**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2020** 

**REGISTERED CHARITY NO.  800595** 



**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|Reference and administration details<br>Trustees’ report<br>Independent Examiner’s report<br>Statement of financial activities<br>Balance sheet<br>Notes to the financial statements|Page<br>1<br>2 - 5<br>6<br>7<br>8<br>9 - 15|
|---|---|





**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Trustees** 

Brigadier R H D Toomey CBE (Chair) Brigadier A I H Fyfe DL Major R Evans Colonel R J Guest Mr L E Hodges Colonel N R Holmes MBE Lieutenant Colonel M J R Motum DL Mr J Muers Major K Tuhey QVRM TD Colonel T F L Weeks OBE 

**Principal address** The Rifles Office 14 Mount Street Taunton Somerset TA1 3QB 

**Independent Examiner** Michelle Ferris FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX **Charity registration number** 800595 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** 

The trustees present their report for the year ended 31 December 2020. 

## **Reference and administration details** 

Details of the charity’s trustees, advisors and other reference and administration details are on page 1. 

## **Structure, governance and management** 

## **Description of the charity’s trusts** 

The charity is governed and constituted by a trust deed. 

## **Trustee selection methods** 

Trustees are appointed by vote of the existing trustees at the annual meeting, with the exception of ex-officio trustees.  Day to day management is the responsibility of the Secretary.  Governance and in year management is overseen by the Chairman, drawing on other trustees as required.  Any steering or working groups are formed, reporting to trustees by correspondence, at the annual meeting or at an extraordinary meeting. 

The trustees who served during the year were: 

Brigadier R H D Toomey CBE (Chairman – ex officio) Brigadier A I H Fyfe DL (Chairman of the Association) Major R Evans (Appointed 01January 2020) Colonel R J Guest Mr L E Hodges Colonel N R Holmes MBE Lieutenant Colonel M J R Motum DL (Secretary & Rifles Secretary West – ex officio) Mr J Muers Major K Tuhey QVRM TD Colonel T F L Weeks OBE 

## **Trustees’ consideration of major risks and the system and procedures to manage them** 

The risks to the fund are: 

- A. Income generation – the continued ability to support the charity’s objective is dependent upon achieving sufficient income. The risk to this is minimised by investing in recognised charitable funds whilst ensuring that the charity’s income and capital are safeguarded to the satisfaction of the trustees. 

- B. Fraud - all cheques require two authorised signatures. 

- C. At the AGM in 2016, Trustees approved the transfer of £210K of investments to The Rifles Regimental Trust. This move of £200K will occur in February 2021 and be followed, in year, by smaller sums.  The purpose is to simplify the management of investments and administrative arrangements by investing the charity’s investments through The Rifles Regimental Trust. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Objectives and activities** 

## **Summary of the objects of the charity set out in its governing document** 

The purpose of the charity is to promote the efficiency of the regiment, The Rifles, by maintaining contact between past and present members of the regiment including those from forming or antecedent regiments, fostering esprit de corps, comradeship, welfare and wellbeing of the regiment while preserving its traditions. In addition, the charity has the flexibility to relieve members in need, hardship or distress in the unlikely event of assistance being denied by The Rifles Benevolent Trust. 

## **Summary of the main activities in relation to these objects** 

The Association comprises branches within Somerset, the City and County of Bristol and individual members throughout the country.  Contact is maintained by branch meetings, events, reunions, visits and emails.  The Association and its branches organise a number of reunions and events for serving and ex-members of the regiment and former regiments.  It provides subsidies to reduce the cost to members attending these events.  It also provides small Christmas grants to members or their widows who are in need.  Where practical and appropriate, it can help towards the cost of providing buglers at the funerals of deceased members. Meanwhile, the wellbeing of the regiment and regimental interests are sustained through the direction of Trustees combined with appropriate resource. 

## **Grant-making policy** 

The trustees consider and, as appropriate, approve all grants and subsidies at their twice-yearly meetings.  As required, in year management issues are addressed by the Secretary in consultation with Trustees. 

## **Contribution made by volunteers** 

The officers that man the branches of the Association are all volunteers. 

## **Achievements and performance** 

## **Summary of the main achievements of the charity during the year** 

During this reporting period we have seen the ‘bedding in’ of the new arrangement with the Rifles Regimental Trust.  Securing the transfer of investments, from Northern Trust, proved a challenge and was completed before but the imposition of government constraints as a result of Covid-19. Our investments are now with Cazenoves and overseen by a Rifles investment sub-committee.  In spite of the pandemic the performance of investments has been better than expected albeit reduced income reflects the global situation.  There are two other points of significance that deserve highlighting in this highly unusual year. 

The first concerns Association activity.  The pandemic necessitated the cancellation of all planned activity with the exception of limited actions over Remembrance.  As a consequence expenditure, with the exception of transferring the value of £200k of investments, has been minimal but not insignificant: a £2k grant and bench purchase in support of the new Normandy Memorial; grants to branches at £500; 1 RIFLES Rugby of £200; flowers for St Mary’s Church - £350; and, expenditure on wreaths. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Summary of the main achievements of the charity during the year (continued)** 

With respect to income there has been a welcome boost of £32k as a consequence of a grant from the Somerset and Cornwall Regimental Fund (SCRF). Trustees are aware of this charity being wound down and equal shares being passed to both Cornwall and Somerset. A portion of Somerset’s share has gone to the Somerset Military Museum Trust. As a result of this income the Association holds a significant sum of cash within its two Lloyds accounts, investments with M&G and the holding with the Rifles Regimental Trust complete the picture. This is the balanced position that trustees sought near the beginning of the pandemic. 

## **Financial review** 

## **Review** 

The excess of income over expenditure (before investment gains and losses) for the year amounted to £30,058 (2019 – deficit £2,200). 

The market value of investments increased by £7,374 during the year (2019 –£4,822). A total increase in regimental association funds of £36,733 in 2020 (2019 – increase £12,622). 

## **Brief statement of the charity’s policy on reserves** 

Unrestricted reserves of £256,899 include investments which are carried at a market value of £223,615. The dividends received from this low-risk investment portfolio provide a necessary supplement to cash income (alongside donations and other activities for generating funds), used to meet the day-to-day expenditure of the charity. 

## **The charity’s principal sources of funds** 

Investment income and a small income from shop sales comprise the principal source of funds. 

## **Investment policy** 

The performance of the charity’s investments is reviewed by the trustees each year at their annual meeting. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Trustees’ responsibilities in relation to the financial statements** 

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Declaration** 

The trustees declare that they have approved the trustees’ report above. 

Signed on behalf of the charity’s trustees: 

………………………………………….. 

**Lt Col M J R Motum** Secretary to the Trustees 

Date:…………………………………… 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Independent examiner’s report to the Trustees of The Rifles and Light Infantry Association, Somerset** 

I report to the trustees on my examination of the accounts for The Rifles and Light Infantry Association, Somerset (“the charity”) for the year ended 31 December 2020. 

## **Responsibilities and basis of report** 

As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). 

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not comply with these records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

…………………………….. Michelle Ferris FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX 

Date………………………. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** 

|||**Unrestricted**||**Unrestricted**|
|---|---|---|---|---|
|||**Total**||**Total**|
||**Note**|**2020**||**2019**|
|||**£**||**£**|
|**Income**|2||||
|Other trading activities||32,016||5,713|
|Investment income||5,245||8,268|
|||`──────`||`──────`|
|||37,261||13,981|
|**Expenditure**|3||||
|Raising funds|1,288||1,273||
|Charitable activities|5,915||14,980||
||`──────`||`──────`||
|||(7,203)||(16,181)|
|||`──────`||`──────`|
|**Net expenditure before investment**|**gains / (losses)**|30,058||(2,200)|
|Gains / (losses) on investment assets||6,675||14,822|
|||`──────`||`──────`|
|**Net income / (expenditure) and net**|**movement in funds**|36,733||12,703|
|**Total funds brought forward**||220,166||207,544|
|||`──────`||`──────`|
|**Total funds carried forward**||256,899||220,166|
|||`══════`||`══════`|



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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET BALANCE SHEET AS AT 31 DECEMBER 2020** 

||**Note**||**2020**||**2019**|
|---|---|---|---|---|---|
||||**£**||**£**|
|**Fixed assets**||||||
|Investments|5||223,615||216,241|
|**Current assets**||||||
|Stock||950||843||
|Debtors||2,778||-||
|Charities deposit fund||48||48||
|Bank balances - deposit account||36,039||2,794||
|- current account||2,155||8,860||
|Cash in hand||7||29||
|||`─────`||`──────`||
|||41,977||12,574||
|Less: creditors due within one year||(8,693)||(8,649)||
|||`─────`||`──────`||
||||33,284||3,925|
||||`──────`||`──────`|
||||256,899||220,166|
||||`══════`||`══════`|
|**Funds:**||||||
|**Unrestricted**||||||
|Revaluation reserve|6||11,495||440|
|Unrestricted income funds|6||245,404||219,276|
||||`──────`||`──────`|
||||256,899||220,166|
||||`══════`||`══════`|



Approved by the board for issue on ………………………………………… and signed on their behalf by: 

………………………………. 

**Lt Col M J R Motum** Secretary to the Trustees 

……………………………………… **Brigadier R H D Toomey CBE** Chairman 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## 1 **Accounting policies** 

The principal accounting policies adopted in the preparation of the financial statements are as follows: 

## **Basis of preparation** 

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (Charities SORP (FRS 102)), effective 1 January 2019, applicable accounting standards and the Charities Act 2011. 

## **Fund accounting policy** 

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity. 

## **Income** 

Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. 

Investment income is recognised on a receivable basis. 

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. 

## **Expenditure** 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

Raising funds are the costs associated with attracting voluntary income. 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specific service or output. Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. 

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. 

## **Governance costs** 

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Accounting policies continued** 

## **Stock** 

Stock is included at the lower of cost and net realisable value. 

## **Investments** 

Fixed asset investments are included at market value at the balance sheet date. 

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal. 

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. 

## **Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and highly liquid investments. 

## **Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Financial instruments** 

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: 

Financial assets – Debtors are basic financial instruments and are debt instruments measured at amortised cost and details in note 7. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. 

Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value. 

Financial liabilities – accruals and other creditors are financial instruments, and are measured at amortised cost and detailed in note 7. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **2 Income** 

|**Income**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|**Other trading activities**|||
|Grants|-|25|
|Skittles competition|-|255|
|Shop sales|27|594|
|18 Platoon sales|-|1,685|
|LI reunion|-|-|
|Sale of wreaths|-|55|
|SCLI reunion|230|1,830|
|SOM LI Malaya fund|-|-|
|9 SOM LI Lunch|-|685|
|RBWS reception|40|-|
|Somerset & Cornwall Regimental Fund donation|31,719|584|
||`──────`|`──────`|
||32,016|5,713|
||`──────`|`──────`|
|**Investment income**|||
|Investment income|5,239|8,196|
|Bank Deposit Interest|6|2|
|Transfer from Petty Cash to Bank|-|70|
||`──────`|`──────`|
||5,245|8,268|
||`──────`|`──────`|



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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **3 Expenditure** 

|**3**<br>**Expenditure**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|**Costs of raising funds**|||
|Skittles competition|171|<br>441|
|Shop purchases|(23)|512|
|Purchase of wreaths|630|248|
|Written off stock|-|22|
|Buglers expenses|-|50|
|Investment management fees|510|-|
||`──────`|`──────`|
||1,288|1,273|
||`──────`|`──────`|
|**Charitable activities**|||
|Travel subsidies|387|732|
|Dinner subsidies|842|2,328|
|LI reunion|-|200|
|SCLI reunion|150|1,192|
|Charitable donations & grants|2,850|6,102|
|Postage|25|12|
|Christmas grants|-|-|
|Jellabad lunch for cadets|-|328|
|St Mary Magdalene flowers|-|-|
|Refreshments|9|269|
|Honoraria|500|500|
|Meeting costs|-|121|
|9 Som LI – St Audries|-|1,300|
|Riflemans gathering|-|100|
|Sundry|72|515|
|Insurance|-|-|
|Governance costs (detailed below)|1,080|1,044|
|AGM buffet|-|165|
||`──────`|`──────`|
||5,915|14,908|
||`──────`|`──────`|
|**Included within Governance costs above:**|||
|Accountancy|1,080|1,044|
||`──────`|`──────`|



Charitable donations & grants paid above include a total of £2,850 (2019 - £5,816) paid to institutions and £nil (2019 - £286) paid to individuals.  Grants to institutions relate to a contribution to The Normandy Memorial Trust and honoraria paid to other Infantry Association branches. 

## **4 Trustees’ remuneration** 

No payments for remuneration or expenses were made to any of the Trustees during the year ended 31 December 2020, nor in the previous year. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **5 Fixed Asset Investments** 

|**Movement in fixed asset investments**<br>Market value as at 1 January 2020<br>Additions at cost<br>Disposals at carrying value<br>Revaluations- unrealised gains / (losses)<br>Revaluations- realised (losses) / gains<br>**Market value as at 31 December 2020**|**2020**<br>**£**<br>216,241<br>200,000<br>(199,301)<br>7,777<br>(1,102)<br>_______<br>223,615<br>|**2019**<br>**£**<br>211,419<br>-<br>(10,000)<br>1,282<br>13,540<br>_______<br>216,241<br>|
|---|---|---|



## **Fixed asset investments by shareholding** 

|||**Market**|**Income**|**Income**|
|---|---|---|---|---|
|||**Value**|**Year to**|**Year to**|
||**Cost**|**31.12.20**|**31.12.20**|**31.12.19**|
||**£**|**£**|**£**|**£**|
|CGWM Bond Fund|-|-|351|1,508|
|CGWM Cautious Fund|-|-|961|5,388|
|953.67 Shares - Charifund|12,120|13,090|639|1,300|
|Investment held by third party -|||||
|The Rifles Regimental Trust|200,000|210,525|3,288|-|
||`──────`|`──────`|`──────`|`──────`|
||212,120|223,615|5,239|8,196|
||`══════`|`══════`|`══════`|`══════`|
|At 31 December 2019|213,801|216,241|||
||`══════`|`══════`|||



All investments are held to provide a return for the charity. 

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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **6 Analysis of charitable funds** 

|||**Opening**<br>**Balance**<br>**01/01/2020**<br>**£**<br> <br>219,726<br>440|||||**Closing**|
|---|---|---|---|---|---|---|---|
||||||**Transfers/**<br>**Gains**<br>**£**<br>(4,380)<br>11,055||**Balance**|
||||**Income**<br>**£**<br>37,261<br>-|**Expenditure**<br>**£**<br>(7,203)<br>-|||**31/12/2020**|
||||||||**£**|
|||||||||
||**Unrestricted funds**|||||||
||General||||||245,404|
||Revaluation reserve||||||11,495|
|||||||||
|||||||||
||**Total funds**|220,166|37,261|(7,203)|6,675||256,899|
|||||||||
||**Analysis of charitable funds- 2019**<br>**Opening**<br>**Balance**<br>**01/01/2019**<br>**£**<br>**Unrestricted funds**<br>General<br>207,544<br>Revaluation reserve<br>-|||||||
|||||||||
||||||||**Closing**|
||||||**Transfers/**<br>**Gains**<br>**£**<br>14,382<br>440||**Balance**|
||||**Income**<br>**£**<br>13,981<br>-|**Expenditure**<br>**£**<br>(16,181)<br>-|||**31/12/2019**|
||||||||**£**|
|||||||||
||**Unrestricted funds**|||||||
||General||||||219,726|
||Revaluation reserve||||||440|
|||||||||
|||||||||
||**Total funds**|207,544|13,981|(16,181)|14,822||220,166|
|||||||||



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**THE RIFLES AND LIGHT INFANTRY ASSOCIATION, SOMERSET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **7 Financial instruments** 

|**Categorisation of financial instruments**|||**2020**|**2019**|
|---|---|---|---|---|
||||**£**|**£**|
|Financial assets measured at fair value through|income||||
|and expenditure account|||223,615|216,241|
|Financial assets that are debt instruments measures at|||||
|amortised cost|||41,027|11,731|
||||_______|_______|
||||264,642|227,972|
||||________|________|
|Financial liabilities measured at amortised cost|||8,693|8,649|
||||________|________|
|**Item of income, expenditure, gain or losses**|||||
|**Income**||**Expense**|**Net gains**|**Net losses**|
|**2020**|**£**|**£**|**£**|**£**|
|Financial assets measured at fair value|||||
|through income and expenditure account|5,239|-|6,675|-|
|Financial assets that are debt instruments|||||
|measures at amortised cost|6|-|-|-|
|Financial liabilities measured at amortised cost|-|-|-|-|
|`──────`||`──────`|`──────`|`──────`|
||5,245|-|6,675|-|
|`══════`||`══════`|`══════`|`══════`|
|**Income**||**Expense**|**Net gains**|**Net losses**|
|**2019**|**£**|**£**|**£**|**£**|
|Financial assets measured at fair value|||||
|through income and expenditure account|8,196|-|14,822|-|
|Financial assets that are debt instruments|||||
|measures at amortised cost|2|-|-|-|
|Financial liabilities measured at amortised cost|-|-|-|-|
|`──────`||`──────`|`──────`|`──────`|
||8,198|-|14,822|-|
|`══════`||`══════`|`══════`|`══════`|



-15-