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2025-12-31-accounts

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

Charity registration number: 1116946

THE REGIMENTAL CHARITY OF THE DUKE OF LANCASTER'S REGIMENT (KING'S, LANCASHIRE AND BORDER) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Contents

Page
Reference and Administrative Details 1
Trustees' Report 2—5
Independent Auditor's Report 6—9
Statement of Financial Activities 10
Comparative Statement of Financial Activities 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15—27
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities 28—30

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border)
Reference and Administrative Details
For The Year Ended 31 December 2025
Trustees Brig R J Singleton - Colonel of the Regiment
Col M J Gorick DL - Honorary Colonel
Brig A Maskell
Brig N Serle
Col A Dennis OBE
Lt Col N A Locke
Lt Col P R Nathan OBE
Mr N D Parsonage RD VR - Retired Naval Officer
Mrs C Wareing DL (appointed 05/03/2026)
Miss C Towneley DL (appointed 05/03/2026)
CEO Lt Col J A Harker MBE
Board Members Lt Col R Carman
Lt Col M Fyjis-Walker
Lt Col A Nancolas
Lt Col M Howard
Charity Number 1116946
Principal Address Regimental Headquarters
The Regimental Charity of the Duke of Lancaster's
Regiment
Fulwood Barracks
Accountants Whitehead & Aldrich
Chartered Accountants
5 Ribblesdale Place
Preston
Lancashire
PR1 8BZ
Auditors Whitehead & Aldrich
Chartered Accountants
5 Ribblesdale Place
Preston
Lancashire
PR1 8BZ

Page 1

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Trustees' Report For The Year Ended 31 December 2025

The trustees present their report and the financial statements for the year ended 31 December 2025.

Objectives and Activities

Aims and Objectives

Background

On 1st July 2006, The King's Own Royal Border Regiment, The King's Regiment and The Queen's Lancashire Regiment were amalgamated to form The Duke of Lancaster's Regiment (King's, Lancashire and Border). The Scheme of the Charity Commissioners dated 26th September 2006 sets out the terms on which charities administered by the predecessor regiments are to be administered in connection with The Duke of Lancaster's Regiment (King's, Lancashire and Border) by The Regimental Charity of the Duke of Lancaster's Regiment (King's, Lancashire and Border).

The objects of each branch are:

The Charity Branch

To promote the efficiency of the Regiment in such charitable ways as the trustees may decide, including the maintenance and preservation of the chapels, memorials, colours and chattels of the Regiment and the former Regiments.

The Association Branch

To promote the efficiency of The Duke of Lancaster's Regiment by:

Fostering spirt de corps, amongst the serving and former members of the Regiment and its former Regiments, by enabling them to keep in touch with Regimental affairs and one another.

Preserving the traditions and perpetuating the deeds of the Regiment and its former Regiments.

Encouraging recruitment for the Regiment.

Assist serving and former members of the Regiment and its former Regiments to obtain suitable employment.

The Benevolence Branch

To provide relief to serving or former members of the Regiment or former Regiments and their dependents who are in conditions of need, through financial hardship, sickness or old age.

The Homes Branch

To provide or assist in the provision of accommodation for former members of the Regiment or its former Regiments and their dependents who are in need through financial hardship, sickness or old age.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general information on public benefit when reviewing the Foundation's aims and objectives and in planning future activities.

Grant making policy

The charity has established its grant making policy to achieve its objects for the public benefit. The charity's aim is to continue to support members of the Regiment (serving, veterans and their dependents) with benevolence and welfare grants, details of which are shown in the Notes to the Accounts.

Page 2

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Trustees' Report (continued) For The Year Ended 31 December 2025

Public Benefit

The charity aims to maintain the interests of the regiment and antecedent regiments by providing welfare and benevolence support to serving and retired members of the regiment.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

Spending on benevolence and welfare grants to individuals remains a significant area of spend at circa £60K. This was an increase of £11.4K from 2024, with supported number of cases rising slightly from 98 in 2024 to 104 in 2025 with amounts given increasing due to inflation. The Charity were supported by the ABF with additional funds to top up the grants made with a further £36K. The Emergency Food Grant Scheme brought in to meet cost of living needs as continued to provide support for those impacted by the cost-of-living crisis and has supported 16 members of the Regimental family with Aldi food vouchers. During 2025, the period of audit, an amount of £1,550 was expended on Aldi food vouchers.

Grants to Regiment's battalions were reduced by 50% in 2024/25 with a new system of applying for specific funding introduced in the form of the submission of business cases. For Governance, this was deemed by the Trustees as a more practical and transparent way of dispersing funds. These grants make a significant contribution to a battalion's lived experience and are a critical element in the maintenance of esprit de corps.

Financial Review

Financial Position

We entered 2025 in a good position, but international events predictably cause disruption and volatility in the stock market where most of our investments are made. However, the trend remains buoyant, and markets have tended to fall and then bounce back. Following a review of current market trends and world events, the board decided to continue our existing investment policy with our current advisors. The policy is to maintain the value of the fund such that we can generate around £110k of income to support our charitable activities.

The Trustees were pleased with the end of year results with our investments during 2025 increasing from £4.347M to £4.492M despite volatility. Income was marginally down from £112.4K to £111.4K. The result was that we ended the year with net assets of £117.9K higher than the beginning of the year.

Overall, the Charity's financial position remains healthy, and it continues to operate within its budget.

Risk management

The trustees have and continue to assess the major risks that the Charity could potentially be exposed to, particularly in relation to operations and the financial management of the Charity. The trustees are satisfied that systems are in place to mitigate the associated risks. The Charity investment portfolio has been maintained at a medium level of risk.

Page 3

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Trustees' Report (continued) For The Year Ended 31 December 2025

Reserves Policy

On 26th September 2006 the Trustees set out the Charity's reserves policy as follows:

An appropriate capital reserve is required by the Charity both as an essential source of investment income and to deal with those unpredictable exigencies and emergencies that will, from time to time confront demand-led service charities. The Trustees of the Regimental Charity will accordingly seek to increase the value of its investment portfolio, and the rate of return by at least the annual rate of United Kingdom inflation to maintain the real value of invested capital over the longer term.

The total unrestricted reserves held by the Charity at 31st December 2025 were £4.567M.

Grant Making

The Charity gives grants to fulfil its charitable objectives. Grants are made using the guidelines set down by the Charity Scheme and by the Regimental Board. The Charity cooperates with and supports the ABF.

Plans

We anticipate that the Regimental flat will continue to require maintenance and look to dispose of the property in the future.

Structure, Governance and Management

Status and Administration

The charity is a registered charity with the Charities Commission under the number 1116946. The charity is governed by a Scheme of the Charity Commissioners dated 26th September 2006 and is operated by the Administrative trustees incorporated as a body.

Trustees Recruitment and Appointment

The Board of Trustees consist of three ex-officio trustees (the Colonel of the Regiment, Deputy Colonel and Honorary Colonel) and up to 8 co-opted trustees who serve for a four-year term. Co-opted members are recommended to the trustees, usually by existing trustees, by virtue of their skills, experience, and willingness to serve against a set of knowledge, skills, and experience criteria and with the desire to diversify and broaden Board composition. They are chosen by the existing trustees at a routine meeting. In addition, there are four exofficio Commanding Officers (CO) Board Members (CO 1 LANCS, CO 3 RANGER, CO 4 LANCS and CO NWOTR) who advise the Board, have input on discussions and have opinions but no voting powers.

Branches and organisational structure

The charity is operated through four branches:

The Regimental Charity of the Duke of Lancaster's Regiment (The Charity Branch). The Regimental Association of The Duke of Lancaster's Regiment (The Association Branch). The Benevolence Fund of The Duke of Lancaster's Regiment (The Benevolence Branch); and The Queen's Lancashire Regiment Cottage Homes Charity (The Homes Branch).

The charity's property is held on its behalf by the trustees, subject to covenants set out in a conveyance dated 26th September 2006. The trustees also meet as the Council of the Charity as defined in the said conveyance.

The trustees meet every six months in spring and autumn. The spring meeting focuses on the previous year's performance with the autumn board setting the budget for the following year.

...CONTINUED

Page 4

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Trustees' Report (continued) For The Year Ended 31 December 2025

Status and Administration - continued

New trustees are given: the Regimental Scheme of the Charity Commissioners dated 26th September 2006; the charity's latest reports and statement of accounts; Regimental Council Instruction (RCI) 0, detailing regimental governance and the Board's role (including its Conflict of Interest policy); RCI 2 explaining the purpose and organisation of the charity and how funds are managed; and 'The Essential Trustee'(CC3), a guidance note produced by the Charity Commission.

Key management personnel remuneration

No member of key management personnel received any remuneration in the year.

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Brig A Maskell

Trustee 1 June 2026

Page 5

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

Independent Auditor's Report to the Members of

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border)

Opinion

We have audited the financial statements of The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) (the "charity") for the year ended 31 December 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial 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 charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

Independent Auditor's Report (continued) to the Members of The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border)

Matters on Which We Are Required to Report by Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 2—5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

Independent Auditor's Report (continued) to the Members of The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border)

Auditor's Responsibilities for the Audit of the Financial Statements

We have been appointed as auditor under section 145 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Compliance with the UK Charities Act, compliance with the charities SORPS and employment law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters that we are required to state to them in an auditor's 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 this report, or for the opinions we have formed.

Whitehead & Aldrich (Statutory Auditor)

1 June 2026

...CONTINUED

Page 8

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

Independent Auditor's Report (continued) to the Members of The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border)

Whitehead & Aldrich (Statutory Auditor) Chartered Accountants 5 Ribblesdale Place Preston Lancashire PR1 8BZ

Page 9

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Statement of Financial Activities For The Year Ended 31 December 2025

Notes
3
4
6
6
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities:
Raising Funds
Investments
EXPENDITURE ON:
Raising funds
Charitable activities:
Charity Branch
Association Branch
Benevolence Branch
Homes Branch
Benevolance and Welfare
NET EXPENDITURE BEFORE INVESTMENT
GAINS
Net gains on investments
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
17		 Unrestricted
funds
£
95,120
46,322
113,666		 Restricted
funds
£
-
-
-		 2025
Total
funds
£
95,120
46,322
113,666		 2024
Total
funds
£
93,473
37,259
114,997
255,108 - 255,108 245,729
(24,560)
(41,117)
(63,312)
(49,057)
(2,669)
(125,870)		 -
-
-
-
-
-		 (24,560)
(41,117)
(63,312)
(49,057)
(2,669)
(125,870)		 (22,194)
(40,820)
(63,142)
(44,481)
(4,319)
(110,126)
(306,585) - (306,585) (285,082)
(51,477)
169,352		 -
-		 (51,477)
169,352		 (39,353)
197,032
117,875 - 117,875 157,679
117,875
4,448,780		 -
200,219		 117,875
4,648,999		 157,679
4,491,320
4,566,655 200,219 4,766,874 4,648,999

The notes on pages 14 to 27 form part of these financial statements.

Page 10

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Comparative Statement of Financial Activities For The Year Ended 31 December 2025

Notes
3
4
6
6
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities:
Raising Funds
Investments
EXPENDITURE ON:
Raising funds
Charitable activities:
Charity Branch
Association Branch
Benevolence Branch
Homes Branch
Benevolance and Welfare
NET EXPENDITURE BEFORE INVESTMENT GAINS
Net gains on investments
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
17		 Unrestricted
funds
£
93,473
37,259
114,997		 Restricted
funds
£
-
-
-		 2024
Total
funds
£
93,473
37,259
114,997
245,729 - 245,729
(22,194)
(40,820)
(63,142)
(44,481)
(4,319)
(108,426)		 -
-
-
-
-
(1,700)		 (22,194)
(40,820)
(63,142)
(44,481)
(4,319)
(110,126)
(283,382) (1,700) (285,082)
(37,653)
197,032		 (1,700)
-		 (39,353)
197,032
159,379 (1,700) 157,679
159,379
4,289,401		 (1,700)
201,919		 157,679
4,491,320
4,448,780 200,219 4,648,999

The notes on pages 14 to 27 form part of these financial statements.

Page 11

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Statement of Financial Position As At 31 December 2025

Notes
FIXED ASSETS
Tangible Assets
11
Heritage Assets
12
Investments
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: Amounts Falling Due Within One
Year
16
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Restricted Funds
Unrestricted Funds
TOTAL FUNDS
17		 Unrestricted
funds
£
91,825
33,416
4,291,694		 Restricted
funds
£
-
-
200,219		 2025
Total
funds
£
91,825
33,416
4,491,913		 2024
Total
funds
£
90,860
24,424
4,347,010
4,416,935
47,958
46,432
92,157		 200,219
-
-
-		 4,617,154
47,958
46,432
92,157		 4,462,294
53,188
65,949
101,364
186,547
(36,827)		 -
-		 186,547
(36,827)		 220,501
(33,796)
149,720 - 149,720 186,705
4,566,655 200,219 4,766,874 4,648,999
4,566,655 200,219 4,766,874 4,648,999
200,219
4,566,655		 200,219
4,448,780
4,766,874 4,648,999

On behalf of the board

Brig R J Singleton

Trustee

1 June 2026

The notes on pages 14 to 27 form part of these financial statements.

Page 12

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Statement of Cash Flows For The Year Ended 31 December 2025

Notes
Cash flows from operating activities
Net cash used in operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible assets
Purchase of heritage assets
Purchase of other fixed asset investments
Proceeds from disposal of other fixed asset investments
Interest received
Dividends received
Net cash generated from investing activities
Decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2025
£
(135,614)
(135,614)
(2,716)
(8,992)
(969,107)
993,556
33,357
80,309
126,407
(9,207)
101,364
92,157		 2024
£
(145,742)
(145,742)
(722)
-
(829,268)
852,846
34,481
80,516
137,853
(7,889)
109,253
101,364

Page 13

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Statement of Cash Flows For The Year Ended 31 December 2025

1. Reconciliation of income to cash used in operations

.
Reconciliation of income to cash used in operations
Net income
Adjustments for:
Interest income
Income from investments
Depreciation of tangible assets
Net fair value gains recognised in profit or loss
Movements in working capital:
Decrease/(increase) in stocks
Decrease in trade and other debtors
Increase in trade and other creditors
Net cash used in operations		 2025
£
117,875
(2,271)
(111,395)
1,751
(169,352)
5,230
19,517
3,031
(135,614)		 2024
£
157,679
(2,590)
(112,407)
6,234
(197,032)
(5,444)
4,346
3,472
(145,742)

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

2025
£
Cash at bank and in hand
92,157
.
Analysis of changes in net funds
As at 1
January
2025
Cash flows
£
£
Cash at bank and in hand
101,364
(9,207)		 2024
£
101,364
As at 31
December
2025
£
92,157

3. Analysis of changes in net funds

Page 14

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements For The Year Ended 31 December 2025

1. General Information

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) is an unincorporated charity registered with the Charity Commission, registered charity number 1116946. The principal address is Regimental Headquarters, The Regimental Charity of the Duke of Lancaster's, Regiment, Fulwood Barracks.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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 (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.

The charity is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.

2.3. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements and estimations that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

2.4. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor or trust deed.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 15

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.5. Incoming Resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations and Grant Income are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation or any grant income is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends and other investment income is recognised once dividends and investment income has been declared and notification has been received of the dividend and investment income date. This is normally upon notification by our investment advisor of the dividend yield of the investment policies.

Incoming resources from charitable activities comprises of income from subscriptions, events and rents receivable and is accounted for on becoming receivable.

2.6. Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. It is probable that settlement will be required and the amount of the obligation can be measure reliably.

All expenditure is accounted for on an accruals basis. All expenses including raising funds and charitable activities costs are allocated or apportioned to the applicable expenditure headings. The apportioned costs are based on fixed percentages.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification givens the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

Costs of raising funds

The costs of generating funds consist of investment management costs and certain legal fees.

Charitable activities

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in the notes.

Page 16

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and equipment

2.8. Heritage Assets

Heritage assets are tangible fixed assets held by the charity which have historical and artistic significance. They are valued at their cost or valuation on acquisition. An assessment is made of the useful economic life and likely residual value of the assets in order to consider whether the assets should be depreciated. Where any potential depreciation charge is considered to be immaterial to the accounts, then an annual impairment review is carried out in accordance with the requirements of paragraph 259 of the Charities SORP. A depreciation rate of 10% had been applied historically on a reducing balance basis; however no depreciation is currently being charged, as it is considered that any further depreciation charge would be immaterial to the accounts.

The heritage assets currently held have been collected since formation of the Regiment in 1680. Assets are currently on display in a number of locations: the Regimental Headquarters; on loan to our battalions; regimental museums; or other units and intuitions. The remainder of the collection is held in secure storage. The Charity has maintained a register of all heritage assets albeit in paper form. The register identifies assets by a unique serial number and is currently being transferred to an electronic state. With the closure of locations storage space has reduced. Therefore, a prudent review of holdings has taken place. Items that cannot be displayed within the Regiment or its museums, and of no heritage significance have been disposed of.

2.9. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the statement of financial activities.

2.10. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Fixed asset investments are held primarily to produce an investment return for the charity.

Page 17

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.11. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.

2.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.13. Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

2.14. Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

3. Income from Donations and Legacies

Donations and gifts
Grants
Other		 2025
Unrestricted
funds
£
90,495
1,625
3,000		 2024
Unrestricted
funds
£
90,798
2,675
-
95,120 93,473

4. Investment Income

Page 18

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Bank interest receivable
Interest from investments
Dividends from investments		 2025
Unrestricted
funds
£
2,271
31,086
80,309		 2024
Unrestricted
funds
£
2,590
31,891
80,516
113,666 114,997

5. Net Income/(Expenditure)

The net income is stated after charging/(crediting):

The net income is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible fixed assets - owned 1,751 6,234

6. Analysis of Expenditure

Raising funds
Charity Branch
Association Branch
Benevolence Branch
Homes Branch
Benevolance and Welfare
Raising funds
Charity Branch
Association Branch		 Activities
undertaken
directly
£
24,560
-
-
-
-
-		 Grant
funding of
activities
(see note 7)
£
-
-
-
-
-
125,870		 Support
costs
(see note 8)
£
-
41,117
63,312
49,057
2,669
-		 2025
Total
£
24,560
41,117
63,312
49,057
2,669
125,870
24,560 125,870 156,155 306,585
Activities
undertaken
directly
£
22,194
-
-		 Grant
funding of
activities
(see note 7)
£
-
-
-

Page 19

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Benevolence Branch
Homes Branch
Benevolance and Welfare		 -
-
-		 -
-
110,126		 44,481
4,319
-		 44,481
4,319
110,126
22,194 110,126 152,762 285,082
7.
Grants Payable
Benevolance and Welfare
Benevolance and Welfare
Grants paid to institutions, included above, are as follows:
The Lancashire Infantry Museum Fund
Grant 1 LANCS
Grant 3 RANGER
Grant 4 LANCS
Miscellaneous Minor Grants
One Off Grant 1 LANCS
One Off Grant 3 RANGER		 Grants to
Institutions
£
65,808		 Grants to
Individuals
£
60,062		 2025
Total
£
125,870
Grants to
Institutions
£
61,536		 Grants to
Individuals
£
48,590		 2024
Total
£
110,126
2025
£
7,000
11,000
8,000
7,250
7,679
23,779
1,100		 2024
£
8,000
20,000
20,000
7,250
6,286
-
-
65,808 61,536

Page 20

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

8. Support Costs

Employee costs:
Recruitment costs
Governance costs
Premises expenses:
Premises
General administration:
Printing, postage and admin
Association journal
Assosciation and general events
Benevolence and funeral
Regimental memorial
Regimental website costs
Audit fees
Shop costs
Depreciation:
Depreciation of fixtures and
equipment
Employee costs:
Recruitment costs
Governance costs
Premises expenses:
Premises
General administration:
Printing, postage and admin
Association journal
Assosciation and general events
Benevolence and funeral
Regimental memorial		 Charity
Branch
£
11,873
806
-
10,726
-
12,897
-
-
424
3,910
-
481		 Association
Branch
£
-
64
-
184
8,206
12,282
-
600
34
313
41,590
39		 Benevolence
Branch
£
-
1,977
-
18,001
-
13,577
3,681
-
1,040
9,599
-
1,182		 Homes
Branch
£
-
82
784
750
-
563
-
-
43
398
-
49
41,117 63,312 49,057 2,669
Charity
Branch
£
17,749
-
-
12,180
-
5,153
-
-		 Association
Branch
£
-
20,660
-
526
9,269
3,576
-
600		 Benevolence
Branch
£
-
-
-
16,133
-
12,650
1,613
-

Page 21

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Regimental website costs
Audit fees
Shop costs
Depreciation:
Depreciation of fixtures and equipment		 460
3,564
-
1,714		 37
285
28,052
137		 1,129
8,748
-
4,208		 47
363
-
175		 1,673
12,960
28,052
6,234
40,820 63,142 44,481 4,319 152,762

9. Auditor's Remuneration

Remuneration received by the charity's auditors and their associates during the year was as follows:

2025 2024
£ £
Audit Services
Audit of the company's financial statements 14,220 12,960

10. Average Number of Employees

Average number of employees during the year was: NIL (2024: NIL)

11. Tangible Assets

1.
Tangible Assets
Cost
As at 1 January 2025
Additions
Disposals
As at 31 December 2025
Depreciation
As at 1 January 2025
Provided during the period
Disposals
As at 31 December 2025
Net Book Value
As at 31 December 2025
As at 1 January 2025		 Investment
property
£
88,000
-
-		 Fixtures
and
equipment
£
7,499
2,716
(3,119)		 Total
£
95,499
2,716
(3,119)
88,000 7,096 95,096
-
-
-		 4,639
1,751
(3,119)		 4,639
1,751
(3,119)
- 3,271 3,271
88,000 3,825 91,825
88,000 2,860 90,860

Page 22

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

The investment property, which was donated to the charity and is owned by the charity and its predecessors, has a £nil cost. The property was valued by E.Surv Chartered Surveyors on 17th March 2014 for the year ended 31st December 2013. The trustees are not aware of any material changes since the last valuation. This property is let to a beneficiary of the charity. Noting the ambiguous nature of the legal title, the Trustees have resolved to endorse the presently recorded valuation and to revisit the issue when title is more clearly ascertained.

12. Heritage Assets

Cost
As at 1 January 2025
Additions
As at 31 December 2025
Depreciation
As at 1 January 2025
As at 31 December 2025
Net Book Value
As at 31 December 2025
As at 1 January 2025		 Other
£
41,334
8,992
50,326
16,910
16,910
33,416
24,424

Heritage Assets consist of paintings owned by the charity which had previously been described as ‘Long Life Assets’.

Depreciation had been applied historically at a rate of 10% but given that the amount was immaterial, this ceased in 2013.

Heritage assets not recognised on the statement of financial position

The Charity also holds various heritage assets that have not been recognised in the statement of financial position. These assets consist of paintings, silver and medals which have been donated to the Charity since formation. The value of these assets is unquantifiable given their nature.

Page 23

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

13. Investments

Cost or Valuation
As at 1 January 2025
Additions
Disposals
Fair value adjustments
As at 31 December 2025
Provision
As at 1 January 2025
As at 31 December 2025
Net Book Value
As at 31 December 2025
As at 1 January 2025		 Cash &
Cash
Equivalents
£
50,603
-
(36,381)
-		 Listed
£
4,296,407
969,107
(957,175)
169,352		 Total
£
4,347,010
969,107
(993,556)
169,352
14,222 4,477,691 4,491,913
- - -
- - -
14,222 4,477,691 4,491,913
50,603 4,296,407 4,347,010

All investments shown above are held at valuation.

Financial assets held at fair value

Of these Investments £2.806,281 (2024: £2,618,416) are listed outside the UK.

14. Stocks

14.
Stocks
Stock
15.
Debtors
Due within one year
Trade debtors
Other debtors		 2025
£
47,958
2025
£
114
46,318
46,432		 2024
£
53,188
2024
£
313
65,636
65,949

Page 24

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

16. Creditors: Amounts Falling Due Within One Year

Other creditors
Accruals and deferred income
7.
Movement in Funds
Unrestricted funds
General:
General unrestricted fund
Designated:
Leasehold Property
NW Festival of Remembrance
Silver Heritage
Kings Cup
Lancs Luncheon
Total unrestricted funds
Restricted funds
George Walmsley Blundell Indenture
Museum of Manchester Firearm
Manchester Cathedral Chapel
Pat Ross Fund
Total restricted funds
Total funds		 As at 1
January
2025
£
4,217,796
88,000
990
141,397
597
-		 Income
£
252,149
-
-
-
1,625
1,334		 2025
£
12,878
23,949
36,827
Expenditure
£
(135,513)
-
-
-
(1,720)
-		 2024
£
12,504
21,292
33,796
As at 31
December
2025
£
4,334,432
88,000
990
141,397
502
1,334
230,984 2,959 (1,720) 232,223
4,448,780 255,108 (137,233) 4,566,655
134,903
11,055
44,969
9,292		 -
-
-
-		 -
-
-
-		 134,903
11,055
44,969
9,292
200,219 - - 200,219
4,648,999 255,108 (137,233) 4,766,874

17. Movement in Funds

Page 25

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Unrestricted funds
General:
General unrestricted fund
Designated:
Leasehold Property
NW Festival of Remembrance
Silver Heritage
Kings Cup
Total unrestricted funds
Restricted funds
George Walmsley Blundell Indenture
Museum of Manchester Firearm
Manchester Cathedral Chapel
Pat Ross Fund
Total restricted funds
Total funds		 As at 1
January
2024
£
4,058,419
88,000
990
141,397
595		 Income
£
243,054
-
-
-
2,675		 Expenditure
£
(83,677)
-
-
-
(2,673)		 As at 31
December
2024
£
4,217,796
88,000
990
141,397
597
230,982 2,675 (2,673) 230,984
4,289,401 245,729 (86,350) 4,448,780
135,603
11,055
44,969
10,292		 -
-
-
-		 (700)
-
-
(1,000)		 134,903
11,055
44,969
9,292
201,919 - (1,700) 200,219
4,491,320 245,729 (88,050) 4,648,999

Unrestricted funds

Unrestricted funds are available at the discretion of the trustees for any future activities consistent with the aims and objectives of the Charity.

Leasehold Property – Designated funds represent the value of Leasehold Property owned by the Charity and its predecessors.

NW Festival of Remembrance – Designated funds for putting on a remembrance event in Preston in 2018.

Silver Heritage - Designated funds representing amounts received from sale of silver to be used to help fund the purchase and making of silver commemorative pieces.

King's Cup - Designated funds for event entry fees paid and the event costs plus engraving of the trophy.

Lancs Luncheon - Designated funds created for future luncheons to celebrate the Duke of Lancaster's Regiment. ...CONTINUED

Page 26

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

17. Movement in Funds - continued

Restricted funds

George Walmsley Blundell Indenture – Funding that can only be used to assist welfare cases in the West Lancashire District.

Museum of Manchester Firearm – Funding held on behalf of the Museum of Manchester.

The Manchester Regimental Chapel - Funding held to be used exclusively for The Regimental Chapel in the Manchester Cathedral.

Pat Ross Fund - A sinking fund to be consumed for the purpose of adventurous training activities.

18. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:

2025 2024
£ £
Travel 2,755 757

Number of trustees reimbursed for expenses during the year was 7 (2024: 5)

Trustee Col A Dennis OBE, was paid £2,929 (2024 - £18,740) on a consultancy basis for January and February 2025. This was for the cover he gave as Regimental Secretary / CEO. This ceased when Lt Col J Harker MBE was appointed to replace Col CW Owen (who died unexpectedly in December 2023) who was the original Regimental Secretary / CEO.

19. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.

2O. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 27

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Detailed Statement of Financial Activities For The Year Ended 31 December 2025

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts
Grants
Sponsorship
Charitable Activities:
Raising Funds
Rental income
Association events, subscriptions and journals
Shop sales
Investments
Dividends from other fixed asset investments - listed
Interest from other fixed asset investments - listed
Bank interest receivable
EXPENDITURE ON:
Raising funds
Investment management costs
Charitable Activities:
Charity Branch
Recruitment costs
Governance costs
Printing, postage and admin
Assosciation and general events
Regimental website costs
Audit fees
Depreciation of fixtures and equipment
Association Branch
Governance costs		 2025
Total
funds
£
90,495
1,625
3,000
95,120
2,000
4,725
39,597
46,322
80,309
31,086
2,271
113,666
255,108
(24,560)
(24,560)
(11,873)
(806)
(10,726)
(12,897)
(424)
(3,910)
(481)

Page 28

Docusign Envelope ID: F7178574-0DBD-8CEC-8132-CAA5C962FC0D

The Regimental Charity of The Duke of Lancaster's Regiment (King's, Lancashire and Border) Detailed Statement of Financial Activities (continued) For The Year Ended 31 December 2025

Printing, postage and admin
Association journal
Assosciation and general events
Regimental memorial
Regimental website costs
Audit fees
Shop costs
Depreciation of fixtures and equipment
Benevolence Branch
Governance costs
Printing, postage and admin
Assosciation and general events
Benevolence and funeral
Regimental website costs
Audit fees
Depreciation of fixtures and equipment
Homes Branch
Governance costs
Premises
Printing, postage and admin
Assosciation and general events
Regimental website costs
Audit fees
Depreciation of fixtures and equipment
Benevolance and Welfare
Grants to institutions
Grants to individuals
NET EXPENDITURE BEFORE INVESTMENT GAINS
Net gains on investments
Fair value surplus on revaluation of investments
NET INCOME		 (184)
(8,206)
(12,282)
(600)
(34)
(313)
(41,590)
(39)		 (526)
(9,269)
(3,576)
(600)
(37)
(285)
(28,052)
(137)
(63,312)
(1,977)
(18,001)
(13,577)
(3,681)
(1,040)
(9,599)
(1,182)		 (63,142)
-
(16,133)
(12,650)
(1,613)
(1,129)
(8,748)
(4,208)
(49,057)
(82)
(784)
(750)
(563)
(43)
(398)
(49)		 (44,481)
-
(2,540)
(669)
(525)
(47)
(363)
(175)
(2,669)
(65,808)
(60,062)		 (4,319)
(61,536)
(48,590)
(125,870) (110,126)
(306,585) (285,082)
(51,477)
169,352		 (39,353)
197,032
169,352 197,032
117,875 157,679

Page 29