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← Royal Artillery Institution Limited

2024-12-31-accounts

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THE ROYAL ARTILLERY INSTITUTION LIMITED (A Company Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Charity No: 1122002 Registered Company No: 06446232

ROYAL ARTILLERY INSTITUTION LTD

CONTENTS

Page
Trustees’ and Administrative Information 1-2
Trustees’ Report 3-11
Report ofthe Auditors 12-15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Financial Statements 19 - 26
PriorYearComparatives 27

THE ROYAL ARTILLERY INSTITUTION LTD

TRUSTEES AND ADMINISTRATIVE INFORMATION

RAI Trustees During the year ended 31 December 2024, and up to date of approval ofthis report, the trustees were:

Chairman

Major General DM Cullen CB OBE - Chairman

Members

Brigadier RN Alston Brigadier NA Clissitt (Retired 12" june 2024) Colonel DM Bishop MBE VR (Retired 23" April 2025) Colonel DA Butt (Appointed 29" July 2024) Colonel CL Coton (Retired 6 May 24) Colonel MAA Dornan (Retired 26" July 2024) Colonel PJ Farrell ADC (Appointed 15" January 2025) Colonel RA Forster Colonel P Haigh (Appointed 23" April 2025) Colonel RC Harmer ADC (Retired 20" January 2025) Colonel S | Hay (Appointed 22" April 2024) Colonel BMD Ingham Lieutenant Colonel JRM Gower MBE VR Lieutenant Colonel SJR Halliday TD Major MG Williams WO1 (RASM) JL Lightfoot (Appointed 31% May 2024) WO1 (RASM) L Sanders (Retired 31 May 2024)

A number of trustees are also involved in the governance of other charities referred to in this report. All trustees have made a declaration listing any related parties and potential conflicts of interest.

Regimental Secretary Colonel P Bates (Appointed 21 January 2025) Colonel (Retd) M G J Carter (Appointed 21* January 2025

Bankers Lloyds Bank PLC 39 Piccadilly London W1V OAA

Solicitors Wilsons Solicitors Alexandra House, St John’s Street Salisbury Wiltshire SP1 2SB Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Investment Managers Brewin Dolphin 12 Smithfield Street London EC1A 9BD

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THE ROYAL ARTILLERY INSTITUTION LTD

TRUSTEES AND ADMINISTRATIVE INFORMATION CONTUINED

Address Royal Artillery Barracks Larkhill, Salisbury Wiltshire SP4 8QT Registered Charity No 1122002

Company No 06446232

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THE ROYAL ARTILLERY INSTITUTION LTD

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

es

Introduction

The Board of Trustees of The Royal Artillery Institution Ltd* (RAI) present their report and accounts for the year ended 31 December 2024 as required under the Companies Act 2006. The accounts comply with the Companies Act 2006, the charity’s governing document and the relevant Statement of Recommended Practice (the Charities SORP (FRS 102)). The RAI is a charitable company, limited by guarantee and not having share capital. It is governed by Articles of Association. The Trustees’ Report incorporates the directors’ report for Companies Act purposes.

Objects

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 requirement by making grants to regiments, individuals and other regimental organisations in support of regimental affairs. Regimental affairs are those matters which are essential to the domestic life of the Regiment as a whole and which are controlled by the Regiment itself, subject to the requirements of prevailing legislation. The following activities are included: regimental property; regimental ceremonies, events and entertainment; educational, historical and heritage affairs; support to units and individuals, regimental sports and adventurous training, publications; supplementary support for Royal Artillery bands; policy for regimental matters such as dress, messes, heritage and ceremonial, all of which are supported by grants from the charity. Regimental welfare and the fostering of comradeship among all Gunners, serving and retired, are the responsibility of the Royal Artillery Charitable Fund (RACF) and Royal Artillery Association (RAA).

Organisation

The duties of the RAI Board of Trustees are laid down in the Articles of Association. The Board members provide a skills-based set of abilities and experience with some representing the serving officers and soldiers of the Regiment. The RAI works closely with a number of other charities, in particular the Royal Artillery General Charitable Trust (RAGCT), RACF and RAA, whose objects 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 a Finance and General Purposes Committee. These committees comprise trustees from both RAI and RACF, who have been co-opted for their skills and knowledge, so as to ensure that high 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 trustees form the membership of the RAI. The Master Gunner’s Committee sets the strategic framework for the Regiment and acts as an advisory board to the RAI Board of Trustees as required. The Chairman of the RAI is 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 with other Royal Artillery charities and organisations that support and promote the Royal Artillery's heritage and traditions, most notably the Royal Artillery Historical Trust, the Royal Artillery Historical Society and the Royal Artillery Museum.

  1. While the Charity Commission and Companies House websites show the name of the company/ charity as ‘Royal Artillery Institution Limited’, its correct title in accordance with its Articles of Association is ‘The Royal Artillery Institution Ltd’.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Governance

In addition to the Articles of Association, the Investment and Finance & General-Purpose committees have their own directives, which are reviewed and agreed regularly by the trustees. Powers delegated to the Secretariat are contained in the directives. Secretariat policies, which are agreed by the trustees, are in place in order to ensure smooth and ettective running ot the charity. {he charity's risk register is reviewed annually by the trustees. Identified risks are managed as laid down in the Risk Management Plan. For specific items, detailed 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 charity’s investment portfolio. The Chairman of the trustees and the Regimental Secretary meet regularly (usually weekly) to discuss issues.

Charity Commission Governance Code

The RAI as one of the Royal Artillery charities, comes under the umbrella of the Confederation of Service Charities (Cobseo). Cobseo, in consultation with the Charity Commission, have produced a Service Charity toolkit based on the 2017 Charity Commission Governance guide. The trustees carried out a self-assessment process using the toolkit during 2019. This enabled the Board to identify a number of enhancements which can be considered 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 review. A further review will be conducted in 2025.

Selection of Members of the RAI Board of Management

The Articles of Association state the process for the appointment of trustees. New trustees are appointed by Resolution of the existing trustees. Trustees are normally serving and retired members of the Royal Artillery.

The Master Gunner St James’s Park is 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 skills and experience and 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 Defence Group , Deputy Commander 1* Deep Reconnaissance Strike Brigade Combat Team, and the Royal Artillery Sergeant Major, who between them represent the interests of serving Gunner soldiers and officers. Veterans and family beneficiaries are represented by both serving and retired trustees.

Key Management 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 charity’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 as staff officer to the Master Gunner.

Review of Financial Activities

The charity’s funds continue to be employed to promote efficiency within the Royal Artillery. The detailed results for the year under review are shown in the Statement of Financial Activities at page 16. In 2024 the charity had an excess of expenditure over income, before gains on investments, of £179,009. (2023: expenditure over income, before gains on investments, £94,132).

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Review of Financial Activities continued

After investment gains of £755,586 (2023: gains of £497,217) there was a net increase in funds of £576,577 (2023: net increase of £403,085).

Total income decreased by £30,538 in the last financial year to £929,504 CEO Comment: mainly due to a decrease in grants received.

There are four main income streams. They are:

The majority of funding comes from SPGS (38%) and the investment income (30%). The RAI drew down £260,000 of investment income, which was in line with the budget for 2024. The balance of income from investments (£18,259) was reinvested within the portfolio.

General charitable expenditure increased by £45,379 to £1,005,160 (2023: £932,082). Overall there was a general increase of expenditure and uplift in grants due to inflation and the cost of living crisis. There was increased support to regimental heritage, including the preservation and restoration of artefacts, support to the regimental archives and future museum. There were also increases to support costs due jncremental pay awards, and the employment of a SO2 Pol.

The trustees approve the forecast of income and expenditure annually and monitor it regularly through the Finance & General Purpose Committee and at Board meetings.

Bids for major grants are called for annually and are scrutinised as part of the budgetary process. Grants made by the Chairman of the Board and Regimental 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 “The promotion of the efficiency of the armed forces of the Crown”.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Charitable Activities

The Charity Commission states: “The armed forces exist for public defence and security. It is charitable to promote the efficiency of the armed forces of the Crown as a means of defending the country. That includes ensuring that those forces are properly trained and equipped during times of conflict. It also includes providing facilities and benefits for the armed forces”.

The charity’s principal activity during the year was the provision of grants to promote efficiency. During ° the year the RAI made the following major grants in support of regimental events and activities judged by the trustees as conducive to the promotion of efficiency within the Royal Artillery:

Details of additional grants can be found on page 22.

The RAI holds and maintains a collection of chattels comprising pictures, silver and furniture which have been acquired by bequest, by purchase 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 (a process that has been on-going since the end of the 2™ World War). The charity loans items to regiments, headquarters and some individual officers in representational roles and these are accounted for annually. There are also a number of items on loan to regiments from the Royal Artillery Museum which are also monitored by the charity in order to ensure suitable insurance is in place.

Accounting for the Collection is the principal responsibility of the Assistant Regimental Secretary who continues to review the holdings and maintain the database as additional items are received or loaned out. Much ofthe[Collection] (which[totals] more than 13,000[artefacts)][is][held][in] the[Royal][Artillery] Mess at Larkhill where it imbues 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 bodies, 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 Gunner’s Committee and the Royal Artillery Board of Management in their representative and stewardship roles within the Royal Regiment.

Public Benefit

The Objects of the RAI are to promote efficiency within the serving Regiment Inextricably linked with this Object is the aim of contributing to the public good by service to the Sovereign, the 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 Commission’s guidance on Public Benefit.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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Future Plans

Based on an assessment that future income will remain steady in the long term, the trustees aim to maintain current expenditure in order that RACF continues to support efficiency and welfare in the Royal Regiment and to aid all members of the regimental family who are in need. Should income levels drop significantly, trustees could generate additional funds by liquidating investment assets, however this would need to be balanced by the requirement to maintain investment income for future generations. Alternatively, trustees could implement savings measures against forecasted expenditure which are presented to them annually.

The efforts of the Royal Artillery Association to promote its activities and objects has seen a significant increase in membership from both the serving and retired elements of the Regimental Family. There are now 86 Branches which include traditional geographical locations and newly formed national interest groups such as Motorcyclists, e-sports, Angling etc. Current active membership is circa 3500 which is an increase of 1500 over the past two years. In 2024 the trustees agreed in principle to grant the Royal Artillery Museum Limited (RAML) £4M in support of the museum building project which is estimated to cost £13M. Funding for this will be split as follows: RAML — to provide £4M; RA Charities — to provide a grant of £4M; Fundraising — to deliver £5M. This is a 6-year project (2024-2029). While this a grant from the RA Charities, not a loan, it is conditions based and the funds will be released during the project timeline only if those conditions are met. At 31* December 2024 the terms of the funding had not been agreed.

Reserves Policy

The trustees’ policy is to maintain a sufficient level of reserves to: provide a stable base and income generation for the charity’s continuing activities; generate sufficient funds to cover routine management and administrative costs and; enable the charity to respond to any emergency applications for grants which may arise from time to time.

Total funds as at 31 December 2024 were £11,907,395 (2023: £11,330,818).

Unrestricted reserves were £10,832,004 (2023: £10,333,981) of which are all free reserves.

Restricted Funds were £1,075,391 (2023: £966,837) and compromises of Baxter Fund - £1,047,911; Regimental Church - £16,980 and RA Church Refurbishment - £10,500 of which a large proportion is represented by investments.

Our risk-based approach to determining our free reserves requirement is carried out, based on the anticipated future needs of the regimental family, and the management of financial risks, particularly the uncertainty of future income from other sources. The effect on the charity’s investments as a result of the situation in Ukraine demonstrates the benefit of maintaining strong reserves in order to be able weather such market fluctuations while maintaining required levels of investment income.

Trustees review the level of reserves regularly to ensure funds are available to deliver the charities object, and to secure, as far as possible, future financial viability. 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 income and expenditure, and on our investments.

Following that review, we determined that we should hold a minimum of £9,500,000 in free reserves to be assured that we are able to sustain the support we provide to the regimental family in the long term

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves Policy continued

as well as meet other obligations, irrespective 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. This sum, held as part of our investment portfolio, is judged to be capable of generating sufficient investment income to meet foreseeable needs. With free reserves of £10,832,004 currently exceed this requirement. The trustees are content that the additional funds we hold provide ability to disinvest in order to support major capital projects if and when required, but in the meantime are held as investments generating additional income.

in 2024 the investment portfolio generated £278,259 for the charity, of which RAI received £260,000 as in-year income. The balance of £18,259 was reinvested into the portfolio. The £260,000 was 30% of total income received.

Without this level of income the charity’s 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 activity. They therefore have the ability to reduce expenditure to match income in the event of income reducing.

Investment policy

The trustees’ Investment Committee meets twice a year to consider the performance of the RAI’s investments which are managed ona discretionary basis by Brewin Dolphin. The investment objective is to create sufficient income and capital growth to enable the charities to carry out their charitable objectives. The charity is expected to exist in perpetuity and investments are managed to meet the investment objective and ensure this sustainability.

The charity’s funds are invested on an aliquot proportion in the same funds as the other Gunner welfare / efficiency charities. This is in order to achieve economies of scale in relation to investment costs. The trustees have given the fund managers discretion to manage the portfolio within an agreed risk profile and against agreed benchmarks. This is contained in a written directive.

At the bi-annual meeting with the investment managers the Investment Committee considers the state of the financial markets and measures the fund managers’ on-going performance against specific agreed benchmarks, namely 25% FTSE All Share Index, 35% MSCI World ex UK Index, 10% MSCI Emerging Markets Index, 7.5% FTSE All Stocks Gilt Index, 5% iBoxx Sterling Non-Gilts Index, 10% IPD UK All Balanced Funds Index, 5% Alternative (IA Sector Targeted Absolute Return) and 2.5% Cash (Sterling Overnight Index Average).Having compared performances over the last 1, 3 and 5 years, the Investment Committee 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 investment policy. The performance of the fund manager will be subject to annual review.

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THE ROYAL ARTILLERY INSTITUTION LTD TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 pe i

Environmental, Governance and Social Considerations

The RAI’s investments are not managed with any specific environmental, social and governance (ESG) restrictions. However it is expected that the RA charities’ investment managers have clearly defined ESG investment policies 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 (ESG) factors in their research and investment decision making process.

Fundraising

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 donations and legacies. It receives the bulk of its income through investments and the Royal Artillery’s ‘service giving scheme’. The facility exists for individuals 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 online donation facility such ‘Enthuse’ and ‘Just Giving’. When donations are received they are mainly as a result of advertisements on the Gunner website and publications, and from open, group briefings to members of the serving Regiment. In addition, regiments and other Gunner organisations are encouraged to engage in sponsored activities to raise funds. The charity does not solicit funds through direct approaches to individuals via mailshots or online unless consent has been obtained.

No complaints were received in 2024.

Trustee Training

Trustee responsibilities and necessary training are taken very seriously. All new members of the trustee board are briefed by the Regimental Secretary on their roles and responsibilities. They are provided with the Charity Commissioners handbook “The Essential Trustee” as well as a copy of the Scheme. Recent RAI accounts, meeting, minutes and policy documents are also provided. Trustee briefings and training take place and members of the Board are encouraged to attend external trustee training and investment briefs.

Risk Management

The trustees maintain a continuous oversight of the principal areas of the charity’s operations and the major risks, which may arise in these areas. In the opinion ofthe trustees the charity has established resources and review systems which, under normal conditions, should allow the risks identified to be mitigated to an acceptable level. A risk management plan is produced and approved by trustees each year and managed actively by the trustees, the Regimental Secretary and his staff. The main risks are:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Remuneration Policy

No trustee is paid as an employee or for services as a trustee, though travel and subsistence costs incurred as a trustee are reimbursed. The trustees review staff salaries annually and take into account the MoD pay awards for similar grades, when recommending any pay increases.

Employees

The RAI aims to be an organisation for which employees enjoy working and where they feel supported, valued, empowered and developed. Employees are kept fully informed about the aims and objectives 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 is an equal opportunities employer and is committed to training and developing its staff.

Trustees’ Liability

The liability of RAI trustees for debts of The Royal Artillery Institution Ltd is limited to an amount not exceeding one pound.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of the RAI for the purposes of Company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable charity and company law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice (UK GAAP).

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 a true and fair view of the state of affairs of the charitable company. This includes details of income and expenditure and the application of resources for the period. In preparing these financial statements, the trustee are required to:

The trustees are also responsible for safeguarding the assets of the charity, including taking 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 with: the Companies Act 2006; the charity’s governing document; the Charities Acts 2011 and; the SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Statement as to Disclosure of Information to Auditors

In so far as the trustees are aware:

This report has been prepared under the special provisions of Part 15 of the Companies Act 2006. On behalf of the trustees 1) Dum 2025 de Cullen CB OBE

Chairman RAI Board of Trustees

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THE ROYAL ARTILLERY INSTITUTION LTD

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Royal Artillery Institution Ltd for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 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 charitable company's ability to continue as a going concern for a period of at least twelve 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course ofthe[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

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THE ROYAL ARTILLERY INSTITUTION LTD

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ee ae 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.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of[the][audit:]

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires 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 10, the trustees (who are also directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

| 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

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with informed management and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with 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 records 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 compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s 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 noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than 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 description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable 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 company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) For and on behalf of Saffery LLP

Statutory Auditors 71 Queen Victoria Street London EC4 4BE pate: {0 S ody A028

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024

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Income and Expenditure

Income and Expenditure
Unrestricted Restricted 2024 2023
Funds Funds Total Total
Income Notes £ £ £ £
Donations and legacies incSPGS 2 457,924 - 457,924 449,209
Investment income 261,718 16,541 278,259 282,495
Charitable Activities 3 192,134 - 192,134 226,200
Other Income 4 1,187 - 1,187 2,138
Total income before Expenditure 912,963 16,541 929,504 960,042
Expenditure on:
Raisingfunds 102,753 - 102,753 93,793
Net funds available for charitable activities including 810,210 16,541 826,751 866,249
raising funds
Charitable Activities inc Grants paid and payable 5 1,005,160 - 1,005,160 932,082
Baxter Fund Grants - 600 600 28,299
Total expenditure 1,005,160 600 1,005,760 960,381
Net (expenditure)/income forthe year before gains on (194,950) 15,941 (179,009) (94,132)
Investments
Net gains on investment assets 692,973 62,613 755,586 497,217
Net (expenditure)/income 498,023 78,554 576,577 403,085
Transfers 11 - - - -
Net movement in funds 498,023 78,554 576,577 403,085
Total funds brought forward 10,333,981 996,837 11,330,818 10,927,733
Totalfundscarriedforward 10,832,004 1,075,391 11,907,395 11,330,818

The notes on pages 19 to 26 form part of these financial statements

16

THE ROYAL ARTILLERY INSTITUTION LTD

BALANCE SHEET

AT 31 DECEMBER 2024

2024 2023
£ £
Fixed assets
Investments 6 11,728,448 11,353,057
11,728,448 11,353,057
Current assets
Stocks 7 12,700 14,570
Debtors 8 53,797 49,216
Prepayment 2,500 1,730
Cash at Bank and in hand 9 310,354 94,485
379,351 160,001
Current liabilities
Creditors: Amounts falling due within one year 10 (200,404) (182,240)
Net current assets 178,947 (22,239)
Total assets less current liabilities 11,907,395 11,330,818
Funds
Unrestricted Funds 10,832,004 10,333,981
Restricted Funds 11 1,075,391 996,837
11,907,395 11,330,818

The notes on pages 19 - 26 form part of these financial statements.

Appréved by the trustees on — 2025

Maj neral DM Cullen CB OBE Chairman

The RAI Board of Trustees

Company number: 6446232

17

THE ROYAL ARTILLERY INSTITUTION LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Note £ £
Net cash used in operating activities 1 (437,299) (390,665)
Cash flows from investing activities
Dividends, interest and rents from
investments 278,259 282,495
Purchase ofinvestments (2,905,018) (2,893,195)
Proceedsfrom sale ofinvestments 3,267,338 2,807,250
Net cash used in investing activities 640,579 196,550
Net decrease in cash & cash equivalents 203,280 (194,115)
Cash & cash equivalents atthe beginning of
the year 201,843 395,958
Cash and cash equivalents at end ofthe year 2 405,123 201,843
Notes to the cash flow statement
1.
Reconciliation of net movement in funds to net		 2024 2023
cash flow from operating activities £ £
Net movement in funds 576,577 403,086
Loss/(gain) on investments (755,586) (497,217)
Investment income (278,259) (282,495)
Increase in investments due to changes in aliquot 5,286 5,111
(Increase)/Decrease in prepayments (770) (1,731)
(Increase)/Decrease in stock 1,870 870
(Increase)/decrease in debtors (4,581) (19,062)
(Decrease)/Increase in creditors 18,164 773
Net cash used in operating activities (437,299) (390,665)
2.
Analysis ofcash and cash equivalents		 At 1Jan Cash At 31 Dec
and netdebt 2024 flow 2024
£ £ £
Cash on shortterm deposit 94,485 215,869 310,354
Cash held in Investments 107,358 (12,591) 94,767
Neeashiprewided Hy/oPenting
activities		 201,843 185,714 405,121

18

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ee

1 Accounting policies

The Royal Artillery Institution is a company limited by guarantee incorporated in England and Wales. The registered office is Artillery House, Royal Artillery Barracks, Larkhill, Salisbury, SP4 8QT.

1.1 Basis of accounting

The financial statements have been prepared under the historic cost convention, with the exception of listed investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP(FRS102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of treland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The Royal Artillery Institution constitutes a public benefit entity as defined by FRS102.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

1.3. Investment income

Investment income is credited to the statement of financial activities when its receipt is probable and the amount receivable can be measured reliably. It is allocated to both restricted and unrestricted funds on the basis of an aliquot proportion across the whole portfolio.

1.4 Subscriptions, donations and legacies

Subscriptions and donations are recognised as income when the amounts are receivable.

Legacies are recognised when received or receipt is probable and the value can be measured with sufficient reliability.

1.5 Expenditure & support costs

Expenditure is recognised in the period in which it is incurred and includes attributable VAT which 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 furtherance of the charitable objects of the charity. These are accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.

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.

19

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

SE

1.7. Fund accounting

Unrestricted funds are available to use to further any of the purposes of the charity,

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or specific projects being undertaken by the charity.

1.8 Fixed asset investments

Fixed assets investments are stated at mid-market value. The unrealised movement in market value from one year to another is recognised in the statement of financial activities.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value.

1.10 Pensions

Staff are enrolled in a NEST pension scheme. Contributions are charged in the Statement of Financial Activities as they become payable.

1.11 Cash & cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.12 Assets not included within the balance sheet

The collection of chattels comprising of pictures, silver and furniture which have mainly been acquired through bequest, by purchase through subscription 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 immaterial.

The artefacts are largely held at the Royal Artillery Mess at Larkhill with others being held at other military messes, 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 financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Trade and other debtors are recognised at the settlement amount due after any trade discount 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 estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

20

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ee

1.14 Critical estimate and judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.

There are no critical estimates, judgements or key sources of estimation uncertainty in 2024 or 2023.

2 Donations and legacies inc SPGS

==> picture [339 x 101] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Officers’|subscriptions|(SPGS)|195,079|201,002| |Soldiers’|subscriptions|(SPGS)|156,970|147,375| |Donations|9,028|9,621| |Intangible Incom—|Wag|e|s|in|Kind|96,847|91,211| |457,924|449,209|

----- End of picture text -----

3 Charitable Activities Income.

==> picture [336 x 240] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024|2022| |£|£| |RA|Publications — Subscription|25,885|27,406| |RA Publications—|Advertising|income|3,120|640| |Grants|(RAI|&|RACF)|95,721|101,580| |Grants|Received|65,991|95,000| |Royalties|294|439| |Investment|Income|1,123|1,135| |192,134|226,200| |Income| |2024|2023| |£|£| |Sale|of|books|598|114| |Receipts|of|Laid|Down|Wines|441|2,024| |Bank|Interest|148|-| |1,187|2,138|

----- End of picture text -----

4 Other Income

21

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

5. Charitable Activities - Grants Paid

2024 2023
Annual Allocations: £ £
The Gunner Magazine 6,137 6,128
Master Gunner’s Expenses 7,177 9,335
RA Sports 187,800 207,010
RA HQ Mess 8,098 8,098
RA Central Sergeants Mess Fund 26,335 24,967
Support of Units - Unit Grants 74,125 71,596
Support to Senior/Commanding Officers 18,155 16,245
and miscellaneous events
Recruiting 25,085 21,185
Regimental Expenses 39,176 36,778
Annual Contingency Reserve 18,801 22,890
410,889 424,232
Other Grants:
Adventurous Training 1,100 2,231
Regimental History Vttl - 1,596
Sandown Transport
Misc		 13,871
1,081		 12,576
(370)
Betterment Grants 23,954 1,523
40,006 17,556
Grant to RAM 159,872 137,712
Total Grants Paid 610,767 579,500
Support Cost to Charitable Activities:
Salaries 232,272 184,960
Employers Pension Contributions 19,977 12,009
Wages in Kind 96,847 91,211
349,096 288,180
Presentation &Awards 5,512 5,830
Printing, postage& Stationery 3,473 2,984
Computer software/Hardware 5,741 9,011
Insurance 8,999 8,743
Chattels (maintenance) 9,190 8,027
Travelling& Entertainment 1,310 1,856
Miscellaneous 784 7,471
Audit Fees 9,294 10,411
Audit Fees Under Provision - 82
Legal and Professional Fees 994 9,987
Total Support Costs 45,297 64,402
TotalCharitableActivities 1,005,160 932,082

22

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

—————————Ssss, 5 Charitable activities - Support Costs continued

The average number of persons employed by the Fund during the year was:

2024 2023
Number Number
Office and administration 7 6

There were no employees with emoluments above £60,000. The following payments were made to Key Management Personnel: £15,915 (2023: £16,021).

No trustees received out of pocket expenses in 2024 (2023: £46). No trustee received funds in respect of consultancy services to the charity (2023: NIL).

6 Investments

2024 2023
£ £
Quoted investments
Market value at 1January 11,245,700 10,863,282
Purchases 2,905,018 2,893,195
Sales proceeds (3,267,338) (2,807,250)
Investment Management Fee (54,639) (52,013)
Net realised/unrealised Losses 755,586 497,217
Aliquot Changes (5,286) (5,111)
Cash movements 149,407 (36,263)
Market value at 31 December 11,728,448 11,353,057
Historicalvalueat31December 9,990,647 10,0150,754

The following holdings exceeded 5% of the total portfolio value at 31 December 2024 and are considered material for the 2024 accounts.

Vanguard Fund PLC (7.08%)

£ 851,699

2024 2023
£ £
Investment/Cash Breakdown
Investments 11,633,681 11,245,699
Income Account 54,835 70,919
Dealing & DepositAccount 39,932 36,439
Marketvalueat31December 11,728,448 11,353,057

23

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

eee

7. Stocks

2024 2023
£ £
Medals and Swords 6,428 8,279
Books 6,272 6,291
12,700 14,570
8. Debtors
2024 2023
£ £
Accrued Service Giving Income 29,704 29,749
Insurance on behalf of third parties 122 122
Investment Income 1,173 1,187
Sundry Debtors 19,473 18,158
CSM 3,325 .
53,797 49,216
9. Cash at bank and in hand
2024 2023
£ £
Bank current accounts 310,354 94,485
310,354 94,485
10. Creditors
2024 2023
£ £
Amounts falling due within one year:
Gunner Investment Income 1,173 1,187
RAHT Investment Income 7,775 7,930
CSM Investment Income 4,803
Accrual -Audit and accountancy 9,852 10,410
Other Creditors 22,747 7,989
RHAAssociation 113,157 106,801
Red Cypher 45,700 43,120
200,404 182,240

24

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

,

| | : | | | | | | | | | | | | : }

11. 2024 Restricted Fund

Balance Incoming Outgoing Netgains gainson
Balance at31		 gainson
Balance at31		 31
1January 24
£		 Resources
£		 Resources
£		 Investment
December24
£		 24
£
BaxterFund 969,357 16,541 (600) 62,613 1,047,911
Regimental Church 16,980 - - - 16,980
Royal Artillery Church 10,500 - - - 10,500
Refurbishment
Total 996,837 16,541 (600) 62,613 1,075,391
2023 Restricted Fund
Balance Incoming Outgoing Net losses
Balance at
1January 23. Resources Resources Gain on
31 December
£ £ f£ Investment 23
Baxter Fund
Regimental Church		 939,201
16,980		 17,449
-		 — (28,299)
-		 £
41,006
-		 £
969,357
16,980
Royal Artillery Church
Refurbishment		 10,500 - - - 10,500
Total 966,681 17,449 (28,299) 41,006 996,837
The Baxter Fund is restricted forthe benefitof ofthe King’sTroop, Troop, Royal Horse Artillery. The Regimental
Church Fund is restricted forthe benefitofRegimental Church. The RAChurch Refurbishment is restricted
for the refurbishment of the RA Larkhill Garrison Church.
Thetransfer correctsthe presentation ofthe bdlance dueto
included within creditors.		 tothe Royal Horse ArtilleryAssociation, which is
12. Analysis ofnetassetsbetweenfunds 2024
Investments Current
(liabiliti s)/		 Net
assets Total
£ £ £
Restricted funds:
Baxter Fund 971,884 76,027 1,047,911
Regimental Church Fund
RAChurch Refurb		 -
-
971,884		 16,980
10,500
103,507		 16,980
10,500
1,075,391
Unrestricted funds:
General Fund 10,756,564
11,728,448		 75,440
178,947		 10,832,004
11,907,395

25

THE ROYAL ARTILLERY INSTITUTION LTD

|

NOTES TO THE FINANCIAL STATEMENTS (continued)

,

| | |

:

FOR THE YEAR ENDED 31 DECEMBER 2024

Analysis of net assets between funds 2023
Current Net
Investments
£		 (liabilities)/
assets
£		 Total
£
Restricted funds:
Baxter Fund 940,335 29,022 969,357
Regimental Church Fund - 16,980 16,980
RA Church Refurb - 10,500 10,500
940,335 56,502 996,837
Unrestricted funds:
General Fund 10,412,722 (78,741) 10,333,981
11,353,057 (22,239) 11,330,818

14. ‘Related party transactions

Income of £352,049 (2023: £348,377) was received from the Royal Artillery General Charitable Trust (RAGCT) 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 £7,775 (2023: £7,930) was received on behalf of Royal Artillery Historical Trust of which both charities 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 £15,596 (2023: £14,729) was received on behalf of the Central Sergeant Mess (CSM) of which the Royal Artillery Sergeant Major (RASM) is an member of the Royal Artillery Institution (RAI) and the Chair of the Central Sergeant Mess. This Income relates to Interest on Investments.

|

At the year end, balances due to and from related entities are disclosed in notes 8 and 10.

|

26

THE ROYAL ARTILLERY INSTITUTION LTD

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

17. Prior Year Comparatives for the Statement of Financial Activities

Income and Expenditure

Unrestricted Unrestricted Restricted 2023
The RAI Gunner The RAI Combined
Funds Funds Funds Total
Income Notes £ £ £
Donations and legacies inc SPGS 2 406,431 42,778 - 449,209
Investment income 263,911 1,135 17,449 282,495
Charitable Activities 3 182,019 44,181 - 226,200
Other Income 4 2,138 - - 2,138
Total income before Expenditure 854,499 88,094 17,449 960,042
Expenditure on:
Raisingfunds 52,652 41,141 - 93,793
Netfunds available forcharitable activities 801,847 46,953 17,449 866,249
Charitable Activities inc Grants paid and payable 5 887,036 45,046 - 932,082
Baxter Fund Grants - - 28,299 28,299
Total expenditure 887,036 45,046 28,299 960,381
Net (expenditure)/Income forthe year before gains on (85,189) 1,907 (10,850) (94,132)
Investments
Net (losses)/gains on investment assets 453,406 2,805 41,006 497,217
Net (expenditure)/Income 368,217 4,712 30,156 403,085
Transfers - - - -
Net Movement in Funds 368,217 4,712 30,156 403,085
Total funds brought forward 9,889,345 71,707 966,681 10,927,733
Totalfundscarriedforward 10,257,562 76,419 996,837 11,330,818

27

THE ROYAL ARTILLERY INSTITUTION LTD

28