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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`|<br>`210202`<br>`RAARegisteredCharityNo`|`238197`|





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||<br>`Total`|`£`||`2024`|`1,506,190`|`689,808`|`9,584`|`32,138`|`121,418`|<br>`2,359,138`|<br>|`(9,308)`<br>|<br>`2,349,830`<br> <br>|<br> <br>`1,494,907`|`117,785`<br>|`1,622,000`<br>|<br>`737,138`|`2,720,034`<br>|<br>`3,457,172`|`39,655,875`<br>|<br>`43,113,047`<br>||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||<br>`Total`|`£`||`2025`|`882,568`|`680,645`|`9,637`|`25,952`|`153,533`|<br>`1,752,335`|<br>|`(9,968)`<br>|<br>`1,742,367`<br> <br>|<br> <br>`4,222,890`|`127,851`<br>|`4,360,709`<br>|<br>`(2,608,374)`|`3,472,285`<br>|<br>`863,911`|`43,113,047`<br>|<br>`43,976,958`<br>||
||<br>`Permanent`|`Endowments`|`£`||`-`|`-`|`-`|`-`|`-`|<br>`-`|<br>|`-`<br>|<br>`-`<br> <br>|<br> <br>`21,200`|`-`<br>|`21,200`<br>|<br>`(21,200)`|`573,521`<br>|<br>`552,321`|`7,466,731`<br>|<br>`8,019,052`<br>||
||<br>`RestrictedFunds`|`(Benevolence)`|`£`||`2,335`|`189,007`|`9,637`|`-`|`-`|<br>`200,979`||`-`<br>|<br>`200,979`<br>|<br>`200,979`|`-`<br>|`200,979`<br>|<br>`-`|`536,671`<br>|<br>`536,671`|`5,947,169`<br>|<br>`6,483,840`<br>||
|`FORTHEYEARENDED31DECEMBER2025`<br>|<br>`Unrestricted`|`IncomeFund`|`Notes`<br>`£`|`Incomeandendowmentsfrom:`|`DonationsandlegaciesincSPGS`<br>`880,233`<br>`Nn`|`InvestmentIncome`<br>`3`<br>`491,638`|`Incomefromcharitableactivities`<br>`=`|`OtherIncome`<br>`4`<br>`25,952`|`RAABranchIncome`<br>`153,533`|<br>`TotalincomebeforeExpenditure`<br>`1,551,356`<br>|<br>`Expenditureon:`|`Raisingfunds`<br>`5`<br>`(9,968)`<br>|<br>`Netincomeavailableforcharitableactivities`<br>`1,541,388`<br> <br>|<br>`Charitableactivities`<br>`6`<br>`4,000,711`|`RAABranchExpenditure`<br>`127,851`<br>|`Totalexpenditure`<br>`4,138,530`<br> <br>|<br>`Netincomefortheyearbeforegainsoninvestments`<br>`(2,587,174)`|`Netgainsoninvestmentassets`<br>`2,362,093`<br>|<br>`Netincomeandnetmovementinfunds`<br>`(225,081)`|`Totalfundsbroughtforward`<br>`29,699,147`<br>|<br>`Totalfundscarriedforward`<br>`29,474,066`<br>|`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`|<br>`311,590`<br>|<br>`3,029,101`<br>|





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





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





## 

## 

|||||`2025`||`2024`|
|---|---|---|---|---|---|---|
|||`Note`||`£`||`£`|
|`Netcashusedinoperatingactivities`||`1`||<br>`364,341`|<br>|<br>`(860,757)`|
|`Cash`<br>|`flowsfrominvestingactivities`<br>||||||
|`Dividends,interestandrentsfrominvestments`||||`680,645`||`689,808`|
|`Purchaseofinvestments`||||`(20,805,016)`|<br>`(14,367,155)`||
|`Proceedsfromsaleofinvestments`||||`20,876,470`||`14,386,391`|
|`Netcashgeneratedininvestingactivities`|||<br>|<br> <br>`752,099`|<br> <br>|<br> <br>`709,044.`|
|`Net increaseincash& cashequivalents`||||`1,116,440`||`(151,713)`|
|`Cash`|`andcashequivalentsatthebeginningoftheyear`|||`2,325,271`||`2,476,984`|
|`Cash`|`andcashequivalentsatendoftheyear`|`2`|<br>|<br> <br>`3,441,711`|<br> <br>|<br> <br>`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`|||<br> <br>`364,341`||<br> <br>`(860,757)`|
|`2.`|`Analysisofcashandcashequivalents`||`At1Jan`||`Cash`|<br>`At31Dec`|
||`andnetdebt`||`2025`||`Flow`|<br>`2025`|
||||`£`||`£`|<br>`£`|
||`Cashonshorttermdeposit`||`1,835,248`||`941,144`|<br>`2,776,392`|
||`Cashcurrentaccount`||`54,603`||`(1,694)`|<br>`52,909`|
||`Cashbalanceheldininvestments`||`174,081`||`151,308`|<br>`325,389`|
||`Cashheldbybranches`||`261,339`||`25,682`|<br>`287,021`|
||`Netcashprovidedbyoperatingactivities`|<br>|<br>`2,325,271`<br>|<br> <br>|<br>`1,116,440`<br>|<br> <br>`3,441,711`<br>|





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## 

||`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`|
||<br>`880,233`<br>|<br>`2,335`<br>|<br>|<br>`-`<br>|<br>`882,568`<br>|
|`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`|
||<br>`1,505,043`<br>|<br>`1,147`<br>|<br>|<br>`-`<br>|<br>`1,526,190`<br>|





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





## 

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





## 

## 

## 

||||`Unrestricted`||`Restricted`|`Permanent`|`Total`|
|---|---|---|---|---|---|---|---|
|||||||`Endowment`||
||||||`2025`|||
|`Welfare`|||`E`||`£`|`£`|`£`|
|`Welfare`<br>`grants`<br>`—`|`971`<br>`(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`<br>`Sunday`|||`1,455`||`-`|`-`|`1,455`|
||||<br> <br>`3,581,630`|<br> <br>|<br> <br>`183,723`|<br> <br>`-`|<br> <br>`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`|
||||<br> <br>`325,337`|<br> <br>|<br> <br>`2,335`|<br> <br>`.`|<br> <br>`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`|||<br>`419,081`|<br>|<br>`17,256`|<br>`21,200`|<br>`457,537`|
|`2025TotalExpenditure`|||<br>`4,000,711`<br>|<br> <br>|<br>`200,979`<br>|<br>`21,200`<br>|<br>`4,222,890`<br>|





## 

|||||`Unrestricted`|`Restricted`|`Permanent`|`Total`|
|---|---|---|---|---|---|---|---|
|||||||`Endowment`||
||||||`2024`|||
|`Welfare`||||`£`|`£`|`£`|`£`|
|`Welfaregrants`<br>`—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`|
||||<br>|<br> <br>`910,928`|<br> <br>`197,777`|<br> <br>`-`|<br> <br>`1,108,705`|
|`SupportCosttoCharitable`||`Activities:`||||||
|`Wagesandsalaries`||||`130,663`|`-`|`-`|`130,663`|
|`EmployersPensionContribution`||||`7,278`|`-`|`-`|`7,278`|
|`EmployersNationalsInsurance`||||`12,821`|`-`||`12,821`|
|`Wagesandsalariesinkind`||||<br>`135,944`|<br>`1,147`|<br>`-`|<br>`137,091`|
||||<br>|<br> <br>`286,706`|<br> <br>`1,147`|<br> <br>`-`|<br> <br>`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`<br>`fees`||||<br>`5,820`|<br>`-`|<br>`-`|<br>`5,820`|
|`Totalsupportcasts`|||<br>|<br> <br>`362,089`|<br> <br>`1,766`|<br> <br>`21,200`|<br> <br>`386,202`|
|`2024TotalExpenditure`|||<br>|<br>`1,273,017`<br>|<br>`200,690`<br>|<br>`21,200`<br>|<br>`1,494,907`<br>|





## 

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



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





## 

## 

|||`Unrestricted`|`Restricted`|`Permanent`|`Total`|
|---|---|---|---|---|---|
|||||`Endowment`|`2025`|
|<br>`Quotedinvestments`||`£`|`£`|`£`|`£`|
|<br>`Marketvalueat`|<br>`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`||<br>`102,930`|<br>`23,386`|<br>`24,991`|<br>`151,307`|
|`Marketvalueat`|`31December`|<br> <br>`29,045,922`|<br> <br>`6,433,827`|<br> <br>`7,221,625`|<br> <br>`42,701,374`|
|`Historicalvalue`|`at31December`|<br>`24,054,828`|<br>`5,465,279`|<br>`5,840,562`|<br>`35,360,669`|
|<br>`Investment/ Cash`|<br> `Breakdown`|||||
|<br>`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`|
|||<br>`29,045,922`|<br>`6,433,827`|<br>`7,221,625`|<br>`42,701,374`|
|`8b.RACF`||||||
|||`Unrestricted`|`Restricted`|`Permanent`|`Total`|
|||||`Endowment`|`2025`|
|`Quotedinvestments`||`£`|`£`|`£`|`£`|
|<br>`Marketvalueat`|<br>`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`||<br>`98,270`|<br>`23,386`|<br>`24,991`|<br>`146,647`|
|`Marketvalueat`|`31December`|<br> <br>`27,730,721`|<br> <br>`6,433,827`|<br> <br>`7,221,624`|<br> <br>`41,386,172`|
|`Historicalvalue`|`at31December`|`22,965,719`|`5,465,279`|`5,840,562`|`34,271,560`|
|`Investment/ Cash`|`Breakdown`|||||
|<br>`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`|
|||<br>`27,730,721`|<br>`6,433,827`|<br>`7,221,624`|<br>`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.`|||
|<br>`2024FixedAssetInvestments`|||||||
|`8c.Group`|||||||
||`Unrestricted`||`Restricted`||`Permanent`|`Total`|
||||||`Endowment`|`2024`|
|`Quotedinvestments`|`£`||`£`||`£`|`£`|
|<br>`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`|
|<br>`Marketvalueat31December`|||||||
|<br>|<br> <br>`26,629,506`|<br>|<br> <br>`5,884,815`|<br>|<br> <br>`6,634,916`|<br> <br>`39,149,237`|
|<br>`Historicalvalueat31December`|<br>`23,046,401`||<br>`5,236,164`||<br>`5,595,714`|<br>`33,878,279`|
|<br>`Investment/ CashBreakdown`|||||||
|<br>`Investments`|`26,511,083`||`5,857,910`||`6,606,162`|`38,975,155`|
|`Bank`<br>`SettledAccount`|`118,398`||`26,900`||`28,748`|`174,046`|
|`BankUnsettledAccount`||`25`||`5`|`6`|`36`|
||<br>`26,629,506`||<br>`5,884,815`||<br>`6,634,916`|<br>`39,149,237`|
|`8d.RACF`|||||||
||`Unrestricted`||`Restricted`||`Permanent`|`Total`|
||||||`Endowment`|`2024`|
|<br>`Quotedinvestments`|`£`||`£`||`£`|`£`|
|<br>`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`|
|<br>`CashCommitments`|<br>`17,275`||<br>`4,111`||<br>`4,393`|<br>`25,779`|
|<br>`Marketvalueat31December`<br>|<br>`25,423,710`<br>|<br>|<br>`5,884,815`<br>|<br> <br>|<br> <br>`6,634,915`<br>|<br> <br>`37,943,437`<br>|
||`Page30`||||||





## 

## 

|`Investment/ CashBreakdown`<br>|`Investment/ CashBreakdown`<br>||||||||
|---|---|---|---|---|---|---|---|---|
|`investments`<br>||`25,310,648`||<br>`5,857,910`||`6,606,162`|`37,774,720`||
|`BankSettledAccount`||`113,034`||<br>`26,900`||`28,748`|`168,682`||
|`BankUnsettledAccount`|||||`5`|`6`||`35`|
|||<br>`25,423,706`||<br> <br>`5,884,815`||<br>`6,634,916`|<br>`37,943,437`||
|`9.`|<br>`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`||`-`|
|||<br> <br>`79,861`|<br> <br>|<br> <br>`1,011,597`|<br>|<br> <br>`108,534`|<br> <br>`1,029,783`||
|`10.CurrentAssetInvestments`<br>|||||||||
|||`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`||`-`|
|||<br>`2,747,399`<br>|<br>|<br>`46,974`<br>|<br>|<br>`2,739,123`<br>|<br>|<br>`42,594`<br>|
|`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`<br>|`27,475,298`<br>|`105,084`|`105,084`|`1,893,684`||<br>`1,998,768`<br>||`6,483,840`<br>|||`6,222,882`|`1,796,170`|<br>`8,019,052`<br>|<br>`43,976,958`<br>|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||||`NetGainon`|`Investment`|`£`||`2,255,147`<br>|||`106,946`||<br>`106,946`<br>||`536,671`<br>|||`426,805`|`146,716`|<br>`573,521`<br>|<br>`3,472,285`<br>|
||||||||||||||||||`Outgoing`|`Resources`|`£`||`(3,799,972)`<br>||`(338,558)`||<br>`(338,558)`<br>|||`(200,979)`<br>||`(21,200)`|||<br>`(21,200)`<br>|<br>`(4,360,709)`<br>|
||||||||||||||||||`Incoming`|`Resources`|||`1,274,542`<br>|||`276,814`||<br>`273,389`<br>||`200,979`<br>|||||<br>|<br>`1,752,335`<br>|
|`THEROYALARTILLERYCHARITABLEFUND`|||||`NOTESTOTHEFINANCIALSTATEMENTS(continued)`<br>|`FORTHEYEARENDED31DECEMBER2024`<br> <br>||||||<br>`12.MovementinFunds`<br>||||`CurrentyearGroup`|`Balanceat1 `|`January25`|`£`|`Unrestricted`|`GeneralFund`<br>`27,745,581`<br>|`Designated`|`Memorials`<br>`RAA`<br>`105,084.`<br>`1,848,482`|||<br>`1,953,566`<br>|`RestrictedFunds`|`RABF`<br>`5,947,169`<br>|`EndowmentFunds:`||`RABF`<br>`5,817,277`|`RACF`<br>`1,649,454`|<br>`7,466,731`<br>|`Total`<br> <br>`43,113,047`<br>|





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





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





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





## 

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





## 

## 

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



## 



## 

## 



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





THE ROYAL ARTILLERY CHARITABLE FUND
Page 40