The Brigade of Gurkhas Education and Welfare Fund Trustees, Report and Financial Statements for the year ended 31 March 2024 Registered Charity number 1043000
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Content5 Page Charity informatlon Report of the Trustees Statement of Trustees responslbllltles 12 Independent Audltorfs report 13 Statement of flnanclal actlvitles 17 Balance sheet 18 Prlnclpal accountlng pollcles 19 Notes to the flnancial statements 21
The Brigade of Gurkhas Education and Welfare Fund Financial Statements forthe yearended 31 March 2024 Reference and administration information Trustees Col David Robinson (Managing Trustee) Maj Khadka Bahadur Guring Maj Stuart Milligan Maj Suresh Limbu Maj Tim Cummings Maj Jit Hamal Appointed 16 September 2024 Appointed 23 July 2024 Appointed 10 July 2024 Appointed 29 January 2024 The followlng trustees have resi8ned since l April 2023 Maj Adam Loots Maj Michael Ruocco Maj James Marden Maj Dominic Noone Charlty name: The Brigade of Gurkhas Education and Welfare Fund Charity number: 1043000 Reglstered office HQ Brigade of Gurkhas Robertson House Halg Road Camberleyp Surrey GU15 4NP Reglstered Audltors Rock Tax & Accountin81 Statutory Auditors and Chartered Accountants 69 High Street Southgate London N14 6LD Bankers CAF Bank Ltd 25 King5 Hill Avenue Kings Hill, West Malling Kent ME19 4QJ Investment rnanagers CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Report of the Trustees Brigade of Gurkhas Education & Welfare Fund Report 2023-2024 The Trustees of The Brigade of Gurkhas Education and Welfare Fund I'the charitrf, or"BEWF"I have pleasure in presenting their report and financial statements for the year ended 31 March 2024. The financial statements comply with the Charities Act120111, the charity's Declaration of Trust, and 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 {FRg1021 (updated l January 20191. OBJECTIVES AND ACTIVITIES 'The objects of the Charity, as defined In Its Declaration of Trust, are. l. The Trustees shall hold the Trust Fund and Its Income upon trust to apply them for such one or more of the following objects in the United Kingdom or elsewhere as the Trustees In their absolute discretion shall determine. The promotion of the efficiency of the Brigade of Gurkhas Ithe Brigade) in such ways as the Trustees from time to time decide. The promotion of the education Ilncluding social and physical trainlng) of sons or daughters under the age of 28 of serving 'wounded or deceased,, 'Gurkha and Brltlsh, members of the Brigade. The relief of serving 'Gurkha and British, members of the Brigade and their dependents who are slck, convalescent, disabled, handicapped or Infirm or who require medical treatment in hospital such that the Trustees shall give prlority to assist in the provision of medical treatment in hospitals outside Nepal. The relief of serving 'Gurkha and British, members of the Brigade and their dependents who are in need, hardshlp, and distres5. 2. Without limiting in any wayi the generality of the objects of the Charityi the Trust may apply the income and capital of the Charity in any or all the following ways: In fostering esprit de corps, comradeship and the welfare of the Brigade, famllles and preserving its history and traditions. To Include a website where promotion and exposure of this message can value the members of the Brigade. In awarding Scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any School, university. college of higher education, or other institution of
The Brigade of Gurkhas Education and Welfare Fund Flnancial Statements for the year ended 31 March 2024 further lincludlng professional and technicall education approved for the purpose bv the Trustees in Nepal, Hong Kong, the United Kingdom or elsewhere. In providing or paying for items, services or facilities calculated to alleviate the suffering or assist the recovery of beneficiaries. In makin8 grants of money or providing for or paying for items, services of facilities calculated to reduce the need, hardshipi or di5tres5 of beneficiaries. In providing recreational and leisure-time facilities for serving 'Gurkha and British, members of the Brigade with the object of improving their conditions of life. Summary of Main Artlvltles in relation to the Charfvs Objects It has been the policy of the charity to provlde wherever possible all reasonable means of improvlng the welfare and wellbeing of serving Gurkhas and their families in the Brigade In accordance with its objects. Annual Adventure Tralnln8 Sports Grants The BEWF provides grant funding to the six Gurkha capbadge5 where serving soldiers can undertake adventure training expeditions and sports to encourage and develop their teamwork, morale, comradeship, and leadership skills. Fundin8 IS supported by taxpayers, funding and non-public funds (Reglmental Funds, PRI, Nuffleld Trust, personal contributoons etc.). Educatlon and Welfare Grants The BEWF provldes grant funding to all main six Gurkha units and fifteen smaller Gurkha sub-units, where serving soldler5 receive fundln8 for fostering esprit de corps, comradeship, and the welfare of the member5 of the BG "and familles" and preserving its history and traditions "and to include social media where promotion and exposure of this message can value the members of the Brigade. Hl8her Educatlon Grant No grant5 i55ued. Speclal One Tlme Grants The BEWF provides grant funding in the form of projects as to improve the living conditions and welfare for the serving members and their families, where fundlng Is not available from other sources.
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 HQ Brigade of Gurkha5 Admln Grant The BEWF provide5 a grant to the HQ Brigade of Gurkhas to 5UPPOrt the whole Brigade in its administration, infrastrutture, and key events that support5 the education, wéllbeing and spirit of the Corps. Communlcatlon Officer salary A Communication Officer was employed for two years to co-ordinate the Gurkha 200 year bi- centenary media and communication events of celebration and commemoration in 2015. His contract was renewed in September 2018 to capture the delivery of Brigade communications in this growth area which directly supports the morale of Serving members and families. Communlcatlon Grant- social medla A Communlcatlon Grant is provided by the BEWF to support the GBA webslte, social media, and ommunications on behalf and throughout the Brigade of Gurkhas, to its serving members, veterans, and their families enhancing the spirit of the Corps. Service Davs Pay Giving ISDPG) Serving soldiers and officers throughout the Brigade of Gurkha5 donate the equivalent of a one day's pay plus 20% or 40% into the BEWF. These monies are then donated to the Gurkha Welfare Trust (Gwfi, Gurkha Museum, Royal Signals Benevolent Fund IRSBFI, and the Brigade of Gurkhas Educatlon and Welfare Fund, to fulfill their own charitable activities. Grant maklng pollcy The Trustees of the BEWF meet twice a year in May {AGM to review previous year income and expenditure and to approve the forthcoming Budget) and November Ito ensure that Income and expenditure is on course), to approve the bud8et for next year, to discu55 the investment income performance wSth CCLA Investment manager and, decide how the income is to be distrrbuted and allocated to the relevant grants. This is assisted by: The BEWF treasurer advises the Fund Manager, Senior Furfd Manager and Trustees on past and current income and expenditure performance: this is verified by the internal auditor, to ensure the BEWF Is compliant with the objects of the fund. The treasurer reports the income and expenditure and provides a monthly management report to the fund managers who discuss and. decide accordingly of any changes in activity, ensuring income and expenditure are managed and controlled to the agreed trustée's allocations. Individual Grants are then, agreed and approiied by the Fund Manager in line with the Trustees, agreed allocations and Subsequently audit checked monthly. The Managing Trustee visits all the Regiments and Units throughout the year and encourages the commandlng officer in charge of that
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 reglment or unit to approach the BEWF for funding. This Is further encouraged by the Managing Trustee at the twice-yearly trustees, meeting and the three yearly Brigade of Gurkhas, Strategy meeting5. This fund provides public benefit by assisting Service personnel to perform their roles more effectively within the Armed Forces of the Crown. It does this by: Providing and supporting functions applicable to the Brigade of Gurkhas; this assistance enables service personnel to face the challenges and danger associated with military seNice by developing and maintaining teamwork; skills; fitness; confidence; character,. spirit and attitude; and morale. As a result, the fund promotes the efficiency of the Armed Forces of the Crown by enhancing the Britlsh Army's capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests., The Trustees then, confirm that they have pald due regard to the Charity Commission of England and Wale5'5 guidance on public benefit when deciding what activities, the charity should undertake. ACHIEVEMENTS AND PERFORMANCE Adventure Tralnlng and Sports A total of 100 grants for Adventure Training and Sports were approved during the year, allowlng over 619 Service Personnel to develop their teamwork, morale, comradeship, and leadership skills. These events demonstrated further enhancement, improvlng the well-being of serving members throughout the Brlgade. Unlt Educatlon & Welfare Grants The BEWF provided a total of 21 grants to the Gurkha unit5 throu8hout the Brigade enabling over 4,300 personnel to gain financial 5UPPOrt from the Fund. Achievements included events to Battlefield tours, Remembrance Parade, Team building events, cultural family visitg, welfare for 501diers, educational visits, festivities celebrations, family temple visits and improvements to temples. Photos and awards given to educational passing out parades of newly recruited soldier5. Special One Tlme Grants (SOTG) A total of 10 grants were awarded during the year for: silverware repairs {trophiesl, Regimental anniversary, a new Unit's BBQ area, stage equipment, support for the parents of the late Rfn Ashml Rana, flags and tankard5 for recruits, educational visits for Service Personnel while on operations.
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 HQ Brfgade Admin Grant The BEWF provides a grant to the HQ Bri8ade of Gurkha5 to SUPPQrt the Brigade in its administration. infrastructure, Brigade Week, Bhela and holdings of meetings and conferences. The Brigade held its annual Brigade Week in July, where several meetings and a conference are held to discuss the strategy and forthcoming developments throughout the Brigade as well as to confirm the achievement5 from previous year. These events encourage and enhance the fosterin8 spirit de corps, comradeship and morale throughout the Brigade as well as improving the working efficiency. The week finished with the annual Brigade Golf Championship, Nepal Cup Competition and GBA Bhela, a sporting and family event for serving members, families, and veterans to take part in the football, volleyball and golf tournament with a Trophy awarded to the winning team. SDPG- Gurkha Welfare trust, Gurkha Museum and Royal Sl8nals Benevolent Fund. The SDPG recelved Its monthly donatlons from the servin8 members, and the Fund is a banking facility for these donations. Once the income is analyzed, donations are forwarded to: Gurkha Welfare Trust (to support projects in Nepall. Gurkha Museum for Project Kaida and to employ two full tlme staff members as part of their overall business objective5. Royal Signals Benevolent Fund which supports serving, retlred Royal Si8nals soldiers and their dependent family. Comms Grant- social medla A yearly comms grant is issued to the HQBG fund, to pay for comms equipment, software, mobile data, etc. The commLsnications have enhanced the Gurkha brand across the Brigade, their famille5 and the wider public. Communi¢atlons Offlcer A Communications Offlcer has been employed to communicate media and communications across the Brigade, the wider public domain, and the British Army. The Comms Officer support the aims of the Brigade and its standing within HM Armed Forces. Additionally, the Communications Officer has supported key events, raising the Brigade's profile and media engagements. The Communications Officer has completely revised the visual layout and user experience of the Gurkha Brigade Association websitè and has increased the number of social media followers on Facebook by 40% and on Twitter by 50%.
The 8rigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 FINANCIAL REVIEW Flnancial & Reserves Pollcy It is Trustees, policy to plan carefully and forecast the annu31 funding requirement for welfare grants. Trustees review the reserve5 policy regularly. The revised policy statement states: The Fund does not fundraise and relies solely on income from investments and Service Day Pay Giving donations to fund its charitable activities. It is therefore the policy of the charity to maintain Its investments Icapitall, which are unrestricted funds and comprise the reserves of the charity, at a level that produces an assured annual income over £127,000. Although Trustees carefully plan and forecast the annual funding requirement, they do have considerable flexibility In the control of expenditure, As such Trustees, ¢an easily adjust or curtail expenditure for any emergency application that arises or to 171eet a greater prlority of need Alternatively, they can call upon the reserves Icapitall if necessary, but only as a last resort due to the Impact on income. Trustees review the charity's activities, income and expenditure requirements and the level of reserves every slx months. At the 24 Nov 2021 meeting, the trustees approved the bank account unrestricted reserves funds at a level of 50% of the expenses for the year. This calculate5 at £277,000 (equivalent to 6 months of fundin81, considering the risk of investments losing their value as to meet the running costs of the fund. Durlng the past 7 year5, the charity has re-invested unused Income to build up Its capital and reserves so that It can generate increased income to meet thé additional requlrement. Trustees foresee the need to re-invest in the future to allow capital growth. In the past three years, Wlth gradual improvements in the financlal market, Investment Income has been increased and is now in line to the anticlpated annual Income. Nevertheless, Trustees have acted prudently and capped expenditure to récapture lost reserves. Expenditure wlll very Ilkely be maintained for the forthcomlng year provlded there Is continual improvement in the markets. Flnanclal Revlew and Investment Pollcy The market value of the Fund on 31 March 2024 was £5,079,611. It ha5 been realised by prudent investment and careful mana8ement since receipt of the original unrestricted donation in 1978 the investments have increased in value due to fluctuations in the investment market. The key features of the Fund's investment policy are: The principal objective is capital growth and income managed on a Total Return Basis. The level of income gèneration is to be maintained at a minimum of £127,000 per annum. Annual budgets are managed based on the level of income from capital wlthout overspend. Capital 15 unrestricted and may be spent in pursuance of the Fund'5 objects although in practice it is not likely that this will occur, so for practical purposes the monie5 are to be treated a5 long term. No investment5 are to be held in tobacco products orthe tobacco indu5trv.
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 There are no restrictions on the Fund's power to invest. The investment strategy is set by the Trustees and reviewed annually. The strategy takes account of the income requirement, long term funding forecast, the risk profile and the Investment Advisor's view of the market prospects in the medium terth to long term. This strategy and the mix of the portfolio is reviewed bi-annually and set within an overall policy that the capital is to be invested in low to medium risk investment funds operated by CCLA, the wealth Investment managers. The Investments increased in value this year by £808,864 afterthe Fund invested an extra £334K. Trustees have decided to maintain the investment strategy of the charity but continue to monitor the temperament of the financial market5 With the aim to provide a higher level of income to service an enhanced package of benefits forthe Brlgade. Flnances Income The Fund recelves income via monthly donation5 through the Service Day'5 Pay Giving ISDPGI, and income from its investments.. This year the Trustees carried out a further in'depth review of the income and forecasted expenditure to service an enhanced package of benefits for the Brigade. The package makes full use of the income 8enerated on a Total Return Basis. Also, the Fund recelves a yearly donation from the Flshmongers. Expendlture Expenditure, has covered supported adventure training and sports activltles, unlt educatlon and welfare 8rant5, supported adventure training and sports activities, reformation parades, Bhela event, messing hit5 equipment, media coverage for the Bde, familvs daysi production of magazines etc. Some units of the Brigade have been on an operational tour during this financial year and 8rants have been used to meet the additional welfare needs and wellbelng of their soldiers under these circumstances. The fund employs one salaried staff member to assist in the communications and media role for the Brigade as this plays a major role in the spirit of the Corp5, Brigade cohesion and enhances the wellbeing of service personnel and their families. The BEWF through the Service Day Pay Giving Scheme. provides donations to the Gurkha Welfare Trust, Gurkha Museum to support two employed staff. Regimental TrustslAs50ciations and Royal Signals Benevolent Fund for the Gurkha Signals element. 10
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 The funds make no payments to its Trustees because it is a 5eNice charity operating from within a military establishment, its administrative and infrastructure tosts are negligible. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Brigade of Gurkhas Education and Welfare Fund is a registered charlty INo.1043000} governed by a declaration of Trust dated 12 December 1994 as amended by Deed of Varlatlon dated 11 July 1996, 1 May 2013, and 18 November 2014. Appolntment of trustees, Inductlon & tralnlng The charity is controlled by six trustees who are military ex-officio army officers and assume their responsibilities when taking up their tled mllitary appointment. Considerable care and attention are pald to prepare Trustees before assuming their responsibilitie5. They receive a detailed induction which covers all aspects of their role as a Trustee, the legal status of the charity, its management and financial policie5 and full details on beneficiaries and areas in which the charity aid. They.also recelve a full compendium containing copies of the governin8 document, previous minutes of meetlngs, appropriate Charity Commission publications and a written brief on the 'e55entials' of trusteeship and good governance. Thè Service Day's Pay Giving Scheme is managed and controlled by a selected group of Arnly Senlor Officers from each Gurkha Regiment. It meets twice a year to dlscuss each of their payroll giving schemes as to determine the decision making and management of each scheme. The BEWF Managing Trustee then provides an update brief to the BEWF trustees on the outcomes of these meetings as for them to decide on the charltable actlvities that require to be met, as per the interest of thelr members. Investments selectlon pollcy and performance of those Investments.. As authorised by Mana8ing Trustee and Committee Serious Incidents: None
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Statement of trustees, responsibilities The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the surplus or deficit incurred by the charity for that year. In preparing those financial Statements the trustees are required to: select Suitable accounting policies and then apply them conslstently; make judgment5 and estimates that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subject to any material departures disclosed and explained in the accounts; and Prepare the flnanclal statements on the going concern basls unless it Is Inapproprlate to presume that the charlty wlll contlnue to exist. The trustees have overall responslblllty for ensuring that the charlty has an approprlate system of controls, financial and otherwise. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any tlme, the financlal position of the charity and to enable them to ensure that the financial statements comply wlth the Charities Act 1993. They are also responslbl& for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularlties and to provlde reasonable assurance that: the charlty Is operating efflciently and effectively; Its assets are 5afe8uarded against unauthorised use or di5POSition; proper records are maintained, and financial information used within the charity or for publication is reliable; the charity complies wlth relevant laws and regulations. Approved by the Board and signed on its behalf by Colonel David Robinson Col BG and Managing Trustee Date: ffAj 2£ 12
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Report of the Independent Auditors to the Trustees of The Brigade of Gurkhas Educatlon and Welfare Fund Oplnion We have audited the financial statements of The Brigade of Gurkhas Education and Welfare Fund for the year ended 31 March 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 flnanclal reporting framework that has been applied in their preparation is applicable law and Unlted Kingdom Accounting Standards, including FRS102 rhe Financlal St(7nd(7rd opplicoble In the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accountlng Practice). In our oplnlon the flnanclal statements; give a true and falr vlew of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resource5 and application of resource5, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice and in accordance with the Charities Act 2011 Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finoncial statement5 Section of our report. We are independent of the charity in accordance with the ethical requlremÈnt5 that are relevant to our audit of the financial statements In the UK, including the FRC'S Etmcal Standard, and the provisions available for small entities and we have fulfilled our other ethical responsibilities in accordance with these rèquirèments. We believe that the audit evidence we have obtained is sufficlent and appropriate to provide a basis for our opinion. Concluslons relatlng to 8oln8 concern In auditlng the flnancial statement5, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the finan.cial statements is appropriate, Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, Individually or collectively, may cast significant doubt on the charitvs ability to continue as a going concern for a perlod of at least twelve months from when the flnanclal statements are authorlsed for issue. Our responsibilitles and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of thi5 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 fLnanclal statements and our Report of the Independent Auditors thereon. 13
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Report of the Independent Auditors to the Trustees of The Brlgade of Gurkhas Education and Welfare Fund (continued) Our opinion on the financial statements does not cover the other information and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsiblllty Is to read the other informatlon and, in doing so, conslder whether the other informatlon is materially inconsistent with the flnancial statements or our knowledge obtained in the audlt or otherwise appears to be materlally misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are requlred 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 a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obrained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities IAccount5 and Reports) Regulations 2008 require u5 to report to you if, in our opinion.. the information given in the trustees, report 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; or • we have not received all the information and explanations we require for our audlt. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responslble for the preparation of the financial statements and for being satisfied that they glve a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. In prekariné the financlal statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. dlsc105in& as applicable, matters related to going concern and using the going concern basis of accountin8 unless the trustees either intend to liquidate the charity or to cease operatlons, or have no realistic alternative but to do so. 14
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Report of the Independent Auditors to the Trustees of The Brigade of Gurkhas Education and Welfare Fund (continued) Audltorfs responsibilities for the audlt of the financlal statements We have been appointed as auditor 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 an auditor's report 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 IUKI will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are consldered material if, individually or In the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irre8ularltles, Includlng fraud, are Instances of non-compliance with laws and regulatlons. We deslgn procedures In Ilne wlth our respon5ibillties, outllned above, to detect materlal misstatements In respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularltles, includlng fraud Is considered reasonable in view of our audit work and the evidence obtained as described above, including review of the contro15 and monitoring implemented by the trustees. A further description of our responsibllitles for the audit of the financial statements Is located on the Flnancial Reporting Councll's website at www.frc.org.uk/auditorsresponsibilities. Thls descrlptlon forms part of our auditor's report. 15
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Report of the Independent Audltors to the Trustees of The Brl8ade of Gurkhas Education and Welfare Fund Icontinuedl Use of our report This report 15 made solely to the charitls trustees. as a body. Our audit work has been undertaken so that we might State to the charity'5 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 trustees as a body, for our audit work, for thls réport, or for the opinlons we have formed. Rock Tax & Accounting Senlor Statutory Auditors and Chartered Accountants 69 High Street Southgate London N14 6LD 2110I12025 16
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Statement of financial activities (including income and expenditure) Un- restrirted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income: Donations and legacies Investment income 309,291 143,894 309,291 143,894 439,066 134,496 Total Income 453,185 453,185 573,562 Empendlture on: Charltable activities 394,427 394,427 292,170 Total expendlture 394,427 394,427 292,170 Net Income artd net movement In funds before (losses)/galns on Investments 58,758 58.758 281,392 Net {losses)/gains on investments 470,281 470,281 1199,4421 Transfer between funds Net movement In funds 529,039 529,039 .81,950 Total funds brought forward 4925,811 4,925,811 4,843,861 Total funds carfled forward 5,454,850 5,454,850 4,925,811 The statement of financlal activities Includes all gains and losses recognised in the year. All income and expenditure deriv.e from continuing activities. 17
The Brigade of Gurkhas Education and Welfare Fund Financial Statements forthe year ended 31 March 2024 Balance sheet Notes 2024 2023 Fixed aet9 Investments 5,079,611 4,270,747 Current assets Debtors .ioo,000 Cash at bank and In hand 380,831 564,688 380,831 664,688 Current Ilabllitie$ Creditors: amount5 falling due within in yeaF 5,592 9,624 Net current assets 375,239 655,064 Net assets 5,454,850 4,925.811 The funds of the charity: Restricted funds Unrestrlcted funds 5,454,850 4,925,811 5,454,850 4,925,811 The accompanying accounting policies andnotes form part of these financial stateménts. Approved by the Trustees and signed on their behalf by: Colonel David Robinson Date: 18
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Managing Trustee Principal accounting policies Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of R@commended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and.Republic of Ireland IFRS102) {updated l January 20201- (Charlties SORP IFRS102)I, the Financial Reportlng Standard applicable In the UK and Republlc of Ireland IFRS102) and the Charities Act120111. The charity meets the deflnltlon of a publlc benefit entity under FRS102. Assets and Ilabllltles are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note. Going Concern statement The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent on investment returns continuing to meet the funds requirements; however, in periods of poor return the charity is able to reduce grant expenditure accordlngly. The charity's business plan show5 that the charity will be able to operate in the foreseeable future. Based on this understandin8 the tru5tee5 believe that it remains appropriate to prepare the financial statements on a 80ing concern basi5. The financial statements do not include any adjustments, which would result from the basis of preparation being Inapp.ropriate. Fund accountlng General accumulated funds are unrestricted funds available for general purposes and include fund5 designated'for a partlcular purpose; the use of such funds remains at the discretion of the managing trustee. Restrlcted funds are funds subject to conditions Imposed by the donor or by speclfic terms of the appeal under whlch the funds are ralsed. The restrlctive conditions are blndlng upon the Charlty. Income All income is recognised in the Statement of Flnancial Activities when the charity is legally entitled, ultimate receipt is probable, and the amount can be quantified with reasonable accuracy. Thi5 includes legacies receivable. Income relating to future periods, as a result of donor-imposed conditions specifylng the time period. has been treated a5 deferred income. Income dependent on certain conditions, amounting to more than mere adminlstrative requirements, is recognised when the conditions have been fulfilled. 19
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. Expenditure is classified under the following actlvity headings: Expendlture on charStable expenditure includes the costs of delivery to further the purposes of the charity and a55ociated support costs. Irrecoverable VAT is charged as a cost agalnst the actlvity for which the expenditure was Incurred. Fixed Asset Investments Fixed asset investments are included initially at Cost and subsequently at falr value (thelr market value) at the balance sheet date. Any gain or 1055 on revaluation 15 shown In the statement of financial activities. Interest and Investment Income Bank interest and investment income Is shown on the basis of amounts received in the year, Cash and cash equlvalents Cash and cash equivalents include cash at bank and in hand and short-term deposlts repayable on within a three month notice period. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of anytrade discounts due. Legacies are recognlzed as debtors In accordance wlth the relevant policy on Income recognition. Credltors Creditors are recognlsed where the charity has a present obllgation resulting from a past event that wlll probably result in the transfer of funds to a thlrd party and the amount due to settle the obligatlon can be measured or estimated reliably. Taxatlon As a re81Stered charity no provlslon is considered necessary for taxation. Penslons The BEWF employed one employee during the year with employer pension contribution5 going to an approved workplace stake holder pension provider (no Contributions were made by the employee). 20
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the financial statements l. Donatlons and legacles 2024 2023 Service Dals payroll glving donations Donations Legacies Other 291,114 5,000 13,137 266,894 5,000 164,000 3.172 439,066 309,291 2. Investment Income 2024 2023 Bank interest Dividends from investments 7,336 136,558 2,596 131,900 143,894 134,496 3. Expendlture 2024 2023 Staff costs Staff travel costs Accountancy costs Grant5 payable (see next pagel Management COSt5 payable to HQBG GBA Website Registered Auditors fee Bank charges 41,673 209 8,662 300.604 32.100 6,854 4,320 32,502 948 6.659 212,044 32,105 3,760 4,080 72 Total 394.427 292,170 21
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the flnancial statements (continued) Grants payable: 2024 2023 Un-restrl¢ted.. Educatlon & Welfare grants Adventure tralnlng grants Special one time grants Regimental Associations 101.873 41,551 68,991 88,189 60,439 35,059 21,546 95,000 300,604 212,044 4. Analys1$ of staff costs & trustee expense5 2024 2023 Salaries National Insurance Pension contributions 38,118 29,911 3,555 2,591 Total 41,673 32,502 The Charlty employed one member of staff during the year {2023.. 1). In addition to salary'and penslon, travel expenses Incurred In carrylng out such dutles are also relmbursed, No remuneratlon was pald to trustees and no expenses were relmbursed. 22
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the financial statements (continued) 5. Investment assets 2024 2023 Market value at beginnlng of year Add.. Additlons at cost Less.. Disposals at carrying value Add: Net Ilossl/galn on revaluation 4,270,747 338,583 4,465,516 4,673 470,281 199,4421 Market value at end of year 5,079,611 4,270,747 Historical cost information for the fund Is not available. Analysis of Investment assets Market value at end Income from of year Investments 2024 COIF Charltles Investmentfund COIF Charities Global EQUlty Income Fund COIF Charities Property Fund 3,345,861 1,505,066 228,684 93,721 30,465 12,372 Total 5,079,611 136,558 Market value at end of Income from year investments 2023 COIF Charlties Investment fund COIF Charities Global Equlty Income Fund COIF Charitie5 Property Fund 3,059,897 973,462 237,388 93,669 25,859 12,372 Total 4,270,747 131,900 23
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the financial statements (continued) 6. Debtors 2024 2023 Legacy recelvable 100,000 7. Credltor5: amounts fallln8 due wlthln one year 2024 2023 Accruals 5,592 9,624 8. Funds analysls UnaudSted Balance at be8lnnln8 of year Income Expendlture Net gains on Investments Transfers .Balance at end of year Unrestrfcted funds General fund 4,925,811 453,105 1394,4271 470,281 5,454,850 Total 4,925,811 453,185 1394,427} 470,281 5.454,850 24
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the financial statements (continued) 9. Analysls of net assets between funds Fund balances at 31 March 2024 are represented by: Unrestrlcted Funds Restrirted Funds Total Funds Fixed Assets Current assets Llabilities Total 5,079,611 380,831 {5,592) 5,454,850 5,079,611 380,831 (5,592) 5,454,850 Fund balances at 31 March 2023 were represented bv: Unrestrlcted Funds Restrlcted Funds Total Funds Flxed Assets Current assets Liabilltles Total 4,270,747 664,688 19.6241 4,925.811 4,270,747 664,688 19,624) 4,925,811 10. Controllin8 Interests and related party transactions Whilst the BEWF charity has a close working relationship with the Gurkha Welfare Trust, Gurkha Welfare Centre, Gurkha Museum, Gurkha Brigade Assoclatlon, Royal Signals Benevolent Fund, Adjutant General Corps and the wider British Army, there are no transactions with any beneficiaries of whlch require disc105ure under the Charities SORP {FRS1021120191, The only transactions made by the charity in favour of the units are wholly attributable to the charitable activities of furthering military efficiency in line with the objects of the fund. The Managing Trustee is an officer or equivalent and fulfils the role as trustee in accordance with the applicable law& and regulations. No remuneration or expenses have been paid to any trustee. If expenses have been paid to trustees, these are disclosed under the Managing Trustee's comments. 25
The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2024 Notes to the financlal statements (continued) 11. Funds recelved as agent In accordance wlth the SeThlce Day Payroll Glvlng scheme I'SDPG'I certaln funds are recelved by the Fund for passing on to other organ15atlons in accordance with the scheme rules. These are not treated as income or expenditure of thls Fund & are passed on to other organlsatlons as follows: Funds recelved Payments made". Gurkha Welfare Trust The Gurkha Museum Royal Signals Benevolent Fund 228,202 1168,116) 150,0001 (10.086) Funds remainin.g 26