Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 ,sVOL cT+S REspoNsG ANNUAL REPORT 2023 ROLE To provide rapid response teams in support of civil and military authorities during a major event. incident, or in planning and exercise roles. FANY (PRVC) PO Box 68218, London. SW1 P 9UP vhYw.fany.org.uk REGISTERED CHARITY NUMBER 249360
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 FIRST AID NURSING YEOMANRY (PRINCESS ROYAL'S VOLUNTEER CORPS) Commandant-In4hl•f Her Royal Highness The Princess Royal, KG GCVO QSO Vlce-Presldents The Rt Hon Ihe Earl Cadogan KBE DL (to June 2023) Lord dè Maul8y TD FCA General Sir James Everard KCB CBE Major General Simon Lalor CB TD VR Lady Lorimer OBE (from November 2023) Mrs Kim Mccutcheon OBE Lady Montagu of B8auli8U Mrs Lynda Ros8 MBE Trustees Air VI Marshal Ranald Munro CB CBE TD VR DL (Chair) Miss Frances Blois Mr James Bogue Lady Brazier (to Decemter 2023) Mr William Cussans Mr lan Dyson QPM DL Lt Col (retd.) 8elinda Forsyth8 MBE Brigadier (retd.) Sam Well8r MBE Reglmontal Board Commandant Lisa Gil88 Deputy Corps Commander Katherine Brazier Staff Commander Alexandra Milne MBE The Reverend Dr Canon Flora Winfield DD DL Commander Charlotte Fiander Commander Venla Freeman Commander Claudine Church Commander Trish Bishop Captain Julie Linsdell Captain Dorothy Newman
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 EXECUTIVE SUAIMARY 2023 saw a return to business as usual after the pandemic. We have supported two operational deployments. reslructured our Headquarters staff, transferred from 71 Signal Brigade to London District and moved offices to Wellington Barracks. Members provided 722 days of support to 28 different oryanisations, a figure in line with our busiest years prior to the pandemic. April Saw FANYS deployed to support the British Red Cross (BRC) at their Stansted Airport reception ntre for the Sudan Evacuation. In May, FANYS deployed to support the DCMS and the military for Op Golden Orb, the coronation of Their Majesties King Charles111 and Queen Camilla (details below). We continued to support our established civil and military partners and started a new partnership with the Metropolrtan Poli supporting their specialist training with role playing. Our IT system embarked on Phase 11 of implementation and has been rolled out across HQ and role holders with a website interfa. Next year, we will incorporate our Associate members into the website. OBJECTIVES Support civil and military authorities within the United Kingdom, in particular during any military or civil emergency or incidenl, to protect life and relieve human suffering. Advan the education of Ihe public, by providing training and other courses designed to protect life and relieve human suffering. Corps mission statsment: Liaise and plan with UK civil and military authorities, supporting them during emergencies. Select. train and develop active members with the skills and knownhow to undertake support, through the provision of comprehensive training and duty of care. Foster FANY espn'l de Cory)s and keep veterans and associate members in touch with the wider Corps family. Nurture our Corps. heritage by mainlaining membership records and archival material and responding to enquiries from relatives or researchers. Corps values: Semess commitment Respect for others Integrity Discipline Loyatty Sense of humour
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 GOVERNANCE Trusts88 Th8 Twstees met four times during the year, both onllne and in person, to review, discuss and direct the performance ofthe Corps. In Novemberthey welcomed new member Lt Col (retd) Belinda Forsythe MBE and in December Kate Brazier ccwnpleted her term of office and retired from the Board. Training for Trustees was planned to take part in earty 2024. An Active FANY Member Trustee will be recruited in early 2024. Reglmental Board The Regimental Board met four tim88 during the year to assist the Commanding Officer in the day-to- day running of the Corp5. Its responsibilities include agreeing and updating policies, selecting relevant support opportunities, ensunng delivery of appropriate trainlng to members, appointing volunteers to roles, member engagemenl and subscripkn'ons, and representing the Corps at various events. Commanding Officer's Forum The annual meeting of the Commanding Officerfs Forum took place on line on 28th September. These long-serving active and associate members meet annually in an advisory CApacity, contribLrting corporate memory to the CO'S strategic thinking, for the CO to solicit a range of views on the morale of the members and receive views and suggestions on the running of the Corps. H•adquartors The FANY'S Headquarters was reslru¢tured this year appointing hvo pemianent part-time roles in April. These two roles were confirmed as meMr$h[P Officer and Adjutant in December. The HQ office in i¢toria was closed due to legionella in August and HQ moved to new premises Within the London District estate in Wellington Barracks. Honorary Colonel Lieutenant General Tom Coping8r-Symes CBE continu8s in the role of Honorary Colonel.
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 SUPPORT TO THE CIVIL AND MILITARY AUTHORITIES In 2023. the FANY provldod 722 day8 of support to 28 different organisations. This included 388 days to the military which was the largest figure sinc8 records began in 2013. DAYS OF SUPPORT 2023 0th8r 34% Mllitaiy Poll¢e 12% Days of Support iooo 9SO.25 900 840 782.2S 700 722.75 633.75 650.75 600 524.5 500 520.25 400 462.5 300 200 100 2012 2014 2016 2018 2020 2022 2024
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 OPERATIONAL SUPPORT The Corps remained on call 2411 to provide a national resilience and emergency response capability folloviing a major in¢idenC and this yearfs major event of the Coronation: Support to the British Red Cross {BRC) Sudan Evacuation The unrest in Sudan erupted so suddenly that many British nationals and their dependents were forced to flee with little or none of their possessions, arriving at stansted Airport with virtually nothing. The British Red Cross asked for our help at the reptIOn centre, where local volunteers were working with the BRC. St John Ambulan and council representatives to help the evacuees in a number of ways. Our team Vrked with indr¥iduals or families to guide them through the process of finding the help they needed, asking sensitively about their needs, and ensuring they met the right people to help them. Op Goldon Orb Our most high-profile event in 2023 was the Coronation of His Majesty King Charles111 and Queen Camilla. We supported in three different areas; the most prolffic were several FANY teams who supported the Department for Culture, Media and Sport (DCMS). For this role. FANYS in unift)mi assisted members of the public with mobility issues or other disabilities, both at the accessible areas for the large screens and at the ticketed stands - undertaking welfare checks and making sure that everybody who came to watch the screens or procession was able lo do so. Another team in the London Military Operations Centre (LMOC}, supported the Joint Military Command's (JMC) medical network. The network was specifically for the Anny's medical team on the ground. ensuring that any Amed Forces personnel who became casualties were attended to. With approximately seven thousand unifomied members . involved in the day, the need for medical support was potentially great, though the wet weather did rnean far fewer sokliers fainted on parade than anticipated. Lastly. a team were parade marshals in Buckingham Palace Garden (pictured here with the home team from Wellington Barracks). The FANYS were required to stand in the garden as markers for the incoming bands and troops marching off the Mall, before the final Royal Salute and three cheers in the Palace gardens. Routin• support and avents The Corps assisted 28 different civil and military units in 2023. Routine support has increased in several different areas. We supported regular and reservist units in training and community events. A small leam with specialist skills deployed to Tallinn to 8UPPOrt Ex DEFENCE CYBER
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 MARVEL 2 for a second year, while another cohort supported the exercise at the MOD. On the civilian side, a team of FANYS joined fOrS with other volunlary sector organisations to participate in a multi-agency tabletop exercise. We provided role players for the SIA (Securty Industry Authority) in an annual night club training scenario. We again supported the JMC throughout this yearfs parade season, both in the ops room and on the ground with coordinating casualty extractions. We carried out our usual support of the British Transport Police and City of London Poli, adding a new partnership working with the Metropolitsn Police to support specialist training with role playing. Members continue to take part in annual commemoralive events- parading at the Guildhall for Anned Forces, Day, attending the Govemorfs Review at the Royal Hospital Chelsea, shaking buckets on London Poppy Day. on duty at the Field of Remembrance, marching at the Cenotaph, walking and riding in the Lord Mayo¢s Show and w8th-layIng at the Royal Exchange. TRAINING AND PERSONAL DEVELOPhlENT Training is now fully back in-person, with a freshed programme and new requirements for members, attendance. Our members continually learn and develop their skills, regardless of the length of service they have given to the FANY. We continue to deliver training around our deployment requirements, continuing to focus on resilien, loggist and ops n)om training as y11 as call handling and firsl aid. We had both a weekend Recruits and 3-day Annual Camps, the latter of which culminated in a large scenario exercise which brought together all the elements of training that had been covered in the previous days. Most training is provided in-house, or by organisations that the FANY supports, at no cost to the Corps. A review of our First Aid training saw the First Aid at Work qualification replace the First Responder course to be more closely aligned to our partners. Adventurous training In addition to mandatory training, the Corps provides advenlurous training to enhance personal skills and create a spirit of teamwork. Key to member recrurtment and retsntion, these opportunrties are also a reward for volunleers who give their time freely to train and maintain their skills and enhance their resilience for a callout at any time. Teams took part in multi-terrain vehicle driving, parachuting, sailing, and walkn'ng expedrtions. A small team of FANYS began intensive PE training for the Corps intended retum to ETAP for parachute training in 2024. RECRUITMENT, REfENTION AND MEMBERSHIP Membership of the Corps continues to thrive. The latter part of the year saw a review of Membership commitments and status classifications to clarify operation RAG ratings based on training and support attendance. Expressions of interest in joining the FANY(PRVC) remained high, and Ihe Corps continued to attract good quality women from a range of backgrounds. This year. 9 recruits were
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 welcomed into Ihe Corps at their Passing-out Parade in May. From circa 65 expressions of interest,16 recruits were selected to undergo training, which finishes in May 2024. Wrthout the support of their employers, many FANYS would not be able to commit to the Corps, training and call-out requirements.. an employers, Information and Demonstration evening is planned for Q12024 to build awareness and support from employers. Membership rUreS, as at 31 December 2023, are as follows: Active." Recruils.. Associate members and veterans: TOTAL: 138 16 203 357 The Corps sadly lost long-serrfing member Laura Lean, who died earfier in September. Laura was a member of the Corps for many years and held several roles within the FANY including Training Offir and Communications Officer, and Parachuting Officer. Laura is remembered in The Daily TeÈgraph (fuesday 5 Dember 2023). and the Times (Tuesday 19 December). In July 2023 on her last public outing, Laura was awarded the Order of the League of Mercy in recognition of her outslanding teadership and commrtment to the Corps. Laura remained a full serving member of the Corps and was an inspirakn'on to everyone who knew her. A880clate members and vetsrans The Corps lost several of its veterans this year, but also joined the celebrations of one who had reached her 1 Ooth birthday in December. Corps Day saw a vibrant gathering including 4 previous Commanding OffirS in attendance. A move to the Guards, Chapel for our Carol Service in December allowed more Associates and their guests to attend a very well supported evenl. Since our move to Wellington barracks in July, we have been able to welcome greater number of associates lo special interest lectures and other appropriate events. Work is undetway to exiend website aCS to Associates. HERITAGE 2023 saw a large part of the FANY written archive transferred to National Amiy Museum. It is currently in isolation storage outside of London prior to cataloguing by the Museum in Chelsea. More recent archive and larger items remain in our possession,. however, display and access is on hold owing to our rent office move. Our VVWI medals have been restored and framed and are ready for display. A further group of medals is expected in 2024. FUNDING AND FUNDRAISING The Corps 18 funded through grants and donations from a combination of Trusts. Livery Companies. our partners and individuals. who includes our members, Friends and Patrons. We are grateful for every contribution to our costs which are chiefly training and administration. It costs approximately £1,500 per active member of the FANY to run the Corps. This figure is likely to rise due to compliance costs and inflation. Several of our
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 recruits are sponsored through their training by London Livery Companies. The Corps has 41 subscribing Friends of the FANY and seven Patrons. The Corps financial basis is currently steady; however. we have identified sorne vulnerabilities in our fundraising pipeline which we aim to address in 2024. FINANCE The detailed statement of financial activities follows in Annex A. Invastmont and Reserves policy A copy of the Investment and Reserves Policy is at Annex B. RISK MANAGEMENT The Trustees have examined the major stratsgic, business and operational risks faced by the Corps. They confirm that risks are reviewed regularly, and mitigating action laken. On the day-to-day level, members are asked to sign Fit to Train and Fit to Drive forms. and to consider their mental and physical well-being before confinning that they can take part in support, training or deployment. All health and safety issues in connection wilh the Corps activities are monitored by the Health and Safety Officer and Operations OffIr in conjunction with the Commanding Officer. Learning Accounts are written, lessons identified. and improvement rneasures implemented. For additional resilien we also take advice and defer to H&S experts based at London District. DocU¥ned by.. Sb3Mdby.' Sign Frances Bl oi s Name.. william cussans 7/2412024 Date: .. 7/25/2024
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 Charty No 249360 HRST AID NURSING YEOMANRY PRINCESS ROYAL'S VOLUNTEER CORP8 STATEMENT OF FINANCIAL ACTMTIES FOR ThE YEAR ENDED 31st DECEMBER 21Y23 2023 FUNDS Unf•8trtctsd Restrlct•d 2022 Totsl Totsl In¢omlr79 rèsour¢os Subscriptions Donatlon¥ & 1¢gaot8 Grants FundraisirvJ Activilles Invoslment IrKome Oihar Incomè 27,752 23,036 61.800 4.129 2.421 957 27.953 31,456 13,073 113.700 6,576 1d 53.036 16 37,221 14,149 1f Total In¢omlng rnsourc 138,048 53.036 191,084 238,473 Re50urcos expgnd•d Staff costs HQ adrninistrauon TrainirnJ & activities Gazetttt Lal & profossional Fees Independent examh)erf$ f9• DepreckatKJn other costs 70,603 54.620 34,323 2,706 45,LK)O 108.598 21,295 37,286 2WS 2.175 11.879 4.134 675 12.520 7,293 lg 1f Total r•sour¢•J expended 180,441 45,000 225,441 190,552 N•t Incomlng reUleS 142.393) 8,036 {34.3571 47.921 Reallsed galns I IloMe8} gn Inve$lmenls 41,294 41.294 22.981 UM•alSs•d galns l (11)4wl on I$m•nI6 1h 47.412 47.412 1205,3421 Net movemerrt In funds for the year 40,313 8,036 54.349 1134.440} Total funds at 1st January 2023 1.375,147 2.907 1.378.054 1S12,494 Total funds at 31st Do¢•mb•r 2023 £1,421,460 £10.945 £1,432,405 £1,378.054 Repre•ented by: Ro5tricted fund$ De%gnalwJ funds Res6Ne UntrIcted 8.870 350,000 500,000 573.535 2.907 180.000 300,000 895,147 £1,432,405 £1,378,054 The attacheoj not•s fomi rArt of these accounts 10
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 Chonty No 249360 FIRST AID NURSIMG YEOMANRY PRINCESS ROYAL'S VOLUNTEER CORPS BALANCE SHEET AS AT 31st DECEMBER 2023 2023 Flxed a•ts Tangible assets Investmants 3,036 1.375,723 14.369 1.236.22S 1h 1.378.759 1.250.594 Currnnt a• Dèbtor5 Cash at ba end In 53,114 49.312 111.487 87.620 160.799 Current Ilabllltles Crfjdit(ws.' AiThxJnts falllng (#Je vlthin one 133.9741 133,339) 14ot currgnl 49getg 53,646 127.460 Totsl •$s•ts I* tu0nt Ilabllltles £1,432.405 £1.378.054 Funds Restri&gd Oewnated Reserve Unrestricted 8.870 350,000 500,000 573.535 2.907 180.000 3,000 895,146 £1,432,405 £1.378,054 Do¢uSned by.. 7901713A8c4F7 Ttee Slgn & Print Frances Bl oi s Tnts Sign & Print william cussans 89978DF1A84F9 7/24/2024 7/2 5/2024 Th& 8tt8thed not&s form part of the66 accounts
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 ChaTity number 249360 FIRST AID NURSDIG YEOMANRY PRINCESS ROYAL•S VOLUNTEER CORPS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 311t DECEMBER 2023 •) The financial stst¢m¢nts are prepwd der the hisri¢al ¢ost conv¢niion and in &ccordan¢e with the Statement of R0mended Praclic¢'. Accounting and Rcportingby Charities preparin8 their accounts in accordanc¢ with Lh¢ Finath¢ial R¢porting Standard 8ppli¢able in the UK ond Republic of Ircland (FRS 102) and with thc Financial RqrtIng Standard applic&ble ID the Unitd Kingdom and Republic of Ireland (FRS 102) and with the Charitiw A 2022. b) Restri¢t¢d fi$ hav¢ been 411ia¢¢d ¢0 th¢ to which they relate and costs allocaied to each particular fillul. c) Unrcstrict¢d fimds are incoming rcsourccs rectived wthout specified purw>ses attd are avi]able a$ g¢ryernl thd$. d) voltsry in¢ome received by way of donthtons. legacleg and gifts is included ifi the Statemtht of Financial Activities ('SOFA'} wh¢n T¢¢¢iV¢d. ¢) Gr055 incom¢ from ¢YcDt5 organised by the Co4)s is includcd in the SOFA when received. The in¢OTn¢ from the sal¢ of m¢morability, uttiforn) quipm¢nl 15 reCOls¢d on T¢C¢iPt by the cos. Items of memorabilia, uDiforni and equipment are expensed when puwhos¢d Sto¢k which is held is noi va]u 8} D¢pt¢¢iation i5 provided on th¢ w¢b5jte and IT software at the rate of s/• pa. and on office equipm¢nt at 25Qh. Th¢ value of Re8imenta] Memorabilia is not inchjded. Deprlation has 01 b¢¢n provid on fyrnire vAJich is eXted to yin it5 valu¢. FL) The investments are shown on th¢ Balanc¢ Sh¢el at mark¢t valu¢. The tlSed gains l Ooss¢s) baseA on thi$ valuatioD for th¢ year, ale shown in the SOFA. Re15¢d gain$ in¢lde all cash from the invc5tmcnts, iDcludin8 dividcnd and interest 1CoMe. i) No piovi5ion for taXY4tion L5 inclwkd in the finaDcial 5tstements as the Corp5 is entitled to exemption under stttion 505 of the lJ)¢ome and CoTP)ration Taxcs Act 2010. A debtor for the repaymem of iTKome tax re¢oYcrablt on sub5CriPtians and donations is includcd. 2. Grants donatlons le acles over £1 01)0 2023 2022 The Worshipful Company of Mercers {restricted) Th¢ Cadogan Charity The Clothworkers Company (restricted) The Fishmongers Charitable Trusl {restrict¢d) City Reserve Forces RFCA The Worshipful Company of Dyers City of London coratIon The Merchant Taylors Company City of London Police The w0]p5Jl Company of Tallow Chan(llers (restiicted) The Barbets Company Th¢ British Red Cr058 Society Ogietree DeOnS tnternational LLP (Testricted) The Grocers Charity (restricted) London Councils 15,000 17.000 30,(K)O 6.000 iO,O(M) 15,000 20,000 6,000 2,1KlO 3,(0 iO,(M)O 3,750 5,000 6.000 2,51)0 20,0 3.(K)O 3,000 10,1 6,000 3.000 io.i)oo IL
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 Clwity nUber 249360 FIRST AID NURSING YEOMANRY PRINCESS ROYAL'S VOLill¥TEER CORPS NOTES TO THE ACCOUNT FOR THE YEAR ENDED 31" DEc£LBER 2022 colll 3. Stsff ¢08ts The number of Staff ¢mployed by the cOS during the year wos 4 {2022 - 3). Nonc of the trnst¢¢s was dirtttly or IndirtlY remunerated in any way. During the yw th¢ totsl reimbursed to staff in respect of travel and sundry costs amound to £2,546 (2022- £2,555). the total reimbursed to tnLStees in respect of travel amount¢d to £0 (2022- £0). 4. Funds a) R¢stri¢t¢d funds hav¢ be¢n donated foT a Bpecific PUTPOSe. b) Designated funds have been earnvarked by the trustees to saf¢guard 18 montbs, runti1 costs. ¢) The reserve has been Allocated by the trustees to balance the long-tern) needs of th¢ Charity v8 short terni exp¢nditur¢. in case of unexpecied eventslItieS. d) Unrestricted fiJtML$ Are held available for the ordinary wrposes of the charity. 5. AnAI softn 2023 2022 Ig 2.819 2,494 7,235 Website IT Softwarelequipment 217 £14,369 6. AA*l of debtors Expenditure prepayments Inwm¢ tax repaym¢nt Investment pro¢eeds & ineome Other debtors 232 6,190 46,692 1,679 6,900 38.829 1.904 £53.114 7. Anal13 of Crrellt liabilities ditors.. amounts falling due within IMe y Expenditur¢ accTuals Deferred income Other creth'tors 4,804 3,519 50 29,770 29,170 £33 974 £33 339 12
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 FtiLST AID NURSING YEOMANRY (PRINCESS ROYAL'S VOLUNTEER CORPS) Clwity nuDJber 249360 I Itrt to thr tte¢S on my examination ofth¢ aOunts of th¢ th)ve ch81ity {'th¢ TrusV'} for the year el 31 Decembtt 2023. ResponbIlItIeS Ind basil of report As the ch8rity's ttwtees, you &Te responsible forthr prq)aration of the accounts in aCcOre with th¢ requiremetits of the Charlties Act 2011 ('th¢ Act.). I Teport in r¢8pect of my examination of tbe Tn]st's accounts (Mrt under sKtI 145 of the 2011 Act and IA yillg out my ¢x8m1n•tio I have followed the oppli¢able DirectRoDs given by the Charity Commission. Basli •f IndepttsdeDt twlllner'$ it8tement My examinatiott was tanied out in aCtdanCe with the Gcneral DÉrections given by th¢ Charity Commimiott. An examination includ¢$ a r¢view of tt]¢ coUntIng records kept by the ¢harity and a colnparison of the accounts pie5Krted with those records. li also ]lUdeS ¢cld¢ation of wjy unus] ii¢m$ or disclosures in the 4ccounts. and s¢ekin8 explanatioAs from you as tru5tttS Conctrning ¥ny ch mattLYS. The proctdures undertaken do not provide •ll the evidence tbat wouldbe required tn an audsi and¢oMs¢qu¢ntly I donot express an audit opinion OD the view givenby the ac¢ounts. Indep¢Ddent ¢x8miDer's st*teDxI I hthve completcd my eX)natIon. I confirni that no material have ¢om¢ to my attention ID C4Jnnethon with the examinaiion which give8 me cause to believe that iti. any materia] rcsprtt.. the attounting tt¢ords weR not kept ID accordance with section 130 of the Cknities Ac( or the &¢counts did not accord with thc accounting rccoriL8', or the ac¢ounts did not ¢omply with thc applicable rcquiremcnts concerniD8 the forni content of set out ITJ the alarities (Accounts and Reports) R¢gulatioJJs 21X)8 otherthan any requir¢mcnt that the accounts give a rue and faiv view which is not a mLtter comidcrcd PArt of an iWdent exominatiotL I have no concerns and have come across no otber matters in connection with the Cxamination to which attention should be drawn in this report in order to enable a proper utuleTStanding of the accounts to be rea¢h¢(t Lydla Read4ott¢r FMAAT Indop•ndont •xamlner Book5mart Accountln8 Ltd 49 8rkl8esldt Camforth 08,07.2024 Lancashlre L459L
Docusign EnvelopÈ ID." E3D04O1&A4F04c8e8El EB474C265D7 Annex B: Flr8t Ald Nursing yfflanry Investm•nt and Reserves Policies Investment Polky The trustees have appointed a professional fund manager, Rathbones PLC, as discretionary investment manager {the manager) lo the Corps. The trustees have determined that the objective of the investrrent fvnd should be to maintain the real value of the fund as measured by CPI, and to aim for an additional 3% growth. This should be done in the context of a balanced and well dNersified portfolio, wtth a medium level of risk and a long-term time horizon of at kgast 7 years. As well as measuring the investment perfonnance Of the fund against Rathbones, risk Ve1 5 benchmark {which the manager considers best reflects the investment objectives as set out by the trustees), the $te8S will take into account the rf(Mance of a Suitable peer group when assessing the SU$$ or otherwise ofthe investment strategy of the manager. and currently look at the ARC Charity Steady Growth Median. CPI +3% is also considered as a relevant benchmark when Icoking at the long- tem invesknent retums. The trustees qUIre the manager to submit quarterly valuations and investnt reports to include a omprehensive revw of investment perfom)ance artd risk Measu along with a report on the strategy Jopted and outlook for investrnents with key risks highlighted. In addition, the wll typicalty be one presentstion in person to the Irustees each year. The trustees have not sel exclusions or ethical restrictions on the management of the portfolio but note thal Ralhbones have adopted a responsible investment process that takes into alxount best practice when looking at Environment. Social and Govemance matters. Ros•rvos Pollcy Tho purpose of the Resgrves Policy is to ensure the ongoing operations of the charity are protected in the event of a sudden d8¢lin¢ in the financial health of the charty. The reserve is intended to provide an intemal source of funds for $itu*ions su¢h as a sudden increa50 in exp8nses. one-tim8 unbudgeted expenses, unantspaIed loss in funding, or uninsured10sses. The resgrve may also be used for one-tim9. non-recurring expenses that will build long-temi capacty. such as staff development or investment in infrastructure. In setting a reserves pjlicy the trustees are mindful of the need to balance financial prudence with the importance of ensuring the Corps is sufficienty funded to perfonn its charitable objective. In recent years the Corps has managed to raise sufficient donations lo cover its annual expenditure, but the trustee5 are aware that the Corps is highly dependent on grants and donations that cannot be guaranteed. In the event of a short-term drop in income and lo avoid any disruption to the operation of the Corps the trustees have detemiined that the r8$ervg$ should in¢ludg a designated Sum equivalent to 18 monlhs, operating costs, equivalent lo about £350,000. In addition, th¢ truslees ar? ¢onxious that the Corps does not own its own headquarters and is reliant on the goodwill of others to provbje a¢¢ommodation and training fa¢ililr¢$. In ent years this has been achVed at peppercorn rent from the Greater London RFCA, although the very $hort noti¢¢ given to vxate the Rochester Row Barracks highlights the risk to the Corps in finding themsetves without an HQ building. To mihgate thi$ ri$k the trustees conslder that a fvrther £500.000 should be held in reserves to allow for medium tem ac¢omn))dation costs In the event of significant disruption. The twstees review the serveS policy annually in conjunction yth the investment policy, the risk management strategy, and the strategi¢ plan to ensure that they are not setting aside too little or loo much. The reserve will otherwise be reviewed and adjusted in response lo internal and extemal changes, as required. The current investment policy targets grNth equanI to CPI +3%, accordingly the trustees expect over the long tem to be able to maintain the real value of the fund protected from inll81ion with a sum equrvalenl to 3% of the value of the fund available on an annual b8SlS to distribule to the Corps. Recognising that income from donors and other Gharities cannot be certain, the truslees whilst kIng to distribute reserv23 over the longer term to the Cofps will nol do so automatically rf norn1 running costs are being me( cognisant that over the long temi financial prudence wlll make the future of the Corps mre $llnt and Certain. AccountlTrg for Re88rve8 From lime to time the trustees might ch008e to designats funds for bng term investmenl in order lo realise an income thal can be used to further the charty's objects. These funds will not be counted 8$ part ol the charty's free reserves. Reserves will form a part of the gen8ral cash and investment accounts of the Charity. Fundlng of Ro8orYo8 The reseNe fvnd will be fvndeo VAth surplus unrestrlcted fvnds. The Trustees may from time to time direct that a specrfic source of revenue be set aside for reseNes. Examples may include one-time gifts or bequests. speaal grants, or SFecial appeals. Last Revlewed July 2024 Next Review dats July 2025