rosicr JD Beat￿￿-HIrd DA Warn M Ashtey-Mill¢r Brigadier AS RitI￿Ond OBE (Ex-Offi¢io) Colonel TR WLl&on OBE (Cbatrmm) (Tettrtd May 2(r23) Regimental Secretary Trnst S¢cretsry ML Hawbn HB Searle R¢glstsred oftrlce Q[￿ Home Headquart Maiudy Barracks itchurch Road Cgrdiff CF14 3Tr AccoUUt￿ts Ttstez Accountancy & Bookkeepillg IAd Charter¢d Ac¢ountants 34. Fairoak Road Cardiff CF24 4PY B4nker8 Lloyds Batiking GTOUP PLC Ciry Road Cardify Pag¢ I LEEf4'S DRAGOON GL.4RDS REGDIE)TAL TRUST ANNUAL REPORT OF THE TRLSTEES The Twstees pre8ent their annual ryort along with the fill￿￿1&1 Stste￿￿ts of the chariry for the year ended 3 1 March 2024. The financial ststements have been prepared in acconlanc¢ Tvith the accounting p)licies Set out on page 8 and comply with the requirem￿t$ of the Cbariti¢s A¢t 2011 and the Trust Ikd. Constlfvtfion of the Trust 1st The Queen's Dragoon Guards Regirntsl Trnst (QDG TnLSt) w&8 COtL8till￿ed as an LmillWEK)rated a880ciation by Deed of Settle[y￿1 dated 31 October 1977. A revissj T￿￿t Deed executed on 24 October 2016. It is a registered charity. number 274689. Thc Trustees durillg the w were Colonel PJ AndrC￿ OBE, Mr AFJ Roe Ichainnall), Mr FDS Rosier (rEtiml May 2023), Mr JD BeatsoD-Hird, Mr D A Warner, Mr M Ashley-miller the Colonel of the Regiment Brlgadier AS Ricl)rnond OBE aud Colonel TR Wilson OBE. ObJe¢ts of the Trust The QDG Trnst Fund, the income thereof, is to be used to promots the efficiency of tbe Regi]Th¢u¢ for the relief of need of all past and Present Members of the Regim¢nL or its predecessors, attd their Mryves and Wido￿$, alld for the ad￿.8￿¢t￿ent of education ill respect of the history of Éhe Regiti￿lll. Trust¥es' Responsibilities Statement The Tn￿te¢S are re8pollsible for preparing the Annual Rq)ort and the financial statmenls in accordance with appliGabl6 law and regulations. The Charl￿$ conststution and charity law requires the Trustee8 to pr￿arE fAnan¢ial statements in accordatLCe Utlited Kingdom Generally Acc4)ted Accowiting Practice (Urrited Kingdom Accounting Standards and applicable law). The financial sthiements are required by law to give a true and fair view of the state of affair5 of the Chtirity. as atthe end of the fitjallcial peri(yl and of the surplus or deficit of the Charity for that periLKt tn prep￿ these financial sratements the Trustces are required to select suitable A¢¢ounting Poli¢ies alld theD apply co￿*15t¢￿tiy. make j￿gEments and estin]ates that are reasonable and pn￿ell( giate whether appltcable uAlt￿ Kingdom Arxountillg Standard5 have beell followed (wbje¢t to ally ￿￿terIal depamwes disGlosed and Qwlained in the finall¢￿1 statements) and prepare the f￿ancial statements on a going concern basi& unless it is inappropriate to presllme that the Charity will Continue in operdtion. The Trustees are respotLsible for n￿intaining ad￿Uate accowiiing records wbich di9close, with reasonable accuracy, at any time, the fu]awial position of the Clw xnd enable them to ensurc that the financial statemertts eomplyM4th the Charities Act 2011. They aTE also respollsible for safeguarding the assets of the Charity anit hen¢e, for taknng r¢&SQDabl¢ sty for d PJEvention and detection of fraud alld other irr¢gUl￿1ti ReTrieiv of the year The Tru8te¢$ have cotllplied with the duly in Stttion 17(5) of the Charkties Aci 2011 to have due regard to the Clwity Conm)ission's General Gukne on Publie Bettefi¢"Clwities and Pubh"c Benefit" During the year, the Regiment's reduced level of operAtioTMI deploY￿ellts allo•wed till￿ for a higher level of activities that ctsuld be SUp￿rted by the QDG TnL8L Ancludillg Team Cohesioll a￿1 Adventtwo￿s Training. The pjinoipal grant to th¢ Regimeni lllcre￿d to £53,370 (£48,494 for 20221.23) plus an Additional £12,043 eKpenditLwe on the mainrenance of heritage assets that are on loan from the TIlL￿ to the mes￿8. The Tn￿ receive detsiled 8ix.monthly repcTrrt8 frotn the RegimeDI on how ¢be grant is siKnt. £16,737 wa5 disbursed in benevolence grants during the year, mdinty to Regimental veteraw. At the end of th¢ year dL¢ Cl]arity had total of £3.761.621. illcludillg restri¢ted fiuKls of £1.565, attd £1,174,463 in heritage ￿sets. Page 2 Annual Re ort of the Trustees continued Reserves and Investfftent pollcy The Tn]stees have agreed a reserves alla itivestment policy. wbich is reviewed annually. The nlain policy is for the QDG Trust to be able to fimd its normal activities through its annual income, which is mostly derived from its investh)¢nl inC0￿e and the one dals pay scheme. In addition the Trnstee5 wish to maintain a reasonable contingency re%erve that is invested for long term gro￿ but could also be used to fund a benevolellce call that might result from a significant event. The Trustees are mindful of the uncertainly in illvestment markets aTLd Consid￿ their casb holdings as part of their reserves policy review. During the year. markets recovered from their poor shOwry[￿ ill the previous year. The perfomiance of the boldings of the BlaekRo¢k A￿￿ed Forces Charities Gro1￿ & Income Fund was a little disappointing although tbe level of distribution w25 increased and the QDG Trust received a signficant improvement in its incorne from inveslmellts. The Trnstees receive regular upda￿S on th¢ir investtnents from BlackRock and believe the medium risk profile 1$ appropriate. The Bla¢kRock Fund maintains an tncome reserve that has a healihy balaTEce and the Trusiee5 do not consider that there is a material risk to the expecied iTh¢otlle in the shon io njediutll term. Risks The principal r￿sk within the QDG Tnjsi is considered to be the heritage assets that are loaned to the serving Regiment. There are repised procedures foi their 8udii and maintenance that have been agreed in cooperation with the serving Regiment and utilissng resources available from the QDG Heriiage Trust. As Doted in the previous Accounts, substalltial damage to tbe silver collectioll on loan to the Officers, Mess was previouyly identified. Responsibility for this damage has been admitted by ESS, the subsidiary of Compass Group that manages the Officer5, Mess. Nearly all the damage has now been repaired and ts unlikely to result in ally significant cost to tbe QDG Trust. The Trustees collfm that the QDG TnL8t's assets are available and adequate to fulfil the obligations of ihe QDG Twst. The policy of the TTUStee$ is to build up sU￿1¢ien1 reserves to enable the annual grant to the serving Regiment and the Bellevoleni grants to be wholly paid out of in¢ome. There are no long-iem grant ¢ommittllents or other liabilities that migbt pose a risk to the charity. {&. L(. 2tst Approved by the B(Trard of Trustees on .......... AFJ Roe Chairman of Trustees Page J TE OFI OON I report on the fiMKiaJ Statern￿t$ of 1st Th¢ Trfft ts tk )rar e[￿¢& 31 Matth 2024. whi¢h are s¢t pig¢s 5 to 10. A$ the Cknritgs Tr￿￿te¢s yw are resP￿¥ble of th¢ fin•￿i￿t statemcnts. )Y)u W[￿1ll￿￿¢ sEt4￿rt below. IndeptndeDt St*ttwt l) which givcs me Tefjsottoble to ￿lIeve that in WVTtthtsial re5p¢i* tl* Te4wir (a) to kw amjnting re¢trd8 in aca*da1￿ with 130 ofthc M. aThl (b) to pr¢wdre fiDaThcial sthtenietts whith with re￿rd8 axDply with &(xyJulltin8 requir¢ments oftb¢ AÉX h&v¢ not ixeThTThet' 2) to whith ID MY(piniTh￿ attenti￿ sh￿dd IK thawn ID Irderto uthble a trorm Un&¥s￿dIn80f Delxbrlh Mary Swotbrg&is Bst FCA T¢sterAet0￿t*1￿y& Bookkeeptng IAd Chartered Ar1￿￿[tant$ 34. Fairoak RIWL Cathay4 CwdiffCF244PY 1ST TllE UEENTS DRAGOON GUARDS REGnllEIITAL TRUST STATELIIENf OF FDIANCIAL ACTIVITIES iDeludill K THL YLAIi 31 MAtiCH 21)24 2024 2024 lJnrestrScted Resiricted 2024 Total 2023 Total Fund5 Notes Income from: Donation8, grants and legacies: On¢ day pay 8¢h¢rne dollAtitsns Other donations Af,ci,-I' Conlle¢t GTaDts ABF Grdnt- s￿ Delana 41,093 18.470 7,000 41,093 18,470 7,000 31.328 5.U41 26,250 Investtllent8." Interest on cash on deposit Dividen&% on invc$tttben¢ 1,251 1,251 91.437 255 86.273 86,328 92,688 Other.. A4$0¢iaiion $ubs¢riptiort$ Contributions to veterans, events, special occHsions etc Shop ul¢$ Me&$ Fund 5,209 17.513 8,407 5,209 17.513 8,407 6,615 17.3 l6 16,238 266 40.435 co 190 38(1 190 380 192 1182 Charitahlc activitie8 Other eXpelldItt￿e 134,909 14.829 149,738 1,565 136,474 14,829 151J03 132,347 31,729 164,076 65 Nei in¢om¢l(¢xp¢nditure) 40,642 - 1,565 39,077 28,006 Net gaIn￿(l08$Cs) on iuYesim¢llts 43,574 43,574 (272,0151 Net l]A£omel ex endlture 84,216 82,651 (244,009) Fvnd balances brought fonvard 3.677,405 1.565 3,678,970 3,922,979 rr 3 761621 3 761621 3 678 970 The notes on Pf4ge$ 8 to 10 form pirt of thege fm4nciAI $t4tements Page 5 1ST THE UEEN'S DRAGOON GUARDS REGIMENTAL TRUST BALANCE SHEET AT 31 TrL4RCH 2024 2024 2023 Ntste$ FIXED ASSETS Heritage asset%- uDre.%tricted funds Investments unrestricted funds 1.174,463 2J80.673 1.174,463 2.318,263 CURRENT ASSETS Shop siock- unre%iricled funds Stock of books- Unrestrict￿ funds Advance paymenis- unrestricied funds Cash at bank - T¢StTiCted fund5 Cash ai bank- llnrestricted fund5 28.993 2,928 8,000 24.824 2,928 8.000 1,565 151.177 188,494 168,814 208.735 CREDITORS: AmouDt5 falling due withiD one year: Benevolenl Grani% a¢crned Sundry Creditors 2,250 2,2501 2,250 2.250 NET CURRENT ASSETS 206.48S 186.244 NET ASSETS £ 3761621 £ 3,678,970 FUP4DS: RESTRICTED FUNDS 1,565 UNRESTRICTED FUNDS 3.761.621 3,677,405 TOTAL FUNDS £ 3,761,621 £ 3,678,970 The note$ ots p#ge$ 8- 10 for￿ part of tbese financial $tatemeNts AppToved by the I .iees on and signed on their behalf A.F.J. Roe Page 6 RAGOOli GUARDS REG CASH FLOW sfATEMENT FOR THE YEAR EhTIED 31 MARCH 2024 21124 21b23 Recollelllatlon of net incomel(eipendi￿rE) to et cash flow from oper*tlng *¢tlvltles: .Net in¢oJnd{expcnditure) for the year Dividcnd5 and intere8t from investtn¢nts Los5¢sI{gain9) (pn inYe5tsnents Ilncreaseydecrease io Heritage &ssets (In¢rease)Jdecrease ill debtors (Increase￿d￿rEw shop stock (In¢rea$¢Ydecr￿e in stock of books InLrca8el(decre&se) in ¢r¢ditors 82,651 192.6881 143,S741 (244,009) (86,5gÈi 272.016 (8,0551 (4,169) (9,467) 450 Net ¢Y41h flow provlded byl(used In) op¢rxtlDg x¢tfvllles (57.7811) (75,593) Cash flow from lJ)vesting 8ctivffities: Received from Sale of inveslmellts Payments to acquire investments Dividends and interest from investmettts Divide[￿5 re-lnvestcd (25.0(M)} 86,528 116.677) 92,688 (18,836} Net ca8b tlow provfided by investiDg aeti%i¢ie5 73.852 44,851 Cbange In cgsh gnd cAsh equivalents in the ye8r alld cash equivalcnts at start of the year l6,Im 152.742 (30.742) 183,484 Casb and cash ¢quiv8lents #¢ the end tsf the y￿r 168114 152,742 Cash and tash equiv#lettts at 31st cotisists of: Cash at bank IW14 152,742 The notes OD pages 8 to 10 forn] part of these fiDsncial 5ts(eEthents Pago 7 1ST THE LKEN'S DIL4GOON GUARDS REGLMENTAL TRUST NOTES TO TUE FLNANCIAL STATEMEf*TS YEAR Ef+lDED I MARCH 2024 UMMAKY OF SIGNIFtCANT ACCOUNTINC POLICIF,S Ceneral illformatloll And ba818 of preparation of r]n4ll¢ial $tat¢mellt$ The ¢Jwity ¢otwitutes & pubb"c benefit entity as de[￿ed by fRS 102. The f￿ancIal st&tell￿llts have been prepared in accordance with Accoullting and Reporting by Charttics.. Statement of Re¢owmend¢d Practice applicable to cl]arities preparing accounts iti AcLordatt¢e with the Fill￿¢141 Reporting sts￿dard, &pplicable in tlie UK and Republic of Ireland (8ORP.. FRS 102}, i58u¢d on 16 July 2014. th¢ Charities ALI 2011 and LfK Generally Accepted Pwti¢¢ as it applie$ from 2UI5. The finallcial ytalements are prepared on gl going conccrn ba8is and under the hiytOriLuI L(>st convention, a8 modificd by the in¢lusion of Inv￿t￿ettts at tllarkei value. 'I'he sigwficollt accounting poh¢ies applied in thc prcparation of the fwancial statements 8r¢ yet out below. Thege policies have been con8igicntly &pplied to atl year8 pregented. Fulld8 Incon￿ and expendi￿re arc includcd in thc fuwi¢i¥418tat¢m¢nts on an accrnali b&8Lg. Rcstricted funds compri&¢ of d(TrrMtii?ny that have be¢rt reeeived for 9pecific purposes or hav¢ been subjeet to $pecitic condition8 imw8cd by th¢ donor. Unre8tri¢ted bJnd¥ tnay be used at the discretion of the Trustees in t￿￿ther4￿¢¢ of tb¢ ¥enerai objeLuves of tkn Lhttrily. llerll*ge assets A collection of herit&g¢ consistin8 of Regimental paintings, silver and other art¢fa¢ts, on di8play at thc Officcr4' Mess ol'the Reg1mL￿( w&¥ donatcil ¢u ib¢ Regirrtetstal 'l'ruyt on 18 January 2013. Th08e of thc w￿Tant {)[ri¢￿.*, and Ser8eat)ts' Mess were &imilarly donal¢d on 21 May 2019 and thc Corporals, Mess 00 I l Debetnber 2020. It 18 expeci¢d that additinns will bc a r¢%tslar oCCu￿en¢e. Thc insurance value ba8 been used for the acquisition attd the Trustees are of the opinion that these h¢ritaye assets have indefmite live5 and ther¢forc dcprcciation is provided on thet The Trnyteey r¢vi¢w Uie vulu¢ of thc hcritasc aB8cts whcrc thcre is evidence ot imp&irment. whe￿ it¢ll)s are bought for Collectio￿ they are valued at ¢osÉ, wbere applicable. ltsvestmellts InvcstmcnL%, mat￿ged by BlackRocK have been valued at nwkel price by th¢ Fulld mallage￿ and arc Showi in the Balance Sheet at this value. Cball8es iti market v￿ut &re re¢ogni4ed as gainq or losses in the Statement of Financial ALtivitie8. Reytri¢ted Tr'ut)d8 Fuuds are restiicted (uttds if tbey are to b¢ referved for eKpenditl￿¢ for 8pe¢ified PU4K)b¢S. Thc rcstrictcd funds shown in th¢ accounts is a fijnd set aside for expenditure on ben¢voleDCe. Page 8 1ST THE UEEN'S DRACOON GUARDS RE AL TRUST NOTES TO ThE FINANCIAL STATLMkTr4T AR ENDED 31 MARCH 2024 2 EXPENDITURE ON Grant to l$t The Queen's Dragoon Guards: Priticipal Grant to tbe Regiment for the year Incidental additional grants tt) the Rcgimcnl 53,370 48,494 Total gr&llt to the Regiment for the year 53.370 48,494 Benevolent grants. wreaths alld funeral cost3 paid EXpe]￿ltUre on veteialls, events. 8p¢ciul oLcasions etc Christmas bamp¢rs Advertiging & Sponsor8bip8 Regimental Jour]Jals DoDatiU]Lq Mess I,uJid contribution M&intenattce of Heritagc a&gets Bad debt WTitt¢n otT Co¥t of shop sales Governance eosti: Accountun¢y le¢8 Inder¢ndent F￿a￿1￿c¢S fee8 Se¢re￿8 HonoTArium 16,737 22,304 11,460 370 9,610 300 600 l2.043 22,763 17.451 127 673 8,479 150 11,844 6,000 11,366 4,680 1,625 625 2,750 1,625 625 2,750 TOTAL EXPTr;NDITURL ON CHARITABLE ACI'lVII'tEs 13fjA74 £ 132,347 'HD:R EXP, IRF. 20 21123 Sub¥criptions Postag¢ & l.T. Intcrnet QD(T cOn￿¢t Bank chargey SundryexpendiDJre 370 2,688 318 7,000 172 4,281 370 2,224 318 26250 189 2,378 TOTAL OTHER EXPKNDrruRE 14,829 £ 31,729 4 HERITA ' SSETS At vaiuationlcost (8ee note 1.3 on page 8) 2024 2023 At start o£year Pu￿baSed in year At CJMI of year 1.166,408 1.166,408 8.055 8,055 £ 1,174,463 £ 1,174,463 Page 9 1ST THE UEEN'S DRAGOOF* GUARDS REGLiILYfAL TRUST NOTES TO THE FLYANCIAL STATEMEYTS FOR THE YEAR ETriDED 31.MARCH 2024 TrTSTMEwrs BlaekRock A Forces Charltlt8 Growlh and Incon* Fllnd: 2024 2023 Unlts Aecouttt L¥umber 0004386136: tncome units Markei Value at sthrt of the year Purcbases Incre&8d(decre&8e) in value 849.133.022 .842,965 2,035,871 25,000 217906 1,842,965 33.776 1,876.74E 849,133.022 Accovllt Trlutnber 0004387522.. Accwnulation ThDIts MarkEt Value at start of the year Accumulated digtributioDS Increase/{decrease) in value 109,663.190 475,298 18.836 9,798 503.932 512,730 16,677 109,663.190 475,298 Total M8rket Value at 31 March £ 2,380,673 £ 2J18,263 Page 10