Referellte aAMI AdmAnislrxtive DE￿ ofthe C
Its Truste¢ and Adviser3
For the Period l Febrn
2023 to 31 Ja
2024
Princi
Addre&s
Fairfiel4 Wocrttside RO￿ Chithlingfol
GodaJmIt￿ Sutrey. GU8 41U
Tru5tc
Colonel P Crowley MBE DL Chairn
Coloncl A C Ward OBE DL S
Brigadicr J A P ladd
Colonel A P Guthrie TD DL
Colonel JRC Ivhitc
Major P M H McGill BA MA
Major D R Pollard BA
Major M J Jarratt (rcsigned 17th qkt 2023)
Mr l E J Chatficld
Lieutenant Colonel P R P Swanson MBE
Hon
Colo￿1 A C Ward OBE DL
Hono
Mr A Rutt¢r. 10 GTe¢nfi¢lds. Lis& Hampshire GU33 7EH
tnv¢slm¢nt Advisor
The Armcd Forces Common tnvestsneDt Fu￿1 l BlackR￿￿ 12 ThTOWOrton Avenue, Lon
EC2N 2DL
Indc
dent Examiner
Gerald Williams FCA (R￿d) FCIW Beechw￿ Ridg]ey W Chiddingfo14l
GU8 4QW
Bankers
Barclays Bank Plc, SouthalL UBI IPX
Hono
Advisor
Major M J Jart 10 F¢rndown Coutl W¢ytrf)utn4 Earnh￿ GUIO 3PZ (Resigncd I￿ Oct 2023)
St￿cture Governance alld Man
ement
The Charity is an amalgamation of weral fornier clwilic4 now governed by a singl¢ scal￿ Schem¢ of the
Chatity Commi&5iollcr4 for bcllcvolcnt put￿Se$ relating to the reliefof Iwdslllp ordistress of wns (and their
dcpendants) who havc wY¢d in. and for Promoting th¢ ¢ffi¢]¢￿Y and maintaining th¢ traditions of th¢ County
Itthty R¢gini¢nts of Suw and th¢ir Succcs￿ in titl¢.
The App)intment of Trustees is stated in The Cknuses 5 to 13 inclusive. The Tn￿ use the
Guidance contained in Charity Commi&sion 3 and 30 lI￿tieS of a Trnstee and Recrnilment of Trustees) and
consider the relevant skills needed as: L4aI, FinanciaL tnvcslmcnl R¢gularlRcs¢rYc S¢rvicc, Knowlcdgc of

activities to thosc w¢ mak¢ 8rants and R¢8im¢nlal knowledge. They seek a diverse and wid¢ ran8c of
backgrounds and ¢xpui¢nc¢.
TnL8tees' ADRual Re rt
For the Period l Febrna
21)23 to 31 J
2024
At their Meeting on 5th Awil 2023, the T￿￿.
Approvcd thc Accounts for the year to 31 January 2023.
b. Rcviewed the past year during W￿leb the Charity mad¢ grdnts tirtalling £ 34.358 of}￿Ich. £30,601 was to l.
3, 4 PWRR and 2 RANGEIL T(ytal &8 of 1° Febnw 2022 were £995.448. Atthc cnd of this accounting
th¢y sto(Ml at £918289. a drop of £77,159 owy a tutbul¢nt year for invcstmcnts. Planned expenditur¢
cxccdcd incomc by £5.721. Over the iast 5 y¢ars th¢ valuc of thc asscts ha5 increased from £867.367 to
£918.289 ie 6/0 whilst grdnts have often exceeded in¢om¢. ItJf]ation over the same peri(Ml IP/o. OY¢r th¢
last 10 years the investments valu¢ bas intlation of 25 /.
Thc Trustccs notcd the comments of thc Jnd¢p¢ndcDt Examiner namely that rec¢iFis for all cxpcnditiwe
should be produced. They agreed an ￿- gratia Paymcllt to Mr Williams in rewgnition of his time and
diligence ¢xaminiDg thc accounts for 20?a. The Tn￿ agr¢cd to apEX)int Mr Williams for FIY 2314. Thc
Secretary w&$ inS￿¢t¢d to ¢omplctc our amiual return to th¢ Charity Commi&qion.
d. The Trustees re.visit¢d Peter Svranson's paw on future strategy aDd agreed:
l. The Clwity would continue for thc ncxt yeats ulli￿ Ilwe was a major r¢-structiring of the
2. Wh¢n th¢ capital value of our investmeots grows ah¢ad of itrflation then units could sold to increase
our ￿t giving.
3. Fund5 should bc Lsed to ￿0m0t¢ the R¢gimcnts hcritage within Surrey.
4. To fornialty review fulure strategy ￿ ¢ath April meelillg-
e. of Committee to grant I PWRR £1750 to stage a totrr Company Boxing Evcnt.
At thcir Mccting on 17th OctobEr 2023, the Tn￿.
R￿¢1y¢d a rqK)rt on the very Success￿ Battkfi¢ld Tour to Iraly in September which th¢ ¢harity had
provided a subsidy of £110 to wh cligiblc ￿tiCiPanL Of the 40 participants therc had been a total of
I I whosc fathcrs had scN¢d in Italy including 5 whosc fathers had commanded ettlw a Qucen's Royal
Rcgiment or Fast Surrey Bat[ali￿. Suviccs were conducted by David Pollard at Salcrno and Cassino
CWGC'S. We were visited by Brthsh Military Attache and Ikp Comd NATO Rapid Rwtion Force. It
was good to se¢ eith¢r plaqucs or monuments to our two fornirJ R¢giments at: Amazon Bridge, Scafati
and the Caves of Aprill& Sp¢cial tncntion must be of the outstanding ￿nIn￿Utiolls of tan
Chatficld both as a guidc and tour planner attd D¢¢ Hutchison as Tour rnanager. It was their hard work
and dcterniination that mad¢ th¢ tow so succe￿.
b. Ian Chatfield kindly agreed to updat¢ th¢ Quccn's Royal Sutrey Regiment website.
A8rc¢d th¢ paymcnt of £R9.562 to RHQ PWRR Eting 4￿/• of thc costs (&5 previously agrc¢d) of th
Prcsentsfion of Colours to 4 PWRR at w￿lWICh on 22rd April 23.
Agtred to grant £3286 .£3.636 for the Painting in th¢ Guildhall Guildford to ￿ cleaned and r¢-glas%d.
e. Agreed to re.appoint Guthrie. Rutter. Cluth¢l4 Sivanw and McGill as Trustees for another
period of 4 years.
f. Acccptcd thc resignatioll of Mik¢ h¢ had xtcd as Iw] advisor to the Clwity for nwly 30
y¢ars. Thc cxprcsscd their very Sit￿1¥ appr￿lati￿ and prescntcd him witb a small gift.
g. Two names were mentioned to fill thc vacancy cau5cd by Mxke JaTrnU's TCSi8natio￿ It was awd that
Cv's Ix forwarded to th¢ Chairnw for circulation out of ￿rnri￿.

h. Ca￿fiR11Y reviewcd the Etrforniance of the Investment managers. D￿]ng 2019llO and 21 the Arnied
FoTc¢s Growth and Income Fund had been in the Top Quartile of ARC Quart¢rty Surv¢ys.
So. raDking comparcd io p¢¢rs in ARC table:
Over 5
2rd
Ovcr 3
Over I
4th
uartile Bott(Mn!
The Sccrctary att¢nded a Unit HoldeTS meeting on VIrti￿lty on 27th SetrtemlKr. Hc had pr¢-warncd
BlacknKk that Trustees were disapp)int¢d wtth puforniancc.
Blackr(Kk opcncd m¢¢ting by sayin￿. "Th¢y had not wvcred thcmselves with glory and it had l*en a
difficult time-. They remitided IJM)se present that at start of year t1￿¢ had bccn thc Banking crisis
(Silicon Valley and Credit Swiss). Th¢y thercforc had (akcn loo gTcat a deferLsive ￿￿ltiOn and should
havc held miwe cquity. Although tndices show sirong relurns the& especially US oncs. arc pushed up
by World's top 10 companies whilst th¢ r¢st hav¢ laggcd behind. Blaekrock had also lost on Gr¢¢n
Energy, Healthcare and Venture inves(m¢nts but hopcful th¢￿ invcstrlents will prove a sound selection
in the longer terni
Th¢ Divid¢nd has gone up and they Iwj a years. wofih of surp￿￿ to pay dividcnds cvcn if all inc4)me
dried up. They talking a caulious lin¢ for th¢ future. They don't think either UK orus clccfions will
spoke the markets.
Bl￿kr[￿k Pro
to chan BenchmaTk and aim for Totsl R¢twn.
& Instcad of 31f/o UK F4uities and 3￿/￿ World th¢y Prow￿ to go to 6IY/• Global Equiti¢s-
likcwisc bonds go to a morc globaI spliL
b. are looking for Total Rcturn rather than steking income and hop¢ capital ris¢s. This
change allows for more US inv¢simcnt
accordingly.
Risk
Since the role of the Charity is to wovide grdots and other paytncnts from inveslment funds the main Tisk is of a
substantial fall ill thc value of the inveslm¢nt and th¢ incomc from those inveslmeA)ts. The Truste¢s regular￿1¢W
th¢ tnv¢sfm¢nt Managcrs, rKrforniallce using the <>￿ty Rqxxts of ARC Rcscarch Multi. Asset CFwity
R￿1￿¥ and f¢¢1 th* th¢ iDV¢Stmcnts are Well-diV￿s1fie￿ managed by Bla¢krocL
Public Bejefit
The Tn￿eS bave reviewed the Clwitys (ybicctiv&s and activities against the d¢¢ds. and in platming future
activiti¢s hav¢ takcn acciNJnt of the Charlty commiss￿,5 guidancc on public I￿efi( noting that the catCBOri¢S
md includcd: _
-Thc prcvcntion and Tclicf of wTrvety.
.The advancement of eth￿110
-The advancement of lThlth or saving of livcs.
. The advanc¢m¢nt of ¢itiZCDship or Collmlullity developllenL
. Thc advanccment of a@ culture, hwitagc or sci¢ncc.
. The advancement of amat¢ur sixrt
. Thc rclicf of thosc in Dec￿ by rcason of You1￿ agc. ill-h¢￿ disability. financial Iwdship or other
disadvantag¢.
-Th¢ promotion of Thc efficiency of The anned forc¢s of Thc crow￿ or Thc efficiency of The ￿11¢¢. f]re and
rescue services or ambulanc¢ %rYic¢s.
Ob eclives and Activities

The objective of the TTUStees is to maximise thc t￿¢fits in furthe￿e¢ of the Obj¢¢ts of thc CEwity as (kfincd
in the SeaIed Scheme, i.e: to relieve, either g¢n¢rally or individually. persons who have served in th¢ fornicr
R¢gim¢nts**
or past or prcscnt Mem1￿ of the Regim¢nt' and thc dcpcndants of such
who are in conditions of ne£(L FJaTdsbip or dislrw in suth ways &8 the Managing Tn￿tteS think fiL
to make donations to chaTilabl¢ organisatiODS hospital& homes ￿ institytions which include in tbeir objects
th¢ assistance of such ￿SOnS as aforcsaid.
c. to ￿ls¢ such t*TSOllS and th¢ir dq*ndants to obtain holidays.
d. to promote the effici¢ncy of the Regtmcnt and to maintain its traditioLs and ¢5PTit de corps.
towards providing reueational facilities aDd cquipment for wns seNing in thc R¢gimenL
* Thc Regtment means The Prillc￿ of Wales's Royal Regiment.
** Forni¢r R¢gim¢nts means Th¢ Quccn's Regim¢nL Thc Queen's Royal RegtincnL Thc East Suw Regiment
and sucee&sor units. namcty: The Que¢ns Royal Surr¢y ￿gIment and all regular. Territorial Service, Training
and othcr Jnfanty Batralion4 Depots. wilts and $u￿U￿1ts of thc above vthcther badged or not bearing thc title
of any of them.
The objcdives are principalty achieved by ￿￿1￿8 grants.
Achievements aDd Perforni2nce
The Chatity made grants totallillg £ 49.042 of which: £17,476 was to 1. 3. 4 PWRRand 2 RANGER and £19.562
towanls the Prcscntstion of Colours to 4 PIVRR by HRH Crown Prin¢c Frederlk of Dcnmark.
Totsl assets a5 at ISL F¢bruary 2023 werc £918,289. At the eDd of this accounting th¢y stO(Ml at £872.101,
a drop of £46.188 over anotherturbukntyear for invcsttnents. PtsDncd ex￿allUTe exceedcd income by £18.097.
Over the l&st 5 ycars Ihe valuc of the inv¢stments increased fr(Hn £844,540 to £855,873. The Tn￿￿$
continuc to monitor th¢ tKrfornianc¢ of the Arnicd Forces Growth and In￿¥Me Fund for which Capitsl growth
been disappointing for l&st two y¢ars aithougb income has incrca*
lanation of Income and E
diture
The Charitys main sowc¢ of incoTn¢ is thc relurn on its invcsto)¢nts. Over the last ycar income Wds £31,823. As
slated above, grants and administrdtive expenditure result¢d in an exccss of a￿ld]tUr¢ over incom¢ of £18,097.
This was caused by thc ¢xcqytional cost of £19.562 for 4 PWRR Presentation of Colours.
Rcserves
The Charity retains th¢ funds receivd from invcstmcnts. Any outside finHIiDg(cg donations. Icgacies) is inv¢sted
to generatr income to fund the grant programmc of the Charity. Thc Charity also aims to hold approximatcly
£30,000 in cash to provide WOEking capital. Additionally. the Trust¢cs have set asidc legacy incomc in a s¢paratr
"Roff¢y Fund. invGStcd iti Th¢ iknned For￿$ Grovrth and tncome Fwid (Accumulation). which is us¢d to fund
grants spccifically ID connectlon with The Q￿'S Royal Sutr¢y Re￿ent and its foreb¢￿.
concern
The Charity ben¢ffts from a regular incom¢ from its inv¢slmcnts, which arc intendcd to cover its cxpenditure.
Th¢ Charity also maintains non income g¢nuating inveslmcnts as res¢rvcs to cover unusual or additional funding
r¢quircmcnts &s and w*Acn deem￿ appropriatc. Thc Tn￿ accorrfkn8ty EKlieve that thc Charity will continue
to be a 'Going Conccrn. for at l¢&st twelve rn￿thS from thc da* of approving th¢￿ accounts and for the

foreseeable future. For this rcas0￿ thcy continuc to adopt the 'Going Concern. basis in prqmring thc finan¢ial
statements.
Plans for thtsre
whilst reviewing as circumstances chaDgc.
Related Pa
No f¢cs or rcmuncrationwcrc paid to 8llyTn￿ duringth¢ periiMI under review. Expeoscs inCw￿d and claimcd
by 4 (for it¢ms such &8 traveL van hire and mc¢titig expe￿$) amounted to £548. Th¢re were no
transactions with any FWSODS or cntities in any way to ts Charity or its Trustees.
The Tn￿teeS express th¢ir gratitudc to: The Se•. Colo￿1 A C wa￿ the Tr￿Urer. Mr A Rutter. Mr I
Chatficld ov¢rK¢ing thc ChatteL$ and Major M 1£881 Advisor fw actin8 as thc TrustC¢5 Officcrs and for
their commilmtnL
Declaralio
The Trusfees d¢¢lare that they have appmvd the Tn￿. TerM)rt aEM)vc.
Sign¢d on b¢ha]f of the Charitys Tn
Colon¢l (R¢Vd) Patrick Crowley MBE DL Chairman of Tn

THE
UEEN'S ROYAL SURREY REGIMEiYf COMBINED CIIAIUTIES
Recei
tsaDdPa
ents Account
For the Finaneial
ear l Febrn
2023 to 31° Jan
2024
2024
2024
2023
2023
Incomi
Resourees
Donations and t£gacies
48
Investment Income
31,555
30,447
Bank tnterest
268
31
Total Incomin
Resources
31
23 31J23 ￿26 30026
Resources Ex
nded
GTants
49,042
34,358
Athninlstratko￿ A￿ountanCY and ExamI￿on costs
320
1,688
TTUStee Travel costs
237
177
TTUStee expenses
321
Total Resources Ex
ended
49
20
Iyet Incomin
Resournes l Ex
diture
(18,097)
(5.721)
Net Unrealised Gai￿(LoSs} on Jnvestments
71
TOTAL NET INCOME I
oss
(46,188)
(77,158)
Value of Funds Brou
t Fonvard
918
VALUE OF FUNDS CARRIED FORWARD
£872 101
£918

THE
i]EEIW4'S ROYAL SURREY REGIMKNf COMBINED CHARrfiES
Statement of Auets xnd Li2bilitses
As at 31Jt Jan
2024
2024
2024
2023
2023
VALUE OF FUNDS CARRIED FORWARD
£918
resenled
Fixed Assets
tnvestments
855
855073
Current Assets
Business Current A￿Unt
i(
Business Savings Account
16,097
34,325
Debtor
41
Total Current knets
16238
34,325
ss: Current Liabiliti
Creditor
io
Net Current Assets
16
TOTAL IYET ASSETS
£872 101
£918