REGISTERED CHARITY NUklBER: 1179469 REPOKT OF TrIETRUSTEES ANO uNAuD￿E0 FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 DECEM8ER 2023 FOR THE CONNAIIGHT TRUST THE GONNAUGHf TRUST CONTEiifs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pauo Roport olthè Tru8tO•• 1 to 4 Statem•ni of Flnan¢lal A¢tlvlllo8 Nots• to th• Plnanclal 8tat•m?nts to 19 THE CONNAUGFff TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 DECEMBER 2023 The truste•s present their report with the *nanoal $tBtsmgnts ol the clwty for the year ended 31 December 2023. Th6 trustees Iwe adopted the provl8lon$ of Accounting and Reporung Chartth: Ststernent of Re¢omrAended Pr¥¢tiGp 0ppli¢abb to ¢hariliBs prep8ring Ihelr accounts in ac¢ordanc& wlth the Finawal R&poi*ng Siandard 8ppKrAble In the UK and R8pubfi¢ of IrdarEd IFR8 102) leltatlNè l January 2019). 08JECTIVES ANDACTMT128 Hlltory •nd ObJ￿IlY•S The chaty was origlnalty creai•d at th8 end of th8 19th Centyry tor kneftt iupport ot the 3rd Hamp8h*g Voluntser Battalion. The fvnd hos sub$6quenliy supported 811 unrts that cwupied thè C¢)Maught Drill Hall at Stanhope Road, PortsmoLth. As a result ol changlng mil￿ary requirermnts, tha last unit Drill Hall in 1999. At that time the trustees d¢c4ded, wlth th8 consent of thg Charty Commlssion, to expand the $￿pe of th8 Thist so thqt today the tru3lees are able to assist MDD 8PUHOTed R88eNe and Cadel unil• of all thie• serylces wlthln a d•fjnod g•c9raphkal area. The Trust o Charttsbb In￿rporated Organvzallon ICIOI on 1s1 Jan 2019. Th¢ Obiedyes ofthe CIO ara: To promote the military 8fficten¢y ol all ranks serylng In unlt8 of the Army R8S6W, tha Royal Nayal Rèsetve, the Royal Marines Reserve, and the Royal Air Force Re$eNe and such other Reserve Units as established by the Ministy of Defence, in Hampshlre pnd thelsle of Wgttt. To Support the charitable actr￿41￿$ of units of the Amiy Cadet Force. the 8ea Cadet Carps. Alr Training Corps, the Volunteer Cadel Corps, the Combined Cadel Force and other Cadel Units recognf8ed as SeNlce Ca￿t Organi5atron ty the Mlnlsty of D8fence. In Hampshire and the Isla olw￿hL If and In 80 far as the incoffo and capltal ol the CIO cannot be applted tDward$ the obith tha are8 specffled, It be applied t(ywafd6 the 8ame objgcts In 8¢rkshro, Dow( Sury, West Su6s•x and WItsNre. (1) {21 (31 Procedureo pollcy and grantm•klnu The trusleos ￿1 for grant*fving pvrp09ets thr•e linxs a ydar at ft)ur-month IntaNals. At theso m¢gling5 grant applicatbns are rliscussed and Ctsn$Kler￿ on rrErfI and avai14bllty ¢f funds. Grants are nomwlly rr*de on a on￿ff Si8 UP to £5,000, 88 the twstees WOLdd prefer ts asstst many organisati'ons wth a small grant rathér than a fthv organiÈation$ with large grants. GuidarKe to appl'cants is ccrtdkned in the Grant st*érwit whkh s* aut t￿ ctiteria for grènts ond 18 avathblfr lo ￿eW on the Trusys website. Appllcations are made on an Inlerncrfv8 appI￿allon fom, alrJD avanablè from the TntsY$ webwte. This 9iveJ Ihg Iruste¢s ènough infomwllon to make thoir decision. ￿en considw8d nece888ry, tswstees am ova118bk to dt8¢usg gTant r8quirem6nts with Indivfdual unlts. Units are eno)uraged to make efforts to rni$8 them8•kn and to approach other grant giving ¢xpnlaatioM. fv tru$te8s refftaln ke8n 10 5UPPOrt the stste school CCF ¢adel expansion prograrm)e i¢ÈpI and efforLs are bein9 made to briftg the Trust lo the attention of these now unlts ￿ the help of th? s¢hool liaison offKeJ% at SERFCA Isjuth East Résèrve For¢e$ and Cadeb Ass¢xlatKM) and Wessex RFCA IR4$8pM For￿ and Cadet As80(aakn). The Trust ig pleased to trtave 5 CEP CCF detachmènts durlng 2023, Thè maln method of promotsng the alms of the Trust Is throu9h th8J Tntst w•t¢it•. This was updated In 2023 by a USt4PFunled TT*dia ¢PnBultsnL Indudlng an vverhaul ol the applcBtion lorm. Thg Tft￿ maintsins FaceboDk Bnd Llnkedln pages whkh are Nrdnaged by th8 media can$ullant. The Tfust 8180 adV￿￿Se9 In the Ra8erve ond Cadet Llnk Magazlw prtsjuoeol by SERFCA. The trus*s enc4)urage Photog￿ph$ and 0xp￿ItiOn i•port8 Iyom reciplent8 of grants once the aclivty has taken ￿a¢8 gs fe•dbaek ts uled tn tha fvturfj promolon of the Trust Page 1 THE CONNAUGHT TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEY4BER2023 OBJECTIVES ANO ACTwmE8 PUBLIC 8ENeFIT Tl* trvsl888 confim? Ihat tw have fef8rred to guldance ¢onlaIn￿ in the Charfty Commbslon'8 genero1 widance ort pUt￿￿G beneffit vAwi reviewing the Trusys and oblectsves and in planning ￿tUre aG￿l￿es. The tNslees are con8cious that tho ￿01 t*witabte fvnd6 should have in e19r￿nto1 b8nefft to the publk. Thè Income from the TnJst8 investments K% used to SUPEQrt the oblectives of the Charity 8$ outllned in the Iru8tse8' report. The trusteès b848vo Ihat the grants that thoy make both to the and cadet fr)rce8 throughout the area of the TNsV6 Rmll glve pubLt benefit. The grants ad a 5ub3tsntial nurn￿r ol reople from all walks of llfe wRh m(liiary ¢onneGtion$ a¥ well a¥ give benefit tc th& communtties in wlNch the Res•rves and Cadets are Itxatsd. ACHIEVEMEKf AND PERFORMNCE Durfng 2023 the Trust re¢eived 61 grant ¥plicatlons12022: 51) otwhtth 49 were appro￿1. One grant from H&IOW Air cthts was ftfrjnded as Ihe unit a¢h{￿ld È ￿4n1￿C£￿t discount *Jft the tquipment that being purchased th4 grant The total anu)unt a￿l(led durmig 2023 was £162,830 (2022". £133.8231. 49% of the number of appli¢atirJns 12022.. 49%> were recew from R8s8Ng and Cadet unlls In Hampshre and the Iste of Wght and 51% from the joining qualifykng countE8s. The numl*r of appkatKitt$ from Cadet un118 ￿m01r*I h6gh comprllng 84% of Ihe èpplieations 1311, r￿e￿ir￿J 87% {£141.130> of the total amount wmrded. The grants supported vafiUUS actswties induding support for Annual Camps, Battlefiesa T￿r9, the wrchase of adventure tralning and mllitsry equlpwEnl, and ndlng for *JventUTé tralnlng exercises. The provision of 9rants ha8 a S￿anIfiCant impact on fecrultment and retent¢on br the b8neffiryary unMs. Duiing thè year 8,600 reSen{￿ts and eadets b&nefited from grants from thg Trust. Utillsing IlJrrfJs tyan8f8rr8d in Irom the Hampshlro antl of Wght T¥￿il0n•1 Trus( in 2020 thg tsusle8$ ljad commlssioned a wrltten hbtory of the Territortal kny In thè Iwo Count￿$, titl8d 'Rosg. Casle and Crovm.. authored by Patrkk C￿leY MBE. Itwas publkshed In Juty 2023 wth launch events ￿ Wnchester and Carf$brooke Castle. HNANCIAL REVIEW Thg Trusys overaH investrmnt Inconx for 2023 w8$ £244,531 (2022.. £289.865). The Incoma of the Trust comes from equlty investmlts rrAnag8d by Cazenove Capital, ￿u$ rents received from thè three commercial inve8tfflents owned by the TnJst The Rduotton In lTr¢ome In ttre current year vms as a rpAuIt ol one of the proprftses tecoming vacant and the tenant golng Into adminsstratlon. EXpendI￿re 1nrA￿Md In the y¢ar ty £73.865, this W¢dom￿an1￿ d¢￿v￿ to the final Gwts belng In¢uri¢d li respKt ofth8 Book Propd1£18,944) affd an In¢rea$e in grants awarded after refijnds {£48,728). Current net assels ar& £148,824 (2022.. £180,688} at the end, indudlng mon6y Put aslde In deslgnated fvnds fo¥ markettng and ftrtur• propwty rap8trs; these fvnds ¥tood at £9.459 and £84.419 at th• yg4r•nd respe￿1¥9￿. RESERVES POLICY The reserv86 pollcy of the TNst is Ipr fre8 resems to cnvgr one y88r of gmnts estimated at £2CQ,CIJO. The Increa58 *)ve th8 freè reseryes amount is held for specffjo wdects to COV8r fvture fypairs and malntenan¢e of the Trust owties and marketing costs assoaated w(th promothg treTru51 tr) its beneliciary units and indlviduals. FUTURE PLAN8 The trustees plan to Mntinue makin9 grdnts kn a slmrfar way to Ihe I￿ent p&¥L There is no intention to alttr th6 policy Ihal the Trust has adopted ovgr Ihe rec¢nt past. How￿r. the ￿151¢￿ continually rook to ways of expanding its eragè wilhin Its ben8ll¢iory group and ¢Onth￿ to retain a médta ¢onsultsnE, Grgentsldsrtes, to h¢lp wtth pronw)tion the Tbwt. STriKTURe, GOVERNANCE AND MANAGEMEIIT Govemlng documont Thè chaiity 18 8 charits1￿ Inco￿oratknn Organlsalon ICIOI, al￿ goveman¢e18 Bet out In Its Founding Constthjtion whlch wa$ adoptsd on 1s1 Jan 2019. Pag8 2 THE CONNAUGlff TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 8TRUCTURE, GOVERNANCE ANO IAANAGEMENT The Tvusvs Foundation Constibjtlon provid¢s for a minlmum of ond a maxirnum of etght trLths. The trustees r•viow the Sklll $el of the ¢urr8nt trustees and seèk to wNit new trustees to balance Ihgse sidlfs as requlred. Durfng the year Brig Maudce Sheen Testgned as a Ivustee, and hvo new tw¥te88 were appolnted, Sqn Ldr Graenw Hughes and Maj'or Jam65 Lacey, so that at y•ar end tsre were six trustse¥. Post year ¢nd, the trustees are considering resrultirrfJ an att￿￿Onal trustee. Col C Ackroyd was appolntsd Chairn*n lor a term ol thr98 years from 1 Jan 24. Th• Chalrman Is reswnslblo for &n$uring that any new tru8ts8 receives appropriato tralnlng. 18 aware of the Charfty Commi8$tr)n requlremÈnts and the laws govamlng trust••s. The existing tru8te8s have held office for perto18 varyln9 from one to ftfteen year8, Tru5tee$ arg apwlntgd for a period of up to five yearn 8nd can lor reappolnbmant subjact to mwmum tsrm of fifteen yeors. One t￿te0 has been acling in a ¢on8ultancy ¢apa¢ity as Executivg lo the TNSI, being r•sponsib￿ for tt* day trj day admhl8traUon of the TrusL HQ also investigated ￿ grant appli¢alion8 Woré gutimt8$ion to a full meelng of the trustee8. From 1 Jan 24, a Secretary Lt Cdr Jules Rogers h88 baen employed ts fitlill th dutiès, becomlng an emptyee of th• ThJ8t Forfftt Execut￿¢ trJ t￿ Twsl Maj Julian Walk•r continues as a IfU8tee, havir& b••n rnappdntsd ft>r trKI years from 1 Jan 23. The Trusfs ￿Ulty furbd$ are m8nW by Cazenove Capitd. whith r•F#)rts monthty through the Executive to Trust {Se¢r8tary po# year end) and tre fijrd m8nag8r attends etth•r In pornoh or rvnotely at least one annual mè8tlng to mFQrt to 811 INsleè8. AS wdl as tho fvnds under management by Cazenov6, the Trust three commercial propeTMes. The Trust uses one ag¢nt to manage one of thg propeths whith is multi-leL Two furth8r commercial prowties We￿ being managed by the Ex8GuJve of the Tnal throughout 2023 and ftom 1 Jan 24 are being managed by another Tru818 document bas• L4 In SharePolnl. Thi8 enables all tho truste￿ to a¢ew Ihe Tru8f8 dotabase vthlch enab thwn lo easlty vl8w aPFAlc8tlon8 and oth?rrelevant data. Th8 trustee$ conllnue to mnRor and revw business rfsks and Im￿ement risk rnanagerÉnt strategies through lh* rffjk managament Pff)cess. The trustées have t*en reviowing all intemal wr￿l&S to engutp that th¢y also ¢OrrfO￿ kn guldeWne$ 188u8d by the Charfty ConN7thon REFERENCE AND ADMINI8TrATIVE DETAILS Reghtsr•d Gharfty numbgr 1179469 Prln¢lpal •ddro StsJon House Morth Stre@t Havanl Hampshlre P09 IQU P4ge 3 THE CONNAUGHT TRusr REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 Tru¥t8a# ChartPs E(hYard Hgvi18nd Ackroyd Anthony Charf8s Ro￿rt stir*￿n￿ Dan￿1￿ Louks6 Grdfin Maurice J¢)hn Sheen Jdian FrancAs Scthts Walker Jamps Douglas Lacey Graemevlfilliam ￿8X3r￿￿or Hugho5 Restgn&J 10111r23 Apwnted 13103]2023 App)inted 1310312023 Ex•cutiv•lo tho TNst Julian FrarvAS s￿tt$ Waker S•cretary Ju118Ann Rcq&3 (￿￿￿￿ed 01101r24} IndBwidont Examin P J und8Th¥￿d, FCCA Morrts Crcthr Chorterod A¢¢outrtants Stath)n Housè North Streat Havanl Hampshlre P09 1QU Sollcltors Morgan tQr@$ CrAJrt Tollgat8 Chandkrf$ Fo Ea5UgvJh Hwnpsh¥e S053 3LG Inv¢¢tment Managorn Cazenov8 C¥Jit 12 Moorgat6 Lc*ndon EC2R 6DA 19 September 2024 .. and 8YJned on ts behall by: Approved by Ord•r￿the board oftnLqtee$ on.......................................... INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CONNAUGHT TRUST knd•pend¢nt •xamln•V9 report to tho truBtee• cfTh• Connaught TN8t I report lo the charity trust*￿ on my axamination of the accounts of The Connaught Truli (the Charity) lor the period •nd&J 31 D8¢emter 2023. R¢8pon•ib51tt1u ba•lg ot report A¥ ihe charity tru5tee8 01 the Charfty you #re responsible fr>r th& Kyeparatlon of ts a¢¢ounts in accoydartt wrfi the rwulr#mgnts of tha C17*tt18s Act 2011 I'the A¢ri. I report In ￿￿￿et of nry examinat￿ of the ChArity$ ae£ounts Garriwj out under S8ct*)n 145 of the Act and In cArrylng cul nTy exan￿natIOn I have followed all appllcable DlrectlLM8 given by the Charity Cornmlgsion under Sectton 145ISMb) 01th8 Act Ind•p•ndent gxamlnof8 Stat•m•nt I ha¥8 cotnplelAd my examlnaOon. I c4nfim that no matW1￿ mAtter8 have come ts) iiiy attondon In wnnection wilh the ¢xaninath)n glvtng me ¢ause to beli￿2 that in any r•swt'. 1. accountJn9 re¢ord• were not kept in respeot of tho Charfty ag rnqulftd by Se￿10n 130 of th• Acty. or 2. thè gccounts do not vAth tI￿se r8(xxds,' or 3. the accwnts do not comply wkh the applicable r8quwemgnts concemlng thè tsrm and cpntent of ¥counts 68t out in the Charities (Accounts Reports} Regulalons 2008 othèr than any roquirotTr)nl that the a¢co(Jnt8 gfve a true and lalr vlthvwhtth Is not a matter considered as part of an Independent examination. I have no concems and love ¢ome across no other maftws in connection wilh the examination to whkh attw)tlon 81￿UkI bo drawn In this report In orderto ¢nal￿e a prop8r understanding Df the accounts to be reached. P J UnderwK•Jd, FQCA Morri5 Crc¢ker Chartered Act￿￿tants Station House Noth Street kvant Hampshiro P09 1QU Page S THE CONNAUGHTTRUST STATEMENT OF FINANCIAL A¢nvrriES FOR THE YEAR ENDED 31 DECEtaBEft2023 2023 Unfestrictsd funds 2022 Total lundB INCOME AND ENDOWMENTS FROM 244,531 289,865 EXPENDITURE ON Rglw'ng fvnd5 31,508 29,900 Charftabl• a￿l¥lt[88 Gratttmaknng 220,e48 148,389 Total 252,154 178,289 Net gainJJlbs8es) ¢Jn 1nWkn￿ts 26,077 {319,P)99) NET INCOMEIIEXPENDrruREI 18,454 1208,1231 RECONCILIATIOP4 OF FUND8 Totol ftinds brought forward 4,889,309 5,097,432 TOTAL FUNDS CARRIED FORWARD 4,907,763 4,889,309 GONTINUING OPERATIONS All Ineome and wlpendlture ha6 arisen trom ¢onthulng acl 2022 Fund$ wer8 all unrnstriel•d ￿T￿ls. The nole6 fom part of th06& ilnancial 6tat*i*nts Pago 8 THE CONNAUGHT TRUST BALANCE SHEET 31 DECEMBER 2023 2023 Total funds 2022 Total funds FIXED ASSETS Taroible assets Heritage asset8 Inveslments Investrnènts Inv88tmenl prcp 212 50.000 754 84.110 10 2.975,727 1.735,000 2.906.757 1,737,000 12 4,760,939 4,708.621 CURREpif ASSETS Debto C88h al bank 13 8,989 174,744 10.237 217.177 183.733 227,414 CREDlfOR8 Amounts fallirKJ due wthin year 14 {36,9091 14S,726) NET CuRRE￿rAsSErs 146,824 180,688 TOTAL ASSEfs LESS CURRENT UABIUTIES 4,9J7.763 4.889,309 NET ASSErs 4,907,763 4,889,309 FUNDS Unrestrthj fvnds 75 4,907,763 4.889.309 TiJfAL FUNDS 4,907.763 4,889,309 The finar￿1 statsments wera approved by the Board of Trustees authorisad for Is8U• 19 S&pttrmbÈr2024 . and sKJned on its behalfby". on CEH Tha notes f¢Jmi p8rt ￿1hese fin9￿ra1 stateM￿t8 Page 7 The CONNAUGHY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 ACCOUNTING POUCIE3 Ba•18 of prnplrtng the Ilnanclal statemonts The ffinan￿aI statements of the charity. whkh Is a public b8￿fit entity under FR8 102, have been prepared in grdan¢e with th8 Charftles SORP (FRS 102) 'AGcaun￿ng and Reportlng by Charitle¥.' Statement of R￿Ornmended Practice ￿p￿lea￿A8 to Chart￿65 preparing their accounts In a¢cordance wlth tha Flnanc¢al ReFOr￿ng Standard 8ppl(eAble in the UK and Republic of Ireland (FR8 1021 (6ffedwe 1 January 2019),. Incfudlng thè provisions ol Sectkjn IA "Small Enthies" ar￿ the Charities Act 2011. The financial ststemonts have t•8n ptepared under the hlslorkal o)st conventtorj, wf(h the excepttan of investments whldi are inckOed at market vahjo. 0$ rnc*dlfled by th¢ FO￿U81￿ ofcwtan assets. Th& financial ststsrnnts have bean Lryleted using pDund sl¢rling as thè currérrty and all figur88 have bun unded to tho nwést POU￿1. Golng ¢onc•m The InJ$teès eonsla•r that there are no materfal uncartainlias atKut the c￿ty,5 abllty to Cc￿tt￿ue a8 a going In¢om8 All incg>me is rwnlsed ir) the Statemoni of Flnan¢ial Activltie5 once the charity has enfFtl8mnt to the it 15 prfknble that the inwme wlll te the anvJuntcan b8 m8Bsurf r•liW, Expenditure abillb'es arg rwnlBed IB •xr*rMlilur8 as soon as thern Is a la9al or conglnthe 0￿gation conwnw the ¢harty to that exp8ndrture. tt L8 probable that a transfer ol economlc batwfits vlll te requlTÉd h sottlemgnt and arnount of the obligaJon cen be measured reFkqbty. Eynditure Is accounted for ¢Jn on acen￿lS b88iS has been classlfied under hoadlngs that aggregate all cost related to Ihe ea C￿. ￿ere costs cannot dtrecuy attrlbutad to pArt￿lar headln9s they havé te8n al[L￿ to advitbj a baslB cJJn$l$tent Ilw use of re¥ourc8s. The chaiity r•¢ovws a propoTbon oflts VAT due to beiry partlalty exemptforVAT purposes. Grants offered sU￿.8¢t to ￿nditI)n$ wthkh have ￿t been ml at th• y￿r end date are notsd as g 1>)nThlknont bul not 8CLvued as éxpendtture. Allo￿tION and •pportlonmènt of costs Support costs hw6 Ixen dlfferentiated betsvaen g*)vern8n￿ costs and oth8rsupw)rtcosts. G¢Jvemance ￿$ts all costs imiomng th6 w￿¢ a¢¢ountabll6ty ot th8 Charity and Its rm•llan¢a Imth rauulalign and good praGtice. These costs Includ8 costs Trl¥ted to Independent exanlnation {$tattrtory atklit for oviovs year> and18gal 109other with an apporttonwt ot OV8rhèad and Support costs relatlng to InJste& Board ffEetings. SUPPgrt ¢0sts is not required. Tanglblo Ilx•d Depr8dthn ts pro￿ded * I1￿ folkn¥¥ig annual r8t6s in ordor to wrfle off each a888t w its ejtsnpted usofvl Fixlures I￿* fittings . 1Q% on ¢o¥t and 10% on b8lanc• IndivAdu81 fwl ass* wsthng £500 or mor8 are capttalsed at ￿8t Page 8 continued... THE CONNAUGHT TRUST NOTES TO THE FINANCIAL STATEMENTS . c<)ntlnu•d FOR THE YEAR ENDED 31 OECEMBER 2023 ACCOUNTING POLICIES- ¢ontlnuèd H•rltago #s￿4 The Trusf$ collection of palnttngs, and slfver L8 rèprte(I In th6 Bahn¢e She8¢ at falr y￿u8. A Ipmial valuation was made ty professljnal valu•rs {O.M. Negblt & Cgrnpany} in 2018. the trust89s then r•vl•w the h8ritag8 a6$91 value on an annud ts￿$. Thè Oil painllngs, prints and silver arg deemed to hove tndot•nYinate Ilves and IPkry tru8tses do not Iherofore c4n8Klgr It approptste 10 charge deweclalion. Invo¥lmgnt proport1 The value of Investment ppjperbes at the balance sheet date ts re¥￿ 8nnuaHy by tho trustw. In addttbn, an axtemal professional revaluatlon of the prOPe￿e$ rs eofiduoted every five year8 on an opon ffortel basi& Any SUIPEug or deficEt In the value ofthe Pro￿rties18 refl¢cted in the Statement of Finan￿al Acb*ttle$. TAX411on Fund a¢¢<￿￿tIng Unrostrl¢ted fvTrJs ean be tS8ed in acCOrda￿é th• chantable ct*ctives at Iho dlsffttian of the tnjstses. De813nated funds are unre8thd fvnds fraTmarked by Ihe tru8tee8 kr pgrtkular purpose6. Ro6trk￿1 lunds can onty b• used for parlicular resti1￿ purpose• wtythin tho obJKts of th8 th•rity. Restrt¢kns artse vknen wified by the donororwhèn fvnd8 arn ralsed kn partieutsr restrided purpD88S. Flnancl•l In•trThnts The chaTrty only 8nt8rs Inb baslc financial InstNmgnts ts¥nsaction$ that resutt Tr) the recognillrjn of finwKial as9ets and ha￿litieS like trade and othw a¢¢ounts recelvabl& and payab* bang from banks and other Ihlrd parties and I￿6 to Mlated pari*s and tnve5tments In ttIm￿k*d Investment products. Trad• •nd oth•r debtor4 Short tenn thbiors are M￿Uled atlrdn8a¢tKin prtce, less any Iinpainnfrnt Cish and ea8h oqulval•nts Cash antj ¢ash èquivalents comprise at Ixnk on harKI, deposlts wlth b&nk$ Ind olher 8hort-t4mi Nghty quid invéstrrents. Trado And oth•r credttorn Short tem tr•18 Gredrtors are m8asur8d at the tran5actlon pricg, Other finandal liabilth'es, indudlng 108ns, are measured Inltialty at fair v81u¢, net of transa¢tiM costs, and are meawréd subsequth at *n)rti5•d ¢Ost U81ng effe¢lhe Inlèresl method. In the apPuCa￿On of the corrpany'¥ accountkng polic￿$, the twsW5 n required to mike judgements, estimates and 8ssumpth)ns about lh& carying amount of asgéts and liabillties that are not roadity apparent from oth•T sour¢69. Tho estimate8 and asswated a8sumpkns are bose don hthrical &yriènce and other fack)rs trat nshsered to be mlwant. Aotual M¥￿t8 may dlff•rfrom ttiese eslkiith. The eslimales and undertylng assumptions are revEwed on an ongolng baois. Revlsion to a¢countlrwJ esb'mate ar8 rgcognis•d In trg period whlch Ihe esllm* IB ￿VIsed wlw• Ihe r8vl$lon affects onty that perlod, or kn I Feriod ofthe fev15ion arKI Itthjrts p9rfod whether revlslon aff8(*s both current and fvlure per￿￿&. The Val￿ of Ir*vestment prop•rbes at thg balan￿ Sheet dat¢ Is mi¢wed annually by the trustées. Due to belng earrf&J OLrt ty thè Irutses this Involves en elwnent ofestimthn. Pop9 continued... THE GONNA￿HT TRUST NOTES TO THE FINANCIAL STATEMEiifs- contlnuod FOR T￿EVEARENDEo 31 DEGEIABER 2023 INvE5fMEI￿ INCOIIE 2023 2022 Rents rec8fvad GTant r)f the rfght of access a¢ro6$ ear pa Diwdends from equits8 5nter8Stfrom cash deposlt6 108,256 141,438 22,5 125,879 127,995 2,280 244.531 289,865 Al inyestrrtnl ino)me is derNed from aststs held In the United Klngdom and overseas. RAISP4G FUND8 Inv••lment minagoment ¢o•ts 2023 2022 CommLs8lon nwiagemt fees In¥eskn8nt adv Bad debts Malnlenance charges Insuran Sundry exwsès Printlng and advertsing D8preGtation 1,850 7,102 12,6¥2 2,773 3,419 1,887 1,541 542 1,OCQ 8.871 18.888 72 1,766 545 31,506 29,9¢X* CHARrrABLE ACTIVITES COSTS Grant fvnding of activltpes (see note 6} Support costs (See note 7) Costs {seg rtho 5) Grantrrtaklng 18,944 156,551 45,153 220,648 Page 10 cDntinLWd... The COMNAuGKf TRUST NOTES TO THE FINANCtAL STATEMEiifs- contlnu8d FOR THE YEAR ENDEO 31 DECEUBER2023 DIRECT C08T8 OF CHARITABLE ACTMTIES 2022 Book proj￿(￿ 18,944 GIIANTS PAYABLE 2023 2022 Grnntmakmig 156,501 107,823 The totsl grnnts patd trj In8Otuticns durtng the year was as follo￿. 2022 Re¥ervo 4th Bn PWRR HQ 106 Regt 128 Coy REME 2Tp $79 F￿k1 Sqn RE 679 (Duke of Connaughts) Sqn AAC C Goy 4 PWRR C Coy 6th Bn The RSffes MOD Letyhton House Royal Westsx Y8offYdnry SO￿haMpton UOTC 2,OC(I 3,500 2,195 500 1.724 3,5( 750 2,500 400 2,200 3,800 1,000 800 11.8C4) 135 {Reigate and Redhllll Sqn ATC 1105 (Cty ofwnehester) Sqn ATC 2327 Sqn Havant RAFAC 2464 Stomngton Sqn ATC Alton schod CCF Andover co￿tge CCF Ash Manor School CCF (Navy) Ash Manor S¢h¢ol CCF (ATtrtyl B Conwny SussexAmy Ctdet FDrcè {Chi¢￿star) Ber%shiR Army Cadet Fotr£ B0ummt￿th Sea Cadets Eirakenhale School CCF {3 AwaThl$} B￿ghtsn Metropolltsn Colleg0 CCF Brockenhursl Colw C¢F Canford School CGF Central Distrkt Sea Cadets Chichestsr Free Sthool CCF Clty ot Portswoulh College GCF12 Awards) cFaI￿ Court S¢h¢)ol CCF Crawl•y Sèa & Marinè Cadets D8nefiekF Sehopl CCF DorsètAr Cadèl Force Effmgham Schools TN8t CCF Hampshire and Islè ofwwht AGF (4 Award8) Hampshire and Isie of Wght RAF Hgadquarters Voluntstrr Cadet Corps 4,1*10 1,4 7.B50 500 4.632 4,999 3,4¢)0 8,875 5,000 1,908 ,000 12,930 4,550 3,000 5,000 2.500 6.7W2 3,246 1,000 4,974 17,588 5,000 6,000 15,321 12,380 Pago 11 conts'nued... THE CoNNA￿kIT TRUST NOTES TO THE FINANCIAL STATEMENTS - conUnu•d FOR THE YeAR ENDED 31 DEGEMBER 2023 GRANTS PAYABLE- ¢ontlnu•d HMS Exceltent VCC UtN8hompton, Awndd and D￿trtc1 Sea Cadets Maldenhead Sea Cadets Mailne SOc￿ty and Sea Cadets Newoury Sea Cadet# Odiham Air Cadets Poole Sea Cadets Portsmouth Grammar Sclwol CCF Portsmouth RMVCC12 Award81 Readln9 Sea Cadets Surray Dlstrtet Sèa Cad818 Su8sex ACF sbury d8￿chn￿nI￿￿hIré ACF UTC Re&ding CCF Volunteer Cad•t Corps Tr*ning Centre W8m*nlster school rtshire ACF W￿he￿ter Sea c￿￿ts (2 Award81 5,000 3,350 5,000 3,500 1,000 5,000 3,339 4,000 1,225 8,125 2,000 400 5,640 3,286 4,000 1,308 4,032 1,500 2,500 4,200 162,630 133,823 4th Bn PWRR HQ {2022 grant) Brlghlon MetropolFtan Cc41egè CCF {2022 gFant} Central District Sea Cadets12022 grant) HMS Excellent VCC12019 grant) Hampshlfè and Isle ofwght ATC (2023 granti Hamp¥hiie Lord Lleutenants Fund Southampton Sea Cadéts l¢)ver accN8d In 2￿21} Volunteer Cadet Corp$ TralniNd Centre {2022 gr8nl) 1700) (4.944) (eooi 13,500) Is,oco) {1,5CKJ) 14TrJ} 115,000} (359) 180> 156,551 107,823 Page 12 rmnllnued... ThE CONNAUGHT TRU8T NOTES TO THE FINANCIAL STATEMENT8- contlnuod FQR THE YEAR ENDED 31 DEGEMBER 2023 SUPPORT com Govemsn¢a ¢XJ5ts Management Flnancè Tots18 GraAtrrHking 8.922 36.147 45,163 Support costs, included In th& above, are es folknws.. M•n•g•mgnl 2023 2022 Totsl acUvltl•s Granttiiaking Mart•UTrJ nddes ITsupwt 7fi21 323 978 1,527 108 768 2,403 Flnance 2023 2022 Total activities Granbnaking Bank tharges G￿rnal￿a co•ts 2023 2022 Total Gr4TrtM￿n9 Ar￿U￿tanCY Audit¢r¥ rermneralbn IE Fees ExecutN810 thè Trusts lees Trustee8' expensès Profe88knnal fees 1,687 5,850 834 25,939 3,340 3,567 27,019 2,105 36,147 38,104 Page 13 contlnued,., THE CONNAUGHT TRiIST NOTES TO THE FINANCIAL STATEMENTS-¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEE8' REMUNERATICINAND 8ENeFIT8 Durfng the year, Jullan Walker récew con8urt8ney fees totdlkng £25,939 (2022: £27.019> for h{$ role a$ ExwJU¥• to the TnJsL Apart from thè above, there wa3 no tru¥tse's reMu￿ra￿On or Other b8n•ffts for the year ended 31 December 2023 nor lor the year endèd 31 DwAmber 2022. Th10ts0•' oXPgn• During the yéar st< truIt￿ (2022.. four) weTe relmbJr8ed Out of Ffxket expenses totalwig £3.340 12022., £2,1051- TANGIBLE FixeD ASSM FthJr•s and n98 COST At 1 Janiw 2023 ar￿ 31 Deoember 2023 7,119 DEPRECIATION 11 Januory2023 Chatye foryear 6,365 At 31 Deeember2023 6,907 NET BOOKVALUE At 31 Decem1Xr2￿3 212 At 31 De(wber 2022 754 10. HERITAGE ASSETS MARKETVALUE At l J&nLHry Addit￿n8 Revaluatior>s Di$F¥)sals At 31 0￿mbor 2022 78,183 280 {14,070) (11,313) 140) (1,040) 2021 75,315 2020 65.905 19,410 2019 55,905 2D18 59,805 64,110 {3,71y)) NEf 8OOK VALUE At 31 DO¢￿ter In 2018 Ihe heritage as*ts, ¢onstStlng of sllvér, oll p81nlings and prlnts, wwe profes8lon8lly vabjed by D.M. Nesbll & Compary on an OFon morkel basis. In November 2020, hontsy 08¥9ts a ffHrkot value £19,410, w)sr*lng of sllvar were transferred io th Twst from Hamp8hlre & lsk of ￿ght Terrftorid Trust. Before the trqnsfer thew horftage w8f¢ professionalty valuod by D.M. Ntht & Gompary on 4n opan mwk•t ha￿￿. In 2022, tho carryln9 value ot the haritage assets feviewe¢J by the trustees and it was detsrmtned to decrease the hertt8gg assets value by £11,313. Page 14 c