REGISTERED CHARITY NUMBER: 1024418
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 December 2023
for
THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
YTr

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Contents of the Financial Statements
for the Year Ended 31 December 2023
Page
Report of the Trustees:
I to 13
Report of the Independent Auditors
14 to 16
Statement of Financial Activities
17
Balance Sheet
18
Notes to the Financial Statements
19 to 29
Detailed Statement of Financial Activities
30 to 31

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Twstees
for the Year Ended 31 December 2023
5ectlon 4 of the Charltles Act 2006 Statement
The Trustees have complied with their duty to have re8ard to the guidance issued by the Charity Commission under Section 4
of the Charities Act 2006. The remainder of this report describes how the public benefit standards are being met.
The Charity
Working with the Army
Benevolent Fund (ABF), The
Royal 8rit15h Legion (TRBLJ,
Soldiers, Soilors, Airmen ond
Families Associotion (SSAFAJ.
the NHS the Hompshire & Isle of
Wlght Military Aid Fund and the
Fundrt7ising Regulotor to
support our soldier5, veterans,
andfvmilies.
HI,"
The Charity was formed in 1992 on the formation of the Regiment from forebear
regimental charities The Charity's objectives are Benevolence and Welfare for our
serving personnel2
veterans, and dependents and to promote the efficiency of the
Regiment. All grants were made in Ilne with these objectives.
Surplus and Deficit income durin8 the year was £449.2k, slightly up on 2022,
expenditure was £365.6k resultin8 in a surplus of £83.6k. This surplus was increased
by gains on investments of £341k. an overall surplus of £424.6k. Capital Investments,
after a recovery following unrealized losses, saw a recovery at the end of the year,
THE 50LOIER5'
The trustees are mindful that the use of charitable funds should have an element of
benefit to the public and the remalnder of this report lays out the Charitys position
in this respert.
CHARITY
Equality & Dlverslty Statement
The Regiment conforms to the Army's Values and Standards and trustees are
required to adopt these standards which are akin to the Nolan Principles4 The
Reglmental Family consists of diverse ages (from children to aged veterans), 5exe5.
sexual orSentation, nationalities ethnicity and religious backgrounds: all of whom are
supported with proper regard to any protected chararteristics. In 2023 the Trust
Deed has been amended to allow any person with the necessary skills to become
trustee rather than an officer who had served In the regiment (however, King's
Regulations in dealing With the Day's Pay scheme. specify that the Chair of the
charity must be a serving or retired officer). The Charity Commisslon accepted this
amendment in February 2024.
ssafa
the
Arnwl Forc•s
charity
NHS
REGULATOR
l Less the Royal Sussex and Royal Hampshire Regiments {thou8h there Is a small endowment fund from the former that
5UPPOrts Royal Sussex Regiment veterans).
This Includes those serving outside of battalions at Extra Regimental Employment the largest contingent of which sits in 2
Battalion the Ranger Regiment.
Values are Coura8e, Discipline. Respect for Other, Integrity, Loyalty, Selfless Commltment. Standards are: Lawful,
Acceptable Behaviour, Professional.
The Nolan Principles are Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership.
Though all serving soldiers must meet the British, Commonwealth, Irish or Gurkha nationality criteria. the same does not
applyto partner5.
Kin<s Regulations allow for officers and soldiers to voluntarily donate a day of their pay each year to the charity. The
scheme is administered by the MOD.
Page I

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
C05e Study l (note fvr oll coses
thot initiol Interaction is corried
out by SSAFA - in some cuses.
they/them is used to further
redoct the identity of the
individual).
StotU5.' Veteran
Fundralsin8 Statement
The Charlty has an income of less than £lm pa and as such does not have a
legal duty to meet the requirements of the Fundraising Regulator in respect
of fundraising reporting. Neverthele5S, the trustees feel that it is good practice
to produce such a report in line with the Regulatorfs guidelines:
Approach. The types of fundraising carried out by the Charity are..
Voluntary donations from serving personnel Ithe Days Pay Scheme
endorsed in King's ReBulations for the Army).
Income 8enerated by capital investment.
Other voluntary donations which also includes the Just Givlng scheme.
Rent on property.
Legacies.
Lottery Scheme.
Internet donations from EasyFundraising and Give As You Live.
Sales of Regimental goods Ibooks and Regiment themed items). One
source is through an independent firm who donates 5% ofthe cost of items to
the Regiment.
Events organised by third parties Iwho usually have a regimental
connection). These are volunteers.
Sponsored runslwalks - or8anised through a commercial third party -
Nice Works.
Background.. Case wa5 referred
to us vio Op COURAGE ond
SSAFA.
This
veteran
hos
heolth
conditions, some which makes
walking difficuft ond they ore
ottending
regular
medlcol
appointments. They hove o
history of debts but are
monoging to poy these off and
live within their current means.
It was recommended that this
veteran get an electric bike fvr
both their physicol and mental
health.
Gront.. £500
Regulations the charlty ts subJert to. The Charity is registered wlth the
Fundralsing Regulator and adheres to its code of practice.
Referral to militory chorities..
ABF £150, TRBL £450 ond the
Hampshire & Isle of Wight
Militory Aid Fund£250
How fundralsers are monitored. Most fundralsers are linked to the Regiment
through the PWRR Association IPWRRAI or a forebear re8iment association
such as the Queen's Regiment Association {QRA) who in turn monitor branch
activitie5. The Chairs of the PWRRA and QRA are trustees, and two volunteer
fundraisers, activities are monitored directly throu8h the Re8imental
Headquarters.
Numberof fundralslng complaints. There were no fundraisin8 complaints made against the charity in 2023.
Protection of vulnerable pe￿on$. The Charity seeks not to intrude on privacy, make unreasonably persistent
approaches for money or property, or place pressure on individuals. This applies to everyone not just vulnerable
persons. The Charity has a clear safeguarding policy which is briefed to staff annually.
Pa8e 2

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
Chalrman's Foreword
2023 saw a return to pre-COVID figures for sUPPOrt to individual welfare
cases. Money Spent on individual grants and grants to help serving
soldiers exceeded the money received from the Daws Pay Scheme,
highlighting the Importance of investment income 1£167kl and
donations.
Case Study 2
StatU5.' Veteran
Background.. This veteron'5 heolth took a
turn for the worse and after a period in
h05Pltal 15 now bein9 coredfor ot home.
The veteran is struggllng in general,
having speech theropy and finding
mobility difficult.
2023 also saw a continuation of many of the global crises seen in 2022.
Whllst Inflation came down, the war in Ukraine continued, exacerbated
by the Israel/Palestine conflict and the 8rowinB involvement by Iran
interfering with the passage of commerce in the Red Sea. The effect on
our Investments led to a roller coaster year.
Benefit5 will soon be explored with the
help of the caseworker but in the
meantime, ossistonce was requested
tow(3rds an Occupotionol Theropy
Report,
an Electronically Powered
Vehicle and o550ClOted items to moke the
veteran's quolity of life better.
The benevolent fund capital was volatile through the year, dippin8 in
value by £400k at one poSnt in the summer; but by 31 December 2023,
year end. the valuation had recovered to £6.02m leaving an unrealised
loss of less than £IOOk. From this account and separately, we have
received £167k durin8 2023 in dividends. In early 2024, the Benevolent
fund has continued to rise In capltal value to achieve a small surplus.
The Financial Committee continues to review our investments and
ensure that trustees are apprised of the situation throughout the year.
The graph below demonstrates how our Capital investments have
performed over 10 years as compared to inflation. in particularthe wav
we have coped with events of the last four years and the market
recovery since the covid crash:
PIIRR BENEVOLENT FUND VALUE
Gront.. £1,000
Referral to military chorities.. ABF £2,974
and TRBL £6.221
t￿3* f*c 2023
51D•c23 |
É7M
ly
The charity continue5 to be in good health, deliverlng supportto those in need and to the running ofthe Regiment. Moves to
improve the8overnance ofthe Charity byamending theTrust Deed and streamlining Designated Funds have been successful.
but work continued to de-restrict the Royal Sussex Regiment Endowment Fund. The anticipated change to the Trust Deed
will allow for greater diversity amongst trustee5 since it will remove the requirement to have served in the Regiment or a
forebear regiment.
Page 3

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
The trustees wish to place on record their appreciation for the work and support delivered by Regimental Headquarters during
another challenging year. Activity hlghlights for 2023 were-.
167 welfare case5 assessed for financial. moral, or practical support.
116 welfare cases received financial support with 51 declined.
The contSnued success of the Veterans. Horticultural Project {Kenne15 Field) with thirty-five veterans Snvolved in buildin&
forestry and the production of honey. In 2023 the charity aBreed to further fund the project with £95k, thereby enabling the
conclusion of buildin8 works and full access to veterans, keen to fully exploit the land and buildin8. A formal opening
ceremony is to take place on in 2024.
Communication with the wider Re8imental Familv Ic7,5001 through magazines, publications. and emails.
The continued direct Ilaison wlth our Colonel in Chief IHM Queen Mar8rethe 11 of Denmark) is an actlvity that directly
reinforces the Nation's aspirations for friendly relations between Nations and fosters pride in our Regimental herStage.
Delivery of a parade to present Colours to the 4th Battalion The Princess of Wales's Royal Re8iment in the presence of the
Crown Prince of Denmark.
Friends Event FundraSsing: £57K.
Indlvidual donations £77k- nearly equal the Daws Pay Scheme.
Cose Study 3
Status.. Vetemn
Revlew of Actlvltles
The Charity's investment policy is to produce the highest financial return wlthin
an acceptable level of rlsk,
The investment objective is to balance the income and Capital returns. We aim
to manage assets to at least maintsin the real capital value of the fund, whilst Benerating
a sustainable level of investment Income to support Regimental activities. The lon8-term
tar8et 15 for net retum, after all fees, to be CPI plus 3,5%. However, the short-term target
is to preserve the capltsl value with a minimu m level of risk.
The recipients of benevolence cover a wide spectrum of the public and. although
current serylng personnel do recelve assistance, the main beneficiaries are veterans,
widows, and dependents. Grants to individuals are based solely on criteria of need and a5
such do not duplicate state benefSt.
The veterans. horticultural project continues to develop as dc our methods of
communication with our veteran community to make them aware of developments and
where to find help. The Charity continues to contribute to the preservation of the Nation's
heritage. The existence of the Charity helps to ensure high morale and esprit de corps in
the PWRR and thus contributes to the overall effectiveness of the Nation's armed forces.
Bockground.- Thi5 fomlly wu5 hit with
numerous events which resulted in
them living in emergency houslng. The
veteran is unable to work due to
coringfor their children, one of which
has speciol educotlonal need5.
The family were finully offered G
permanent house through the IocL71
council ond requested t75515tonce
towords removal fees ond essential
household items.
Gront.. £500
Referral to military charltie5.' ABF
£1.500 ond TRBL £700
This in turn brin85 tangible benefits to the public and it is therefore considered by the
trustees that there is an identifiable benefit to the Nation 8t large.
Page 4

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
What We Do.
The PWRR Benevolent Fund is a 'mixed' charity that looks after the welfare needs of our soldier5 and veteran5 and promotes the
efficiency of the Regiment. An Impact Measurement and Management IIMMI Framework has identified five impact objectives and
five outcomes derivin8 from the Theory of Change that the Charity delivers:
Impart Objectlves..
Relief of financial hardship and distre5S.
Delivering services that meet individual Social needs.
Support heritage conservation efforts.
Improving the efficiency of the regiment.
Forming quality.
Outcomes:
Enhanced security and stability.
Increase in long term quallty of life.
Strengthened so¢lal coheslon.
Increased soldier and recruit satisfartion.
Preservation of PWRR heritage.
Developed community awareness of the Regiment.
To do this the Regiment:
Provides grants and support plans to individuals to support their mental, physical and financial needs.
Provides 8rants to veteran associations and battalions to deliver events/services that relieve social/p5ychological
needs.
Commi55ion5 ond funds work that supports the cOnse￿ation of the Regiment'5 history.
Provides funding for infrastrurture, processes, training, or equipment that supports the efficiency of the Regiment.
Lioises with aligned partners and organisations to maximise the potential of the Regiment's activities {this not only
includes other military charities such as the RBL or ABF but specialist charities (for instance debt counselling or prisoner
5UPPOrtII.
Unlted Natlon Sustainable Development Goals (SDGS)
The Charity also supports the Nation in its efforts to meet the 17 SDGS adopted by the United Natlons In 2015 as a universal call to
action to end poverty, protect the planet and ensure that by 2030 all people enjoy peace and prosperity. The activities of the PWRR
Benevolent Fund contribute towards 6 SDGS..
NO
POVERFY
GOOOHEAIIH
ANOWELL-BII
DECINTWORXAID
ECDNOMICGRQWTH
E0￿11
15
(((
dil
Page 5

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
Impact Overvlew
The Charity has recorded the followin8 Positive impacts-,
Case Study 4
Stotus.. Serving Soldier
Increase Enhanced Quallty ol Life and Securlty & Stability:
Background.. This request come directfrom the
Unit Welfore Officer with a follow up request
from the ABF.
167 cases referred to the charity.
£65.5k spent on 116 welfare cases1£68k was spent in 20221.
7 serving personnel.
2 famllies of serving personnel.
107 veterans 168 PWRR. 35 Queen's Reglment, I
Queens Royal Surrey Regiment and 3 Royal Sussex
Regiment).
74 cases were referred to other charities.
16 cases have been referred to a veterans, association for
support.
Up to six hundred members of I PWRR supported for cost-of-
living issues (£20k authorised for expendlture in Fys 2022 &
20231.
£17k was granted to associations.
SCRM association database was paid for in 2022- maintenance
cost5 are minimal and throughout 2023 It provided an
outstanding service In terms of communicatlng with registered
veterans,
The Kenne15 Field Ss nearing completion. Veterans have continued to work on the project albeit hampered
by the cost of materials rising exponentially. However, great pro8ress has been made with the followlng
achSevements-
o The Internal electrics have now been connected to the Grid.
Fire alarm is fitted.
Plastering has almost been completed.
A shower has been fitted and tiled.
Both Gent5 and Ladles toilets have been fitted.
Disabled access ramps have been built but await further funding to fit safety rails.
250 trees have been planted but sadly the bees project has had to be abandoned because of
disease.
A disabled car park is stlll required once funding has been achieved,
Grants have been recelved this year from The Bernard Sunley Foundation. the Pamela Champion
Foundatlon, The Army Benevolent Fund and 3 legacies.
Sadlyi a member of this soldlerfs family hod
pa55ed oway. They needed to fly out
immediately to be with theirfomilyond ottend
thefunerol. The MOD was not able to support
with public funds ond the soldier was
Struggling financlally due to the cost-of-living
crisis.
A5515tonce wa5 therefore being requested
toword5 compossionote flight5.
Gront., £500
Referral to milltory thoritles.- A8F£I,000
Fifty-one were declined for the following reasons.. did not meet criteria - 14, need met by another charity 9, incorrect
re8iment-23, maxlmum grant already reached- 3, wlthdrawn- 2.
Page 6

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
The project is grateful for the support of the following charities and individua15 in 2023".
Bernard Sunley Foundation,
Three veteran Legacies.
City Plumbing.
Pamela Champion Foundation.
The Princess of Wales's Royal Regiment
4DA1
TIGERS
The Kennels Fleld build is nearly complete.
Photographs show car park and entrance to the
front of the building (top left). Kitchen labovel
and the main hall (left).
Page 7

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
Cose Study 5
StatU5.' Veteran's widow
Preserve PWRR Heritage:
l(M)% chotte15 are insperted annually
inspections by a volunteer from the
Heritage Committee have taken place and have been useful in identifying those
elements that need repair or should be withdrawn into stora8e.
£28k8 w45 spent on the parade to present Colours to 4 PWRR Idelayed due to
COVID and the death of Her Late Majesty Queen Elizabeth 11 from 20201. Thi5
was an event for the Regimental Family and included serving soldlers. cadets,
veterans and families. Our Colonel in Chlef was not well enough to present the
Colours so Her son, Crown Prince Frederik of Denmark, stood in for Her.
£21.4k was spent on produclngjournals to keep the Regimental Famlly informed
reaching c7,000 members.
£7k was spent on reprinting the book Yhe Lon8est Stag,, a history of the
Northern Ireland Campaign which has seen successful sales.
Background.. Initiolly requested a5515toncefor her
husband's funeral but monoged to fund this
herseff. However, when talking to the coseworker.
it become opporent that she was struggling with
the10s5 of her husband.
He was responsible for the household finonce5.
monoging within their means but since hi5 death
energy arrears had built up. A55i5tonce w05
requested towords the orreors ond generol needs.
Grant.. £250
Refrrral to militt7ry chorities.. TRBL £1,069
Raised Soldier and Recruit Satisfaction=
£9k wa5 granted for adventurous training and 5POrt to support four activities.
9 welfare 8rants worth £5,500 to 5ervin8 soldiers and their families (included in overall welfare grants above),
£10.3k granted towards nurturing recruits.
£1.3k granted to PWRR badged Army Cadet Force and Comblned Cadet Force children.
This activity has contributed to recruiting into the Re8iment continuing to be amongst the best in the Army.
Members of the Re8iment are subsidised to enter
adventurous training and sporting activities that
challenge the individual to overcome adversity. build
self-esteem and comradeshlp.
A further £8k had been spent in previous years for the postponed parades which was carried over (for instance printing costs and
the costs of stands).
Page 8

THE PRINCE55 OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of theTrustees
for the Year Ended 31 December 2023
Increased Communlty Awareness of the Reglment- No grants were made to directly support community awareness of the
Regiment in 2023. For 2024 the charity has a8reed to fund an IT initiative to raise awareness of the Regiment,
Future Activity
In 2024 the Charity will:
Continue to seek improved communication wlth the wSder Regimental Family
Liaise with mental health charities to give those in need the ability to seek help more quickly.
Work to preserve the Charity's capital value land the income generated by that) at a time of financial uncertainty
(which 15 Captured in the Charitvs rlsk reglsterl.
Continue to move to de-restricting the Royal Sussex Regiment Endowment Fund. This requires the a8reement of
the Royal Sussex Regiment Association Ltd.
Continue to offer support in line with our charitable objects.
Plan for the sixtieth anniversary commemoration ofthe formation of the Queen's Regiment.
Lay up a set of Royal Sussex RegSment Colours in Chichester Cathedral.
Deliver a Families, Day for the Regimental Community.
Submit a supplementary trust deed to the Charity Commission to modernize governance withln the Charity.
Financial Results 2023. The detailed financial positlon is shown on pages 17-29.
Prlnclple Risks and Uncertainties. Identified risks and mitigation measures are:
Governance. The charity is confident that its governance procedures are appropriate. Miti8ation measures include..
Partaking in the biennial COBSEO governance return (green in 20221.
The conflict re8lSter is held and checked against at each meeting.
Trust Deed updated 11123 to be reviewed In 2028.
Regular review of policies and length of trusteeship.
9 The Subsuiber Customer Relatlon5 Management System weni live in 2022 and is already pr¢)ving ts worth in terms of tlmety and accurate Informatlon
bein8 pushed to servlng soldler5 and veterans allke.
Page 9

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
Operatlonal. Since those runnlng the charity are Civil Servant5 it is felt that operational risk is minimal. The followln
procedures are in place..
Customer based Is reminded of the benevolence role of the charity several times a year.
Welfare staff liaise with other charities for advice and collaborative purpose5.
All contracts Ivery few) are reviewed by the Honorary Regimental Solicitor.
MOD recrultment procedures are followed. All staff are subject to annual training.
Annual checks of physical assets take place, Financial checks take place monthly.
Flnanees. The Finance Committee meets four times a year and the Investment Committee twice a year:
Overarchin8.'
Quarterly updates from investors.
Monthly bank checks (cash held = 6 months of operations),
o Income v expenditure constantly monltored and reported to Finance Committee meetings.
Investment management policy is reviewed at least bi-annually.
Insurance cover is reviewed annually.
Inapproprlate Investment..
Monitoring of investment managerfs performance 38ainst ARC metrics.
o Performance reviewed at meetings and formally every five years.
Income, A reduced size of the Regiment has led to a decrease in Day's Pay income. Nevertheless:
There is continuous engagement to identify new sources of funding which involves the whole RegSmental
Family,
More emphasi5 On formal fundraising events {factored into 2025 and 20271.
Issues are realised and factored into the annual budget which forecasts five Yea￿ ahead.
The priority for expenditure wlll always be welfare payments.
External Rlsks..
Ensure transparency. Annual audlt report published, and welfare statlstics are published weekly.
Educate the wider Regimental Family on the worklngs of the Charity.
Maintaln membership of COBSEO to ensure the Charity is prepared for change initiatives.
Monitor output from the Army Charities Advisory Group.
Reputation:
Education - Ilnk to External risks.
Attempt to work with breakaway veterans. groups but if not possible ensure that they are not linked to the
Charity.
o Take part in the COBSEO biennial governance review.
Ensure policies are in place and Subject to regular reviews.
Retain membership the Fundraisin8 Regulator organisation.
Health & Safety Kennels Fleld-
Health & Safety qualified members of the Queen's Regiment Riders Association IQRRAI have revlewed and
implemented procedures in place. They are inspected durlng RHQ staff durlng routine visits.
Insurers have confirmed that further trustee insurance is not required. The QRRA have their own insurance
in place.
Page 10

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
for the Year Ended 31 December 2023
Structure. Governance and Management
Management Structure
The management board consists of ex￿ffici0 Trustees, who are senior members of the Regimental Council. and
Administrative Trustees, who are drawn from the chairs of veteran associations, or have financial and business
expertise (this will change with the implementation of the amendments to the trust deed). The Honorary Colonel
3 PWRR, Sir Lloyd Dorfman CVO CBE, attends meetings as an advisor. Note that a change to theTrust Deed in 2023
now allows any person with the requisite skill set to Serve as a trustee Ipreviou51y trusteeship was only open to
retired officers from the re8imentl.
Remuneratlon
The trustees and its Board are the key management personnel of the responsible for directing, controlling, running
and operating the Charity. Trustees give of their time freely with no renumeration paid in the year. Details of
trustee expenses and related party transactlons disclosed in note 5 to the accounts. Trustees are required to
disclose all relevant interests and register them with the Secretary la consolidated register of interests is available
to the public on request).
Thlrd Party Indemnlty.
In addition to an indemnity policy for employees {£IOm} the trustees are insured for public liability for the sum of
£5m.
Organlsatlonal Structure and Declslon Maklng
The Charity is administered by a Regimental Secretary, an Assistant Regimental Secretary and welfare staff, all paid
civil servants whose engagement reaches further than charitable activity,
The Welfare Committee is authori5ed to make grants up to £l.000 per case. The recent increase ofthe delegated
grant ceillng from £500 to £1,000 worked well in 2023. Welfare grants aside, the Regimental Secretary is authorised
to make payments up to £3,000. sums over and above this amount are referred to the Financial Committee and
Trustees for approval. Novel and contentious expenditure of any amount is referred for approval in the same way.
Page 11

THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES)
BENEVOLENT FUND
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Investment Advisors
Sarasin & Partners
Juxon House
100 St Paul's Churchyard
London EC4M 8BU
Re8lStered Charity number
1024418
PrSncipal address
AHQ PWRR Leros Barracks
Sturry Road
Canterbury, Kent
cri IHR
Trustees
Major General JR Martin DSO OBE MC
Bri8adier JC Coote DSO OBE (resigned 3.5.231
Bri8adier MD Cornwell OBE
Brigadier CD Davles OBE (appointed 3.5.231
Brigadier T Glass (appointed 1.12.231
Colonel AAA Beattie
Colonel PT Crowley MBE DL
Colonel CA Luckham OBE Iresi8ned3.5.231
Colonel DK Mog8 TD VR
Colonel JRG Putnam CBE TD DL
Colonel AC Ward OBE DL (resigned 30.11.231
Lieutenant Colonel B Baker MBE (appointed 4.5.23)
Lleutenant Colonel N Burley
Mr. RJ Bradburn
RegSmental Secretary
Colonel JRJ Powell 08E
Hon Legal Advisors
Ammoss
Auditors
Xeinadin Audit Ltd
Conqueror House
Sittingbourne
Kent
Pa8e 12

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Report of the Trustees
forthe Year Ended 31 December 2023
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees are responsible for preparin8 the Annual Report and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports} Regulations
2008 and the provislons of the trust deed requires the trustees to prepare financial statements for each financial year which
give a true and fair vlew of the state of affairs of the charity and of the incoming resources and application of resources.
including the income and expenditure, of the charity for that perlod. In preparing those financial statements, the trustees
are required to
selert suitable accounting policies and then apply them consistently,.
observe the methods and principles in the Charity SORP,.
make judgements and estimates that are reasonable and prudent-
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 keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the charlty and to enable them to ensure that the financial statements comply with the Charities Act
2011, the Charity {Accounts and Reports) Regulations 2IXI8 and the provisions of the trust deed. 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.
Approved by order of the board oftrustees on 23 May 2024 and signed on 12 July 2024 on its behalf by:
Major General JR Martin DSO OBE MCTrustee
Page 13

Report ofthe IndependentAuditors to the Trustees of
The Prlncess of Wales's Royal ReBiment
Benevolent Fund
Opinion
We have audited the financial statements of The Princess of Wales's Royal Regiment Benevolent Fund (the 'charity'l for the
year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the
financial statements, including a summary of significant accounting policies. The financial reporting framework that has
been applSed in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally
AC￿pted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incominB resources and
application of resources, for the year then ended:
have been properly prepared in accordance with Llnited Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditlng IUKI {ISAs IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditors, responsibilities for the audlt of the flnancial
statements section of our report. We are independent of the charity in accordance with the ethlcal requirements that are
relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfllled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to going concern
In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlons
that, individually or collertively, may cast significant doubt on the charity's ability to continue as a going concern for a period
of at least twelve months from when the financial statements are authorised for issue.
Our responsibillties and the responsibilities of the trustees with respect to Boing concern are described in the relevant
sections of this report.
Other Information
The trustees are responsible for the other information. The other information comprises the information included in the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and. except to the extent otherwise expllcitly
stated in our report, we do not express any form ofassurance conclusion thereon.
In connertion with our audit of the financial statements, our responsibility is to read the other information and. in doing so,
consider whether the other information is materially inconslstent with the financial ststements, or our knowledge obtained
In the audlt or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misststement in the financial
statements themselves. If, based on the work we have performed. we conclude thatthere is a material misstatementofthis
other information, we are required to report that fart. We have nothin8 to report in this regard.
Page 14

Report of the IndependentAuditors to the Trustees of
The Princess of Wales's Royal Regiment
Benevolent Fund
Matters on which we are requlred to report by exception
We have nothin8 to report in respect of the followlng matters where the Charities (Accounts and Reports) Regulations 2008
requires us to report to you if, in our opinion:
the information given In the Report of the Trustees is inconsistent in any material respect with the financial statements,.
or
sufficient accounting records have not been kept: or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Responslbllftle5 of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of
the financial statements which give a true and fair view, and for such internal control as the trustees determine is nece55ary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going
concern, disclosin8, as applicable. matters related to going concern and using the going concern basis of accounting unless
the trustees either intend to liquidate the charity or to cease operations. or hove no realistic alternative but to do so.
Our responsibllltles for the audit ol the flnancial statements
We have been appointed as auditors under Section 144 ofthe Charities Act 2011 and report in accordance with theAct and
relevant regulations made or having effect thereunder.
Our objective5 are to obtain reasonable assurance about whether the financial 5t?tements as a whole are free from material
misstaternent, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion.
Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted in accordance wlth ISAS
{UKI will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are
considered material if. individually or in the a88re8ate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these flnancial statements.
The extent to which our procedures are capable of detecting irregularities, includin8 fraud is detailed below..
Our objectives in performingthe audit are to identify and assess the risk of material misstatement in the financlal statements
due to fraud or error and to obtain sufflcient audit evidence to support this. We also evaluate and respond to the risk of
material misstatements.
Audit procedures performed by the engagement team included:
- Gaining an extensive knowled8e of the entity and its, external envlronment, as well as the regulatory frameworks it must
operate within.
Obtsining a sufficient understanding of the internal control environment, including systems in place for the detection and
prevention of fraud.
Appraising said systems in order to determine whether they are operating to a satisfactory level.
Understanding the entity's current activities and future plans and comparing these to the entity's charitable objective and
aims.
Discussions with management and those charged with governance as to any known or Suspected instances of non-
compliance with laws and regulations, as well a5 fraud.
Challenging and recalculating assumptions. judgements and estimates made by mana8ement in its si8nificant accounting
policies.
Readin8 minutes of meetings of those charged with governance and therefore understandin8 and evaluatin8 deci5ion5
made regardin8 the safeguarding and usage of the entity'5 assets.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportin8
Council's website at www.frc.org.uklauditorsresponsibilitie5. Thi5 description forms part of our Report of the Independent
Auditors,
Page 15

Report of the Independent Auditors to the Trustees of
The Princess of Wales's Royal Regiment
Benevolent Fund
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance wlth Part 4 of the Charities (Accounts and
Reports) Regulation5 2008, Our audit work has been undertaken so that we might state to the charity's trustees those
matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the tharlty and the charity's trustees as a body, for our
audit work, for thls report, or for the opinions we have formed.
Nick Hume {Senior Statutory Auditor)
Xeinadin Audit Ltd
12 Conqueror Ct
Sittingbourne
Kent
MEIO SBH
23 May 2024
Page 16

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Statement of Financial Activities
forthe Year Ended 31 December 2023
31.12.23
Total
funds
31.12.22
Total
funds
Endowment
funds
Designated
Unrestricted
Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
19,457
256,252
275,709
224,135
Charltable actlvltles
Hardship or distress relief for
former and serving members
733
4.363
5.096
12,463
Investrnent income
107.923
57,393
3,143
168,459
129.395
Totsl
128.113
318,CKI8
3,143
449.264
365,993
EXPENDITURE ON
Raising funds
50,452
50,452
10,522
Charftable actlvlties
Hardship or distress relief for
former and serving members
85.996
229,115
315,111
350,552
Total
85,996
279,567
365,563
361,074
Net gainsl{lossesl on Investments
197,459
104.019
39,442
340,920
1696,0501
NET INCQME/{EXPENDITURE)
Transfers between funds
239,576
6.481
142.460
16.481}
42,585
424,621
1691,1311
14
Net movement In funds
246.057
135,979
42,585
424,621
1691,1311
RECONCILIATION OF FUNDS
Total funds brought foNard
3.272.846
2,982,797
111,418
6,367,061
7,058.192
TOTAL FUNDS CARRIED
FORWARD
3,518.903
3.118,776
154,003
6,791,682
6,367,061
The notes form part of these flnancial statements
Page 17

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Balance Sheet
31 December 2023
31.12.23
Total
funds
31.12.22
Total
funds
Endowment
funds
Designated
Unrestricted
Notes
FIXED ASSETS
Tangible asset5
HerltsBe assets
Investments
931
645,885
99,894
2.417,574
646,816
99,894
6,020,646
562.222
99,894
5,685,104
3.454,587
148,485
3.455.518
3.163,353
148.485
6,767,356
6,347,220
CURRENT ASSETS
Stocks
Debtors
Investment5
Cash in hand
io
li
12
7,160
11,112
2,004
60,575
7,160
11,302
2,004
129,289
12,618
11,354
3,206
117,106
190
63,196
5,518
63,386
80.851
5,518
149.755
144,284
CREDITORS
Amounts falling due wlthin one
year
13
{125,429}
(125,429)
1124,4431
NET CURRENT ASSETS
63,386
144,5781
5,518
24,326
19,841
TOTALASSETS LESS CURRENT
LIABILITIES
3.518,904
3,118.775
154.003
6,791,682
6,367.061
NET ASSETS
3,518.904
3,118,775
154,003
6,791,682
6,367.061
FUNDS
Unrestrirted funds
Endowment funds
14
6.637,679
154,003
6.255.643
111,418
TOTAL FUNDS
6,791,682
6,367.061
The financial statements were approved by the Board ofTrustees and auth0ri5ed for i55ue on 23 May 2024 and were Signed
on 12July 2024 on its behalf by..
Major General JR Martin DSO OBE MCTrustee
The notes form part ofthese financial statements
Page 18

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Flnancial Statements
for the Year Ended 31 December 2023
ACCOUNTING POLICIES
Basis of preparatlon of financial statements
The financial statements of the charity, which is 3 public benefit entity under FRS 102. have been prepared in
accordance with the Charities SORP {FRS 102)'Accounting and Reporting by Charities: 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 IFRS 1021 (effective l January 20191,, Financial Reportin8 Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The
financial statements have been prepared under the historical cost convention. with the exception of investments
which are included at market value, as modified by the revaluation of certain assets.
The aims of the Charity are to relieve hardship or distress of former and serving members of the regiment and their
dependants and to promote the efficiency of the Regiment. The Charity is registered in the UK and Northern Ireland.
number 1024418. It Is unincorporated and constituted under a Trust Deed.
The financial statements are presented in sterling and rounded to the nearest £1.
Golng concern
The financial statements have been prepared on a going concern basis. The trustees have considered relevant
information, including the annual budget. forecast future, cash flows and the impact of subsequent events in making
their assessment.
Based on the assessments above, and having re8ard to the resources available to the entity, the trustees have
concluded that there is no material uncertainty. and that they can continue to adopt a going concern bases in
preparing the annual report and accounts.
Inwme
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be
received and the amount of Income receivable can be measured reliably.
The recognition of income from legacies is dependent on e5tsbli5hing entitlement, the probability of receipt. and
the ability to estimate with sufficient accuracy the amount receivable. Eviden￿ of entitlement to a legacy exists
when the charity has sufficient evidence that a gift ha5 been left to them (through knowledge ofthe existence of a
valid will and the death of the benefactor) and the executed is satisfied that the property in question will not be
required to satisfy claims in the estate.
Receipt of a legacy must be recognised when it 15 probable that it will be received and the fair value of the amount
receivable, which will generally be the experted cash amount to be distributed to the charity, can be reliably
measured.
Grants are included in the Statement of Flnancial Activities on a receivable basis. The balance of income received for
specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where
income is received in advance of entitlement of receipt, Its recognition is deferred and included in creditors as
deferred income. Where entitlement occurs before income Is received, the income is accrued.
Gifts in kind donated for distribsjtion are included at valuation and recognlsed as income when they are distributed
to the projects. Gifts donated for resale are included as income when they are sold.
Page 19

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES- contlnued
Income
When the donated good is a fixed asset. it is measured it fair value, unless it is impractical to measure this reliably,
in which case the cost of the item to the donor should be used. The 8ain Is reco8nised as income from donations
and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful
economic life in accordance with the Charity's accounting policies.
On receipt, donated professional seNices and facilities are recognised on the basis of the value of the gift to the
charity, which is the amount it would have been willing to pay to obtain seNices or facilities of equlvalent economic
benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
The charity receives lottery income vla Unilottery. The income is reco8nised on a monthly basis when it becomes
due
Income tax recoverable in relation to investment income is recognised at the time the investment income is
recelvable.
Interest receivable on funds held on deposit 15 included when receivable and the amount can be measured reliably
by the Charity. this is normally upon notiflcation of the interest paid or payable by the instltution with whom the
funds are deposited,
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commltting the charity
to that expenditure, it Is probable that a transfer of economic benefits will be required in settlement and the amount
of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made
up of the total of direct costs and shared costs, including support Costs involved in undertaking each activity. Direct
costs attributable to a single activity are allocated directly to that artivSty. Shared costs which contribute to more
than one activity and support costs attributable to a single activity are apportioned between those activities on a
basis consistent wlth the use of resources. Central staff costs are allocated on the basis of tSme spent, and
depreciation charges allocated on the portion of the asset's use.
Expenditure on raising fund5 includes all expenditure incurred by the Charltyto raise funds for its charitable purposes
and includes costs of all fundraising activities, events and non<haritable tradin8.
Expenditure on charitable activlties 15 incurred on directly undertaking the activlties which further the Charity's
objectives, as well as any associated support costs.
Grants payable are charged in the year, when the offer is made. except in those cases where the offer is conditional,
such grants can be recognised as expenditure when conditions attaching are fulfilled. Grants offered subject to
conditions which have not been met at the year-end are noted as commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
continued..,
Page 20

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES- continued
Tangible fixed assets
Improvements to property
Flxtures and fittings
Computer equipment
2% on cost
33% on cost
33% on cost
Tan8ible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are
probable, and the c05t or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at Cost. After recognition, under the cost model, tangible fixed a55ets
are measured at C05t le55 accumulated depreciation and any accumulated impairment losses. All costs incurred to
bring a tangible fixed a55et into it5 intended working condition should be included in the measurement of cost.
Herita8e assets
Where heritage assets have been purchased. they are initially recogni5ed at C05t. After reco8nition, under the cost
model. heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment
losse5. The assets relate to paintings and silver medals hence they are not depreciated.
The charity owns a collection of Historical Military itern5 as well. that are included in the Heritage Asset note. but
not presented on the balance sheet, The collection has been acquired by donations received since the charity came
Into existence. The Trustees consider that owin8 to the incomparable nature of the collection, any valuation would
be both unreliable and also an anerous cost, compared with the additional beneflts derived by the Charity and users
of the accounts. As a result, the value reported is based on the insurance valuation and included in the note.
At each reporting date, the Charity a55e5ses whether there is any indication of impairment. If such indication exists.
the recoverable amount of the asset is determined to be higher of its falr value less cost to sell and its value in use.
An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
Stocks are valued at the lower of cost and net realisable value after making due allowance for ob501ete and slow-
moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments
are valued at the amount prepaid net of any trade discounts due.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of
the general objectives of the Charity and which have not been as designated for other purp05e5.
Des18nated funds comprise unrestricted funds that have been Set aside by the Trustees f or partlcular purpose5. The
amount of each designated fund 15 set out in the notes to the financlal statements.
continued...
Pa8e 21

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
forthe Year Ended 31 December 2023
ACCOUNTING POLICIES- contlnued
Fund accountin8
Restricted funds which are to be used in accordance with Specific restrirtions imposed by donors orwhich have been
raised by the Charity for particular purposes. The cost of raising and admlnistering such funds are charged aBainst
the specific fund. The aim in use of each restricted fund is set out in the notes to financial statements
Endowment funds are for the charity to retain for the charities usin8 furtherance of its charitable purposes.
Investment Income. gains and1055es are allocated to the appropriate fund.
Financlal Instruments
The Charity only has financial assets and financial liabilities of a klnd that qualify as basic financial instruments. Basic
financial instruments are initially recognised at transaction value and subsequently measured at the settlement
value with the exception of bank loan5 which are subsequently measured at amortised cost using the effettive
Interest method.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term hiBhly Ilquid investments with a short maturity of three
months or less from the date of acquisitSon or opening of the deposit or similar account,
CRITICAL ACCOUNTING JUDGEMENTS AND KEYSOURCES OF ESTIMATION UNCERTAINTY
No significant judgements have been made by management in preparing these financial statements apart from
those detailed in Note l.
DONATIONS AND LEGACIES
31.12,23
31.12.22
Donations
Legacies
Grants
270,709
5,000
182,885
41,250
275.709
224,135
Grants received. included in the above, are a5 follows..
31.12.23
31.12.22
Armed Forces
The Veteran5 Foundation
11,250
30,000
41,250
continued...
Page 22

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
INVESTMENT INCOME
31.12.23
31.12.22
Other fixed asset invest- Fll
Deposit account interest
167,196
1,263
128.545
850
168,459
129.395
GRANTS PAYABLE
31.12.23
31.12.22
Hardship or distress relief for former and serving members
92,909
87,778
The total grants pald to Individuals during the year was as follows:
31.12.23
31.12.22
18attalion PWRR
2 RANGER
3 Battalion PWRR
Welfare Grant
Other Grants
Golf Society
Royal Hampshire Reglmental Assoclation
4 Battalion PWRR
PWRR London
Association Branches
5,975
1,070
5,025
65,546
8,365
452
3,¢XJO
11,7931
3,001
2,253
3,295
62.565
6,283
1.400
4,576
1.415
2,990
5,269
92,909
87,778
TRUSTEES. REMUNERATION AND BENEFITS
There were no tru5tees' remuneration or other benefits for the year ended 31 December 2023 nor for the year
ended 31 December 2022,
continued...
Page 23

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
forthe Year Ended 31 December 2023
TRUSTEES. REMUNERATION AND BENEFITS- contlnued
Trustees. expenses
Expenses of £33412022,. £2581 were paid during the year.
TANGIBLE FIXED ASSETS
Improvements
to
property
Fixtures
and
fittings
Freehold
property
Computer
equipment
Totals
COST
At l January 2023
Additions
400,000
164,615
90,290
800
12,613
578.028
90,290
At 31 December 2023
400,000
254,905
800
12,613
668,318
DEPRECIATION
At l January 2023
Charge for year
3.292
5.098
320
321
12,194
277
15,806
5,696
At 31 December 2023
8,390
641
12,471
21.502
NET BOOK VALUE
At 31 December 2023
400,000
246,515
159
142
646,816
At 31 December 2022
400,000
161.323
480
419
562,222
HERITAGE ASSETS
Total
MARKET VALUE
At l January 2023 and 31 December 2023
99,894
NET BOOK VALUE
At 31 December 2023
99,894
At 31 December 2022
99,894
The tharity Is a repository of thousands of items, the majority of which have been donated over manyyears both bv
individuals and Regimental units that have closed.
In line with FRS 102 and SORP, the assets have been obtained over many years of the charity existin8 and are not
recognised on the Balance Sheet due to Costs of individual heritage assets not being identifiable. Off balance sheet
assets relate to paintings. medals and other items that are milltary in nature.
Continued...
Pa8e 24

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At l January 2023
Revaluation5
5.685.104
335,542
At 31 December 2023
6,020,646
NET BOOKVALUE
At 31 December 2023
6,020.646
At 31 December 2022
5,685.104
There were no investment assets outside the U K.
Cost or valuation at 31 December 2023 is represented bv:
Listed
investments
Valuation in 2022
5,685,104
335,542
Valuation in 2023
6,020,646
io.
STOCKS
31.12.23
31.12.22
Stock5
7,160
12,618
continued,..
Page 25

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
ii.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23
31.12.22
Trade debtors
Other debtors
Prepayments and accrued income
2,073
9,229
8,854
2,500
11,302
11,354
12.
CURRENT ASSET INVESTMENTS
31.12.23
31.12.22
Listed investments
3,206
13.
CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR
31.12.23
31,12.22
Trade creditors
Taxation and social security
Other creditors
16,934
14,667
19501
110,726
108,495
125,429
124,443
14.
MOVEMENT IN FUND5
Net
movement
in funds
Transfers
between
funds
At
31.12.23
At 1.1.23
Unrestricted funds
General fund
The Cadets Endowment Fund
The Queen's Regiment Benevolent Fund
The Queen's Royal Surrey Benevolent Fund
2,982,797
141,803
1,539,475
1.591,568
142,459
15,5811
67,030
178.128
16,4811
3,118,775
136,222
1,612.986
1,769.696
6.481
6.255.643
382.036
6.637,679
Endowment funds
The Royal Sussex Regimental A550ciation
111,418
42,585
154,003
TOTAL FUNDS
6,367.061
424,621
6.791.682
continued...
Page 26

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
Incomlng
resources
ReSoUr￿S
expended
Gains and
losses
Movement
in funds
Unrestricted fufids
General fund
The Cadets Designated Fund
The Queen's Regiment Benevolent Fund
The Queen's Royal Surrey Benevolent Fund
318,Crf)8
18,818
68,112
41,183
1279.5681
104,019
124,399)
72,580
149,278
142,459
{5,5811
67.030
178.128
173,6621
112,3331
446.121
1365,563)
301,478
382,036
Endowment funds
The Royal Sussex Regimental Association
3,143
39,442
42,585
TOTAL FUNDS
449,264
1365.5631
340.920
424,621
Comparatives for movement Sn funds
Net
movement
in funds
Transfers
between
fund5
At
31.12.22
At 1.1.22
Unrestricted funds
General fund
The Cadets Designated Fund
The Queen's Re8iment Benevolent Fund
The Queen's Royal Surrey Benevolent Fund
3,037,338
13,100
1,965,756
1,913,152
123,570)
128,703
1457,252)
1321,584)
{30.9711
2,982,797
141,803
1,539.475
1,591,568
30.971
6,929,346
{673,703)
6,255,643
Endowment funds
The Royal Sussex Regimental Associatlon
128,846
117,428)
111,418
TOTAL FUNDS
7.058,192
1691.131)
6,367,061
continued..
Page 27

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
14.
MOVEMENT IN FUNDS- contlnued
Comparative net movement in funds, included in the above are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestrlcted funds
General fund
The Cadets Desi8nated Fund
The Queen's Regiment Benevolent Fund
The Queen's Royal Surrey Benevolent Fund
249.527
3.128
75,077
35,827
1231,7301
1911
{106,048)
{23,1461
{41,367}
125,666
1426,2811
1334,2651
123.5701
128.703
1457.252
1321,5841
363,559
1361,0151
Endowmentfunds
The Royal Sussex Regimental Association
1676,2471
1673,7031
2.434
1591
119,8031
117,4281
TOTAL FUNDS
365,993
1361,074)
1696,0501
{691.1311
The Royal Sussex Regimentsl Assoclatlon
This fund relates to former Charity, the Royal Sussex Regiment Old Comrades Association (ocr) number 286787.
The fund is used to assist past. present and future members of the Association and past members of all rank5 of the
Royal Sussex Regiment. theirwive5. widow5. and dependants of such members.
The Queen's Regiment Benevolent Fund
The Queen's Re8iment Benevolent Fund subsumed into the PWRR Benevolent Fund in Aprll 2008 underthedirection
of the Charity Commlssion. The fund is used to assist past, present and future members of the Regiment and
successor Regiments. their wives and dependants.
The Queen's Royal Surrey Benevolent Fund
The Queen'5 Royal Surrey Benevolent Fund relates to a grant made from the Queen's Roy31 SurreyAssociation Funds
In January 2012. The fund is used to assist past, present and future member5 of the Regiment and successor
Regiments, thelr wives and dependants.
contlnued...
Page 28

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
15.
RELATED PARTY D15CLOSURES
The Princess of Wales'5 Royal Regiment and Queen's Regiment Museum Maintenance fund operate in the same
location a5 The Princess of Wales's Royal Regiment Benevolent Fund. The respective charities do not share trustees
and key management personnel, but fall under the Princess of Wales's Royal Reglment umbrella of Charities.
At the year end, the amount due to the Princess of Wales's Regiment Maintenance Fund was £77.183
{2022:£76,9821.
16.
ADJUSTMENT TO SUPPORT COSTS
During the year, the Trustee5 have reviewed the spllt between charitable actlvlty costs and support costs. As a result
of this review, various c05t5 have been reallocated both in 2023 and 2022 from charitable expenditure to support
expenditure, in order to more accurately reflert the nature of these costs.
Page 29

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Detailed Ststement of Financial Activities
for the Year Ended 31 December 2023
31.12.23
31.12.22
INCOME AND ENDOWMENTS
Donatlons and legacies
Donations
Legacies
Grants
270,709
5,000
182.885
41,250
275,709
224.135
Investment In¢ome
Other fixed asset invest- Fll
Dep051t account interest
167,196
1,263
128,545
850
168,459
129.395
Charitoble artivities
Book Sales
5,096
12.463
Total Incoming resources
449,264
365.993
EXPENDITURE
Ralsing donatlons and legacles
Event5 Costs
50,452
10.522
Charitable activitie5
soldier Support
Journal Printing Costs
Donations
Regimental Chattels Expenses
Grants to individuals IKenne15 Field Project)
Remembrance cost
45,257
21,399
13,118
99
92,909
8,023
25.601
46.149
1,000
27,401
87,778
8,236
Support costs
Management
Telephone
Postage and stationery
Sundries
Carried forward
180,805
196,165
325
2.287
2,849
5,461
4,298
108
4,790
This page does not form part of the statutory financial statements
Page 30

THE PRINCESS OF WALES'S ROYAL REGIMENT
BENEVOLENT FUND
Detailed Statement of Financial Activities
forthe Year Ended 31 December 2023
31.12.23
31.12.22
Management
Brought forward
Travel
Membership
Presentation Costs
Events Costs
Accountancy
Hospitality
Office Expen5e5
Insurance
Consultancy
Website Costs
Repairs and Renewals
Improvements to property
Fixtures and fittings
Computer equipment
5,461
11,786
8,573
7,992
4,090
13,919
1.039
6,181
13,248
25,876
8,570
157
5,098
358
240
4,790
8,939
2.196
21.800
9,620
11.747
16.845
6,515
29.092
25,386
1,285
3,292
373
827
112,611
142,707
Flnance
Investment Management Costs
7,615
3.162
Governance costs
Auditor5, remuneration
Auditors, remuneration for non audit work
Trustee Meeting Costs
5.925
5.040
3,138
3,000
3,600
1,768
14,103
8.368
Total resources expended
365.563
361.074
Net intome before gains and losses
83.701
4,919
Reallsed recognlsed gains and losses
Realised gainslllossesl on flxed asset investments
340.920
1696.0501
Net Income/(expendlture)
424,621
1691,1311
This page does not form part of the statutory financial statements
Page 31