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,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

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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

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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

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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 meM￿r$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.

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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

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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 re￿ptIOn 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 V￿rked 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

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MARVEL 2 for a second year, while another cohort
supported the exercise at the MOD. On the civilian
side, a team of FANYS joined fOr￿S 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 w￿8th-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 y￿11
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

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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 r￿UreS, 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 Offi￿r and Communications Officer, and Parachuting Officer. Laura is remembered
in The Daily TeÈgraph (fuesday 5 De￿mber 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 Offi￿rS 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 aC￿S 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 re￿nt 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

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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 OffI￿r 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

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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
L￿al & 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 re￿Ule*S
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
Un￿trIcted
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

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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￿* tu￿0nt 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¢uS￿ned by..
7901713A8c￿4F7
T￿￿tee
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

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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 his￿ri¢al ¢ost conv¢niion and in &ccordan¢e with the Statement of
R￿0￿mended 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 Rq￿rtIng 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 411i*a¢¢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 av*i]able a$ g¢ryernl th￿d$.
d) vol￿tsry in¢ome received by way of donthtons. legacleg and gifts is included ifi the Statemtht of Financial Activities
('SOFA'} wh¢n T¢¢¢iV¢d.
¢) Gr055 incom¢ from ¢YcDt5 organised by the Co4)s is includcd in the SOFA when received.
The in¢OTn¢ from the sal¢ of m¢morability, uttiforn) quipm¢nl 15 reCO￿ls¢d on T¢C¢iPt by the co￿s. Items of
memorabilia, uDiforni and equipment are expensed when puwhos¢d Sto¢k which is held is noi va]u
8} D¢pt¢¢iation i5 provided on th¢ w¢b5jte and IT software at the rate of s￿/• pa. and on office equipm¢nt at 25Qh. Th¢
value of Re8imenta] Memorabilia is not inchjded. Depr￿lation has ￿01 b¢¢n provid￿ on fyrni￿re vAJich is eX￿ted to
yin it5 valu¢.
FL) The investments are shown on th¢ Balanc¢ Sh¢el at mark¢t valu¢. The ￿t￿￿lSed gains l Ooss¢s) baseA on thi$ valuatioD
for th¢ year, ale shown in the SOFA. Re￿15¢d gain$ in¢l￿de all cash from the invc5tmcnts, iDcludin8 dividcnd and
interest 1￿CoMe.
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 co￿￿ratIon
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 De￿OnS 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

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Clwity nU￿ber 249360
FIRST AID NURSING YEOMANRY
PRINCESS ROYAL'S VOLill¥TEER CORPS
NOTES TO THE ACCOUNT FOR THE YEAR ENDED 31" DEc£L￿BER 2022
colll
3. Stsff ¢08ts
The number of Staff ¢mployed by the cO￿S during the year wos 4 {2022 - 3). Nonc of the trnst¢¢s was dirtttly
or Indir￿tlY remunerated in any way. During the yw th¢ totsl reimbursed to staff in respect of travel and sundry
costs amoun*d 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 events￿lItieS.
d) Unrestricted fiJtML$ Are held available for the ordinary wrposes of the charity.
5. AnAI
soft*n
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. Anal￿13 of C￿rrellt 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

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FtiLST AID NURSING YEOMANRY (PRINCESS ROYAL'S VOLUNTEER CORPS)
Clwity nuDJber 249360
I It￿rt to thr t￿￿te¢S on my examination ofth¢ a￿Ounts of th¢ th)ve ch81ity {'th¢ TrusV'} for the year el￿￿
31 Decembtt 2023.
Respon￿bIlItIeS Ind basil of report
As the ch8rity's ttwtees, you &Te responsible forthr prq)aration of the accounts in aCcOr￿e 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 aCt￿danCe 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 ¢c￿ld¢￿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*teDx￿I
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&A4F04c8e￿8E￿l EB474C265D7
Annex B:
Flr8t Ald Nursing y￿fflanry 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 invest￿nt 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 $itu*ions su¢h as a sudden increa50 in exp8nses. one-tim8 unbudgeted expenses, unants￿paIed loss
in funding, or uninsured10sses. The resgrve may also be used for one-tim9. non-recurring expenses that will
build long-temi capacty. such as staff development or investment in infrastructure.
In setting a reserves pjlicy the trustees are mindful of the need to balance financial prudence with the
importance of ensuring the Corps is sufficienty funded to perfonn its charitable objective. In recent years the
Corps has managed to raise sufficient donations lo cover its annual expenditure, but the trustee5 are aware that
the Corps is highly dependent on grants and donations that cannot be guaranteed. In the event of a short-term
drop in income and lo avoid any disruption to the operation of the Corps the trustees have detemiined that the
r8$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 ach￿Ved 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$k
the trustees conslder that a fvrther £500.000 should be held in reserves to allow for medium tem
ac¢omn))dation costs In the event of significant disruption.
The twstees review the ￿serveS policy annually in conjunction y￿th the investment policy, the risk management
strategy, and the strategi¢ plan to ensure that they are not setting aside too little or loo much. The reserve will
otherwise be reviewed and adjusted in response lo internal and extemal changes, as required.
The current investment policy targets grNth equ￿a￿nI to CPI +3%, accordingly the trustees expect over the
long tem to be able to maintain the real value of the fund protected from inll81ion with a sum equrvalenl to 3%
of the value of the fund available on an annual b8SlS to distribule to the Corps. Recognising that income from
donors and other Gharities cannot be certain, the truslees whilst ￿￿kIng to distribute reserv23 over the longer
term to the Cofps will nol do so automatically rf norn￿1 running costs are being me( cognisant that over the
long temi financial prudence wlll make the future of the Corps mre ￿$ll￿nt 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