## ||**Page**| |---|---| |Legal and Administrative information|**2**| |Report of the Trustees|3-6| |Independent auditors5 report|7-9| |Statement of financial activities|10| |Balance sheet|11| |Notes to the financial statements|12-16| |Detailed **i**
ncome|17| |Detailed expenditure|18-19| ## |**Trustees**|Major General CRY Walker DSO|||| |---|---|---|---|---| ||Lieutenant General Sir George Norton KCVO,||CBE|| ||Brigadier D J H Maddan|||| ||Captain C A G Bennett|||| ||The Rt Hon The Earl of Derby, DL|||| ||Colonel R E H Aubrey - Fletcher|||| |**General** **Secretary**||||| |**and** **Treasurer**|Major A J Green|||| |**Registered** **Charity**||||| |**Number**|287265|||| |**Address**|Wellington Barracks|||| ||Birdcage Walk|||| ||London SW1E6HQ|||| |**Auditors**|Saffery Champness LLP|**Solicitors**||Wrigleys Solicitors LLP| ||71 Queen Victoria Street|||19 Cookridge Street| ||London EC4V 4BE|||Leeds LS2 3AG| |**Bankers**|Lloyds Bank Pic|**Investment**||Cazenove Capital| ||Cox’s & King’s|**managers**||Management| ||PO Box 1000|||12 Moorgate London| ||Andover|||EC2R 6DA| ||BX11LT|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**Unrestricted** **funds**|**Note**|2020|**2019**| |---|---|---|---| |||**£**|**£**| |**Income** **from:**|||| |Donations and subscriptions
Legacies|||| |Investment income
Sales of goods|||| |Other income|||| |**Total** **income**
133,163|||| |**Expenditure** **on:**|||| |Raising funds
Charitable activities|||| |**Total** **expenditure**
**(136,965)**|||| |**Net** **(expenditure)/income** **for** **the**|||| |**year** **before** **investment** **gains/(losses)**||**(3,802)**|**(26,979)**| |**Other** **recognised** **gains** **and** **losses**|||| |Net gains/(losses) on investments||141,287|268,509| |**Net** **movement** **in** **funds**||137,485|241,530| |Balances brought forward||2,347,213|2,105,683| |**Balances** **carried** **forward**||2,484,698|2,347,213| ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**Cost** **of** **raising** **funds**
Cost of goods sold
Investment management fees||| |---|---|---| |**Charitable** **activities**||| ||2020|**2019**| ||£|£| |Welfare grants
Association events||| |Support costs||| ||**Auditor’s** **remuneration**|| |---|---|---| ||The auditor’s remuneration constituted an audit fee of £6,030 (2019: £6,210).|| |4|**Tangible** **fixed** **assets**|| |||**Office** **&** **display**| |||**equipment**| |||**£**| ||**Cost**|| ||At Ì January 2020|10,266| ||Additions|2,235| ||**At** **31** **December** **2020**|12,501| ||**Depreciation**|| ||At **1** January 2020|7,554| ||Charge for the year|1,007| ||**At** **31** **December** **2020**|8,561| ||**Net** **book** **value**|| ||At 31 December 2020|3,940| ||At 31 December 2019|2,712| ## ## |||||2020|**2019**| |---|---|---|---|---|---| |||||**£**|**£**| |**Market** **value**|||||| |At 1 January 2020
Additions|||||| |Disposals
Net investment gains/(losses)|||||| |At 31 December 2020||||2,071,706|1,960,580| |||2020||**2019**|| ||**Cost**||**Market**|**Cost**|**Market**| ||||**value**||**value**| ||**£**||**£**|**£**|**£**| |**Fixed** **Interest**|||||| |United Kingdom|227,412||246,282|216,477|228,128| |**Equities**|||||| |United Kingdom
North America|||||| |Continental Europe
Far East|||||| |Emerging Markets
Global|||||| |**Portfolio** **Funds**|||||| |Portfolio Funds||||52,646|73,047| |**Hedge** **Funds**|||||| |Other International|||||| |United Kingdom|||||| |Other investments|. 7,299||7,299|7,278|7,278| |**Total**|1,722,359||2,071,706|1,659,191|1,960,580| ## ||2020|**2019**| |---|---|---| ||£|£| |Accruals|17,331|17,368| ## |||2020|||**2019**|| |---|---|---|---|---|---|---| ||**£**||**£**|**£**||**£**| |**Non-investment** **income**||||||| |Sales of Association goods||||||| |Other Income
**Income** **from** **investments**||||||| |Investment income gross
Deposit interest||||||| |**Donations** **and** **subscriptions**||||||| |Welfare grants from regimental funds|50,004|||51,721||| |Covenants and gift aid|3,271|||5,143||| |Refund of tax on donations|818|||1,003||| |Non-covenanted or gift aid donations|11,785|||15,520||| |Subscriptions|1,320|||715||| |Christmas draw|10,122|||22,029||| |Christmas gifts|295|||5,365||| |Branch events|3,845|||22,387||| |**Recurring**|81,460|||123,883||| |Legacies
**Non-recurring**||||||| |**Total** **income**|||133,163|||200,610| |Recurring **i** :
ncome|||132,563|||196,170| |Non-recurring **i**
ncome|||600|||4,440| ||||133,163|||200,610| ||||2020|||**2019**|| |---|---|---|---|---|---|---|---| |||**£**||**£**|**£**||**£**| |**Cost** **of** **raising** **funds**|||||||| |Costs of goods sold
Investment management fees|||||||| |**Charitable** **activities**|||||||| |**Grants** **and** **donations:**|||||||| |Chantable allowances paid
Christmas gifts
Welfare grants
Welfare expenses|**2**

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||12,133
11,686
37,723
3,472||| ||48,964

||||65,014||| |Donations, wreaths and crosses|||||||| |**Association** **events:**|||||||| |Grenadier Day expenses
Regimental Remembrance Day|||||||| |Branch dinners official expenses
Annual dinner and dance|||||||| |Presentations
Other
Carried forward|94,035||||||170,093| |||2020|||**2019**|| |---|---|---|---|---|---|---| ||**£**||**£**|**£**||**£**| |Brought forward|||94,035|||170,093| |**Other** **expenditure**||||||| |**Support** **costs:**||||||| |AGM, Finance and Central Committee|1,804|||8,216||| |General administrative costs in||||||| |Branches
..|608|||U32||| |Honoraria, pension and travelling|13,029|||16,874||| |Insurance|824|||824||| |Repairs, renewals and maintenance|867|||1,633||| |Postage|2,187|||2,819||| |Printing, stationery and office expenses|9,770|||9,447||| |Legal costs||||649||| |Audit and accountancy|12,464|||12,942||| |Bank charges
Depreciation of fixed assets||||379
2,581|'|| |**Total** **recurring** **expenditure**|||136,965|||227,589|