REGISTERED CHARITY NUMBER." 1179469
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE CONNAUGHT TRUST

THE CONNAUGHT TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEAIBER 2024
Pago
Report of the Trustees
1 to 4
Independent Examlnefs Report
Statement of Flnanclal Activitie8
Balancg Shggt
Nole8 to the Financlal Statements
8 to 18

THE CONNAUGHT TRUST
REPORT OF THE TRUSTEES
FOR TKE YEAR ENDED 31 DECEM8ER 2024
The trustees present their report the ￿nancIal statements of the charity for the year ended
31 D8cember 2024. The trustees have adopted the provisions Gf Accounting and Rewrtlng by Charities..
Slalemenl of Recommended Practice applicabte to charities preparing thelr accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January
20191.
OBJECTIVES ANO ACTIVITIES
Hlstory and obJectiV05
The charity was originally created at the end of tho 19th Century for the benefit and support of the 3rd
Hampshire Volunte8r Battalion. The furtrd has subsequently 5UPPOrted all units that occupied the Connaught
Drill Hall 81 Stanhope Road, Portsmouth. As a resutt of ¢hanging Fnilitsry requiremgnts, the la51 unit left the
Drill Hall in 1999. Al that time the trustees deGid8d, wth the consent of the Charity Commission. to expand
the scope of the TNSI so that today the trustees are able to assist MOD sponsored Reserve and Cadet
of all thr8B servicès within a defined geographical area. The Trust beome a Charstabl& Incorporated
Organizalion {CIO) on 1st Jan 2019.
The Objectives ofth8 CIO a￿.
11) To promote the mllttary efflclency of all ranks Serving in units of the Army R8serve, the Royal Naval
Reserva, the Royal Marines Reserve. and the Royal Air Force Reserve and such other Reserve
Units as established by the Ministry of Defence, in Hampshire and thelsle of Wight.
{21 To support the charitable activities of units of the Army Cadet Force, the See Cadet Corps, the Air
Training co￿s. the Volunt88r C8det Corps. the Cornbined Cadet Force and such other Cadet Units
recognised as a Service Cadet Organisation by the Ministry of Def8nce. in Hampshire and th8 Isle
of Wight.
13) If and in so far as the income and capf(al of the CIO Cannot be applied towards the objects above in
the area specllled, ￿ may be applied towarrts th8 sam8 objects in Berkshire. Dorset. Surrey. West
Sussex and Wlltshlr6.
Procedurns policy and grantmaklng
The trustees meet for grant%iwng purposes three times a year al approximatety four-month Intervals. At
these meetings grant applications a￿ di8cussed and considered on merit and availability of fund$. Grants are
normally made on a one-off basis up to £5,000, as the trustees would pr8f8r to assist many organisations with
a small grant rather than a faw Organisat￿$ with large orants.
Guldance to appllcants Is contained in the Grant Givlng policy stslemenl which sets out the crfleria for grants
and is available to view on the Trust's website. Applicatlons are made on an interactlve appllcation form, also
available from the Trust's websit&. This gives the trustees enough Information to make their declsion. When
considered necessary, the Iruslees and the Secrelary are available to discuss grant requirements with
individual units. Uni15 are Encouraged lo make efforts to raise ftjnds IhemseFv8s and to approach oth&r grant
giving organlsation$.
The trustees remain keen to support the state school CCF cadet 8xpansion programme ICEPI and efforts a
being made to bring the Trust to the attention of these new units with the help of the schaol liaison offlc8rs at
SERFCA (South East Reserve Forces and Cadets A880Cl81ionl and Wessex RFCA {Reserve Forces and
Cad81 AssO￿atiOn1. The Trust 18 pleased lo have supporte(I five CEP CCF detachmonts duflng 2024.
The main method of promoting the aims of the Trust is through the Trust website. The Trust maintains
Facebook and Linkedln pages, as w811 as 'X' and Inslagram accounts, which ar& managed by a media
consultant. The Trust also advertises in the Reserve and Cadet Link magazines produced by SERFCA and
Army Cadet UK. The trustees encourage photographs and gxpedilion reports from recipients of grants on
the activity has taken place. Thls feedback has been expanded in 2024 by providing branded flaas lo assisl
wllh pholo9raphlc opportunitiBs. Th9 Trust also provides branding and artsvork for specthc equipment thal
has funded, for example, on minibuses or safely boats. The photographs and reports are used in the fuiure
promotion of the Trust, both on social media and within news stories on the Trust website.
Page 1

THE CONNAUGHT TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTMTIES
PUBLIC BENEFIT
The trustees confiTm that they have referred to the guidanc8 contsined in the Chartty Commission's general
guidance on pU￿1C benefit when reviewng the Trust's alms and objectives and in planning fvture a¢tivttles.
The trustees are (#)nscious that the use of charitable funds should have an element of benefit to the public.
The Income from the Trusvs Investments is used to support the objectNes of the Charity as outlined in the
trustees, report. The truste￿ believe that the grants that thay make both to the Reserva and Cad8t forces
throughoul the area of the Trust's remit glve public benefit. The grants aid a substantial number of people
from all walks of lrfe with military connections as well a5 give benefit to the communibes in which Ihe
ReseN88 and Cadets are Ioc81ed.
ACHIEVEMENT AND PERFORMANCE
During 2024 the Tnjst received 63 grant applications12023". 621 of which 48 were approved. Five 9rants were
refunded, these included.. a grant for Alton School CCF as the unit was closed when the school dosed at the
8nd of th8 summer temi and 1827 {OLliaml Sqn ATC refunded a grant when they did not take part in
training week and dld not maka a planned purchase of equiprn8nt. The total amount of grants paid during
2024 Wds £152.43212023". £162,630). 48% of the applications12023'. 52Yol w8r8 recewed from ReseNe 8nd
Cadet units in Hampshire and the Isle of Wight and 52Yo from the adSoining qualifying ryjynties. The number
of appllcations from Cadel units remained high comprising 84% of the appllcatlons {521. re¢elvlng 91%
1£138,0461 of the lotsl amount awarded. The grants 5UPPOrted v8ri0us actlvitles Including support for annual
Ixmps, battlefield tours, the purchase of adventure training and military @quipment, and fundlng for adventure
training exercises. They also supported places for 92 cadets to attend The ￿DaY Story at Southsea
ComTnDn. Tho provisioft of grants has a significant impact on recruilmenl and retentSon for the bBn&ficiary
units. During the year a combined total of 11,577 reservists and cadets benefited from grants from the Trust.
FINANCIAL REVIEW
The Trust's overall investment income for 2024 was £215,132 12023.. £244,531). The inGome of the Trust
comes from equity investments managed by Cazenove Capital, plus rents received from the three
commercial Investments owned by the Trust. The redurtion In income in the current year was as a result of
one of the properties becomlng vacant ift the prlor year and the ￿an1 golng into admlnistration.
Expenditure ov8rall for the year raduced by £17,360 (2023: increas¢d by £72.259}, this is as a result of a
combination of effects.
Costs associated with raising funds have increased by £14,05012023 - £1,606), the increase in the current
year is as a resutt of additional costs Incurred in respect of the vacant propety.
Costs assoryated with grantmaking have reduced by £31,484 (2023 - increased by £72,259). Grants paid
reduced by £11.S41 12023 - increased by £48,72818nd in the prior year £18,994 was incurred in ro$pect of
the final costs asS(￿at8d the book pro5ect.
The resuts for the year were affected by the net losses on investments, £39,932 12023 - gain8 £26,077),
whilst the Caz8novo portfolio saw an increas8 of £267.883 unfortunately the prop8rti&s held reflècted a
decrease of £310,000.
Overall the result of the year was a defiat of £59,520 (2023- Surplus £18,￿41.
Net assgts at Iha y8ar end are £4.848,16912023- £4,907.7631 including ass815 put asid8 in de8ignatgd funds
for repairs to prop8rty fund, £325.000 and a grant reserva of £145.000.
RESERVES POLICY
Thg reserves p¢Jicy of the Trust is for free res8rves lo cover one year of grants estimated at £200.000. The
increase above the free res8Tves amount is held for specifie projects to cover futuve repairs and maintenance
of the Trust properues atKI marf(eling costs 88soclaled wth promotlng the Trust to Its beneficiary units and
individuals.
Page 2

THE CONNAUGHT TRUSF
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
FUTURE PLAN8
The trustees plan to continu8 making grants in a similar way to the re￿nt past. There is no intentlon lo 8tt8r
the policy that the Trust has adopted over the recent past. Howev8r, th8 Irus188S Colltinually look to swayB of
expanding its coverage wrthln its beneficlary group and continue to retaln a medla con5Utiant, Gr88nfield
Sttes, to help with promotion of the Trust.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Govemlng docum&nl
The charsty is a Charitable Incorporation Organisaty'on ICIO), and its govemance 18 set out in its FouThJing
Constitution which was adopted on 1st Jan 2019.
The Trusts Founding Constitution provides for a minimum of three and a maximum of eight trustees. The
tnjslees Teview the skill set of the cu¥rent trustees and seek to recruit new trustees to balance Ihese skills as
r8qLJired. Al ye8r end there were flve Iruslees, and the trustees decided to r8crutt two additional trustees,
using a specialrst charity recruitment agency. Th8 chaimian is responsible for ensuring that any new trustee
receives appropriate training and is aware of the Charfty Commission requir8m8nts and the laws governing
trustees. The existing trustses have held office for pertods varying from one to fift8en years. Tnjstees are
appointed for a perii)d of up to fivè years and can stand for reappointment subj8Ct to a maximum term of
fifteen years. From 1 Jan 24. Lt Cdr Jules Rogers has been employed as the Trust Secretary to carry out th8
day-t￿daY administration of the Trust. She also reviews all grant applications before submission to a full
meetlng of the trustees. The fomiei Execullv8 to the Trust, Maj Julian Walker. ￿ntinUed as a trustee, having
been r8appolnled for years from l Jan 23; he reslgned on 31 Dec 24.
The Trust's equity funds are managed by ca￿￿0Ve Capital. which reports monthly through the Secretary and
th8 fund manager attend5 either In person or remotely at least one annual meeting lo rBPOrt to all tnjstees. As
well as the funds under managem8DI by Cazenove, the Trust owns three ¢ommerciaS properties. It uses one
agent to manage one of the Prope￿&S whlch Is multi-lel with fvrthgr commerd81 propertl6s being
managed by another agent.
The Trusvs documonl base Is In SharePolnt. This enabl&s all the trustees lo access th8 Trtjst's database thus
enabling them easily to view applications and other relevant dats.
The trust8es hav8 b88n reviewing all inl8mal policses to ensure that th8y also conform trj guid81in8s issued by
the Charity Commission. These arg r8gularty reviewed throughout the year.
REFERENCE AND ADMINISTI4ATive DETAILS
Registered Charlty number
1179469
Prlncipal address
Statlon House
North Street
Havanl
Hampshire
P09 IQU
Trustees
Chades Edward Hawland Ackro
Anthony Ch8rles Robert Stlckland
Danielle Louise Griffin
GTreme William Nexander Hughes
Jamio Douglas L3￿Y
Julian Francis Scutts Walker
Resigned 3111212024
Julia Anrtr Rogers (Appointed 01101120241
Page 3

THE CONNAUGHT TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Indèpendent examlner
P J Underwood, FCCA
Morris Crocker
Chartered Accountants
Stslon House
North Street
Havant
Hampshire
Pog 1QU
8ollcltors
Blake Morgan
New lfjngs Court
Tollgate
Chandlerfs Ford
Easllgigh
Hamp5hirg
S053 3LG
Inve81m¢nt Managors
Cazenove Capkal
12 Moorgate
LDndon
EC2R 6DA
Approved by order ofthe board oftrusle&s on........
. and signed on its b8half by:
CEHAckroyd-T
Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE CONNAUGHT TRUST
Indepondent examinerfs report to the trustees of The Connaught Trust
I report to the tharitylrustees on my examination of the accounts of The Connaught TNst (the Charftyl for th8
period 8nded 31 December 2024.
Responslbllllles and ba818 of rnport
As th8 charity trustees of th8 Charity you are responsiile for the preparatlon of the accounts in accordance
th the requirements of the Chariues Act 2011 Ilhe ACYI.
I report in respect of my examillation of th8 Charitys accounts carried out under Section 145 of the Act and in
carrying out my examination I have followed all ap￿ICable Directions given by the Charity Commission under
Seetion 14515}Ibl of the ACL
Indepgndent examlnerfs statement
I have completed my examination. I confirm Ih3t no material matters have come to my attention in cOnneC￿n
with the examination glving me cause lo believ& that in any material r8spect'.
1. accountin9 records were not kept ri respect of the Charity as required by Section 130 of th6 Act: or
2. the accounts do not accord wtth those records., or
3. the accounts do not comply wth th? applicable requireTnenls conceming the lorm and content of accounts
sel out in fhe Charities {Ac¢ounls and Reports) Regulations 2008 other than any requirement that the
accounts givg a true and fair vlew whlch Is not a matter t))nsklered as Part of an independent exaMina￿On.
I have no concerns and have come across no other matt81s In connection vAth the examinatton to whleh
attention should be drawn in this rewrt in order lo enable a proper understanding of the accounts to be
re8ch8d.
P J Underwood, FCCA
Morris Crocker
Chartered A¢counlants
Station HDUS8
North Street
Havanl
Hampshir¢
P09 1QU
Dale..
Page S

THE CONNAUGHT TRUST
STATEMENT OF FINANCEAL ACTMTIES
FOR THE YEAR ENDED 31 DECEMBER 2024
2D24
Unrestrictsd
funds
2023
Total
funds
INCOME AND ENDOWMENTS FROM
I￿￿tynent income
215,132
244,531
EXPENDrruRE ON
Flaising funds
45,556
31,506
Charfl¥bl• actlvhlos
Gr8ntmaking
189,184
220,648
Total
234.720
252.154
Net gainsl(loss&s} on illv8stments
139,932)
26.077
NET INCOMEI{EXPENDITUREI
159.520)
18,454
RECONCILIATION OF FUNDS
Tol81 funds brought foward
4.907.763
4,889,309
TOTAL FUNDS CARRIED FORWARD
4,848.243
4.907,763
CONTINUING OPERATIONS
AU income 8nd expenditure has ari%en from contlnuing a¢tivltio8.
2023 FuThas were all unr8St¥lcted funds.
The nol8s forTn part of these flnanclal statements
Page 6

THE CONNAUGHT TRUST
BALANCE SHEET
31 DECEMBER 2024
2024
Total
funds
2023
Total
funds
Note5
FIXED ASSETS
Tangible assets
Horitage assols
InvoStm•nts
Investments
Investment property
212
50,000
10
49,900
11
12
3.268,691
1.425.000
2,975,727
1,735,000
4,743,591
4,760,939
CURRENT ASSETS
Debtors
Cash at bank
13
10,773
97.958
8,g89
174.744
108.731
183,733
CREDrroRS
Amounts falling duè within one year
14
14,0791
136.9091
NET CURRENT ASSErs
104,652
146,824
TOTAL ASSETS LESS CURRENT
LIABILITIES
4.848,243
4,907.763
NET ASSErs
4,848.243
4,907.763
FUNDS
Unrestricted funds
15
4.848.243
4,907,763
TOTAL FUNDS
4.848.243
4,907,763
The finan¢1￿ statements weo approved by the Board of Trustees and aLthorfjsed for issue o
..&...Kdr. ....34.A.<... and w8r8 signed on its behalf by.
C E H Ackroyd-
ruslee
Th8 not85 form part of th8S8 financial stat8m8nls
Page 7

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMEp¥rs
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUKTING POLICIES
Basls of Prqparlng tho finanelal statemgnts
The financial statements of the chaTIty. which 4$ a public benefrt 8nlity under FRS 102, have been
prepared in a¢cord8n¢e the Charities SORP IFRS 1021 'Accounling and Reportlng by Charities..
Statement of Recommended Practice appllcable to tharities preparing their accounts in a¢¢ordance
with the Financlal Reporting Stsndard apFAicabl8 in the UK and Republlc of Ireland (FRS 1021
(effective 1 January 20191,, includlng the provisions of Section 1A"Small Entittes. and the Chariti8s Act
2011. Thg financfjal statements have been prepared und8r th8 historical cost convention, wth the
exceptron of investments which are included at market valua. as modified by the revaluation of certain
assets.
The finandal statements have been completed uslng pound stsrfing as the currerw and all figures
hov8 been rounded lo the nearest pound.
Golng concern
Th8 trustees consider that there are no mal8rtal unGertainties about the charitys abllity to cthinue as a
going concem.
Income
All incom8 ￿ recognlsed in the Statement of Financial Activities once the chartty h8s entilement to the
fijnds. It is probable thal the Income will be raceived and th8 amount can b6 measured refiabty.
Expenditurè
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the charty to th81 expenditure. it is probable that a transfer of ecoTtomic benefits will be
required in settlement and thè amount of the obligation can be measured relk?bly. Expendlture is
ac¢ounted for on an accnJa15 basis and has been classif￿d under headings that aggregate all cost
relalgd lo the category. Wher& cost5 cannot be directly attributed lo particular headings they hav8 b88n
allocatsd to actNits85 on a basis u)nsislent with the use of re8ourc85.
The chority recovers a proportlon of its VAT du8 to being partially exempt for VAT purposes.
Grants offered subje¢t to Condi￿an8 which have not met at the year end date are noted as
commitment but not accrued as expen¢Jllur8.
Alloutlon and apportl¢nment of costs
SLSPPOrt costs have been drfferentiated betsveen governance costs and other 8UPPOrt cost5.
Governance costs comprise all c09ts involvlng the public accounlabllity of the ¢ho￿ty and ils
Complian￿ ￿th reguLqtion and good pract￿. These costs costs relatert to Independent
examination and legal fees together wlh an app)rtionment of overhead and support costs relating to
trustee Board meetings.
As grantmaking 18 the charivs only Gharitable actw a basis of apportionment relating tr) govemance
costs and support costs is not required.
Tanglble ftxgd assets
Depreclation is provided at the follo￿ng annual Tates in order to wrlte off each asset over its estimated
usefvl lif8.
Fixtures and fittings
10% on cost and 10% Dn reducing balance
Individu81 fixed assets co8￿ng £500 or mor8 are c8pllalised al rosL
Herllage assets
The T￿SyS collection of oil paintings, prints and Si￿er is reported in the Balance Sheet at fair value. A
formal valuation was made by prDf8ssional valuers ID.M. Nesblt & Company) In 2018, the trustees
then review the heritage asset value on an annual basis.
Page 8
continuad...

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMETr¥fs - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POUCIES- ¢ontinu8d
Herltage asG•ls
The oll palntings. prints and silver are deemed to have indelemilnale Ilves and the trustees do not
therefore consider it appropriate to charge depreciatKJn.
Investment propertles
The value of inv8strn8nl properti8s at the balance sheet date is revlewed annually by the tnjsleos. In
addition, an external professional revaluation of the properties is conducl¢d every fwe years on an
opan market basis. Any surplus or deficit in th8 valu8 of th8 prop9rties is refiect8d in the Statement of
Financial Activities.
Taxatlon
The charlty Is exempt from tax on Its chadtablè actlvitles.
Fund accounting
Unrestricted funds can be used in accordanc8 with th8 charltable objectlv8s at the discretkjn of the
trustses.
D8signated funds ar8 unrestflcl8d fvnds earmarked by the tNsl88s for particular purp08es.
Restricted funds can only be used for particular restricted purposes wthin th8 objects of the charity.
Restrictions arfse when specffied by the donor or when funds afe rdis8d for partlcular restricted
puiposes.
Flnanclal Instruments
The charity only enters into basic financial instruments transactions that wult in the ￿CognItion of
financial ass8ls and liabilities like trade and other accounts receivable and payable, loans from banks
and other Ihlrd parties and loans lo related parties and investments in complicated investment
products.
Trade and other debtors
Short term debtors are measured at Irdnsaction price. less any impaimient.
Cash and cash equivalents
Cash and cash 8quival&nts comprise cash 8t bank and on hand. deposits wlth banks and oth8r
$hort-temi hlghly liquld Inve$tm8nts.
Trade and other credltOY8
Short term trade credf(ors are measured al the transact￿n price. Other financial liabilities, includlng
bank loans. are measurwj in￿allY al falr value, nel of transaction costs, and are measured
subsequendy at amortlsed cost Ltsing the effective interest method.
Judgomofits and k•y sources Ot esllmatlon uncortalnty
In the applwion of the companys accounting polioies, the Iruslees are required to make Judgements.
estlmales and 8SSUrnPtbns about the carryillg amount of asseis 8nd liabilities that are not readily
apparent trom other sour¢8s. Tha estimates and associated assumption$ a￿ base don historical
exp8r1en￿ and other factors that ar8 considered to be r818vant. Actual r8sults may drff8r from these
estimates.
The estimates and underfwng assumptions a￿ ￿vieWed on an ongoing basis. Revtsion to accounting
8s1imales are recognised in the period which the estimate 15 revised where th& revlslon affects only
Ihal perlod, or In the period of the revI￿an and future perfod whether fevisiofb affècts both current and
luture periods.
Th8 valu8 of investment Fryerti8s is consid8red al each b8lanG8 sheet date, due lo the nature of th&
assoc there is an elemenl of 8Stimation which could Material￿ impacl the results of the ent￿.
Page 9
¢onlinued..

THE CONNAUGfr￿ TRUST
NOTES TO THE FINANCIAL STATEMENTS - ¢onllnued
FOR THE YEAR ENDED 31 DECEMBER 2024
INVESTMENT INCOME
2024
2023
Rents received
Grant of the rlght of access across car park
Dividends from equities
Interest from Gash deposits
80,394
108,256
6,000
127,995
2,280
129,482
S,258
215,132
244.531
All investrnent incom81s derlv8d frorn a55ets held in the United Klngdom and overseas.
RAISING FUNDS
Investment management costs
2024
2023
Commission and management fees
Investrnenl management fees
Bad debls
Malnlenance cttarges
Insuran
Sundry expenses
Printing and advertising
SeNice char9e
Depreclation
Loss on sal& of assets
7.250
7,445
1,850
7,102
12,592
2,773
3,419
1,687
1.$41
20.175
5.828
1,500
3,167
542
191
45,556
31,506
CHARITABLE ACTMTIES COSTS
G￿nI
funding of
aCtiv￿e5
Isee note
6}
Support
costs Iseg
note 71
Totals
Grantmaklng
145,010
44.154
189,164
Pag8 10
contlnued..

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL 8TATEMEMfs- o?ntlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECT COSTS OF CHARITABLE ACTMTIES
2024
2023
Book project costs
18,944
GRANTS PAYABLE
2024
2023
Grantmaking
145,010
156,551
The totsl grants paid to institutions durtng the year was as foNows:
2024
2023
Reserves
4th Bn PWRR HQ
106 Regl RA
266 Port Sqn 165 Port Maritime Regt RLC
295 Bty RA, 106 Regt RLC
4 PWRR IHQI
457 Bty RA. 106 Regl RA
679 (Duke of Connaughtsl Sqn AAC (2024 2 awards)
C Coy4 PWRR
C Coy 6th Bn The Rifle5
Royal Wessex Yeom8nry
Southampton UOTC
8(M)
3,500
4,1X)O
4,718
700
918
1,550
3,800
1,000
600
11,800
1,400
3,600
Cadets
135 IReigatB and Redhilll Sqn ATC
171 (Christchurch) Sqn ATC
172 IHaywards Heathl Sqn ATC
2327 Sqn Havant RAFAC
2464 Storrington Sqn ATC
Alton School CCF
Ash Manor School CCF (Navy)
Ash Manor School CCF (Army)
B Company Sussex Army Cadet FcffGe Ichlchester)
Basingstoke Sea Cadets
Berkshite Army Cadet Force
Boummouth Sea Cadets
Brak8nhal8 School CCF13 Awards)
BrockenhLfrst College CCF
Budmoulh CCF
Canford School CCF
Central District Sea Cadets
Churchors Coll8g6 CCF
Cty of Portsmouth Co]lega CCF12023 2 awards)
Clair&5 Court School CCF
Connaught Cadet Chamenge Comp
Cowes Sga Cadets
Crawley Sea & Marine Cadets
D Company ACF No 13 Shoreham by S88
Dorset Ar Cadet Force
East Grinst88d Sea Cadets
Effingham Schools Trust CCF
Galipdi Coy ACF
Gosport Sea Cadets
4.140
4.801
8.000
7.650
500
4.632
4.999
3,400
8.675
5,165
5,000
6,000
2,292
6.000
1,908
5.000
4,550
4,000
5,400
3,000
1,960
1.749
3,000
3,246
1,725
5,000
5,000
4,372
5.000
1.000
7.OOt)
5.0(10
3.600
1,250
Pag811
conlnued...

THE CONNAUGFrr TRUST
NOTES TO THE FINANCIAL STATEMENTS- conllnuod
FOR THE YEAR ENDED 31 DECEMBER 2024
GRANTS PAYABLE- contlnued
Hampshire and Isle of Wlght ACF (4 Awards)
Hampshire and Isle of Wight RAF
HMS Collingwood
John Madejski Academy
Lituehampton, Arundel a￿1 District Sea Cadets
Maidenhead S88 Cadets
Marine Society and S8a Cadets
Matravers CCF
Odiham Air Cad&ts
Poole Sea Cadets
Portsmouth City Council
Portsmouth Grammar S¢hwl CCF
Portsmouth RMVCC {2 Awards)
Roading Sea Cadets
Royal Grammar Schi)ol Guildford CCF
Surrey District Sea Cadets
Surrey Wing RAFAC
Sussex ACF
VCC (HQ)
Volunle8r Cadet Corps Training Centre
Warminister school
Wittshire ACF
Winchester Sea Cadets {2 Awards)
13,442
3,225
3,500
3,773
15.321
12,380
3,500
3.000
3,339
4,1100
750
3,220
1,225
8,125
2,000
3,600
400
4,500
5.640
5,000
1,500
2.500
4,200
7,300
623
10.000
152,433
162.630
1827 {Odiham} Sqn ATC
4th Bn PWRR HQ12022 grant)
lon College CCF (Army)
Brtghton Mètropolitsn College CCF (2022 grant)
Hampshire and Isle of Wight ATC12023 granti
Maidenhead Sea Cod8ts
Roydl Wessex Yeomanry
VCC HQ
Volunteer Cadet Gorps Trainlng Cenlre12022 grant)
13,3391
1700}
12,2031
14,944}
1356)
(6001
{6031
{6771
{801
145,010
156.551
P8ge 12
continued..

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS - contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
SUPPORT COSTS
Govemanc8
costs
Management
Finance
Totals
Granlmaking
7,519
90
36,545
44,154
Support costs, incIL￿ed in the above. are as follows..
Managemgnt
2024
2023
Total
activities
Grantmaking
Marketing
Sundrles
IT support
6.486
287
746
7.621
323
978
7.519
8,922
Flnance
2024
2023
Tot
acliwties
Grantm8king
Bank Charges
90
GovgrnanGg Costs
2024
2023
Tot81
activtttes
Grantmaklng
Wages
Accountancy
IE Fegs
Executive to the Trusvs fe0$
Trustees. expanses
Professional fees
Recruitment fees
,476
634
1.325
2.936
2,174
4,500
2,500
1,667
834
25.939
3,340
3,567
36,645
36,147
TRUSTEES. REMUNERATION AND BENEFITS
During thg ye8r, Julian Walker received con$ultan¢y fees totalling £2,93612023'. £25,939) for hls role
as Executlve lo the TrusL
Apart from the above. there was no trustee's remunefalion or other benefits for the year 8nded 37
December 2024 nor for the year ended 31 De￿rnber 2023.
Page 13
contlnued...

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS . Gontlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES. REMUNERATION AND 8ENEFITS- continued
Trustees. exponses
During the year IhTee Irustees12023.' six) were reimbursed out of pocket expens8s totslling £2,174
12023.. £3,340).
TANGIBLE FIXED ASSErs
Fixtures
and
fitbn9S
COST
At 1 January 2024
Disposals
7,119
11.935)
At 31 December 2024
5,184
DEPRECIATION
At 1 January 2024
Elirninatgd on disp0881
6,907
11,723)
Ai 31 December 2024
5.184
NET BOOKVALUE
Al 31 Dgcomber 2024
Al 31 December 2023
212
10. HERITAGE ASSErs
MARKET VALUE
Al 1 January
Addit40ns
Revaluations
Disposals
At 31 December
2024
2023
50,000 eA,110
2022
2021
76,183 75,315
280
888
(14,0701 {11,3131
1401 11,0401
2020
55,905
19,410
2019
55,905
(1001
55 905
NET BOOK VALUE
At 31 December
49 900 50 000
64110 76183
55
In 2018 the herflage assets, consisting of sifver, oil paIn￿gS and prints, were professionally v81ued by
D.M. Nesblt & Cornpany on an open market basls.
In Nov8mber 2020, heritage assets wlh a market value £19,410, ¢onsisUng of silver were transf8rred
to th8 Trust from Hampshirg & Isle of Wight Territollal Trust. Bgfore the transfer these h8ritage assets
were professionalty valued by D.M. Nesbit & Company on an op8n market b88iS.
In 2022, the c8rying value of the heritag8 assets was reviewed by the trusteos and il was detsmiined
to de￿ease the hedtage ass8ts value by £11,313.
Sn 2023. the carrying value of the hgritage 08sets WBS r8viewed by the trustees and tt was determined
lo decrease the herltage assets value by £14.070.
In 2024, the Trusle&s rewewed the value of the heritsge assets and deemed the market value of
£49.900 as appropriate.
Page 14
conlinued...

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS - ￿ntInUed
FOR THE YEAR ENDED 31 DECEMBER 2024
11. FIXED ASSET INVÉSTMENTS
Listed
investm8nts
MARKET VALUE
At 1 January 2024
Additions
Disposats
Revalualons
2,975,727
32.313
{7.288}
267.939
Al 31 December 2024
3,268,691
Cash avoil8bl8 to inv8$t
1,973
NEf BOOK VALUE
At 31 December 2024
3,268,691
At 31 December 2023
2,975,727
Anatysis of investments by tr:
2024
2023
Equitie5
Bonds
Mulli-Asset Funds
Property
other
Cash held within the investm8nt porffolio
2,452.683
319,358
2,060,027
384,447
47,792
192,430
110,906
180,625
176,987
246.742
62.B42
3,268,891
2.975.727
AnalyBis of investments between those held ￿thin or outside the Untted Kingdom..
2024
2023
Within the United Kingdom
Outside the United Kingdom
760.386
2,508,305
1,027,003
1,948,724
3,268.691
2,975,72TT
Pag8 15
conlinued.-

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEAIBER 2024
12. INVESTMENT PROPERT
FAIR VALUE
At 1 January 2024
R8valuatlDn
1,735,000
(310,0001
At 310ecember 2024
1,425,000
NEf BOOK VALUE
At 31 Decemb8r 2024
1,425.000
At 31 Decemb8r 2023
1,735.000
Fair value at 31 Deeemtrkr 2024 is r8presented by..
V8lu*ion in 2022
Valuation in 2023
Valuation in 2024
1,737,000
(2,000)
{310,000}
1,425,000
An extemal valuation was Garried out in October 2024 by Vall Williams, an independenl fim of
Chart8rgd Surveyors. resuttlng in a £310,000 loss on revaluatson.
13. DEBTORS: AMOUNT8 FALLING DUE WITNIN ONE YE4R
2024
2023
VAT
Accrued Income
Prepayments
2.053
7,915
805
8,200
789
10,T13
8,989
14. CREDITORS: AMOUNTS FALLING DUE wrrHIN QNE YEAR
2024
2023
Soaal securfty and other taxes
VAT
Grants payable
Other creditors
Def8rr8d income (sea below)
Accrued expenses
628
407
3.542
17,280
1,259
10.457
3,263
4,079
36,909
2024
2023
Brought forward
Amount released lo Incomlng resources
Amount deferred in year
10,457
110,457)
25,095
125.0951
10.457
Carried forward
10,457
Page 16
continued...

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued
FOR THE YEAR ENDED 31 DECEMBER 2024
1& MOVEMENT IN FUNDS
N8t
movement
in funds
Tran$f8rs
be￿en
funds
At
31.12.24
Al 1.1.24
Unrestricted ￿ndts
General fijnd
Repairs to Property Fur
Marketing Fund
Grants reserve
4.813,885
84.419
9,459
(35.7801 (399,862)
(17.254)
257,835
(6,486}
12.973>
145,000
4,378,243
325,000
145,000
4.907,763
(59,5201
4,848,243
TOTAL FUNDS
4,907,763
{59,520}
4.848.243
Nel movement in hjnds. induded in the above are as follows..
Incoming
resourcos
R8sourc8s
expgndgd
Gains and Movement
losses
in funds
Unrastrfctgd funds
General fund
Repairs to Properly Fund
Marketing Fund
215,132
{210.980)
117,254)
{6,486)
139.932)
135,780}
117,2541
(6.4861
215.132
1234.7201
139.932)
(59,5201
TOTAL FUNDS
215,132
1234,7201
139,9321
159,520)
Comparatlve8 for movement In funds
Net
movemenl
in funds
At1.1.23
31.12.23
Unrestrlct?d funds
General fvnd
Repairs to Prop8rty Fund
Marketlng Fund
Book project
4.779,389
86,822
17,080
6.018
34,496
{2.403J
17,621)
16.0181
4,813,885
84.419
9.45g
4.889.309
18.454
4.￿7,783
TOTAL FUNDS
4.889,309
18,454
4,907,763
Pago 17
conllnued...

THE CONNAUGHT TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 DECEMBER 2024
15.
MOVEMENT IN FUNDS- contlnued
Comparat￿9 net movement in funds, in¢lud•d in the above are as follows:
Incoming
resources
Resourc8S
èxpended
Gains and Movement
losses
In funds
Unmtrlcted ￿ndS
General fund
Repairs to Property Fund
Marketing Fund
Book project
244.531
(236,1121
12.4031
(7.621)
(6,018)
26,077
34,496
12.403)
17,621 }
16.018)
244,531
1252,154)
26,077
18,454
TOTAL FUNDS
244,531
1252,1541
26,077
18,454
The grants reserve is set a$KJe for future grants and r8presents the cumulation of underspent grants
from the budget prepared.
The repairs to propety fund is deslgnaled to provide futur8 rep81rs to all the trust's Invèstment
propety.
The marketing fund is dasignated lo assist with ftrture expenditure incurrod on promoting the Trust to
the wider network.
The book project fund is a resuA of the digsolutlon of the Hampshire & l$le ol Wlgm Terrftorlal Trust
viho transferred the remaining ass@ts urca £12.000 In cash and some silver to The Connaught Trust. It
as agreed that the funds would be used to fund the publlcatlon of a book on the history of the
TefTitorial Army in Hampshire and the Isle of Wlght.
1& RELATED PARTY DISCLOSURES
During th6 year the Charrty paid £28,080 12023- £1,020) to Vail WilliaTllS, a company in which one
Trustee is a member. There were no12023.- £nil} balanc8s owed or O￿ng at the year end.
Pag8 18