THE QUEEN'S ROYAL SURREY REGIMENT COMBINED CHARITIES Charity NumFKr. 249538 Firknqncial Rewlrts For the Period I" Febnwy 2025 to 31° January 2026 Referettce and Administrgtive Detsils of the Chari Its Trustees 2nd Advisers For the Peii(wl l Februa 2025 to 31 Janua 2026 Main Address Fir Tree tAMJge. Blackdown Avenue. Pyrforf Woking GU22 8QH Trustee Colonel PT Crowley MBE DL Chairnian Major DR Pollard BA Mr A Rutter Mr IE Chatfield Colon¢l A P Gutbrie TD DL Mr N Harnby Brigadier J A P Ladd Major P M H M¢Gill BA MA Major G Sparks Lieutenant Colonel P R P Swan50n MBE Colonel AC Ward OBE DL Colonel JRC White Hono Major (Retd) David Pollard. Fir Tree tAMlge. Blackdown Avcnu4 Pyrfort Woking GU22 8QH Honor Treasurer Mr A Rutter. 10 Greenfield4 Lis4 GU33 7EH Investment Advtsor The ATmed Forces Common Inve5tnRent Fun¢ Black￿￿ 12 Throgmorton Avenue. EC2N 2DL Inde dent Examiner Robert Hewitt FCA. The Gables. 6 Hare Hill Closq Pyrfrf Wokillg GU22 8UH Bankers Barclays Bank Plc. SouthalL UBI IPX tructLwe Governance atMI Mana ement The Charity is an amalgatnation of several former charities. now governed by a singl¢ Sealed Scheme of the Charity Commissioncrs, for bcncvolent PUTposes relating to the relief of hardship or distress of persons (and their dependants) who have 5¢rved and for proffjotiDg th¢ cffici¢n¢y and mainl2iniDg the traditions of. the County Infanty Regimcnts of Surrey and their successors in title. Th¢ App)Inth1￿ of T￿￿¢¢$ is stated in The Tn￿t Dee(L Clauses 5 to 13 inclusive. The Trustees use the Guidance contained in Charity Commission Guidan¢¢ Notes 3 and 30 (Duties of a Trustee and Recruitment of Truste¢s) and consider thc r¢l¢Yant ski115 nccdcd as: Legal, Finan¢ial. IAvestsnenL RegularlReserve Service. Knowledge of activities to those we make grants and Regimenlaj knowledge. They seek a diverse and wide rdnge of backwunds and exp¢ri¢n¢¢. Tr•stee&' Ann7￿1 Re For the Period I" Febnth 2025 to 31 Janua 2026 At their Meeting ¢)n ioth April 2025. the Tnjstees". Noted that the total vaIu¢ of the Trust w&$ £845.797. of which the investments held with BlacknKk were £829.320. The total value of th¢ TnLSt was thus £59.823 less thaD at the same time in 2024. This reduction was almost entirely caused by the LmreaIised loss in the valu¢ of the investment managed by Blackrock. b. Considered the Total Return of investments held by Blackr￿k was p)or as the capital value was less than in April 2021. There was a n¢¢d for B1￿krOCk to be carefulty monitored an(L if necessary, to switch Investment Fund Manager. One or more Tn￿te¢S had attended to Quarterly briefings of Blackrock. Approved the Ind￿endentlY Examined Accounts for up to 31" January 2025. d. Agreed to 4)point Mr G Williams &8 Independent Examiner for 202516 accounts should he be willing to undertake this task. Noted that the PWRR Regimental Secretary, Col IR&d) JR Powell would ￿ retiring on 31" December 2025. f. Noted that the Hon SeLretary had l*en unable to upload the 202412025 Annual Report to the Chartty Commission website &s it seemed it would otdy a¢￿pt an upload within four months of the due date. g. Agreed grants which totslling £14.439 to PWRR units and individuals and noted that £2,000 had already been paid out of committee. to Anglia tours as a deposit for the forthcoming Battlefield Tour latcr in 2025. h. Asked Peter sW￿s0￿ and David Pollard to draft a letter to the Chair of the PWRR Museum Trustees, for all the Trustees to agree. This letter would ask for the return of 50Tne of the £305,000 endowment passed to the PWRR Museum Trnst in 2010 for paying the Stm curator once the MOD grant ended in April 2017. only about half had b¢¢n used up until the curator's role ended in 2023 ttuus¢ of the Clandon Park fwe and th¢ closing of SIM. AÉ a virtual meeting held on I l AugusL t() review th¢ ￿fOrn)9Trce of BlackrocL the Tnths Noted that th¢ perfonnance of Blackr(Kk had considernbly improved in the 2 quarter and had outperformed other Charity Inv¢slm¢nt Fund Managers in the peri(yJ. However. over 5 years the Blackrock return considerably lagg¢d th¢ otb¢r Charity Investment Fund ManageFS as reviewed in the ARC report. b. The majority opinion was thaL in view of this improved perfomiance, the Trust should remain with Bla¢krock for th¢ imm¢diate future. but Blackr(Kk's perforniance would ￿ kept under review. The Tn￿ceS noted the reservations of some Trustees wbo had lost faith in Blackrock. c. Agreed that the Secretary would produ¢£ a short inve5tmert wTrlicy paper. and that the agreed targ&cd return th¢ Trust should aim for is CPI +3.50/0. d. The Chairnian said that some T￿￿1¢¢$ had previously intimatd thry thought the Tnjst had a limTtcd tim¢ hortzon left before it should ￿ in¢orporated into the PIVRR - or perhaps even the PWRR'S successor. It was, however. his fm view that the Tn￿ did have a long-term life as how ¢ls¢ would the SuTrey Regiments, h¢rita8e be pr¢s¢rved. At their Meeting on 14 1ktob¢r 2025. the"1 rustees: Noted that the valuc of the Trnst was £g)1.307 of which the illvestments held with Blackrock w&8 £971063. It was agreed that at an appropriate moment £IO.OIX) of units should be sold in order to in ord¢r to increase our working capital- AFTERNOTE: This sa]e was not expedited in the retKTrrting period. b. Noted that the plaque in memory of Col John Davidson had been blessed at a short s¢rvi¢e at Hoty Trinity Guildfor¢ on 10 August. Noted the letter to the Chainnan of the PWRR M￿e￿m Trustee4 asking for th¢ trturn of part of the endowment passed tr> the Museum Trust in 2020 had b¢¢n S￿t. The reply from the Chairn)an of the PWRR Museum Tru5tces was discu&8¢d and considcrcd to be a 'fob-off as Tt did not address the point5 that Col Crowley had made in his original letter. It was agreed the Chainnan would draft a r¢spons¢ and circulate to Trustees for wmm¢nt before sending to the PWRR Mus¢um Tn￿ Chairnian. d. The Chairn)an r¢it¢rdted his strongvi¢w*jUSt as he bad stated atthe virtual meetTn& thatthe Trnst should continue for the foreseeable future. lft his view this Tn￿ was the only tr￿KlY that would realistic￿lY be able to prcscrv¢ thc hcritag¢ of th¢ Surr¢y Regiments. Neverthcle&%. the Chairni¢n thank¢d Peter Swanson for his sttategy paper, which should be kept under regular review. Agrned the drnft inv¢skn¢nt strategy and that the return the tr￿st would target is CPI +3.5Y• ￿PItal groNrth. f. Noted the ARC 2uO quarter report showed BlackTh￿k had made a strong recovery. However, it was hoped that we could hold a virtual meeting with Blackrock managers in early D￿ernber- AFfERNOTE: Bla¢kro¢k would not agreeto ameeting &$ they stated all communication with fundholders was through the Tnedium of their regular update meetings. g. Noted that the Museum Director seemed io have the r&stordtion of the silver maces in hand. It appeared th¢r¢ might be a prow)sal that they should be display¢d at Guildford Museum. There at last appear¢d to b¢ movcmcllt to get th¢ second medal cabinet to Surr¢y History Centr¢. However, the Chairnian would take up th¢ issue of the maces and the medal cabinet when he would shortly k Jn¢¢ting th¢ PWRR Museum Director. h. Agreed requests for grants totailing £16,588 to PWRR units and individual5. Gave a profound vots of thanks to Col Tony Ward for th¢ huge amount of work he had done ftir the Tn￿t over many years, r￿st as a Trustee. then as Cbairman of Tr￿stetS and for thc last l O y¢ars as Secretary. Hi5 commitment and unstintin8 SUPPOrt for the TTUSt second to none, as he w8s now remaining as a Trustee. After an email from the S￿retary on 22 Novemtw. the Tn￿e&S by ernail response that Mr Robert Hewitt FCA be appointed &s the Examiner of the amlual accounts. This was because David Pollard bad now assum¢d the role of S¢er¢tsry, and as Robert is a colleague of David's as a Trustee of a Church cljarity and livcs I(￿lY to David. this would make the examination easier to cany OUL Ri8k Man emeDÉ Since the rol¢ of the Charity is to provide grants and other payments from investment fjJnd4 the main risk is of a substantial fall in the value of the investment and the incoJn¢ frotD those inv¢stments. The Trustc¢s regular review the Investment Managers. wfortnance using the Qwt¢rty [le￿￿ts of ARC Research Multi-Asset Charity Review and f¢¢1 that the investments are well-diversific￿ managed by Blackrock. Public Benefit The Trustees have reviewed the Charity's objectives and activities against thc deed& and in planning future activities have iaken account of the Charity ComTnission's guidance on public knefiL notiDg that the ¢al¢gories met included.. Th¢ prevention and relief of tx)vety. The advancement of education. The advancement of hvdlth or saving of lives. The advancellLent of citizenship or community develoF¥nent. The advancement of art4 culture. heritage or science. Th¢ adv8n¢ement of atnateur sporL The reli¢f of thos¢ in n¢¢(L by te&son of youth, age. i11-heak￿ disability. financial hardship or other disadvantage. The promotion of the e￿]elencY of the arnled fi)rces ofThe crow￿ or the efficiency of the Poli￿. Fire 8nd Rescue servi￿ or Ambulance Services. The provision of recreational faciltties. Ob'ectives and Activities The objective of the"frustees is to maximise the FKnefits ill f￿¢TAnce of the Objects of the Charity as d¢fmed in the Sealed Scheme. i.e. to relieve. either gen¢rally or individually. persons wbo have served in the forn)er Regiments ** or are past or present memb¢ts of the Regiment* and the dependants of such persons.. who ar¢ in ￿ndItionS of ne*1 hardship or distress in such ways as the Managin8 Trustees think fit. b. to make donations to charttable organisatton4 hospitals, homes or institutions which include in their objects the assistance of such persons a5 aforesaid. c. to assist such p¢rsons and their d¢￿lldants to obtain holidays. d. to promote th¢ ¢ificiency of the Rcgiment and to maintsin its traditions and esprit de corps. and towards providing recreational facilities and equipment for persons serving in and asgxiated with the Regiment. * The Regiment means The Princess of Wales's Royal RcgimenL ** Fornier RegiDients means The Quccn'5 Regiment, The Queen's Royal Regim¢n¢ The Fast SuTrey Regiment and successor units, namely: The Qu¢cn5 Royal SunEy Regiment and all regular. Tcrritorial Service. Trainin¥ and other Infanty Battalion4 DeFK)ts, units and sub-units of the aknve whether badged or not Iwing the title of any of them. The objectivcs are principalty achieved by making grants. Achievements and Perfomallce The Charity made grants totatling £31.027 to 1, 3 and 4 PWRK 2 RANGEIL Cadet Units badged to the PWRR and to individuals wociated with the SuTTey Regiments and the PWRR. TotaI &sscts as of 1° February 2025 were £950,194. and at the ¢ryI of this accounting peri(xl on 31" January 2026 they were £1,038,339. This represents an increase of £88,145. largely due to an unrealised gain in investments of £84,423 and reduction in grants made of £3.687 compared to 202415. Ov¢rth¢ last 5 years the value of the investments has increased from £935,898 in April 2021 to £1,018.l84. an i￿reaSe of 8.V/r•. which the Tn￿teeS consider a poor r¢turn when ompared to the perforniance of other Charity Investment Tn￿ Fund ManagcT5 as detailed in the ARC r¢ports. However. it is pleasing to notc that from the second quarter of 2025 the pKrforniance of Blackro¢k (the managers of the Arn)ed FO￿¢S Growth and Income Fund) have markedly improved through to th¢ ¢nd of the year. The Trustees continue to monitorthe perfonnance ofthe Arni¢d Forces Growth and In¢ome Fun￿ forwhich capital growth had been disappointing up until April 2025 and it is hoped the improvement since th¢n will be maintsined. Financial Review lanatton of Income and E nditure The Charity's main souwe of income is the r¢turn on its iDv¢5tm¢nts. Over the last yw inc4)me from invethents was £35,429, which added Éo Ikposit Account interest of £213, gav¢ totRI income of £35,642. Total exp¢Ddilure at £31,920 was £3,722 less than total income. The U￿r￿liSed gain in thc value of the investments w8s £84.423 and th&L added to the surplus of in¢ome over expenditure of £3.722 and the balance Ca￿led forward of £950.194. resulted in a fina] total valu¢ of th¢ Ttust of £1.038.339 at the end of the rewbrting perÉ(Ml. Reserves The Charity retains the fillKls received from investments. Any outside fimding (e.g. donation& legacies) is invested to generate incom¢ to fund the grdnt programme of the Charity. The CIMrity also aims to hold approximatsly £30,000 in cash to pmvide Working capital. Additionalty, the Trtste¢s have set aside lewy income in a separate "Roffey Fund" invested in The Armed Forc¢s Growth and Incom¢ Fund (Accumulation). which is used to fund grdnts specifically in connection with The Queen's Royal Surrey Regiment and its forebears. Goin concern The Charity benefits from a regular income from tts inveslm¢nL% which a]E intended to cover its expendtture. The Charity also maintains non-incom¢ generdting investm¢nts &s reserves to ¢ov¢r unusual or additional fvnding requirements as and when de¢med appropriate. The Trustees accordingly b¢lieve that the Charity will continue to be a 'Going Con¢em' for at le&st twelve months from the date of approving thes¢ a¢counts. and for the foreseeable fvture. For this reason. th¢y continue to adopt the 'Goillg Concern. b&8is in preparing the financial statements. PIY4ns for future eriods The Tn￿te¢S intend to continue their presentpolicies and practices in the ahead whilst reviewing &$ c1￿UM$￿￿ceS change. Related Pg Transaetions No fees or remuneration We￿ paid to any Tn￿ee during the periThl under review. Expenses incurred and claimed by th¢ Trust¢es (for item5 such as meeting refreshments) amounted to £169. travel expenses for attending meetings and commitments associated with the Regirnent amounted to £722, and sundry costs in¢luding the ¢xamination amounted to £197. There wcre no t[￿n￿li0AS with any peTsons or entities Connected in any way kn the Charity or its Trustees. The Trnstees express their gratitude to: Th¢ Secretary, Colonel A C War& the Tre&8urer. Mr A Rutter. and to Mr I Chatfield for overs¢¢ing the Website. Declaratio Th¢ Trust¢es d¢clar¢ that tlw hav¢ approv¢d th¢ TTUStees' Tew)rt alxjve. Signed on b¢half of the c￿rity5 Trnstee P7 Colonel (Retd) Patrick Crowley MBE DL Cbairman of TnLStees Dated 12L& March 2026 The Queen's Royal Surrey Regiment Combined Charities Inde endent Fxaminer's Re The ueen's Ro alsu ort On The Accounts to the Trustees of ment Combined Charities I report to the Trustees of The Queen's Royal Surrey Regitnental Combined Cl)arities on my examination of th¢ accounts of the alK)ve charity fThe Trustj, for the year ¢nded 31" January 2026, Clwity No:249538, set out on pages 7 to 8. Responsibilities gnd Basis of the Report As the Charity Trusttes of the TrL￿ you are res￿nsIble for the preparation of the accounts Èn accordance with the requirements of the Cknities Act 2011 ('%be Acf). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in canying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145{5)(b) of the ACL Independent Examiner's Statemenl I have cornpleted my examination. l ¢onfinn that no material matters have come to my attention in connection with the examination which gives me Cause to believe that in, any material respect: Accounting records were not kept in accordance with section 130 of the Act OT The accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in ordw to cnable a Pro￿T understanding of the accounts to reached. Robert Hewitt FCA The Gables 6 Hare Hill Close Pyrford Woking GU22 8UH 12. March 2026 UEEN'S ROYAL SURREY REGtKENf COMBINED CHAIUTIES and Pa ments Account For ihe Financial Year 141 Febrwd 2025 to 31" Janua 2026 2025 2025 Incomin R&8OU Inv¢stm¢nt Income Bank Intsrest 35,429 213 33215 193 Total Resources 35 35.642 33 33,408 Resourees Ex nded Grants Less: Grants Retslln 31,027 195 30.832 197 722 169 34,714 32.446 190 290 277 Athninistration, Examination & Sundry Costs Trustee Travel Costs Trustee Ex￿nseS Total Rdoureu Ei Dded 3J.920 33 Net Incoming ResourcesllExpenditure) 3,722 205 Net Unrealised Gainl(tA)ss) on Inve5tmeDts: Main Fund, Roffey Fund, 72,980 11.443 423 77888 TOTAL NET INCOMF.I ss Value of Funds Brou ht Fornrd VALUE OF FUNDS CARRIED FORWARD £950 194 l The Main Fund ¢on$isty onty of income units. 2 The Roffey Fund CODSiSts only of accumulation units UEEN'S ROYAL SURREY REGIMENT COMBINED CHARITIES Statement of Assets and Liabilitie8 As ai 31" Jaou 2026 202 2026 2025 2025 VALUE OF FUNDS CARRIED FORWARD £950 194 reseniedb . Fixed knets Investments.. Main Fund Roffey Fun 920,475 97,709 1018 184 847.495 86,266 1018 184 933,761 Current A&sets BusiEtess Current Account Business Savings Account Debtor loo 16.333 20.055 Total Current Awts 20.155 16.633 I￿SS. CurreDt Li¥dbiliti&8 Creditor Net Current Assets 16 TOTAL NET A￿ETs £950 194 J The main fimd consists only of income units. 4 The Roffey Fund ¢onsists only of accumulation Units.