2024-12-31-accounts

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Registered number: 07005997 Charity number: 1131977

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY {A Company Limited by Guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

;

	Page
Reference and Administrative Details of the Charitable Company, its Trustees and	4
Advisers
Trustees’ Report	2-10
Independent Auditor's Report on the Financial Statements	11-15
Consolidated Statement of Financial Activities	16
Consolidated Balance Sheet	17-18
Charitable Company BalanceSheet	19-20
Consolidated Statement of Cash Flows	21
NotestotheFinancialStatements	22-59

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

sss REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

;

	Trustees	Mr E Cottrell
,		Lt Col LPB Cradden MBE
		MrM J DF Gray	,
		Co! (Retd) J D Handford OBE
		Lt Gen (Retd) SirJohn.	John.LorimerKCBDSO MBE, Chair
		Brigadier(Retd)	MP Lowe MBE
		Mr RJ E Moore
		AVM RT! Munro	CB TD
		LtGen (Retd) JD	PageCB OBE
		ML P Lillywhite
		Mrs PF WorsleyTonks
		MrC A Jack (appointed 6 December 2024)
		Maj Gen O J Kingsbury OBE (appointed 23 September		2024)
	:	MrJ E L Grand (appointed 25 July2024)
	Company registered
	number	07005997
	Charity registered
	number	1131977
	Registered office	RHQ The Parachute Regiment
		Merville Barracks
		Circular Road South		.
		Colchester
		CO2 7UT
	Independent auditor	SumerAuditco Limited
		Statutory Auditor
		820 The Crescent
		Colchester Business Park
		Colchester
		Essex
		C04 SYQ
	Solicitors	Howard KennedyLLP
		1 London Bridge
		London
		SE19BG

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Parachute Regiment and Airbome Forces Charity is a charitable Company Limited by Guarantee (CLG), as defined by the Companies Act 2006, incorporated on 1 September 2009 and registered as a Charity (No. 1131977) on 5 October 2009. The Company was established under a Memorandum of Association (dated 1 September 2009 and amended on 10 July 2013), which established the objects and powers of the charitable Company and is governed under its Articles of Association. In the event of the Company being wound up, members are to contribute an amount not exceeding £5. In 2019, the Trustees of The Parachute Regiment Charity (PRC) (RCN 1131977) and sister charity the Airborne Forces Security Fund (AFSF) (RCN 206652), an unincorporated trust, respectively agreed to merge to form The Parachute Regiment and Airborne Forces Charity (PRAFC), trading as Support our Paras, effective as of 1 January 2020. Trustees of the merged Charity were drawn from both antecedents. As part of the merger, the Articles were updated in November 2019 to reflect the widening of Objects, to include Airborne Forces beneficiaries. This Report and Accounts covers the fifth full year of operation under the PRAFC name.

Structure

The Charity wholly owns two trading subsidiaries, ABP Retail Limited and PARAS'10 Limited (as detailed below), and is also the sole member of Airborne Assault Limited (AAL), a registered charity (also as detailed below). The Charity and its subsidiaries form The Parachute Regiment and Airborne Forces Charity Group, as reported in the Consolidation components of this set of accounts.

The Charity is the sole parent of these two trading subsidiaries: ABP Retail Limited, a company registered in England and Wales (registered number: 06009028), and PARAS'10 Limited, a company registered in England and Wales (registered number: 08368199), both of which trade in support of the Charity. AAL is a charitable CLG, incorporated on 7 November 2008 and registered as a charity (1126776) on 18 November 2008. The Charity's Articles of Association were revised and updated by special resolution on 6 February 2014. From 1 January 2014 the then Parachute Regiment Charity became the sole corporate member of AAL and also entered into a renewable 3-year funding agreement to provide financial support. By virtue of this, AAL is now controlled by the PRAFC. This agreement was successively renewed on 1 January of 2017, 2020 and 2023.

Committees

The Charity has five committees which meet separately and report to the main Board of Trustees on key areas: Finance and Investment (FIC); Welfare and Benevolence (WBC); Fundraising and Marketing (FMC); Heritage and Commemorations (HCC); and Regimental Efficiency (REC). The REC was created during 2021 to better coordinate efforts on this key charitable objective. These committees consist of a Trustee Chair, other nominated Trustees, executives and non-trustee advisors. In 2023, it was decided that the remit of the Governance and Succession Committee (GSC) should be fulfilled and discharged by a single Trustee, nominated as Governance Lead, who would directly support the Chairman, plus a nominated deputy, rather than having a full committee. This new arrangement has since proven to be effective and will endure.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

;

The Board of Trustees has delegated specific responsibilities to committees. The FIC advises on management of the Charity’s investments, as well as reviewing strategic financial matters, and makes recommendations to the Board. The WBC reviews and recommends welfare policy and strategic development to the Board and supports the Welfare Team by reviewing cases outside the Team’s delegated authority. The FMC advises the Board and supports the CEO and Head of Fundraising & Comms in fundraising strategy and direction. The HCC advises the Board on strategic policy with regard to heritage and commemorative programmes, as well as the annual programme of funding. The REC advises on applications for funds from the serving Regiment. The Governance Lead and his deputy have delegated authority to support the Chairman in identifying, approaching and putting forward potential new trustees for the Board's consideration, as well as supporting the Chairman and Board with oversight of Governance matters, including Risk Assessment.

The Charity Board makes regular reviews of policy and its risk register and participates actively in periodic reviews of governance best practice, using industry-standard tools endorsed by the military charity trade association Confederation of Service Organisations (Cobseo). The Board also works closely with the Senior Management Team to agree forward strategy and, derived from this strategy, a rolling business plan to a 5-year horizon.

The Board of Trustees

The Trustees, who have served during the period and since the period end, are set out on page 8. Under its Articles, the Board comprises no more than 15 Trustees at any one time. The Trustees meet quarterly to discuss issues relevant to the Charity and its future development and to make such decisions as are required by its Articles. To remain agile and responsive to the needs of beneficiaries, decisions are also made ‘out of committee’ under the terms of the Articles.

Recruitment and appointment of new Trustees

;

The Trustees aim to recruit new members from both Regimental, Airborne Forces and civilian backgrounds in order to ensure that the Charity has a balance and diversity of skills and knowledge. To this end, the Governance Lead reviews criteria, skill sets and candidates. New Trustees are encouraged to familiarise themselves with Charity Commission guidance relating to their role and an induction programme is provided. External training courses are also made available.

Related Parties

There have been no material transactions with other charities connected with The Parachute Regiment and Airborne Forces in the accounting period, other than those disclosed in the financial statements.

Management

The Senior Management Team consists of the Chief Executive, reporting to the Chairman and Board, the Finance Director, the Head of Fundraising & Communications and the Head of Welfare. A Charity Management Plan (CMP), which is approved and regularly reviewed by the Board, contains all operating policies and procedures as guidance for Trustees, management and staff.

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The objects of the Charity, as stated in its Articles, are to further the following charitable purposes by such means as the Trustees shall from time to time think fit:

e The promotion and maintenance of the heritage of The Parachute Regiment and Airborne Forces; e The promotion of the efficiency of The Parachute Regiment;
e The relief of need, hardship and distress amongst past and present members of The Parachute Regiment and Airborne Forces and their dependants.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Restricted Funds

Afghan Restricted Fund (ARF)

After combat operations in Afghanistan ceased at the end of 2014, the Trustees of the then PRC agreed to take on the funds and obligations of former charity The Parachute Regiment Afghanistan Trust (PRAT) as of 31 December 2014, with the full approval of the Charity Commission. The former Trust's funds are held in a restricted fund administrated by the Trustees against the original and amended objects, as defined by its Trust Deed, namely:

e The relief of need for soldiers of The Parachute Regiment injured in Afghanistan.
e The relief of need for families and dependants of the soldiers killed or injured in Afghanistan. e To promote and sustain the memories of the loss of life and sacrifices made by the Regiment's soldiers in Afghanistan.
e To promote military efficiency through adventure training and welfare activities for those who served or are about to serve in Afghanistan.

Before transferring their funds into the PRC, the PRAT Trustees amended these objects to extend the period of coverage to apply from 11 September 2001 onwards and to broaden the scope of applicability beyond Afghanistan, to include personnel who served on other post-9/11 conflicts and operations, most notably, Iraq.

Airborne Assault Normandy Trust (AANT)

As of 1 January 2016, the Trustees of the then PRC agreed to take on the funds and obligations of the former Airborne Assault Normandy Trust, maintaining due recognition and remembrance of the British Airborne role and personnel during the liberation of France in the Second World War, which was dissolved and whose remaining funds form a restricted fund. Trustees have oversight of continued relationships and dialogue with the civic authorities in Normandy.

Benevolence and Welfare Fund

The Benevolence and Welfare Fund is a restricted fund that receives an element of the voluntary One Day's Pay Scheme (ODPS) contributions from serving soldiers, which are restricted by military statute. A number of other Restricted Funds have been established as a result of fundraising campaigns or legacies.

Francis Fund

The Francis Fund, established as a result of a legacy, is a restricted fund that is applicable for the welfare assistance of disabled veterans and widows.

Public Benefit

The Trustees have complied with their duty under section 4(1) of the Charities Act 2011 with regard to Charity Commission guidance on public benefit when reviewing objectives and aims, future planning and establishing grant-making policies.

Each of the above-mentioned objects of the Charity demonstrate public benefit:

e The relief of need, hardship and distress for serving or former soldiers of The Parachute Regiment and Airborne Forces, and their dependants, is funded through charitable funds, where public funds are insufficient or unavailable.
e The promotion of the efficiency of The Parachute Regiment assists the maintenance of morale and performance within a unique regiment of the British Army, which provides key operational outputs at Defence and National level.
e The promotion and maintenance of the heritage of The Parachute Regiment and Airborne Forces assists the education both of serving members of Airborne Forces and the general public in respect of past conflicts and the essential role of the Armed Forces, as well as remembrance of those who have served their country. The Airborne Assault Museum provides significant public benefit as an educational resource for the public and serving personnel of the Armed Forces.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Grantmaking

The Charity makes grants to meet the welfare need for individuals in need or distress, requiring household or mobility assistance for disabilities, as a result of age, wounding or injury; for those downgraded and discharged personnel transitioning to civilian employment; for need, hardship and financial distress both for individuals and their dependants, with particular emphasis on the mitigation of risks of homelessness and detriment to vulnerable dependants. The effects of service and, in particular active operations, on mental health and family relationships are also manifest and therapy is funded to avoid catastrophic deterioration. Individual welfare and benevolence applications are assessed against eligibility criteria under the Charity’'s objects by the Welfare Team. Applications are received through serving Unit Welfare Officers or, for former soldiers and/or their dependants, through caseworkers from the Soldiers, Sailors, Airmen and Families Association (SSAFA) or the Royal British Legion (RBL) via a Case Management System (CMS), relaunched in 2021 as MOSAIC.

The Welfare Team reviews each case against the eligibility criteria, then identifies the most appropriate fund (restricted/designated/unrestricted) for the case need and also seeks to identify where appropriate (and if necessary) additional sources of charitable funding outside the Charity might be sourced and coordinated with. The Welfare Team further monitors the outcome of the case grant and any continuing need for support. Where a case is unusual, novel, contentious or exceeds certain threshold levels, reference is made first to the WBC and then, if deemed necessary, the full Board of Trustees.

When paratroopers are medically discharged, the Welfare Team has a successful track record of funding trade training and requalification courses as they prepare for their new careers and then assisting them with obtaining the tools and equipment that they will need in their chosen trade. This resettlement activity all happens under the auspices of the PRAFC’s now well-established Career Transition Officer (CTO), who is a mentor and advisor for all our Regimental service leavers, helping their initial transition into a successful civilian career and then being available for assistance with any future problems that may subsequently arise.

Annual Regimental Efficiency grants to our units are made by the Board with advice from the REC (under clear guidelines for Adventurous Training, sports, unit welfare and family well-being), with discretion delegated to unit commanding officers and expenditure monitored through regular returns. Further unit and individual grant applications are assessed on merit, approved initially by the Chief Executive up to specified discretionary levels, and then by the REC and thereafter by the full Trustee Board if necessary.

For Heritage and Commemorations grants, the planned forward programme of events and pilgrimages for the upcoming year is reviewed annually and scrutinised by the HCC prior to formal approval by the full Board.

ACHIEVEMENT AND PERFORMANCE

Charitable Activities

2024 represented PRAFC’s fifth full operating year and the tenth under the trading name of Support Our Paras. The Charity continued to advance its objects and to manage a diverse range of fundraising activities to support them.

Relief of Need, Hardship and Distress

In 2024, the Charity continued to encounter a sustained level of need that now routinely exceeds pre-COVID levels. Once again this aligns with national economic indicators and reflects strained and overmatched public service provision, across all sectors, but particularly healthcare. During the year, the Charity expended £535k (including support costs of £133k) on the relief of need, hardship and distress, which is the primary expenditure under its Objects. Of this, £420k was from unrestricted funds, £36k from the Afghan Restricted Fund (ARF) and £79k from the Francis Fund.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

By way of example:

e Veteran A3 was badly wounded in combat and received help with his transport costs for weekly specialist neurological physiotherapy.
e Veteran A4 is a medically discharged soldier with severe mental health issues whose wife gave up work to care for him. He has received assistance with priority bills and specialist treatment for his condition that is not provided by the NHS.
e Veteran A6 received funding support towards the cost of specialist cancer treatment.
e Veteran A8 was diagnosed with MND in 2020 and a 2—5-year life expectancy. Now bed-bound, he can only communicate through an eye movement speech device. PRAFC has supported the rental costs of a specialised bed, which also allows him to spend time with his young daughter.

The Beacon initiative grew in 2024, with a second tranche of an additional 7 Beacon volunteers joining the existing team, making a total of 17. The Beacons continue to add considerable welfare value through networking in their local communities:

e Beacon 2 makes regular weekly social visits to a retired 101-year-old officer living alone at home. All his family and friends had passed away and the request was to help deal with loneliness via comradeship and shared experience.
e Beacon 3 gave follow-up support to a veteran after a 12 week stay in hospital. The referral initially came through Age Cymru veterans’ welfare officer. Our Beacon visited him at home and signposted him to a Help for Heroes clinical advisor.
e Beacon 4 supported a veteran living in terrible conditions: no boiler/heating, no phone, lack of food. Our Beacon purchased him a phone and engaged SSAFA and Veterans Hub to provide hot food, shower access and new clothes.

Regimental Efficiency

Charity funding to the serving Regiment continues to fill key gaps in public funding provision, particularly as regards maintaining ‘the good things in life’ for our hard-working and dedicated personnel. Our Efficiency spend also supports the recruitment of high-quality soldiers and officers and then nurtures their subsequent individual career progression, thus ensuring that we secure, develop and keep the very best leaders for our exceptional soldiers.

Both units and individuals are supported with funding to enable Adventurous Training and sports endeavours, which are character-building activities that foster important professional qualities such as initiative, comradeship and motivation. These experiences also contribute immeasurably to improving the overall quality of life for the Regiment's soldiers and maintaining their work-life balance. In many cases, serving personnel also use these opportunities to promote and raise funds for the Charity, generating a virtuous funding circle of mutual reputational and financial benefit.

The Regiment's teams and soldiers routinely compete at the top level of Army and Inter-Service sport. In 2024, The Regiment again dominated several key sports, keeping their titles as Army Downhill Skiing Champions, Army Boxing Champions and both Army and Combined Services Bobsleigh Champions.

At grass roots level, sports and clubs ranging from competitive skydiving and triathlon to clay pigeon shooting and drone-racing were assisted within the units; all such activities provided valuable recreational enjoyment, whilst often also nurturing key, professionally relevant, skills.

The Charity also funded the participation of a smal! group of serving paratroopers in the prestigious ‘Darwin 200’ tall ships-based research project for the expedition’s Falkland Islands leg in early 2024. In addition, in April 2024, we assisted in supporting the Army's 2024 Everest Expedition, where three of the six lead climbers in this very serious undertaking were serving paratroopers.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Heritage & Commemoration

The AAL Airbome Assault Museum still sits within Imperial War Museum (IWM) Duxford and 2024 again saw a wide range of visits being organised by serving units, veterans’ groups, affiliated cadet contingents and wider supporters. The Museum’s outreach programme again worked closely alongside PRAFC to support a range of Regimental and Charity events. 2024 also saw the overhaul and relaunch of the very successful and classleading ‘ParaData’ online resource too! and archive.

The Charity supports Remembrance through the maintenance of memorials, primarily at the National Memorial Arboretum (NMA), where an annual summer service is held, and with an annual Service of Remembrance at St Lawrence Jewry, the Regimental church in the City of London, in November. These are also important for our ongoing support to Next of Kin (NOK) and families of the fallen.

Support is also provided for Regimental commemorations overseas in France and the Netherlands, with grants for our very few remaining veterans of these campaigns to make pilgrimage to the battlegrounds on which they once fought. These flagship commemorative activities are also key in maintaining the public profile and reputation of both The Parachute Regiment and wider Airbome Forces. 2024 saw the 80th anniversaries of both D-Day and Arnhem, especially important this year because this was probably the last significant anniversary of those momentous Airborne battles at which our veterans will likely be able to make these pilgrimages in person. We also remembered the 25th anniversary of the Regiment's major contribution to the Kosovo intervention by NATO in 1999.

Supplementing the care and travel costs of our two Regimental mascots, the Shetland ponies ‘Pegasus’ and ‘Bruneval’, continues to be another key aspect of the Charity’s wider supporting H&C work,

The Charity also fosters links between the serving Regiment and Airborne Forces and the wider retired community, through funding the publication of the annual ‘Pegasus Journal’. ,

FINANCIAL REVIEW

Financial Performance — Group

The Group's income in 2024 was £2.0m, (up from £1.50m in 2023). 2024 saw an increase in donations from £219k to £299k. Significant support from donor-led fundraising events contributed to this increase. Additionally, legacy income also increased year on year from £124k to £388k in 2024. Investment income increased to £414k in 2024 (£379k in 2023) by continuing our more proactive approach to our operational cash management. Within the overall Group income figure is £397k of sales revenue by the subsidiary ABP Retail Ltd against which are set £357k of costs. Subsidiary PARAS'10 Limited accounted for a further £46k income, offset by £21k of costs. Donated services of £36k represent the provision of employee services to the group by the MoD. Charitable activity expenditure for the year increased to £1.18m compared to £1.10m in 2023.

The Group's surplus for the year was £206k (2023: £106k deficit). This increased to a surplus of £480k after unrealised investment gains of £274k (2023: surplus of £894k after unrealised investment gains of £999k). As of 31 December 2024, the Group carried forward total funds of £15.3m (2023: £14.8m).

Financial Performance — Subsidiaries

Airborne Assault Limited made a deficit of £17k (2023: £64k). Income increased by £47k. Overall expenditure remained level with 2023.

ABP Retail Limited (ABP) made a contribution from retail merchandise sales of £40k (2023: £28k) paid under Gift Aid to its charitable Parent. Turnover increased by £65k and cost of sales increased by £33k year on year.

PARAS'10 Limited made a contribution to its parent under Gift Aid of £25k (2023: £31k).

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Principal Funding Sources

As well as investment income, the Charity has diverse voluntary income streams: the One Day's Pay Scheme (ODPS) for serving members of the Regiment; grants and donations by private individuals, charitable bodies (including branches of the Parachute Regimental Association), trusts, foundations and corporations; legacies; and funds raised from activities and events organised by third-party supporters or by the Charity itself.

Fundraising Controls ; All fundraising for voluntary donations is managed by a cell of two employees within the Charity, including the CEO, and relies heavily on personal initiatives by supporters within the serving and retired community, as well as the general public. The Charity organises a number of its own fundraising events or supports third-party event organisers. No professional fundraising organisation, agency or commercial participator has been or will be employed, as a matter of current policy. The Charity is registered with the Fundraising Regulator and conforms to its Code of Standards. It also complies with guidelines published by the Charity Commission and the Institute of Fundraising. The Charity monitors fundraising on its behalf by attendance at events, or where public collections are being made, by identity checks on collectors, issuing clear guidelines on practices and instructions for remitting funds, and issuing letters and badges of identification with contact details for the charity. Records are maintained for all collectors, including all fundraising aids and materials issued and remittances are monitored. A Complaints Policy agreed by the Trustees is published and publicly accessible on the Charity website. No complaints were received in 2024.

All fundraising for voluntary donations is managed by a cell of two employees within the Charity, including the CEO, and relies heavily on personal initiatives by supporters within the serving and retired community, as well as the general public. The Charity organises a number of its own fundraising events or supports third-party event organisers. No professional fundraising organisation, agency or commercial participator has been or will be employed, as a matter of current policy.

The Charity is also registered with the Information Commissioners Office (ICO) and conforms with the Data Protection Act 1998 and the General Data Protection Regulations (GDPR) 2018.

Investment and Risk Policy

All investments funds have been entrusted to a single manager, CCLA (Churches, Charities and Local Authorities) Investment Management Limited.

The investment portfolio is managed to maintain and grow the true value of the investments and generate income which is allocated to the restricted or unrestricted funds according to its source. This strategy does lead to greater year-on year-volatility in fund values, which is reflected in the accounts, but should generate a more favourable return over the long run. Periodic assessments are made by the FIC as to the availability of cash from operating activities for further long-term investment, noting that restricted and designated funds all need liquidity to meet demand in their respective areas.

Investment Performance

The value of the Charity’s investments continued their recovery during 2024 with unrealised gains of £274k. The Charity received investment income of £414k (2023: £379k). At the end of 2024, the total value of the investments held by the charity stood at £13.041m (2023: £12.267m).

Reserves Policy

The Charity is committed to maintaining a level of reserves sufficient to meet ongoing liabilities, including obligations to beneficiaries, to maintain service delivery and to protect the long-term future of its operations in the face of uncertainties and fluctuations in the voluntary fundraising environment. As of 31 December 2024, the PRAFC Group's total reserves were £15.3m (2023: £14.8m), of which £4.94m is restricted or designated for specific charitable purposes, and £10.34m unrestricted for meeting the objects as the Trustees see fit. It is the view of the Trustees that the reserves held are reasonable and required to support the ongoing and long-term welfare needs of our beneficiaries, as well as funding of regimental efficiency, heritage and commemorative activity.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE PLANS

In these uncertain and unpredictable economic times, the Charity now looks to maintain at least its current levels of disbursements to its beneficiaries right across the full range of charitable aims and objectives. It will do so whilst optimising its intemal efficiency as an organisation and seeking to be ‘resilient by design’ for the future. Our 2025-29 Business Plan, based upon detailed and rigorous strategic analysis, will be our lodestone in doing so. Better defining our eligible beneficiary base and forecasting its dynamics will also assist in planning for the future, as will a proactive effort to predict, identify, define and quantify society's emerging 'new needs’, especially in the healthcare sphere.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES RESPONSIBILITIES

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

Company law 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 and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In so doing, the Trustees are required to

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charity SORP;
e make judgements and estimates that are reasonable and prudent;
e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

In so far as the Trustees are aware:

e there is no relevant audit information of which the charitable company’s auditors are unaware; and e the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITOR

The auditor, Sumer Auditco Limited, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING EXEMPTIONS

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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Approved by order of the members of the board of Trustees and signed on their behalf by:
Lt“)\~ [Gen] [SiZohn] [Lorimer] MBE —
Chair of Trustees
Date: ym
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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

a INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

Opinion

We have audited the financial statements of The Parachute Regiment and Airborne Forces Charity (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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:

e give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.

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THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

I INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, 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 of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

° the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
e the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

e the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
e the parent charitable company financial statements are not in agreement with the accounting records and retums; or
e certain disclosures of Trustees’ remuneration specified by law are not made; or
e we have not received all the information and explanations we require for our audit; or
e the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

Page 12

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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Page 13

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the trustees (as required by auditing standards), inspection of the Charitable Company's regulatory and legal correspondence and discussed with the trustees the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group and Charitable Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group and Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety regulations, employment law and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group and Charitable Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 14

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

A OE RS A EER LT

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Piers Harrison FCA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited Statutory Auditor - 820 The Crescent Colchester Business Park Colchester Essex CO4 8YQ :

Page 15

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2024	2024	2024	2023
	Note	£	£	£	£
Income from:
Donations and legacies	4	792,153	161,560	953,713	613,549
Charitable activities	7	19,957	4,679	24,636	11,095
Othertrading activities	5	604,005	2,543	606,548	496,474
Investment income	6	347,485	66,657	414,142	379,452
Total income		1,763,600	235,439	1,999,039	1,500,570
Expenditure on:
Raising funds	8	617,769	-	617,769	506,387
Charitable activities:	9
Promote and maintain the heritage of
The Parachute Regiment and Airborne
Forces		250,266	66,279	316,545	294,325
Promote the efficiency ofThe
Parachute Regiment and Airborne
Forces		316,620	7,315	323,935	242,580
Relief of need, hardship and distress of
past and present members ofThe
Parachute Regiment and Airborne Forces and theirdependants		139,270	395,731	535,001	562,912
Total expenditure		1,323,925	469,325	1,793,250	1,606,204
Net income/(expenditure) before net
gains on investments		439,675	(233,886)	205,789	(105,634)
Net gains on investments		226,979	46,759	273,738	999,407
Net movement in funds		666,654	(187,127)	479,527	893,773
Reconciliation offunds:
Total funds brought forward		11,609,619	3,196,148	14,805,767	13,911,994
Net movement in funds		666,654	(187,127)	479,527	893,773
Totalfundscarriedforward		12,276,273	3,009,021	45,285,294	14,805,767

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 59 form part of these financial statements.

Page 16

SO IN

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee) — REGISTERED NUMBER: 07005997

1 I

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

						As restated
				2024		2023
		Note		£		£
Fixed assets
Intangible assets		16		76,171		34,217
Tangible assets		17		608,568		652,537
Heritage assets		18°		391,414		391,414
Investments		19		13,041,142		12,267 404
				44,117,295		13,345,572
Current assets
Stocks		20	73,633		72,150
Debtors		21	180,335		126,229
Cash at bankand in hand	.		1,120,685		1,375,045
			1,374,653		1,573,424
Creditors: amounts fallingdue within one year		22	(206,664)		(113,229)
Net current assets				1,167,999		1,460,195
.
Total net assets				15,285,294		14,805,767	~
Charity funds
Restricted funds		24		3,009,021		3,196,148
Unrestricted funds		24		12,276,273		11,609,619
Totalfunds				15,285,294		14,805,767

Page 17

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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----- Start of picture text -----
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
LtowGen John Lorimer) KCB, titDSOidMBE —_——
Chair of Trustees
, [aa]
Date: ha
The notes] Ooon pages»y22 to 59beaksform part of theseWikfinancial statements.
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Page 18

‘

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee) REGISTERED NUMBER: 07005997

CHARITABLE COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024

								As restated
	i					2024		2023
			Note			£		£
Fixed assets
Intangible assets			16			4,205		5,607
Tangible assets		;	17			2,967		7,738
Heritage assets			18			391,414		391,414
Investments			19			13,041,145		12,267,407
					‘	13,439,731		12,672,166
Current assets
Debtors			21		301,378		307,675
Cash atbank and	in hand			‘	831,600		1,080,725
					1,132,978	,	1,388,400
Creditors: amounts falling due within		one
year			22		(171,574)		(94,855)
Net current assets						961,404		1,293,545
Total assets less	current liabilities					14,401,135		13,965,711
Creditors: amounts falling due aftermore
than oneyear						.		(60,789)
Total netassets						14,401,135		13,904,922
Charityfunds
Restricted funds			24			2,349,039		2,488 343
Unrestricted funds			24			12,052,096		11,416,579
Totalfunds						14,401,135		13,904,922

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Page 19

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

CHARITABLE COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Charitable Company's net movement in funds for the year was £496,213 (2023 - £957,924).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

==> picture [262 x 91] intentionally omitted <==

----- Start of picture text -----
losa
Lt Gen SinJghn Lorimer KCB DSO MBE
Chair of Trustees aot
Date: ad
f 6 Cayelo UNS
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The notes on pages 22 to 59 form part of these financial statements.

Page 20

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |As|restated| |2024|2023| |Note|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|27|(107,397)|124,043| |Cash|flows|from|investing|activities| |Interest|received|35,521|43,619| |Dividends|received|378,621|335,507| |Purchase|of|intangible|assets|(56,160)|-| |Purchase|of tangible|fixed|assets|(4,945)|(3,935)| |Purchase|of|investments|(500,000)|(750,000)| |Net|cash|used|in|investing|activities|(146,963)|(374,809)| |Change|in|cash|and|cash|equivalents|in|the|year|(254,360)|(250,766)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|1,375,045|1,625,811| |Cash|and|cash|equivalents|at|the|end|of the|year|28|1,120,685|1,375,045| |The|notes|on|pages|22|to|59|form|part|of these|financial|statements|

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Page 21

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

eeeereenrynnssirsstienneaenetitnesnnttne al

General information

The Parachute Regiment and Airbome Forces Charity is a private company limited by guarantee and incorporated in England, registered office Regimental Headquarters, Merville Barracks, Colchester, CO2 7UT. The financial statements are presented in Sterling, which is the functional currency of the currency of the Group. There are no material uncertainties about the charity's ability to continue. The Parachute Regiment and Airborne Forces Charity constitutes a public benefit entity as defined by FRS 102.

2 Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Parachute Regiment and Airbome Forces Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charitable Company and its subsidiary undertakings. The results of the subsidiaries are consolidated ona line by line basis.

The Charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Basis of consolidation

The accounts of the group consolidate the results of the company and its subsidiary undertakings, ABP Retail Limited, PARAS'10 Limited and Airborne Assault Limited which are made up to 31 December. The accounts are consolidated ona line by line basis.

Page 22

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

Zs Accounting policies (continued)

2.3 Income

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

Tumover is the amount derived from the provision of goods/services, and stated after trade discounts, other sales taxes and net of VAT where applicable.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services and facilities represents costs borne by the Ministry of Defence in connection with Staff seconded to the Museum and the parent charity without charges, rates and other office expenses.

2.4 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Allocation and apportionment costs

Support costs are costs related to providing direct support to the charitable company but also includes IT costs, insurance, telephone and other office costs. Governance costs are audit fees and trustee meeting and travel expenditure. Any such costs incurred during the year that are not directly attributable to the charitable activities of the organisation are allocated on the proportion of total direct costs required to support each activity.

| | |

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 23

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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----- Start of picture text -----
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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2. Accounting policies (continued)

2.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. A,

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.8 Intangible assets and amortisation

Intangible fixed assets are recognised at cost and amortised over an 8 to 10 year period on a straight line basis.

At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life, which must be reviewed at each reporting date. If a reliable estimate of the useful life cannot be made, it is presumed to be no more than five years.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Leasehold property - over the length of the lease Equipment and fittings - straight line over 4 4 years,

straight line over 4 4 years, straight line over 3 - 10 years and 10% reducing balance.

Page 24

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

2: Accounting policies (continued)

2.10 Heritage assets

The Parachute Regiment and Airbome Forces Charity holds various heritage assets, including a memorial statue, paintings, statuettes, and trophies, to preserve the heritage of the Parachute Regiment and Airbome Forces. These assets are included at cost and are not depreciated as their nature means that they have an indefinate useful economic life. Consideration is given each year as to whether the value of these assets should be written down if circumstances mean they have become impaired.

Airbome Assault Limited, a subsidiary of the main charity, holds a large number of heritage assets in connection with the history of Airborne Forces and consists of the Museum's collection both on and off display. They include medals, uniforms, equipment, vehicles an extensive archive of documents and imagery and other artefacts. The objects are considered heritage assets under the Statement of Recommended Practice terms as they are tangible assets of historic or artistic importance; consequently, no value is placed on either the asset or the donation for accounting purposes. The management policy in respect of heritage asets is summarise in note 17.

2.11 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.12 Taxation

The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.13 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 25

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

a: Accounting policies (continued)

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.15 Retirement benefits

The Group operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Expenses are allocated based on the proportion of direct costs required to support each activity.

2.16 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.17 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.18 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Page 26

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

rma a RR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25 Accounting policies (continued)

2.19 Financial instruments

The Group 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.

2.20 Comparatives

Certain comparatives have been restated to make their treatment consistent with those adopted in the current year. These include:

An amount held on deposit which has been restated and included within cash at bank and in hand. This was previously recognised as a fixed asset investment.

Fixed asset investments and creditors in the parent charitable company's balance sheet to reflect a historical increase in share capital of one of its subsidiaries.

Correction of prior year total funds to bring them in line with underlying accounting records.

Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 3

Critical accounting estimates and assumptions:

Useful economic life of intangible fixed assets

The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the income generation potential of the assets. Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets

The Group and Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 27

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

Income from donations and legacies

	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
PARAS'10 sponsorship	3,853	-	3,853
ParaData donations	3,932	-	3,932
Donations	257,825	41,001	298,826
Legacies	387,880	-	387,880
Grants	-	18,456	18,456
Day's Payscheme income	102,227	102,103	204,330
Donated services and facilities	36,436	-	36,436
	792,153	161,560	953,713
	Unrestricted	Restricted	Total
	funds	funds	funds
	2023	2023	2023
	z	£	£
PARAS'10 sponsorship	9,815	-	9,815
ParaData donations	3,608	-	3,608
Donations	219,083	-	219,083
Legacies	124,065	-	124,065
Grants	5,771	23,942	29,713
Day's Payscheme income	98,517	98,430	196,947
Donated services and facilities	40,318	-	40,318
	501,177	122,372	623,549

Donated services are borne by the Ministry of Defence in connection with staff seconded to The Parachute Regiment and Airborne Forces Charity without charge.

Page 28

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

5, Other trading activities

			Unrestricted	Restricted	Total
			funds	funds	funds
			2024	2024	2024
;			£	£	£
	Merchandise		7,022	-	7,022
	Advertising - Pegasus		.	2,543	2,543
	Royalties		665	-	665
	Charitable fundraising	events	148,725	-	148,725
	ParaData photo sales		965	-	965
	Trading activities		446,628	.	446,628
			604,005	2,543	606,548
			Unrestricted	Restricted	Total
			funds	funds	funds	_
		.	2023	2023	2023
			£	£	£
	Merchandise		626	s	626
	Advertising - Pegasus		-	2,100	2,100
	Royalties		639	-	639
	Charitablefundraising	events	101,355	-	101,355
	ParaData photo sales		502	-	502
	Trading activities		391,252	-	391,252
			494,374	2,100	496,474

6. investment income

	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Dividends	316,147	62,474	378,621
Interest	31,338	4,183	35,521
	347,485	66,657	414,142

Page 29

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

	Unrestricted	Restricted	Total
	funds	funds	funds
	2023	2023	2023
	£	£	£
Dividends	277,236	58,270	335,506
Interest	43,430	516	43,946
	320,666	58,786	379,452

& Income from charitable activities

	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	3	e
Subscriptions - Pegasus Journal	-	4,679	4,679
Grants	17,815	.	17,815
Research/archive visits	2,142	-	2,142
	19,957	4,679	24,636
	Unrestricted	Restricted	Total
	funds	funds	funds
	2023	2023	2023
	£	>	£
Subscriptions - Pegasus Journal	-	4,810	4,810
Grants	4,727	-	4,727
Research/archive visits	1,558	-	1,558
	6,285	4,810	11,095

Page 30

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

8. Analysis of expenditure on raising funds

				Unrestricted	Total
				funds	funds
				2024	2024
				£	£
Raising donations and	legacies
Staff costs				119,182	119,182
Fundraising and online givingcosts		costs		49,150	49,150
Travel and subsistence				3,351	3,351
Function expenses				12,559	12,559
Merchandise	3			45,477	15,477
Trading activities:ABP Retail		Limited		357,157	357,157
Trading activities: PARAS'10		Limited		20,729	20,729
Supportcosts (Note 11)			‘	40,164	40,164
				617,769	617,769
					As restated
				Unrestricted	Total
				funds	funds
		:		2023	2023
				£	£
Staff costs				88,419	88,419
Fundraising and online giving		costs		15,781	15,781
Travel and subsistence				1,606	1,606
Function expenses				27,853	27,853
Merchandise				5,945	5,945
Trading activities: ABP Retail		Limited		303,211	303,211
Trading activities: PARAS'10		Limited		25,052	25,052
Support costs (Note 11)				38,520	38,520
				506,387	506,387

Page 31

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

=i Analysis of expenditure by activity

		Grant
	Direct costs	funding of activities	Support costs	Total funds
	2024	2024	2024	2024
	£	£	£	£
Promote and maintain the heritage ofThe
Parachute Regiment and Airborne Forces -
General	89,360	-	26,776	116,136
Promote and maintain the heritage of The
Parachute Regiment and Airborne Forces - Museum	196.173	;	4.236 :	200.409 ,
	285,533	_ -	31,012	316,545
Promote the efficiency ofThe Parachute
Regiment and Airborne Forces	121,554	135,440	66,941	323,935
Relief of need, hardship and distress of past
and present members ofThe Parachute
Regiment and Airborne Forces and their dependants	440.089	261.030 .	133 882 :	535.001 :
	547,176	396,470	231,835	1,175,481
		Grant
	Direct costs	funding of activities	Support costs	Total funds
	2023	2023	2023	2023
	£	£	£	£
Promote and maintain the heritage ofThe
Parachute Regiment and Airborne Forces -
General	68,581	-	25,680	94,261
Promote and maintain the heritage ofThe
Parachute Regiment and Airborne Forces - Museum	193.259 ’	.	6.805 :	200.064 ;
	261,840	-	32,485	294,325
Promote the efficiency ofThe Parachute
Regiment and Airborne Forces	§3,313	125,067	64,200	242,580
Relief of need, hardship and distress of past
and present members ofThe Parachute
Regiment and Airborne Forces and their dependants	121.577	312.934 ;	128.401 ,	562.912 :
	436,730	438,001	225,086	1,099,817

Page 32

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

—— ee ee EEE ae NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of grants

	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Promote and maintain the heritage ofThe Parachute
Regiment and Airborne Forces	-	-	-
Promote the efficiency ofThe Parachute Regiment and
Airborne Forces	135,440	-	135,440
Relief of need, hardship and distress of past and present
members ofThe Parachute Regiment and Airbome Forces
and theirdependants	108,651	152,379	261,030
	244,091	152,379	396,470
	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
TheArmy Benevolent Fund	30,000	-	30,000
Otherorganisations and individuals *	214,091	152,379	366,470
	244,091	152,379	396,470
* In the yearto 31 December 2024, The Parachute Regiment and Airborne Forces Charity madea total of 366 grants (2023: 318) to individuals for the provision of welfare services, support and financial
assistance for soldiers or family and dependants of soldiers of The Parachute Regiment			and Airborne
Forces.

Page 33

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

11. Analysis of support costs

		Governance	Total
	Other	costs	funds
	2024	2024	2024
	£	E	y
e , Raising funds	38,095	2,069	40,164
Promote and maintain the heritage ofThe Parachute
Regiment and Airborne Forces	25,397	1,379	26,776
Promote the efficiency ofThe Parachute Regiment and
Airborne Forces	63,492	3,449	66,941
Relief of need, hardship and distress of past and present
members ofThe Parachute Regimentand Airborne Forces and theirdependants	126.985	6.897	133,882 :
	215,874	11,725	227,599
; Museum running	-	4,236	4,236
: 3 ans Allocated to Charitable Activities	215,874	15,961	231,835
Totalsupportcosts	253,969	18,030	271,999

Page 34

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

		Governance	Total
	Other	costs	funds
	2023	2023	2023
	£	£	£
es Raising funds	35,450	3,070	38,520
Promote and maintain the heritage of The Parachute
Regiment and Airborne Forces	23,633	2,047	25,680
Promote the efficiency ofThe Parachute Regiment and
Airborne Forces	59,083	S147	64,200
Reliefof need, hardship and distress of past and present
members ofThe Parachute Regiment and Airborne Forces and theirdependants	418.166	10,235	128,401
	200,882	17,399	218,281
, Museum running	-	6,805	6,805
; d At Allocated to Charitable Activities	200,882	24,204	225,086
Totalsupportcosts	236,332	27,274	263,606

]

ed Page 35

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

12. Support costs

12.	Support costscosts
		2024		2023
		£		£
	Bank charges	276		70
	Depreciation charge	7,638		8,084
	Audit fees	13,842		14,183
	Professional fees	3,432		10,182
	Insurance	4,344		3,807
	IT costs	10,333		10,706
	Office expenses	3,277		3,585
	Postage and delivery	2,784	-	4,927
	Printing	175		1,765
	Staffexpenses	2,181		755
	Subscriptions	1,385		1,095
	Support salary costs	201,680		196,956
	Telephone	8,113		3,571
	Travel and meetings	7,567		3,903
	Trustee expenses	3,536		3,017
	Governance costs	34		-
	Amortisation charge	1,402		-
		271,999		263,606
13.	Auditor's remuneration
		2024		2023
		£		£
	Fees payable to the Charitable Company's auditor for the audit of the
	Charitable Company's annual accounts	14,000		11,000
	Fees payable to the Charitable Company's auditor in respect of:
	Allnon-auditservicesnotincludedabove	8,250		8,000

Page 36

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

;

14. Staff costs

					Charitable	Charitable
			Group	Group	Company	Company
	’		2024	2023	2024	2023
			£	EE:	£	£
Wages and salaries			495,581	443,447	412,293	361,521
Social security costs			37,768	35,803	34,998	33,352
Contribution to defined contribution pension
schemes		:	23,892	22,045	21,549	19,855
			557,241	501,295	468,840	414,728

The average number of persons employed by the Charitable Company during the year was as follows:

			Charitable	Charitable	Charitable
	Group	Group	Company		Company
	2024	2023		2024	2023
	No.	No.		No.	No.
Benevolence and welfare support	2	2		2	2
Management and administration	5	5		5	5
Museum operation	3	3		2	Z
	10	10	;	7	7

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

						Group	Group
					F	2024 No.	_ 2023 No,
In	the	band	£70,001	-	£80,000	1	1

The Chief Executive Officer, Finance Director, Head of Welfare and Head of Fundraising & Communications are considered key management personnel. Their total remuneration in the year was £253,607 (2023: £237,016).

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, expenses totalling £3,425 were reimbursed or paid directly to 6 Trustees (2023 - £4,553 to 6 Trustees). These expenses were reimbursed travel and subsistence costs incurred in connection with the Charitable Company.

Page 37

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

16. Intangible assets

Group

	Computer
	software
	£
Cost
At 1 January2024	547,435
Additions	56,160
At 31 December 2024	603,595
Amortisation
At 1 January 2024	513,218
Charge for the year	14,206
At 31 December 2024	527,424
Net book value
At 31 December 2024	76,171
At31December2023	34,217

Page 38

;

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee):

;

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

16. Intangible assets (continued)

Charitable Company

				Computer
			,	software
				£
Cost
At 1 January2024				14,018
At 31 December 2024		:		14,018
Amortisation
At 1 January2024				8,411
Charge forthe year				1,402
	.
At 31 December 2024				9,813
Net book value
At 31 December 2024				4,205
At31December2023				5,607

Page 39

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

17. Tangible fixed assets

Group

	Long-term	Plantand
	leasehold	machinery
	property	etc.	Total
	£	£	£
Cost or valuation
At 1 January2024	1,250,025	1,574,384	2,824,409
Additions	-	4,945	4,945
At 31 December 2024	1,250,025	1,579,329	2,829,354
Depreciation
At 1 January2024	608,807	1,563,065	2,171,872
Charge for the year	39,064	9,850	48,914
At 31 December 2024	647,871	1,572,915	2,220,786
Net book value
At 31 December 2024	602,154	6,414	608,568
At31December2023	641,218	11,319	652,537

Page 40

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

17. Tangible fixed assets (continued),

’ Charitable Company

		Plant and
		machinery
		E
Cost or valuation
At 1 January2024		26,625
Additions		2,867
At 31 December2024		29,492
Depreciation
At 1 January2024		18,887
Charge for the year		7,638
At 31 December2024		26,525
	’
Net book value
At 31 December2024		2,967
At31December2023		7,738

Long leasehold assets represents the remaining value of the lease improvements held by Airborne Assault Limited on the Duxford premises.

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Page 41

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

Oeeli

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

18. Heritage assets

Heritage assets represent artefacts held by The Parachute Regiment and Airbome Forces Charity which are regimental paintings, centrepieces and the Pegasus statue situated at the National Memorial Arboretum.

There were no disposals or impairment of heritage assets in the year or the previous four years.

Airborne Assault Limited holds a large number of objects in connection with the history of Airborne Forces and consists of the Museum's collections both on and off display.

They include medals, uniforms, equipment, vehicles, an extensive archive of documents and imagery and other artefacts.

The objects are considered heritage assets under the Statement of Recommended Practice terms as they are tangible assets of historic or artistic importance; consequently, no value is placed on either the asset or the donation for accounting purposes.

There are four main elements to the collection: the display in Duxford, the physical archive at Duxford, the digital archive PARAData, and the reserve collection held separately at Bassingbourn. The public are able to access the museum in Duxford when the site is open during the week, the archive by appointment and can view PARAData online. Heritage assets from the reserve collection can be retrieved by museum staff for prearranged viewing at Duxford.

The Charity does not actively seek new items for the museum but does regularly receive items, both donated and on loan, from both serving members of the Parachute Regiment and those who have previously served in Airborne Forces or their families. The charity utilises digital and physical recording for each asset and has an approved Collections Policy and Plan to The Collections Trust SPECTRUM 5.1 guidelines and the museums’ disposal policy. The trustees reserve the right to sell an individual object but only after careful consideration and extensive efforts to retum to the original donor or relocated to other institutions. The entire collection would never be offered for sale.

As the majority of artefacts were accrued in the 1950s and 1960s, upon the initial establishment of the original museum in Aldershot, and they would never be sold and for this reason, the value is not included in the accounts.

For insurance purposes, the trustees have undertaken a valuation of the collection which indicated a potential value of £3,245,370. However, as the Charity would be unable to dispose of the collection by selling the items this is considered only to be relevant to allowing the Charity to rebuild the collection if destroyed and in many cases it would not be able to replace the items as they are unique.

Page 42

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

==> picture [444 x 279] intentionally omitted <==

----- Start of picture text -----
Group and Charitable Company ,
!
Assets recognised at cost -
: Heritage
assets
. 2024
£
Carrying value at 1 January 2024 391,414
391,414
Analysis of heritage asset transactions
Group and Charitable Company
2024 2023 2022 2021 2020
E £ £ f.) e
No. of items donated 35 256 74 57 » 9
Value of donation (£) 2,530 4,777 6,025 2,376 575
----- End of picture text -----

As a summary, the total value of objects received into the collection in the past 5 years is valued at £16,283.

None of the above items have been recognised in the charity accounts in line with the accounting policy.

Page 43

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

19. Fixed asset investments

	Listed
	investments
Group	£
Valuation
At 1 January 2024 (as previously stated)	12,267,404
At 1 January 2024 (as restated)	12,267,404
Additions	500,000
Revaluations	273,738
At 31 December 2024	13,041,142
Net book value
At31December2024	13,041,142

13,041,142 12,267,404

At 31 December 2023 (as restated)

Investments

	Investments
	in
	subsidiary	Listed
	companies	investments		Total
Charitable Company	£	£		£
Cost or valuation
At 1 January 2024	3	12,267,404		12,267,407
Additions	~	500,000		500,000
Revaluations	-	273,738		273,738
At 31 December 2024	3	13,041,142	=	13,041,145
Net book value
At 31 December 2024	3	13,041,142		13,041,145
At31December2023	3	12,267,404		12,267,407

Principal subsidiaries

The following were direct subsidiary undertakings of the Charitable Company:

Page 44

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

19. Fixed asset investments (continued)

Names		Company number	Charity registration	Registered office or principal place ofbusiness
			number
PARAS'10 Limited		08368199		Regimental Headquarters,
				Merville Barracks, Colchester,
				CO2 7UT
ABP Retail Limited		06009028		Terrance House, Units 1-3
				Denman Street East, Nottingham,
				NG7 3GX
Airborne Assault Limited		06743823	1126776	Regimental Headquarters,
				Merville Barracks, Colchester,
				CO2 7UT
Principal activity	Class of	Holding Included in
	shares	consolidation
Commercial events	Ordinary	100% Yes
Retail and online shop	Ordinary	100% Yes
Museum running	Limited by	-% Yes
	guarantee

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Profit/((Defic	Net assets
	£	£	it) for the	£
			year
			£
PARAS'10 Limited	46,049	(20,729)	25,320	1
ABP Retail Limited	396,723	(357,157)	39,566	55,312
AirborneAssaultLimited	183,234	(200,409)	(17,175)	829,078

The following was an indirect subsidiary undertaking of the Charitable Company:

Airborne Assault Trading Limited

Company number: 06743518

Registered office: Regimental Headquarters, Merville Barracks, Circular Road South, United Kingdom, CO2 7UT

The company was dormant in both the current and prior year and has net liabilities of £358 (2023: £358).

Page 45

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

20. Stocks

			Group	Group
			2024	2023
			£	ra
Finished goods and goods for resale			73,633	72,150
Debtors
	Group	Group	Charitable Company	Charitable Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	2,661	3,668	1,860	1,600
Amounts owed by group undertakings	-	-	80,991	75,344
Other debtors	141,419	109,595	138,409	106,281
Prepayments and accrued income	36,255	12,966	80,118	124,450
	180,335	126,229	301,378	307,675

21. Debtors

22. Creditors: Amounts falling due within one year

			Charitable	Charitable
	Group	Group	Company	Company
	2024	2023	2024	2023
	£	if	£	£
Trade creditors	55,623	31,193	33,615	10,256
Amounts owed to group undertakings	-	-	58,517	55,224
Other taxation and social security	20,121	17,665	13,093	8.645
Othercreditors	14,840	13;751	9,434	6,287
Accruals and deferred income	116,070	50,620	56,915	14,443
	206,654	113,229	171,574	94,855

Page 46

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

23. Financial instruments

	Group	Group	Charitable Company	Charitable Company
	2024	2023	2024	2023
	£	£	£	£
Financial assets
Financial assets measured at fair value
through income and expenditure	13,041,142	12,267,404	13,041,145	12,267,407
Financial assets measured at amortised cost
through income and expenditure	144,080	113,263	221,260	183,225
	13,185,222	12,380,667	13,262,405	12,450,632
			Charitable	Charitable
	Group	Group	Company	Company
	2024	2023	2024	2023
	£	£	£	£
Financial liabilities
Financial liabilities measured at amortised
costthroughincomeandexpenditure	186,533	95,564	158,481	86,210

Financial assets measured at fair value through income and expenditure comprise fixed asset investments.

Financial assets measured at amortised cost comprise trade and other debtors.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

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Page 47

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

24. Statement of funds

Statement of funds - current year

						Balance at
	Balance at 1					31
	January				Gains/	December
	2024	Income	Expenditure	Transfers	(Losses)	2024
	£	=	£	£	£	£
Designated
funds
Heritage assets	391,414	-	-	-	-	391,414
Airborne Assault
Ltd grants	116,012	-	.	(57,432)	-	58,580
Other
designated
funds	11,940	-	(300)	-	-	11,640
Crudgington
Appeal	28,148	2,785	(1,890)	-	_ -	29,043
2040 Fund	1,102,089	-	-	-	23,384	1,125,473
ParaData Phase
Il	66,264	-	(12,805)	_ -	-	53,459
Other
designated
funds (AAL)	31,694	-	(2,139)	-	-	29,555
	1,747,561	2,785	(17,134)	(57,432)	23,384	1,699,164

Page 48

neal

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY {A Company Limited by Guarantee)

ee

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

24. Statement of funds (continued)

								Balance at
		Balance at 1						31
		January 2024	Income	Expenditure	‘Transfers	Gains/ (Losses)		December 2024
		£	£	£	=	£		£
	General funds
	General fund	—-9,766,976	1,254,651	(809,719)	64,526	203,595		10,480,029
	ABP Retail
_	Limited general fund	54,950	396,723	(357,157)	(39,206)	-		55,310
	PARAS'10
	Limited general fund	-	46,049	(20,729)	(25,320)	-		-
	Airborne Assault						:
	Limited general
	fund	40,490	63,392	(119,186)	57,432	.		42,128
	Airborne Assault
	Trading Limited
	general fund	(358)	-	-	-	-		(358)
		9,862,058	1,760,815	(1,306,791)	. §7,432	203,595		10,577,109
	Total
	Unrestricted funds	11,609,619	1,763,600	(1,323,925)	.	226,979		, 12,276,273

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ee , Page 49

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

24. Statement of funds (continued)

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||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|31| |January|Gains/|December| |2024|Income|Expenditure|Transfers|(Losses)|2024| |£|if|£|£|&|£| |Restricted| |funds| |Operational| |support|fund|8,081|-|-|-|-|8,081| |Pegasus|Journal|550|7,997|(7,315)|-|-|1,232| |Benevolence| |and|Welfare|227,958|102,103|-|-|-|330,061| |Afghanistan| |Trust|2,072,483|61,524|(279,613)|-|44,318|1,898,712| |Other|restricted| |funds|19,563|.|-|-|-|19,563| |Airborne|Assault| |||_| |Normandy|Trust|30,122|-|-|-|-|30,122| |Breya|fund|17,486|-|-|-|-|17,486| |Francis|Fund|112,100|4,377|(79,156)|-|2,441|39,762| |Lynaghan|Fund|-|40,982|(36,962)|-|-|4,020| |Parachute| |Regiment|and| |Airborne|Forces| |Museum|Trust|670,687|-|(39,063)|-|-|631,624| |Paradata|Phase| |I|36,271|-|(8,223)|-|-|28,048| |Ogilby|Trust| |grant|537|18,456|(18,993)|-|-|-| |Collection|;| |redisplay|fund|310|-|-|-|-|310| |3,196,148|235,439|(469,325)|-|46,759|3,009,021| |Total|of funds|14,805,767|1,999,039|(1,793,250)|-|273,738|15,285,294|

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Page 50

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

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

24. Statement of funds (continued)

Statement of funds - prior year

				.
							Balance at
		Balance at					31
;		1 January				Gains/	December
		2023	Income	Expenditure	Transfers	(Losses)	2023
		£	£	£	£	£	£
	Designated				‘
	funds
	Heritage assets	391,414	-	-	-	-	391,414
	Airbome Assault
	Ltd grants	171,235	_ -	(55,223)	-	~	116,012
	Other
	designated
	funds	26,101	20,563	(34,724)	-	-	11,940
	Crudgington
	Appeal	28,148	-	-	-	-	28,148
	2040 Fund	1,012,905	-	~	-	89,184	1,102,089
	ParaData Phase
	i]	79,069	_ -	(12,805)	.	-	66,264
	Other		,
	designated
	funds (AAL)	41,604	-	(9,910)	-	-	31,694
		1,750,476	20,563	(112,662)	-	89,184	1,747,561

Page 51

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

24. Statement of funds (continued)

						Balance at
	Balance at					31
	1 January 2023	Income	Expenditure	Transfers	Gains/ (Losses)
	£	£	£	£	£	£
General funds
General fund	9,065,167	910,516	(1,003,500)	58,767	736,026	9,766,976
ABP Retail
Limited general
fund	54,950	331,151	(303,211)	(27,940)	-	54,950
PARAS'10
Limited general
fund	-	55,879	(25,052)	(30,827)	-	-
Airborne Assault
Limited general
fund	38,500	111,971	(109,981)	-	-	40,490
Airborne Assault
Trading Limited
general fund	(358)	-	-	-	-	(358)
	9,158,259	1,409,517	(1,441,744)	-	736,026	9,862,058
Total
Unrestricted
funds	10,908,735	1,430,080	(1,554,406)	-	825,210	11,609,619

Page 52

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

eS a A SSS RS NE

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

. :

24, Statement of funds (continued)

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||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|31| |1|January|Gains/|| December| |2023|Income|Expenditure|Transfers|(Losses)|2023| |£|£|£|ES|£|£| |Restricted| |funds| |Operational| |support fund|8,081|-|-|-|-|8,081| |Pegasus|Journal|(167)|7,426|(6,709)|-|-|550| |Benevolence|7| |and|Welfare|129,528|98,430|-|-|-|227,958| |Afghanistan| |Trust|1,883,578|55,250|(31,449)|-|165,104|2,072,483| |Other|restricted| |funds|19,563|-|-|.|-|19,563| |Airborne|Assault| |Normandy Trust|30,122|-|-|-|-|30,122| |Breya|fund|17,486|-|-|-|.|17,486| |Francis|Fund|162,098|3,020|(62,112)|-|9,094|112,100| |Parachute| |Regiment|and| |Airborne|Forces| |Museum|Trust|709,750|-|(39,063)|-|.|670,687| |Paradata|Phase| |he|41,171|-|(4,900)|-|-|36,271| |Ogilby|Trust| |grant|-|23,942|(23,405)|:|.|-|537| |Collection| |*|redisplay fund|310|-|-|-|-|310| |3,001 ,520|188,068|(167,638)|-|174,198|3,196,148| |Total|of funds|13,910,255|1,618,148|(1,722,044)|-|999.408|14,805,767|

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Page 53

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

24. Statement of funds (continued)

Unrestricted funds

The charity's general funds consist of funds which the trustees are free to use in accordance with the charitable objects.

Designated funds

The charity's designated funds consist of funds which the trustees have designated for a specific purpose as stated in the accounts. The Airborne Assault fund designation relates to the three year funding agreement and will be expended by 2025. The ParaData phase II fund relates to funds held for expected future costs and will be expended within the next three to five years.

Restricted funds

Pegasus Journal — the fund represents the surplus or deficit on the publication of The Parachute Regiment’s Journal consisting of one edition per annum. Any surplus is held to fund future issues whilst deficits are covered by application of general funds. Please refer to note 30 for future changes to the Pegasus Journal.

Benevolence and Welfare — in line with AGAI guidance, an element of the Day's Pay Scheme is to be witheld for benevolent/welfare purposes.

Afghanistan Trust — In 2015 the charity received the entire funds of The Parachute Regiment Afghan Trust. The fund is to be expended in line with the objects of the original charity which was to support those from The Parachute Regiment who had been deployed to Afghanistan during the conflict. The Trust also expanded the remit to those who had been killed or injured since September 2001 in Afghanistan and Iraq to ensure that the fund can support Parachute Regiment personnel deployed.

Operational Support fund — this fund is to be used towards costs of supporting families of member of The Parachute Regiment who are on active service.

Other — these are funds with minor balances which should be expended within the next twelve months.

The principal restricted fund transferred from the Airbome Assault Ltd relates to the assets and liabilities of The Parachute Regiment and Airborne Forces Museum Trust, which are classified as a restricted fund under the amalgamation of the charities. Airborne Assault Ltd held three other restricted funds for ParaData Phase || Development, Redisplay of the museum collection and Ogilby.

The Parachute Regiment and Airborne Forces Museum Trust, more commonly referred to as PRAFMT, is a linked charity of Airbome Assault Limited (AAL). The PRAFMT is the vehicle that existed prior to the creation of AAL and was the organisation that oversaw the move from Aldershot to IWM Duxford. The PRAFMT owns a number of the museum's assets, including the long-term lease, the museum’s internal fixtures and fitting and artefacts. All such assets are held in a restricted fund within AAL. As linked charities the AAL and the PRAFMT are treated as one organisation.

Airborne Assault Normandy Trust - In 2016 the charity received the entire funds of Airborne Assault Normandy Trust. The fund is to be expended in line with the objects of the original charity which was the permanent preservation of the Normandy site for the education and benefit of the nation and the armed forces of the UK.

Page 54

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

a RE

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

Statement of funds (continued)

Breya Fund - a designated fund was established to consolidate donations and ensure the most cost and tax-efficient channel to assist in funding provision of overseas medical treatment for the daughter of a regimental NCO suffering from neuroblastoma cancer. The family’s needs arising from the child's UK treatment have also been supported from Trustees’ unrestricted funds.

Francis Fund - this fund relates entirely to a legacy received in 2020 and these funds shall be utilised for the benefit of wives and orphans in distress of deceased ex-Airborne soldiers and Airborne disabled soldiers.

Transfers between funds

During the year, various fund transfers have been processed as the trustees believe them necessary to give a more accurate position at the year end. All transfers are standard consolidation transactions required to correct the group position at the year end.

Summary of funds

Summary of funds - current year

						Balance at
	Balance at 1					31
	January 2024	Income	Expenditure	Transfers	Gains/ (Losses)	December 2024
	£	£	£	£	£	£
Designated
funds	1,747,561	2,785	(17,134)	(57,432)	23,384	1,699,164
General funds	9,862,058	1,760,815	(1,306,791)	57,432	203,595	10,577,109
Restricted funds	3,196,148	235,439	(469,325)	-	46,759	3,009,021
	14,805,767	1,999,039	(1,793,250)	-	273,738	15,285,294
Summary offunds- prioryear
						Balance at
	Balance at					31
	1 January			Transfers	Gains/	December
	2023	Income	Expenditure	in/out	(Losses)	2023
	£	£	£	a5	£	£
Designated
funds	1,750,476	20,563	(112,662)	-	89,184	1,747,561
General funds	9,158,259	1,409,517	(1,441,744)	-	736,026	9,862,058
Restricted funds	3,001,520	188,068	(167,638)	-	174,198	3,196,148
	13,910,255	1,618,148	(1,722,044)	-	999,408	14,805,767

Page 55

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

26. Analysis of net assets between funds

Analysis of net assets between funds - current period

		Unrestricted	Restricted	Total
		funds	funds	funds
		2024	2024	2024
		2	£	£
Tangible fixed assets	‘	6,414	602,154	608,568
Intangible fixed assets		76,171	-	76,171
Fixed asset investments		10,924,477	2,116,665	13,041,142
Heritage assets		391,414	-	391,414
Current assets		833,799	540,854	1,374,653
Creditors due within one year		(199,354)	(7,300)	(206,654)
Difference		243,352	(243,352)	-
Total		12,276,273	3,009,021	15,285,294
Analysis of net assets between funds - prior period
		Unrestricted	Restricted	Total
		funds	funds	funds
		2023	2023	2023
		£	£	£
Tangible fixed assets		11,319	641,218	652,537
Intangible fixed assets		34,217	-	34,217
Fixed asset investments		10,197,498	2,069,906	12,267,404
Heritage assets		391,414	-	391,414
Current assets		1,080 498	492,926	1,573,424
Creditors due within one year		(105,327)	(7,902)	(113,229)
Total		11,609,619	3,196,148	14,805,767

Page 56

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

27. Reconciliation of net movement in funds to net cash flow from operating activities

	Group	Group
	2024	2023
	£	AS:
Net income for the period (as per Statement of Financial Activities)	479,527	893,773
Adjustments for:
Depreciation charges	48,914	48,365
Amortisation charges	14,206	14,206
Loss on disposal oftangible fixed assets	-	591
Gains on investments	(273,737)	(999,408)
Dividends received	(378,621)	(335,507)
Interest received	(35,521)	(43,619)
Decrease/(increase) in stocks	(1,483)	6,160
Decrease in debtors	3,901	556,306
Increase/(decrease) in creditors	35,417	(16,824)
Net cash provided by/(used in) operating activities	(107,397)	124,043
Analysis of cash and cash equivalents
	Group	Group
	2024	2023
	£	2
Cash in hand	607,091	639,387
Notice deposits (less than 3 months)	513,594	735,658
Totalcashandcashequivalents	1,120,685	1,375,045

28. Analysis of cash and cash equivalents

Page 57

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

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

29. Analysis of changes in net debt

						At 1		At 31
						January		December
						2024	Cash flows	2024
						Ps	£	£
Cash	at	bank	and	in	hand	1,375,045	(254,360)	1,120,685
						1,375,045	(254,360)	1,120,685

30. Pegasus Journal

The cost of producing and distributing the journal is funded from a number of sources. The income received and its application by the charity is set out below:

		2024	2023
		z	£
	Subscriptions	4,679	4,810
	Advertising income	2,543	2,100
	Interest received	756	516
	Less annual running costs	(7,129)	(6,675)
	Surplus for the year	849	751
	Annual running costs are as follows:
		2024	2023
		£	£
	Publication costs	6,229	5,775
	Insurance	900	900
		7,129	6,675
31.	Pensioncommitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £23,892 (2023 - £22,045). £1,350 (2023: £966) was payable to the fund at the balance sheet date and is included in creditors.

Page 58

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

ee EEE

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

32. Operating lease commitments

The Group and the Charitable Company had no commitments under non-cancellable operating leases at 31 December 2024.

33. Related party transactions

The Charitable Company has taken advantage of exemption, under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with its subsidiary undertakings, as they are wholly owned subsidiaries.

During the year there were no related party transactions other than the Trustees' expenses disclosed in Note 15 above.

34. Controlling party

The Charitable Company is controlled by the Trustees.

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Page 59

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

(A Company Limited by Guarantee)

CONTENTS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Structure

Committees

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Board of Trustees

Recruitment and appointment of new Trustees

Related Parties

Management

OBJECTIVES AND ACTIVITIES

Objectives and Aims

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Restricted Funds

Afghan Restricted Fund (ARF)

Airborne Assault Normandy Trust (AANT)

Benevolence and Welfare Fund

Francis Fund

Public Benefit

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Grantmaking

ACHIEVEMENT AND PERFORMANCE

Charitable Activities

Relief of Need, Hardship and Distress

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Regimental Efficiency

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Heritage & Commemoration

FINANCIAL REVIEW

Financial Performance — Group

Financial Performance — Subsidiaries

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Principal Funding Sources

Investment Performance

Reserves Policy

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE PLANS

EVENTS SINCE THE END OF THE YEAR

STATEMENT OF TRUSTEES RESPONSIBILITIES

DISCLOSURE OF INFORMATION TO AUDITOR

AUDITOR

ACCOUNTING EXEMPTIONS

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (A Company Limited by Guarantee)

a INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

Opinion

Basis for opinion

Conclusions relating to going concern

I INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Other information

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

(A Company Limited by Guarantee)

Responsibilities of trustees

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY (CONTINUED)

Use of our report

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

THE PARACHUTE REGIMENT AND AIRBORNE FORCES CHARITY

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

2 Accounting policies

2.1 Basis of preparation of financial statements

2.2 Basis of consolidation

2.4 Expenditure

2.5 Allocation and apportionment costs