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:
ffA￿j 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 a￿et9
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