THE ROYAL GURKHA RIFLES REGIMENTAL TRUST ANNUAL REPORT OF THE TRUSTEES AND THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025
2 THE ROYAL GURKHA RIFLES REGIMENTAL TRUST (Registered Charity No 1036834) ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The objects of the Charity are to; • Promote the efficiency of the Regiment • Relieve serving or former members of the Regiment who are in conditions of need hardship or distress Foster esprit de corps, comradeship and the welfare of members of the Regiment, and to preserve the history and traditions of the Brigade of Gurkhas. The Trustees are; Ex-officio: Brigadier D.T. Pack OBE, The Colonel of the Regiment, & Chairman Colonel D.J. Robinson, Colonel Brigade of Gurkhas The Commanding Officers of the Is and 2nd Battalions Lieutenant Colonel J.A.E.E. Jeffcoat CO IRGR Lieutenant Colonel P. Houlton-Hart CO 2RGR Colonel J.N.B. Birch OBE The Chairman of the Regimental Association of the Regimen Co-opted: R,T. Hakes, Esq., C.R. Ross Esq., Officers of the Charity Major B McKay MBE Secretary who has now retired and his successor has not yet taken office Mr MFH Adler TD Treasurer Full details of the Charity's income and expenditure are given in the accounts, which are attached to this report. Public benefit. The Fund achieves its objectives by the making of charitable grants out of its capital and income for the purpose of promoting the efficiency of the armed forces of The Crown, particularly by supporting the welfare of serving personnel and in commemorating the history and traditions of the Regiment. The Charity makes a range of grants that support Regimental well-being and benevolence and other activities that are not adequately, or directly, provided from Public Funds. The Trustees recognise the benefits that this brings to the Regiment and the Army in contributing to the creation and maintenance of morale, a war- winning factor. A major fundraising effort has taken place across the Regiment to assemble funds for a new sub fund of the Charity named "The Kukri Fund". This has absorbed the assets
of the former Operational Welfare Fund and the purpose is to benefit those across the wider Regimental Family who are in conditions of need, hardship and distress. Funds have also been received from two of the former Rifle Regiments, namely The 2nd King Edward's Own Goorkhas (The Sirmoor Rifles) who donated £2,844.22 from their residual assets. The 6th Queen Elizabeth's Own Gurkha Rifles have donated f12,000.00 and may increase this when the final state of their assets is known. The reason for these donations is that the Regimental Trusts of these Regiments are being wound up whilst there are still Trustees in place with the necessary knowledge and experience to make such decisions. Other former Regiments are likely to follow suit in due course. The Trustees consider, therefore, that the Charity more than meets the requirement to provide Public Benefit under the charitable "Head" of "the promotion of the efficiency of the armed forces of The Crown". In respect of the Charity's investments, the Trustees have continued to hold income units in M&G Charifund and also hold accumulation units in the BlackRock Armed Forces Charities Growth & Income Fund. They continue to hold the Newton Global Growth & Income Fund for Charities. They also hold COIF Charities Investment Fund accumulation units. They consider that this policy of diversification helps to mitigate risk. During the year expenditure has been such that it has been necessary to draw down £27,500.00 from capital. The holding of The Armed Forces Charities Growth & Income Fund has been reduced accordingly. Funds coming in for The Kukri Fund are being invested in income units of the BlackRock Armed Forces Charities Growth & Income Fund, the Newton Global Growth & Income Fund for Charities and the COIF Charities Investment Fund. The Trustees have resolved to seek growth as their prime investment objective for the time being. The Regiment is still young by British Army standards and there is a continuing need to grow the capital of the Charity in anticipation of an increased demand for support as soldiers age and their welfare and benevolence needs begin to become apparent. The Kukri Fund investments are designed to produce income specifically to meet the needs of deserving cases. The Treasurer of the Charity is found by The Independent Services Agency Ltd and the accounts are maintained in line with the SORP. Accounts for the year ending 31 March 2025 have been properly maintained and inspected independently inspected. Risk assessment and policy. The Trustees review the risks, which might affect the Charity, on a regular basis. The main risk is assessed as being a major collapse of the Stock Market but, nevertheless, they consider that their investments, which are professionally managed by major financial organisations, are as well diversified as they can be. The Trustees have experienced previous down turns in the market but, being a charity with long term expectations and requirements, they are content that their present investment policy is the proper one. The Trust enjoys a considerable annual income for the soldiers' day's
pay scheme this enables them to cover most likely charitable outgoings. The Charity remains a going concern. Written policy documents are in place to cover risk management, investment and conflicts of interest, No such documents are required to cover volunteer management, safeguarding vulnerable beneficiaries and complaints handling since the Charity has no likely involvement in such matters. In the event that any of these subjects should become relevant then suitable measures would be planned, discussed and adopted. Activities and achievements. All the activities planned for during the year were achieved successfully. Future intentions. There will be no immediate change to the policy of the Trustees, which is to invest for growth for the foreseeable future. As mentioned above the Trust receives a grant from the Soldiers' Day's Pay Scheme and this is distributed in its entirety to the battalions and sub units connected to the Regiment. This source of finance enables many welfare activities to be supported. Governance. Trustees are selected on the basis of special skills that they can offer which will benefit the Charity in terms of its operation. Trustees' training is mainly achieved by virtue of positions held by Trustees in their civilian or military capacities. Use of external providers for such training is sometimes sought. Where necessary, the Independent Services Agency Ltd provides specialised technical advice on relevant current charity matters. The Trustees are all "volunteers" and offer their services on a financially un-rewarded basis. No other volunteers are employed. No regular fund-raising activities were or are employed. Individual donations from the membership of the Regiment may be sought on special occasions for unique purposes. Original Signed by a Trustee on behalf of all the Trustees Dated rgrtrustannrep2025
5 Independent Examiner's Report to the Trustees of the Royal Gurkha Rifles Regimental Trust I report on the accounts of the Trust for the period ended 31 March 2025 as set out on the attached documents. Respective responsibilities of the Trustees and the Examiner As the Charity's Trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act) does NOT apply. It is my responsibility to examine the accounts under section 145 of the Charities Act 2011 (the Act); and to follow the procedures laid down in the General Directions of the Charity Commissioners under section 145(5)b of the Act and to state whether particular matters have come to my attention. Basis of the Independent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those on record. It also includes consideration of any any such matters. Independent Examiners Statement In connection with my examination, NO matter has come to my attention; (1) which gives me reasonable cause to believe that in any respect the requirements ~ to keep accounting records in accordance with the Act; and ~ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name; S.A. Cranwell-Child Place; West End Date: 29 April 2025 Independent Examiner post March 2019
RMAS Rep & Selection Board RHQ Expenses & Repairs Heritage & Ethos -£8,343.60 y -£2,433.01 y -£17,406.38 y General Donations Small Donations Unit grants & cohesion grants (Note 1) -£10,951.75 -£150.00 y SDPG OWF (Note 2) (grants and investment) -£35,600.00 y -£102,722.15 y Other donations Payments for publicity fund raising and management and administration Trading expenses (Pullovers) Airfare 1 Airfare 2 Postages (incl in RHQ Expenses) Independent Services Agency fee Insurances Howden Group Chatels maintenance Chatels purchases Accoutrements/Property Other Payments Other/contingency GBA Sub Guernsey visit RBS Bank adjustment NOT yet applied -£2,754.01 y -£2,328.89 y -£456.84 y -£10,820.34 y Note 1 Note 2 -£4,554.44 -£1,433.38 -£1,177.00 -£1,470.00 -£8,300.00 -£34,920.71 -E2,093.66 -£1,679.09 n/a -£1,900.00 -£2,754.01 -£4,032.22 -£959.20 -£100.00 E0.00 -£390.00 -£150.00 -£7,164.82 -£9,770.00 -E33,300.00 -£1,154.00 -£48,338.89
RMAS Rep & Selection Board RHQ Expenses & Repairs Heritage & Ethos -£8,343.60 y -£2,433.01 У -£17,406.38 y General Donations Small Donations Unit grants & cohesion grants (Note 1) -£10,951.75 -£150.00 y SDPG OWF (Note 2) -£35,600.00 y -£102,722.15 y Other donations Payments for publicity fund raising and management and administration Trading expenses (Pullovers) Airfare 1 Airfare 2 Postages (incl in RHQ Expenses) Independent Services Agency fee Insurances Howden Group Chatels maintenance Chatels purchases Accoutrements/Property Other Payments Other/contingency GBA Sub Guernsey visit RBS Bank adjustment NOT yet applied -£2,754.01 y -£2,328.89 У -£456.84 y -£10,820.34 y Note 1 Note 2 -£4,554.44 -£1,433.38 -£1,177.00 -£1,470.00 -£8,300.00 -£34,920.71 -E2,093.66 -£1,679.09 n/a -£1,900.00 -£2,754.01 -£4,032.22 -£959.20 -£100.00 £0.00 -£390.00 -£150.00 -£7,164.82 -£9,770.00 -£33,300.00 -£1,154.00 -£48,338.89
Bank Charges Refunds and bank adjustment Re-investment (capital expenditure) NOT counting as general expenditure Income for the year Expenditure Excess of income over expenditure RGRannaccs20222023 Note 1 Small donations The Gurkha Museum 2 RGR Fest BGK BGK (ent grant) 1 RANGER RGR Brief CGS Present Kathmandu Cup CB LWC re visitors £225,468.72 -£193,966.97 E31,501.75 £500.00 £5,000.00 £500.00 £1,000.00 £799.06 £72.54 £530.15 £250.00 £10,951.75 Donations directly financed by SDPG Grant 17/06/2024 17/06/2024 16/07/2024 08/07/2024 06/09/2024 CB 1 RGR SDPG Tranche 1 CB 2 RGR SDPG Tranche 1 CB RMAS Tranche 1 CB ITC Catterick Tranche 1 CB Inf Battle School Tranche 1 NOTE 2 -£40.00 -£125.50 -£7,000.00 -£193,966.97 Total Expenditure Less prev yr's uncleareds -57,805,50 £107,533.21 -£1,761.96 -£109,295.17 £6,000.00 £6,000.00 £850.00 £600.00 £650.00 8
08/07/2024 STOPPED 08/07/2024 18/09/2024 05/07/2024 18/06/2024 08/10/2024 10/10/2024 19/12/2024 19/12/2024 06/12/2024 06/12/2024 06/12/2024 STOPPED 06/12/2024 06/12/2024 06/12/2024 STOPPED 10/12/2024 27/02/2025 09/01/2025 14/02/2025 CB LWC Tranche1 CB ITC Catterick Tranche 1 CB 4 RANGER Tranche 1 CB 2 RANGER Tranche 1 CB BGK Tranche1 CB 1 RANGER Tranche 1 ARRC SP BN &HQ CB Tranche 1 REPLACEMENT CB 1 RGR CB 2 RGR RMAS CB CB ITC Catterick CB IBS Account name changed ARRC Sp Bn & HQ CB ITC Catterick CB 4 RANGER CB 2 RANGER CB BGK CB 1 RANGER CB Warminster Garrison CB 2 RANGER replacement cha £500.00 N/A SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 SDPG 2 £450.00 £600.00 £600.00 £200.00 £600.00 £450.00 £6,000.00 £6,000.00 £1,050.00 £700.00 £650.00 £450.00 £450.00 £600.00 £500.00 £600.00 £500.00 £600.00 £35,600.00
PREVIOUS YEAR Current account balance at start Per bank statement 1 Apr 23 £14,644.17 Add total income incl drawdown E76,639.48 Deduct ALL debits incl prev yr -£86,511.18 Cash at bank on c/a should be £4,772.47 But it was E5,627.47 So what is difference of -£855.00 too much cash! explained by one cleared in new year and one uncleared, see below. GBA TRUST Subscription ARRC SP BN & HQ Central Bank £405.00 cleared 4/4/24 £450.00 Uncleared £855.00 Total Income Total Expenditure Balance at year end should be Current account balance at start 29/03/2024 £5,627.47 £225,468.72 -£193,966.97 £37,129.22 Balance at year end should be Uncleared items To find Prev year item To find Current account balance at year end. 31/03/2025 £42,229.17 -£37,129.22 Difference E5,099.95 -£5,505.00 -£405.05 £405.00 applied this year -E0.05
10 RGR Trust Investments at 31 March 2025 Kukri Fund shown separately below Last Year Units Held 31 Mar 24 Cost of Current Holding Market Value as at 28 Mar 24 Regimental Trust Current Year Units Held 31 Mar 25 CCLA - COIF Charities Investment Fund Accm Units 640.59 £135,850.00 CCLA - COIF Charities Investment Fund Accm £164,674.42 Units 640.59 M&G Charifund Inc Units 8001.109 £55,794.07 M&G Charifund £116,502.55 Inc Units 8331.227 BLK Armed Forces Charities Gr & Inc ACCM Units 22200.352 £68,492.62 BLK Armed Forces Charities Gr & Inc ACCM £102,708.75 Units 16506.963 Newton Growth & Income Fund Accm 74111.886 £84,639.89 Newton Growth & Income Fund £128,769.40 reinvested 91292.35 Total Investment Values Total Investment £512,655.12 Values £344,776.58 Cost Market Value Kukri Fund investments Newton Growth and Income Fund for Charities INCOME UNITS 19/12/2024 19/02/2025 5397.421 10473.193 15870.614 In the next accounting year further units were bought 17/04/2025 2337.678 at 171.1100 18208.292 at 176.0100 pence pe NEW INVESTMENT at 184.2800 pence pe NEW INVESTMENT Armed Forces Charities Growth & Income Fund INCOME UNITS 23/12/2024 19/02/2025 4199.068 8411.65 at 226.2407 pence pe NEW INVESTMENT at 229.4437 pence pe NEW INVESTMENT 12610.718 In the next accounting year further units were bought 17/04/2025 1971.94 at 202.8459 pence NEW INVESTMENT 14582.658 Cost of Current Holdings Market Value as at 31 Mar 25 £135,850.00 £161,403.12 £60,794.07 £126,493.02 £51,255.06 £75,492.58 £115,755.38 £157,287.59 £363,654.51 £520,676.31 Cost Market Value Cost Market Value £9,500.00 KUKRI FUND £19,300.00 KUKRI FUND £28,800.00 £27,343.48 £4,000.00 £32,800.00 COST £9,500.00 KUKRI FUND £19,300.00 KUKRI FUND £28,800.00 E26,638.05 £4,000.00 £32,800.00
COIF Charities Investment Fund Ac Error should have been Income units 23/12/2024 36.3291 at 26.149.84 pene pe NEW INVESTMENT Instructions have been given to transfer this holding into income units Above holding converted to income units on 18 Feb 2025 18/02/2025 24/02/2025 466.5496 Income units 922.9195 Income un at 2,091.19 pence pe NEW Investment 1389.4691 In the next accounting year further units were bought 23/04/2025 211.824 income units at 1,888.36 NEW investment 1601.2931 A/c No for Income units C01008714-0C Sent 17 Feb 2025 COST £9,500.00 KUKRI FUND £19,300.00 SENT 17/2/25 £28,800.00 £27,067.69 £4,000.00 £32,800.00