*XXVIi
Lxvii
THE ROYAL HAMPSHIRE REGIMENT TRUST
Chairman- Colonel SAC Frere-cook MBE
Secretary- Lt Col CA BuLleid
HE
TH
STDE
EMBER2
24
1. The Royal Hampshire Regiment Trust continuas to act as the umbrella for the following
charityfunds:
The RoyaL Hampshire Regiment Museum
The RoyaL Hampshire Regiment Welfare Fund
272965
246902
2. The Royal Hampshlre Regiment Trust- Summary
a. Work has continued to streamline the administrative burden of the Trust during the year. The original
plan was to do the necessary paperwork ourselves and applyfor both charities to become Charitable
Incorporated Organisations (CIOS), however it rapidly became clear that this was a major undertaking and
not as easy a task as first presumed, so it was decided to employ a solicitor to do this in 2025.
b. The 2022 lease continues to run with the RegimentalTrust paying Hampshire County Council IHCC) the
agreed £10.000 per annum as the Upkeep and Maintenance charge for the use of the Ground Floor of Serle's
House. This sum includes an eLement for the provision of fuel and light; despite financial constraints on the
Council, it was perceived that the cost of splittingthe wiring and piping for separate meterage would not be
cost effective.
b. Lt Col CA Bulleid continues as Trust Secretary and Chief Executive on a parttime basis13 days a week);
Mrs Susannah Jarvis, remains the Curator. In addition, 3 part-time assistant curators are now employed to
carry out"Front of House" duties and help the Curatorwith ancestor research enquiries etc. Volunteers
(now more lay members of the public than ex-soldiers forthe first time) continued to do outstanding and
essential work-especially in the Museum and Memorial Garden.
c. The footfall by the general public, which had marginally increased post Covid Pandemic. has still not
returned to pre-covid numbers and more work will need to be done to encourage this.

3. Financial Policles
a. Funds for the 2 charities in the Trust are accounted for separately, but all continue to contribute to Core
expenditure. The Transaction account continues to man8ge this. The Welfare Fund continues to foster
'esprit de corps, (as the Comrades. Association did before it) and Welfare Grants are also paid from this
fund as had happened in the pastwith the Hampshire and Isle of Wight MilitaryAid Fund.
b. The investments, with Newton Investment Management Ltd since 2015, have continued to produce
excellent returns. Trustees believe suff icient funds need to be generated and held in reserve in order of
priorityto:
(i) Support benevolence and esprit de corps forformer members of the RoyaL Hampshire Regiment and
who are in need, hardship, or distress.
(li) Improve and refresh the Museum displays so that these continue to enlighten the Public about the
County Regiment as well the Armytoday. In 2024, a revamp of the museum was started to coincide with
th
the 80 anniversary of the D Day Landings. This was started, butfor various staffing reasons was not fully
completed and was rolled into 2025.
(iii) Insure the museum and its artefacts against unexpected disasters.
(iv} Maintain the Memorial Garden to a high standard.
c. Looking ahead, Trustees project at least a further 25 years required for benevolence. For the Museum and
Memorial Garden, we are looking, initially, to 2032. We assess annual running costs, using predominantly
volunteers working under an experienced curatorialteam. to be of the order of £80-90k a year from 2024.
4. General Policies
Risk assessment, DDA and child protection policies continue to be maintained. The Child Protection Policy
forms part of ourAccreditation Status. A schedule of all risks is assessed annually coveringthe Museum,
the Memorial Garden, electrical and office equipment. A COSHH register is also maintained, including
dates when inspections and risk assessments and action taken, are carried out.
5. Regimental Museum & MemoriaLGarden
a. Whilst the Museum continues to subscribe to and be part of the Winchester Military Museums, group, it
remains an independent body. Additionally, the Trustees continue to:
li) Provide education opportunities. Working with the Winchester Military Museum group, the Hampshire
and Isle of Wight Military Museum Forum, Trustees offer a range of exhibits and demonstrations to
encourage schools to visit. Visitor numbers were still down on pre-covid rates as tourists returned and
people got back into the habit of goingto public institutions. in 2024 they remained around 6,000 which
were approximately the same as the 2023 figure.
(li) Advertise widely and use our website to encourage visits of groups of all ages.
{iii) Meet requests by local organisations to provide staff and Regimental experts to lecture on military and
Regimental matters.
liv) Encourage esprit de corps amongst former members of the Regiment.
b. Subscriptions via standing orders and donations for the MLJseum and the Memorial Garden in 2023 were:
(i) Museum £11,700 and the Memorial Garden £1,700.
lill Donations for the Museum £7,500; Memorial Garden £620.

c. Trustees recognise the need to maintain the profile of the British Army in general and of the Royal
Hampshire Regiment's successors, the Princess of Wales's Royal Regiment, in particular. To achieve this,
they display a range of military publications and include a PWRR specific display.
d. Family Ancestor Research. The Museum maintains its complete archive, the contents of which are
available to the general public via the museum staff. The number requests from the general public for
assistance in researching ancestors connected with the Regiment has remained at around 25 per month,
though there has been a reluctance from people to pay for the research. A full ancestor research report
takes around 4 hours to complete and this is becoming a drain on staff time. Interest is now predominantly
in WIN2, with a steady flow of requests about WW1.
6. Memorial Garden
a. The Memorial Garden continues to be maintained as a place of tranquillity and is regularly visited through
the year. Members of the public enjoy sitting on the benches, a sandwich lunch and time for reflection.
7. The Comrades, Association
a. On account of the demographics of the body of the Comrades, Association, there are now two very
distinct groups of Comrades. The "Town Branches", which had been formed at the end of WW2 and were
sustained by the National Seniice generation are dwindling on account of age and morbidity and a number
of the Branches have now closed. The"Younger Generation- of Comrades who tended to serve in the
1970s180s and early 90s continue to hold their annual reunion in Portsmouth in March each year, this is
continuing and up to 200 Comrades attend. Communication between the two groups is either via the Branch
Secretary (for the older generation) and via social media (for the younger generation).
b. As well as fostering the esprit de corps of the Regiment, welfare grants are given to ex-soldiers and their
families as necessary, if in need, hardship or distress. Grants given by the Harnpshire and Isle of Wight
Military Aid Fund continue to be 'topped' up bythe Comrades, Association Fund {for soldiers).
8. The Royal Hampshire Regiment Welfare Fund
a. Grants to soldiers continue to be given by'The Hampshire and Isle of Wight MilitaryAid Fund. after a
recommendation from SSAFA or the Royal British Legion. More than half of the grants in in 2024 were over
£500, with many being at £1,000, but the over811 number of grants remained at about 20. The cases were
evenlyspread between assistance for brown or white goods for home, mobility aids leg hoists, electric
scooters or beds and retraining.
b. No grant was made in 2024 to anyformer officerwhich in the past would have been made from the
Princeps Bowden Smith Memorial Fund, before it merged with the Comrades, Association in 2021.
Chairman of Trustees
-ColoneL Simon Frere-cook MBE
22" October 2025

REGISTERED CHARITY NUMBER: 246902
ort of the Trustees and
Daudlted Financial Stste
ar
nded
for
al Ham
shire Re
Fund
ime
Wheeler & Co Ltd
Chartered A¢countants
The Sbrubb¢ry
14 Church Street
Whitchuwh
Hampshire
RG28 7AB

The Ro
IHam
shire Re
Fund
iment Welfare
Contents of the Flnanclal Statement5
or the Year Ended
Page
Report of the Trustees
I to 3
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes lo the Flnanelal Stalemenls
7 to 12
Detalled Statement of Financial Activltiej
13 to 14

The Ro
al Ham
hire Re Iment Welfare
Fund
rt of the Trustees
for the Year Ended 31st Deeember 2024
The trustees present their report with the fmancial statements of the charity for the year ended 31 st December 2024. The
stees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK
and Republic of Ireland (FRS I02) (effe¢tiv¢ l January 2019).
OKJECTIVES AND ACTIVITIES
Objectives and aims
The objects of th¢ WelfaTe Fund are:
l ) To promote the efficiency of the successor Regiment (the Princess of Wales's Royal Regirnent (PWRR)) by:
i) Fostering esprit de corps among fornier members of the Royal H￿p$h]re Regiment and fonner and serving members
of the PWRR and enabling them to keep in touch with Regimental affairs and with one another.
ii) As5jSting fornier members of the Royal Hampshire Regiment and fornier and serving members of the PWRR to obtain
suitable employment.
2). To relieve fornier m¢mbers of the Royal Hampshire Regiment or fonner and serving members of the PWRR or their
dependants, who are in nee4 hardship or distress.
The Trustees may relieve persons in need by:
a. Making grants of money to them; or
b. Providing or paying for goods, services or facilities for them. or
. Making grants of money to other persons or bodies who provide good4 service5 or facilities to those in need.
The objects of the H￿llpshjr¢ & Isle of Wight Military Aid Fund are:
l ). The relief of those members of the British Arniy (whether regular, reservist, militia> yeomanry or volunteer) and their
dependents who are in need, hardship or distress and who are, or were:
i) Members or fornier members of any Tegirnent or corps raised in the County of Hampshire (and Isle of Wight),
ii) Members or fornier members of The Princess ofwales's Royal Regiment who were resident in the county of Hampshire
(and Isle of Wight) at the time of enlisknent.
2). The trustees may relieve persons in need by."
a. Making grants of money to them. or
b. Providing or paying for goods, services or facilities for them. or
. Making grants ofmoney to other persons or bodies who provide go(Kls, services or facilities to those in n¢cd.
SignificaDI actlvltle5
The number of cases consid¢r¢d by the Hampshire & Isle of Wight Military Aid Fund in 2024 continued to fall, with a
total of 18 being considered and fund5 being allocated to 15 of them, the remainder being ineligible under the tenns of
the Charity. Just short of £10,000 was granted, mp8red to £14,000 the previous year. 2 Cases were for mobility
equipment. 4 for household goods, with the majority (6 cases) being for debt related and 2 for travevremoval costs. The
fund continues to be supported by the Comrades, Association, for fornier Royal Hampshire soldiers. Those that benefit
the most are the soldiers who transitioned into the PWRR in 1992, on amalgamation as they will benefit from a grant
from the Welfare Fund and a grant from PWRR.
Th¢ Comrades, Association branch¢s that still exist, continue to decline in member number with the exception of the
Regimental, whose core members are still by and large in full time employment. The Club continue to meet once a year
in Portsmouth. Following on from the success of the post Covid Memorial Service in 2022, a further Religious Service
held in the Memorial Garden at the beginning of August. wh¢n the names of those who had died in the previous 2
years were read out, Approximately 80 forn]¢r soldiers and the wiveslpartners attend¢d. The event was deemed to be
such a success that it was agreed that it would be h¢ld annually in future on th¢ n¢arest Saturday to 1st August ((Minden
Day).
Page I

The Ro
al Ham
shlre R
Furld
iment Welfare
ort of the Trustees
for the Year Ended 31st December 2024
OBJECTIVES AND AcrIvrriES
Publie benefil
In line with the Charity Commission's guidance the trustees have been made aware of the need for public benefit to be a
cial part of the decisions of the committee. The trnstees consider that this is ￿hleyed by grant payments and the
rnaintenance of reserves as well as the social investments detailed elsewhere.
Social inveslments
The fostering of Esprit de Corps amongst fornier members of the Regiment is considered by the Thistees to be a very
important role of the Comrades, Association. Many of the functions including the Annual Reunion rejnain heavily
subsidised.
GrantmakiDg
The vast majority of benevolence to fornier members of the lioyal Hampshire Regiment is adminis*red by the Hampshire
and Isle of Wight Military Aid Fund (a separate and independent clwity (No 202363), to which the Comrades, Association
contribu¢¢s in most cases by up to 20 % of the grant.
ACHIEVEMENT AND PERFORMANCE
Investment performgnee
Investment funds continue lo be managed by the Newton Growth & Inwme Fund for Charities.
FINANCIAL REVIEW
Reserves polley
It is the policy of the trustees to maintain sufficient capital within the H￿np8hIre & Isle of Wight Military Aid Fund to
provide incorne for benevolence at the 21M14 level until the year 2050, at which point it is assumed that the need for
benevolence will have reached a very low level due to lack of people who qualify for help according to the cu￿ent rules.
As the number of clairnanL8 falls, the fund will be able to accept a greater share of the burden thus reducing claims on
The Soldiers, Charity (The Anny Benevolent Fund).
STRUCTURE, GOVERNANCE AND iKANAGEMENT
Governfing document
On 9th December 2021 th¢ Hampshir¢ & Isle of Wight Military Aid Fund became linked to the Royal Hampshire
Regitnent Con]rades' Asso¢iation, at which point the name was changed to the Royal Hampshire Regiment Welfare Fund.
The basi¢ tenets of the scheme have not ¢hanged from the governing document. dated April 2003.
Risk management
l. The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
2. Investments are managed by BNY Mellon who, with the Trustees, will ensure that they are sufficiently diverse.
REFERENCE AND ADMINISTRATIVE DETAILS
Reglstered Charity number
246902
Printipal address
Serle's House
Southgate Street
Winchester
Hampshir¢
S023 9EG
Page 2

The Ro
al Ham
shire Re Iment Welfare
Fund
Re rt ftheTr
e Year End
tees
r 2024
Trustees
Col SAC Frere-cook MBE
Lt Col CF Warren OBE
Brig TAL GI&ss
Brig DA H￿Tison MBE DL
Col PA Davis CBE
Lt Col SJ Nye MBE
Maj MF Pearce
Capt J M Curtis
Ms A E Stone
Chairnian
Secretary
Lt Col CA Bulleid
Independent Examiner
Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB
Approved by order of the board of trustees on .....
and signed on its behalf by:
Col SAC Frere4ook- Trustee
Page 3

Inde endent Examlner's Re ort to the Trnstees of
The Ro al Ha
shire Re iment Welfare
Fund
Independent examiner's report to the trustees of The Royal Hampshire Regiment Welfare Fund
I report to the charity trustees on my examination of the accounts of The Royal Hampshire Regiment Welfare Fund (the
Trust) for the year ended 31 st December 2024.
Responsibilities and basis of report
As the charity trustees ol the Trust you are responsible for the preparation of the accounts in accordance with the
requirernents of the Charities Act 2011 (Ihe Act,).
I re￿rt in respect of my examination of the Trust's accounts carried oul under Section 145 of the Act and in carrying out
my exarnination I have followed all applicable Directions given by the Charity Commission under Section 145(5Xb) of
the Act.
Independent examlner's stalement
I have completed my examination. I confirni that no material matters have come to my attention in connection with the
examination gi￿Allg me cause to believe that in any malerial respect:
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records: or
the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out
in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true
and fair view which is not a matter considered as part of an independent examination.
I bave no concerns and have come across no other matters in connection with the examination to which attention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kevin Wheeler FCA
Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB
Page 4

The Ro al Ham
shire R
Fund
iment Welffdre
t8
ement of FinYdDcial Activitie
I t December 2024
31.12.24
31.12.23
Hampshire
& Isle of
Wight
Military
Aid Fund
Comrades,
Association
General
Fund
Total
funds
Total
funds
Notes
L¥COME AND ENDOWMENTS FROM
Donations and legacies
985
985
1,872
Other trading a¢tiviti¢s
nvestsnent incorne
750
750
490
Total
EXPENDITURE OIY
Charltable aetlvltles
Charitable grants and th)nations
Comrades, activities
In support of the regimental museum
In support of the memorial garden
,107
8,107
2,261
88,309
223
10.817
1,965
70.074
1.312
2,261
88,309
223
Other
Total
Net gains on investments
121612
NET INCOME
54.695
45,071
99,766
91,179
RECONCILIATION OF FUNDS
Total funds brought forward
936,147
846,668
1,782,815
1,691,636
TOTAL FUNDS CARRIED FORWARD
891739
1882 581
1782 815
The notes forn] part of these fmancial statements
Page 5

TheRo alHam shlreRe
Fund
fiment Welfare
Balance Sbeet
eember 2024
31.12.24
31.12.23
Hampshire
& Isle of
Wight
Military
Aid Fund
Comrades,
Association
General
Fund
Total
funds
Total
funds
Notes
FIXED ASSETS
Tangible assets
Investh]ents
io
2,300
961679
2,300
1799 228
2,300
1717616
837 549
963,979
837,549
1,801,528
1,719,916
ctFRRENT ASSETS
Debtors
Cash at bank
12
14,262
14,262
11,762
28,588
54,190
82,778
64,594
CREDITORS
Amowits falling due within one year
13
(1,725)
(1,725)
(1,695)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
990,842
891,739
1,882,581
1.782.815
NET ASSETS
990 842
891739
1882 581
1782 815
FUIYDS
Unrestricted funds:
Comrades, Association General Fund
The Hampshire & Isle of Wight Military Aid
Fund
14
990,842
891,739
936,147
846,668
1882 581
1782 815
TOTAL FUNDS
1882 581
1782 815
The fmancial Statements wer¢ approved by the Board of TTUStees and authorised for issue on ..
and were signed on its behalf by..
SAC Frere-Cook- Trustee
The notes forn] part of these financial ststements
Page 6

The Ro
al Ham
shire Re IEnent Welfare
Fund
Notes to the Financial Statements
for the Year Ended 31st December 2024
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the clwity, which is a public benefit entity under FRS 102, have been prepared in
accordanc¢ with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing th¢irawounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of treland (FRS 102) (effective l January 2019),, Financial Reporting
Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities
Act 2011. The fllW]cial statements have been prepared under the historical cost convention, with the exception of
investments which are included at market value, as modified by the revaluation of certain a55ets.
Ineome
All income is recognised in the Stdtemenl of Financial Activities once the charity has entitlement to th¢ fimds, it
is probable that the income will be received and the amount can be measured reliably.
Expendlture
Liabilities are recognised as expenditure as soon &s there is a legal or constructive obligation committing the
¢harity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement gnd
the amounl of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all c05t relal¢d to the ¢at¢gory. Where costs cannot be dI￿rtIY
attributed to particular headings they have been allocated to activities on a basis consistent with the us¢ of
resources.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but
not accrued as expendittlre.
Allocation and apportlonment of costs
As coThf￿ned at the Trustees, Meeting on 26th June 2015, the chariry incurs a charge of 75Q/o of the management
and administration costs of the rnnning the Regimentsl Trust.
Tv4nglble fixed assets
Depreci&tion is provided at the following annual rates in order to write off each asset over its estimaled useful life.
Freehold property
not provided
Taxatlon
The charity is exempt from t&x on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trust¢es.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions
arise when specified by tbe donor OT when funds are raised for particular restricted purposes.
As agreed at the Trust¢¢s' Meeting on 26th June 2015, the funds which for decades had been designated as
restricted and unrestricted should b¢ combined The history of these funds dates back to just after the Second
World War when certain money had been donated forthe benefit solely of those Comrades who had been Prisoners
of War. It was agreed that as the number of Comrades still alive who fell into this category was in single figures
and this was the tirne to combine the funds. The cases for all comrades (th05e who had been prisoners of war
and those who had not) are all dealt with the same.
Pensfion costs and other post-retlrement benefits
The charity operates a defmed contribution pension scheme. Contributions payable to the charity's pcnsion
scheme &re cbarged to the Statement of Financial Activities in the p¢riod to whÉch they relate.
Page 7
continued...

The Ro al Ham
hire R
Fund
iment Welfare
Iyoles to the Financial Statements - continued
he Year Ended 31st December 2024
DONATIONS AIYD LEGACIES
31.12.24
31.1223
Donations
Subscriptions
325
660
1.252
620
985
OTHER TRADING ACTIVITIES
31.12.24
31.12.23
Reunion
Newsletter
Wreaths
350
360
40
370
120
750
490
INVESTME￿ INCOME
31.12.24
31.12.23
Dividends received
Interest received
39,125
348
40.018
308
CHARITABLE ACTIVITIES COSTS
Grant
funding of
tivitxes
(see note
Support
Costs (5¢e
note 7)
Direct
Costs
6)
Totals
Charilable grants and donations
Comrades, activities
tn support of the regimental museum
In supp)rt of the memorial garden
8,107
8,107
2,261
88,309
223
2,261
82,342
223
5,967
GRANTS PAYABLE
31.12.24
31.12.23
Charitsble grants and donations
The total grants paid to individuals during the year was as follows:
31.12.24
31.12.23
Individuals
Page 8
ontinued...

The Ro al Ham
hire Re
Fund
iment Welfare
Notes to the Financial Ststem
nts - tontlnued
ar Ended 31st Decem
SUPPORT COSTS
Governance
costs
Management
Totals
Other resources expended
tn support of the regimental museum
(40.444)
4,598
(35,846)
Support costs. included in the abov¢, ar¢ as follows:
Management
31.12.24
31.12.23
support
ofthe
regimental
museum
Other
resources
expended
Total
activities
Totsl
activities
Staff salaries
Travelling expenses
Telephone
Office costs
Sundries
Cleaning
Trustee meeting costs
Trust costs allocation
Less PWRK Contribution
19,810
19,810
416
1,185
3,453
510
953
446
(58,250)
18,000
235
1,105
2,993
124
955
943
(58,000)
416
635
3,453
510
953
550
446
(58,250)
Governanee eogts
31.12.24
Other
resources
expended
31.12.23
Total
activities
Legal fees
Accountancy
3,428
Page 9
continued...

The Ro Al Ham shlre Re iment Welfare
Fund
Notes to the Financial Statements - continued
he Year Ended 31st December 2024
TRUSTEES, REMUNERATION AND BENEFITS
There were no ttustees, remuneralion or other benefit5 for the year ended 31 st December 2024 nor for the year
ended 31 st December 2023.
Trusteej, expenJe5
There were no trustees, expenses paid for the year ended 31st December2024 nor for the year ended
3 1st December 2023.
STAFF COSTS
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Administration
Museum
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
Freehold
property
COST
At I st January 2024 and
3 1st December 2024
NET BOOK VALUE
At 3 1st December 2024
At 3 1st December 2023
ii.
FIXED ASSET INVESTMENTS
Unlisted
investments
MARKET VALUE
At 1st January 2024
DispK)sals
Revaluations
1,717,616
(40,000)
121612
At 3 1st December 2024
1799 228
NET BOOK VALUE
At 31 st December 2024
1,799,228
At 31st DeC¢m￿r 2023
1717 616
There were no investment assets outside the UK.
Th¢ historic cost of investm￿ts is £1,170,079. revaluation £629.149 (2023 - £507,537)
Page 10
continued...

The Ro
IHam
hire Re
Fund
iment Welfare
Note5 to the Financial Sta
ar Ended 31s
emen
continued
12.
DEBTORS: AMOUI¥4TS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Inter trnst balances
Prepayments and ac¢rued income
11,222
11,222
540
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Accrued expenses
14.
MOVEMENT IN FUNDS
Net
movement
in funds
At
31.12.24
At 1.1.24
Unrestrleted funds
Cornrades, Association General Fund
The Hampshire & Isle of Wight Militsry
Aid Fund
936,147
54,695
990,842
891739
1782 815
1882 581
TOTAL FUNDS
1782815
1882 581
Net movement in funds, included in the abov¢ are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movernent
in funds
Unrestrlcted funds
Comrades, Association General Fund
The Hampshire & Isle of Wigbt Military
Aid Fund
21,658
(31.897)
64,934
54,695
31157)
121612
TOTAL FUNDS
63 054)
121612
Pagell
continud..

The Ro
al Ham
hire Re
Fund
'ment Welfare
Notes to the Fin8ncRal Statements - Continued
14.
MOVEMENT IW FUNDS - continued
Comparatives for movement in funds
Net
movement
in fi￿d$
At
31.12.23
At 1.1.23
Unrestrlcted funds
Comrades, A550ciation General Fund
The Harnpshire & Isle of Wight Military
Aid Fund
888,752
47,395
936,147
802 884
1691636
1782 815
TOTAL FUNDS
1691636
1782 815
Compardtive net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestrieted funds
Comrades, Association General Fund
The Hampshire & Isle of Wight Military
Aid Fund
23,119
(26,802)
51,078
47,395
20 340)
TOTAL FUIYDS
47 142)
IS. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 3 1st December 2024.
Page 12

The Ro al Ham
shire
Fund
iment Welfare
Delailed Slatement of Finaneial Activities
he Year Ended 31 t
31.12.24
Unrestricted
funds
31.12.23
Total
fun(ts
INCOME AND ENDOWMENTS
Donations and legAeies
Donations
Subscriptions
325
660
1,252
620
985
1,872
Other tradfing actlvities
Reunion
Newsletter
Wreaths
350
360
40
370
120
750
490
IDvestment Ineome
Divid¢TJds received
Interest received
39,125
348
40,018
308
Total Ineomlng resources
41,208
42.688
EXPENDITURE
Charitable actlvltles
Museum - wages
Mus¢um - social security
PeTh5ions
Annual Reunion
Wreaths
Subscriptions
Comrades, Esprif de Corps
Museurn - HCC service charges
Mu5¢um - volunteers, expenses
Museum - IT support
Garden - m¢rnorial bench
Garden - maintenanr
Grants to individuals
66,526
299
1,524
350
202
585
1,304
7,500
186
6,127
60,406
996
275
544
540
1,146
2,500
420
3,721
1,252
60
223
92.933
82,677
Support costs
Management
Staff salaries
Travelling expenses
Carried forward
19,810
416
20,226
18,000
235
18,235
This page does not forni part of the statLrtory financial statements
Page 13

The Ro
al Ham
Shire
Fund
iment Welfare
etail¢d Statement of Financial Activitie5
orth Y rEnded3
24
31.12.24
Unrestricted
funds
31.12.23
Total
funds
Management
Brought forward
Telephone
Office costs
Sundries
Cleaning
Trustee meeting costs
Trust costs allocation
Less PWRR Contribution
20,226
1,185
3,453
510
953
446
(58,250)
18,235
1,105
2,993
124
955
943
(58,000)
(34,477)
(36,645)
Governance costs
Legal fees
Accountancy
3,428
Total resources expended
Net Income
This page d￿S not forni part of the statutory fu￿1claI statements
Page 14

REGISTERED CHARITY NUMBER: 246902
ort of the Trustees and
Daudlted Financial Stste
ar
nded
for
al Ham
shire Re
Fund
ime
Wheeler & Co Ltd
Chartered A¢countants
The Sbrubb¢ry
14 Church Street
Whitchuwh
Hampshire
RG28 7AB

The Ro
IHam
shire Re
Fund
iment Welfare
Contents of the Flnanclal Statement5
or the Year Ended
Page
Report of the Trustees
I to 3
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes lo the Flnanelal Stalemenls
7 to 12
Detalled Statement of Financial Activltiej
13 to 14

The Ro
al Ham
hire Re Iment Welfare
Fund
rt of the Trustees
for the Year Ended 31st Deeember 2024
The trustees present their report with the fmancial statements of the charity for the year ended 31 st December 2024. The
stees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK
and Republic of Ireland (FRS I02) (effe¢tiv¢ l January 2019).
OKJECTIVES AND ACTIVITIES
Objectives and aims
The objects of th¢ WelfaTe Fund are:
l ) To promote the efficiency of the successor Regiment (the Princess of Wales's Royal Regirnent (PWRR)) by:
i) Fostering esprit de corps among fornier members of the Royal H￿p$h]re Regiment and fonner and serving members
of the PWRR and enabling them to keep in touch with Regimental affairs and with one another.
ii) As5jSting fornier members of the Royal Hampshire Regiment and fornier and serving members of the PWRR to obtain
suitable employment.
2). To relieve fornier m¢mbers of the Royal Hampshire Regiment or fonner and serving members of the PWRR or their
dependants, who are in nee4 hardship or distress.
The Trustees may relieve persons in need by:
a. Making grants of money to them; or
b. Providing or paying for goods, services or facilities for them. or
. Making grants of money to other persons or bodies who provide good4 service5 or facilities to those in need.
The objects of the H￿llpshjr¢ & Isle of Wight Military Aid Fund are:
l ). The relief of those members of the British Arniy (whether regular, reservist, militia> yeomanry or volunteer) and their
dependents who are in need, hardship or distress and who are, or were:
i) Members or fornier members of any Tegirnent or corps raised in the County of Hampshire (and Isle of Wight),
ii) Members or fornier members of The Princess ofwales's Royal Regiment who were resident in the county of Hampshire
(and Isle of Wight) at the time of enlisknent.
2). The trustees may relieve persons in need by."
a. Making grants of money to them. or
b. Providing or paying for goods, services or facilities for them. or
. Making grants ofmoney to other persons or bodies who provide go(Kls, services or facilities to those in n¢cd.
SignificaDI actlvltle5
The number of cases consid¢r¢d by the Hampshire & Isle of Wight Military Aid Fund in 2024 continued to fall, with a
total of 18 being considered and fund5 being allocated to 15 of them, the remainder being ineligible under the tenns of
the Charity. Just short of £10,000 was granted, mp8red to £14,000 the previous year. 2 Cases were for mobility
equipment. 4 for household goods, with the majority (6 cases) being for debt related and 2 for travevremoval costs. The
fund continues to be supported by the Comrades, Association, for fornier Royal Hampshire soldiers. Those that benefit
the most are the soldiers who transitioned into the PWRR in 1992, on amalgamation as they will benefit from a grant
from the Welfare Fund and a grant from PWRR.
Th¢ Comrades, Association branch¢s that still exist, continue to decline in member number with the exception of the
Regimental, whose core members are still by and large in full time employment. The Club continue to meet once a year
in Portsmouth. Following on from the success of the post Covid Memorial Service in 2022, a further Religious Service
held in the Memorial Garden at the beginning of August. wh¢n the names of those who had died in the previous 2
years were read out, Approximately 80 forn]¢r soldiers and the wiveslpartners attend¢d. The event was deemed to be
such a success that it was agreed that it would be h¢ld annually in future on th¢ n¢arest Saturday to 1st August ((Minden
Day).
Page I

The Ro
al Ham
shlre R
Furld
iment Welfare
ort of the Trustees
for the Year Ended 31st December 2024
OBJECTIVES AND AcrIvrriES
Publie benefil
In line with the Charity Commission's guidance the trustees have been made aware of the need for public benefit to be a
cial part of the decisions of the committee. The trnstees consider that this is ￿hleyed by grant payments and the
rnaintenance of reserves as well as the social investments detailed elsewhere.
Social inveslments
The fostering of Esprit de Corps amongst fornier members of the Regiment is considered by the Thistees to be a very
important role of the Comrades, Association. Many of the functions including the Annual Reunion rejnain heavily
subsidised.
GrantmakiDg
The vast majority of benevolence to fornier members of the lioyal Hampshire Regiment is adminis*red by the Hampshire
and Isle of Wight Military Aid Fund (a separate and independent clwity (No 202363), to which the Comrades, Association
contribu¢¢s in most cases by up to 20 % of the grant.
ACHIEVEMENT AND PERFORMANCE
Investment performgnee
Investment funds continue lo be managed by the Newton Growth & Inwme Fund for Charities.
FINANCIAL REVIEW
Reserves polley
It is the policy of the trustees to maintain sufficient capital within the H￿np8hIre & Isle of Wight Military Aid Fund to
provide incorne for benevolence at the 21M14 level until the year 2050, at which point it is assumed that the need for
benevolence will have reached a very low level due to lack of people who qualify for help according to the cu￿ent rules.
As the number of clairnanL8 falls, the fund will be able to accept a greater share of the burden thus reducing claims on
The Soldiers, Charity (The Anny Benevolent Fund).
STRUCTURE, GOVERNANCE AND iKANAGEMENT
Governfing document
On 9th December 2021 th¢ Hampshir¢ & Isle of Wight Military Aid Fund became linked to the Royal Hampshire
Regitnent Con]rades' Asso¢iation, at which point the name was changed to the Royal Hampshire Regiment Welfare Fund.
The basi¢ tenets of the scheme have not ¢hanged from the governing document. dated April 2003.
Risk management
l. The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
2. Investments are managed by BNY Mellon who, with the Trustees, will ensure that they are sufficiently diverse.
REFERENCE AND ADMINISTRATIVE DETAILS
Reglstered Charity number
246902
Printipal address
Serle's House
Southgate Street
Winchester
Hampshir¢
S023 9EG
Page 2

The Ro
al Ham
shire Re Iment Welfare
Fund
Re rt ftheTr
e Year End
tees
r 2024
Trustees
Col SAC Frere-cook MBE
Lt Col CF Warren OBE
Brig TAL GI&ss
Brig DA H￿Tison MBE DL
Col PA Davis CBE
Lt Col SJ Nye MBE
Maj MF Pearce
Capt J M Curtis
Ms A E Stone
Chairnian
Secretary
Lt Col CA Bulleid
Independent Examiner
Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB
Approved by order of the board of trustees on .....
and signed on its behalf by:
Col SAC Frere4ook- Trustee
Page 3

Inde endent Examlner's Re ort to the Trnstees of
The Ro al Ha
shire Re iment Welfare
Fund
Independent examiner's report to the trustees of The Royal Hampshire Regiment Welfare Fund
I report to the charity trustees on my examination of the accounts of The Royal Hampshire Regiment Welfare Fund (the
Trust) for the year ended 31 st December 2024.
Responsibilities and basis of report
As the charity trustees ol the Trust you are responsible for the preparation of the accounts in accordance with the
requirernents of the Charities Act 2011 (Ihe Act,).
I re￿rt in respect of my examination of the Trust's accounts carried oul under Section 145 of the Act and in carrying out
my exarnination I have followed all applicable Directions given by the Charity Commission under Section 145(5Xb) of
the Act.
Independent examlner's stalement
I have completed my examination. I confirni that no material matters have come to my attention in connection with the
examination gi￿Allg me cause to believe that in any malerial respect:
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records: or
the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out
in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true
and fair view which is not a matter considered as part of an independent examination.
I bave no concerns and have come across no other matters in connection with the examination to which attention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kevin Wheeler FCA
Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB
Page 4

The Ro al Ham
shire R
Fund
iment Welffdre
t8
ement of FinYdDcial Activitie
I t December 2024
31.12.24
31.12.23
Hampshire
& Isle of
Wight
Military
Aid Fund
Comrades,
Association
General
Fund
Total
funds
Total
funds
Notes
L¥COME AND ENDOWMENTS FROM
Donations and legacies
985
985
1,872
Other trading a¢tiviti¢s
nvestsnent incorne
750
750
490
Total
EXPENDITURE OIY
Charltable aetlvltles
Charitable grants and th)nations
Comrades, activities
In support of the regimental museum
In support of the memorial garden
,107
8,107
2,261
88,309
223
10.817
1,965
70.074
1.312
2,261
88,309
223
Other
Total
Net gains on investments
121612
NET INCOME
54.695
45,071
99,766
91,179
RECONCILIATION OF FUNDS
Total funds brought forward
936,147
846,668
1,782,815
1,691,636
TOTAL FUNDS CARRIED FORWARD
891739
1882 581
1782 815
The notes forn] part of these fmancial statements
Page 5

TheRo alHam shlreRe
Fund
fiment Welfare
Balance Sbeet
eember 2024
31.12.24
31.12.23
Hampshire
& Isle of
Wight
Military
Aid Fund
Comrades,
Association
General
Fund
Total
funds
Total
funds
Notes
FIXED ASSETS
Tangible assets
Investh]ents
io
2,300
961679
2,300
1799 228
2,300
1717616
837 549
963,979
837,549
1,801,528
1,719,916
ctFRRENT ASSETS
Debtors
Cash at bank
12
14,262
14,262
11,762
28,588
54,190
82,778
64,594
CREDITORS
Amowits falling due within one year
13
(1,725)
(1,725)
(1,695)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
990,842
891,739
1,882,581
1.782.815
NET ASSETS
990 842
891739
1882 581
1782 815
FUIYDS
Unrestricted funds:
Comrades, Association General Fund
The Hampshire & Isle of Wight Military Aid
Fund
14
990,842
891,739
936,147
846,668
1882 581
1782 815
TOTAL FUNDS
1882 581
1782 815
The fmancial Statements wer¢ approved by the Board of TTUStees and authorised for issue on ..
and were signed on its behalf by..
SAC Frere-Cook- Trustee
The notes forn] part of these financial ststements
Page 6

The Ro
al Ham
shire Re IEnent Welfare
Fund
Notes to the Financial Statements
for the Year Ended 31st December 2024
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the clwity, which is a public benefit entity under FRS 102, have been prepared in
accordanc¢ with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing th¢irawounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of treland (FRS 102) (effective l January 2019),, Financial Reporting
Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities
Act 2011. The fllW]cial statements have been prepared under the historical cost convention, with the exception of
investments which are included at market value, as modified by the revaluation of certain a55ets.
Ineome
All income is recognised in the Stdtemenl of Financial Activities once the charity has entitlement to th¢ fimds, it
is probable that the income will be received and the amount can be measured reliably.
Expendlture
Liabilities are recognised as expenditure as soon &s there is a legal or constructive obligation committing the
¢harity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement gnd
the amounl of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all c05t relal¢d to the ¢at¢gory. Where costs cannot be dI￿rtIY
attributed to particular headings they have been allocated to activities on a basis consistent with the us¢ of
resources.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but
not accrued as expendittlre.
Allocation and apportlonment of costs
As coThf￿ned at the Trustees, Meeting on 26th June 2015, the chariry incurs a charge of 75Q/o of the management
and administration costs of the rnnning the Regimentsl Trust.
Tv4nglble fixed assets
Depreci&tion is provided at the following annual rates in order to write off each asset over its estimaled useful life.
Freehold property
not provided
Taxatlon
The charity is exempt from t&x on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trust¢es.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions
arise when specified by tbe donor OT when funds are raised for particular restricted purposes.
As agreed at the Trust¢¢s' Meeting on 26th June 2015, the funds which for decades had been designated as
restricted and unrestricted should b¢ combined The history of these funds dates back to just after the Second
World War when certain money had been donated forthe benefit solely of those Comrades who had been Prisoners
of War. It was agreed that as the number of Comrades still alive who fell into this category was in single figures
and this was the tirne to combine the funds. The cases for all comrades (th05e who had been prisoners of war
and those who had not) are all dealt with the same.
Pensfion costs and other post-retlrement benefits
The charity operates a defmed contribution pension scheme. Contributions payable to the charity's pcnsion
scheme &re cbarged to the Statement of Financial Activities in the p¢riod to whÉch they relate.
Page 7
continued...

The Ro al Ham
hire R
Fund
iment Welfare
Iyoles to the Financial Statements - continued
he Year Ended 31st December 2024
DONATIONS AIYD LEGACIES
31.12.24
31.1223
Donations
Subscriptions
325
660
1.252
620
985
OTHER TRADING ACTIVITIES
31.12.24
31.12.23
Reunion
Newsletter
Wreaths
350
360
40
370
120
750
490
INVESTME￿ INCOME
31.12.24
31.12.23
Dividends received
Interest received
39,125
348
40.018
308
CHARITABLE ACTIVITIES COSTS
Grant
funding of
tivitxes
(see note
Support
Costs (5¢e
note 7)
Direct
Costs
6)
Totals
Charilable grants and donations
Comrades, activities
tn support of the regimental museum
In supp)rt of the memorial garden
8,107
8,107
2,261
88,309
223
2,261
82,342
223
5,967
GRANTS PAYABLE
31.12.24
31.12.23
Charitsble grants and donations
The total grants paid to individuals during the year was as follows:
31.12.24
31.12.23
Individuals
Page 8
ontinued...

The Ro al Ham
hire Re
Fund
iment Welfare
Notes to the Financial Ststem
nts - tontlnued
ar Ended 31st Decem
SUPPORT COSTS
Governance
costs
Management
Totals
Other resources expended
tn support of the regimental museum
(40.444)
4,598
(35,846)
Support costs. included in the abov¢, ar¢ as follows:
Management
31.12.24
31.12.23
support
ofthe
regimental
museum
Other
resources
expended
Total
activities
Totsl
activities
Staff salaries
Travelling expenses
Telephone
Office costs
Sundries
Cleaning
Trustee meeting costs
Trust costs allocation
Less PWRK Contribution
19,810
19,810
416
1,185
3,453
510
953
446
(58,250)
18,000
235
1,105
2,993
124
955
943
(58,000)
416
635
3,453
510
953
550
446
(58,250)
Governanee eogts
31.12.24
Other
resources
expended
31.12.23
Total
activities
Legal fees
Accountancy
3,428
Page 9
continued...

The Ro Al Ham shlre Re iment Welfare
Fund
Notes to the Financial Statements - continued
he Year Ended 31st December 2024
TRUSTEES, REMUNERATION AND BENEFITS
There were no ttustees, remuneralion or other benefit5 for the year ended 31 st December 2024 nor for the year
ended 31 st December 2023.
Trusteej, expenJe5
There were no trustees, expenses paid for the year ended 31st December2024 nor for the year ended
3 1st December 2023.
STAFF COSTS
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Administration
Museum
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
Freehold
property
COST
At I st January 2024 and
3 1st December 2024
NET BOOK VALUE
At 3 1st December 2024
At 3 1st December 2023
ii.
FIXED ASSET INVESTMENTS
Unlisted
investments
MARKET VALUE
At 1st January 2024
DispK)sals
Revaluations
1,717,616
(40,000)
121612
At 3 1st December 2024
1799 228
NET BOOK VALUE
At 31 st December 2024
1,799,228
At 31st DeC¢m￿r 2023
1717 616
There were no investment assets outside the UK.
Th¢ historic cost of investm￿ts is £1,170,079. revaluation £629.149 (2023 - £507,537)
Page 10
continued...

The Ro
IHam
hire Re
Fund
iment Welfare
Note5 to the Financial Sta
ar Ended 31s
emen
continued
12.
DEBTORS: AMOUI¥4TS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Inter trnst balances
Prepayments and ac¢rued income
11,222
11,222
540
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Accrued expenses
14.
MOVEMENT IN FUNDS
Net
movement
in funds
At
31.12.24
At 1.1.24
Unrestrleted funds
Cornrades, Association General Fund
The Hampshire & Isle of Wight Militsry
Aid Fund
936,147
54,695
990,842
891739
1782 815
1882 581
TOTAL FUNDS
1782815
1882 581
Net movement in funds, included in the abov¢ are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movernent
in funds
Unrestrlcted funds
Comrades, Association General Fund
The Hampshire & Isle of Wigbt Military
Aid Fund
21,658
(31.897)
64,934
54,695
31157)
121612
TOTAL FUNDS
63 054)
121612
Pagell
continud..

The Ro
al Ham
hire Re
Fund
'ment Welfare
Notes to the Fin8ncRal Statements - Continued
14.
MOVEMENT IW FUNDS - continued
Comparatives for movement in funds
Net
movement
in fi￿d$
At
31.12.23
At 1.1.23
Unrestrlcted funds
Comrades, A550ciation General Fund
The Harnpshire & Isle of Wight Military
Aid Fund
888,752
47,395
936,147
802 884
1691636
1782 815
TOTAL FUNDS
1691636
1782 815
Compardtive net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestrieted funds
Comrades, Association General Fund
The Hampshire & Isle of Wight Military
Aid Fund
23,119
(26,802)
51,078
47,395
20 340)
TOTAL FUIYDS
47 142)
IS. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 3 1st December 2024.
Page 12

The Ro al Ham
shire
Fund
iment Welfare
Delailed Slatement of Finaneial Activities
he Year Ended 31 t
31.12.24
Unrestricted
funds
31.12.23
Total
fun(ts
INCOME AND ENDOWMENTS
Donations and legAeies
Donations
Subscriptions
325
660
1,252
620
985
1,872
Other tradfing actlvities
Reunion
Newsletter
Wreaths
350
360
40
370
120
750
490
IDvestment Ineome
Divid¢TJds received
Interest received
39,125
348
40,018
308
Total Ineomlng resources
41,208
42.688
EXPENDITURE
Charitable actlvltles
Museum - wages
Mus¢um - social security
PeTh5ions
Annual Reunion
Wreaths
Subscriptions
Comrades, Esprif de Corps
Museurn - HCC service charges
Mu5¢um - volunteers, expenses
Museum - IT support
Garden - m¢rnorial bench
Garden - maintenanr
Grants to individuals
66,526
299
1,524
350
202
585
1,304
7,500
186
6,127
60,406
996
275
544
540
1,146
2,500
420
3,721
1,252
60
223
92.933
82,677
Support costs
Management
Staff salaries
Travelling expenses
Carried forward
19,810
416
20,226
18,000
235
18,235
This page does not forni part of the statLrtory financial statements
Page 13

The Ro
al Ham
Shire
Fund
iment Welfare
etail¢d Statement of Financial Activitie5
orth Y rEnded3
24
31.12.24
Unrestricted
funds
31.12.23
Total
funds
Management
Brought forward
Telephone
Office costs
Sundries
Cleaning
Trustee meeting costs
Trust costs allocation
Less PWRR Contribution
20,226
1,185
3,453
510
953
446
(58,250)
18,235
1,105
2,993
124
955
943
(58,000)
(34,477)
(36,645)
Governance costs
Legal fees
Accountancy
3,428
Total resources expended
Net Income
This page d￿S not forni part of the statutory fu￿1claI statements
Page 14