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← Household Cavalry Regiment President Of The Regimental Institution (Pri)

2025-03-31-accounts

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Service Non Public Funds Final Accounts, Managing Trustee’s Report, Internal Audit Board Report and Independent Examiner’s Report (SORP 2005 compliant) Regimental Accountant Scheme

Unit

Household Cavalry Regiment

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Army Form N1514 (Rev 11/09)

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Address Ward Barracks, Bulford SP4 9NA

In respect of the PRI Fund

Charity Commission/Regulator registered 1130632 number

For the period from 1 April24 to 31March25 |

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Managing Trustee(s) during the period:

1 Apr 24 [to:| 31 Mar 25 |Name_| Lt Col R Spiller

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Fund Manager(s) during the period:

1 Apr 24 31 Mar 25 |[Name] _| Maj Mansfield

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Internal Auditor(s) during the period: .
. 1 Apr 24 31 Jun 24 CaptJ Wilkes
1 Jul 24 30 Sep 24 |Name_| CaptHart -
. [From [|2Dec24] 1 Oct 24 | To | 341 DecMar 24 25 ||Name [Name] _|| Capt PeHa r rottt
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Audit Assistants‘ (during the period):

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| [From] | 1 Oct 24 1 Dec 24 [Name |MajCLleeson
pODO On
Regimental Accountant(s) during the period:
1 Apr 24 to [30Sep24 [Name | [Ssgtibrahim]
1 Oct 24 to | 1 Dec 24 |Name | Capt Hart |
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, Regimental Accountant(s) during the period:

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1 SFR Chap 5 para 0505 and Annex D to Chap 5.

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Notes to the Accounts (Paras 2 to 12 are to be completed by all funds which have a gross income of £100K or over and those funds already registered with the Charity Regulator, all other funds are to complete Paras 6 and 7 and the declarations at Para 12):

  1. . Principal Accounting Policies a. Accounting Convention. The financial statements are prepared under the historical cost convention as modified by thé inclusion of investments at market value and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best . practice as set out in the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP) 2005 (http:/Awww.charitycommission.gov.uk/investigations/sorp/sorp05docs.asp) b. Incoming Resources. Income is recognised in the period in which the charity is entitled to receipt, and the amount can be measured with reasonable certainty. Grants from other agencies including donations and other income from activities are in furtherance of the charity’s objects and are part of the general funds of the charity. A restricted fund is only recognised where this is an agreed and explicit condition of the grant or donor.

C. Intangible Income. Due to the close collaborative relationship and the manner in which. O the charity's activities compliment those of the Army, intangible income, reflected in time and use of premises is not quantifiable or measurable and so is not recognised in the accounts. d. Resources Expended and Basis of Allocation of Costs. Expenditure is included when incurred or exceptionally where a commitment is made which requires an accrual when payment is to be made in the subsequent accounting period. Similarly, where prepayments are made in recognition of commitments falling due in a subsequent accounting period, the appropriate credit is entered in the accounts and reversed the following year. Grants payable are included in the SOFA when approved by the Managing Trustee. Expenditure is recognised in the period in which it is incurred. The majority of costs are directly attributable to specific activities. 7 Irrecoverable VAT is charged to the activity for which it was incurred.

e. Governance Costs. Governance costs are the costs of professional advice, holding . trustee meetings or committee meetings associated with decision making, any fee for audit or independent examination and any fee incurred in the preparation, statutory filing, printing or copying of the annual report and accounts.

f. Capitalisation and Depreciation of Tangible Fixed Assets. All assets having a -purchase value of more than £500 are capitalised. The cost of tangible fixed assets are written off by equal annual instalments over their expected useful lives using the following methods of depreciation:

Furniture, fixtures and equipment - Straight Line over a period of 2 to 10 years. Motor vehicles - Straight Line over a period of 2 to 10 years. ;

‘Assets with a life of more than one year but with a purchase value of below £500 are included within the inventory but the cost is written off in the year it is incurred and is not depreciated over the useful life of the asset. Where the asset is depreciated over a period of more than 10 years, details of the item and period are to be provided following the notes on page 14.

g. Fixed Asset Investments. Fixed asset investments are included at market value at the . balance sheet date. Any gain or loss on revaluation is shown in the Statement of Financial Activities (SOFA).

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h. | Stocks. Purchased stocks are valued at the lower cost or net realisable value making due allowance for any obsolete or slow-moving items. .

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I. Funds Accounting. Funds held by the charity are:

(1) General Purpose/Unrestricted /Designated Funds. These are funds that can be used in accordance with the charitable objects at the discretion of the Managing Trustee. Designated funds are unrestricted funds which have been allocated/earmarked for a particular purpose by the Managing Trustee and are to be declared in the Managing Trusteesintended tocommentsbe used forin accordanceand when. with Para 12 to these notes stating what they are,

(2) Endowment Funds. ‘Endowment funds are those investments and other gifts accepted by the unit, the capital sum or property being held in perpetuity and the income, only being available for charitable use.

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(3) Restricted Funds. These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is to be included in the notes to the accounts. j. Heritage Assets. !n the course of the unit's history, the charity may have acquired gifts, . memorabilia, regalia, silverware, antiques and other historical artefacts in the course of distinguished military service in service of the Crown. The value of these pieces is in large part derived from their close association with Regimental history which precludes the use of conventional valuation techniques being applied. Whilst the objects of the charity do not specifically include preservation and conservation, the pieces represent an essential element of celebrating the unit’s history and foster esprit-de-corps. Consequently the Managing Trustee considers the charity to hold heritage assets both for functional use and as an element of national history on behalf of the nation. Heritage assets acquired prior to 1 Apr 06 are therefore not capitalised on the balance sheet but a description of those assets is disclosed as part of the notes to the accounts. Heritage assets acquired after 1 Apr 06 where the purchase price is known and which exceed £500.00 are included in the balance sheet at acquisition value but are not depreciated.

k. Other Costs. Other costs are those costs not incurred in the undertaking of charitable activity in furtherance of the objects of the charity, ie. the provision of facilities, recreational programmes or activities in furtherance of military efficiency. They are also costs incurred in the making of grants and donations, in the costs of generating funds, i.e. the costs incurred in trading or fundraising undertaken by the charity, or in governance costs.

2. Grants Made. (if total grants are over 5% of the charity's total expenditure).

The charity made the following grants/donations:

Grants to institutions

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Name|of|institutions|Purpose|Total|number|of|||Total|amount| |grants|given|of|grants|paid|.| |NA-Nograntsordonations|[|||| |a| |a| |,| |.|Total|grants|to|| £0.00|||£0.00| |institutions| |Grants|to|individuals| |Purpose|Total|number|of|||Total|amount| |grants|given|of|grants|paid| |N/A — No|grants|or donations|ee|ee| |Total|||£0.00|£0.00| |3.|Related|Party Transactions|&|Remuneration|and|Expenses|=|

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Whilst the charity has a close working relationship with the Army, there are no transactions with the — Army which require disclosure under SORP 2005. The only transactions made by the charity in favour of the unit are wholly attributable to the charitable activities of furthering military efficiency. The Managing Trustee is an officer or equivalent and fulfils the role as trustee in accordance with the applicable laws and regulations. No expenses have been paid to the trustee. In the event that expenses have been paid to the trustee these are disclosed under the Managing Trustee’s comments.

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4. Analysis of Capital Property

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Fixtures, Motor Total
fittings & vehicles ;
equipment
‘| Balance b/f £0.00 . £0.00 £0.00
- £0.00 £0.00 £0.00
Sales & W/Os £0.00£0.00 £0.00£0.00 £0.00£0.00 .
‘| Balance c/f £0.00 £0.00 £0.00
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  1. Total Value of Investments by Category

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Carrying value (market value) at beginning of year £126,169.00
Add additions to investments at cost (investments purchased £0.00
Less disposais at carrying value (investments sold £0.00
' | Add/(deduct) net gain/(loss) on revaluation (gain/loss at end of £0.00
accounting period/audit ‘
Carrying value (market value) at end of year £126,169.00
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Breakdown of Market Values at

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Unrestricted during
ear
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recognised stock
exchange
investments held in unit
£126,169.00
£0.00
£0.00
£126,169.00
£0.00
ae
ee ee
investment
schemes
;
or connected ;
undertakings and
companies
recognisedStock
Exchange
investment portfolio
ik


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Total		 £126,169.00 £0.00

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Total

7. List of Creditors

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. Total

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8. Paid Employees

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} Total staffcosts| £0.00| £0.00

Give the number of employees who were engaged in each of the following activities:

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Total|___— £0.00 | [£0.00]
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No individual employee received a salary of over £60,000.00

9. Governance Costs

10. Restricted/Endowment Funds

Give details of the movements of the individual funds summarised in the restricted and endowment column of the Statements of Financial Activities (SOFA).

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See the attached SOFA.

’ Year End Bal B/F Incoming Outgoing | Transfers Gains Bal C/F . losses oo eee| Se [BSqn [| £0.00 | 0.00 {| £00.00 | £0.00 | £0.00 |. £0.00 | training fishing Christmas £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 Soldiers Fa el a tours fund machines ;

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|income||.
£0.00
£0.00||.
£0.00
£0.00|YX.
£0.00|«| Sr
£0.00|dT|—CSs
£0.00|£0.00| |---|---|---|---|---|---|---|---| |Cheffund|£153.54|£0.00|£64.00|£0.00||£0.00|£89.54| ||£162.27|£4560.00|| £4530.52|£0.00||£0.00|£191.75| |fund|||||||| ||£1626.61|£4510.00|| £4131.69|£0.00||£0.00
,|£2004.92| |house
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Total||£11296.97||;|£0.00|_|£0.00|£8710.97|

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A briefexplanation as to thenature and purpose ofthe charity’s Restricted Funds is to be provided. to thenature and purpose ofthe charity’s Restricted Funds is to be provided. to thenature and purpose ofthe charity’s Restricted Funds is to be provided. .
Name of Restricted Purpose offund ,
Fund
ASqn, CSqn, D Sqn,
HQ Sqn, AGC.Fund,		 — These Restricted Funds have been setup to manage theincome and —
expenditure ofsmall sub-unit/functional groupings.
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Chef, and LAD .
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oe Adventure Training This fund manages the income and expenditure of all regimental
ao adventure training activities/expeditions.
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Battlefield Tours This fund manages the income and expenditure of all regimental
battlefield tours.
Sports Funds __ Thesefundsmanage the incomeand expenditure ofvarious Army,
HCav and HCR sports teams andtours.
Christmas Party Soldiers This fund manages the income and expenditure relating to provision
a Christmas lunch for the junior members ofthe HCR.		 of
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Gaming Machines This fund manages the income and expenditure relating to gaming
machines run by
the contractor.
Minibus Fund This fund manages the income andexpenditure associated with hiring
; out and maintenance ofthe regimental minibus.
. + Mayflower This fund manages the income and expenditure associated with
Regimental move from Windsor to Bulford 2019.
Welfare Fund This fund manages the income and expenditure ofvarious welfare
activites for HCR personnel and their families.
WelfareHouse Thisfund manages theincome and expenditure associated with the
- bookingandmaintenanceoftheHCRwelfarehouse.

11, Heritage Assets. Heritage assets that are owned by the charity but purchased/acquired prior to 1 Apr 06 are not included in the charity's capital property value (see note 1,j). A list/description of these assets is below:

No Heritage Assets are owned by the Charity.

  1. Declarations

All of the charity's commitments are provided for in the accounts. | ;

No guarantees have been given to third parties.

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The charity has not received any loans that are outstanding at the year-end and secured on assets.

The charity has not granted any loans to institutions or companies connected with the charity. ;

The charity did not make any ex-gratia payments during the year.

Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions imposed. , ,

The financial activities, ‘assets and liabilities of all the charity’s branches or sections have been included.

‘The trustees have not changed the year end date or the length of the charity’s financial year.

The charity has no designated funds.

All the charity's operations are continuing operations and there were no operations discontinued or acquired during the year.

’ The charity has no subsidiary companies.

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No funds (unrestricted, designated, restricted or endowment) are in deficit at the balance sheet date.

The charity has no intangible assets.

_ There were no inter-fund loans outstanding at the balance sheet date.

None of the charity’s functional fixed assets have been re-valued during the year and the charity does not have a policy of revaluation of these assets. ;

‘The charity has no material fixed assets which have not been capitalised and included in the balance sheet.

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No internal transfers have occurred out of restricted/endowment funds.

All investments held are investment assets in the UK unless otherwise stated.

theNote:ManagingWhere Trusteesany of thecomments.declarations are not correct, they are to be crossed out and details provided in , .

Additional comments:

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' 4. The PRI shop stock reconciliation year to date has a turnover of £0.00. The return profit percentage is lower than expected. This low profit could be maximised further as it only sells rank slides and medals. Outsourcing to an online PRI shop could yield profits without having to hold stock. The profit return on a PRI is expected to be within 10-25%. There is also legacy stock that should be _ considered for write off, such as over 100 miniature Diamond Jubilee medals. Subscriptions should be reviewed in the next financial year to make sure they are fair.

Date: 23 GUT 2b_

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Name Maj Wright
Appointment Senior Fund Manager|
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Managing Trustee’s Annual Report and Comments:

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Unit ..........Household Cavalry Regiment... cccccccccessccseeesesnneetereeneeneeeessenseeeseseenesueetseaenecsgeese eenenads
. Address..... Ward Barracks, Bulford SP4 QNA.oo... .ccccccceeceeseeeescreetetesnensssnerenseeeeresensepasennees
Charity name and Charity Commission/Regulator registered Numbet........ 1130632... essere
Description of the charity’s trusts
This should include:
a. Details, including date if known of the charity’s governing document (e.g. trust deed, will,
constitution etc); and .
ob. A brief explanation of the charity’s objects.
; Where applicable, you may choose to give details of any specific investment powers of the charity.-
Governing Document | MOD Constitution Document dated 29 Jul 20. (>
- |(e.g. Trust Deed, ~
Constitution :
Objects of the Charity | The promotion of efficiency of the Armed Forces of the Crown by the
provision and support of facilities and activities for the efficiency and well-
being of service personnel. .
Explain briefly how trustees are elected.or appointed and details of any induction and trustee training
attended.
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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Trustee|selection|Managing|Trustee|selected|on|appointment|as|Commanding|Officer.| |method| |Trustee|induction|and|||The|Managing|Trustee|has|attended|the|Commanding|Officer|.| |training|(Designate)|Course.|Fund|Manager|has|completed|the AAFM|training|a| |via|the|DLE.|i|

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Explain about what the charity is trying to do and how it is going about it. You are only required to provide a brief summary of the main activities and achievements of the charity during the year in | relation to its objects.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Summary|of main|The fund|is|to|provide|welfare,|social,|adventure|training|and|sporting| |activities|in relation|to|||activity|to assist|all|Regimental|personnel.| |the|Charity’s|objects| |Summary|of main|The|fund|has|contributed|to|a|number. of Adventurous|Training|activities| |achievements|of the|enabling|all|ranks|to|experience|the|benefits|of|challenging|pursuits.| |Charity|during|the|.|| Regimental|sports|teams|have|had|success|in|a|number of competitions| |year|,|they|have|entered|and|the|Fund|has|contributed|towards|regimental| |participation|in|the|Army|Nordic|and|Alpine|Skiing|competitions|and| |regimental|boxing.|There were|additional|regimental|activities|in|the form| |of the|Troopers|Christmas|Lunch|and|regimental|visits.|

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Provide a brief review of the financial position of the charity. This should include the principal types ofincome.

Financial Review The fund is healthy. The main sourcesof income of this fund are through PRI subscriptions, shop profits, and donations to the fund.

The Managing Trustee should give in their report a description of the following policies:

a. For the selection of investments for the charity. b.reservesFor held.determining. the level of income reserves , held, stating and explaining the level of c. | Where grants are made by the charity, the selection of individuals and institutions who are to receive grants out of the assets of the charity.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |No|financial|reserves|policy|less that|it|retains|sufficient funds|to|meet| |polic|liabilities.|;| |(.|policyInvestmentsand|selection;|| TheCavalry PRI investmentFoundation. isIn managed24/25|£126,169.00 by Schroderreturned on behalf 0% ofprofit. the HouseholdThat figure| |(|performance|of those ||is|identical from|the previous|financial year. The HCF was|contacted|for||| |,|investments.|an|update on|the|current state|of investment,|however|due|to the RAO| |.|deploying|for the|rest|of the year,|this|report|needs|the|signature|and|to| |be|submitted.|Managin|trustee|inform.|;| |Provide|the|name|of|all|trustees/the|Managing|Trustee(s)|during|the|report year.| |Managing|Trustee’s|Lt|Col|Spiller has|been|the|managing|trustee throughout|this|period.| |name/trustees’|names| |ere Benen|This fund|provides public benefit by assisting|service personnel|to more| |aremen|effectively|perform|their roles|within|the Armed|Forces|of the|Crown.|It| |“|does|this|by| |a|a.|Providing|and|supporting|regimental|facilities|and|social|activities.| |__||b.battlefieldProvidingstudiesand|supportingand|welfaresporting,events.|adventurous|training,|activities,| |:|This|assistance|enables|service|personnel|to face the|challenges and| |danger|associated|with|military|service|by|developing|and|maintaining| |teamwork;|skills;|fitness;|confidence,|character,|spirit|and|attitude;|and| |morale.|As|a|result the fund|promotes|the|efficiency|of the Armed| |;|Forces|of the|Crown|by enhancing|the|British|Army’s|capability|to| |undertake the|roles|demanded|of|it|including the|defence|of|the|United| |:|Kingdom|and|its|interests.| |(||confirm|that|||have|paid|due|regard|to|the|Charity|Commission|of| |.|England|and Wales|guidance|on|public|benefit when|deciding|what| |||activities|the|charity|should|undertake,|i.e.|that|it|benefits|the|public|in| |general,|or|a|sufficient|section|of the|public).|

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) Additional comments (noting any changes to the Declarations made at paragraph 12 of the Notes to - the Accounts): ,

  1. All declarations at paragraph 12 are correct.

The debtors within the PRI, whilst over 3 months, are now continuing to make regular payments to reduce the debt and have a financial plan for repayment agreed with the RAO.

The unit should investigate methods to invigorate the PRI shop to deliver more profitability.

Investments are managed by an out-sourced agent, Schroder, and over the past 2 years this has returned 0% profit. HCR will investigate alternative management levers to reinvigorate this investment.

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: : Roland DigitallyRolandsignedSpiller by .
; Spiller Date: 2025.10.27 18:12:53 C [2]
Signature opiler ‘45
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Name LtColR Spiller .
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Date:

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Appointment CO Household Cavalry Regiment

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Internal Auditor’s Report

  1. | have examined the books of account and records from which the final accounts were prepared and have obtained all the information and explanations that were necessary for the purpose of my internal audit.

  2. I certify that end of period checks have been conducted in accordance with Service Funds Regulations. ;

  3. Subject to the observations given below | am satisfied that proper books of account have been kept and that the final accounts give a true and fair view of the results of transactions over the period and of the state of the Fund’s affairs as at the date of the balance sheet. Subject also to my - observations, | am satisfied that cash and bank balances and stocks on hand have been properly checked at prescribed intervals and that adequate insurance exists.

4, | have stamped and signed the original books of account and the original records | have checked. All vouchers relating to this account period have been cancelled.

  1. — [have made the following observations whilst carrying out the internal audit:

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Statement of financial activities

Total funds has not exceeded £100k, however the fund is already registered with the Charities Commission and the relevant 1514s are submitted yearly. Fund is healthy with £126,169 in investments, £67,884.91 in the Bank account, £2,650.96 in stock, £1,894.86 in debtors, £16,975.49 in Creditors. .

Management

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FM Monthly Checks. All FM checks were conducted monthly in a timely fashion.

Stock Checks. Stock checks had not’ occurred monthly due to deployment (Op TOSCA). As stock quantities are held in the QMs where it is deemed a minimum risk, but all have now been briefed that stock checks must occur every month. ,

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Stock movement. Several items of stock have not moved within the audit period. FM to investigate alternative options for sale. Several stock codes are no longer used and should look to be removed.

Percentage Profit. The PRI shop has a very small profit margin due to limited stock. | would urge FM . and shop manager to review functionality and better maximise the PRI for better % profit.

Property Checks. No capital property is held within the fund.

Investments. The investments held within the fund have not been accounted for correctly. And due to the RAO position being gap, likely the routine of informing the regiment of the current state of the investment has been overlooked. This will not be the case for next financial year.

Write offs. No stock was written off during the period but may need to be in next FY. Licences and insurance. All appropriate licences and insurance are held for the fund, are current and in date.

Income & Expenditure

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The overall fund has a healthy balance but could deliver better profit. Overall no fund is in deficit.

Restricted Funds

The FM and FSA are to complete a full review of all restricted funds and ensure those which have seen ; no in year movement are now closed, removing the excess of funds held on PAXTON+.

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Debtors

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1) There have been no transfers out of Restricted funds.

2) The Debtors amount is manageable and monitored.

Creditors

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The creditors amount is manageable and monitored.

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Signature
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Name Capt N Hart
Date: C Z/aw ! CJS Appointment Internal Auditor : "
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Comd/SO2 SPS — Independent Examiner’s Report on the Accounts, and Comments

Respective Responsibilities of Trustees and Examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.

It is my responsibility to:

a. Examine the accounts (under section 43(3)(a) of the Act).

b. Follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the Act).

Cc. State whether particular matters have come to my attention.

Basis of Independent Examiner's Statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity anda _ - comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the accounts. -

independent Examiner’s Statement

In connection with my examination, no matter has come to my attention (other than that disclosed overleaf*):

(1) To keep accounting records in accordance with section 41 of the 1993 Act:

(2) - To prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act:

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b. To which, in my opinion, attention should be drawn in orderto enable a proper understanding of the accounts to be reached. sO

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Comd/SO2 SPS — Independent Examiner's Report on the Accounts, and Comments

Respective Responsibilities of Trustees and Examiner

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oe
The
43(2)
needed.
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The Charity’s Trustees are responsible for the preparation of the accounts: The Charity’s Trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.

It is my responsibility to:

a. Examine the accounts (under section 43(3)(a) of the Act).

b. Follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the Act). "

C. State whether particular matters have come to my attention.

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Basis of Independent Independent Examiner’s Statement

Basis of Independent Independent Examiner’s Statement . My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the accounts.

In connection with my examination, no matter has come to my attention (other than that disclosed overleaf*):.

; ith the meee ants of ' _ °

have-netbeer-met

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Comd/SO2 SPS — Independent Examiner’s Report on the Accounts, and Comments

Disclosure Section (Only to be completed if the examiner needs to highlight material. problems/discrepancies)

Give here brief details of any items that the examiner wishes to disclose Nil. -

Comd/SO2 SPS Comments

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An1. IndependentScope of theExaminationExaminationwas conducted on the PRI fund for FY 2024/25,. The review included analysis of the SOFA, balance sheet, trial balance (including restricted funds), G-code classifications, stock management, debtors and creditors, and assessment of Fund Manager, Managing Trustee, and Internal Auditor comments. This wasa limited-scope examination, not an audit. :

2. Statement of Financial Activities — Findings

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c. Net movement: -£999.93 — last FY £11,305.88. .

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IE Observation: Income has reduced slightly while expenditure increased significantly, _[resulting][in][a][minor][deficit.][Overall][fund][balance][remains][strong,][supported][by][a][stable] investment holding.

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3. Balance Sheet Observations

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IE Observation: Fund remains healthy. Investment performance (0% return for three years) - requires review. Stock turnover continues to be minimal.

  1. Trial Balance — Restricted Funds 11 restricted funds have had zero balances for FY 2022/23, 2023/24, and 2024/25 (B Sqn, Adventure Training, Sailing, Football, Carp Fishing, Golf, Christmas Party, Battlefield Tours, Boxing, Gaming Machines Income, Mayflower).

Active funds show small movements and should be monitored to ensure they benefit members.

IE Observation: Dormant restricted funds should be reviewed for closure or consolidation. Active funds must ensure expenditure aligns with their intended purpose. . )

  1. G Code Classification Issues - Several entries have been allocated to incorrect G-code ranges, leading to misclassification © of income and expenditure within the SOFA.

a. Income Misclassification

1) G002 —PRI Subs (£5,999.16): Currently under Voluntary Income: . should be coded as Subscriptions (G150-G299). b. Expenditure Misclassification. The following items have been coded under Other Costs (G800-G899) but belong in : more appropriate categories: | . ; .

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1) G804 Presentations and G814 Picture/framing — should be Grants & Donations (G770—G799).

a 2) G822 Insurance — should be Governance Costs (G750-—G769).

, 3) G831 Sports competition entry fees — should be Charitable Activities (G600—G749).

4) G839 Food & Drinks — should be Charitable Activities (functionrelated).

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5) G858 Team cohesion activity — should be Charitable Activities.

c. Shadow Codes

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1) G749 & G769: These appear to be linked to restricted fund expenditure but the description does not show which fund.

Action: Clarify the restricted fund they relate to.

1) G128 Bank interest (£2,143.93): Confirm allocation to all funds that earn interest (PRI, Officers’ Mess, WOSM).

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3) G150 GPF Income (£820): Naming unclear; the income source should be confirmed.

IE Summary Observation

Most errors relate to incorrect use of the G800—G899 range, unclear descriptions, or shadow codes without linked restricted funds. These do not indicate misuse but require correction for accurate SOFA reporting and clearer audit trails.

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  1. Debtors — Aged Items Total debtors £1,894.86. Items from FY 2023/24 still listed (Wood £200, Imprest £1,328.83, CRESTA POOL £366.03).

IE Observation: Older items require resolution or write-off consideration.

  1. Creditors — Review Required Total creditors £8,319.87. Several items likely represent credit balances rather than true liabilities. Older items (AFCFT, welfare grants/donations) remain from previous years.

IE Observation: Review and reclassify credits if applicable and clear historic balances.

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8. Recommendations

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_° b. Improve PRI trading performance.

c. Investigate alternative to manage stock — return to wholesaler, reduce price, sell externally or write-off — ensure paper trail.

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h. Conduct stock check.

  1. PRI Fund — Unit Management Comments and IE Observations

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a. Fund Manager: Zero turnover, outsourcing recommended; legacy stock requires _ write-off; subscription review needed. b. Managing Trustee: Debtor plan in place; PRI shop should be reinvigorated; 0% investment return requires review.

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c. Internal Auditor: Fund remains under £100k; stock check impacted by : _ deployment; some stock codes unused; investment accounting requires correction; unused restricted funds should be removed.

IE Observation: Controls generally satisfactory. Key issues relate to investment performance, stock stagnation, restricted fund rationalisation, and G-code accuracy.

40. Conclusion

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Based on the procedures undertaken, nothing has come to the Independent Examiner’s attention indicating that the PRI accounts were not properly maintained or that the financial statements do not reflect those records. Actions are required regarding investment review, stock management, G-code corrections, and clearing aged debtor/creditor items, but these do not materially affect the accuracy of the accounts.

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Independent Examiner'sWS Signature \ Se a Name CALLENin; 3 Date: 23 SVU £6 Appointment SORx ’ Say, vay

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