2025-12-31-accounts - Royal Artillery Charitable Fund

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`TrusteesandAdministrativeInformation`
`TrusteesReport`
`ReportoftheAuditors`
`ConsolidatedStatementofFinancialActivities`
`ConsolidatedStatementofIncomeandExpenditure`
`BalanceSheets`	`18-19`
`ConsolidatedCashFlowStatement`
`NotestotheFinancialStatements`	`21-39`

`RegimentalSecretary`	`ColonelP Bates(Appointed21January2025)`
`FinanceSecretary`	`MrsB Hoblyn`
`ProfessionalAdvisors`
`Bankers`	`LloydsBankPLC,39Piccadilly,London,W1VOAA`
`Solicitors`	`Wilsons,AlexandraHouse,StJohn’sStreet,Salisbury, Wiltshire,SP12SB`
`Auditors`	`SafferyLLP,71QueenVictoriaStreet,London,EC4V4BE`
`InvestmentManagers`	`BlackRockInvestmentManagement(UK)Ltd,12ThrogmortonAvenue,London,`
	`EC2N2DL`
`Address`	`ArtilleryHouse,RoyalArtilleryBarracks,Larkhill,WiltshireSP48QT.`
`RegisteredCompanyNo`	`163205`
`RACFRegisteredCharityNo`	`210202` `RAARegisteredCharityNo`	`238197`

	`Total`	`£`		`2024`	`1,506,190`	`689,808`	`9,584`	`32,138`	`121,418`	`2,359,138`		`(9,308)`	`2,349,830`	`1,494,907`	`117,785`	`1,622,000`	`737,138`	`2,720,034`	`3,457,172`	`39,655,875`	`43,113,047`
	`Total`	`£`		`2025`	`882,568`	`680,645`	`9,637`	`25,952`	`153,533`	`1,752,335`		`(9,968)`	`1,742,367`	`4,222,890`	`127,851`	`4,360,709`	`(2,608,374)`	`3,472,285`	`863,911`	`43,113,047`	`43,976,958`
	`Permanent`	`Endowments`	`£`		`-`	`-`	`-`	`-`	`-`	`-`		`-`	`-`	`21,200`	`-`	`21,200`	`(21,200)`	`573,521`	`552,321`	`7,466,731`	`8,019,052`
	`RestrictedFunds`	`(Benevolence)`	`£`		`2,335`	`189,007`	`9,637`	`-`	`-`	`200,979`		`-`	`200,979`	`200,979`	`-`	`200,979`	`-`	`536,671`	`536,671`	`5,947,169`	`6,483,840`
`FORTHEYEARENDED31DECEMBER2025`	`Unrestricted`	`IncomeFund`	`Notes` `£`	`Incomeandendowmentsfrom:`	`DonationsandlegaciesincSPGS` `880,233` `Nn`	`InvestmentIncome` `3` `491,638`	`Incomefromcharitableactivities` `=`	`OtherIncome` `4` `25,952`	`RAABranchIncome` `153,533`	`TotalincomebeforeExpenditure` `1,551,356`	`Expenditureon:`	`Raisingfunds` `5` `(9,968)`	`Netincomeavailableforcharitableactivities` `1,541,388`	`Charitableactivities` `6` `4,000,711`	`RAABranchExpenditure` `127,851`	`Totalexpenditure` `4,138,530`	`Netincomefortheyearbeforegainsoninvestments` `(2,587,174)`	`Netgainsoninvestmentassets` `2,362,093`	`Netincomeandnetmovementinfunds` `(225,081)`	`Totalfundsbroughtforward` `29,699,147`	`Totalfundscarriedforward` `29,474,066`	`Thenotesonpages21to39formpartofthesefinancialstatements`

	`2025`	`2024`
	`£`	`£`
`TotalIncome`	`1,752,335`	`2,359,138`
`TotalExpenditure`	`4,339,509`	`1,600,800`
`Unrealised/realisedgainsandlosseson:`
`RevaluationofInvestments`	`2,898,764`	`2,270,763`
`Netincomefortheyear`	`311,590`	`3,029,101`

		`848,000`	`37,943,440`	`37,943,440`	`38,791,440`		`1,029,783`	`1,435,345`	`50,591`		`2,515,719`		`(42,593)`		`2,473,126`	`41,264,566`		`41,264,566`
		`826,800`	`41,386,172`		`42,212,972`		`108,534`	`2,452,982`	`47,909`		`2,609,425`		`(44,123)`	`(2,695,000)`	`(129,698)`	`42,083,274`		`42,083,274`
		`848,000`	`39,149,237`		`39,997,237`		`1,011,597`	`1,835,248`	`54,603`	`261,339`	`3,162,787`		`(46,978)`		`3,115,810`	`43,113,047`		`43,113,047`
		`826,800`	`42,701,374`	`43,528,174`			`79,861`	`2,776,392`	`52,909`	`287,021`	`3,196,183`		`(52,399)`	`(2,695,000)`	`448,784`	`43,976,954`		`43,976,958`
`Notes`								`10`					`11`
	`Fixedassets`	`Tangible`	`Investments`			`Currentassets`	`Debtors`	`ShortTermDeposits`	`CashonCurrentAccount`	`BranchBankbalances`		`Currentliabilities`	`Creditors:Amountsfallingduewithinoneyear`	`GrantsPayable(RAM)`	`Netcurrentassets/(liabilities)`	`Totalassetslesscurrentliabilities`	`ProvisionforLiabilities`

			`27,745,582`	`105,084`	`5,947,169`	`7,466,731`	`41,264,566`
`BALANCESHEETS`	`AT31DECEMBER2025`	`Funds`	`Unrestricted` `12` `27,475,298` `27,745,581` `27,475,298`	`Designated` `12` `1,998,768` `1,953,566` `105,084`	`RestrictedIncome` `12` `6,483,840` `5,947,169` `6,483,840`	`PermanentEndowment` `12` `8,019,052` `7,466,731` `8,019,052`	`43,976,958` `43,113,047` `42,083,274`	`AspermittedbySection408oftheCompaniesAct2006noseparateStatementofFinancialActivitiesforthe`	`charityalonehasbeenpresented.Thenetsurplusoftheparentcompanycharityfortheyearwas£845,398(2024:£3,475,937}.`	`ApprovedbytheRACFBoardofManagementon20June2026`	`MajorGeMeralDMCullenCBOBE`	`ChairmanRACFBoardofManagement`	`Thenotesonpages21to39formpartofthesefinancialstatements.`	`Companynumber:163205`

				`2025`		`2024`
		`Note`		`£`		`£`
`Netcashusedinoperatingactivities`		`1`		`364,341`		`(860,757)`
`Cash`	`flowsfrominvestingactivities`
`Dividends,interestandrentsfrominvestments`				`680,645`		`689,808`
`Purchaseofinvestments`				`(20,805,016)`	`(14,367,155)`
`Proceedsfromsaleofinvestments`				`20,876,470`		`14,386,391`
`Netcashgeneratedininvestingactivities`				`752,099`		`709,044.`
`Net increaseincash& cashequivalents`				`1,116,440`		`(151,713)`
`Cash`	`andcashequivalentsatthebeginningoftheyear`			`2,325,271`		`2,476,984`
`Cash`	`andcashequivalentsatendoftheyear`	`2`		`3,441,711`		`2,325,271`
`Notestothecashflowstatement`
`1.`	`Reconciliationofnetmovementinfundstonet`			`2025`		`2024`
	`cashflowfromoperatingactivities`				`£`	`£`
	`Netmovementinfunds`			`863,911`		`3,457,173`
	`(Gains)/lossesonInvestments`			`(3,472,285)`		`(2,720,034)`
	`Investmentincome`			`(680,645)`		`(689,808)`
	`Investmentaliquotchanges`
	`Decrease/(increase)indebtors`			`931,735`		`(948,981)`
	`increase/(decrease)increditors`			`2,700,425`		`19,693`
	`Depreciationcharge`			`21,200`		`21,200`
	`Netcashusedinoperatingactivities`			`364,341`		`(860,757)`
`2.`	`Analysisofcashandcashequivalents`		`At1Jan`		`Cash`	`At31Dec`
	`andnetdebt`		`2025`		`Flow`	`2025`
			`£`		`£`	`£`
	`Cashonshorttermdeposit`		`1,835,248`		`941,144`	`2,776,392`
	`Cashcurrentaccount`		`54,603`		`(1,694)`	`52,909`
	`Cashbalanceheldininvestments`		`174,081`		`151,308`	`325,389`
	`Cashheldbybranches`		`261,339`		`25,682`	`287,021`
	`Netcashprovidedbyoperatingactivities`		`2,325,271`		`1,116,440`	`3,441,711`

	`Unrestricted`	`Restricted`	`Permanent`		`Total`
			`Endowment`
		`2025`
	`£`	`£`		`£`	`£`
`Officers’subscriptions`	`107,595`	`-`		`-`	`107,595`
`Soldiers’subscriptions`	`167,805`	`-`		`-`	`167,805`
`RetiredDonations`	`16,694`	`-`		`-`	`16,694`
`Incometaxrecoverable(giftaid)`	`5,465`	`-`		`-`	`5,465`
`DonationsandGrants`	`56,167`	`-`		`-`	`56,167`
`IntangibleIncome— WagesinKind`	`180,729`	`2,335`		`-`	`183,064`
`Fundraising`	`20,000`	`-`		`-`	`20,000`
`Legacies`	`325,778`	`-`		`-`	`325,778`
	`880,233`	`2,335`		`-`	`882,568`
`2024DonationsandlegaciesincSPGSComparison`
	`Unrestricted`	`Restricted`	`Permanent`		`Total`
			`Endowment`
		`2024`
	`£`	`£`		`£`	`£`
`Officers’subscriptions`	`105,042`	`-`		`-`	`105,042`
`Soldiers’subscriptions`	`163,377`	`-`		`-`	`163,377`
`RetiredOfficersDonations`	`18,233`	`-`		`-`	`18,233`
`Incometaxrecoverable(giftaid)`	`9,446`	`-`		`-`	`9,446`
`DonationsandGrants`	`99,766`	`-`		`-`	`99,766`
`IntangibleIncome— WagesinKind`	`135,944`	`1,147`		`-`	`137,091`
`Legacies`	`973,235`	`-`		`-`	`973,235`
	`1,505,043`	`1,147`		`-`	`1,526,190`

`3.`	`2025InvestmentIncome`
		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`
			`2025`
		`£`	`£`	`£`	`£`
	`Investments`	`491,638`	`189,007`	`-`	`680,645`
		`491,638`	`189,007`	`-`	`680,645`
	`2024InvestmentIncomeComparison`
		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`
			`2024`
		`£`	`£`	`£`	`£`
	`Investments`	`499,849`	`189,959`	`-`	`689,808`
		`499,849`	`189,959`	`-`	`689,808`
`4.`	`2025OtherIncome`
		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`
			`2025`
		`£`	`£`	`£`	`£`
	`Interestreceivedonshorttermdeposits`	`25,234`	`-`	`-`	`25,234`
	`Eventincome`	`(499)`	`-`	`-`	`(499)`
	`Merchandiseincome`	`20`	`-`	`-`	`20`
	`Christmascardincome`	`1,197`	`-`	`-`	`1,197`
		`25,952`	`-`	`-`	`25,952`
	`2024OtherIncomeComparison`
		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`
			`2024`
		`£`	`£`	`£`	`£`
	`Interestreceivedonshorttermdeposits`	`31,136`	`-`	`-`	`31,136`
	`Eventincome`	`938`	`-`	`-`	`938`
	`Merchandiseincome`	`52`	`-`	`-`	`52`
	`Christmascardincome`	`942`	`-`	`-`	`942`
	`AlanbrookeClub`	`(930)`	`-`	`-`	`(930)`
		`32,138`	`-`	`-`	`32,138`

	`Unrestricted`	`Restricted`		`Permanent`		`Total`
				`Endowment`
			`2025`
	`£`	`£`			`£`	`£`
`Fundraisingcosts`	`9,968`	`-`			`-`	`9,968`
	`9,968`	`-`			`Re`	`9,968`
`2024CostofRaisingFundsComparison`
	`Unrestricted`	`Restricted`		`Permanent`		`Total`
				`Endowment`
	`£`	`£`			`£`	`£`
`Fundraisingcosts`	`9,308`	`-`			`-`	`9,308`
	`9,308`	`-`			`-`	`9,308`

			`Unrestricted`		`Restricted`	`Permanent`	`Total`
						`Endowment`
					`2025`
`Welfare`			`E`		`£`	`£`	`£`
`Welfare` `grants` `—`	`971` `(2024:`	`1,118)`	`390,182`		`183,723`	`-`	`573,905`
`individualcases`
`Welfaregrantstoinstitutions:`
`GunnerMagazine`			`10,000`		`-`	`-`	`10,000`
`RoyalArtillerySports`			`86,349`		`-`	`-`	`86,349`
`ArmyBenevolent`	`Fund`		`79,500`		`-`	`-`	`79,500`
`OtherGrants:`
`RegimentsandBatteries`			`91,750`		`-`	`-`	`91,750`
`RegimentalWelfare/Comradeship`			`27,510`		`-`	`-`	`27,510`
`RAM`			`2,847,469`		`-`	`-`	`2,847,469`
`NMAMaintenance`			`8,961`		`-`	`-`	`8,961`
`Awards`			`2,016`		`-`	`-`	`2,016`
`Generalgrants`			`12,033`		`-`	`-`	`12,033`
`RAMemorials`			`810`		`-`	`-`	`810`
`Events`
`RAAssembly`			`18,454`		`-`	`-`	`18,454`
`NMA`			`5,141`		`-`	`-`	`5,141`
`Gunner` `Sunday`			`1,455`		`-`	`-`	`1,455`
			`3,581,630`		`183,723`	`-`	`3,765,353`
`SupportCosttoCharitableActivities:`
`Wagesandsalaries`			`130,625`		`-`	`.`	`130,625`
`EmployersPensionContribution`			`3,226`		`-`	`-`	`3,226`
`EmployersNationals`	`Insurance`		`10,757`		`-`	`-`	`10,757`
`Wagesandsalariesinkind`			`180,729`		`2,335`	`-`	`183,064`
			`325,337`		`2,335`	`.`	`327,672`
`Insurance`			`3,218`		`-`	`-`	`3,218`
`Printing,stationeryandadvertising`			`4,979`		`-`	`:`	`4,979`
`Officecost(inc.publicity& postage,IT)`			`27,628`		`-`	`-`	`27,628`
`T&S`			`24,273`		`-`	`-`	`24,273`
`Branchtravel`			`10,748`		`-`	`-`	`10,748`
`Misc`			`(7,066)`		`-`	`-`	`(7,066)`
`Training`			`459`		`.`	`-`	`459`
`Bank charges`			`1,067`		`-`	`-`	`1,067`
`Cottageexpenses`				`-`	`14,921`	`-`	`14,921`
`Depreciation(Cottages)`				`-`	`-`	`21,200`	`21,200`
`Auditandaccountancyfees`			`25,308`		`-`	`-`	`25,308`
`Legalandprofessionalfees`			`3,130`		`-`	`-`	`3,130`
`Totalsupportcosts`			`419,081`		`17,256`	`21,200`	`457,537`
`2025TotalExpenditure`			`4,000,711`		`200,979`	`21,200`	`4,222,890`

				`Unrestricted`	`Restricted`	`Permanent`	`Total`
						`Endowment`
					`2024`
`Welfare`				`£`	`£`	`£`	`£`
`Welfaregrants` `—1,118`		`(2023:`	`1,187)`	`370,053`	`197,777`	`-`	`567,830`
`individualcases`
`Welfaregrantstoinstitutions:`
`GunnerMagazine`				`10,000`	`-`	`-`	`10,000`
`RoyalArtillerySports`				`80,712`	`-`	`-`	`80,712`
`ArmyBenevolentFund`				`79,500`	`-`	`-`	`79,500`
`OtherGrants:`
`RegimentsandBatteries`				`86,300`	`-`	`-`	`86,300`
`RegimentalWelfare/Comradeship`				`28,774`	`-`	`-`	`28,774`
`RAM`				`93,166`	`-`	`-`	`93,166`
`BettermentGrants`				`116,015`	`-`	`-`	`116,015`
`NMAMaintenance`				`3,324`	`-`	`-`	`3,324`
`Awards`				`3,202`	`-`	`-`	`3,202`
`Generalgrants`				`5,990`	`-`	`-`	`5,990`
`RAMemorials`				`9,354`	`-`	`-`	`9,354`
`Events`
`RAAssembly`				`17,431`	`-`	`-`	`17,431`
`NMA`				`5,726`	`-`	`-`	`5,726`
`GunnerSunday`				`1,381`	`-`	`“`	`1,381`
				`910,928`	`197,777`	`-`	`1,108,705`
`SupportCosttoCharitable`		`Activities:`
`Wagesandsalaries`				`130,663`	`-`	`-`	`130,663`
`EmployersPensionContribution`				`7,278`	`-`	`-`	`7,278`
`EmployersNationalsInsurance`				`12,821`	`-`		`12,821`
`Wagesandsalariesinkind`				`135,944`	`1,147`	`-`	`137,091`
				`286,706`	`1,147`	`-`	`287,853`
`Insurance`				`2,523`	`-`	`-`	`2,523`
`Printing,stationeryand`	`advertising`			`1,927`	`-`	`-`	`1,927`
`Officecost(inc.publicity&`		`postage,IT)`		`17,353`	`-`	`-`	`17,353`
`T&S`				`14,721`	`-`	`-`	`14,721`
`Branchtravel`				`10,462`	`.`	`-`	`10,462`
`Misc`				`2,974`	`-`	`:`	`2,974`
`Training`				`180`	`-`	`-`	`180`
`Bankcharges`				`727`	`-`	`-`	`727`
`Cottageexpenses`				`-`	`1,766`	`-`	`1,766`
`Depreciation(Cottages)`				`-`	`-`	`21,200`	`21,200`
`Auditandaccountancy`	`fees`			`17,892`	`-`	`-`	`17,892`
`Auditunderprovisionin2023`				`804.`	`-`	`-`	`804`
`Legalandprofessional` `fees`				`5,820`	`-`	`-`	`5,820`
`Totalsupportcasts`				`362,089`	`1,766`	`21,200`	`386,202`
`2024TotalExpenditure`				`1,273,017`	`200,690`	`21,200`	`1,494,907`

		`2025`		`2024`
		`Number`		`Number`
`Office`	`andadministration`		`5`		`4`

				`Permanent`	`Total`
				`Endowment`
			`2025`
	`£`	`£`		`£`	`£`
				`CottageHomes`
`Deemedcostat31December2024`	`-`	`-`		`1,081,200`	`1,081,200`
`At31December2024`	`-`	`-`		`1,081,200`	`1,081,200`
`Depreciationat1 January2024`	`-`	`-`		`233,200`	`233,200`
`Chargefortheyear` `At31December2024`	`-` `:`	`-` `:`		`21,200` `254,400`	`21,200` `254,400`
`Netbookvalueat31December2025`	`-`	`-`		`826,800`	`826,800`
`Netbookvalueat31December2024`	`-`	`-`		`848,000`	`848,000`

		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`	`2025`
`Quotedinvestments`		`£`	`£`	`£`	`£`
`Marketvalueat`	`1January`	`26,629,506`	`5,884,815`	`6,634,916`	`39,149,237`
`Netadditionsat`	`cost`	`14,133,822`	`3,215,583`	`3,436,388`	`20,785,793`
`Salesproceeds`		`(14,201,651)`	`(3,226,628)`	`(3,448,191)`	`(20,876,470)`
`Netrealised/unrealisedgains`		`2,381,315`	`536,671`	`573,521`	`3,491,507`
`CashCommitments`		`102,930`	`23,386`	`24,991`	`151,307`
`Marketvalueat`	`31December`	`29,045,922`	`6,433,827`	`7,221,625`	`42,701,374`
`Historicalvalue`	`at31December`	`24,054,828`	`5,465,279`	`5,840,562`	`35,360,669`
`Investment/ Cash`	`Breakdown`
`Investments`		`28,824,569`	`6,383,537`	`7,167,879`	`42,375,985`
`BankSettledAccount`		`208,759`	`47,429`	`50,687`	`306,875`
`BankUnsettledAccount`		`12,594`	`2,861`	`3,059`	`18,514`
		`29,045,922`	`6,433,827`	`7,221,625`	`42,701,374`
`8b.RACF`
		`Unrestricted`	`Restricted`	`Permanent`	`Total`
				`Endowment`	`2025`
`Quotedinvestments`		`£`	`£`	`£`	`£`
`Marketvalueat`	`1January`	`25,423,710`	`5,884,815`	`6,634,915`	`37,943,440`
`Netadditionsat`	`cost`	`13,512,250`	`3,215,583`	`3,436,388`	`20,164,221`
`Salesproceeds`		`(13,558,656)`	`(3,226,628)`	`(3,448,191)`	`(20,333,475)`
`Netrealised/unrealisedgains`		`2,255,147`	`536,671`	`573,521`	`3,365,339`
`AliquotChanges`		`-`	`-`	`-`	`-`
`CashCommitments`		`98,270`	`23,386`	`24,991`	`146,647`
`Marketvalueat`	`31December`	`27,730,721`	`6,433,827`	`7,221,624`	`41,386,172`
`Historicalvalue`	`at31December`	`22,965,719`	`5,465,279`	`5,840,562`	`34,271,560`
`Investment/ Cash`	`Breakdown`
`Investments`		`27,519,389`	`6,383,537`	`7,167,879`	`41,070,805`
`BankSettledAccount`		`199,306`	`47,429`	`50,687`	`297,422`
`BankUnsettledAccount`		`12,026`	`2,861`	`3,058`	`17,945`
		`27,730,721`	`6,433,827`	`7,221,624`	`41,386,172`

			`£`		`£`
			`Group`		`RACF`
`ISHARECOREMSC]WORLDUCITSETF(6.24%)`			`2,664,085`		`2,582,031`
`ISHAREMSCIUSAESGENHANCE(15.07%)`			`6,433,643`		`6,235,487`
`BLKCharUKEQFundA Inc(20.16%)`			`8,607,209`		`8,342,101`
`ISHAREMSCIUSAESGENHANCEGBPD(5.72%)`			`2,444,105`		`2,368,827`
`BSFSystESGWrlidEQFD(5.42%)`			`2,312,299`		`2,241,080`
`BFM-BLKEmergingMarkets(6.44%)`			`2,751,214`		`2,666,477`
`ftheholdingslistedareincollectiveinvestmentvehiclesas`		`opposedtosingle`		`securities.`
`2024FixedAssetInvestments`
`8c.Group`
	`Unrestricted`		`Restricted`		`Permanent`	`Total`
					`Endowment`	`2024`
`Quotedinvestments`	`£`		`£`		`£`	`£`
`Marketvalueat1 January`	`24,774,137`		`5,463,276`		`6,184,429`	`36,421,842`
`Netadditionsatcost`	`9,794,264`		`2,225,264`		`2,378,067`	`14,397,595`
`Salesproceeds`	`(9,807,348)`		`(2,228,239)`		`(2,381,244)`	`(14,416,331)`
`Netrealised/unrealisedgains`	`1,850,360`		`420,403`		`499,271`	`2,720,034`
`CashCommitments`	`18,093`		`4,111`		`4,393`	`26,597`
`Marketvalueat31December`
	`26,629,506`		`5,884,815`		`6,634,916`	`39,149,237`
`Historicalvalueat31December`	`23,046,401`		`5,236,164`		`5,595,714`	`33,878,279`
`Investment/ CashBreakdown`
`Investments`	`26,511,083`		`5,857,910`		`6,606,162`	`38,975,155`
`Bank` `SettledAccount`	`118,398`		`26,900`		`28,748`	`174,046`
`BankUnsettledAccount`		`25`		`5`	`6`	`36`
	`26,629,506`		`5,884,815`		`6,634,916`	`39,149,237`
`8d.RACF`
	`Unrestricted`		`Restricted`		`Permanent`	`Total`
					`Endowment`	`2024`
`Quotedinvestments`	`£`		`£`		`£`	`£`
`Marketvalueat1 January`	`23,652,343`		`5,463,276`		`6,184,429`	`35,300,048`
`Netadditionsatcost`	`9,350,816`		`2,225,264`		`2,378,067`	`13,954,147`
`Salesproceeds`	`(9,363,310)`		`(2,228,239)`		`(2,381,244)`	`(13,972,793)`
`Netrealised/unrealisedgains`	`1,766,586`		`420,403`		`449,270`	`2,636,259`
`CashCommitments`	`17,275`		`4,111`		`4,393`	`25,779`
`Marketvalueat31December`	`25,423,710`		`5,884,815`		`6,634,915`	`37,943,437`
	`Page30`

`Investment/ CashBreakdown`	`Investment/ CashBreakdown`
`investments`		`25,310,648`		`5,857,910`		`6,606,162`	`37,774,720`
`BankSettledAccount`		`113,034`		`26,900`		`28,748`	`168,682`
`BankUnsettledAccount`					`5`	`6`		`35`
		`25,423,706`		`5,884,815`		`6,634,916`	`37,943,437`
`9.`	`Debtors`
		`Total`		`Total`		`Total`		`Total`
		`2025`		`2024`		`2025`		`2024`
				`Group`				`RACF`
		`£`		`£`		`£`		`£`
	`RoyalArtilleryAssociation`		`-`	`-`		`32,348`		`19,029`
	`Incometaxrepayments`	`2,002`		`2,170`		`2,002`		`2,150`
	`Accruedincome`	`22,874`		`27,119`		`19,284`		`26,169`
	`SundryDebtors`	`31,715`		`823`		`31,630`		`950`
	`LegaciesReceivable`	`4,756`		`981,485`		`4,756`		`981,485`
	`Prepayment`	`18,514`		`-`		`18,514`		`-`
		`79,861`		`1,011,597`		`108,534`	`1,029,783`
`10.CurrentAssetInvestments`
		`Total`		`Total`		`Total`		`Total`
		`2025`		`2024`		`2025`		`2024`
				`Group`				`RACF`
		`£`		`£`		`£`		`£`
	`Shorttermdeposits(inclinvestment`	`2,776,392`		`1,835,248`		`2,452,982`	`1,435,345`
	`balance)`
`11.Creditors`
		`Total`		`Total`		`Total`		`Total`
		`2025`		`2024`		`2025`		`2024`
				`Group`				`RACF`
		`£`		`£`		`E`		`£`
	`Amountsfallingduewithinoneyear:`
	`Accruals`	`52,399`		`46,974`		`44,123`		`42,594`
	`GrantPayabletoRAM`	`2,695,000`		`-`		`2,695,000`		`-`
		`2,747,399`		`46,974`		`2,739,123`		`42,594`
`In2025thetrusteesagreedtomakea capitalgrantof£4MtoRoyal`				`ArtilleryMuseum(RAM).insupport`			`ofthe`
`museumbuildingprojectwhichisestimated`		`tocost£13M.Funding`		`forthiswillbe`	`split`	`asfollows:RAML`	`— to`	`provide`
`£4M;`	`RACharities— toprovidea grantof£4M;Fundraising— to`		`deliver£5M.Thisisa 6-yearproject(2024-2029).Of`
`the£4MgrantRACFtrusteesagreedtopay70%ofthe£4Mof`			`which`	`overall£150K`	`had`	`alreadybeenpaid.Therefore,`
`theRACFmadea provisionof£2,695,000inthe2025accounts.`			`Whilethisa grantfromtheRACharities,`				`nota loan,it`
`isconditionsbasedandthefundswillbereleasedduringtheproject`				`timelineonly`	`ifthoseconditionsaremet,`			`these`
`terms`	`andconditionshavebeenlaidoutina`	`legalgrantagreementandsignedby`			`both`	`theRACharities`	`andRAM.`

					`Balanceat31`	`December25`	`£`	`27,475,298`	`27,475,298`	`105,084`	`105,084`	`1,893,684`		`1,998,768`		`6,483,840`			`6,222,882`	`1,796,170`	`8,019,052`	`43,976,958`
					`NetGainon`	`Investment`	`£`		`2,255,147`			`106,946`		`106,946`		`536,671`			`426,805`	`146,716`	`573,521`	`3,472,285`
					`Outgoing`	`Resources`	`£`		`(3,799,972)`		`(338,558)`		`(338,558)`			`(200,979)`		`(21,200)`			`(21,200)`	`(4,360,709)`
					`Incoming`	`Resources`			`1,274,542`			`276,814`		`273,389`		`200,979`						`1,752,335`
`THEROYALARTILLERYCHARITABLEFUND`	`NOTESTOTHEFINANCIALSTATEMENTS(continued)`	`FORTHEYEARENDED31DECEMBER2024`	`12.MovementinFunds`	`CurrentyearGroup`	`Balanceat1`	`January25`	`£`	`Unrestricted`	`GeneralFund` `27,745,581`	`Designated`	`Memorials` `RAA` `105,084.` `1,848,482`			`1,953,566`	`RestrictedFunds`	`RABF` `5,947,169`	`EndowmentFunds:`		`RABF` `5,817,277`	`RACF` `1,649,454`	`7,466,731`	`Total` `43,113,047`

`THEROYALARTILLERYCHARITABLEFUND`	`NOTESTOTHEFINANCIALSTATEMENTS(continued)`	`FORTHEYEARENDED31DECEMBER2025`	`MovementinFundscontinued`	`CurrentyearRACF`	`Balanceat1` `Incoming` `Outgoing` `NetGainon` `Transfers` `Balanceat31`	`January25` `Resources` `Resources` `Investment` `December25`	`£` `£` `£`	`Unrestricted`	`DesignatedFunds— Memorial` `105,084` `105,084`	`GeneralFund` `27,745,582` `1,274,542` `(3,799,973)` `2,255,147` `27,475,298`	`27,850,666` `1,274,542` `(3,799,973)` `2,255,147` `27,580,382`	`RestrictedFunds`	`RABF` `5,947,169` `200,979` `(200,979)` `536,671` `6,483,840`	`EndowmentFunds:` `RABF` `5,817,277` `{21,200}` `426,805` `6,222,882`	`RACF` `1,649,454` `146,716` `1,796,170`	`7,466,731` `(21,200)` `573,521` `8,019,052`	`Total` `41,264,566` `1,475,521` `(4,022,152)` `3,365,339` `42,083,273`	`MemorialFundisa designatedfundinorder` `tosupportanyfutureworkrequiredinthechurch.Thisfundhadbeendesignatedbythetrustees’astheamount`	`requiredtowardsthebuildingofChapelandCloisterintheGarrisonChurchatLarkhillin2018.Duetothefinalbillbeinghigherthananticipated,theRACFtrustees`	`agreedtotransferadditionalincometocovertheremainderofthebill.Intheeventhowevertheadditionalsumwasclearedthrougha thirdpartydonation.The`	`trusteeshavechosentoleavethissumina designatedfundinorder` `tosupportanyfutureworkrequiredinthechurch.`	`RABFRestrictedFund- Thisfundistosupportwelfareandhousingactivities.`

`NOTESTOTHEFINANCIALSTATEMENTS(continued)`	`FORTHEYEARENDED31DECEMBER2025`	`MovementinFundscontinued`	`RABFPermanentEndowmentFund—~Thisfundistosupportwelfareandhousingactivities.`	`RACFPermanentEndowmentFund- ThisfundistosupportthecharitableactivitiesofRACFwhichincludeefficiency,benevolenceandreliefinneed.`	`PrioryearGroup`	`Balanceat1` `Incoming` `Outgoing` `NetLosses` `Transfers` `Balanceat31`	`January24` `Resources` `Resources` `on` `December24`	`Investment`	`£` `£` `£` `£` `£`	`Unrestricted`	`GeneralFund` `25,118,119` `1,914,468` `(1,053,589)` `1,766,583` `27,745,581`	`Designated`	`Memorials` `RAA` `105,084` `1,867,246` `243,980` `(346,521)` `105,084` `1,848,482`	`1,972,330` `243,980` `(346,521)` `1,953,566`	`RestrictedFunds`	`RABF` `5,526,766` `200,690` `(200,690)` `420,403` `5,947,169`	`EndowmentFunds:`	`RABF` `5,504,137` `(21,200)` `334,340` `5,817,277`	`RACF` `1,534,523` `114,931` `1,649,454`	`7,038,660` `(21,200)` `449,271` `7,466,731`	`Total` `39,655,875` `2,359,138` `(1,622,000)` `2,720,034` `43,113,047`

	`Balanceatend`	`31December24`		`£`		`105,084`	`27,745,582`	`27,850,666`		`5,947,169`		`5,817,277`	`1,649,454`	`7,466,731`	`41,264,566`
	`Transfers`
	`Netlosses`	`on`	`Investment`	`£`			`1,766,583`	`1,766,583`		`420,403`		`334,340`	`114,931`	`449,271`	`2,636,257`
	`Outgoing`	`Resources`		`£`			`(1,053,588)`	`(1,053,588)`		`(200,690)`		`(21,200)`		`(21,200)`	`(1,275,478)`
	`Incoming`	`Resources`					`1,914,468`	`1,914,468`		`200,690`					`2,115,158`
	`Balanceat1`	`January24`		`£`		`105,084`	`25,118,119`	`25,223,203`		`5,526,766`		`5,504,137`	`1,534,523`	`7,038,660`	`37,788,629`
`PrioryearRACF`					`Unrestricted`	`DesignatedFunds— Memorial`	`GeneralFund`		`RestrictedFunds`	`RABF`	`EndowmentFunds:`	`RABF`	`RACF`		`Total`

`Currentyear-` `Group`		`Tangible`	`Investments`	`Current`	`NetTotal`
		`FixedAssets`		`assets/(liabilities)`
				`2025`
			`£`	`£`	`£`
`Restricted`	`funds:`
	`RABF`	`-`	`6,433,828`	`50,012`	`6,483,840`
		`-`	`6,433,828`	`50,012`	`6,483,840`
`PermanentEndowment:`
	`RABF`	`826,800`	`5,415,649`	`(19,567)`	`6,222,882`
	`RACF`	`-`	`1,805,975`	`(9,805)`	`1,796,170`
		`826,800`	`7,221,624`	`(29,372)`	`8,019,052`
`Unrestricted`	`funds:`
	`RACF`	`-`	`27,730,721`	`(255,423)`	`27,475,298`
`Designated`	`funds:`
`Memorials`		`-`	`-`	`105,084`	`105,084`
	`RAA`	`-`	`1,315,201`	`578,483`	`1,893,684`
		`-`	`1,315,201`	`683,567`	`1,998,768`
		`826,800`	`42,701,374`	`448,784`	`43,976,958`
`2025Analysisofnetassetsbetween`		`fundsRACF`
`Currentyear— RACF`		`Tangible`	`Investments`	`Current`	`NetTotal`
		`FixedAssets`		`assets/(liabilities)`
				`2025`
			`£`	`£`	`£`
`Restricted`	`funds:`
	`RABF`	`-`	`6,433,828`	`50,012`	`6,483,840`
		`-`	`6,433,828`	`50,012`	`6,483,840`
`PermanentEndowment:`
	`RABF`	`826,800`	`5,415,649`	`(19,567)`	`6,222,882`
	`RACF`	`-`	`1,805,975`	`(9,805)`	`1,796,170`
		`826,800`	`7,221,624`	`(29,372)`	`8,019,052`
`Unrestricted`	`funds:`
	`RACF`	`-`	`27,730,720`	`(255,422)`	`27,475,298`
`Designated`	`funds:`
`Memorials`		`-`	`-`	`105,084`	`105,084`
		`826,800`	`41,386,172`	`(129,698)`	`42,083,274`

`Prioryear- Group`	`Tangible`	`Investments`	`Current`	`NetTotal`
	`FixedAssets`		`assets/(liabilities)`
			`2024`
		`£`	`£`	`£`
`Restrictedfunds:`
`RABF`	`-`	`5,884,816`	`62,353`	`5,947,169`
	`-`	`5,884,816`	`62,353`	`5,947,169`
`PermanentEndowment:`
`RABF`	`848,000`	`4,979,029`	`(9,752)`	`5,817,277`
`RACF`	`-`	`1,655,886`	`(6,432)`	`1,649,454`
	`848,000`	`6,634,915`	`(16,184)`	`7,466,731`
`Unrestrictedfunds:`
`RACF`	`-`	`25,423,706`	`2,321,875`	`27,745,581`
`Designatedfunds:`
`Memorials`	`-`	`-`	`105,084`	`105,084`
`RAA`	`-`	`1,205,800`	`642,682`	`1,848,482`
	`-`	`1,205,800`	`747,766`	`1,953,566`
	`848,000`	`39,149,237`	`3,115,810`	`43,113,047`
`Analysisofprioryearnetassetsbetweenfunds`		`RACF`
`Prioryear- RACF`	`Tangible`	`Investments`	`Current`	`NetTotal`
	`FixedAssets`		`assets/(liabilities)`
			`2024`
		`£`	`£`	`£`
`Restrictedfunds:`	`-`	`5,884,816`	`62,535`	`5,947,169`
`RABF`	`-`	`5,884,816`	`62,535`	`5,947,169`
`PermanentEndowment:`	`848,000`	`4,979,029`	`(9,752)`	`5,817,277`
`RABF`	`-`	`1,655,886`	`(6,432)`	`1,649,454`
`RACF`	`848,000`	`6,634,915`	`(16,184)`	`7,466,731`
`Unrestrictedfunds:`
`RACF`	`-`	`25,423,709`	`2,321,873`	`27,745,582`
`Designatedfunds:`
`Memorials`	`-`	`-`	`105,084`	`105,084`
	`848,000`	`37,943,440`	`2,473,126`	`41,264,566`

`Total`		`£`		`1,506,190`	`689,808`	`9,584`	`32,138` `121,418`	`32,138` `121,418`	`2,359,138`		`(9,308)`	`2,349,830`	`1,494,907`	`117,785`	`1,622,000`	`(737,138)`	`2,720,034`	`3,457,172`	`39,655,875`	`43,113,047`
`Permanent`	`Endowments`	`£`											`21,200`		`21,200`	`(21,200)`	`449,271`	`428,071`	`7,038,660`	`7,466,731`
`RestrictedFunds`	`(Benevolence)`	`£`	`2024`	`1,147`	`189,959`	`9,584`			`200,690`			`200,690`	`200,690`		`200,690`		`420,403`	`420,403`	`5,526,766`	`5,947,169`
`Unrestricted`	`IncomeFund`	`Notes` `£`		`DonationsandlegaciesincSPGS` `2` `1,505,043`	`InvestmentIncome` `3` `499,849`	`OtherCharitableIncome` `-`	`OtherIncome` `4` `32,138`	`BranchIncome` `121,418`	`TotalincomebeforeExpenditure` `2,158,448`	`Expenditureon:`	`Raisingfunds` `5` `(9,308)`	`Netincomeavailableforcharitableactivities` `;` `2,149,140`	`Charitableactivities` `6` `1,273,017`	`BranchExpenditure` `117,785`	`Totalexpenditure` `1,400,110`	`Netincomefortheyearbeforegainsoninvestments` `758,338`	`Netgains/(losses)oninvestmentassets` `1,850,360`	`Netmovementinfunds` `2,608,698`	`Totalfundsbroughtforward` `27,090,449`	`Totalfundscarriedforward` `29,699,147`

THE ROYAL ARTILLERY CHARITABLE FUND Page 40