CHARITY REGISTRATION NO. 1037208
THE ROYAL ARMY VETERINARY CORPS
WELFARE & BENEVOLENT FUND FINANCIAL STATEMENTS
31 MARCH 2025
The Independent Services Agency Ltd PO BOX 314 Woking SURREY GU24 9FA
THE RAVC WELFARE & BENEVOLENT FUND 31 MARCH 2025
| CONTENTS | PAGES |
|---|---|
| Referenceandadministrative information | 1 |
| Trustees’ report | 2-3 |
| Independentexaminer's report | 4 |
| Statementoffinancial activities | 5 |
| Balance sheet | 6 |
| Notestothefinancialstatements | 7-9 |
M Colonel N Morrison QHVS
THE RAVC WELFARE & BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The Trustees have pleasure in presenting their Report together with the Financial Statements and Independent Examiner's Report for the year ended 31 March 25
Structure, governance and management
The RAVC Association is constituted under Rules adopted on 15 October 1993 as amended on | April 2007 and 1 November 2007.
The trustees are responsible for holding the capital and income of the fund and applying it for the objects of the fund. The trustees who served during the year and up to the date ofthis[report][are][set][out] on page[1.]
The personnel of the Royal Army Veterinary Corps appointed to the title or rank designated in clause five of the rules of the fund become the ex - officio members and trustees of the fund by reason of such appointment.
Objectives and activities
The objects of the fund, which are for public benefit, as stated in the amended rules, are:
-
(1) to promote the efficiency of the Royal Army Veterinary Corps by fostering esprit de corps, comradeship and the welfare of the Corps and preserving its traditions.
-
(2) the relief of past and present members of the Royal Army Veterinary Corps and their dependents who are in need by virtue of financial hardship, sickness, or the effects of old age by grants, gifts, pensions or otherwise.
The fund consists of the investments (particulars of which are contained in the notes hereto) and of such further sums as may from time to time be obtained from grants made by regimental institutions and other regimental funds and from permissible voluntary and covenanted subscriptions and donations and of the investments for the time being representing the same.
The committee may, by a simple majority, decide at any time that on the grounds of expense or otherwise it is necessary or advisable to dissolve the fund. The committee shall have power to dispose of any assets held by or on behalf of the fund. Any assets remaining after the satisfaction ofany proper debts and liabilities shall not be distributed among the members ofthe committee but shall be given or transferred to such other charitable institution or institutions having objects similar to the objects of the fund as the committee may determine and if and in so far as effect cannot be given to this provision then to some other charitable purpose.
Achievements and performance
The trustees continue to have due regard to the guidelines issued by the Charity Commission with regard to public benefit.
Benevolence: Nine members or former members of the Royal Army Veterinary Corps or dependents of former members applied for relief in furtherance of the objects of the fund, and eight cases were granted relief during the year, totalling £4265.
Memorial gifts were purchased for families, to mark the Anniversaries of three RAVC members who were killed in action.
— 2
THE RAVC WELFARE & BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
Welfare/Benevolence: In line with objective (1), the Corps magazine "Chiron Calling" was distributed to over one thousand serving and retired members of the Corps both in the UK and overseas.
Further Grants were made for the troops taking part on adventurous training activities to train and assess their survival abilities and leadership prowess in arduous conditions and sporting activities to build esprit de corps and comradeship, so a contribution of£3,000 was made to the Army Medical Services Sports Union FY25/26.
RAVC Recruits passing out of Initial Trade Training continue to be presented with an RAVC Corps Stable Belts and Tactical Regimental Flashes (TRF’s) to assist in Regimental cohesion. Newly commissioned Officers ofthe Corps are also presented with a Stable Belt from the Corps on graduation from the Royal Military Academy Sandhurst
RAVC Soldiers Christmas Day Lunch is now paid in full, this has shown to promote comradeship and esprit de corps.
Two RAVC In-Pensioners and fifty members of the Corps and Association, have taken part in the annual Royal Hospital Chelsea RAVC Church Service followed by a curry lunch at the Royal Chelsea Hospital.
The third volume of the Corps Historical record, ‘The History of the RAVC 1962 to 2021” was published in 2022, and has seen 406 copies sold (80%), with more than 65 copies sent overseas to 20 different countries.
Financial review
The statement of financial activities on page 4 and the balance sheet on page 5 reflect the transactions for the year ended 31 March 2025 and the assets and liabilities as at that date. There were net incoming resources for the year of £26,164 compared to net incoming resources of (£11,577) for the year ended 31 March 2024.
SIGNED ON BEHALF OF THE TRUSTEES
Lieutenant Colonel (Retired) C Ham MBE
Date: 11 December 2025
— =
Independent Examiner’s Report to the Trustees of the RAVC Welfare & Benevolent Fund
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 unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do NOT express an audit opinion on the view given in the accounts.
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. Namee M & 14 ADLER
Place; West End Date; Septertiber 2025 qt Octobe, LOZF
Independent Examiner post March 2012
mal 4b _
THE RAVC WELFARE & BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|INCOME|FUNDS|
|UNRESTRICTED|RESTRICTED|TOTAL 2025|
|FUNDS|FUNDS|FUNDS|2024|
|NOTE|£|£|£|£|
|INCOMING|RESOURCES|
|Incoming|resources|from|generated|funds|
|Voluntary income|2|39,802|-|39,802|36,456|
|Investment|income|3|12,887|-|12,887|13,926|
|Total incoming resources|52,689|-|52,689|50,382|
|RESOURCES|EXPENDED|
|Relief granted|17,429|-|17,429|18,326|
|Adjustment|(18)|(18)|17|
|Portfolio|service charges|3,957|-|3,957|3,862|
|History|73|73|8,523|
|Publications|2,065|2,065|3,741|
|Administration|1,312|1,312|2,532|
|Travel|340|340|437|
|Insurance|917|917|917|
|Inspection of|Accounts|5|450|-|450|450_|
|Total|resources expended|26,525|-|26,525|38,805|
|NET INCOMING|/ (OUTGOING)|
|RESOURCES FOR THE YEAR|26,164|-|26,164|11,577|
|OTHER RECOGNISED|GAINS|
|AND|LOSSES|
|Net gains|/ (losses) on investment|assets|6|6,530|-|6,530|-|-|2,401|
|NET MOVEMENT IN FUNDS|32,694|-|32,694|13,978|
|Balance brought forward|at|1|April 2024|490,914|-|490,914|-|-|490,914|
|Balance carried|forward|at 31|March 2025|11|523,608|-|523,608|$04,892|
----- End of picture text -----
Sou
THE RAVC WELFARE & BENEVOLENT FUND BALANCE SHEET
31 MARCH 2025
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2025|2024|
|NOTE|£|£|£|£|
|FIXED|ASSETS|
|Investments|7|407,296|398,308|
|CURRENT|ASSETS|
|Debtors|8|15,139|15,164|
|Investment|portfolio manager's account|3,065|9,479|
|Cash|at bank and|in hand|106,665|76,520|
|124,869|101,163|
|CURRENT|LIABILITIES|
|Creditors|9|8,557|8,557|
|NET CURRENT ASSETS|116,312|92,606|
|NET ASSETS|10|523,608|490,914|
|ACCUMULATED FUNDS|11|
|Unrestricted|523,608|490,914-|
|Restricted|<|
|523,608|490,914|
|Approved by the Central Committee on Date:|and signed on their behalf|by|:|
----- End of picture text -----
Lieutenant Colonel (Retired) C Ham M BE Date: 11 December 2025
The notes on pages 7 to 9 form part of these financial statements
-6-
THE RAVC WELFARE & BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
- ACCOUNTING POLICIES
TheBasisfinancialof preparationstatements have been prepared under the historical cost convention, except for the revaluation of fixed assets held for investment purposes, and in accordance with applicable accounting standards and the Financial Reporting Standard for Smaller Entities (effective April 2008). In preparing the financial statements the charity has followed best practice as set out in the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005), taking advantage of the concessions provided by the SORP for smaller charities.
IncomeVoluntary income is received by way of donations, gifts and subscriptions and is included in full in the statement of financial activities as it becomes available to the charity, any conditions for receipt are met, it is reasonably certain to be received and the value can be reliably measured. (The value of services provided by volunteers has not been included). Investment income is accounted for on an accruals basis.
Resources expended Resources expended are recognised in the period in which they are incurred, and include attributable VAT which cannot be recovered. FixedFixed assetasset investmentsinvestments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA. Fund accounting Funds held by the charity are: Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor.
- VOLUNTARY INCOME
| VOLUNTARY INCOME | ||||
|---|---|---|---|---|
| 2025 | ||||
| UNRESTRICTED | RESTRICTED | TOTAL | 2024 | |
| £ | £ | £ | £ | |
| Payrollgiving DonationsBooks Donationsandgifts |
39,618 184 - 39,802 |
- - - |
39,618 184 - 39,802 |
34,670 180 1,605 36,455 |
| INVESTMENTINCOME | ||||
| 2025 | ||||
| UNRESTRICTED | RESTRICTED | TOTAL | 2024 | |
| £ | £ | £ | £ | |
| Portfolio income(Dividends) | 11,202 | - | 11,202 | 12,635 - |
| Investment income from Sales Bankdeposit interest |
1,685 12,887 |
- - - |
- 1,685 12,887 |
1,291 13,926 |
- INVESTMENT INCOME
2s
THE RAVC WELFARE & BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4 TRANSACTIONS WITH TRUSTEES
No expenses payments have been made to any of the trustees during the year. None of the trustees nor any person connected with them has received or is duc to receive any remuneration for the year directly or indirectly from the charity's funds.
- INDEPENDENT EXAMINATION
| 5. | INDEPENDENT EXAMINATION | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| External scrutiny | 450 | 450 | |||
| 6. | FIXED ASSET INVESTMENTS | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Marketvalueat1April2024 | 398,308 | 410,198 | |||
| Additions Disposals Unrealised/Realised Gain/Loss on Investment |
168,212 (165,754) 6,530 |
120,073 (134,364) 2,401 |
|||
| Adjustment Market value at 31 March2025 |
407,296 | = | 398,308 | “I | |
| Historicalcostat31March2025 | 353,819 | 300,648 |
-8-
THE RAVC WELFARE & BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 8. | DEBTORS | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Other debtors | 15,139 | 15,164 | |||||
| Accrued income | = | = | |||||
| 15,139 | 15,164 | ||||||
| 9. | CREDITORS -amounts fallingdue | duewithin 1 year | 2025 | 2024 | |||
| £ | £ | ||||||
| Accruals Othercreditors |
i (8,557) |
- | (8,577) | ||||
| (8,557) | (8,577) | ||||||
| 10. | SUMMARY OF NETASSETS | BY FUNDS | |||||
| 2025 | |||||||
| UNRESTRICTED | RESTRICTED | TOTAL | 2024 | ||||
| £ | £ | £ | £ | ||||
| 7 | Fixed assets Current assets Current liabilities |
407,296 124,869 (8,557) |
- - - |
407,296 124,869 (8,557) |
398,308 101,163 (8.557) |
||
| 523,608 | - | 523.608 | 490,914 | ||||
| 11. | MOVEMENTS IN FUNDS | BALANCE 1 APRIL |
OTHER GAINS / |
BALANCE 31 MARCH |
|||
| 2024 | INCOMING | OUTGOING | (LOSSES) | 2025 | |||
| £ | £ | £ | £ | £ | |||
| UNRESTRICTEDFUNDS | 490,914 | 52,689 | (26,525) | 6,530 | 523,608 | ||
| 490,914 | 52,689 | (26,525) | 6,530 | 523,608 |
29s