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||`Page`|
|---|---|
|`Trustees’andAdministrativeInformation`|`1`|
|`Trustees’Report`|`2-10`|
|`ReportoftheAuditors`|`11-14`|
|`StatementofFinancialActivities`|`15`|
|`BalanceSheet`|`16`|
|`Cash FlowStatement`|`17`|
|`NotestotheFinancialStatements`|`18-25`|
|`PriorYearComparatives`|`26`|





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||`2024`|`Total`|`£`|`457,924`|`278,259`|`192,134`|`1,187`|<br>`929,504`|||`102,753`|`1,005,160`|`600`|`1,108,513`|<br>`(179,009)`||`755,586`|<br>`576,577`||<br>`576,577`<br>|<br>`11,330,818`|<br>`11,907,395`<br>||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||`2025`|`Total`|`£`|`491,723`|`263,908`|`192,429`|`3,436`|<br>`951,496`|||`86,343`|`2,338,031`|`16,462`|`2,440,836`|<br>`(1,489,340)`||`979,505`|<br>`(509,835)`||<br>`(509,835)`<br>|<br>`11,907,395`|<br>`11,397,560`<br>||
|`IncomeandExpenditure`<br>|`Unrestricted`<br>`Restricted`|`Funds`<br>`Funds`|`Income`<br>`Notes`<br>`£`|`DonationsandlegaciesincSPGS`<br>`2`<br>`491,723`|`Investmentincome`<br>`247,446`|`CharitableActivities`<br>`3`<br>`192,429`|`OtherIncome`<br>`4`<br>`3,436`|<br>`TotalincomebeforeExpenditure`<br>`935,034`<br>|<br>`Expenditureon:`||`Raisingfunds`<br>`86,343`|`CharitableActivitiesincGrantspaidandpayable`<br>`5`<br>`2,338,031`|`BaxterFundGrants`<br>`-`|`Totalexpenditure`<br>`2,424,374`<br>|<br>`Net(expenditure)/incomefortheyearbeforegainson`<br>`(1,489,340)`|`Investments`|`Netgainsoninvestmentassets`<br>`880,929`|<br>`Net(expenditure)/income`<br>`(608,411)`|`Transfers`<br>`11`<br>`-`<br>|<br>`Netmovementinfunds`<br>`(608,411)`<br>`98,576`<br>|<br>`Totalfundsbroughtforward`<br>`10,832,004`<br>`1,075,391`|<br>`Totalfundscarriedforward`<br>`10,223,593`<br>`1,173,967`<br>|`Thenotesonpages18to25formpartofthesefinancialstatements`|





## 

|||`2025`|`2024`||
|---|---|---|---|---|
|||`£`|`£`||
|`Fixedassets`|||||
|`Investments`|`6`|`12,210,523`|`11,728,448`||
|`Tangiblefixedassets`|`7`|`20,298`||`-`|
|||<br>`12,230,821`|<br>`11,728,448`|<br>|
|`Currentassets`|||||
|`Stocks`|`8`|`11,642`|`12,700`||
|`Debtors`|`9`|`91,406`|`53,797`||
|`Prepayment`||`1,600`|`2,500`||
|`CashatBankandinhand`||`436,835`|`310,354`||
|||<br>`541,483`|<br>`379,351`|<br>|
|<br>`Currentliabilities`|||||
|`Creditors:Amountsfallingduewithinoneyear`|`10`|`(1,374,744)`|`(200,404)`||
|`Netcurrentassets`||`(833,261)`|`178,947`||
|`Totalassetslesscurrentliabilities`||`11,397,560`|`11,907,395`||
|`Funds`|||||
|`UnrestrictedFunds`||`10,223,593`|`10,832,004`||
|`RestrictedFunds`|`11`|`1,173,967`|`1,075,391`||
||<br>|<br> <br>`11,397,560`|<br> <br>`11,907,395`|<br> <br>|





## 

||||`2025`|`2024`|
|---|---|---|---|---|
||`Note`||`£`|`£`|
|`Netcashusedinoperatingactivities`|`1`||`(593,491)`|`(437,299)`|
|<br>`Cashflowsfrominvestingactivities`|||||
|`Dividends,interestandrentsfrom`|||||
|`investments`|||`263,908`|`278,259`|
|`Purchaseofinvestments`|||`(3,430,243)`|`(2,905,018)`|
|`Proceedsfromsaleofinvestments`|||`3,934,639`|`3,267,338`|
|`Purchaseoftangiblefixedassets`|||`(24,122)`|`-`|
|`Netcashprovidedby/(usedin)investing`|||||
|`activities`|||<br>`744,181`|`640,579`|
|`Netincreaseincash& cashequivalents`|||`150,690`|`203,280`|
|`Cash& cashequivalentsatthebeginningof`|||||
|`theyear`|||`405,121`|`201,843`|
|`Cashandcashequivalentsatendoftheyear`|`2`|<br>|<br> <br>`555,811`|`405,123`|
|`Notestothecashflowstatement`|||||
|`Reconciliationofnetmovementinfundstonet`|||`2025`|`2024`|
|`cashflowfromoperatingactivities`|||`£`|`£`|
|`Netmovementinfunds`|||`(509,835)`|`576,577`|
|`Loss/(gain)oninvestments`|||`(979,505)`|`(755,586)`|
|`Investmentincome`|||`(263,908)`|`(278,259)`|
|`Increaseininvestmentsduetochanges`|`inaliquot`||`17,243`|`5,286`|
|`(Increase)/Decreaseinprepayments`|||`900`|`(770)`|
|`(increase)/Decreaseinstock`|||`1,059`|`1,870`|
|`(Increase)/decreaseindebtors`|||`(37,609)`|`(4,581)`|
|`(Decrease)/Increaseincreditors`|||`1,174,340`|`18,164`|
|`DepreciationCharge`|||`3,824`|`-`|
|`Netcashusedinoperatingactivities`|||<br> <br>`(593,491)`|<br> <br>`(437,299)`|
|`Analysisofcashandcashequivalents`||`At1Jan`|`Cash`|`At 31Dec`|
|`andnetdebt`||`2025`|`flow`|`2025`|
|||`£`|`£`|`£`|
|`Cashonshorttermdeposit`||`310,354`|`126,481`|`436,835`|
|`CashheldinInvestments`||`94,767`|`24,209`|`118,976`|
|`Netcashprovidedbyoperating`||<br>`405,121`|<br>`150,690`|<br>`555,811`|
|`activities`|||||





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|||`2025`|`2024`|
|---|---|---|---|
|||`£`|`£`|
||`Officers’subscriptions(SPGS)`|`195,111`|`195,079`|
||`Soldiers’subscriptions(SPGS)`|`163,661`|`156,970`|
||`Donations`|`8,181`|`9,028`|
||`Legacies`|`1,000`|`-`|
||`IntangibleIncome— WagesinKind`|`123,770`|`96,847`|
|||<br> <br>`491,723`|<br> <br>`457,924`|
|`3`|`CharitableActivitiesIncome`|||
|||`2025`|`2024`|
|||`£`|`£`|
||`RAPublications— Subscription`|`24,018`|`25,885`|
||`RAPublications— Advertisingincome`|`642`|`3,120`|
||`Grants(RAI& RACF)`|`101,347`|`95,721`|
||`GrantsReceived`|`66,169`|`65,991`|
||`Royalties`|`253`|`294`|
||`InvestmentIncome`|`-`|`1,123`|
|||<br> <br>`192,429`|<br> <br>`192,134`|
|`4`|`OtherIncome`|||
|||`2025`|`2024`|
|||`£`|`£`|
||`Saleofbooks`|`609`|`598`|
||`ReceiptsofLaidDownWines`|`2,743`|`441`|
||`BankInterest`|`84`|`148`|
|||<br>`3,436`<br>|<br>`1,187`<br>|





## 

||`2025`|`2024`||
|---|---|---|---|
|`AnnualAllocations:`|`£`|`£`||
|`TheGunnerMagazine`|`6,121`|`6,137`||
|`MasterGunner'sExpenses`|`9,028`|`7,177`||
|`MasterGunners`<br>`Portrait`|`19,855`||`,`|
|`RASports`|`222,515`|`187,800`||
|`RAHOMess`|`19,478`|`8,098`||
|`RACentralSergeantsMessFund`|`21,283`|`26,335`||
|`SupportofUnits- UnitGrants`|`76,820`|`74,125`||
|`SupporttoSenior/CommandingOfficers`|`19,122`|`18,155`||
|`andmiscellaneousevents`||||
|`Recruiting`|`29,743`|`25,085`||
|`RegimentalExpenses`|`42,665`|`39,176`||
|`AnnualContingencyReserve`|<br>`25,395`|<br>`18,801`|<br>|
||<br>`492,025`|<br>`410,889`|<br>|
|`OtherGrants:`||||
|`AdventurousTraining`|`1,000`|`1,100`||
|`SandownTransport`|`14,016`|`13,871`||
|`Misc`|`2,648`|`1,081`||
|`BettermentGrants`|<br>`77,000`|<br>`23,954`|<br>|
||<br>`94,664`|<br>`40,006`|<br>|
|`GranttoRAM`|<br>`1,314,574`|<br>`159,872`|<br>|
|`TotalGrantsPaid`|<br> <br>`1,901,263`|<br> <br>`610,767`|<br> <br>|
|`SupportCosttoCharitableActivities:`||||
|`Salaries`|`213,629`|`232,272`||
|`EmployersPensionContributions`|`18,508`|`19,977`||
|`EmployerNIContribution`|`26,044`||`:`|
|`WagesinKind`|<br>`123,770`|<br>`96,847`|<br>|
||<br>`381,951`|<br>`349,096`|<br>|
|`Presentation& Awards`|`5,641`|`5,512`||
|`Printing,postage& Stationery`|`6,264`|`3,473`||
|`Computersoftware/Hardware`|`3,589`|`5,741`||
|`Insurance`|`8,746`|`8,999`||
|`Chattels(maintenance)`|`11,182`|`9,190`||
|`Travelling& Entertainment`|`1,453`|`1,310`||
|`OfficeEquipmentDepreciationCharge`|`3,824`||`:`|
|`Miscellaneous`|`1,854`|`784`||
|`AuditFees`|`11,580`|`9,294`||
|`AuditFeesUnderProvision`||||
|`LegalandProfessionalFees`|<br>`684`|<br>`994`|<br>|
|`TotalSupportCosts`|<br>`54,817`|<br>`45,297`|<br>|
|`TotalCharitableActivities`|<br>`2,338,031`<br>|<br>`1,005,160`<br>|<br> <br>|





||`2025`|`2024`|
|---|---|---|
||`£`|`£`|
|`Quotedinvestments`<br>|||
|`Marketvalueat1 January`<br>|||
||`11,633,682`|`11,245,700`|
|`Purchases`|`3,430,243`|`2,905,018`|
|`Salesproceeds`|`(3,934,639)`|`(3,267,338)`|
|`InvestmentManagementFee`|`(55,369)`|`(54,639)`|
|`Netrealised/unrealisedLosses`|`979,509`|`755,586`|
|`AliquotChanges`|`(17,251)`|`(5,286)`|
|`Cashmovements`|`174,348`|`149,407`|
|`Marketvalueat31December`<br>|<br>`12,210,523`|<br>`11,728,448`|
|`Historicalvalueat31December`<br>|`9,990,647`<br>|`9,990,647`<br>|



||`2025`|`2024`|
|---|---|---|
||`£`|`£`|
|`Investment/CashBreakdown`|||
|`Investments`<br>|`12,091,545`|`11,633,681`|
|`IncomeAccount`|`76,600`|`54,835`|
|`Dealing& DépositAccount`|`42,378`|`39,932`|
|`Marketvalueat31December`|<br>`12,210,523`|<br>`=11,728,448`|





## 

|||`2025`|`2024`|
|---|---|---|---|
|||`£`|`£`|
|`Costat1 January2025`||||
|`Purchases`||`24,122`|`;`|
|`At 31December2025`|<br>|<br> <br>`24,122`|<br> <br>`'`|
|`Depreciationat`<br>`1January2025`||||
|`Chargefortheyear`||`3,824`||
|`At 31December2025`|<br>|<br> <br>`3,824`|<br>|
|`NetBookvalueat31December2025`||`20,298`|`*`|
|`NetBookValueat31`|`December2024`<br>|||
|`ocks`||||
|||`2025`|`2024`|
|||`£`|`£`|
|`MedalsandSwords`||`5,506`|`6,428`|
|`Books`||`6,136`|`6,272`|
|||<br> <br>`11,642`|<br> <br>`12,700`|



## 

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||`2025`|`2024`|
|---|---|---|
||`£`|`£`|
|`AccruedServiceGivingIncome`|`29,759`|`29,704`|
|`Insuranceonbehalfofthirdparties`|`122`|`122`|
|`InvestmentIncome`|`1,169`|`1,173`|
|`SundryDebtors`|`25,414`|`19,473`|
|`CSM`|`34,942`|`3,325`|
||<br>`91,406`<br>|<br>`53,797`<br>|





## 

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||`2025`|`2024`|
|---|---|---|
||`£`|`£`|
|`Amountsfallingduewithinoneyear:`|||
|`Accrualsanddeferredincome`|`1,173,800`|`18,800`|
|`OtherCreditors`|`30,874`|`22,747`|
|`RHAAssociation`|`121,156`|`113,157`|
|`RedCypher`|`48,914`|`45,700`|
||<br> <br>`1,374,744`|<br> <br>`200,404`|



|`11.`|`+2025RestrictedFund`||||||||
|---|---|---|---|---|---|---|---|---|
|||`Balance`|`Incoming`|`Outgoing`|`Net`|`gainson`|`Balanceat`|`31`|
|||`1January25`|`Resources`|`Resources`|`Investment`||`December`|`25`|
|||`£`|`£`|`£`||`£`||`£`|
||`BaxterFund`|`1,047,911`|`16,462`|`(16,462)`||`98,576`|`1,146,487`||
||`RegimentalChurch`|`16,980`|`-`|`-`||`-`|`16,980`||
||`RoyalArtilleryChurch`|`10,500`|`-`|`-`||`-`|`10,500`||
||`Refurbishment`||||||||
||`Total`|<br>`1,075,391`|<br>`16,462`|<br>`(16,462)`||<br>`98,576`|<br>`1,173,967`||
||`2024RestrictedFund`||||||||
|||`Balance`|`Incoming`|`Outgoing`|`Net`|`losses`|`Balanceat`||
|||`1January24`|`Resources`|`Resources`|`Gain`|<br>`on`|`31December`||
|||`£`|`£`|`£`|`Investment`||`24`||
|||||||`£`|`£`||
||`BaxterFund`|`969,357`|`16,541`|`(600)`||`62,613`|`1,047,911`||
||`RegimentalChurch`|`16,980`|`-`|`-`||`-`|`16,980`||
||`RoyalArtilleryChurch`|`10,500`|`-`|`-`||`-`|`10,500`||
||`Refurbishment`||||||||
||`Total`|<br>`996,837`|<br>`16,541`|<br>`{600)`||<br>`62,613`|<br>`1,075,391`||






## 

||||`2025`||
|---|---|---|---|---|
|||`Fixed`|`Netcurrent`|`Net`|
||`Investments`|`assets`|`(tiabilities)/`|`Total`|
||||`assets`||
||`£`|`£`|`£`|`£`|
|`Restrictedfunds:`|||||
|`BaxterFund`|`1,050,799`|`-`|`95,688`|`1,146,487`|
|`RegimentalChurchFund`|`-`|`-`|`16,980`|`16,980`|
|`RAChurchRefurb`|`-`|`-`|`10,500`|`10,500`|
||<br>`1,050,799`|<br>`-`|<br>`123,168`|<br>`1,173,967`|
|`Unrestrictedfunds:`|||||
|`GeneralFund`|<br>`11,159,724`|<br>`20,298`|<br>`(956,429)`|<br>`10,223,593`|
||<br>`12,210,523`|<br>`20,298`|<br>`(833,261)`|<br>`11,397,560`|
||||`2024`||
|||`Fixed`|`Netcurrent`|`Net`|
||`Investments`|`assets`|`(liabilities)/`|`Total`|
||||`assets`||
||`£`|`£`|`£`|`£`|
|`Restrictedfunds:`|||||
|`BaxterFund`|`971,884`|`-`|`76,027`|`1,047,911`|
|`RegimentalChurchFund`|`-`|`-`|`16,980`|`16,980`|
|`RegimentalChurchFund`|`-`|`-`|`16,980`|`16,980`|
|`RAChurchRefurb`|`-`||`10,500`|`10,500`|
||<br>`971,884`|<br>`-`|<br>`103,507`|<br>`1,075,391`|
|`Unrestrictedfunds:`<br>`GeneralFund`|<br>`10,756,564`|<br>`-`|<br>`75,440`|<br>`10,832,004`|
||<br>`11,728,448`|<br>`-`|<br>`178,947`|<br>`11,907,395`|





||||||||||||||||||||||`2024`|`Combined`|`Total`||`457,924`|`278,259`|`192,134`|`1,187`|<br>`929,504`||`102,753`<br>|`826,651`|`1,005,160`|`600`|`1,005,760`|<br>`(179,009)`||`755,586`|<br>`576,577`||<br>`576,577`|<br>`11,330,819`|<br>`11,907,396`<br>|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||||||||`Restricted`|`TheRAI`|`Funds`||||||||||||||||||<br>`78,554`|<br>`996,837`|<br>`1,075,391`<br>|
||||||||||||||||||||||`Unrestricted`|`Gunner`|`Funds`|`£`|`45,038`|`1,123`|`45,128`||<br>`91,289`|<br>`44,684`<br>||`46,505`|`47,512`||`47,512`|<br>`(907)`|||||||<br>|
|`NOTESTOTHEFINANCIALSTATEMENTS(Continued)`||||||`FORTHEYEARENDED31DECEMBER2024`<br>|||||<br>`14.`<br>`PriorYearComparativesfortheStatementofFinancialActivities`||||||||`IncomeandExpenditure`<br>||`Unrestricted`|`TheRAI`|`Funds`|`Income`<br>`Notes`<br>`£`|`DonationsandlegaciesincSPGS`<br>`2`<br>`412,886`|`Investmentincome`<br>`260,595`|`CharitableActivities`<br>`3`<br>`147,006`|`OtherIncome`<br>`4`<br>`1,187`|<br>`TotalincomebeforeExpenditure`<br>`821,674`<br>|<br>`Expenditureon:`|`Raisingfunds`<br>`58,069`<br>|`Netfundsavailableforcharitableactivities`<br>`763,605`<br>|`CharitableActivitiesincGrantspaidandpayable`<br>`5`<br>`957,648`|`BaxterFundGrants`<br>`-`|`Totalexpenditure`<br>`957,648`<br>|<br>`Net(expenditure)/Incomefortheyearbeforegainson`<br>`(194,043)`|`Investments`|`Net(losses)/gainsoninvestmentassets`<br>`688,709`|<br>`Net(expenditure)/Income`<br>`494,666`|<br>`Transfers`<br>`-`|<br>`NetMovementinFunds`<br>`494,666`|<br>`Totalfundsbroughtforward`<br>`10,257,563`|<br>`Totalfundscarriedforward`<br>`10,752,229`<br>|