CHARITY REGISTRATION NUMBER: 1166089
The Royal Welsh Regimental Welfare and Benevolence
Foundation Charitable Incorporated Organisation
Financial Statements
31 March 2025
WALTER HUNTER & CO LIMITED
Chartered accountants & statutory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Financial Statements
Year ended 31 March 2025
Page
Trustees. annual report
Independent auditor's report to the members
Statement of financial activities
12
Statement of financial position
13
Statement of cash flows
14
Notes to the financial ststements
15

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report
Year ended 31 March 2025
The trustees present their report and the financial statements of the charity for the year ended
31 March 2025.
Reference and administrative details
Registered charity name
The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Charity registration number
1166089
Principal office
Maindy Barracks
Cardiff
CF14 3YE
The trustees
Major IReldl MFH Adler TD
Captain (Retdl JEE Barham
Major General CBK Barry CBE - Chairman (Ex Officiol
Lt Col DL Evans1 (Ex Officiol
Captain (Retdl DJ Hitchcock OBE
Colonel NJ Lock OBE
Captain (Retdl RJE Minler-KeMp
Mr S Prichard Iwilh effect Dec 241
Lt Col EMG Willcox MBE2 (Ex Officiol
Audltor
Walter Hunter & Co Limited
Chartered accountants & statutory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF
Bankers
The Royal Bank of Scotland plc
Holt's Military Banking
200 Fowler Avenue
Fowler Business Park
Farnborough
GU14 7JP
Investment manager
Evelyn Partners
45 Gresham Street
London
EC2V 78G
Lt Col M Adams look over from Lt Col Evans with effect 1 March 2025.
Lt Col O Beard took over from Lt Col E Wilcox with effect 1 August 2024.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
Structure. governance and management
Goveming document
The Royal Welsh Regimental Welfare and Benevolen￿ Foundation was first registered on 16 March
2016 bul did not commence operation until 18th July 2017. The nel assets and charitable activities of
the following charities were transferred on this dale..
The Royal Regiment of Wales Common Investment Fund (charity numbers 1085032 and
2663881,
Regimental Association The Royal Welsh Icharity number 11537591.,
The Regiment of Wales Benevolent Fund (charity number 2641201.
Organisational structure
The Board of Iruslees meet al least twice a year to receive the annual accounts, discuss major policy
issues and campaigns, and agree priorities for action. The charity does not have any employees.
All decisions are made by the Iruslees, however, the day-to-day management of the charity is
undertaken by the Regimental Secretary, supported by the Regimental Headquarters Staff.
Trustee recruitment and induction
Trustees are predominantly recruited from serving, and former, members of the regiment.
The Trustees have been offered trustee training from the Investment Manager, Evelyn Partners.
Annual tmining will be offered at the next full meeting of the Board in June 2025.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
Objectives and activities
Objects and aims of the charity
1. To promote the efficiency of the Armed Forces of the Crown in general and in particular, the
efficiency of the Royal Welsh or any component or predecessor regiment or unit by any
charitable means the charity Iruslees may decide, including without limitation..
lal fostering esprit de corps and comradeship and supporting cadet units affiliated lo the
Royal Welsh.,
Ibl assisting members of the Royal Welsh, or any component or predecessor regiment or
unit, or any personnel allached to those regiments, with their transition to civilian life, in
particular without limitation by providing education lo aid with re-settlement and assisting
them to find employment.,
Iclfoslering and preserving the history, heritage, traditions, and military accomplishments
of the Royal Welsh and any component or predecessor regiment or Ljnit, including
without limitation by supporting a museum or museums, archives and collections., and
Idl commemorating and remembering the members of the Royal Welsh, or any
component or predecessor regiment or unit, who have died while on active service and to
encourage public reeognilion of the sacrifice made by such persons," and in parb'cular
without limitation to provide memorials lo commemomte the fallen or victories, and
maintain regimental chapels or churches.,
2. To advance the education of members of the Royal Welsh, or any component or predecessor
regiment or unit.,
3. To relieve hardship, distress or need among members and former members of the Royal
Welsh, or any component or predecessor regiment or unil, members of families and other
dependents, including without limitation by providing financial support lo families or other
dependents on those who have lost their lives on active service.,
4. To promote and protect the health of those that have been wounded or injured, whether on
active service or otherwise, whilst serving in the Royal Welsh, or any component or
predecessor regiment or unil, al the charity trustees, discretion., and
5. Such other exclusively charitable purposes relating lo the Royal Welsh or any component or
predecessor regiment or unil, as the charity trustees in their absolute discretion think fit.
The main activities undertaken in relation to the above are noted throughout this report.
The charity measures its success by reviewing If it has fulfilled all the benevolence cases that were
identified to the Regimentsl Headquarters during the year.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
Objectives and activities (continue
Public benefit
The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what
activities the charity should undertake.
The fund achieves ils objects by the provision of charitable grants lo individuals and families of the
Regimental Family for the purpose of promoting the efficiency of the Armed FOr￿S of the Crown,
particularly by supporting the Regiment's veterans in their lime of need. The charity provides this
benevolence independently and in conjunction with such Service Charities as The Soldiers,, Sailors.,
and Airmen's Families Association ISSAFAI, The Royal British Legion ITRBLI and The Army
Benevolent Fund IABFI The Soldiers, Charity to meet requirements that are not always mel by public
services lor not in a sufficiently timely mannerl. The trustees recognise the benefits that this brings lo
The Regiment and the Army In helping to fulfil their covenant to the veterans, through providing
support lo the grave.
The trustees consider, therefore. that the charity more than meets the requirement to provide public
benefit under the charitable "head" of "the promob.on of the efficiency of the Armed Forces of the
Crown
Policies adopted
The trustees have adopted additional policies which do not permit the making of loans lo potential
beneficiaries of the charity (see objects of the charity above).
Grant making policy
Any grants awarded by the charity are at the discretion of the trustees. Depending on the value of the
grant requested, grants will be referred to the board of trustees for their approval.
Achievements and performance
During the past financial year the Foundation has seen a steady increase in grants. In the period 1
Apr 24 - 31 Mar 25 il made the following grants..
1 st Ballalion £57,216
3rd Ballalion £3,978
ACF in Wales £2,522
Adventure training and sports £1,400
Fund benevolence and hardship cases lotalling £21,778.493 for 108 cases.
Benevolence grants were made lo
Pozitive Energy LimitedlBritish Gas Trading Ltd in respect of the VC Gallery of
Haverfordwesl
- Valda Energy Ltd in respect of VC Gallery of Pembroke Dock
- The Corps of Drums
- The ABF The Soldiers Charity
Friends of Llandaff Cathedral
Friends of Brecon Cathedral
Fund buglers to play the Last Post al veterans, funerals
Plus, an additional £110K of money from other service charities IABF, TRBL, Help for Heroes etcl-

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
Achievements and performance (continuedl
Investment perfomiance
The trustees were satisfied with the management of the fund's investments which generated income
of £53,12212024'. £85,604).
The charity has an Investment Sul>Commitlee which is responsible for addressing all investment
issues relating lo the Iruslees of The Royal Welsh Regimental Welfare and Benevolence Foundation.
The objectives of the Sub-commillee are as follows..
To implement effectively the investment strategy agreed by the charity trustees,. and
With the participation of the duly appointed Investment Advisor to review the investment
strategy from time to lime and recommend changes to the Board.
The Committee reports to the Board on its activities and the performance of the Scheme on a
six-monlhly basis. This will usually coincide with the six month interim and final reports from the
Investment Advisor. This Committee will prepare plans for the six month period ahead and back brief
the full Board meeting accordingly.
Financial review
The charity achieved the following results during the year..
Benevolence
Welfare
reslricled unreslricled
Welfare
reslricled
Total
Surpluslldeficill before investment
gains
Investment gains
Totsl surpluslldeficitl for year
7,555
28,807
155,4151
28,807
12,9001
150,7601
57,614
36,362
126,6081
12,9001
6,854
Reserves policy
Reserves will be held al a level for contingencies, opportunities and commitments lo be mel, lo
mitigate all risks associated with the charity's operations and to allow the charity lo respond quickly lo
emergencies where immediate relief is needed. The trustees have examined the requirement for free
reserves which are those unrestricted funds not invested in fixed asset investments, designated for
specific purposes or otherwise committed.
The free reserves of the charity al the year end lotalled £20, 1434 12024.. £49,059).
It is the policy of the charity that unreslricled funds which have not been designated for a specific use
should be maintained al a level equivalent to be￿een three and six month's expenditure.
The Foundation received the sum of £202,026 from the Royal Welsh Fusiliers Comrades, Association
without restriction after the year end. This will be treated as additional Reserves for this organisation.
See note 22." Free reserves a￿ calculated as unrestricted net Cur￿n1 assets lunreslricted current
assets less creditors less than one yearl.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
Financial review (continu8d)
Investment policy
The overall investment policy of the charity can be slated as maximising the total return on
investments for an aC￿pIable level of risk that is commensurate with achieving a specified level of
income. The investments objective is lo achieve a balance bel￿een capital growth and a steady and
growing level of income from a mulli asset portfolio predominantly investing in bonds and equities.
The risk profile of the portfolio is deemed as medium. This will be reviewed by the Investment
Sub-commillee from time to lime and any recommendation to change must be ratified by both the
Investment Manager and the Board.
Benchmarking
The porfolio will be measured against the MSCI PIMFA Balanced Index as the primary
benchmark.
The primary benchmark (being 17.50/, UK government bonds, 33.8'/, UK Equities, 36.7'/o
overseas Equities. 100/. Alternatives and 50/. Cashl will be used for additional relative
analysis, subje¢l to agreement with the Investment Manager of the percentage allocation5
by country and sector.
Further performance analysis of the portfolio will also be undertaken against the ARC
Balanced Asset Charity and ARC Sterling GBP Steady Growth Charity Indices.
Risks
The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that
systems are in place to miligale exposure to the major risks.
The principal risks and uncertainties facing the charity as identified by the trustees are as follows..
Substantial fall in investment income - the charity meets with ils Investment Managers bNice
yearly lo ensure that they are satisfied with the risk and return on the portfolio.
Significant incident occurring on an operation which may require the charity lo provide
significant financial aid - the charity reviews its funds and finances regularly lo ensure that
should such an event occur the charity has sufficient reserves and funds to fulfil its
commitments.
Significant fall in investment value due lo circumstances outside the control of the charity.
Plans for future periods
The charity's future plans consist of maximising ils Investment return to enable Il to carry out its
charitable aims and objectives which will enable the charity to provide increased support and
assistance lo its beneficiaries.
Trustees. responsibilities ststement
The Iruslees are responsible for preparing the trustees, report and the financial slalements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practi￿1.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Trustees, Annual Report (continuedj
Year ended 31 March 2025
The law applicable to charities in England and Wales requires the charity Iruslees to prepare financial
ststemenls for each year which give a true and fair view of the slate of affairs of the charity and of the
incoming resources and application of resources, of the charity for that period.
In preparing these financial stalemenls, the Iruslees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the applicable Charities, Statement of Recommended
Practice",
make judgments and accounting estimates that are reasonable and prudent.,
stale whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial slalemenls.,
prepare the financial statements on the going con￿rn basis unless il is inappropriate lo presume
that the charity will continue in business.
The Iruslees are responsible for keeping adequate accounting records that are sufficient lo show and
explain the charity's transactions and disclose with reasonable accuracy al any time the financial
position of the charity and enable them lo ensure that the financial statements comply with the
Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of
the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees, annual report was approved on 3 June 2025 and signed on behalf of the board of
trustees by..
Major General CBK Barry CBE- Chairman (Ex Officiol
Trustee

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Independent Auditor's Report to the Members of The Royal Welsh Regimental
Welfare and Benevolence Foundation Charitable Incorporated Organisation
Year ended 31 March 2025
Opinion
We have audited the financial statements of The Royal Welsh Regimental Welfare and Benevolence
Foundation Charitable Incorporated Organisalion Ilhe 'charity'l for the year ended 31 March 2025
which comprise the statement of financial aclivilies, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial slalements..
give a true and fair view of the slate of the charity's affairs as at 31 March 2025 and of its
incoming resources and application of resources, including its income and expenditure, for the
year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the audilo¢s
responsibilities for the audit of the financial statements section of our report. We are independent of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial stalemenls, we have concluded that the Iruslees, 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 doubl on the charity's ability
to continue as a going Concern for a period of at least 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.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Independent Auditor's Report to the Members of The Royal Welsh Regimental
Welfare and Benevolence Foundation Charitable Incorporated Organisation
(continued)
Year ended 31 March 2025
Other infomiation
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's report Ihereon. The Iruslees are responsible for the other information.
Our opinion on the financial slalements does not cover the other information and, except lo the extent
otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial stalemenls, our responsibility is lo read the other
information and, in doing so, consider whether the other information is materially inconsislenl with the
financial statements or our knowledge obtained in the audit or otherwise appears lo be materially
misstated. If we Identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misslalement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and ils environment obtained in the
course of the audit, we have not identified material misstatements in the trustees, report.
We have nothing lo report in respect of the following matters in relation to which the Charities Act
2011 requires us to report lo you if, in our opinion.
the information given in the trustees, report is inconsistent in any material respect with the
financial statements., or
adequate accounting records have not been kept., or
the financial slalements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Iruslees, responsibilities statement, the trustees are responsible for the
preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and
for such internal control as the Iruslees determine is necessary to enable the preparation of financial
statements that are free from material misstalemenl, whether due lo fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo
continue as a going concern, disclosing, as applicable, matters related lo going concern and using the
going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo ￿ase
operations, or have no realistic alternative bul to do so.

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Independent Auditor's Report to the Members of The Royal Welsh Regimental
Welfare and Benevolence Foundation Charitable Incorporated Organisation
(continued)
Year ended 31 March 2025
Auditorfs responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and lo 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 IUKI will always delecl a material misstatement when it
exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on
the basis of these financial stslemenls.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design
prO￿dureS in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting
Irr￿ularItie$, including fraud is detailed below..
By enquiring with senior management and those charged with govemance all areas of risk identified
were considered and any potential litigation or claim, if any, were noted
Ensuring by enquiry that there were no issues of non-compliance with laws and regulations relating
to tax and compliance
By obtaining an understanding of the company's policies and procedures on compliance with laws
and regulations, and with best accounting practice
Noting issues discussed with the Board and the Senior Management Team as this relates to risks
faced by the company
Reviewing disclosures in the financial statements and testing to supporting documentation to assess
compliance with applicable laws and regulations
Auditing the risk of management override of controls including lesling journal entries and other
adjustments for appropriateness and evaluating the business rationale of significant transactions
outside the normal course of business
Considering the effect on risk lo the company of the Covid-19 pandemic and the UKS departure from
the EU. In particular to note whether any such issues would affect the company's ability lo continue to
operate.
Through these procedures, we did not become aware of actual or suspected non-compliance.
As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain
professional sTrpti¢ism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
delecling a material misstalemenl resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
10

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Independent Auditor's Report to the Members of The Royal Welsh Regimental
Welfare and Benevolence Foundation Charitable Incorporated Organisation
(continued)
Year ended 31 March 2025
Obtain an understsnding of internal control relevant lo the audit in order lo design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of aceounling
estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of accounting
and, based on the audit evidenTr obtained, whether a material uncertainty exists related lo
events or conditions that may cast significant doubt on the charity's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or, if such disclosures
are inadequate. to modify our opinion. Our conclusions are based on the aLJdit evidence obtained
up lo the date of our auditor's report. However, future events or conditions may cause the charity
to cease lo continue as a going concern.
Evaluate the overall presentation, structure and content of the financial slalements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding. among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is Made solely to the charity's Members, as a body, in accordance with section 144 of the
Charities Act 2011 and ￿gUlationS made under section 154 of that Act. Our audit work has been
undertaken so that we might slate to the charity's members those mallers we are required lo slate lo
them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not
accept or assume responsibility lo anyone other than the charity and the charity's members as a body,
for our audit work, for this report, or for the opinions we have formed.
Mr Jonathan Rhodes Bsc BFP FCA {Senior Statutory Audilorl
For and on behalf of
Waller Hunter & Co Limited
Chartered accountants & slatulory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF
3 June 2025
11

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Statement of Financial Activities
Year ended 31 March 2025
2025
Restricted
fvnds Total funds Total funds
2024
Unrestricted
funds
Notè
Income and endowments
Donations and legacies
Charitable activities
Other trading activities
Investment income
4,880
36,720
16,769
27,296
1,165
38,219
18,325
27,276
6,045
74,939
35,094
54,572
6,957
65,326
27,435
87,194
Total income
85,665
84,985
170,650
186,912
Expenditure
ExpendilLJre on raising funds..
Investment management cost5
Expenditure on charitable activities
Total expenditure
12,865
128,215
141,080
12,865
67,465
80,330
25,730
195,680
221,410
24,330
166,744
191,074
9,10
Net gains on investments
14
28,807
28,807
57,614
185,813
Net income
126,6081
33,462
6,854
181,651
Transfers between funds
16,3681
6,368
Net movement In funds
132,9761
39,830
6,854
181,651
Reconclllatlon of funds
Total funds brought forward
Total funds carried foThvard
1,053,906
2,244,321
3,298,227
3,116,576
1,020,930
2,284,151
3,305,081
3,298,227
The slalement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 15 to 28 form part of these flnanclal statements.
12

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Statement of Financial Position
31 March 2025
2025
2024
Notè
Fixed assets
Investments
18 3,331,103
3,175,874
Current assets
Debtors
Cash al bank and in hand
19
38,951
116,357
18,231
118,068
155,308
136,299
Creditors: amounts falling dug Within one year
Net current liabilities
20
181,330
13,946
126,0221
3,305,081
122,353
Total assets less current liabilitlOS
3.298,227
Net assets
3,305,081
3,298,227
Funds ofthe charity
Restricted funds
Unreslricled funds
2,284,151
1,020,930
2,244,321
1,053,906
3,298,227
Total charity funds
21
3,305,081
These financial statements were approved by the board of trustees and aulhorised for issue on 3 June
2025, and are signed on behalf of the board by..
Major General CBK Barry CBE- Chairman IEX Officiol
Trustee
The notes on pages 15 to 28 form part of these flnanclal statements.
13

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Statement of Cash Flows
Year ended 31 March 2025
2025
2024
Cash flows from operating activities
Net income
6,854
181,651
Adjustments for..
Net gains on investments
Dividends, interest and rents from investments
Other interest re￿1vable and similar Income
Accrued income
157,6141 1185,813}
153,1221
185,6041
11,4501
11,5901
16751
12,589}
Changes in.
Trade and other debtors
Trade and other creditors
120,7201
168,059
19,831}
Cash generated from operations
41,332
1103,7761
Interest reeeived
1,450
42,782
1,590
1102,1861
Net cash fromllused inl operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchases of other investments
Proceeds from sale of other investments
Tonsfer in of 1 st Battalion's investment portfolio
Net cash (used inllfrom investing activities
53,122
85,604
14,029,225) 13,084,629)
4,103,691
3,110,766
1172,0811
144,4931
111,741
Net {decreasellincrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
11,7111
118,068
9,555
108,513
116,357
118,068
The notes on pages 15 to 28 form part of these flnanclal statements.
14

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements
Year ended 31 March 2025
General information
The Royal Welsh Regimental Vvelfare and Benevolence Foundation is a charitable incorporated
organisalion and a public benefit entity. The principal office is Maindy Barracks, Cardiff, CF14
3YE.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities
SORP IFRS 10211 and the Charities Act 2011.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Golng concern
At the time of approving the financial slatemenls, the trustees have a reasonable expectation that
the charity has adequate resources lo continue in operational existence for the foreseeable
future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing
the financial slalements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
eslimales and assumptions that affect the amounts reported. These eslimales and judgements
are continually reviewed and are based on experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unreslricled funds are available for use at the discretion of the trustees lo further any of the
charity's objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial statements.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed lo the
charity, it is probable that the economic benefits associated with the transaction will flow to the
charity and the amount can be reliably measured. The following specific policies are applied to
particular categories of income..
15

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
Accounting policies icontinutdj
Incoming resources fcontinu8dJ
Cash donations are recognised on receipt. Other donations are recognised once the charity has
been notified of the donation, unless performance conditions require deferral of the amount.
Income lax recoverable in relation lo donations received under Gift Aid or Deeds of Covenant is
recognised al the time of the donation.
Income from the Days Pay Scheme is included in the period to which the income relates.
Investment income is recognised at the time the investment Income is receivable. Interest on
funds held on deposit Included when receivable and the amount can be measured reliably by the
charity., this is normally upon notification of the interest paid or payable by the bank.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment lo a
third paty, il is probable that settlement will be required and the amount of the obligation can be
measured reliably.
Expenditure on raising funds relates lo the management charges from the charity's investment
brokers to administer the portfolio. These are charged quartedy in arrears.
Expenditure on eharilable activities includes all costs incurred by a charity in undertaking
activities that further its charitable activities and their associated support costs.
Support costs have been allocated be￿een governan￿ cost and other support. Governance
costs comprise all costs involving public accountability of the charity and ils compliance with
regulation and good practice.
Support costs include the central functions and have been allocated to activity costs categories
on a basis consislenl with the use of resources.
Where the charity gives a grant with conditions for its payment being a specific level of service or
oulpul to be provided, such grants are only recognised once the recipient of the grant has
provided the specified service or oulpul. Where there are no conditions allaching lo the grant
that enables the donor charity to realistically avoid the commitment, a liability for the full
obligation must be recognised.
Investments
Fixed asset investments are Initial￿ measured al transaction pri￿ excluding transaction costs,
and are subsequently measured al fair value al each reporting date. Changes in fair value are
recognised in net incomellexpenditurel for the year. Transaction costs are expensed as
incurred.
Cash and cash equivalent$
Cash and cash equivalents include cash in hand, deposits held at call with banks, other
short-lerm liquid investments with original maturities of three months or less, and bank
overdmfts. Bank overdrafts are shown within borrowings in current liabilities.
16

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
Accounting policies icontinutdj
Financial instruments
The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and
Section 12 '01her Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes
party lo the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the nel amounts presented In the financial
stalemenls, when there is a legally enforceable right to set off the recognised amounts and there
is an intention to settle on a nel basis or to realise the asset and settle the liability
simultaneously.
Basic financial assets
Basi¢ financial assets. which included debtors and cash and bank balan￿s, are initially
measured al transaction price including transactions costs and are subsequently carried at
amortised cost using the effective interest method unless the arrangement constitutes a financing
transaction, where the transaction i measured at the present value of the future receipts
discounted at a market rale of interest. Financial assets classed as receivable within one year
are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the
asset expire or are setued, or when the charity transfers the fi'nancial asset and subslanlially all
the risks and rewards of the ownership to another enlily, or if some significant risks and rewards
of ownership are retained bul control of the asset has transferred to another party that is able to
sell the asset in ils entirety to an unrelated third paty.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised al transaction
price unless the arrangement conslilutes a financing Iransaclion, where the debt instrument is
measured at the present value of the future payments discounted al a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequenuy carried at amortised cost, sing the effective interest rate
method.
Trade creditors are obligations to pay for goods or services that have been acquired in the
ordinary course of operations from suppliers. Amounts payable are classified as current
liabilities If payment is due within one year or less. If not, they are presented ads non-current
Trade creditors are re¢ognised initially al transaction price and subsequently
measured al amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's conlraclual obligations expire or are
discharged or eaneelled.
17

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
Donations and legacies
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Donations
Royal Welsh Club donations
General donations
1,015
150
1,015
5,030
4,880
4,880
1,165
6,045
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Donations
Royal Welsh Club donations
General donations
1,454
75
1,454
5,503
5,428
5,428
1,529
6,957
Charitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Days Pay Scheme
36,720
38,219
74,939
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Days Pay Scheme
32,010
33,316
65,326
Other trading activities
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Rugby
PRI income
Memorial Income
Officers, Society
Dragon Connect
The Regimental Journal - Y Cymry Brenhinol
subscriptions
Rorke's Drift Lunch income
Comrades income
Recruiting income
2,120
8,894
2,120
8,894
69
15,856
69
15,856
2,400
2,400
4,760
855
140
4,760
855
140
16,769
18,325
35,094
18

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
Other trading activities (continued)
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Rugby
PRI income
Memorial income
Officers, Society
Dragon Connect
The Regimental Journal - Y Cymry Brenhinol
subscriptions
Rorke's Drift Lunch income
Comrades income
Recruiting income
2,460
6,031
2,460
6,031
134
10,850
6,600
134
10,850
6,600
1,360
1,360
15,091
12,344
27,435
Investment income
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Income from listed investments
Bank interest receivable
26,561
735
26,561
715
53,122
1,450
27,296
27,276
54,572
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Income from listed investments
Bank interest receivable
42,802
795
42,802
795
85,604
1,590
43,597
43,597
87,194
Investment management costs
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Porfolio management
12,865
12,865
25,730
Unrestricted
Fund5
Restricted Total Funds
Funds
2024
Portfolio management
12,165
12,165
24,330
19

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
Expenditure on charitable activities by fund type
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Charitable activities
Support costs
123,511
4,704
62,760
4,705
186,271
9,409
128,215
67,465
195,680
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Charitable activities
Support costs
91,017
4,645
66,437
4,645
157,454
9,290
95,662
71,082
166,744
20

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
10. Expenditure on charitable activities by activity type
Activities
undertaken Grant funding
directly
of activities
Support Total funds
costs
2025
Total fund
2024
Charitable
activities
Governance costs
102,846
83,425
97
9,312
186,368
9,312
157,516
9,228
102,846
83,425
9,409
195,680
166,744
Activities directly undertaken can be further analysed as..
2025
2024
Benevolence
Chapels
Colonel of the Regiment
Community Engagements
Comrades
Dragon Connect
General expenses
Memorials
Officers, Society
PRI expenditure
RMAS
Recruiting
Refreshments & hosting
RHQ expenses
Rorke's Drift Lunch
Royal Welsh Club
Rugby expenses
Wreaths
Y Cymry Brenhinol expenses
18,664
20,000
68
55
111
782
5,800
8,607
268
13,695
2,639
77
3,274
12,000
3,603
145
12,388
14,722
1,646
13,104
236
4,187
4,920
346
2,122
2,644
8,768
9,141
234
3,574
882
2,462
2,386
9,818
102,846
80,522
Grants Inole 121
83,425
76,932
Share of support costs (note 111
Share of governance costs (note 111
97
9,312
62
9,228
92,834
86,222
Analysis by fund
Unrestricted funds
Reslricled funds
128,215
67,465
195,680
95,662
71,082
168,744
21

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
11. Analysls of support costs
Charitable Governance
activities
costs
Total 2025 Total 2024
Bank charges
Audit fees
Accountancy fees
97
97
6,740
2,572
62
6,480
2,748
6,740
2,572
97
9,312
9,409
9,290
12. Analysis of grants
Benevolence Grants:
2025
2024
ABF The Soldiers Charity
British Gas Trading Limited (formerly Pozilive Energy Limited)
Valda Energy Limited
Corp of Drums
The Friends of Brecon Cathedral
The Friends of Llandaff Cathedral
Other benevolence grants
11,368
2,400
2,400
75
20
200
11,037
2,400
2,400
75
20
100
540
16,463
18,572
Welfare Grants:
2025
2024
1 R WELSH
3 R WELSH
Wales ACF
Officers, Society
Pontypridd Comrades RRW
other welfare grants
57,216
3,978
2,548
1,000
570
1,650
41,511
14,862
2,206
1,000
781
66,962
60,360
The charity awarded 20 granls12024.' 151 during the year.
13. Taxation
As a charity, the Foundation is exempt from tax on income and gains. to the extent that such
income or gains are applied exclusively to charitable purposes. No tax charges have arisen in
the charity.
22

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
14. Net gains on investments
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Gainslllossesl on listed investments
28,807
28,807
57,614
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Gainslllossesl on listed investments
92,907
92,906
185,813
15. Employees
The charity had no employees during the financial year 12023.. none).
The Regimental
Secretary and Assistant Regimental Secretary, who administer the foundation, are employed by
MOD.
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were
received by the Irustees12024.. £nill.
No trustees were reimbursed for expenses during the year12024.. £nill.
17. Transfers between funds
A transfer of £6,36812024". £8,458) has been made from unrestricted reserves to the Y Cymry
Brenhinol reslricled reserve. This represents the charity's contribution lo the production of Y
Cymry Brenhinol, the annual Regimental journal.
18. Investments
Cash or cash
Listed
equivalents investments
Total
Cost or valuation
Al 1 April 2024
Additions
Disposals
Fair value movements
Transfer of 1 st Battalion The Royal Welsh portlolio
At 31 March 2025
9,944
3,165,930
3,175,874
2,113,705
1,915,520
4,029,225
12,051,197) 12,067,808) 14,119,005)
72,928
72,928
159,814
172,081
12,267
84,719
3,246,384
3,331,103
Impairment
At 1 April 2024 and 31 March 2025
Carrying amount
At 31 March 2025
84,719
3,246,384
3.331,103
At 31 March 2024
9,944
3,165,930
3,175,874
All investments shown above are held at valuation.
23

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
18. Investments (continued)
Financial assets held at fair value
The investment portfolio is managed by Evelyn Partners and is valued at closing market value on
31 March 2025.
19. Debtors
2025
2024
Trade debtors
Prepayments and accrued income
Other debtors
6,971
12,901
19,079
6,207
12,024
38,951
18,231
20. Creditors.. amounts falling due within one year
2025
2024
Accruals and deferred income
Other creditors
13,271
168,059
13,946
181,330
13,946
Other creditors relates to Investments owned by 1st Battalion The Royal Welsh, managed within
the wider RVVRWBF portfolio.
The Royal Welsh Regimental Welfare and Benevolence Foundation Charitable Incorporated
Organisalion has no control over these investments and 1st Battalion The Royal Welsh can
withdraw the funds al any lime.
24

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
21. Analysis of charitable funds
Unrestricted funds
At
Gains and 31 Mar 202
losses
Al
1 Apr 2024
Income Expenditure
Transfers
General funds
PRI fund
1,047,304
6,602
76,771
8,894
1126,3581
114,7221
1141,0801
16,3681
28,807 1,020,156
774
1,053,906
85,665
16,3681
28,807 1,020,930
At
Gains and 31 Mar 202
losses
At
1 Apr 2023
Income Expenditure
Transfers
General funds
PRI fund
977,948
3,210
981,158
90,095
6,031
1105.1881
12,6391
1107,8271
{8,4581
92,907 1.047,304
8,602
96,126
{8,4581
92,907 1,053,906
25

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
21. Analysis of charitable funds (continued)
Restricted funds
At
Gains and 31 Mar 202
losses
Al
1 Apr 2024
Income Expenditure
Transfers
Benevolence fund 2,236,699
The Regimental
Journal- Y Cymry
Brenhinol
The Officers,
Society Fund
Royal Welsh Club
65,714
158,8281
28,807 2,272,392
2,400
18,7681
6,368
4,265
3,357
15,856
1,015
112,3881
13461
180,3301
7,733
4,026
2,244,321
84,985
6,368
28,807 2.284,151
At
Gains and 31 Mar 202
losses
At
1 Apr 2023
Income Expenditure
Transfers
Benevolence fund 2,125,523
The Regimental
Journal- Y Cymry
Brenhinol
The Officers,
Society Fund
Royal Welsh Club
77,122
158,8521
92,906 2,236,699
1,360
19,8181
8,458
7,110
2,785
10,850
1,454
113,6951
18821
183,2471
4,265
3,357
2,135,418
90,786
8,458
92,906 2,244,321
26

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Financial Statements (¢onlit)ue
Year ended 31 March 2025
21. Analysis of charitable funds (continued)
Welfare fund
The fund represents income which can only be spent on specific items which fall under the
welfare restricted fund category.
Benevolence fund
The fund represents income which can only be spent on specific items which fall under the
benevolen￿ restricted fund category. Examples of qualifying expenditure include repairs and
adaplalions to ex-service men and women's homes, assistance with mobility and assistan￿ with
priority debt such as rent arrears or light and healing costs.
The Regimental Journal- Y Cymry Brenhinol
The is the Regimental Journal of the Royal Welsh. It is produced annually and is a full colour,
100+ page magazine. The journal is distributed to regular and reserve officers and soldiers,
comrades, regimental bereaved widows and their families and other key people in Wales.
usually has a circulation of 1,500 copies.
The Officers. Society
The Officers, Society organises lunches and dinners with the main event being the Annual
Dinner, usually taking place in November in Cardiff.
Royal Welsh Club
The Royal Welsh Club is a reslricled fund which represents income and expenditure in respect of
mental health and wellbeing. The club aims lo provide support to veterans and organise get
togethers and events such as coffee mornings for veterans lo meet and discuss any issues they
may be experiencing.
22. Analysis of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2025
Investments
Current assets
Creditors less than 1 year
Net assets
1,000,787
2,330,316
3,331,103
26,778
128,530
155,308
16,6351 1174,6951 1181,330}
1,020,930
2,284,151
3,305,081
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Investments
Current assets
Creditors less than 1 year
Net assets
1,004,847
56,373
17,3141
1,053,906
2,171,027
79,926
16,6321
2,244,321
3.175,874
136,299
113,9481
3,298,227
27

The Royal Welsh Regimental Welfare and Benevolence Foundation
Charitable Incorporated Organisation
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2025
23. Financial instruments
The carrying amount for each category of financial instrument is as follows..
2025
2024
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised
cost
240,027
146,243
Financial assets that are equity instruments measured at costloss impairment
Financial assets that are equity instruments measured al cost less
impairment
3,184,204
3.165,930
Financial liabilities measured at amortised cost
Financial liabilities measured al amortised cost
13,271
13,946
24. Analysis of changes in net debt
At
At 1 Apr 2024 Cash flows 31 Mar 2025
Cash at bank and in hand
118,068
11,7111
116,357
28