THE ROYAL SIGNALS CHARITY
| Trustees' Repor and Financial Sttements | ||
|---|---|---|
| Year Ended 31 December 2021 | ||
| Charit No : 284923 | ||
| Content | Page | |
| Reference and Administrative Information | 1 | |
| Repor of the Trustees | 2-7 | |
| Independent Auditor's Repor | 8-9 | |
| Statement of Financial Activities | 10 | |
| Balance Sheet | 11 | |
| Statement of Cash Flows | 12 | |
| Notes to the Financial Statements | 13-21 | |
| **.' ** |
THE ROYAL SIG14ALS CHARITY REFERENCE ANO ADMINISTRATIVE IMFORMATION R•glst•r•d name: Ch•rity r•gl8tratlon nwnber. 284W23 Addre•• of the prlnclpal offlc•: Blandford Ffflim. tlorset. DT118RH Tru$to•s Cryrate Twstsè: The Royal Tntstee Lin)ited (RSTL) Pdw¥J as DireLI(Ys of RSTL. as if Tntstè•s: General TG Inshaw CB Genernl D McDcwaM CBE mBi Gfjne J StLoe CB CBE Bwier RJ Cr BrvJather EM Flint Jather TJP Wats OBE Coh)nd MC Broces ADC Lwtwant Cok1 JM PKton QC Warrant Offwxr 2 MC Fbtton from Seplember21Y21 l Janry 2022 Staff SefW JM Fatiaki relired: 10 29 Wember 2021 to 31 Deceth 221 DA Cra Sl Jaffles How. & Jamtss Styare Chettenham. Gester$hIre. GL50 3PR B•nk•rn LW Bank F< Cox aTrJ Kiry Branth 39 Piwlly, Ltymlon, W1V OAA CCLA Investnrt MJwgement Linited 85 Queen Vthia Streel. LthI, EC4V4ET Soli¢l¢orn Wilw$ Sowtrs LLP Salisbuy, Wltshwe, SP12SB 10 Cmd Burf"D*M Slreet, Lonth. W1S 3AG BR( InveslThth Mwwemenl (UK) LinNted 12 ThrOlOn Aver. Lcffidon. EC2N 2DL Troy Asset lA•)agn¢nl Limiknd 33 Da8$ Stre6L Ltyxlon. W1K 4BP
THE ROYAL SIG14ALS CHARITY REPORT OF THE TRIJSTEES FOR THE YEAR EMDED 31 DECEIIIBER 2021 The Trustees present rep¥yt 8ThJ tho fin101 ofthe CharAy for the year ended 31 Decerrthr 2021. The ffinan¢ial Statements have been prepar&J in wilh the wxwttitvJ pOrS set out in te 110 the financial stalemenl8 arn1 C wilh Ihe Charilvs Tftl Deed. the Clwthes Act 2011 and AmniiThJ and Reportwig by Charities.. Statemenl of Recommered Practsè applicable to chaiities Fwwing th aCCots wi xCtydan ¥Alh tho Fana81 ReI1g Slalards apiCle in the UK ¥nJ RepLli¢ of Ir41•)d (FRS1021. The Roy81 Slgnas Ch• IRSC) dryed its frtyn Thg RO cr of Bene4rrrt Fund (RSBF) on 16 Thè Roy4 Slwls Charity is a registered dwly urthr a Trust tleed.. registraion number284¥23 datsd 13 frAay 1982. The Charity CommissiLm scheme was amen on 8 May 2012 a3 The Royal Signals Trustee Lwnited IRSTL). a norK81itabie fmited by shares. tecame the Cuwaltr Tntstee of the Chanty replaung abl the pleOuS Trustees of the Charity. carried wt by RSC If0MrtY RSBFI. This arrangement fLmaSed tiiing 2015 with the ¢on8litution of RSA being adopted on 14 Mar¢h 2015 and RSA was re9Ste wilh the Cliwty C¢)mmi$sion with RSTL as its Corporate Tnjstèè. The Chlty C0mnMssM is8 8 UnrfAvJ t)rnSi1 in lknmter 2015 linkiig RSA lo RSC {fmrty RSBF). Diréctors of RSTL effeclivety ad as il ltrw tAere ihe Tnjstees ofthe Charity. and thèy are rèf8Tred to as Tre Ttee8. in this rep(l and the actompanyirwJ ststements. Try are appointed by the Master of Signals (Chaimian of the Cwps C(XNKifJ. Th& Trustees are famliar th of thg Charity thr their seryice in Ihe Royal Corps of &gnals. Addilionally an in¢kntion pa¢k comprising Ihe gove drwnents, slatement Lrfaccounts and a copy of the Chity Commission's lid¢& Yh$ Essential Tnjstee.. What You Need to Kncwf aThJ olher suth documents are giNn to The Trustees aim to foll (knity so¢lor INactice aThJ have familiarise(l themselves wth the updated version of Ihe Charity Go¥¢manc& CfyJe1lhe'Codel. They (w$ler that th& Charills governar framework 81igns Mth much of the Code. The TrtJstee$ ha¥e be8n briefed the Confthratrm of British Services and Ex.Swvic8s Organisation5 (Cob$) de Memoire approach and Ihtr diarity p() in irithl trials ofthew .repOty to)l. The ljoard have agreed to 8dopt this appro. SInKtU and Manag•m•nt The Roy81 Signals Chanty is the ofthe Rtyal Ass18 Fund. the Royal SvJna18 OffKers Fund and the Royal Sign$ Corps Fund wthith Sepe Chwitable Twsts. Under the above ment)ned Twst The Tnjslees served by a nuthr ofcommitletis that ¢ wyerj by temis ofreference and thar9od vrilh discrete objectives as folky•ts.' The Royal sIs In51ituliffi Cwn(il str. wofessi1 sooal links bgtween the Royal Corps of &gn8ts, Pfofess¥)nal bothes and th relevant aw$ of defence, in order to fosler the pSSiOnal well eiThJ ofthe Corps and to ¢Lffitr¥Jte to the ofthe de¥wy of Inftymakn Communiratior Servicos within Defen and Securrty. The Royal Swal$ G•ne$ Club Royal SwJnaL8 Yathl Ckjb nle swrtwwJ and a(TrMturous adivitss. There are also management and ffire commiitees for ts Headquths Offws, M8ss. Warrant Officers The Trustees agree the stratmf f ts Ch¥ity grant makirvJ. MYthtm•nL rnserves. risk management and approval of bwjgets. Grant makry illin the apwo%J W És delegth to the thairs of the rxmnm1itS. The Royal Signals 3¢[ 1$ an ind8p&•knl vtiith 15 rel8ted as a result ofcompthentary Clte8 and adiviw. The Trustees have agregj to suppKxl Museum ffinara1ty. see rb)te 1410 the finan081 $tatemenls. The Charfty 18 a mentsr of Cobs80 arKI has thse r¥king relali0rhIps I1h othw dwities.. Army Benevolent Fund {ABFI. the Soklters. Saih)r5, Awmen FaNlies Associats- Forces Help ISSAFA-FH) and Th& Royal Biitrsh Legion (TRBLI. SSAFA.FH and TRBL do **ffare casvwowk M b8halfof the Chty.
THE ROYAL SIGNALS CHARir( REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 st¢r& #nd Man•genrt Ic¢ntiThd) The day lo day m8nagement oflhe Ch•ity is ddegd to DA Craft {Ciw Seuetsryl vtho Can be cJ)ntacted al Regimentsl Headquarter3 Roy81 &gnals. Griffin House. Blandlwd Camp. Blandlord Forum. L)orset, DT118RH. He is assisted ty the Sènior mana9errt Team". LIeUtent Coknd S Llj (Assistant Corp$ Secretary), kneulenant Cojonel P Osmtsnl (RSI and MJ Fislr (Corps Aex4yJnknt). The first tsvo are Ministy of Dofence Civil Seryants and the last are emFthyffts ofts Clwity. wK>se rernw is Set ty referenrh to ert CMI Service Grades and maFket rates of pay. Oblectl¥ts aThJ Acllvltie• The obpcves oflhe Charity set the g)vemlrg $ther are: To promote and mantain the phy5Kal effio'ery a1 morale ofTl Royal c of Snals. To rolieve eilher genwdly ly ofdL¥wkn. . or loHn, the folky4ring WI are in condilions of need. hardship or distress,. past and SN1 SWJ?1wS a1 ltr¥fan depwdwts: •d the famdiès and of deceased SWIWS. of n8lers and Ih•r dets. The mS ofthe Charity are.. To fund Ihe a¢li¥ities ofts 8wvKwJ and relired me ofRoyal Siwth. Ihal attract no w onty paitial nding from the MwNstry of Dèfence. in order to fostor eifecv8nes3. leanThr, frtness, professior developmerf, coNadeship ¥rKI eSt de C$. To prowdo granis for de8er¥irvJ weltse cases that ar•T•lih thg of the Charity. actbvibes for the Y resuFt fmm dem iUin Ilw to $wport ts acwlies ofthe seThryng nMbr¥ of Grant Makkng PoJl¢y Applications forwelfare grants are juiw on their rIlts. 7hlth need being Ihe most sigimficant fador. There 4 no mil set on the amcJnl on benevolmiihin year. Grts up lo £1,500 are 0)nsere oleclronicalty ng Cobseo's Case Managemert S. Grants in supp)rt ofolher acliwbès that fall wtside the delegated dS sthirfted by th& r8101 cmwtteo to the Corps Secrètsry the Trt fortheir consK1erat. depeTrJir#J on a range Offaors ¥¥thith amow some dèlegation of 8utlJority. Ifthe sut1$8 is partrty $irfAnt L¥wld in¥ofve a maDy tange in poly it cOd be referred lo the C(w CourKil. B[ets are set for al expendilure othw sp8ofict• btyond th880 lyJets. they can b6 exceedfyj rf suilable cases made. Achl8¥•ments and P•rformnc• Acti¥lt professio developmenL all of contritxrte to the effiLyenry. èffecivwffj$s aThJ moral& of the Corps. It is equally import8nl to thrtise the a¥blity offirwxial ass1 fr vtho we aTrJ makwwJ to deser¥ing The Royal Cw of sial8 was in 1920. To celgtnte the Cwrtenary mary speo events aTh1 tlI188 togetherwilh specialty erte8d r¢yJline m were planned for 2020. HLVwr, th& restrict*)n$ res119 frcrfn li Coronavirus Covid-19 paThJ•mic prevent most of these this c(Mlinwl thrcwglmyjt 2tr21. Page 3
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Acttvltl•• {conlnuodl The costs of the canlled events and aLa1¥1 lIten off in the finanaal statements forthe year ended 31 Decembef 2020, aSnng thai these cOd be recovered or caThied fopKard kn futwe use. The sponsorshlp. grwts aThl person81 cLtributi¥ 8tlr3(aed fof these re carried forward to 2021 on the b8$is thatthey may have to be repaid. A few oflhese events and a(liwlies pkn in 2021. a few costs have been TeimbJrB&l and a fv grants have teen repad but the maith have agawi been ca11 forwwd it12022. A hh pTI)wrtN)n olthe 8thnbJre tralIJ. yatht (Jb KI 5 acbyibes ewld not lake pe becal ofCrNi&19. resultiThJ in combined costs of £229K compared tothe c4JningJ cost in 2ff20 of £318K. The Royal Sign$ Insblulkx (RSI) cfyinue(I to prty1 kvofessal i¥el0 ofth& Officers and Soldier3 ol Ihe Royal Signals. semng and retred. Desyle CovJ 19 restrickns a ful prograThne of events Ikdures. workshops. an annual seminar and an annual Lonth)n aThJ Flace. corp sponsorships had been r1¥ in 2020 and, due lo the byw activty n Ihat year. rolle(I forward into 2021. The RSI cJ)rrtviued to re¢ognise the academic. profesSical. engineering and cperaiKfflal excellence of Ihe Cp5 by presenting a signiknnt number of awards in the r. The totsl ¢xBI of benevoknl wthe was £265. (2020.. £339.64n incknfirvj ovetheads dwectly attributable lo weware. Within Ihat fJU £42.29)12ff20". £41.7X)) tKas paid to (Aher thwities similar obiectbves. for their swport of 3ign8llers. The number of bengfi¢iws (excluding Chrislm8$ grants) in 2021 was 2991376 2020). These totals in 2020 and 2021¥e rebati¥ely Irm. mainty because dwiTrJ ihe CovMk19 lockthy. casvwcthrs making fthver sIts in siwwt of applicakns. M4or gr8nts (grarts of£801 up to Iho of £1,5()) frcth th¢ Ctrwity assist Tmlh the w1n ofelethic s¢ooteTs, level ¥c8s$ stKNMS, grants to replace housew items such as Carts ortAthte goods. grants lo carry out urgent pwrs lo IKJuse$, grts priority debts SLth a$ nI and utAthes. grants for mObty aids S) as riser chairs, stair lrfts. grants to assist ith re-trairdng and remcp4als aThJ ren&4 bJs. The Truslees are fflosl gratebj to the Wellare Officers n brath ofihe Royal siaL Assoaation and I ¢aseworkws of Soldt8rs. Sailors. Ainn and Families AssocialioTrForces Hdp {SSAFA.FH) and thè Royal Briltsh Legion IRBL) fty thé èn¢mw IXYthb that thty m8ke ltr¥ds the lf8re of sètwing r¢th"rèd Signallers and the dedarts. Materlal InVwtM. Pollcy and Performance Alvarium Investment (UK} Lvnrtwj {irthpwNJw vNeslryth ¥d¥1) ovgr¥l stralegy of the portfolio and athse on iThJi¥idu I1(S aThJ (Wcumstsr. The inves1n prAy continues to be to maximl$e relurn al modvjn risk ovgr tm. 67% oflhe insd potlfolio rem8ired itrMn the Amwd Ch•e$ Grfy**th 8 Ino)m• Fund m8n8ged by BlackRock Irweslment Management (UK) Limited. ihe remain1 33% was hdd in Troian's. shares fd of Tmy Asset Man8gement Limlted. Total di8nd income amourrt¢d to £2fj0,004 {2¢)20.. Q74.015}. £6.127 {2020: £21.1091 arose from lMalIfig units and so was aulomalicalty rtrwNested. and frcrfn the lts £253,877 (2020: £252.9(} arose in cash. T1? galns of £1.130.8S712020". £582.664) arose frcmn the Investrwts in ts yeor.
THE ROYAL SIGNALS CHARrtY REPORT OF THE TRUSTEES FOR THE YEAR ENtED 31 DECEIIBER 2021 Fln•nclal R8¥l•w Total income afflounted kn £1.307,801 I220. £1.249.848). subsCryb iThJtiased to £735,(5 in 21 from £709,294 in 2020. Donat• anw)urrted to £79.661 {2020: £1.770) the differerKw¥s mainty due to the Y1CM)for10tY camgn in 220. L8gacies Ot £6.350 arose in 2021 I220.. £38.170). The pri1paI lunding wce continued to bè ts lLmtary subs(¥1&KS of 110% of a davs pay a yearfrcTh the members ofthe SeThg Corps. olf$ subsuibe a fvrthffi 80% of a davs paywthith is u$8d SpeCifty for officeffs O¢tivities. and Warrant Offi¢ws aNI Serior NoTrCcrfnmi55bxed Officers subscribe a fvrlher rn of a dals pay is Ld lo fvnd improvements lo Ser9es' Messes aTrl their s(Kial •ryls. The TAtee8 are most gratefijl to the serving Corps for their coniinued sup T¢)tsl exwdilure 8mwrted to £1.313.LTr>312020: £1.566.076). Thg Co¥i&19 0)ntinu to Significant distorfion lo the usual patt¢m of expe. Welfare 9ronts in 2021 aThwnted to £245.773. in 2020 the totsl w8$ £>JO.794 and in 2019 il was £375.186.. the reduction8 were pri1palty because SOLyal makiThJ feT visits. to Cld19 restriclicffis. These rostrsclions &wsed lew 8POrtin9, adventure training afKI olh8r iVit$ to take place. SFtsts gmups were encou[8 to use Itir underspent budgets to impmve their eqimptrtht. In 2020 the c4st of Fiaising fvnds Ind £94.471 kn the ate Proitrx 204 rr1C fesbval.. during 2Q1 £19.8 d8posits were refunded. Incc¥ne of £20,339 arose Ir(xn 2020 mertKJratilia. huwever a provtsion of £27.500 was m&Jt against the unsold stoc ofcentenary bcs.. Exlra rwved £78.8W Income arose frcrfn RSI Corporate SF)nsors. vhi¢h inckK18d 2020 recapts ro¥ed forw¥d to the Very low adivity in Ihal Before gains on invesimenl$ the defKil for tt year was £5298 (20. defKit £318,228). Afterthe irNestment gains 01 £1,130.857 {2020: £582.6641 Ihe total ofthe Ij balan5 was £12.947.186 (220.. £11,821,60n. At the end oflhe yèarlhe unrestricled Cwp8 anKAmted to £4.3)25 (2020: £3..146) and the lot•1 of restricted funds was £8,646.841{2020." £7.855.461). The Charity beneffts from stsff costs tAwledng 1$ p8wJ tr bythe of Defence. as pgrt ofthe COntritrlOft lo ewit de COfPS. These canTr)t be nan1ty eLted. Fundralsl All fundralsing ac11lIeS for th¥ charity are cale(l (Krt by v(Aunt•8ts assIstse frcAn ¢hgrity staff. The tharity do&$ not uso professional funthaisws or have arry c(rfnmer¢ial wopators. The Royal Signals Charity treats its respmthihty IrdS su¥ in (ircurnsLKes Twith thts utmost importance and ow fvndraisers are pro¥ided *ilh and supwl lo he r•sWl apprcyrialely to any irnlividual thoy consider this Th¥ght apply lo. No ctywlaints relatiThJ to fundr8ing tI¥ll hwe been byts dwiity durfrwJ Ili8 perknl. However, the tharty h8s in pkn prcteths that be follcmed in the event of a complaint being received Trth the init181 resportse being the respwsibilty of the cp5 Seuew. Any o)nliThiThJ issues ¥twkl than b• passed to the Twsiees lo detemiine lthat fijrthef ftmght t required. Public Benfft The TFustses havfj paid due regard lo the Chanty Comrrdssionerfs guKJ8rts on pubknc benefft in da¢KI9 vthgt acbvilies the Chanty shoukl gjpwt LY undert8ke. The Charity pull bgnefft by enhanang the morale aThJ effi¢ien¢y of semng semce pers¢Mttwl to more effeth¥ely perfm fvir role within the Roy81 Corp$ of SLqnals. SUPFMybrffJ comradeship within the •Jer Corp$ f8mty {regar. reserves relired). provNJiThJ benwcloncg 10 indNiduals and their farTh1$ %bwe there is neey. Taking the Charity Commi58iorfs gifidance into oJns¥kn. thTleS are sthfd that th public benefft requirements ha¥8 tn met P•3& 5
THE ROYAL SIGNALS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIBER 2021 Rlsk Managefflent The Trustees have eyaThne(l the operational and business risks and ojnffinn Ihat SleMS have b9en èstablishe(I lo manage these risks. A risk management plan has bè8n establis1d is re¥ivwed regularly. Th¥è are Measu in place lo ent fraud aThJ theft. to ensure the Ftysical security of data and buddings aThJ to maintain busir continuity. The management tl rok Invest in rdalicrfi to the mthl is out ty RSTL and is explain8d in m(Ye detail later in tIMs re[. The Trust¢e$ have identifd stralegc iisks Cyxj o swere Inw on both inc(rfne an(U(Y expenditwe, a8 follows.. ama1gmll ofts seNvvJ c wilh ther so thal nK)St ofth is kist. rther reduthon in th& sÉi¢ ofthe C$ under fyjture Strategic Defence aTrJ s¢rity R8ViV4Va. reduction ift SLJPPhYt of the Ch¥ity by rwnoval of th& Pers(ne1. prewises fftfraslwuthr¥ pro¥idgd by th• Mini$lry of Defence. and. pernnent redudKJn in veStr1 1¢$ and inc<>me eirj wacty. These risks c8n be mtyated by mainlaring sufficaert Reserves to aL¥iknes to Cx)nUelsee Reseryes Polw btrltyw). The Covid 19 pandem arose in 2020 aThJ contmued in 2021. iih the resulbng"b¢iJtyvns" of the cJ1)try and th8 eo)nomy. Whilst there are potsnlial extra ¢osts redwX)ns. there are also siwthc•)t pOtWla7 t>)$t savings due lo redLKed adith. The prfnapal source of irKome is mcythty s$1#(£727kI froffl the Crent members of Ihe COTPS, by ¢J8dudi¢)n from thew sabaries. this rs Lnlikely to be affecled by the PareT. Th¢ se0dary source is invesiment income {£260kl wtrmch is assured by the reserv pc4w of Ihe win(ipal Wwestr1 used. Casual donalions am unlikoty to exceed £11J)k In a year, Ithch is inswfKanl c•rtexL be Imghty varIe L1 would rk)t be irwled ty the p8ndemK. The main paThJemic iisk to the ch&ity wld be catastJopkn NNestrnent losses. Ttr In¥estsnwt p1[0110 is split betrfftn different fvnd managers ilh differerf If cTh ofts fvnds VAS totally frxtinguished. it is hNY unlety that be as The Twstees thi not that there Is a Signifrt iisk lo the Chwity as a GcAThJ CwHn. P¢ll¢y At cwr8nt18¥els ofa(vity the Chlty needs an in¥wtr¢ retwn gains) of knut £590K lo ffet ils rLJsls. At an average r¥le of of abcrt 5% this suggests Ihe need fry an ¥w•s1 pthkl ofaroU1 £12M. at rats of rebjm of 4% the pcrftfth ¥wukl need to t nèaty £15M. As mentioned 8bove. th& Trust identid stralegic iisks that can mitYJo1od by hdding reserves. They have calojlated that an afflnt of (r4er £2M li athfrtion to thal menlioned at be needed to ¢over Ihese iisks enabling orying ccYnmitments to t frjlfilled. This gr * invesbnent larw of betsveen £14M aThJ £17M. At 31 The Free ReseNes (unrestricted and S3n31ed) ank)unW to £4.198K12020.' £3.857K). whth would be sufficaent to meet the 8hort Iwm resull$ offv rdents risks. see Note 13. The Oesiwwled Fund$ amOted ¢0 £102K12020". £109K). and the RestriL1ed Fw¥J5 totsw £8.647K (2Qtr. £7.85W. see Ncles 12 aThJ 13. The R¢wTves Policy is therefore, to albw funds lo oxtinuè to xcumubate. whn slUS irNe8tmerl otum arl8e8. In the event thal afty strategic risks ise befcye SLfficgent reser¥es have been 0mated, I has been pIed Ihal the charity wouhj uce the SUPF#Xt il give¥ to Morale Efficie (bLrt not Wetrare). Pl•n8 for Futur• P•rlod• Tha TnJste8s plan to conbnue swport for the •divili&s outlned aboye in the coming years and Icrf)k foNrnrd lo beiThJ able to 8UPWt fulurg 6xpenilure pla knile to ¢h)s•ly both the n08d for benevolence and the perfomwnce of investments. The Trustees wll dosety ith the head of the serbing C<¥ps to m8inlain or mwrove the level cl¥durkny subsciiph InMe from 01TM$ sc4iers. They are also implemenling an èxpendilure review. The Trustees inlend that some oflh8 speaal centen (2020) events adivilies thal were Prevented by the Covhj. 19 paThdemic, or comparatde 1•71s. may stim bo cwried in 2022 with the SUPFJt of the Charity; Ihe prevk)us bjdgets being rolled f(w*d. Page8
THE ROYAL SIG14AL8 CHARir REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 DECEAIBER 2021 The Trustees are SponsI1)le for weparing Ihe RewNt of the Trustees and the finarrial ststements in accordancè V•ith applicable law and UINted Ki)M Generalty AcceFrted Acojunting Plac {United Kirydom Ac¢ounb"ng S18ndards). The18w [Cab to Charities in Eryland Wales requires the TFuslees to prepare fin¥la1 statemwrts for eath rinancial yearvthich give a true and fair view of ttle state ol affairs of thè CharAy of the incoming rèsources an(1 applicatton of resource$ of the Chwty for Ihat rwod. in Ilw fr•rial ststements. Ihtr Trustee3 are red to.. observe the methcth and prncwes in the Charilies SIJRP" Make1geMentS and estimates that are reasorth and Fxudentr. disdo8ed and explaiwd in the fin8jaI 5tstents. prepwe the financi statements on the ccffKem basis esS it is to presu th81 Ihe Charity Vill cortinue in tr¥SS. Trus¢ees are re¥4)nble keepw adequate acrxwrrfmg rnrAxds that we #uffioert lo sh¢Av and explain the Ch8riWs tra[On8. dis<S)se ith Tea50nable ac£uracy at any time the fir1claI )SitIOn of the Charity and enable them to ensure that the financi statements comth ith the Charities Act 2011. the c"t1¢S {Acctsunts and Re8) R¢gulations 2Crf)8 and th6 Fxovisions of thg CW$ ¢¢Jnstsluti. are respOnse for s8fe9uardK the assets of Ihe Chwty and heFKe for tthng rea%Jnatle steps for Ihe pre¥enlion and d•t8Ction of frd aid or irregularithes. Approved by Ihe Tnkn and sIgd they behall ty. IC£L Major General TG Insh8w CB Chaiffjian ofThe Roy81 SvJnals Trustee L¥nited Date: 31 March 2022
THE ROYAL SIGNALS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR ThE YEAR ENOED 31 DECEMBER 2021 Oplnlon We havg a11¢¥d I financkal slalements ofTh8 Roya Swjnah Chwity ftre Chwiv) for fv y•gr 31 D¥¢embgr 2021 vthich comprise Ststwnent of Finanoal AClivis. Balance SheeL Slalewl of Cash Fkyhs notes to the finanaal statements, indu(rg slgnTrf?nI Unting Oioes. The financial framthvork that ha5 been applied in thew preparation is aFvlcable law and United Kingkn Ac¢Jxwn9 StsrKlards. indudw)g Finarrial Reportmg Stsndard 102 Thè Financial ReF1 Standard apF4cth in the UK and RepuLlic of Irelarnl (Urited Klrwth)m Generally Ac£epted AuntIng l>r8¢cel. In opirion the statements: give a tfue and fair view ofthe state oftt Cho1itI$ 8ffows as at 31 2021 of its irKome and expenditure. for the year then ended., . have been k)roperty prepared in accordance Tpath United Kid0M Generally Attepted Itl9 Praraic8: and Bash for ¢)plnlon We condurled ow audit in ac¢ordw Interri Stantsds on AuthbThJ (UK) {ISAs {UK}) and apF4lhl& l•. Our responsibililies under those slandards are fvrther de5uiW irt the AUth1¢S responsiblitS for the audit of the fvn¢1al $t8t¢monts sedion of our rep(rft. We are ¥bJeFernlent of the Charity ui a¢c¢ydarte 1h the ethical reqUements that are Tev1 to our ol thè fmanoal statements in the UK, indLwJing the FRC'S Ethical Standard, we have fulfilled ow other ethK resb1h m a¢AY)rdWrfh ttwe reqLMrements. We believe that the au(lit eyidence we hwe (thtiied 1$ sulftient aThJ appropriate to woNide a basis opwit). CM¢lu81¢)ns rollng to golng coArn In ali11j the fin¢181 jtstemerts. ¥ Ihat the trustse's use ofthe going oyKwn basi$ of owwnlkw in the preparalirM of the ffinarnial slatgnwts is 4yotwie. Based on the we have p8rfomi8d. have not idenlified arby malerial unc¢rtawibe8 relalir@ to e¥onts or conditions that. indmdualty or cnlle(vely. may cast ggnifi¢wl dcwbt on the Charitys ablity to contiThJe as a gokng ¢oncern a period of al least Iwefve nv)nths from when the fwwKyal slatenwnts we for issue. Our responsibil6$ and thè resp. ilies ofthe Tnjstees res to gwg Ix¥neem are do8thd th th& rnlwanl sections of this rewl. The Trustee3 ¥? resp$)1¢ for the olher informalicffl ojrtained wiihin the awKJal Teptsrt. The olhw infom)atfion comprises the inf(atrOn in¢hKled in the 8nnual rèpxL other than the ffinancial statements and our yK11t0S Teport thèrn. Our opinion on the fYbanu Stateme does not c))verthe othw information and, except to the extenl otherwise eyplKilty slateil in our r#NNt. not express fomi crfassu condusth thtreon. Our responsibility is lo read Ihe cther inf0mall wd. so. consmler the other inf0MtKIn is materially it1n51St8nI th the finanual stalements our obl81 in fv autht w otheN+ise appears to b8 malerially missta¢ed. If idenbfy $u¢h motoyial K(xisIsle?eS or apparent Mat¥ misstatements. we are requir&d lo dotemiine whethw ihis gives rise to a material rnisstatwMnt in Ihè finala1 statemetts themsdves. If. based on the work have perf0m. we condude thal there is a material misstatement ofthis tsthèr informalion. we are roqulred to rert that fact. Wo have nothing to re[ in ttM$ regard. Mottorn on which we are reqUIr to rewt ty •x¢•pll We have ncrthing to rep)rt irt respA ofthe folknhiThJ maltws kn relatK towlmth Ihe ChIlle5 {ACc4nts and Reports) Regulation$ 2CM)8 reryrires us to reFNt to you rf. in our (fin)n.' the inf0mtiOn gtven in the financial statements intijtent in ary material respect with the Trustees. report,. or Sufflent and Pro acwjnts'ng rectyds have not been kept by the Charity.. or the financial ststements are not in ajreement with Ihe accountsng records and luff: or we have not received all the infomiation and eXPlananS Vbe require for our audbt. Re•pon8lblllll•• of Tr1 As oxplain8d rrw)re in the Tntees. resp(¥&eS statemwrt set (wjt on page 7. th• Truslwa are sponsIble for the preparalrm of the ffinaThial slemMis and satisfigj thal ttw 9 a twe and fr vw. and for $u¢h intemal cltrOl as the Twstees determine is n¢¢sw to enable th• w•parat offmaTrial statements Ihat are free from matéria misstatement. 4thether kn to fraud or error. In preparing Ihe frnnaa statements, the Ttee¥ are responsble for assosskng th& Charit¢s abthty to rLJntinu8 a8 a going ¢on¢em. disdosing, as appkn'cae. maters rdated to concem 8Th1 us¥¥J ncn basi$ of accounling urless the Twstees eilhtr intend to tyMd*e ts Chartii orto cease opwatsThis. or have realistic alternali¥g but to do so. Page 8
THE ROYAL SIGNALS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.
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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income from donations and legacies, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, designing audit procedures to review the recognition of income from donations and legacies, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
Use of our report
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.
Crowe U.K. LLP, Statutory Auditor St James House, St James Square, Cheltenham, GL50 3PR
23 August 2022
Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page9
IXI ¢4 ¢D *0 ly ¢0 r In 111 jal )r Il I lili
THE ROYAL SIGNALS CHAIIITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 FIXED ASSETS Tongible Fixed Assets Listed Investments 714.079 12.035,519 716,523 10.898.535 12.749.598 11,615,058 CURREKf ASSETS Stock of Goo¢ts for Resale Debtor$ Cash at Bar and in Hand 37.309 107,119 604.978 74.036 265.279 416,736 749.404 756.051 CREDITORS: amounts f•llSng ¢k tlthln on• y 10 (470,3891 (468.127) NEf CURRENT ASSETS 279.015 287,924 Provision for Lirflibes Ch 181.447) (81,3751 NEf ASSETS 12.947.166 11.821.607 FUNDS Unmtri¢tsd: Dewgnated Funds General FundB 102,226 4.198.099 109,012 3.857.134 13 12 4.300.32S 8.646,841 3.W,146 7.855,461 Restricted Fund• 12.947.166 11,821.607 The financial statements awoved and athcrfisgj fLY issue lry th¢ Bo¥d ofTntees 31 M•r¢h 2022 S3ned on its behallby.. 7(lJ Major G•nwal TG Imhaw CB Chaimw ofThe RO &gn Trustee LKi¥t•d Colonel DA Crft SeLYetsry dThe Ral Signals Tvustee Lwniled Tho note$ on page$ 13 to 21 ftym portofthw stateN*. Py11
THE ROYAL SIGMALS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEMBER XJ21 20 2020 Net income forthe reporfwYJ p Adjustments for.. 1.125.559 286.436 14.180 25,9)7 1274.110) 1582.8641 {74.036) 86.303 160.684 (Gain) I Loss on thsml oifNed assets DivideThJs and interest from Int (GaTh) l Lo$80s on Ywestments Dècrèase I Ilnc¥ease) in stod( cl 9(J$ for res Decrease in debtths Ire&s9 in ueditors and pro¥isKw)s 12,5551 (260,(5) (1,130,857) 36,727 158.160 2.334 397.300 Interest diwdends Accumulating diVidts 260.(E5 16,127) 253.938 {6.448) 274,110 {21.109) 253,001 (62.556) 73.587 403.098 Proceeds of disposal of fued assets Ilet cash wovldod by In¥estlng a¢Jvlli•s 667,130 CharJ• In caryh and cash aw110 In the 188,240 269,830 Ca8h arKI cash ewvaènts tjrought forwd 416.736 146,9C6 604.976 416.736 P&Je12
THE ROYAL SIGNALS CHARI NOTES TO THE FINANCIAL STATEIAEiifs FOR THE YEAR ENDED 31 DECEMBER 2021 1. ACCOUNTING POLICIES 4. Bag18 of Preparntlon The financtal statements have teen in a1)Idarth ith Ac0xg and Reting by Charilies.. Statement of Re¢ommendad Praclicè applable to Chlli prq)aring Ihthr sOlts in accdanc% 7Aryth Ihe Finanoal RepOrtY Standwd apFAicable in UK and Repubknc of Ireland IFRS 1021. ts Fwwnrial Repryt¥u Stsndard applicAg in the UK and Repl1 of Ireland IFRS 1021. and Charilies Act 2011. Tlw have been prepared under the hi8torical cosl ¢onvenlion the èx¢epty) of Investments al mkd vak. Royal Signals Chaiity m¢ots the deffinrfton of 3 wblic benefft entty under FRS 102. sntinue lo believe Ihe gthJ b8$is ofa>>yJtilvig is k¥ep0 nn fm8nrAal slments (see Rssk Management in the Trustees. Rewi. page 6). b. Tanglbl? Flx¢d AM¢ts and DeprKialion He8dquarters Officers Mess assets tere raUe0 at 1 Janu 2015., this was deemed to be historic cost on tran5rbon and therefore asswned revalued gcAng kwd. All oth¥r assets tr)sting more than £5W aw ¢#wts6ed at cost. As eyplained in 7, historic assels to 1 tsiuary 1934 not been capitalised. Deprea'ation is appl (m a stratght line basis Cab)jFat to lIe off eath asset over its eslimaled useftl life and potenti81 imp81m)ents kepl reviw. T res ofdepre0 are as follows: Headquarters Offiws Mess Bands Regimentsl Headquartèrs ffixtures and fft Yacht Club - small bo and dinghs D8Watiati' is not (8rged in tha year ofaojuis1l. De[xeU is not ¢• on histor assets as the resJu value 18 consiored lo be than the Trying TAk. Assets w¢ ¢ont¥vwsty wtontial iryairmpnt. ¢. Inv•stm•nts. In¥o•tm•nt Income and Galm Invèstmènts arè held in thè BlaCkR(. Am8d Forc8s Chwits GftyAth & I1oMe and Troy Asset Management, Trojan's. shares. Tlw are valued at the tid wice wevaliThJ at the Balance Sheet date. Investment historic cost is Ihe average cost per uimt wrthas¢d LY the martet vak th donated ortransferred. Diwdends, othw InsIm •d jn¢(xne fr¢m cash dwits are a¢c¥)unted fcrf 7Atsn Ihg Chaiity 1$ enlitbj lo 15% 33% 15% d. Taxatlon The enlity is a rngistered Chwity aThJ. as 8u¢h. dainstsx ex•KNlS from al its Unled Kingdom {rOme aThJ gain8, properfy apFdied for its tharitable purp)se8. InDJrne tax reo)vwable represents tax is reo)verable respect of tsx credits from dNtdends reci¥alo from gft aid subsuiFlwJis w whith tax has been paid by the subsryiber durin9 the year. e. Fund• Restricted are amounts whi( have been earmarked by the dtsrhxs tr speufi¢ purposes. Unre5tri(ed fvnds are expendable at the tscre1)n of the Tnjstees. DesvJnated fwds are UnreStrted funds set aside by the Trustees for $peufK pwp)Ms, trArt ty rwn8in at trir (se• nole$ 12 8r•J 13). t. In¢om• Income frun donatiM. fundf8ing aNJ 8¥a)t8 are &tsyJ)ted for ffi 8 recws t¢Si8 urlèsts ino)me ill be reNed and its value can bo mea ith rthbilty. Those fIS provkled fora spec4fic pu)Se are taken to a re6lri¢ted ftjnd. For legactes, entilknnenl is ta 8$ the earkn oflhe d8te elher. Ihe Charity is awa th8t pwobate h88 tjeen granted. the es&e has ten fmalised and nolificab'on has been made by the execuknls) to ihe Charity that a dislrityjlion v•ill be ma¢Je. crf when a th$Irxrt• 1$ re¢elved the estate. Recpt of a b8gacy. In or in part, onty considered probatAe the wnount can be measwed reliy the Chty has been notified ofthe eortorf$ inbntJn to make a distr1trt. Subsuiptions represent volunlary cthributions recei¥BJ IrtY from seMThJ members and annualty from retired Offi1$ of the Cwps )Unted forvts) r8ceivo. g. Grnnts Payable and Dlrect Char5table ExpeThllture Grants paid aThJ direct expeThJiiure are accojnted fi)r the Iwbility is establtshed iih the third paty. TW are a1118 to p*lttd8r cost relates to that a1¥ aThJ in trdanCe wlth the obiectbves of the Chaiity. Pwje 13
TfrIE ROYAL SIGNALS CHARirf NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1. ACCOUNMNG POLICIES (C¢nUed) h. Support #nd Sharnd Costs Support and Shared Costs ¢)xnprise experKlith rruryed dre( in SUFPJI of charttsble obiethves and are attritxjtable to the Charitys actsvities. Governance costs repre8enl wofes$x)nal and statutory fees and other costs in(yJrred in nrning the Ch•ity. Try albxated to in to thwr ull1s9ti.. l. Sto¢k of Goods for Re8ale Stock of goods for resa are vaw at the ltyr of ¢(t aThJ net mksable Value. l. Debtor8 LegleS recebvable, lo5 other d8tAors we Tec(wised at the settlem•rt amount due prep8ymwils arn ¥abJed al Ihe am¢MMrt weFwJ. J. Crndittsrs Creditors plA$lOn$ are recogmsed wtwe the Clwity has a ws•n¢ obl9a1 resulb'ng fr(Yn a pa8t event th81 11 probatjy result Ml the Iran$far offunds to a paty and 8mwrt to séttlè the Obligat can be measured or estimated relw. Provisths arè discounted to net present ue as Ihtr drference V•K)ukl be immateiia lo the finxial statements. k. Flnanclal In8trum•nts The Charity onty has fThncial assets and fotxmies of a kind ihal quabfy a5 basic firwKial knstrumenl$. Basic finan(xal instruments are inthlty rocogni5ed al transa(aiM subseip• mea5wed at the settlement value. Investsnents at f va•. i. crftlcal a¢countlng judgeMts and key sourcos oleslmtion wrtali PreparatJn ofthe finan¢i ststements reqleS management to c(61r any S1tJgern&nts and estimatas where necessary. Apart fr(xn (IyeoKM), there are no items in the f181 slatemS Vthew $i9nfficanl I IMCOME FROM DONATIONS AND LEGACIES 2020 UnrestrKknI Funds Donalions SLJbSuipli$. One tws Pay Legatie$ 39,831 308.17T 675 68.365 2,671 19,085 384,141 Restricled Ftsnd$ Donation$ Subscription8- 0 Dals Pay Subsc¥iption6. Retired Offic4s Legaaes 68,385 406.813 5,810 19,085 $1)0,093 418,805 6,083 5,675 472,393 Total Funds DI)naticS Subsuiplify)$. One Davs Pay SubsulpliS. Rdirod Ofkws Legaaes 79.1 726.982 136,770 703,484 5.810 38.170 884.234 821,076 subsuiptlo from seNing mwnbws ofts Corps are oJleoed underthe.one Dals Pay. Payroll GNtng Scheme. These are th)nated entrety ¥dunts1Y by the servmw members ofthe C. UThler aen.5 Reguloiions {QR 5.613) the first must be applled to Wellare purp)5es. Soldiers, subwp1 are 110%. WaThant Officers and SenKK Non£ommission&J Officers {SNCOs) subsuibe al 140% of a days basic pay per annwn of 30% is used speaficy for Sergeants. Messes. Officer¥. $ubxry¢ions are 19W of a days bas pay per amum 80% spearalY in support of Officers. actY4ilie8. Relired Officws, sub6aiptlS are v¢lunty and * a of £10 a year. Legacies are accrwj for rflw We ndified as being receivat4e before the of th8 yaar. elther at Ih8 value aduamy received or estimated from th8 dekls ofthe ests t*1¢d by Ihe exeC¥S. Page 14
TTrIE ROYAL SIGNALS CHARfTY NOTES TO THE FIIIANCIAL STATEIIE14TS FOR THE YEAR ENDED 31 DECEMBER 2021 3. INCOME FROM INVESTMENTS 2020 UnTestrided Fd$ Gros$ tkn"dénd$ Intsre8t tl¢poslt Aco)un 89.493 22 97.941 35 Reslrided FLmds Gross Dl7ldend$ Inte1 on D8po$it Aints 170.511 176.074 60 Total Funds Gross Dividends Inl&rest on Depo AoyrtS 274.015 95 61 274110 4. INCOME FROM CHARITABLE ACTMTIES 2020 Unreslricaed Funds RSI Events and Adver11 RSYC Charter Income RSYC Profit on th8FW 15207 3,600 3,497 2,555 R¢$tri¥Xed Grants Olher orgls0tn$ Oisp03al of ReilurKlant Ccrfps Si1we RSI Events aThJ Adverlisements 87.893 343 94.7 44.035 8.550 11,410 10,190 74,185 81,282 188.337 21A.099 Total FJ$ e5. EXPEIIDITURE ON CHARITABLE ACTivmES 2021 2020 UMe8tridetJ Funds Grants Payablè aThJ SrtIrj Sailing A(fvenlurg Tranin9 Messes, Pleritage aTrJ History Other AstanCe to the seThing C Bands 107.768 26,409 9.711 110.LJJ) 112,374 40,661 123.693 110,(K)O 70.261 14.532 11,365 14.372 9).517 50.175 14.385 40,7 42,567 28.154 RSI events. a*drds and Wire Magazine Reunions and olher costs Supwt and Shar8d &)sts C(xps A¢llb#S 86.228 17.421 57,512 19,155 522.614 674.020 Page 15
THE ROYAL SIGMALS CHARITY NOTES TO THE FINANCIAL STATEMEKfs F¢)R THE YEAR EMDED 31 DECEIIBER 2021 5. EXPENDITURE ON CHARITABLE AcTInEs Iconunwd) 2021 2020 Restrict&J Fund6 Grants Payable and EYpeTrthre Wellare Srthir Saling Adventure Tr8iniTh3 Messes. ltage Histc Other Assi8tance to the seThiThJ C Events and Actlye9 28s.l8 78,ff 339.647 34,035 7,S)O 113.262 22,439 16.897 15,551 67,932 RSI events. awartls piiNishry Officers. Dinner & Social Wwe Mawne 5.168 10,190 70.216 46.879 Support and Shared costs Welfaro Veterans 23.800 31,733 39.e67 26,130 20,726 27,635 28.730 779.624 792.506 Total Funds Grants Payablg aThJ Expothre Welfare srtirj Sailry Adventu TralnlThJ Messes, kkntage and Hi8t¢Ky other AssistarrE to the serying C BaThJs and Display Team Events and Activitses Corps prop maintenance and ejy01 RSI evènts, 8wards putlbsh Offi¢er8' Thnner & Social Wire Magazine Reurions other costs Support arnl Shared costs Weff8re Veterans Corps and Officer pd1vit5 339,647 146,409 40.661 131.193 223.262 92.7(Kl 14.532 185.768 9.711 172.085 75.545 11.365 29.936 108.&58 180,725 5,168 58.179 46.879 52.757 98,370 20,726 27.635 92.056 47,885 31,733 105.895 43.551 1,302,238 1,466,528 AA grants ore lo INrd pwty •KI madg for tr bengfft of both 8thwYJ arnl retlred membern of the Corps {Regukn and Reserves) aTrJ faMleS. The Royal SI1$ InstitulK)n (RSI) fosters wofes$K th Ctyps. relired Co and their close colkagues in Defence and Industry. Welfare Grants indudes paymenls to cthr th¥llS fvjr the furtherance of the Charity$ 0tyeth¢s.' Amiy Benevolent Fw various nwsing hom8s with ex R¢y81 Synal$ rnswjents 7.250 6,750 Page 16
TTrIE ROYAL SIGNALS CHARir NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 6. EXPENtMTURE DISCLOSURES 2020 shar Support Co8 unrestrted Funds 49.970 8.869 625 44,037 IT Support And Equi1 Costs Postage Bank Char98S 839 1.180 145 361 Total Shared Support Costs tr¥¢t Cwps Adminlstrallon eA).293 2.761 52.$07 2.242 RtnC1ed Funds 81.529 14.470 1.021 71,849 10.289 1.368 1,925 237 IT sUprt Equyment Costs Postage Bank ChapJes Totsl Funds 131.499 23.339 115,886 16.595 2,207 3,105 382 IT SupFYt arnl Equipnnt Costs Postage Bank Chapjes 1.232 Total Shared Supwt Costs tAre¢X Administral 158.e87 2.761 138,175 2,242 161428 Attrlbuttrj to: Urntricted Fwds Coryjs Fund Restncted FdS Offe[S Fund Walfare Veter 54.749 47.j 41,452 8,290 35,926 41.254 161428 uNestri( Fijnds Stsff Co•ts Wage8 aThJ Salarfes Socral Srity Cosls Penslon Srtme Costs 82.212 7,912 2,624 2,738 Depre¢iation Chaw fly the Ye Restrtcted FLmds 4.721 10.351 Staff Costs Wages atMI So181ies Sc¢ial Slity Costs 193,618 15.014 5.076 186.856 12.159 4,665 203 700 D•prnclatlon ch for th• Y•¥ Totsl Funds 4,171 3.829 275.830 22.398 7.814 259.560 20,071 7.309 Sccial Security Costs 8,892 14,180 P•>17
TTrIE ROYAL SIGNALS CHARITY NOTES TO THE FIIIANCIAL STATEMEMTS FOR THE YEAR EI41)ED 31 DECWER 2021 6. EXPENDITURE fASCLOSURES {CorM One empee eaTrd £60.OCLI nKxe12020". No Tho averag& number of èmpbyees in Ihe Was4 time (220.. 41 4 part tim8- 2.5 fUme wuNants 12020.. 4- 2.5 fulktime ewivants). The Charity ben8ffts frcrfn staff ojsts. athniiM$trotp arn1 IxibSTh3 runr¥ng rxffjts wd for by the Minislry d Defe, conlribuliNJ to •swil de (t. It is n( wadilal lo quknfy suth costs Certainty. 2021 2020 Unrestricted Audit Legal Fees Investment Adw¢e Trustee E¥penses Trustee Meebngs Trustee Liatilty InSWe 6.240 3,040 7,622 1.394 39 820 911 8.418 Reslri(tsJ FthY$ 9.612 9,360 4.S59 11,432 2,090 59 1.230 Legal Fees Investment Advice Trustee Expenses Tru$lee Meetirys Tnffjteo LiAIty 12.626 Total FuNI$ Audit Legal Fees Investment Advice Trustee Expenses Tntsteè Meth"ngs Trusteè LiJilty InSUrae 16.020 2277 21.044 1.474 476 2260 15.600 7,599 19,054 2.050 of were paid to third parlfios. Key Personnel No TnJ3lee (2020.. None) reNed any remuneratJn or berfft from the Fthj tr any Related Parties. The Regimental Se£tary. the Assist&rt Re9Nnent S¢• 8rKI the Ccffifflunicabcrts Officer are emF4oyw of the frpdnisty of 08fgnce. HorKxawms Tre at a total cost to the Ch• of£20.28112020.' £10,040). Corps Amin¢anl aThJ RSI emt)yees dthe Charity at a total ¢osl of £126.86212020.. £118.844>. 7. TANGIBLE FIXED ASSETS HQ Ythck Bands Tdal Cost I t)8•n8d axt At 1 January 2021 Additions Cost of Disposals At 31 December 2021 Accumulaled DeFwalion Al 1 January 2021 Charge for Year Eliminated on Disposals Al 31 D¢¢¢mtw 2021 Net Bwk Values At 31 December 2021 AI 31 tYecemlM 2020 380.(m .873 7.718 10.135 5.212 816.388 6.448 (34,391) 788,443 {34.3911 35267 370.111 7.718 15.347 20.716 66.470 3.188 134.3911 35267 7.813 1.153 99,863 8,892 (34.391) 74.364 951 24.316 5,815 370.111 368.875 1.13 2.854 6.381 714,079 716,523 339.284 3.188 P4e 18
THE ROYAL SIGNALS CHARrrY NOTES TO THE FINANCIAL STATEMEiifs FOR THE YEAR ENDED 31 DECEMBER 2021 7. TANGIBLE FIXED ASSETS (¢tyrnd) HQ Offws Hthiic Regwnerrtal Cost I tleerned cost At 1 January 2020 Addition$ Cost of Di8POS818 At 31 December 2020 360.(MXI 309.173 180,825 31,933 888.795 62.556 (132,) 816,386 {111.16n (21.798) 380.(KiI 368.875 7.718 89,658 10.135 At 1 January 2020 Charge for Year 17.116 89.4 8.677 (11.6731 28.090 119.154 14,180 {33,471) 382 (21.798) At 31 DeCeMr 2020 Net Bo(A( Values At 31 December 2020 20.716 86.470 7,813 99,863 339,284 368,875 3.188 716,523 ' The assets are kept (xinb"nuw8ty uryjer re¥ivwfor #MpaYmenL Ho•dquortern offira 14e#• A wofessional valuation in 2014 ofth• flIlure in the Headquarters Offxs Mess totslw £M),[A. al ofwhkh are assets for vthich the risks and rewards bekng to the Charity. This was doned to be historic cost Lm transilK)n therafore assumed not revabA fo. Hl¥tOflc ABsets ReliatAe cosl wrfomwtion is w)1 available for hi8th) a8#¢t$ wAred prnr to 1 Janu 1994 whh hab not been capitalised. RecEnt valuati of $lvenvare aTrJ pIng$ in the Heathwartws oifKers Mess tdalled 0r £1.25 million and other I1108 re assessed in the yew. &nce 1 JUary 1994 hIsto assets have been Blandl)rf GalSOn Church £22.365. the National Artwrotum Memori £22.186 and S*¥er Artwyks £325.1 (2020: £324,325). (Jepr)tKln is not tharged on historic assets as their ledual Tduo Ks to be ligher than wy¥¥J vthe. 8. INVESTMENTS. USTED 2020 M•thet Value at 1 Jan Athjitions Disposal Proceeds Gains In year Market val at 31 D¥¢omber 10.898.535 6.127 10.697,880 21,109 {403,098) 582,664 10.898,5 1.130.857 12. Histo Cost 9,409.597 9.403,470 Held in:. BlackRock. Armed Forees Charities Gr(A¥lh & Fwrtl Troy Assgt Managemert Trol.8 shwes 8.058.585 7,359.226 3.978,934 3.539.309 9. DEBTORS 2020 Subscriptions Loans Other Debtcffs Prepayfflents 8.016 57.578 10.009 36.014 107.119 191,768 14.853 265,279 Debtors do r1 1le any tkn yw. awt trom Loans. Pap 19
TFIE ROYAL SIGNALS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 10. CREDITORS: wnourts fallng du• ¥Athln )n• y•v 2020 Balance wlth R•lated Enbli8S 131 Security and Olh¢r Tax•s Balances held as Agent Isee rnte 1• Other Creditors AcLtuals Deferred InoJm8 and Prnvisi( Brought foThYard frcrfn y Used or rgpaid in yeof ising in thè year 151.731 7.884 24,493 31,805 32.420 126.175 48,913 25.085 20270 240,180 (90.445) n,321 222,056 55.795 148.695> 233,080 240.180 11. PROVISIOMS FOR LIABiunES AND CHARGES 2020 81,447 81.375 12. RESTRICTED FUNI Gains £ Welfare & Vderans FuThl Offwrs. Adi¥ils Fund Sergeants. Mes8e$ Fund Oisbanded Units- PRI Fund Oisbanded Units- Officers Messes FLThI Oisbanded Unils- Sefgeants Messes Fw Other Cory)s Ad¥4ty Ine received 5.163.S11 420.870 2.09).729 254.015 147,298 54.170 ).931 75.$46 27.446 1397.621) P25.410) {43.1491 123.9431 535.778 143,459 15,282 S,722,538 2262,793 173.601 371.948 85,090 30,871 1.784 7.760 2,785 91,397 831.280 191.397) 81,520 7.855.461 741.620 Welfare & Vetetsns FuThl OfflS, A¢9 Fund Sergeants, Messes Fund Disbanded Units- PRI Fund Disbanded Units- Officers Mosses Fund Disbanded Units- Sefgeants Messes Fund Other cOS Athty In¢£¥ rnd expend in year speofic wrrrf) 4.915.W 4S8,388 1,993,344 174.946 173.7 $5,181 337.722 8.885 71.781 27.377 1478.6181 1156,9421 (92,3251 <13.9431 {2.LI} 12.CO)} 287.751 73,381 9.475 18.487 3.921 1.407 5,163,511 2,090,729 147.298 350.931 75.$48 27,448 51.725 7.526,181 750,431 374.402 7,855.461 Restrided Fw¥J$ arlse inoyne re¢eNed fry 8peoW rnw8es and we held sep8r8tety expended. Weffaro 8 Vetsram Fund . This Restrided Fund seryes rwber5 ofthe Cwps. fostering comr•Jeship aTrJ prO¥Ing wellare sup(1 to those n ted. It roc01$ donaion$.1894¢i&s. oThJ other vdurtsry irKort that have been ¢anvassed knwelf¥e pU¢e$. n receives from ts Arny Benevolwrt Fwd to augment, on a casethby-casg basis. the EWare grants made. Welfare W aTrl costs are 41itdly by"On• Days Pa Subsuiplity)$ as described in Note 2. {51.n5} 95.553 as dlnners. Offic¢rs' Messes arnl other costs speuknlyknthe benefft ofOffKws. Swgeants. M•s8es FWKI. This Fund rtter4es 0fsubsu$. descrbbed in I18 2. for Sergearts. M88SeS' Improvements and olher costs S[r7 for the benefit 01wt oifttrn and SNCOB. DISnded Unit8 Funth . These Fts arise from disbaThJed lts and are held to asstst V+ilh the Jrniation of n units and for morale •)d effi¢ienw purposes simdar lo the men obpcts of Charity. They may not hv•Rver be
TFIE ROYAL SIGNALS CHARir IIOTES TO THE FIIIANCIAL STATEMEKTS FOR THE YEAR EMDED 31 DECEMBER 2021 13. UNRESTRICTED FUNDS 1 Jarmw Tmskns Transadons 31 D8c•nt¢r Designated FuThJs 101.597 7.415 109.012 3.857.134 3,9e6.146 101.597 629 Corps- Yacht Club offsh Acc¢unt Trtal Designated FdS Corps. Gonaral Fund {6,7861 6.786 102.226 4.198,099 4.3.325 334.179 334,179 2020 Designated Funds 101597 7,549 101.$97 7,415 Corps. Yxht Club OffslKYe Acctsjnt Other minor replacemert Funds To¢al Designated FUNJS Corps- Gengrol Fund (134) .365) (7.499) 116,511 109,012 3.912.479 {62.8441 3,857,134 4.028.99) 62.844 3.,148 Designated Funds are Unresbicted FLmd$ that have be set aside at ihe discret)n of the Trustees. The Yacht Club Expedllion Fund 1$ an Vwendl grwrt that has been ad lo be carried forward and the Yacht Oltshore A¢¢wnt 8caJnKJlated tharterfees kn the use ofth• yachts. aThJ is L5sed fty offthre rxes and evenls. The transathon$ ofthe'Co$. GeTl are as Sh page 10. sta18ftnI of Fin081 A(ai¥ilies. unre3tn.ded Fund8. 1& RELATED PARTY TRAMSACTIONS The Chality is related to The Royal &gS Museum (an lIKed carity) aThl its subsithary The Royal si01$ Museum Trading comp Lunitèd due to their related obiectNes and the year aTht8 we made lo The Roy81 Swnab of£110.(D)12ffJl: £110.LxYII. At Iho end ofthè year the tjebts Wilh The Royal Swmls ils subsith•ry wnpany aUnted to £151.731 payable12020: £126.175 payJle). f5. AGENCY TRANSACTIONS The Charty acts a$ 4ent for #di¥ibes related to ils Pknrale Efficiency Owlves:. The Royal Slgnals Olfie•rn Dtyneslic Fund pur(ases tyrs, etc thè HQ Offi¢ers' trtl maintains the VA ¢ellar, its income arises from the consumplk)n 017hws at spec4al events. li also operates a se¢oThJ hand unrform sal8s and rental fadKty. At 31 Decernber 2021 the balae hdd anounted to £17,834 (2020: £42.254}. Th• Royal SI91 Rugby Club sells lickets fcrf nat#)nal rugty rnat¢h {Army v Navy and v RAF) and 8pplies the profits to tx1 IhÈ finan$ ofthe Cp$. ruth $easL. At 31 D8cembor 2021 the balance held amounted lo £57.92512020'. £59,701). 1& ALLOCATION OF ASSETS Total 21 Tangle Fixed Ass8ts Investmènt$ Current Assets less CuThent Lith0$ and Provol$ 51.833 662246 714,079 4.050.¥24 7.984,595 12.035,519 197.568 197.588 4.3(K).325 8.646.841 12.947.1e6 T8ThJd>l• Fixgj Assets Investsnents Current Assets185s Cwr•nt Li*ilbes and Pro¥iSK 52,913 e63.610 718.523 3.7[.684 7.191.851 10.898.535 2(6.549 206,549 3.Sfj6.146 7.855.461 11.821607 P4e21