THE ROYAL ARTILLERY INSTITUTION LIMITED
(A Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Registered Charity No: 1122002
Registered Company No: 6446232

ROYALARfiLLERY INSTITUTION LTD
CONTENTS
Page
Trustees, and Administrative Informatlon
Trustees, Report
3-10
Report of the Auditor5
11-14
Statement of Financial Activities
15
Balance Sheet
16
Cash Flow Statement
17
Notes to the Financial Statements
18-25
Prior Year Comparatives
26

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES AND ADMINISTRATIVE INFORMATION
RAI Trustees
During the year ended 31 December 2023, and up to date of approval of thls
report, the trustees were-
Chalrman
Major General DM Cullen CB OBE - Chalrman
Members
Brigadier NA Clissitt
BriEadier RN Alston
Colonel DM Bishop MBE VR
Colonel RJ Chrlstopher
Colonel CL Coton
Colonel MAA Dornan
Colonel RA Forster
Colonel RC Harmer ADC
Colonel S l Hay
Colonel BMD Ingham
Colonel C Palmer
Colonel G Taylor
Lieutenant Colonel JRM Gower MBE VR
Lieutenant Colonel SJR Halliday TD
Major MG Wllliams
WOI IRASMI J Lightfoot
WOI IRASMI L5anders
(Appointed 26 August 20231
IRetired 4 September 20231
IAppointed 20 September 2023. Retired 6 May 241
(Appointed 9 October 20231
(Appointed 22 April 20241
IAppoSnted 22 November 20231
(Retired 17 October 20231
(Retired 28 July 20231
IAppoSnte(131 May 20241
(Retired 31 May 20241
A number of trustees a￿ also involved in the governance of other charities referred to in thls report. All
trustee5 have made a declaration listing any related partles and potentlal conflicts of Interest.
Regimental Secretary
Colonel IRetdl M G J Carter
Bankers:
Banker5
Lloyds Bank PLC
39 Piccadilly
London WIVOAA
Soll¢ltors
Wllsons Solicitors
Alexandra House, St John'5 Street
Sallsbury
WiltshSre SPI 2SB
Auditors
Saffeiy LLP
71 Queen Victoria Street
London EC4V 4BE
Investment Managers
Brewin Dolphin
12 Smithfield Street
London ECIA gBD

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES AND ADMINISTRATIVE INFORMATION Co1￿UlNED
Address
Royal Artlllery Barracks
Larkhill, Salisbury
Wiltshire SP4 8QT
ReE15tered Charlty No
1122002
Company No
6446232

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Introduction
The Board of Trustees of The ftoyal Artillery Institutlon Ltdl IRAII present their ￿port and accounts for
the year ended 31 December 2023 as requlred under the Companies Act 2006. The accounts complv
with the Companies Act 2006, the charity's Eovernlng document and the relevant Statement of
Recommended Practice (the Charities SORP IFRS 10211. The RAI is a charltable company, limited bv
guarantee and not having share capital. It is governed by Articles of Assoclation. The Trustees, Report
incorporates the directors, report for Compafties Act purposes.
Ob
ects
The object of the charity, as described in its Articles of Association, is the promotion of the efficiency of
the Royal Regiment of Artillery and the Officers, Warrant Officers and Other Ranks thereof. The charity
meets that reqU1￿ment by maklng &rantS to regSments, individuals and other regimental orgallisations
In support of regimental affairs. Regimental affairs are those matters which are essential to the
domestlc Ilfe of the Regiment as a whole and which are contyolled by the Regiment itself, subject to the
requlrements of prevailing legislation. The following activities are included.. regimental property,.
regimental ceremonies, events and entertainment,. educational, historical and heritaEe affairs,. support
to units and individuals, regimental sports and adventurous trainin& publications- supplementary
SUPPOrt for Royal Artillery bands,. policy for regimental matters stsch as dress, messes, heritage and
ceremonlal, all of which are 5UPPOrted by grant5 from the charity. Regimental welfare and the fostering
of comradeshlp among all Gunners, serving and retired, are the responsibility of the Royal Artlllery
Charitable Fund IRACFI and Royal Artillery Association IRAAI.
anlsatlon
The dutSes of the RAI Board of Trustees are laSd down in the Articles of Association. The Board members
provide a skills-based Set of abilltSes and experience with some representing the serving offl¢er5 and
soldiers of the Regiment. The RAI works closely with a number of other charities, in partlcular the Royal
Artillery General Charitable Trust IRAGCTI, RACF and RAA, whose objetts also support and promote
efficiency within the Royal Artillery. The Board of Trustees meets at least twice a year as part of the
Royal Artillery Board of Management alongside the trustees of the RACF / RAA. The RACF Is the sole
corporate trustee of the RAA. Subordinate to the Board of Trustees are the Investment Committee and
Finance and General Purposes Committee. These committees comprise trustees from both RAI and
RACF, who have been co-opted for their skSlls and knowledge, so as to ensure that hlgh quality advice
may be provided to the RAI Board. The reports of these committees form part of the agenda of the
meetings of the RAI Board of Trustees. The tYU5tee5 form the rnembership of the RAI. The Master
Gunner's Committee sets the strategic framework for the ReEiment and acts as an advisory board to the
RAI Board of Trustees as required. The Chairman of the RAI 15 a member of the Master Gunner's
Committee and updates the committee biannually on business undertaken by the Royal Artillery Board
of Management.
The RAI works closely wlth other Royal Artillery charities and organisations that 5UPPOrt and promote
the Royal Artillery's herita8e and traditions, most notably the Royal Artillery Historical Trust, the Royal
Artlllery Hi5torlcal Soclety and the Royal Artlllery Museum.
While the Charity Commission and Companie5 House websites show the narne of the company / charfty as
'Royal Artillery Institution Llmlted,, its correct ￿tle In èccorijance wlth it5 Articles of As50Clation is The Royal
Artlllery Institution Ltd..

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Governance
In addition to the Articles of Association, the Investment and Flnance & General-Purpose committees
have thelr own directives, which are reviewed and agreed reBularly by the trustees. Powers delegated
to the Secretariat are contained the directive5. secretariat policies, which are agreed by the trustees,
are in place in order to ensure smooth and effective running of the charlty. The charity's risk register is
reviewed annually by the trustees. Identified risks are managed as laid down in the Rlsk Management
Plan. For specific Itern5, detaSled briefs are sent to the trustees so they can consider issues in depth
before meetings. Trustees also receive regular reports on the value and movement of the charitvs
investment portfolio. The Chairman of the trustees and the Regimental Secretary meet regularly
(usually weekly) to discuss issue5.
Charl
Commission Governance Code
The RAI as one of the Royal Artillery charitie5, comes under the umbrella of the Confederation of Service
Charitles Icobseol. Cobseo, In consultation with the Charity Commission, have produced a Service
Charity toolkit based on the 2017 Charity Commi55ion Governance guide. The trustees carried out a
self-assessment process uslng the toolkit during 2019. Thi5 enabled the Board to identify a number of
enhancements which can be consldered to improve governance. This included a resolution to limit the
tenure of trustees. The self assessment was repeated in 2022. Overall this showed an improvement
since 2019 but identified some areas for further revlew. A further review will be conducted in 2025.
Selection of Members of the RAI Board of Mana
ement
The Articles of Association state the process for the appointment of trustees. New trustee5 are
appointed by Re501ution of the existing trustees. Trustees are normally serving and retired members of
the Royal Artillery.
The Master Gunner St james's Park 15 the Head of the Regimental Family, but he is not a trustee. The
Master Gunner proposes the Chairman, who will normally have been a Colonel Commandant. The
appointment of the Chairman is then approved by resolution of the existing trustees. Trustees are
selected for their ski115 and experience ènd their ability to understand and anticipate the needs of the
serving and retired regiment. The trustees will normally include the Commandant, Royal School of
Artillery, Commander 7 Air Defen￿ Group, DepLtty Commander I" Deep Reconnaissance Strike
Brigade Combat Team, and the Royal Artlllery Ser@eant Major, who between them represent the
Interests of serving Gunner soldiers and officers. Veterans and family beneficiaries are represented by
both servlng and retired trustee5.
ement Personnel
The Regimental Secretary is the Chief Executive of the RAI and is responsible for- the day-to-day
management of the charity's business- implementing policies agreed by the trustees and; the
management of the charlty's staff. The Finance Secretary is responsible to the Regimental Secretary for
the accounting of funds and all financial records. The Assistant Regimental Secretary leads on day to day
activities and acts a5 Staff officer to the Master Gunner.
Revlew of Flnanclal Actlvltles
The charwty's funds continue to be employed to promote efficiency withln the Royal Artillery. The
detailed results for the year under review are shown in the Statement of Financial Activities at page 15
In 2023 the charity had an excess of expenditure over income, before gains on investments, of £94,132
12022.. expenditure over income, before losses on investments, £88,028).

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Review of Flnancial Activities continued
After investment gains of £497,21712022.. losses of £1,665,789) there was a net increase in funds of
£403,08512022'. net decrease of £1,753,817).
Total income increased by £125,785 in the last financlal year to £960,042 mainly due to an increase in
grant5 received.
A large grant from the Army Sports Control Board, covering 2022 and 2023, was received in
2023 for £95,000 to assist in the support to Gunner sport. There wa5 also an increase in grant5
from the RACF for support to sport. Sporting activitles has increased signiflcantly in 2023.
Investment income from the portfolio achieved in exces5 of the budgeted £260,000, the total
being £282,495 (the excess being retained in the portfolio). Despite the increase of investment
value, investment income fell by £19,461 due to decrease in dividend payments from stock.
There were no legacies re￿Ived in 2023 but 189 donatlons totalling £9,62112021: 202 totalllng-
£10,389). The malorSty of donations arise from contributions from the Unity Lottery and from
hlstoric standing orders for Gunner Magazine, where recipients have requested to no longer
receive the ptjblication but have chosen not to cancel their standing order5.
Income collected through the Service Pay Giving Scheme from serving members of the
Regiment has increased by £6,223.
There are four main income streams. They are..
Service Pay Giving Scheme ISPGSI, where all servlng personnel are encouraged to give part of
thelr pay to the charity
Investment income
Grants
Donation5
The majority of funding comes from SPGS136%1 and the investment income129%1. The RAI drew down
£260,000 of investment income, which was in Ilne with the budget for 2023. The balance of income
from Snvestments1£22,4951 was relnvested within the portFolio.
General charltable expenditure increased by £127,043 to £932,08212022'. £805,039). Overall there was
a general increase of expenditure and uplift in grants due to inflatlon and the cost of living crisis. Sport5
expendlture increased in support of increased activity. There was increased support to regimental
heritaEe, including the preservation and restoration of artefacts and support to the regimental archives.
There were also increases to support cost5 due incremental pay awards, cost of living allowance and the
employment of a Media & Comms dlrector. and legal advice. The remainder is accounted by InC￿aSed
draw down on the 8axter Fund.
The trustees approve the forecast of Sncome and expenditure annually and monltor it regularly through
the Finance & General Purpose Committee and at Board meetings.
Bids for major grants are called for annually and are scrutini5ed as part of the budgetary proce55. Grants
made by the Chairman of the Board and Reglmental Secretary under their delegated financial powers
are subsequently reported to the trustees.
The RAI'S object IS the promotion of efficiency within the Royal Regiment of Artillery. This follows the
Charity Commission's guidance on legitimate charitable purposes, one of which Is Yhe promotion of the
efficiency of the ormedforce5 of the Crown".

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 310ECEMBER 2023
Charitable Activities
The Charity Commlssion states.. Yhe armedforces existfor public defence ondsecurity. It is churitable
to promote the efficiency ofthe urmedforces of the Crown os o means of defending the country. Thot
includes ensuring that thoseforces ore properly troined and equipped during times of conflict. It u150
includes providingfucilities (ynd benefitsfor the urmedforces".
The charltvs princlpal activity during the year was the provision of grants to promote efficiency. Durlng
the year the RAI made the following major grants in support of regimental event5 and actlvities judged
by the trustees as conducive to the promotion of efficiency within the Royal Artillery:
Royal Artillery 5POrts teams - £207,010 Ilncluding £86,580 from RACFI
Regimental heritage- £137,712
Regimental grants- £71,596
Gunner magazine & RA Journal within ralsing funds- £41,141
RA HQ Messes- £23,848
Regimental Expenses (Regimental ￿remOnIal and commemorative, other events and
Dinners) - £23,059
Recruiting - £21,185
Details of addltlonal grants can be found on page 21.
The RAI holds and maintains a collection of chattels comprising pictures, sllver and furniture which have
been acquired by bequest, by puychase through subscription of the officers of the Regiment and
through property being held by the charity following the disbandment of regiments and the placing in
suspended animation of individual Batteries la process that has been on-going since the end of the 2.
World Warl. The charity loans item5 to regiments, headquarter5 and some individual officers in
representational roles and these a￿ accounted for annually. There are also a number of items on loan
to regiments from the Royal Artillery Museum which are also monito￿d by the charity in order to
ensure suitable insurance is in place.
Accounting for the Collection is the principal responsibility of the A5SiStant Reglmental Secretary who
continues to revSew the holdings and maintain the database a5 additional items are received or loaned
out. Much of the Collection (which totals MO￿ than 13,ODO artefactsl is held in the Royal Artillery Mess
at Larkhill where It Smbues a sense of historical continuity, ethos and tradition to members of the
regiment, past and present, other items are loaned to other Royal Artillery messes, other military
messes, museums and other public bodles, in all totalling some 120 different locations.
In addition to the above, the RAI continues to provide staff to support the Master Gunner, the Master
Gunnevs Committee and the Royal Artillery Board of Management in their representative and
stewardship roles within the Royal Regiment.
Public Beneflt
The Objects of ihe RAI are to promote effitiency within the seNing Regiment Inextricably linked with
this Object is the aim of contributing to the public good by service to the SovereiBn, Ihe Country and all
its citizens. In addition contributes a significant sum towards the preservation of regimental heritage,
which in itself contributes to the history and heritage of the nation. The trustees have taken due regard
of the Charity Commi55ion's guidance on Public Benefit.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Future Plans
The charity has a sound financial base for future operatlons. The trustees wlll contlnue to support the
evolving needs of the Royal Artillery and in particular the outcome of the Master Gunner St James's
Park's Strategic Review which has six workstreams. The trustees will continue to respond to changes
brought about under the work5treams, which are.. Governance,. People & Ethos,. Operational Purpose &
Distinctive Competencies; Heritage and,. Charities & Veterans.
In 2020 the trustees agreed to earmark £1.5M of capital funds for future transfer to the Royal Artillerv
Museum IRAMI. Of this £500K was to have been in the form of a grant and £l.OM in the form of a loan.
Although the offer of this sum has now been withdrawn followlng the retrattlon of the offer of a
suitable site for the museum, the tiijstees are likely to consider making a similar level of funding
available in the future once the conditions upon which the orlginal offer was made are met. The current
situation is that a revised plan has been approved in principle by the Master Gunner's Committee and a
new site approved by the Chlef of the General Staff. Trustees will be invited to reconsider a revlsed bld
for funding in 2024
Reserves Pollc
The tru5tees' policy is to maintain a sufficlent level of reserves to.. provlde a stable base and income
generatlon for the charltvs continuing activitiesi generate sufficient funds to cover routine management
and admini5tratwe costs and- enable the charity to respond to any emergency applications for grant5
which may arise from time to time.
Total fijnds as at 31 December 2023 were £11,330,81812022'. £10,927,733).
Unrestricted reserves were £10,333,98112022.' £9,961,052) of whlch are all free reserves.
Restricted Funds were £996,83712022- £966,681) and compromises of Baxter Fund - E969,357,.
RegSmental Church - £16,980 and RA Church Refurbishment- £10,500 of which a large proportlon Is
represented by investments.
Our rlsk-based approach to determining our free reserves requirement is carrled out, based on the
anticipated future need5 of the regimental family, and the management of financial risks, partlcularly
the uncertainty of future income from other Sour￿5. The effect on the charity'5 investments as a result
of the situation in Ukraine demonstrates the beneflt of maintaining strong reseDJes Sn order to be able
weather such market fluctuatlons while maintaining required levels of Investment income.
Trustee5 review the level of reserves regularly to ensure funds are available to deliver the charitie5
object, and to secure, as far as possible, future financial vlability. Our annual review of reserves included
assessing the impact of the invasion of Ukraine and the cost of living crisis on our business plans.
projected incorne and expenditure, and on our investments.
Followlng that revlew, we determined that we should hold a mlnlmum of £9,500,(KJO in free reseNes to
be assured that we are able to sustain the support we provide to the regimental family in the long term
as well as meet other obllgations, irrespectlve of fluctuations in income and without creating the need
to actively fundraise. This sum, held as part of our investment portfolio, is judged to be capable of
generating sufficient investment Income to meet foreseeable needs. Thls sum, held as part of our
Investment portfolio, is judged to be capable of generatin8 sufficient investment income to meet
foreseeable needs. Wlth free reserves of £10,333,981 currently exceed this requlrement. The trustees
are content that the additional funds we hold provlde ability to disinvest in order to support major
capital projects If and when required, but In the mear)time are held as Investments generating
additional income.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTE£S' REPORT FOR THEYEAR ENDED 31 DECEMBER 2023
ReseNes Pollc
continued
In 2023 the investment portfolio generated £282,495 for the charity, of which RAI received £260,OLM) as
in-year incorne. The balance of £22,495 was reinvested into the portfolio. The £260,OQ)O was 29% of
total Income received.
Without this level of income the charltws activities would be significantly curtailed.
Trustees believe that investments should be maintained at the current levels, in order to generate
income and provide for current needs whilst ensuring the charity remains well placed to meet future
requirements. The trustees recognise that they have no long term mandated liability for any particular
level of financial grants or artivity. They therefore have the ability to reduce expenditure to match
income in the event of income reducing.
Investment ollc
The trustees, Investment Committee meets twice a year to consider the performance of the RAI'S
investments which are managed on a discretionary basis by Brewin Dolphln. The investment objertive is
to create sufficient income and capital growth to enable the charities to carry out their charitable
objectives. The charlty is expected to exist in perpetuity and investments are managed to meet the
investment objective and ensure thls sustainability.
The charity's funds are invested on an aliquot proportlDn in the same funds as the other Gunner welfare
/ efficiency charitles. This is in order to achieve economies of scale in relatlon to investment COSt5. The
trustees have given the fund managers discretion to manage the portfolio within an aEreed risk profile
and agalnst agreed benchmarks. This is contained In a wrltten dlrective.
At the bi-annual meeting with the investment managers the Investment Committee considers the state
of the financial markets and measures the fLJnd manaEers' on-going performance against specific agreed
benchmarks, namely 25% FTSE All Share Index, 35% MSCI World ex UK Index, IO% MSCI Emerging
Markets Index, 7.5Yo FTSE All Stocks Gilt Index, 5% iBoxx Sterling Non-Gilts Index, IO% IPD UK AII
Balanced Funds Index, 5% Alternative IIA Sector Targeted Absolute Return) and 2.5% Cash (Sterling
Overni8ht Index Averagel.Having compared performances over the last 1, 3 and 5 years, the Investment
Commlttee are of the view that the investments have done reasonably well in relation to the market
and relevant benchmarks over the long term, and that there Is currently no case to prompt a change of
nvestment policy. The performano of the fund manager wlll be subjert to annual review.
Envlronmental Governance and Soclal Conslderatlons
The RAI'S Investments are not managed with any specific environmental, social and governance IESGI
restrictions. However it is expected that the RA charlties, Investment managers have clearly defined ESG
Investment pDllcies and that the investments are managed by an investment company which is a
signatory the UN Principles of Responsible Investment and which takes account of Environmental, Social
and Governance IESGI factor5 in their research and investment decision making process.
Fundralsln
The trustees are very clear that all fundraising must be legal, open, honest and respectful. The charity
does not actively engage in regular and organised fundraising, although it does receive donatlons and
legacies. It receive5 the bulk of its income through investments and the Royal Artillery's 'seNice giving
scheme,. The facility exists for indlviduals or organisations to make voluntary donations online. The
charity does not work with any commercial partner or professional fundraisers except in order to
operate an onllne donatlon facillty such 'Enthuse' and'just Giving,. When donations are recelved they

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Fundralsln
contSnued
are malnly as a result of advertlsements on the Gunner website and publlcatlons, and from open, group
briefings to members of the seNing Regiment. In addition, regiments and other Gunner organSsations
are encouraged to engage In sponsored activities to raise funds. The charity does not 501icit funds
through direct approaches to individuals via mailshots or online unless consent has been obtained.
No complaints were received in 2023.
Trustee Trainin
Trustee responsibilities and nece55ary training are taken very seriously. All new members of the trustee
board are briefed by the Regimental Secretary on theSr roles and re5ponsiljilitles. They are provided
with the Charity Commissioners handbook ￿he Essential Trustee" as well as a copy of the Scheme.
Recent RAI accounts, meeting, minutes and policy document5 are a150 provided. Trustee briefings and
training take place and member5 of the Board are encoura8ed to attend external trustee training and
investment briefs.
Risk Mana
ement
The trustees maintain a continuous oversight of the principal areas of the charity'5 operations and the
major risks, which may arise In these areas. In the opinlon of the trustees the charity has established
resources and review systems which, under normal condStions, should allow the risks identified to be
mitigated to an acceptable level. A risk management plan is produced and approved by trustees each
yeaT and managed actively by the trustees, the Regimental Secretary and his staff. The main risks are:
Insufficient income to meet the need.. Thi5 is managed by careful budgetlng, the investment and
reserves policy and by controlling the level of support provided to beneficiaries.
Fraud.. This 15 guarded against by having policies in place to ensure regular checks are made and
that all transactions are properly authorised by two signatories.
Conflict of Interest amongst trustees. A register of trustee Snterests Is kept and updated
annually. At the start of committee and Board of Management meetings, trustees are
reminded to declare any conflict arislng from the agenda so that approprlate action can be
taken.
Reputatlonal damage arising from activlties. This is mitigated by oversight of activitie5 by the
trustees and senior management.
Remuneratlon Pollc
No trustee is paid as an employee or for serv1￿$ as a trustee, though travel and subsistence costs
incurred as a trustee are reimbursed. The trustees review staff salaries annually and take Snto account
the MOD pay awards for Similar Erades, when recommendlng any pay increases.
Em
ees
The RAI aims to be an organisation for which employees enjoy worklng and where they feel supported,
valued, empowered and developed. Employees are kept fully informed about the aims and objettive5 of
the charity and how it is achieving them. Employees are encouraged to contribute suggestions to help
improve working processes and to achieve best practice. The charity 15 an equal opportunltles employer
and is committed to training and developin8 its staff.

THE ROYAL ARTILLERY INSTITUTION LTD
TRUSTEES, REPORT FOR THE YEAR ENDED 310ECEMBER 2023
TTUStees' Llabili
The liability of RAI trustees for debts of The Royal Artillery Institution Ltd is limited to an amoltnt not
exceeding one pound.
Statement of Trustees. Res
The trustees (who are also dlrectors of the RAI for the purposes of Company lawl are responsible for
preparing the Trustees, Report and the financial statement5 in accordance with applicable charity and
company law and UrTrited Kingdown Accounting Standards Iunited Kingdom Generally Accepted
Accounting Practice (UK GAAPI.
The Company and Charity law applicable in England & Wales and UK GAAP requires the trustees to
prepare financial statements for each financial year which give 3 true and fair view of the state of affairs
of the charitable company. This includes details of income and expenditure and the appllcation of
resources for the period. In preparing these financial statements, the trustee are required to-.
select sultable accountlng pollcles and then apply them cons1Stentlv,'
adhere to the methods and principles in the Charities Statement of Recommended Practice
(Charities SORP IFRS 10211:
make judgements and estimates that are reasonable and prudent,.
state whether applicable accounting standards have been followed, subject to any material
departures which are to be disclosed and explained in the financial statements;
prepare the financial statements on a going concern basis, unless it is inappropriate to presume
that the charity will continue in buslness.
The trustees are also responsible for safeguardlng the assets of the charlty, including taklng reasonable
steps to prevent and detect fraud and other irregularities.
The financial statements have been prepared in accordance with the accounting policies set out in notes
to the accounts and comply wlth.. the Companies Act 2006. the charSty's governSng document,. the
Charlties Acts 2011 and; the SORP applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard appllcable In the UK and Republlc of Ireland IFRS 1021 (Charities SORP
IFRS 10211.
Statement as to Dlsclosure of Information to Auditors
In so far as the trustees are aware:
There is no relevant audit inforrnation of which the charitable company's auditor is unaware; an($
The trustees have taken all steps that they ought to have taken to make themselve5 aware of any
relevant audit information and to establish that the auditor is aware of that information.
Thls report has been prepared under the special provisions of Part 15 of the Companies Act 2CK)6.
On
ehalf of the trustees il 2024
Majo
Gen
ral DM Cullen CB OBE
Chairman RAI Board of Trustees
io

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTO THETRUSTEES
FOR THEYEAR ENDE031 DECEMBER 2023
Opinion
We have audited the financial statements of Royal Artlllery Institution Ltd forthe year ended 31
December 2023 which comprise the statement of financial activities, balance sheet, cash flow statement
and notes to the flnancial statements, including significant accounting policies. The financial reporting
framework that has been applied in thelr preparation is applicable law and United Kingdom Accountlng
Standards, including Financial Reporting Standard 102, the Flnancial Reporting Standard appllcable In
the UK and Republic of Ireland (United Kingdom Generally Accepted Actounting Practice).
In our opinion the financial statements:
glve a true and fair view of the charitable company's state of affairs as at 31 December 2023
and of its incoming resources and application of resources, including its income and
expenditure, for the year then ended,.
have been properly prepared In accordance with United Kingdom Generally Accepted
Accountlng Practice,. and
have been prepared in accordance with the Companies Act 2006.
Basls for opinion
We conducted our audit in accordance with International Standards on Audiling IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further descrlbed in the Auditorfs
responsibilities for the audlt of the flnancial statements section of our report. We are independent of
the charitable company 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 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 relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basls
of accounting in the preparation of the financial statemenls is appropriate.
Based on the work we have performed, we have not identified any m8terial uncertainties relating to
events or conditions that, individu211y or collectively, may cast significant doubt on the charitable
company's ability to continue as a going con￿rn for a period of at least twelve months fmm when the
financial statements are authorised for issue.
Our responslbillties and the responsibilities of the trustees with respect to golng concern are described
In the relevant sections of this report.
Other informatlon
The trustees are responsible for the other informatSon. The other information comprise5 the
Information included In the annu31 report, other than the financial statements and our auditols report
thereon. Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicitly stated In otsr report, we do not express any form of assurance conclusion
thereon.
Our responsibility Is to read the other information and, in doing $0, consider whether the other
information is materially inconsistent wSth the financial statement5 or our knowledge obtained in the
course of the audit or otherwise appears to be materially m155tated. If we identify such material
incon51Stencie5 or apparent material misstaternents, we are required to determine whether this gSves
rise to a materlal misstatement in the financial statements then)selves. If, based on the work we have
li

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHE TRUSTEES
FOR THEYEAR ENDED 31 DECEMBER 2023
perforrned, 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.
Oplnlons on other matters prescrlbed by the Companles Art 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Annual Report which includes the Directors, Report for
the financlal year for which the financial statements are prepared 15 con515tent with the
financial statements,. and
the TYu5tees' Annual Report whlch includes the Dlrectors, Report has been prepared In
accordance with applicable legal requliements.
Matters on which we are required to report by ex¢eptlon
In the light of the knowledge and understanding of the charitable company and it5 environment
obtained in the course of the audit, we have not identified material misstatements in the Trustees,
Annual Report.
We have nothSng to report in respert of the followinB matters where the Companies Act 2006 requires
us to report to you if, in our oplnion..
adequate accounting record5 have not been kept, or returns adequate for our audit have not
been received from branches not visited by Lts; or
the financial statements are not in agreement wlth the accountlng records and returns- or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit. or
the trustees were not entttled to prepare the financial statements in accordance with the small
companies regime and to take advantage of the small companies exemption in preparing the
Trustees, Annual Report and the Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees, Responsibilities Statement set out on page5 3-10, the trustees
(who are also directors of the charitable company for the purposes of company lawl are responslble for
the preparation of the financial statements and for being satisfied that they give a true and fairview,
and for such internal control as the trustees determine 15 necessary to enable the preparation of
flnanclal statements that are free from mèterial misstatement, whether due to fraud or error.
In preparlng the financial statements, the trustees are responsible for assessing the charitable
company's ability to continue as a Eoing concern, disclosing, as applScable, matters related to going
concern and using the Boing concern basis of accountin8 unles5 the trustee5 either Intend to liquldate
the charitable company or to cease operatlons, or have no realistic alternative to do so.
Auditor's responslbllltles for the audit of the flnanclal statements
We have been appointed as auditors under the Companles Act 2006 and report in accordan￿ with
regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole
are flee from material misstatement, whether due to *raud or error, and to issue an auditor's report
Ihat includes our oplnion. Reasonable assuran￿ 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
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
12

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHETRUSTEES
FOR THEYEAR ENDED 31 DECEMBER 2023
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design
procedures in line wlth our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The specific procedures for this engagement and the e)rtent to which
these a￿ capable of detecting irregularities, including fraud are detalled below.
IdentifySng and assessing rSsks related to irregularities:
We assessed the susceptibility of the charitable company's financlal statements to material
misstatement and how fraud might occur, including through discussions Wlth informed management,
discussions Within our audit team planning meeting, (tpdating our reeord of internal controls and
ensuring these controls operated as intended. We evaluated possible incentives and opportunities for
fraudulent manipulation of the flnancial statements. We identifled laws and regulations that are of
significance in the context of the charitable company by discu55ions with informed management and
updating our understanding of the sector in which the charitable cornpany operates.
Laws and regulations of direct slgnificance In the context of the charitable company include The
Companies Art 2006, and guidance issued by the Charity Commission for England and Wales.
Audit response to rlsks identified:
We considered the extent of compliance wlth these laws and regulations as part of our audit procedures
on the related financial statement items including a review of financial statement disclosures. We
reviewed the charitable company's record5 of breaches of laws and regulations, minutes of meetings
and correspondence with relevant authorities to identify potential material misstatements arising. We
discussed the charitable company's policies and procedures for compllance w6th laws and regulations
with member5 of management responsible for compliance.
During the planning meeting wlth the audit team, the engagement partner drew attention to the kev
area5 which might involve non-compliance wlth laws and regulations or fraud. We enquired of
management whether they were aware of any instances of non-compliance with laws and regulation5 or
knowledge of any actual, suspected or alleged fraud. We addressed the rlsk of fraud through
management overrlde of controls by testing the appropriateness of journal entries and identifying any
signifScant transactions that were unusual or outside the norrnal Course of business. We assessed
whether judgements made in making accounting estimates gave rise to a possible indication of
management bias. At the completlon Stage of the audit, the engagement partnerfs review Included
ensuring that the team had approached their work with appropriate professional scepticism and thus
the capacity to identify non-compliance with laws and regulations and fraud.
There are Inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the les5 likely we would become aware of it. Also, the risk of not detectlng a material
misstatement due to fraud 15 higherthan the risk of not detecting one resulting from error, as fraud may
Involve deliberate concealment by. for example, forgery or intentional misrepresentations, or through
collusion.
A further de5crlptlon of our responslbilities is available on the Flnancial Reporting Council's website at:
www.frc.or
auditorsres
onsibilities. This description forms part of our auditor's report.
13

THE ROYAL ARTILLERY INSTITUTION LTD
INDEPENDENT AUDITORS REPORTTOTHETRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter
3 of Part 16 of the Companie5 Act 2006. Our audlt work has been undertaken so that we might state to
the charltable company's members those matters 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 charitable company and the charitable companvs members as a
body, for our audit work, for thls report, or for the oplnions we have formed.
Cara Turtlngton (Senlor Statutory Auditor)
For dnd on behalf of Saffery LLP
Chartered Accountant5
statutory Auditors
71 Queen Victoria Street
London
EC4 4BE
Date..
ILSL)*W Zozk
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
14

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£ ¢u o

THE ROYAL ARTILLERY INSTITUTION LTD
BALANCE SHEET
AT 31 DECEMBER 2023
2023
2022
Flxed assets
Investments
11,353,057
11.353,057
10,863,279
10,863,279
Current assets
Stocks
14,570
15,440
30,249
Debtors
49,216
Prepayment
1,730
Cash at Bank and in hand
94,485
160,001
200,232
245,921
Current liabilities
Creditors.. Amounts falllng due wlthln one year
Net current assets
Total assets less current liabllltles
Funds
io
1182,2401
122,2391
11,330,818
1181,4671
64,454
10,927,733
Unrestrlcted Funds
10,333,981
9,961,052
Restricted Funds
li
996,837
966,681
11,330,818
10,927,733
The notes on pages 18 to 25 form part of these flnanclal Statements.
rov
d by the trustees on il 2024
Ma
General DM Cullen CB OBE
Chairman
The RAI Board of Trustees
Company number: 6446232
16

THE ROYAL ARTILLERY INSTITUTION LTD
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
Net cash used In operating actlvltles
1390,6651
1464,7071
Cash flows from investin
activities
Dividends, interest and rents from
investments
Purchase of Investments
Proceeds from sale of investments
282,495
12,893,195)
2,807,250
301,956
13,479,788)
3,266,535
Net cash used In Investlng actlvltles
196,550
88,703
Net decrease in cash & cash equivalents
Cash & cash equivalents at the beginning of
the year
1194,1151
1376,0041
395,958
771,962
Cash and cash equivalents at end of the year
201,843
395,958
Notes to the eash flow statement
Reconciliation of net movement in funds to net
cash flow from operating activities
2023
2022
Net movement in funds
Lossllgainl on investments
Investment income
Increase in investments due to changes in aliquot
IlncreasellDecrease in prepayments
Ilncreasel/Decrease in stock
Ilncreasel/decrease in debtors
IDecreasel/lncrea5e in creditor5
Net cash used in operating actlvities
403,086
1497,2171
1282,4951
5,111
11,7311
870
119,0621
773
1390,6651
11,753,817)
1,665,789
1301,9561
17351
13971
11541
173,4371
1464,7071
Analysis of cash and cash equlvalents
and net debt
Atljan
2023
Cash
flow
At 31 Dec
2023
COIF Charities Deposit
Cash on short term deposit
Cash held in Investments
Net cash provided by operatinE activities
200,232
195,726
395,958
1105,7471
188,3681
1194,1151
94,485
107,358
201,843
17

THE ROYAL ARTILLERY INSTITUTION LTD
NOTESTOTHE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
The Royal Artillery Institution 15 a company limited by guarantee incorporated in England and Wale5. The
reElStered office 15 Artillery HoLise, Royal Artillery Barracks, Larkhill, Salisbury, SP4 8QT.
1.1 Basis of accounting
The financial statements have been prepared under the historlc cost conventlon, with the exception of
listed Investments which are Included at thelr market value. The accounts (financial statements) have been
prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by
Charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland Icharities SORPIFRS10211, the Financial Reporting Standard applicable in the United
Kingdom and Republlc of Ireland IFRS 1021 and the Companies Act 2006 and UK Generally Accepted
Accounting Practice.
The Royal Artillery Institution constitutes a public benefit entity as defined by FRSIO2.
1.2 Going Concern
The trustee5 have a reasonable expectation that the charity has adequate resources to continue in
operatlonal existence for the foreseeable future. Thus they continue to adopt the going concern basi5 in
preparing the annual financial statement5.
1.3 Investment income
Investment income 15 c￿dIted to the statemerlt of financial activities when its receipt is probable and the
amount receivable can be measured reliably. It is allocated to both restrlcted and unrestricted funds on the
basi5 of an aliquot proportion across the whole portfolio.
1.4 Subscriptions, donations and legacles
Subscriptions and donations are recognlsed as income when the amount5 are receivable.
Legacies are recognised when receSved or recelpt Is probable and the value can be measured with sufficient
1.5 Expendlture & support costs
Expenditure is recognised in the period in which it is incurred and includes attributable VAT whlch cannot
be recovered.
Supports costs are those costs which have not been directly allocate to an activity of the charity but
nevertheless support these activities.
1.6 Grant expenditure
Grants payable are payments made In furtheran￿ of the charltable objects of the charity. These are
accrued once the recipient ha5 been notified of the grant award. The notification gives the recipient
reasonable expectatlon that they will receive the grant.
Provisions for grants are made when the Intention to make a grant has been communlcated to the recipient
but there is uncertainty as to the timing of the grant or the amount of grant payable.
18

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.7 Fund accounting
Unrestricted funds are available to use to further any of the purposes of the charitv.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of
the charlty's work or specific projects being undertaken by the charity.
1.8 Flxed asset Investments
Fixed assets Investments are stated at mld-market value. The unrealised movement in market value fr(Im
one year to another is ￿cOgnised in the statement of financial activities.
1.9 Stocks
Stocks are valued at the lower of cost and net reali5able value.
1.10 Penslons
Staff are enrolled in a NEST pension scheme. Contribution5 are charged in the Statement of Financial
Activities as they become payable.
1.11 Cash & cash equlvalents
Cash and cash equivalents include cash in hand. dep051ts held at call wlth banks and other short-term liquid
investments with c>riginal maturitie5 of three months or les5.
1.12 Assets not Included within the balance sheet
The collection of chattels comprising of pictures, sllver and furniture which have mainly been acquired
through bequest, by purchase through 5ubscriptlon of the officers of the regiment and through property
reverting to the charity upon disbandment of regiments is not included in the balance sheet as the historic
cost of any assets purchased is not known and is considered likely to be immaterlal.
The artefacts are largely held at the Royal Artlllery Mess at Larkhill wlth others belng held at other milltary
rnesses, museums and other public bodies. The assets are held as part of the setting of the regiment for
future generations.
The insurance value of these assets is £7.5 million.
1.13 Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financlal
instruments. Basic financial instr(Jments are initially recognised at transaction value and 5ubsequentlv
measured at their settlement value with the exception of bank103ns which are subsequently measured at
amortised cost using the effective interest method.
Trade and other debtors are recogni5ed at the settlement amount due after any trade dlscount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due Creditors and provisions are
recognised where the charity has a present obligation resulting from a past event that will probably result
in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
estSmated reliably. Creditors and provisions are normally recognised at their settlement amount after
allowing for any trade discounts due.
19

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.14 Critical estimate and judgements and key sources of estimatlon uncertalntv
In the application of the charity's accounting policies, the trustees are required to make judgements,
estimate5 and assumptions about the carrying amount of assets and Ilablllties that are not readily apparent
from other sources. The estimates are recogni5ed in the period in which the estimate is revlsed where the
revision affects only that period, or in the period of the revlsion and future periods where the revision
effects both current and future periods.
There are no critical estimatesi judgement5 or key sources of estimation uncertainty in 2023 or 2022.
Donations and legacies inc SPGS
2023
2022
Officers, subscriptions ISPGSI
Soldiers, sub5cription5 ISPGSI
Donations
Intangible Income- Wages in Kind
201,002
147,375
9,621
91,211
449,209
195,770
146,384
10,389
86,499
439,042
Charltable Actlvltles Income.
2023
2022
RA Publications- Sub5crlption
RA Publicatlons- Advertising Income
Grant5 IRAI & RACFI
Grants Received
Royaltie5
Investment Income
27,406
640
101,580
95,OCK)
439
1,135
226,200
30.037
I,ioo
60,377
310
1,128
92,952
Other Income
2023
2022
Sale of books
Receipts of Laid Down Wlnes
114
293
2,024
2,138
14
307
20

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable Activitie5- Grants Pald
2023
2022
Annual Allocations..
The Gunner Magazine
Master Gunnel's Expenses
RA Sports
RA HQ Mess
RA Central Sergeants Me55 Fund
Support of Units - Unit Grants
Support to Senior/Commanding Officers
and miscellaneous events
Recruiting
Regimental Expenses
Annual Contlngency Reserve
6,128
9,335
207,010 ./
8,098
24,967
71,596 ,/
16,245
6,125
7,068
153,665
12,313
22,190
65,980
14,858
21,185 J
36,778
22,890
424,232
24,105
36,613
22,535
365,452
Other Grants..
Adventurou5 Training
Regirnental History Vlll
Sandown Transport
Misc
Betterment Grants
2,231
1.596
12,576
13701
1,523 J
17,556
137,712
579,500
550
36
11,700
1,718
14,004
122,211
501,667
Grant to RAM
Total Grants Paid
Support Cost to Charitable Activities..
Salaries
Employers Pension Contrlbutions
Wages in Kind
184,960
12,009
91,211
288,180
153,461
10,039
86,499
249,999
Presentation & Awards
Printins, postage & Stationery
5,830
2,984
7.148
2,999
É li
Computer software/Hardware
Insurance
Chattels Imaintenancel
Travelllng & Entertalnment
Miscellaneous
Audit Fees
Audit Fees Under Provislon
Legal and Professional Fee5
Total Support Costs
9,011
8,743
8,027
1,856
7,471
10,411
82
9,987
64,402
3,651
4,797
10,462
409
1,116
10,448
216
12,127
53,373
Total Charltable Actlvltles
932,082
805,039
21

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS Icontinued)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable actlvltles- Support Costs conllnued
The average number of persons employed by the Fund during the year was:
2023
Number
2022
Number
Off ice and administration
There were no employees wSth emoluments above £60,000. The following payments were made to Key
Management Personnel: £16,02112022.. £13,8941.
One trustee received out of pocket expenses of £46 in 202312022.. NIL). No trustee received funds Sn respect
of consultancy services to the charity12022.' NIL).
Investments
2023
2022
uoted Investments
Market value at l January
Purchases
Sale5 proceeds
Investment Management Fee
Net realisedlunrealised Losse5
Aliquot Changes
Cash movements
10,863,282 12,514,425
2,893,195
3,479,788
12,807,250) 13,266,535)
152,0131
153,8421
497,217 11,665,789)
15,1111
735
136,2631 1145,5031
Market value at 31 December
11,353,057 10,863,279
Historical value at 31 December
10,0150,754
9,639,755
There was no holding ex￿eded 5% of the total portfolio value at the 31, December 2023.
2023
2022
Investment
Investments
Income Account
Dealing & Deposit Account
Market value at 31 December
Cash Breakdown
11,245,699 10,667,553
70,919
32,601
36,439
163,125
11,353,057 10,863,279
22

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2023
Stocks
2023
2022
Medals and Sword5
Books
8,279
6,291
14,570
9,146
6,294
15,440
Debtors
2023
2022
Accrued Servlce Glving Income
Insurance on behalf of third parties
Investment Income
Sundry Debtors
29,749
122
1,187
18,158
49,216
28,947
122
1,180
30,249
Cash at bank and in hand
2023
2022
Bank current account5
94,485
94,485
200,232
200,232
10. CredÈtors
2023
2022
Amounts falling due within one year:
Gunner Investment Income
RAHT Investment Income
CSM Investment Income
Accrual - Audit and accountancy
Other Creditors
RHA A550ciation
Red Cypher
1,187
7,930
4,803
10,410
7,989
106,801
43,120
1,180
8,192
13,086
10,388
7,649
100,436
40,536
182,240
181,447
23

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2023
ii.
2023 Restrlcted Fund
Balance
Incoming Outgoing Net gains on
l January 23 Resources Resources
Investment
Balance at 31
December 23
Baxter Fund
939,201
17,449
128,2991
41,OD6
969,357
16,980
10,500
Regimental Church
Royal Artlllery Church
Refurbishment
Total
16,980
10,500
966,681
17,449
128,2991
41,OD6
996,837
2022 Restricted Fund
Balance
Incomln8 Outgolng Net losses
Balance at
l January 22 Resource5 Resources Gain
on 31 December
£ Investment
22
Baxter Fund
1.097,965
16,980
10,500
17,397
124,1561 1152,0051
939,201
16,980
10,5(X)
Regimental Church
Royal Artillery Church
Refurbishment
Total
1,125,445
17,397
124,1561 1152,0051
966,681
The Baxter Fund is restricted for the benefit of the King's Troopi Royal Horse Artillery. The Regimental
Church Fund is restrlcted for the benefit of Regimental Church. The RA Church Refurblshment 55 restricted
for the refurbishment of the RA Larkhill Garrison Church.
The transfer corrects the presentation of the balance due to the Royal Horse Artillery Association, which is
included within treditors.
12. Analys15 of net assets between funds
2023
Current
Net
Investments
assets
Total
Restrlcted funds:
Baxter Fund
Regirnental Church Fund
RA ChLbrch Refurb
940,335
29,022
16,980
10,5CX)
56,502
969,357
16,980
10,500
996,837
940,335
Unrestrlcted funds..
General Fund
10,412,722
178,7411
122,2391
10,333,981
11,353,057
11,330,818
24

THE ROYAL ARTILLERY INSTITUTION LTD
NOTES TO THE FINANCIAL STATEMENTS l¢ontlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of net assets between funds
2022
Current
Iliabilitlesl/
assets
Net
Investments
Total
Restyicted funds..
Baxter Fund
Regimental Church Fund
RA Church Refurb
926,410
12,791
16,980
10,500
40,271
939,201
16,980
10,500
966,681
926,410
Unrestricted funds..
General Fund
9,936,869
24,183
9,961,052
10,863,279
64,454
10,927,733
14.
Related party transactions
Income of £348,37712022.. £342,154) was received from the Royal Artillery General Charltable Trust IRAGCT) of
which both charities have a number of trustees In common. This Income relates to accrued Income from the
Service Giving Scheme, which were voluntary contributions from service personnel.
Income of £7,93012022.. £8,192) was received on behalf of Royal Artillery Historical Trust of whlch both charltles
have a number of trustees in common or who have the right to become a trustee of both. This Income relates to
Interest earned on Investments.
Income of £14,72912022'. £14,7291 was received on behalf of the Central Sergeant Mess ICSMI of which the Royal
Artillery Sergeant Major IRASMI is an member of the Royal Artillery Instltutlon IRAII and the Chair of the Central
Sergeant Mess. This Income relates to Interest on Investments.
At the year end, balance5 due to and from related entities are dlstlosed in notes 8 and 10.
25

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