2023-12-31-accounts

			Page
Legal and Administrative		information
Report ofthe Trustees			3 7
Independent auditors'	report		8 —10
Statement offinancial	activities
Balance sheet
Notes to the financial	statements		13 —17
Detailed income			18
Detailed expenditure			19-20

Trustees		Major General JM H Bowder OBE	Major General JM H Bowder OBE
		Lieutenant General Sir Roly Walker KCBDSO
		Lieutenant General Sir George Norton KCVO, CBE
		Brigadier DJ H Maddan DL
		Captain CA G Bennett
		The Rt Hon The Earl ofDerby, DL
		Colonel R EH Aubrey —Fletcher
General Secretary
and Treasurer		Lieutenant Colonel JA Keeley MBE
Registered	Charity
Number		287265
Address		Wellington Barracks
		Birdcage Walk
		London SW1E6HQ
Auditors		Saffery LLP	Solicitors	Wrigleys	Solicitors LLP
		71 Queen Victoria Street		19Cookridge		Street
		London EC4V4BE		Leeds LS23AG
Bankers		Lloyds Bank Plc Cox's4 King' s P0Box 1000	Investment managers	Cazenove Capital Management 12Moorgate London
		Andover		EC2R 6DA
		BX1 1LT

Unrestricted funds	Unrestricted funds		Note	2023	2022
Income from:
Donations and subscriptions				131,108	136,838
Legacies				75,520	43,283
Investment income				37,210	29,123
Sales ofgoods				28,513	24,353
Total income				272,351	233,597
Expenditure on:
Raising funds				39,421	33,923
Charitable activities				282,879	260,885
Total expenditure				(322,300)	(294,808)
Net (expenditure)	for the
year before investment		(losses)/gains		(49,949)	(61,211)
Other recognised	(losses) and gains
Net gain/(losses) on investments				97,413	(236,190)
Net movement in	funds			47,464	(297,401)
Balances brought	forward			2,352,101	2,649,502
Balances carried	forward			2,399,565	2,352,101

2	Cost ofraising funds	Cost ofraising funds
				2023	2022
	Cost ofgoods sold			24,763	19,120
	Investment	management	fees	14,658	14,803
				39,421	33,923
3	Charitable	activities
				2023	2022
	Welfare grants			88,403	65,054
	Association	events		117,931	131,783
	Support costs			76,545	64,048
				282,879	260,885

angible fixed assets
	Office dk, display
	equipment
Cost
At 1 January 2023	13,099
Additions	714
At 31 December 2023	13,813
Depreciation
At 1 January 2023	9,506
Charge for the year	627
At 31 December 2023	10,133
Net book value
At 31 December 2023	3,680
At 31 December 2022	3,593

						2023	2022
Market value
At I January 2022						1,861,326	2,189,715
Additions						831,680	664,775
Disposals						(749,514)	(756,974)
Net investment	(losses)/gains					97,413	(236,190)
At 31 December	2023					2,040,905	1,861,326
Cash						86,814	153,042
Total investments		as at 31 December	2023			2,127,719	2,014,368
				2023		2022
			Cost		Market	Cost	Market
					value		value
Fixed Interest
United Kingdom			234,839		240,552	288,786	267,795
Emerging Markets
Emerging Markets			38,660		41,650
Equities
United Kingdom			47,953		48,104	86,725	95,049
North America			387,031		550,259	426,021	544,623
Continental Europe			12,112		12,176
Far East			108,700		112,483	81,391	88,732
Emerging Markets			73,162		66,992	]18,892	129,226
Global			493,841		548,513	335,068	385,409
Portfolio Funds
Portfolio Funds			11,815		12,327
Hedge Funds
Other International			395,807		400,155	429,362	443,122
Cash
United Kingdom			86,814		86,814	53,042	53,042
Other investments			7,694		7,694	7,370	7,370
Total			1,898,428		2,127,719	1,826,657	2,014,368

						2023			2022
Non-investment		income
Sales ofAssociation			goods		28,513			24,353
							28,513			24,353
Income from	investments
Investment income gross					35,909			28,963
Deposit interest					1,301			160
							37,210			29,]23
Donations and subscriptions
Welfare grants	from regimental			funds	30,000			30,000
Covenants and	gift aid				2,803			2,968
Refund oftax on		donations			436			744
Non-covenanted		or giA aid donations			11,470			16,755
Subscription s					1,313			1,337
Christmas draw					21,866			]9,706
Branch events					63,220			65,328
Recurring					131,108			136,838
Legacies					75,520			43,283
Non-recurring					75,520			43,283
							206,628			180,121
Total income							272,351			233,597
Recurring income							196,831			190,314
Non-recurring	income						75,520			43,283
							272,351			233,597

				2023			2022
Cost ofraising funds
Costs ofgoods sold			24,763			19,120
Investment management		fees	14,658			14,803
					39,421			33,923
Charitable activities
Grants and donations:
Charitable allowances	paid		4,300			4,623
Christmas gifts			6,788			6,973
Welfare grants			69,887			42,391
Welfare expenses			2,709			2,696
			83,684			56,683
Donations, wreaths and crosses			4,719			8,371
					88,403			65,054
Association events:
Grenadier Day expenses			10,634			10,922
Regimental Remembrance		Day	12,319			13,259
Branch dinners official	expenses		2,668			2,547
Annual dinner and dance			76,021			73,655
Presentations			799			45
Other			15,490			31,355
					117,931			131,783
Carried forward					245,755			237,760

				2023			2022
Brought forward					245,755			230,760
Other expenditure
Support costs:
AGM, Finance and Central Committee			6,882			8,940
General administrative		costs in
Branches			550			550
Honoraria, pension	and travelling		18,595			14,875
Insurance			],080			1,028
Repairs, renewals	and	maintenance	708			1,210
Postage			3,420			1,054
Printing, stationery	and office expenses		18,855			]3,65]
Legal costs			954
Audit and accountancy			21,666			20,407
Bank charges			1,008			1,177
Virtual Networking			2,200
Depreciation offixed assets			627			1,156
					76,545			64,048
Total recurring expenditure					322,300			294,808