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