CHARITY REGISTRATION NUMBER: 1012766
The Regimental Charity of the Royal Dragoon Guards
Unaudited Financial Statements
31 March 2025
IAN CRISOP ACCOUNTANCY
Chartered accountants
Unit 1, Borough House Business Centre,
5 Borough Road, Richmond,
North Yorkshire
DL10 4SX

The Regimental Charity of the Royal Dragoon Guards
Financial Statements
Year ended 31 March 2025
Page
Trustees, annual report
Independent examiner's report to the twstees
Statement of financial activities
Statement of financial position
Notes to the financial statements
The following pages do not form part of the financlal statements
Detailed statement of financial activities
14
Notes to the detailed statement of financial activities
15

The Regimental Charity of the Royal Dragoon Guards
Trustees, Annual Report
Year ended 31 March 2025
The trustees present their report and the unaudited financial statements of the charity for the year
ended 31 March 2025.
Reference and administralive details
Reglst8red charity name
The Regimental Charity of the Royal Dragoon Guards
Charity regislratlon number
1012766
Prlnclpal offlce
Royal Dragoon Guards Règimental Association
3 Tower Street
York
Y01 9SB
The trustees
J S A Carr-smith
Maj (Reld) G M Green
Maj Gen T D Hyams CB OBE
C Cuss
Lt Col H Campbell Smith MBE
N Read
Lt Col M P Morrissey M8E
W01 IRSM) M Foster
SFBest
J Robertson
R J Mellar
Maj Gen TJ Bateman CBE
N C T Millen OBE
S Pendry DL
(Appointed 3 August 2024)
(Resigned 3 August 2024)
(Resigned 3 August 20241
(Resigned 3 August 2024)
(Resigned 3 August 20241
(Appointed 3 August 2024)
{Appoinled 3 August 2024)
Independent examlner
R I Crisop
Unit 1, Borough House Business C8ntre,
5 Borough Road, Richmond,
North Yorkshire
DL10 4SX
Structure, governance and management
The Charity is administrated by a committee of trustees who are listed above.
Non ex officio trustees are appointed at the Annual General Meeting of the organisation.
Risk Policy
The trustees have examined the major strategic, business and operational risks which the charity
faces and confirm that syslems have been established to enable regular reports to be produced so that
the necessary steps can be laken to lessen these risks.

The Regimental Charity of the Royal Dragoon Guards
Trustees, Annual Report (Gontinued)
Year ended 31 March 2025
Objectives and activities
The oblect of the Charlly is: to promote the efficiency of the Armed Forces and in particular the Royal
Dragoon Guards {The Regiment) by'.-
a) relieving. either generally or individually, members of the Association or past and present serving
members of the Royal Dragoon Guards or its predecessor regiments, who are in condilions of illness,
need, hardship or distress.. bl maintaining contact between past and present members of The
Regiment and allied associations, fostering communication and mutual friendship between them and
providing for social gatherings for them- and c) fostering esprit de corps, comradeship and the welfare
of The Regiment and maintaining and preserving its traditions.
The trustees may apply to use the assets of The Association to the objects of the Charity..
11) in making benevolent grants to members of The Association and to other Charities who, in thelr
opinion, will assist members either directly or indirectly,. 12) to make payments in support of The
Regiment- 131 lo support the organisation of functions and reunions and.'141 to support annual
publication of Regimental Journals.
Achievements and performance
During this reporting period the Trustees have used assets to meet all of the charities objectives as set
out above.
Areas of Investment and support include. Benevolence Grants to help alleviate hardship for members
of the Regiment and their families. Grants paid to Service Charities that support them in the d8livery
and resolution of casework. Providing positive outcomes for our soldiers, veterans and their families.
An Annual Grant is made directly to the Regiment, to help improve the lived experience of our soldiers
and their families. Particularly in those areas where the MOD has reduced its funding and support to
previously public funded costs and activities, examples of this include transport, sport, adventure
training ceremonial and heritage, out of scope compassionate travel and participation in cathartic
events. Both nationally and overseas.
The Charity has contlnued to support a broad range of activities across Ihe Regimental Family.
Examples include Reunion Dinners at Blackpool. Oxford, North8rn Ireland and London. Sporting
events most notably the Zambelli and Enniskillen Trophies. Th8 charity supported activities towards the
Funeral of Her Majesty the Queen and the Coronation of His Majesty the King. While contir)uing to
support cathartic events in support of ils members and their families as well as Oates Sunday in York.
Studland in in Dorset, where a new Memorial was installed in preparation for D Day 80 Everktreavalry
Memorial Weekend, with the Regiment being the Lead Regiment for the 1 Ooth Aoniversary Parade in
May 24. Services at Lepe and Normandy, including events at Creully, Verieres and Lingevres. Later in
the year Remembrance activities across the Nation were supported, notably in York, Enniskillen and at
the Cenotaph in London.
Finally, The Charity has continued with investment in areas that promote and
sustain Ethos,
Comradeship and herilage. The Charity continues to publish the Regimental
Journal and invest in the digitisation of archives and the conservation and resloration of its historical
collection5.

The Regimental Charity of the Royal Dragoon Guards
Trustees. Annual Report (continueil)
Year ended 31 March 2025
Financial review
Investment policy
In accordance with the trust deed, Ihe trustees have the power to invest in such stocks, shares,
investments and property in the UK as they see fit.
Reserves policy
It is the policy of Ihe charity to maintain unrestricted funds, which are the free reserves of the charity, at
a level that equates lo approximately twelve months unrestricted oxpenditure. This provides sufficient
funds to Gover management and administration and support costs and to respond to emergency
applications for grants that arise from time to time. Unrestricted funds were maintained in excess of
this level throughout the period.
Grant making policy
The Charity makes grants and paymenls to beneficiaries, which afe authorised by a committee of
Trustees. Grants are paid in the period lotalled £32.39012024..£25,925}.
Creditor payment policy
Liabilities are included in the accounts when they become legally due.
Fixed assets
Inveslments have fallen slightly in the year. Unrealised losses slnce the 1 st April 2024 total £1,407 and
Investments are now valued at £1,710,331. During the year no investment income was taken by the
Association but was instead reinvested into the portfolio. Details of the investment are set out on page
12.
Plans for future perlods
The Trustees are of the opinion that the resources of the Association are adequate to meet
commitments for the fores88able future.
The trustees, annual report was approved on 12 March 2026 and signed on behalf of the board of
Irustees by-
J S A Carr-smith
Trustee
Maj (Reld) G M Green
Trustee

The Regimental Charity of the Royal Dragoon Guards
Independent Examiner's Report to the Trustees of The Regimental Charity of
the Royal Dragoon Guards
Year ended 31 March 2025
I report to the trustees on my examination of the financial statements of The Regimental Charity of the
Royal Dragoon Guards ('the charity'l for the year ended 11 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements In
accordance with the requirements of the Charities Act 2011 I'the Act,).
I report in respect of my examination of the charitls financial slatements 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{51{bl of the Act.
Independent examiner's statement
I have cornpleted 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 respecl:
accounting records were not kept in respecl of the charity as required by section 130 of the
Act; or
Ihe financial statements do not accord wllh those records; or
the financial statements do not comply with the applicable requirements concerning the form
and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008
other than any requirement that the accounts give a 'lrue 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 conneclion 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.
R I Crisop
Independent Examiner
Unit 1, Borough House Business Centre,
5 Borough Road, Richmond,
North Yorkshire
DL10 4SX
12 March 2026

The Regimental Charity of the Royal Dragoon Guards
statement of Financial Activities
Year ended 31 March 2025
2025
Unrestricted
funds Total funds
2024
Total funds
Note
Income and endowments
Donations and legacies
Investment income
77,819
6,621
84,440
77,819
6,621
217,404
3,705
Total income
84,440
221,109
Expenditure
Expenditure on raising funds..
Cosls of raising donations and legacies
Expenditure on Gharitable activities
Total 6xpendSture
133,816
6,611
133,816
6,611
132,230
6,253
140,427
140,427
138,483
Net (expendlture)Ilncome
155,9871
(55,987}
82,626
Other recognlsed gains and losses
ILosse5llgains from revaluatlon of fixed assets
Net mov8m8nt in funds
{1,4071
157,3941
11,4071
(57,394)
229,911
312,537
Reconclllatlon of funds
Total funds brought foNard
Total funds carried forward
2,001,058
1,943,664
2,001,058
1,943.664
1,688,521
2,001,058
The statement of financial activities in¢lud8s all gains and losses recognised in the year.
All Income and expenditur8 derive from continuing activities.
The notes on pages 7 to 12 form part of these financlal statamènts.

The Regimental Charity of the Royal Dragoon Guards
Statement of Financial Position
31 March 2025
2025
2024
Fixed assets
Investments
Note
11
1,710,331
1,711.738
Current assets
Cash at bank and in hand
233,333
233,333
1,943,664
289,320
Net current assets
Total assets less current liablllties
289,320
2,001,058
Funds of the charity
Unrestricted funds..
Revaluation reserve
Other unrestricted income funds
Total unrestricted funds
Total charity funds
736,667
1.206,997
1,943,664
738,074
1,262,984
2,001,058
12
1,943,664
2,001,058
These financial statements were approved by the board of truslees and aJJlhorised for issue on 12
March 2026, and ar& signed on behalf of the board by..
J S A Carr-smith
Trustee
j (Ret
Trustee
IGMGreen
The notes on pagos 7 to 12 form part of these financial statements.

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements
Year ended 31 March 2025
General information
The charity is a public benefit entity and a registered charity in England and Wales and is
unincorporated. The address of the principal office is Royal Dragoon Guards Regimental
Association, 3 Tower Street, York, Y01 9SB.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities
SORP IFRS 102)) and the Charities Acl 2011.
Accountlng pollcles
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financi81 statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptlons
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such,
advantage has been taken of the following disclosure exemptions available under paragraph 1.12
of FRS 102.. (a} No cash flow slalement has been presented for th8 company.
(b) Disclosures in respect of financial inslruments have not been presented.
Judgements and key sources of estimation uncertalnty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions thal affect the amounts reporterj. These estimates and judgemenls
are continually reviewed and are based on experience and other factors, including expectations of
future events Ihat are believed to be reasonable under the circumstances.
Fund accounllng
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or
through the terms of an appeal, and fall into one of I￿0 sub-classes: restricted income funds or
andowment funds.

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements (eonfinuedj
Year ended 31 March 2025
Accounting policies (continued)
Incoming resourees
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity; it is probable that the economic benefits associated with the transaction will
flow to the charity and the amount can be reliably measured. The following specific policies are
applied to particular categories of income..
income from donations or grants is recognised when there is evidence of entitlement lo the
gift. receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is
impractical to measure reliably, in which case the value is derived from the cost to the donor
or the eslimaled resale value. Donated facilities and services are recognised in the accounts
when received if the valu8 can be reliably measured. No amounts 8re included for the
contribution of general volunteers.
incom8 from contracts for the supply of services is recognised with the delivery of the
contracted service. This is classifi8d as unrestricted funds unless there is a contractual
requirement for it to be spent on a partlcular purpose and returned if unspent, in which case
it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered. and is classified under headings of the statement of
financial activities lo which il relates..
expenditure on raising funds includes the costs of all fundraising activilies, events, non-
charitable Irading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable airns for the benefit of its beneficiaries, including those
support costs and costs relating to the governance of the charity apportioned to charitable
activities.
other expenditure includes all expenditure that is neither related to raising funds for th8
charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allooaled directly to that aclivily. Sharod costs are apportioned
between the activities they contribute to on a reasonable. justifiable and consistent basis.
Investments
Unlisted equity investments are initlally recorded at cost, and subsequently measured at fair
value. If fair value cannot be reliably measured, assots are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in
income or expenditure.

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements (continu￿)
Year ended 31 March 2025
Accounting policies fcontinued)
Investments In assoclates
Investmenls in associates accounted for in accordance with the cost model are recorded at cost
less any accumulaled impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially
recorded at the transaction price. At each reporting dale, the investmenls are measured at fair
value, with changes in fair value taken through income or expenditure. Where il is impracticable
to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investmant are recognised as income without
regard lo whether the distributions are from accumulated profits of the associate arising before or
after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entilies accounted for in accordance wllh the cost model are
recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are
initially recorded at tha transaction price. At each reporting date, the investments are measured at
fair value, with changes in fair value taken through income or expenditur8. Where it is
impracticable to measure fair value reliably without undue cost or effort, the cost model will be
adopted.
Dividends and other distributions received from the investment are recognised as income without
regard to whelher the distributions are from accumulated profits of the joint venture arising before
or after the date of acquisition.
Impairment of fixed assets
Flnancial Instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the
contractual provisions of the instrumenl.
Basic financial instruments are initially recognised at the amounl receivable or payable including
any related transaction costs.
Currenl assets and current liabilities are subsequently measured at the cash or other
consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised Cost.
Where investments in shares are publicly traded or their fair value can othe￿iSe be measured
reliably, Ihe investment is subsequenlly measured at fair value with changes in fair value
recognised in income and expenditure. All other such investments are subsequently measured al
cost less impairment.

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements (contlnued)
Year ended 31 March 2025
Accounting policies (Continued)
Flnancial Instruments (¢ontlnu8d)
Other financial instruments, including derivatives, are initially recognised at fair value, unless
payment for an asset is deferred beyond normal business terms or financed at a rate of interest
that is not a market rate, in which case the asset is measured at the present value of the fulLJre
payments discounted al a market rale of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes
recognised in the statement of financial activities, with the exception of hedging instruments in a
designated hedging relationship.
Financlal assets that are measured at cost or amortised cost are reviewed for objective evidence
of impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised under the appropriate heading in the statement of financial
activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are
individually significant, these are assessed individually for impairment. Other financial assets are
either assessed individually or grouped on the basis of similar Gr8dit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not
result in a carrying amount of the financial asset that exceeds what the carrying amount would
have been had the impairment not previously been recognised.
Donatlons and legacles
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Donatlons
Subscriptions General
SOT & ODPS
Donations
Reunion Receipts
11,627
51,228
7,502
7,462
11,627
51,228
7,502
7,462
77,819
11,341
51,953
147,825
6,285
11,341
51,953
147,825
6,285
77,819
217,404
217,404
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Investrnent Income
6,621
6,621
3,705
3,705
Costs of raising donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Costs of raising donations and legacies
Subscriptions
133,816
133,816
132,230
132,230
10

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements (contlnued)
Year ended 31 March 2025
Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Support costs
6,611
6,611
6,253
6,253
Independent examination fees
2025
2024
Fees payable to the independent examiner for:
Independent examination of the financial statements
1 ,440
1,704
Slaff costs
The average head count of employees during the year was Nil (2024.. Nil).
No employee recaived employee benefits of mor8 than £60,000 during the year12024'. Nil).
10. Trustee remuneration and expenses
The trustees received no incom8 in the year other than the reimbursement of expenses. This was
also the case in the previous year.
11. Investments
Listed
investments
Cost or valuation
At 1 April 2024
Additions
Fair value movements
1,711,738
(1,407)
1,710,331
At 31 March 2025
Impalmient
At 1 April 2024 and 31 March 2025
Carrying amount
At 31 March 2025
1,710.331
At 31 March 2024
1,711,738
All investments shown above are held at valuation.
Financial assets held at fair value
The value shown is the market vallue al the year end and the Trustees believe this to be a fair
value.

The Regimental Charity of the Royal Dragoon Guards
Notes to the Financial Statements (continuedj
Year ended 31 March 2025
12. Analysis of Charitable funds
Unrestrlcted funds
At
Gains and 31 March 202
losses
At
1 April 2024
Income Expenditure
General funds
Revaluation reserve
1,262,984
738,074
84,440
(140,4271
1,206,997
736,667
{1.407}
{1,407) 1.943,664
2,001.058
84,440
(140,427)
At
Gains and 31 March 202
losses
At
1 April 2023
Income Expenditure
General funds
Revaluation reserve
1,180,358
508,163
221,109
(138,4831
1,262,984
738,074
229,911
229.911
1,688.521
221,109
1138,483)
2,001,058
13. Analysis of net assets between funds
Unrestricted Total Funds
Funds
2025
Investments
Current assets
1,710,331
233,333
1,710,331
233,333
Net assets
1,943,664
1,943,664
Unrestricted Total Funds
Funds
2024
Investments
Current assets
1,711,738
289,320
1,711,738
289,320
Not assets
2,001.058
2,001,058
12

The Regimental Charity of the Royal Dragoon Guards
Management Information
Year ended 31 March 2025
The followlng pages do not form part of the financlal statements.
13

The Regimental Charity of the Royal Dragoon Guards
Detailed Statement of Financial Activities
Year ended 31 March 2025
Income and endowments
Donations and legacies
Subscriptions General
SOT & ODPS
Donations
R&union Receipts
2025
2024
11,627
51,228
7,502
7,462
77,819
11,341
51,953
147,825
6,285
217,404
Investment income
Investment Income
6,621
3,705
Total Income
84,440
221,109
Expenditura
Costs of raislng donations and 18gacies
Grants Paid
Wreaths & Memorials
Reunions Expenditure
Heritage
Home HQ
Benevolence
Merchandise Purchases
Cost of Printing & Postage RDG Journal
32,390
5,032
26,427
20,704
21,075
23,959
25,925
1,695
15,961
31,873
11,033
37,029
376
8,338
132,230
4,229
133,816
Expenditure on charitable activities
Insurance
Trustees Expenses
Examiners Fees
Telephone, Printing, Postage & IT
General Expenses
1,112
1,372
2,016
869
1,242
6,611
1,144
1,180
1,704
1,019
1,226
6,253
Total expendlture
140,427
138,483
Net (expenditure}lincome
(55,9871
82,626
14

The Regimental Charity of the Royal Dragoon Guards
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2025
2025
2024
Costs of raising donations and legacies
Grants Paid
Wreaths & Memorials
Reunions Expenditure
Heritaga
Home HQ
Benevolenc8
Merchandise Purchases
Cost of Printing & Postage RDG Journal
32,390
5,032
26,427
20,704
21,075
23,959
25,925
1,695
15,961
31,873
11,033
37,029
376
8,338
4,229
133,816
132,230
Costs of raising donations and legacies
133,816
132,230
Expenditure on charltable activities
Support costs
Insurance
Trustees Expenses
Examiners Fee
Telephone, Printing, Postage & IT
General Expenses
1,112
1,372
2,016
869
1,242
1,144
1,160
1,704
1,019
1,226
6,611
6,253
Expendlture on charltable actlvlti8S
6,611
6,253
15