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|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|
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|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|||||
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|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|
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|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|
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|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|
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|||||||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|
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|||||||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|
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|||||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|