REGisfERED CHARITY NUMBER: 1024418 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND CONTENTS OF THE FINANCIAL STATEMEN15 for the Year Ended 31 Detsmber 2024 Page Report of the Trustees 2 to 14 Report of the Independent Auditors 15 to 16 Statement of Financlal Actlvitie5 17 Balan￿ Sheet 18 Notes to the Flnancial Statements 19 to 28 Detailed Statement of Financial Artivitie5 29 to 30 THE PRINCESS OF WALES'S ROYAL REGIMENTIQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLEblT FUNO REPORTOF THE TRUSTEES for theyear Ended 31 December 2024 The trust￿ present their report wlth the flnoncial statements of the charity for the year ended 31 December 2024. The trustee5 have adopted the provisions of Accounting and Reportlng by Charltles: statement of Recommended Practlce appllcable to charitie5 preparlng thelr account5 in accordan￿ with the Financial fleporting Standard applicable In the UK and Republic of Ireland IFRS 1021 {effectlve l January 2019). Working with the Army Benevolent Fund (ABFJ, The Royal Brltlsh Leoion (TRBL}, Royal British Legion Industries (RBLIJ, Soldiers. Soilors, Airmen and Fomilie5 Assoclatlon (SSAFA), the NHS, the Royal Sussex Regimental Assoclstlon Ltd the Hampshire & Isle of Wight MilitQry Aid Fund ond the Fundraising Regulator to support oursoldiers, veterons, andfomllles. The Charlty The PWRR Benevolent Fund 15 a 'mlxed' charity that looks afte¥ the welfare needs of our soldiers and veterans and promote5 the efficlency of the Regiment. The Charity was formed In 1992 on the formailon of the Regiment from forebear regimental charities The Charltys objectives are Benevolence and Welfare for our servlng personnel2 veterans, and dependents and to promote the efficiency of the Regiment. All grants were made Sn Ilne with these objectlves. THE SOLDIERS. CAARITY RBLI Surplus and Deficit income during the year was £376k, sllghtly down on 2023, expenditure was £377k resultlng in a deficit of £lk. This deficit wa5 offset by gains on investments of £519k, an overall surplus of £518k. Capltal investments, continued to recover In 2024 provSdlng welcome income and capltal growth; the latter to support future generatlons of soldiers, veterans, and dependents. ssafa ¢trwity TOMMY The trnstee5 are mindful that the use of charitable fund5 should have an element of benefit to the public and the remainder of thls report lays out the Charitys position in this respect. Whllst the maln charltable purpose of the Charity is 'the promotlon of the efficiency of the armed forces of the Crown,, the Charity delivers support to other purposes recognised by the Charity Commlssion. underllnlnE the Charivs benefit to the Natlon as a whole (refer to examples through this report that are pertlnent to the first four bullets): The relief of those in need, by reason of youth, age, 111-health, dlsability, financial hardship or other dlsadvantage. The prevention or relief of poverty. The advancement of health or the savlng of live5. The advancement of educatlon (the provision of trainin8 to enable work- often prison release related). The advancement of citizenship or community development (supporting cadets), The advancement of the arts, culture, herita8e or science Isuppoftlng regimental herltage and chattels) The advancement of amateur sport {supportin8 our sportsmen and womenl. The advancement of animal welfare IT￿erS- after our regimental nickname}. l Le$5 the Royal Sussex and Royal Hèrnp5hl￿ Re8imtnt ￿nds. The Royal Sussex Regiment Endown*nt Fund that had been 81freil la Restrl¢ted Fund) has row been rnoved Into the Qu¢en'5 Reairnent Des1$￿ted Fund Iollowlng agreemeAt bythe Charity CommLfsk)n. 2Thl$ indudes thLryse seThtn8 outslde of battallons èt Extra Re8lmertal Employmentthe lar6est contln8ent of whlth slts In 2nd Battallon the Ranger Regiment. ThE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Equalliy & Dlver51ty Statement The Reglment conforms to the Armls Values and Standardgl and trustees are requlred to adopt these 5taTrdards which are akln to the Nolan Prindples . The Regimental Family corssists of diverse age5 (from chSldren to aged veterans). sexes. sexual orientation. nationalities , ethnicity and religious backgrounds.. all of whom are supported with proper iegard to any pro*etted charatteristics. In 2023 the Trust Deed wa5 amended to allow any person with the necessary skills to become a trustee rather than stipulating that trustees must have served as officers in the Regiment, with the resignation of a trustee in 2024 the trustees will be looking to appoint a new trustee following the new ulterla. Fundra151n8 Statement The Charity ha5 an income of less than £lm pa and as such does not have a legal duty to meet the requirements of the Fundralsing Regulator in respect of fundralsing reporling. Neverthele$5. the trustees feel that it is 8ood practice to produce such a report in Ilne with the Regulalorfs guidelines: Cose Study l (note for oll coses thot Approach. The type5 of fundraislng carried out by the Charlty are: initlol Interortion is carried out by SWA Voluntary donatlons from serving personnel Ithe Days Pay Scheme In some coses. they/thern is used to endorsed in Kin¢s Regulations for the Arrnyl. further redoct the identlty of the • Income 8enerated by capital investment. indivlduolj. • Other voluntary donatlons whlch also include5 the Just Glvlng scheme. • Rent on property. Legacies. Lottery Scheme. Interrnet donatlons from EasyFundraisin8 and Give As You Live. • Sales of Reglmentsl 8oods Ibooks and Regiment themed items). Onè Source Is through an Independent Ilrm who donates 5% of the cost of Items to the Regiment. Events organised by third partles {who usually have a reglmental connertion). These are volunteers. Sponsored runslwalks ~ organlsed through a commerclal third party- Nlce Works. Stotus.. Vetemn Bockground.. Thi5 vetemn hod experienced o mentol heolth cri515. The family reoched out to Reglmentol Heodquorter5 who were able to prt>vlde wroparound support. Thts wos in conjunction wlth the NHS. who pmvlded o mentalhealth care worker. The veteran fvllowed guidon￿ und engoged wlth Op COURAGE ond Rock2Recoveryfvr addIt￿nal5Upp0rt. Re8ulatlons the charlty ts subiect to. The Charity Is registered wlth the Fundralslng Re8ulator and adhere5 to its code of practlce. Thi5 veteran Is now fvlly integroted into the system with a SSAFA coseworker. A gnint Wos provided towards general needs but thi5 case study highlights that not oll ctw are 501ved with a finono'al gront. How fundralsers are monltored. M05t fundraisers are Ilnked to the Regiment through the PWRR Associatlon IPWRRA) or a forebear regiment association such as the Queen's Regiment Association (QRAI who in tum monitor branch activlties. The Chair5 of the PWRRA and QRA are trustees. and two volunteer fundraisers. activitles are monitored dlrectly through the Regimental Headquarters. There h05 been a posltive outcome as thi5 vetemn now has o much brighter outlook on thefuture. Number ol fundralslng complainkn There were no fundralslng complaints made against the charity in 2024. 6rant.' £250 Referral to otherrnfflitory a150 contributed£405 Protettlon of vulnerable person5. The Charity seeks not to Intrude on prlvacy, make unreasonabty perslstent approache5 for money or property. or place pressure on individuals. Thi5 applie5 to everyone not Jusl vulnerable persons. The Charity has a clear safeguardlng policy which ￿ brlefed to staff annually. Values are Courage) Dlsclpllne. Respertlorother. Integrty, loyalty, Semes5 Comft￿tmenI. Ststsjirdsare: Lawfvl, Aueptsble Beh*iouf, Proftsslonal. l The Nolan Prln¢iple5 areSeffiessn¥ Inte8r￿¥. Objectfvlty, A¢countablllty. Openne54 Honesty Ltader5hlp. ITknu8h aUseMn8 soldlers nMJSt tTret the Brttlsh, COmn￿¥ealth. Ir15h orGurkha natlDnalrty ¢rit¥la, the same rf¢e$ not applyto p*ner THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRu&fEES for the Year Ended 31 December 2024 Chairman's Foreword 2024 saw the number of welfare applicants continue to rise over irnmedlate prevlous years,. money spent on welfare exceeded the amount ralsed from contributions received from serving members of the Reglment. Statistlcs for the perlod 2019 -2024 show a dip in the COVID years rlsln8 to prÈ COVID levels: Casestudy 2 Stutus.. Veteron Bockground., This veten7n recentfy suffered o fall after blacking out und sustt7ined serious het￿ injuries. They remain vulneroble to fvrtherinjuries ond seizures and is therefore unable to work. 2019- 149 cases- £58k. 2020- 133 cases - £56k. 2021- 103 ca5e5- £46.4k. 2022- 102 case5- £68.1k. 2023- 121 cases- £65.5k 2024- 142 ca5e5 - £88.9k. To provide u better quolftty of lrfe they hove been ollocated Sheltered housing. A55i5tance wos requested towords household item5. Since 2019, a total of 750 serving personnel, veterans and dependents have been supported by the Charity at a cost of £389.9k. Grant.. £466 The benevolent fund capital investments value galned In year by £523.067 finishing the year at £6,543.005. The trustees continue to keep abreast of financial development5 Ihrough the Financial and Investment cornmittee5 (which meet four tlmes and twice a year respertively}. It was agreed by the trustees that In 2025 the Flnance Cornmtttee would revlew the performance of our Investors and report back to the Man3Eement Committee. Reftrral to mllltory charities.. TR8L grant £910. Revlew of Actlvltles The trustees wish to place on record thelr appreclatlon for the viork and support dellvered by Regimental Headquarters and retlrlng trustee Richard Putnam who had been involved with the runnin8 of the Charity for over twenty years. Detailed highlights for the year were: 204 welfare cases assessed for financial. moral, or practical support. 142 welfare cases received financial sUPPOrt with 62 dKlined. The continued success of the Veterans. Horticultural Project IKennels Field) whlch Is nearly complete: the forrnal opening ceremony will take Pla￿ on l June. In 2024 the Charity contributed a further £40.2k to thls project. An applicatlon will be made for a VAT refund in 2025 on completion of the project. Communication with the wider Regimental Farnily (c7,5001 throu8h magazines. publications, and ernails costlng £39.5k. Grants to Battalions and veteran associalion brandies- £49.5k. Procurement and maintenance of chattels - £20.3k (including the purchase of a palntlng to commemorate the presentation of Colours to 4 PWRR in 2023). Support to offlcers and soldiers in tralning- £17.1k. Fundraising: o Indlvidual donatlon5 £107.8k. Days Pay scheme £80k (whereby each officer and soldier voluntsrlly donates a day's pay (Gross) to the charity. Regulations for the scheme are found In Kin¢$ Regulations for the Army). Income from Capital investment £523k THE PRINCESS OF WALES'S ROYAL REGIMENTIQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE To help overcome a lack of understanding of how the Charity works, the Re8imental Secretary has Started to hold briefings open to all which build on the detail contained in thls ￿pOrt. In supporting such artivlty, the Charity follows the principles articulated below: The Charity's Investment policy is to produte the hi8hest financlal return within an acceptable level of risk. The Investmenl oblective 15 to balance the income and capltal returns. We alm to manage assets to at least malntaln the real capital value of the fvnd. whi15t 8eneratln£ a sustalnable level of investment income to support Re8imenlal activltles. The lon8-term target Is for nei retuin, after all fees, to be CPI plus 3.5%. However, the short-term target Is t preserve the capital value wlth a minimum level of risk. Case Study 3 StatU5.' Servlng Soldler Bockground.. Sodly, o member of thls soldlerfs fvmlty hod prjssed oway. They needed to fv out Immedlatefy to be with their family and ottend the funerol. The MOD were not able to SUPPOrt with public funds and the soldier was struggling financially due to the cOst￿f- living cri515. The reclplents of benevolence cover a wlde spertrum of the publlc and, althov8h current serving personnel do receive assistance. the main beneficiaries are veterans, wldows, and dependenls. Grants to indlvidua15 are based solely on criteria of need and as such do not duplicate State benefit. The Charity continues to contribute to the preservation of the Nation's heritage. The exlstence 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. This in turn brings tangible benefits to the public and It is therefore considered by the trustees that there Is an identifiable benefit to the Natlon at large. A%sKstGnce wos therefore bein9 requested toward5 compossionotellights. Grant., £l,OOQ Reftrrol to mllltary choritle5.' Th15 cose also wos submitted to the ABF who lioised wlth the soldierfs unit. THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE What We Do. The PWRR Benevolent Fund Is a 'mixed' charity that looks after Ihe welfare needs of our soldiers and veterans and promote5 the efficiency of the Regiment. An Impau Measurement and Managernent IIMMI Framework has Identlfied five impact objectives and flve outcomes deriving from the Theory of Chonge that the Charity delivers- Impart Objectlves: Outcomes: Rellef of financial hard5hlp and dlstress. Enhanced security and stability. Delivering 5ervlces that meet individual soclal needs. Increase In long term quallty of Ilfe, Strengthened soclal cohesion. Support heritage conservatlon efforts. Inueased soldier and recruit satisfaction. Improving the efficienci of the re8iment. Preservatlon of PWRR herSta8e. Fonnlng quallty relatlonshlps. Developed communlty awareness of the Regirnent. To do thls the Re8iment: Provides grants and support plans to Individuals to support thelr mental. physical and financial needs. Provides grants to ¥eteran associations and battsllons to deliver events/seNlces that relleve soclallpsychologlcal needs. • Commr55ions and funds work thal supports the conservation of the Re£lment's hlstory, Provldes fundln8 for Infrastructure, processes, trainln& or equlpment that supports the efficiency of ihe Regiment. Llalses with aligned partners and organlsatlons to maximlse the potential of the Reglment's actlvlties (this not onlv includes other military charities such as the RBL or ABF but specialisl charftles (for Instance debl counselllng or prisoner 5UPPOrt)I. Unlted Nation 5ustalnable Development Goals {SDGsl The Charity also support5 the Nstion in Its efforts to meet the 17 SDGS adopted by the United Nations 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: GQODHIAIIH I￿￿111.8{1￿6 DICEXTIYORKIWD EGiI¥WICGROWIH 15 IHE POVERIY £DUCAIIOM ((( THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 De￿rnber 2024 Impart Overvlew The Charlty has recorded the following positive impacts: Case Study4 Increase Enhanc￿ Quallty of Ufe and Security & Stabillty: stotus.. Veteran 204cases referred to the charlty. • 62111 cases decllned for financial 5UPPOrt. £88.9k spent on 142 welfare cases1£65.5k was spent in 2023). 12 serving personnel. I family of servin8 personnel. 129 veterans (74 PWRR, 50 Queen's Re8iment, I Queens Royal Surrey Re8iment, 2 Buffs (Royal East Kent Re8lment} and 2 Royal Sussex Regiment). • 111 cases were referred to other charitie5. •24 cases have been referred to a veteran5' a550dation for support. £9.6k was granted to associatlons. The Kennels Fleld project 15 almost complete. Bt7ckground.' Thls veteron Is ¢ur￿ntty In poor health with a recent diagnosi5 of o tem?inol illness but is recem'ng treotment. They already hod long stonding medlcolconditions ondseemed weak when visited by the caseworker. Sodfy. their relatlonshlp hod also broken down and this vetemn hod to move out of their home. They hove also lost their job due to ill heofth. Since these mojor impacts thls veteran Is stmggling to make ends mee¢ huving sold belonglngs to meet rent need5 ond Surviving off benefits and food bank5. Asslstonce wos requested towards the annual ground rent ol their dwelling. 111 Decllned for the followlng reasons: did not meet crlterla - 21. need met by another charlty- 14, incorrect re8lrnent- 16, maxirnum grant already reached- 5, substantlal savings- 4. wlthdrawn- 2. THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 Preserve PWRR Herltage: 100% chattels are Inspected annually - inspertions by a ¥olunteer from the Heritage Committee have tsken plats have been useful in identlfyln8 those elements that need repair or should be withdrawn Into storage. £20.3k was spent on the malntenance and procurement of thatte15. Thls Included the purchase of a painting by David Rowlands to commemorate the presentstlon of Colours to 4 PWRR by Crown Prince Frederlk of Denmark. £39.5k was spent on producing journals to keep the Regimentsl Family infom)ed reathing c7,000 members. Cuse Study5 Ralsed 5oldler and Recrult Sat15factlon: StatU5.' Vetemn £12.4k was granted for adventurous training and sport to SUPPOrt four actlvities. Bgrkground.. Thls veteron presented 05 homeless ond was subsequently housed by the council in o bedsit. £49.8k was spent on grants to battalions and associations. £17.Ik granted toward5 nurturing recruits. They a￿ employed on o Ohr contract meoning thelr Income is spomdlc ond thefffore must suNive off unlversol credit ondfood bonks. £5.5k Branted to PWRR badged Army Cadet For￿ and Combined Cadet Force chlldren. Previously employed as o H6V driver, and W15hes to return ro this VOCOtion for o more securefuture. Thls actlvlty has coTrtrlbuted to recrultin8 into the Reglment contlnuing to be amongst the best in the Army. Members of the Regiment are subsidised to enter adventurous training 2nd sporting activities that challenge the individual to oveicome adverslty, bulld selfosteem and comradeship. Assistunce was requested toward5 a trainlng cOu￿e ond the a550CiQted costs. 6rnnt.' £500 Referml to militory chorltles., A8F£709 THE PRINCESS OF WALES'S ROYALREGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 D￿ember 2024 Future Actlvlty In 2025 the Charlty will.. Continue to seek improved comrnunlcation with the wlder Reglmental Famil¢. Liaise with mental health charlties to give those in need the ability to seek help more qulckly. Rededlcate a mEmDrial to Captain Matthew 13tham in France; a hero at the Baltle of Albuhera in 1811 where he suffered horrendous wounds. he was the first person in England to undergo plastic surgery which wa5 pald for by the Prince Regent. Restore a memorial to Lance Corporal John Harman VC Queerfs Own Royal West Kent Regimenl on Lundy Island. Work to preserve the Charitl5 capital value (and the income generated by that) at a time of finanoal uncertainty {which is captured in the Chariif5 risk register}. Plan for the 5iXtieth anniversary commemoration of the formatlon of the Queen's Reglment. Flnancial Results 2024. The detailed flnancial position Is shown on pages 17-30. Prln¢lple Rlsks and Un¢ertarntie5. Identlfled risks and mlti8atlon measures are: Governan¢e. The charity Is confident that its governance prO￿dureS are approprlate. Mltlgation measures Include: Regularly revlew our governance procedures. The conflict register is held and checked against at each meeting. Regular revlew of policles and lenEth of trusteeship. The Financlal Poliry was reviewed and agreed in November 2024. Operational. Since those runnln8 the charity are avil Servants it is felt that operational risk is minirnal. The following procedures are in place: Customer base Is reminded of the benevolence role of the charity several tlmes a year. Welfare sts3ff Ilalse with other charities for advlce and collaborative purposes. All contracts {very few) are reviewed by the Honorary Reglmental Solldtor. MOD recrultment procedures are followed. All staff are subject to annual tralnin8. Annual checks of physical assets take place. Flnancial check5 take place monthly, Thè SubscriberCU￿0MeI Relatlons Management SY￿ern went fwe irb 2022 and15 already provlng itsworth In terms of timely and 3cc¥rate Information beln8 W5hed to servln8 sol¢*iets and veteTrns alike. THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLEKf FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 Flnances. The Finance Committee meets four tlmes a year and the Investment Committee twlce a year: Overar¢hing: Quarterly updates from investors. o Monthly bank checks Icash held - 6 months of operations). Income v expendlture constantly monltored and reported to Finance Committee meetln85. Inve5trnent management policy is reviewed at least bi-annuallv. Insurance covei is reviewed annually. The Financial Policy document was revlewed and amended in November 2024 Inext review 2027). Inapproprlate Investment: o Monltorlng of Investment mana8e¢s perfomiance against ARC metrlcs. Performance reviewed at meetings and formally every five years. Income. A reduced slze of the Regiment has led to a decrease in Dalls Pay Income. Nevertheles5". o There Is contlnuous en8a8ement to Identify new Sources of funding which involves the whole Re8imenial Family. o More emphasis on formal fundraising events (factored into 2025 and 2027). 0 Issues are reali5ed and fartored Into the annual budget whlch forecasts fNe years ahead. o The prlority for expend￿Ure will always be welfare payments. Extemal Risks: Ensure transparency. Annual audit report published, and welfare statlstlcs are published weekly. o Educate the wider Reglmental Famlly on the worklngs of the Charlty. Malntsln membershlp of COBSEO to ensure the Charity 15 prepared for change initiatives. Monitor output from the Army Charities Advisory Group. Reputatlon: o Education- link to Exterr•al rlsks. Attempt to work with breakaway veterans. 8roup5 but if not PQS5ible ensure that they are not Ilnked to the Charity. o Take part In the COBSEO biennial governante review. o Ensure policie5 are in place and subject to regular reviews. o Retain membership the Fundraislng Regulator organlsation. Healih & Safety Kennels Fleld: o Health & Safety qualified members of the Queen's Reglment Rlders Assoclatlon IQRRA) have revlewed and Implemented prO￿dureS In place. They are inspected durlng RHQ staff during routlne vlsits. Insurers have confirmed that further trustee Insurante is not requlred. The QRRA have their own Insuran￿ In place. io THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 FINANCIAL REVIEW Flnandal Summary The Trust ended the year with a total value of £7,309.985. an Increase of £518,3031+7.6%) over that of 2023. Of the total value, £3,838,362 {52.5%} is the Designated Fund Isurrey Infantry Collection) and £3,471,623 (47.5%) Is the Unrestricted Fund {PWRR and Queen's Museum). Of the totsl asset value, Investments and Cash in Har)d were £6,624,583190,6%), demonstratlng a healthy Ilquldlty Posltion. Tan8lble and Herits8e Assets were £783,441, debtors were £19,894 and Credltors wete £117,953. Income for the year at £197,794 was 28% down on the £275.709 of 2023. The operating deficit in 2024 was £723 and in 2023 there was an operating profit of £83,701. This has been due to the addltlonal expenditures incurred durlng the year. Reserves poll¢y The trustees have consldeied the requirement of the SORP{FRS 1021 and have again coneluded that a strong growth poliry will be required to ensure that the members of the Regiment and thar famllles wlll be supported in the future. The Trustees seek to mainiain free reserves of slx months expenditure, whlch Trustees estimate to be in excess of £60.000. sTriJcruRI GOVERNANCE AND MANAGEMENT Mana8ement StructurÈ The management board consists of ex-officio Trustees, who are senlor members of the Reglmental Council, and Admln15tratlve Trustees, who are drawn from the chalrs of veteran associ?tions. or have financial and buslness expertise (thls wlll change with the implementation of the arnendrnents to the trust deed). The Honorary Colonel 3 PWRR, Sir Uoyd Dorfman CVO CBE. attends meetin8s as an advlsor. NotÈ that a change to the Trust Deed in 2023 now allows any person with the requisite skill Set to serve as a trustee Iprevlously trusteeship was only open to retired officers from the reglmentl. Remuneratl The trustees and its Board are the key management personnel of the responslble for dlrectin& controllin& runnin8 and operatlng the Charity. Trustees glve of their time freely with no renumeration pald in the year. Detalls of trustee expen5e5 and related party transactlon5 disclosed in note 5 to the accounts. Trustees are required to dls¢lose all relevant Interests and register them with the Secretary (a consolidated regisler of Interests is available to the publlc on request). Thlrd Party Indemnity. In addition to an indemnity pollcy for employees {£IOml the trustee5 8re insured for publlc liablllty for the sum of £5m. li THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRESI BENEVOLENT FUND REPORT OFTHE TRUSTEES for theyear Ended 31 December 2024 SFRucfuRE, GOVERNANCE AND MANAGEMENT Organlsatlonal Strutture and Declsion Maklng The Charity is administered by a Regimental Secretary. an Assistant Regimental 5erretary and welfare stsff, all paid civil servants wh05e engagement reaches further than charltable activity. The Welfare Committee is authorised to make grants up to £1,000 per case. Welfare grants aslde. the Reglmental Secretary is authorised to make payments UP to £3,ChX)- sums over and above this amount are referred to the Financial Committee and Trustee5 for approval. Novel and contentious expenditure of any aMO￿nt is referred for approval In the same way. 12 THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 REFERENCE AND ADMINISTrATIVE DEfAIL5 Registered Charity number 1024418 Principal addrÈ55 AHQ PWRR Leros Barracks Sturry Road Canterbury, Kent cri IHR Trustees MajorGeneral JR Martin DSO OBE MC Brigadier MD Comwell OBE Brigadier CD Davies OBE Brigadier T Glass Colonel ANA Beattie Colonel PT Crowley MBE DL Colonel DK Mogg TD VR Colonel R Putnam CBE TD DL (retired 29 November 2024) Lleutenant Colonel B Baker MBE Lleutenant Colonel N Burley Mr FLI Bradburn Regimental Secretary Colonel JRJ Powell OBE Hon Legal Advi5or5 Ammoss Auditors Xeinadin Audlt Ltd Conqueror House Sittingbourne Kent MEIO 5BH Investment Advisor5 Sarasin & Partner5 Juxon House 100 St Paul's Churchyard London EC4M 8BU 13 THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND REPORT OF THE TRUSTEES for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILrriES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities In England and Wales, the Charlties Act 2011, Charity {A¢counts and Reports) ReBulations 2008 and the provisions of the trust deed requlres the trustees to prepare flnanclal statements for each financial year which give a Irue and fair view of the state of affairs of the charity and of the incomlng resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently,. observe the rnethods and principles In the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the golng 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 wlth reasonable accuracy at any time the financial position of the charlty and to enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011, the Charlty {Accounts and Reports) Regulations 2008 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 of trustees on 16 May 2025 and Signed on its behalf by: Brigadier CD Davies OBE- Trustee 14 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PRINCESS OF WALES'S ROYAL REGIMENT IQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND Opln5on We have audited the financial statements of The Princess of Wales's Royal Regiment Benevolent Fund (the 'charlty'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements. including a Summary of significant accounting policies. The financlal reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 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 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditin8 (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor5, responsibilities for the audit of the financial statement5 Section of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fU￿illed our other ethical responsibilitie5 in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficlent and approprlate to provide a basi5 for our opinion. Concluslons relatin8 to going concern In auditing the financial statements, 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 identlfied any material uncertainties relating to events or condltions that. individually or Collectively, may cast $18nificant doubt on the charity's ablllty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responstbilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other Information. The other information comprlses 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 explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection 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 incon5iStent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is 3 material misstatement of this other information. we Hre required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by ex¢eption We have nothing to report in respect of the following matters where the Charitles (Accounts and Reports) Regulatlons 2008 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is inconslstent in any material respert with the financial Statements. or 5ufflcient accounting records have not been kept,. or the financlal statements are not in agreement with the accounting records and returns; or we have not recelved all the information and explanations we require for our audlt. 15 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND Responslbllltles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responslble for the preparatlon of the financial statements which give a true and fair view, and for such internal control as the trustees determine is ne￿$SarY to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5. the trustees are responsible for asse55ing the charity's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the Boing concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responslbllJties for the audit of the financial statement5 We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error: and to issue a Reoort 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 with ISAS (UK) wlll always detect a material misstatement when it exists. Misstatements can arlse from fraud or error and are consldered material if. individually or In the a88re8ate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detettin8 irregularitie5, including fraud is detailed below: Our objective5 in performing the audit are to identify and assess the rlsk of material misstatement in the financial statements due to fraud or error and to obtain sufficient audlt evidence to support this. We also evaluate and respond to the risk of material misstatements. Audit procedures performed by the engagement team included.. Obtaining an understanding of the legal and regulatory framework5 that are applicable to the entity, - Assessing the risks of material misstatements In respect of fraud by enquiring of management as well as reviewing the service organisation5 used. These were corroborated by reviewing Board Minutes, correspondence wlth HMRC and Companies House as well as with Senrfice Organisations. - Gaining a sufficient understanding of the internal control environment, including systems in place for the detection and prevention offraud. Understanding the company's current activities. assets. liabilrties, as well as future plans. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's website at www.frc.or£.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audtt 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 charity and the charity's tru ees as a b dy. for our audit work, for this report, or for the opinions we have formed. einadin Audit Ltd 12 Conqueror Ct Slttingbourne Kent MEIO 5BH Date: 16 May 2025 16 THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Endowment funds Designated Unrestricted Notes INCOME AND ENDOWMENTS FROM Donations and legacies 21,367 176,427 197,794 275,709 Charltable activitles Hardship or distre55 relief for former and serving member5 150 150 5,096 Investment income 87,576 91,475 179.051 168,459 Total 109,093 267,902 376,995 449.264 EXPENDrruRE ON Ralsing funds 32,554 35,806 68,360 50,452 Charltable artivltles Hardship or dlstress relief for former and serving members 98,664 206,454 305,118 315,111 Other 4,240 4,240 Totsl 131,218 246,500 377,718 365,563 Net galns on investments 341,583 177,443 519,026 340,920 NEf INCOME Transfers between funds 319,458 198,845 154,003 518.303 424.621 15 1154,0031 Net movement in funds 319,458 352,848 1154,003) 518,303 424,621 RECONCILIATION OF FUNDS Total funds brought forward 3.518,904 3,118,775 154,003 6,791,682 6,367,061 TOTAL FUNDS CARRIED FORWARD 3,838,362 3,471,623 7,309.985 6,791.682 17 THE PRINCESS OF WALES'S ROYAL REGIMENT (QUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND BALANCE SHEET 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Endowment funds Designated Unrestricted Notes FIXED ASSErs Tan8ible assets Heritage assets Investments 931 682,616 99.894 2,747,554 683,547 99,894 6,543,713 646.816 99,894 6,020,646 io 3,796,159 3,797,090 3,530,064 7,327,154 6,767,356 CURRENf ASSETS Stocks Debtors Investments Gish in hand li 12 13 7,160 1,932 7,560 42,840 7,160 12,734 7,560 73,310 7,160 11.302 10,802 30,470 129,289 41,272 59,492 100,764 149,755 CREDITORS Amounts falling due within one year 14 {117,933) {117,9331 1125,429) NET CURRENT ASSETS 41,272 (58,4411 117,1691 24,326 TOTAL ASSEfs LESS CURRENT UABILMES 3,838,362 3,471,623 7,309,985 6,791,682 NET ASSErs 3,838.362 3,471,623 7,309,985 6,791,682 FUNDS Unrestricted funds Endowment funds 15 7.309,985 6.637.679 Is4,￿3 TOTAL FUNDS 7,309.985 6,791.682 th The financial statements were approved by the Board of Trustees and authorised for issue on 16 May 2025 and were signed on its behalf by: 8ri8adier CD Davies OBE - Trustee 18 THE PRINCESS OF WALES'S ROYAL REGIMENTIQUEEN'S AND ROYAL HAMPSHIRESI BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparation of flnancial statements The financial statements of the charity* which is a publlc benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 20191,, Financial ReportinE Standard 102 'The Flnancial Reporting Standard applicable In the UK and Republlc of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exceptlon of investments which are included at market value, as rnodified by the revaluation of certain assets. The aims of the Charlty are to relieve hardship or dlstress of former and servlng 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 102 4418. It is unincorporated and constituted under a Trust Deed. The financial statement5 are presented in slerling which is the functlonal turrency of the charity and rounded to the nearest £1. Goln8 concern The financial statements have been prepared on a going concern basls. The trustees have consldered relevant information, in¢ludin8 the annual bud8et, forecast future, cash flows and the impact of 5ub5equent events in making their assessment. Based on the assessments above, and having regard 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 golng concern bases in preparing the annual report and accounts. Income All income is recognlsed once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income recelvable can be measured reliably. The recognition of income from legacies is dependent on establlshlng entitlement, the probability of recelpt, and the ablllty to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the 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 reco8nlsed when It Is probable that it will be received and the fair value of the amount recelvable, which will generally be the expected cash amount to be distributed to the charity. can be rellably measured. Grants are included in the Statement of Financlal Actlvlties on a receivable basis. The balance of income received for speclflc purposes but not expended durln8 the period 15 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 recelved, the income is accrued. Glfts in klnd donated for distribution are included at valuation and recognised as income when they are dSstributed to the projects. Gifts donated for resale are Included as Income when they are sold. 19 THE PRINCESS OF WALES'S ROYAL REGIMENTIQUEEN'S AND ROYAL HAMPSHIRES) BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS- continued forthe Year Ended 31 December 2024 ACCOUNTING POLICIES- Contlnued Income When the donated good is a fixed a55et, it is measured it fair value, unless it is irnpractical to measure thls reliably, in which case the cost of the item to the donor should be used. The galn Is recognised as income from donations and a corresponding amount is Included in the appropriate fixed a55et class and depreciated over the useful economic life In accordance with thÈ Charlty's accountlng pollcles, On recelpt. donated professional service5 and facililies are reco8nised 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 services or facillties of equivalent economic benefit on the open market: a corresponding amount Is then reco8nised in expenditure in the perlod of feceipt. The charity receives lottery income via Unllottery. The Income is recognised on a monthly bas55 when It become5 due Income tax recoverable In relation to investment Income is recognised at the tirne the investment income Is receivable. Interest recelvable on funds held on deposit is included when receivable and the 8mount can be measured reliably by the Charity: this Is normalty upon notlflcation of the Interest paid or payable &y the institutlon wlth whom the funds are deposited. Expendlture Liabilities are recognised as expendTture as soon as there is a legal or construtttve obligatlon commlttin8 the charity to that expenditure, it is probable that a transfer of economic benefits will be requlred In settlement and the amount of the obllgatlon can be measured reliably. Expenditure is classified by activlty. 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 slngle activlty are allocated directly to that activity. Shared costs which contribute to more than one activity and support cost5 attributable to a single activity are apportloned between those actlvities on a basis conslstent wlth the use of resources. Central staff costs are allocated on the basis of tlme spent, and depreoatlon charges located on the portion of the asset's use. Expendlture on ralsin8 funds intludes all expenditure incurred by the Charity to raise fund5 for Its charltab]e purposes and includes Costs of all fundraising activities. events and non