## ## ||**Page**| |---|---| |Legal and Administrative information|2| |Reportofthe Trustees|3-6| |Independent auditors' report|7-9| |Statementoffinancial activities|| |Balance sheet|11| |Notes to the financial statements|!2-16| |Detailed income|17
'I| |Detailed expenditure|18-19| ## |**Trustees**|MajorGeneral J M HBowderOBE||| |---|---|---|---| ||Lieutenant General Sir CRVWalkerKCBDSO||| ||LieutenantGeneralSirGeorgeNmtonKCVO,CBE||| ||BrigadierDJH MaddanDL||| ||Captain C A G Bennett||| ||TheRtHonTheEarlofDerby,DL||| ||Colonel R E HAubrey- Fletcher||| |**General Secretary**|||| |**and Treasurer**|Lieutenant Colonel J_A_KeeleyMBE||| |**Registered Charity**|||| |**Number**|287265||| |**Address**|Wellington Barracks||| ||BirdcageWalk||| ||LondonSWlE6HQ||| |**Auditors**|SafferyChampnessLLP|**Solicitors**|Wrigleys Solicitors LLP| ||71QueenVictoria Street||19CookridgeStreet| ||LondonEC4V4BE||Leeds LS23AG| |**Bankers**|LloydsBankPlc|**Investment**|CazenoveCapital| ||Cox's&King's|**managers**|Management| ||P 0Box1000||12MoorgateLondon| ||Andover||EC2R6DA| ||BXllLT||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |**Unrestricted funds**|**Note**|**2022**|**2021**| |---|---|---|---| |||£|£| |**Income from:**|||| |Donations and subscriptions||136,838|91,812| |Legacies||43,283|1,000| |Investment income||29,123|22,923| |Salesofgoods||24,353|18,199| |Other income|||| |**Total income**||233,597|133,934| |**Expenditure on:**|||| |Raising funds|**2**|33,923|28,409| |Charitable activities|**3**|260,885|148,490| |**Total expenditure**||(294,808)|(176,899)| |**Net (expenditure)/income for the**|||| |**year before investment (losses)/gains**||(61,211)|(42,965)| |**Other recognised (losses) and gains**|||| |Net(losses)/gain on investments||(236, 190)|207,769| |**Net (expenditure)/income movement**||(297,401)|164,804| |**infunds**|||| |Balances brought forward||2,649,502|2,484,698| |**Balances carried forward**||2,352,101|2,649,502| ## ||**Note**||**2022**||**2021**|| |---|---|---|---|---|---|---| |||£|£|£||£| |**Fixed assets**||||||| |Tan gib 1 e assets|**4**||3.593|||3,931| |investments|**5**||2,014,368||2271,914|| ||||2,017,961||2,275,845|| |**Current assets**||||||| |Stocks||39,459||35,367||| |Debtors||3,489||3,225||| |Cash at bank andinhand||314,860||_364A86_||| |||357,808||403,078||| |**Current liabilities**||||||| |Creditors|**6**|(23,668)||(29,421)||| |**Net current assets**|||334,140|||373,657| |**Total assets less current**||||||| |**liabilities**|||2,352, l01||2,649,502|| |**Funds**||||||| |Unrestricted|||2,352,101||2,649,502|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |2|Costofraising funds||| |---|---|---|---| |||2022|2021| |||£|£| ||Costofgoods sold|!9,120|12,563| ||Investment management fees|14,803|15,846| |||33,923|28,409| |3|Charitableactivities||| |||2022|2021| |||£|£| ||Welfare grants|65,054|50,588| ||Association events|131,783|46,224| ||Supp01i costs|64,048|51,678| |||260,885|148,490| ## |4|Tangiblefixed assets|| |---|---|---| |||Office&display| |||equipment| |||£| ||Cost|| ||Atl January 2022|12,966| ||Additions|133| ||At31December2022|13,099| ||Depreciation|| ||At1 January 2022|9,035| ||Chargefortheyear|471| ||At31December2022|9,506| ||Net book value|| ||At31December 2022|3,593| ||At31December2021|3,931| ## ## |**ixed assets investments**||||||| |---|---|---|---|---|---|---| |||||**2022**||**2021**| |||||£||£| |**Market value**||||||| |At 1January2022||||2,189,715||2,015,747| |Additions||||664,775||413,821| |Disposals||||(756,974)||(447,622)| |Netinvestment (losses)/gains||||(236, 190)||207,769| |At31December2022||||1,861,326||2,189,715| |Cash||||153,042||82,199| |Total investments as at31December|2022|||2,014,368||2,271,914| |||**2022**|||**2021**|| ||**Cost**||**Market**|**Cost**||**Market**| ||||**value**|||**value**| ||£||£|£||£| |**Fixed Interest**||||||| |United Kingdom|288,786||267,795|218,984||232,470| |**Equities**||||||| |United Kingdom|86,725||95,049|216,796||267,655| |North America|426,021||544,623|255,480||434,115| |Continental Europe||||45,819||69,552| |Far East|81,391||88,732|81,572||99,853| |Emerging Markets|118,892||129,226|135,680||185,166| |Global|335,068||385,409|347,496||433,801| |**PortfolioFunds**||||||| |Portfolio Funds||||||| |**Hedge Funds**||||||| |Other International|429,362||443,122|386,765||459,80I| |**Cash**||||||| |United Kingdom|53,042||53,042|82,199||82,199| |Other investments|7,370||7,370|7,299||7,299| |**Total**|1,826,657||2,014,368|1,778,090||2,271,914| ## ## |**reditors**||| |---|---|---| ||**2022**|**2021**| ||£|£| |Accruals|23,668|21,636| ## ## ## |||**2022**|||**2021**|| |---|---|---|---|---|---|---| ||£||£|£||£| |**Non-investment income**||||||| |SalesofAssociation goods|24,353|||18,199||| |Other Income||||||| ||||24,353|||18,199| |**Income from investments**||||||| |Investment income gross|28,963|||22,871||| |Deposit interest|160|||52||| ||||29J23|||22,923| |**Donations and subscriptions**||||||| |Welfare grants from regimental funds|30,000|||30,000||| |Covenants and gift aid|2,968|||3,080||| |Refundoftax on donations|744|||770||| |Non-covenantedorgift aid donations|16,755|||8,407||| |Subscriptions|1,337|||430||| |Christmasdraw|19,706|||17,889||| |Christmas gifts||||210||| |Branch events|65,328|||31,026||| |**Recurring**|136,838|||91,812||| |Legacies|43,283|||1,000||| |**Non-recurring**|43,283|||1,000||| ||||180,121|||92,812| |**Totalincome**|||233,597|||133,934| |Recurring income|||!90,314|||132,934| |Non-recurring income|||43,283|||1,000| ||||233,597|||133,934| ## |||**2022**|||**2021**|| |---|---|---|---|---|---|---| ||£||£|£||£| |**Costofmising funds**||||||| |Costsofgoods sold|19,120|||12,563||| |Investment management fees|14,803|||15,846||| ||||33,923|||28,409| |**Charitable activities**||||||| |**Grants and donations:**||||||| |Charitable allowances paid|4,623|||5,115||| |Christmas gifts|6,973|||5,817||| |Welfare grants|42,391|||32,085||| |Welfare expenses|2,696|||3,590||| ||56,683|||46,607||| |Donations, wreaths and crosses|8,371|||3,981||| ||||65,054|||50,588| |**Association events:**||||||| |Grenadier Day expenses|10,922|||318||| |Regimental Remembrance Day|13,259|||470||| |Branch dinners official expenses|2,547|||349||| |Annual dinner and dance|73,655|||26,286||| |Presentations|45|||204||| |Other|31,355|||18,597||| ||||131,783|||46,224| |Carried forward|||230,760|||125,221| ## |||**2022**|||**2021**|| |---|---|---|---|---|---|---| ||£||£|£||£| |Brought forward|||230,760|||125221| |**Other expenditure**||||||| |**Support costs:**||||||| |AGM, Finance and Central Committee|8,940|||5.976||| |General administrative costsin||||||| |Branches|550|||550||| |Honoraria, pension and travelling|14,875|||11,065||| |Insurance|1,028|||903||| |Repairs, renewals and maintenance|1,210|||543||| |Postage|1,054|||2,520||| |Printing, stationery and office expenses|13,651|||9,216||| |Legal costs||||||| |Audit and accountancy|20,407|||19,442||| |Bank charges|1,177|||354||| |Depreciationoffixed assets|1,156|||1,109||| ||||64,048|||51,678| |**Total recurring expenditure**|||294,808|||176,899|