YEOMANRY BENEVOLENT FUND (Registered Charity No 259125) Report llnd Aeeounts For the year to 31 MAY 2024 CONTENTS Page History of the Yeomanry The Yeomanry Benevolent Fund Statement of Purpose Trustees and OtYLcials Trustees, Report Independent Examiner's Report io Statement of Financial Activities Balance Sheet 12 Notes to ihe Accounts 13- 15 Benefictaries by Regiment 16 Private Donations 16 Donatkons from Regiments and Associations 16 Yeomanry Regiments and their Successor Units 17-21 The Yeomanry Benevolent Fiind 10 Stone Buildings Lincoln's Inn Londoii WC2A 3TG Telephone.. 01993 878516 YEOIIVINRY BENEVOLENT FUND Report and Accoiints 2024 HISTORY OF THE YEOMAI¥RY Yeomanry history begins with the French declaration of war in 1793 upon the monarchies of Europe, when ihe British Government Tealised that the regular forces of the Crown would be inadequate to resist a French invasion. A non-regular or volunteer force was advocated and in 1794 Parliament passed an Act which regulated the raising of volunteer corps. the Lord Lieutenant of each county was invited to raise units of both cavalry and infantry. Infantry volunteers were drawn mainly from the ranks of the unskilled workers. while cavalry recruits came from landowners, farmers and tradesmen, and were thus styled Yeomanry. The first YeomarRry were fomied into independent Troops. usually based on courRty towns. They used their own horses and paid for their own uniforms while the Government supplied weapons and equipment, and a small permanent staff. Their role was to act in time of invasion as mounted guides and a local mobile reserve, familiar with the geography of their own county. Their priorities were summed up by the motto frequently used by Yeomanry at the time "Liberty Loyalty - Property" ie.. Liberty - defence of the realm against foreign invaders. Loyalty - defence of the Crown against revolution. Property- defence of their own by those who had something to defend. The only occasion when the Yeomanry was called upon to fulfil their role was at Fishguard in 1797 when the Castlemartin Yeomanry joined with the Fishguard Militia in rounding up a French invading force and for doing so they received the only battle honour awarded for an action on British soil. In the troubled times that followed the end of the Napoleonic Wars. the Yeomanry acted as a form of gendarmerie under the control of local magistrates and were frequently called upon to quell civil ut)rest. a role for which they were well suited because of their local knowledge and their ability to assemble and disperse quickly During fifty years of duties in aid of the civil power, only at Peterloo (where the Yeomanry were undeservedly blamed for the many deaths and injuries) was there any significant loss of life. on innumerable other occasions the mere presence of an anned disciplined body of men defused situations which might otherwise have got out of control. Two factors altered the role of the Yeomanry. The development of effective police forces in the 1840s meant that the Yeomanry were no longer required to keep the peace and further fears of French invasion led to the formation in 18.59 of the lknfle Voliinteer c.orps aimed specifically at the rapidly expanding middle classes and townspeople. These were seldom to be found in the Yeomanry that still recruited from ils traditional rural bases. In the second half of the nineteenth century therefore the Yeomanry became a pillar of county society, better known for their splendid uniforms than for any military prowess. They did not take soldiering too seriously and tended not to train regularly, meetinby only for Annual Camp and for occasional reviews and field days. They were committed to serve only in case of foreign invasion and then only within the confines of their own county. Their st￿n8th varied in different parts of the country but by 1899 the 38 regiments of Yeomanry were organised into I l O Troops in all. each Troop comprising 5 officers and 100 rnen. In 1899 the defeats of the British Army in South Africa at the hands of the Boers revealed the need for a mobile force able to ride and shoot well and to challenge the Boers at their own fonn of warfare. By their temis of service, the Yeomanry were unable to serve abroad but their rnembers volunteered in large numbers to join the newly established Imperial Yeomanry where they were formed into companies, many with affiliatiot)s to existing Yeomanry regiments. They were called upon mainly to guard extended lines ot. communication where their role encompassed months of patrolling and occasional bursts of intense action, vicious ambush or minor skirmish. Icontinued YEOMANRY BENEVOLENT FUND Report Accounts 2024 HISTORY OF THE YEOMANRY- continued The Boer War gave the Yeomanry a new lease of life. By 1905 fourteen new regiments had been raised increasing the total to 52. All regJiments were trained and equipped as mounted infantry rather than as cavalry and the rifle became their main weapon. By 1908 further reforms incory)orated the Yeomanry into the Territorial Force and the arni was organised into fourteen cavalry brigades and fourteen divisional cavalry regiments. On the outbreak of the First World War in 1914, most Yeomanry regiments were initially sent to the East Coast to provide a mobile reserve in case of invasion by the Germans, considered a real possibility at the time. For many their first taste of action came in Gallipoli where they fought against the Turks as infantry, having left their horses in Egypt. In 1917-18 they re- joined their horses and served under Allenby in the Palestine campaign, the last major successful campaign by British cavalry. In 1918 manpower shortages on the Westem Front meant that the remaining mounted units again lost their horses and were converted into battalions of their associated county infantry regiment or into machine gun battalions and saw service in France and Flanders in the last year of the war. On the revival of the Territorial Army ITA) in 1920, only fourteen Yeomanry regiments were required ds cavalry. The Iemainder were offered the Lhoice of becoming artillery (with the attraction that they still used horses), or armoured car cornpanies, or to re-role as signal regiments. After an arid period in the 1930s when the army in g7enei71 and the TA in particular were slarved of equipment and financial support, the Munich crisis of 1938 saw a revival of fortune with a requirement to double the size of the TA. On the outbreak of the Second World War in 1939, the horsed Yeomanry regiments found themselves once more in Palestine with little action. Changing to a more operational role in armour, after some early disasters (often attribufrd to too much 'Yeomanry Spirit") the Yeomanry soon proved themselves, notably in 71h Amioured Division (Desert Rats). There was also a Yeomanry Patrol in the Long-Range Desert Group. Yeomanry regiments were among the first to land in Normandy on D-Day in 1944 and others served successfully in artillery and signals on many fronts. The revival of the TA in 1947 saw the first of a succession of reorganisations that resulted in twenty six Yeomanry r¢gim¢nts Se￿ing in the Royal AtllJOiiTed Corps and twenty four in the Royal Artillery. In the major reorganisation of 1967, many of the surviving regiments were edu¢ed to cadres or squadron strength and merged into new regiments, such as The Royal Yeomanry each of whose five squadrons relatned its former Yeomanry regimental idenlity, a concept that was repeated equally successfully in oiher arnis. In an expansion of the Territorial Anny, four new Yeomanry regiments were fom]ed in 1977 from some of the cadres. In recognition of their loyal service in defence of their country, in 1994 on the occasion of the 200th anniversary of the founding of the Yeomanry. Her Majesty The Late Queen Elizabeth 11 reviewed the thity-nine surviving Yeomanry squadrons and batteries and the First Aid Nursing Yeomanry in Windsor Great Park. During the period 2003 to 2013 operations in Afghanistan and Iraq necessitated considerable support from the Reserves. At the start of these operations, two Royal Yeomanry squadrons were mobilized and deployed in the chemical, biological, radiological and nuclear defence role. For their actions the Regiment was awarded the 'traq 2003, battle honour. This is the only battle honour to be awarded to a Reserve unit since the Second World War. Thereafter, considerable number of men]bers of these units were mobilized to support deployed Regular units and formations. On retum to their units after deployments, reservists brought back and inculcated within their unils additional professionalism and commitment generated by and during their operational service. YEOMANRY BENEVOLENT FUND Repoi't and Accounts 2024 In 2021 the Yeomanry consisted of the following units in the Royal Armoured Corps.. the Royal Yeornanry. the Royal Wessex Yeomanry; the Queen's Own Yeornanry. and, the Scottish and North Irish Yeomanry. In addition, there were the following yeomanry units in the wider Reserve element of the Army.. a regiment and two batteries in ihe Royal Artillery. a troop in the Royal Engineers. a regiment and four independent squadrons in the Royal Signals. a squadron in the Army Air Corps. and four yeomanry-titled squadrons in the Royal Logistics Corps. The First Aid Nursing Yeomanry (Princess Royal's Volunteer Corps) continues to provide response teams in support of the civil and military authorities. HISTORY OF THE YEOMANRY- continued Today's Yeomanry takes pride in its professional attitude to training while retaining its traditional values and historical associations. it offers to civilians of today a valuable opportunity to undergo demanding and challenging training encompassing a broad spectrum of military, leadership and management skills. As a result of the Reserve Forces Act, which came into force in the 1990s, many Yeomanry soldiers now take the opportunity to serve for periods of 6 to 24 months alongside their regular counterparts in operational theatres around the world, and in so doing they echo the spirit and dedication of their forbears of the Imperial Yeomanry a Century ago. THE YEOMANRY BENEVOLENT FUr￿D The Fund had ils origin in the Boer War of 1899-1902 in South Africa. At the beginning of the war the British Government decided that the Yeornanry (hitherto a home defence force) could only be accepted for overseas service on a voluntary basis. Volunteers (and there were many) from each Yeomanry regiment were formed into Companies, to fight as mounted infantry, and were styled "Imperial Yeomanry" The Government provided a small fixed sum per mounted man and therefore the bulk of the cost of equipping the volunteers and providing passage to South Africa had to be provided independently. Two funds were fom]ed, a Yeomanry Fund and a Hospital Fund, and sufficient monies were raised by public subscription to meet the volunteers. needs and to maintain the Yeomanry Hospital established at Dielfontein. At the end of the war in 1902, substdntiaj funds remained and in 1903 a trust was established with these funds to provide benefits for members of the Imperial Yeomanry and the Hospital staff. The Trust established a school at Hoddesden in Hertfordshire for the education of members, daughters, but by 1930 the supply of pupils had dwlndled and the school was closed. Under a scheme approved by the Courts. the school was sold, and the proceeds were used to endow a new fund, the Imperial Yeomanry Benevolent Fund, whioh had the objective of relieving distress amongst those who had served in the Yeornanry or their relatives and dependants. In 1966 the name of the fund was changed to the Yeomanry Benevolent Fund In more recent years the Fund has benefited from proceeds resuSting from the dissolution of a number of regimental thnds. These include the Queen's Own Yorkshire Dragoons Welfare Fund, The Yorkshire Hussars Regimental Association, the Berkshire Yeomanry Trust and the Statyordshire Yeomanry. Funds from the Oxford Yeomanry Welfare Fund were reiumed to their Association in 2000. STATEMENT OF PURPOSE The Yeomanry Benevolent Fund exisls today to provide financial assistance to members and fom]er members of Her Majesty's Arnied Forces whose service has been with Yeomanry regiments and, where appropriate, to their relatives. YEOMANRY BEI NEVOLENT FUND Report and Aecounts 2024 Financial assistance is provided by way of one-off grants or regular allowances for a wide range of purposes including medical and nursing fees, replacement of household appliances, repairs to the home, provision of electric wheelchairs or stair lifts, and easing of problems caused by indebtedness. The Trustees rematn committed to helping former members of every Yeomanry Tegiment or background and they are also keen to improve the awareness of the Fund amongst those serving in the Yeomanry units of today's Anny Reserve. TRUSTEES AND OFFICIALS President and Truslee Major General S H Brooks-ward CVO CBE TD VR Yeomanry Colonel Commandant Vice Presidents Major General J Crackett CB TD VR Major General S J M Graham Colonel the Lord de Mauley TD North Somerset Yeomanry Queen's Own Yeomanry Gloucestershire Hussars Yeomanry Association Representative Colonel T Gaddum TD VR Corps Colonel Reserves, RAC Chairman And Trustee Major C Elwell TD The Royal Meroian and Lancastrian Yeomanry Truslees Brigadier H J Robertson QVRM TD Colonel O J H Chamberlain QVRM TD DL Lt Colonel R A Burdon-cooper VR Statycommander A G Milne MBE Kent and County of London Yeomanry Royal Wessex Yeomanry Royal Wessex Yeomanry First Aid Nursing Yeomanry ￿rinceSS Royal's Volunteer Corps) Inn5 of Court and City Yeomanry Queen's Own Yeomanry Captain K Durward FCA Captain A Mallin Regimental Representatives Lieutenant Colonel S Walker Major J D Baldwin TD DL Major D Ronaldson Mr P Mason Berkshire Yeomanry Cheshire Yeomanry Scottish and North Irish Yeomanry The Royal Yeomanry Secrelary Major C H Winkley VRSM Berkshire Yeomanry Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill. West Malling, Kent MEI 9 4QF Independent Examiner MrR Lornax FCA YEOMANRY BENEVOLENT FUND Report and Accounts 2024 TRUSTEES, REPORT The Tnjstees present their report and acwunts for the year ended 31 May 2024, prepared in accordance with current statutory requirements and in accordance with the Yeomanry Benevolent Fund Trust Deed and the Charity Cominission Statement of Recommended Practice [applicable to charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)]. REFERENCE AND ADMINISTRATIVE DETAILS Name, address and registration The name of the charity is the Yeomanry Benevolent Fund and its address is l O Stone Buildings, Lincoln's Inn, London, WC2A 3TG. The charity is registered with the Charity Commission for England and Wales with registration number 259125. Trustees The Tmstees who served during the year. unless othenvise shown, were.. Major GeneraI S H Brooks-ward CVO CBE TD VR (President) Colonel the Lord de Mauley TD (President) Majoi. C Elwell TD (Chaiiman) Brigadier H J Robertson QVRM TD Colonel O J H Chamberlain QVRM TD DL Lt Colonel B Burdon-cooper VR Staff Commander A G Milne MBE Captain K Dunvard FCA Captain A Mallin STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Yeomat)ry Benevolent Fund was registered as a charity on 14 July 1969. Under a Scheme approv¢d by the Charity C.ommissioner5 forEngland and Wales, the Yeomanry Benevolent Fund was constituted by a Trust Deed that became effective on 10 November 2004. Appointment of Trustees Senior representatives of Yeomanry regiments and their successors in title are invited, from time to time, to recommend Candidates for consideration as Trustees. Candidates are expected to have stron connections with the sponsoring regiment and to have served with that regiment. New Truslees are elected by simple inajority vote of the extant Trustees and are appointed for a terni not exceeding four years. A short induction programme is provided for all new Ttustees. M&nAgement The Trustees meet semi-annually to review matters of policy and to make appropriate judgements. directions, and decisions on Fund issues. The President, Vice-Presidents and Regimental Representatives are consulted on major issues affecting the Fund and their views are given due consideration by the Trustees, The Trustees have delegated the day-to-day administration of the Fund to the Chairn]an and the Secretary. YEOMANRY BENEVOLENT FUND Report and Accounts 2024 TRUSTEES, REPORT continued None of the Trustees received any remuneration or reimbursement of expenses during the year. The costs of Trustees, meetings are disclosed in note 7 to the Accounts. OBJEcrtVES Principal Objective The principal object of the Yeomanry Benevolent Fund is to provide financial assistance to beneficiaries for the relief of need, hardship, or distress. Beneficiaries consist of serving members or fornier servifig members of Yeomanry regiments or their spouses (or partners), children, grandchildren, widows, or widowers. Yeomanry regim¢nts include all units and sub-units which are of Yeomanry origin, or which carry a Yeomanry title. Public benefit The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding on the activities the charity should undertake. The Fund provides public benefit in several ways by.. educating the public about the character, activities and history of the British Army in general and the Yeomanry in particular. commemorating those who, in service to the nation. have lost their lives or suffered injury or put themselves at risk. strengthening the links between military and civilian communities. and providing financial assistance to current and former service personnel, or th¢irfamilies, when welfare needs arise. The Fund achieves these aims by maintaining links with Yeomanry r¢giments and associations, by publishing an Annual Report reflecting the current standing of Yeomanry regiments and, through cooperation with other benevolent charities. by providing financial assistance to those in need. In so doing the Fund helps to promote within the Yeomanry an ethos and esprit-de-corps that genei'ates tlie fighting spii'it necessaiy for successful opei'ations. In turn this proniotes tl)e efficiency of the Armed Forces of tlie Crown by enhancing the British Army's capability to undertake the roles demanded of it including the defen¢e of the United Kingdom and its interests. Safeguarding The trustees have adopted policies, which are regularly reviewed, to ensure that the Fund.. Provides a safe and trusted environment for everyone who w0￿S or volunteers for the Fund Fosters a culture that prioritises safeguarding and allows staff and volunteers (i} to report any incidents or concerns and (li) to have confLden¢e that the matter will be dealt with appropriately Has adequate procedures and measures in place (i) to protect staff and volunteers (ii) to handle incidents as they arise and (iii) to report such incidents to the relevant authorities Accepts tjiat fui'ihei. iiieasui-es Anay need to be put in place if sucl) in¢idenls ai-ise. YEOMANRY BENEVOLENT FUND Report and Accouiits 2024 TRUSTEES, REPORT continued Strategies adopted In accordance with the provisions set out in its Constimtion, the Trustees have adopted the following strategies to meet the Fund's principal object.. (i) Awareness and Sourcing of Beneficiaries The Trustees remain committed to helping former serving members frorn every Yeomanry regiment and are keen to impTove the awareness of the Fund arnongst those serving today. The Fund seeks to maintain close relationships with Yeomanry regiments and associations so that all these organisations are fully aware of the services provided by the Fund. The Fund also maintains close relationships with other milit&ry charities, which identify many of the beneficiaries that are brought to the Fund's attention. The Fund publishes an Annual Report that, inter ali4 reflects the current standing of Yeomanry regiments and sets out the services the Fund provides. The Fund offers an etTicient horne for those Regimental Welfar¢ Funds that are small or too onerous to run effectively. (li) Assessment of Beneficiaries The Fund works closely with other military charities including the Royal British Legion (RBL). Soldiers. Sailors, Aiimen and Families Association (SSAFA) and The Soldiers Charity Army Benevolent Fund in handling the assessinent of the circumstances of individual beneficiaries. The Fund works closely with other Yeomanry regimental welfare organisatiorts (many of which are charitable) and whenever possible seeks to share with these organisations the burden of meeting beneficiaries, financial needs, (iii) Provision of FinAncial A5SlStYdnce The Fund provides direct financial assistance to beneficÉaries through making grants of money lo them, and through providing or paying for goods, services, or facilities for them. The Fund also makes grants of money to other charitable bodies that provide goods or facilities to those in need. ACHIEVEMENTS AND FINANCIAL PERFORMANCE Investment performance The Fund currently has total resources Vdtued at approximately £lrnillion and the main sourGe of income continues to be investment income. The investment objective, set out in the Investment Policy Statement agreed with Quilter Cheviot Asset Management, is to provide capital and income growth which over the long term will endeavour to maintain and increase the real value of the assets whilst producing an annual yield of at least 30/0. However, the actual petformance yield is 2.740/0. Although the yield has not been maintained. given the longer-tem) nature of the aim. the trustees are satisfied with this perfomiance. The trustees review perfomiance of the investment portfolio semi-annually. The Fund has recorded a net gain in value of its investments during the year of £87,770 (2023 - net loss of £59,339). YEOMANRY BENEVOLENT FUND Report and Accounts 2024 TRUSTEES, REPORT continued Fundraising The Fund's main source of income is investment income. In 2024 fees of £6,979 (2023 - £7.058) (note 5) were incurred during the year in managing these investments The Fund does not seek to raise funds from members of the public and has not appointed any third party to do so on its behalf. As a result, the trustees have not felt it necessary to sign up to the voluntary regulatory regime for fundraising. Instead, the Fund solicits support from associated military and charitable organisations with Yeomanry affiliations. The Fund does accept donations from serving or retired members of Yeomanry regiments and those connected with them. In accepting these donations, the Fund adheres to best practice in this regard. Regimental and private donations remain an iinportant source of income for the Fund and the Trustees would like to thank all those who have contributed so generously. The trustees are confident that the Fund does not foster behaviour which would constitute (i) unreasonable intrusion on a person, s privacy or (li) unreasonably persistent approaches seeking donations of money or property frorn any person and (iii) the placing of undue pressure on any person to give money or propety to the Fund. Support costs of £127 (2023 - £112) (note 5) were incurred in the year in Telation to fundraising. Charitable Outgoing5 The Fund has continued to support those in need of financial assistance during the year and has sought, in Conjunction with other charities, to provide help in cases where the assistance needed has totalled £63,689 (2023 - £74.688). Grants and allowances dispensed amounted to £25,040 {2023- £32,125). Twenty two claimants benefited from grants during the year. In addition donations totalling £5,000 were made to the following charities.. Walking With the Wounded (£2,000). Warrior Equine (£2,000). and, Combat Stress (£l.000). Charitable activities support costs for the year amounted to £5,167 (2023 - £5,088) (note 7). These costs were incurred in processingJ charitable claims and include fees paid to the Secretary, postage, stationery, and other office costs excluding investment management fees. FinAneial Position- Reseryes The Tnjst Deed specifies that the endowment capital of the Yeomanry Benevolent Fund cannot be expended, except that in an emergency a maximum of £2,000 can be spent in any one financial year that must then be recouped from s￿￿luS inwme from subsequent years. The Trustees have therefore set aside all of the endowment capital in an Endowment Fund. The Trust Deed specifi&% that, after meeting the proper costs of administering the ch￿Tty, all of the income must be applied in furthering the Yeomanry Benevolent Fund's charitable obj￿tS and all surplus income has therefore a￿uMUlated in an Unrestricted Fund. The Trustees have reviewed what is appropriate to meet the continuing obligations of the Fund for regular payment of grants and for future needs and contingencies and have deterniined that minimum reserves of approximately £50,000 should be held in the U￿estrIcted Fund. The Unrestricted Fund currently has a balance of £219,255. This is sigllifLcantly more than the minimum level and the Trustees have adopted a five-year plan to increase charitable spending in order to reduce the current level of this Fund. YEOMANRY BENEVOLENT FUND Repoi't and Aecounts 2024 TRUSTEES• REPORT eonttnued PrlnclpAI Risks and UncertAllltiei The Trustees have reviewed the risks faced by the Fund and hav¢ adopt¢d appropriat¢ poli¢ies to mitigate these risks. The principal risks faced by th¢ Fund are: (i) the value of investh]ents may fall or the income may be reduced.. the policie8 relating to vestment management are descrLbed above and the Trnstees are ot th¢ view that in the current circumstances the level of tisk faced by Ilie Fund is acceptable. (li) there may be insufficient reSol￿ceS lo meet foreseeable ￿tUre commitments.. tbe policies relating to Res¢rv¢s ar¢ dcscribed above and the Trustees are of the view that the Fund has achieved a reasonable balance between the needs of current beneficiaries and the foreseeable needs of future benefi¢iarÈe8. STATEIIIENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS Charity law rcquircs thc trustees to prepare accounts for eaeh financial year that giv¢ a trn¢ and fair view of the 8tat¢ of affairs of the Charity and of its financial activities for that year. In preparing those accounts. the tnjstees are reqwred to.. select suitable accounting polictes and then apply them ¢onsistently; make judgements and estimates that are reasonable and prudent, observe the methods and principles in the Charity SORP prepare the ac¢ounls on a going concern basis uiiless it is inappropriate to presume that th¢ Charity will Continue in operation,. state whether applicable accounting standards have been followed. The trustees arc responsibl¢ for keeping proper accounting records that disclose with reasonable acGuracy al any time the financial position of the Charity and to enable them lo ensure thai the accounts Comply with the Charities A¢t 2011, They arc also responsible for safeguarding the assets of the Charity and hence for talcing reasonable steps for the pi'ev¢ntion and d¢tection of fraud and other irregularities. INDEPENDENT EXAMINER Th¢ Trnstees have appointed Mr R Lomax, Chartered A¢countanttr as kndepondont ¢xamin¢r and his port is shown on pag¢ 10, C Elwell Chairman London 16 October 2024 10 YEOMANRY BENEVOLENT FUND Report and Accounts 2024 REPORT OF THE INDEPENDENT EL4MINER TO THE TRUSTEES OF THE YEOMANRY BENEVOLENT ]IUND I report on the accounts of the Yeomanry B¢nevolent Fund, which arc set out on pages I I to 15. Respectlve re8ponslblltties trustses and the Independent exlmlner A8 the charity's ttvstees you are re5wJnsible for the preparation of the accounts. You consider that the audit requirement of Section 144{2) of the Charities Act 2011 (the "Act, J does not apply. It is my responsibility to state. on the basis of piD¢edur¢s sp¢cifi¢d in the Gen¢Tal Directions given by th¢ Charity CommissioneTS under Section l45(5) (b} of the Act whether particular mattffs have come to my attention. Basls of the Independent examlner's report My examination was carried out in awordance with the General Directions given by the Charity Commissioners, an ¢xamination includes 4 review of the acwunting records kept by the Charity and a comparison of the accoiints presented with those re¢ords. It also includes Consideration of any vnusual it¢ms or disclosures in the accounts and seekin8 explanations from you as ttustees concerning any such matters. The proc¢dur¢s undertaken do not provide all the ¢vid¢nce that would be required in an audit, and consequently I do not expres5 an audit opinion on the view given by these accounts. Independent examlners statement In connection with my ¢xamination, no matter has conie to my attention: (l) which gives me reasonable ¢aus¢ to believe that in any material reSp￿ts the requirements (i) to keep accounting records in accordance with Section I30 of th¢ Act, and (li) to prepare accounts which accord with the accounting records and wh&ch comply with th¢ accounting requirements of the Act, have not be¢n met. or (2) to which, in my opinion, attention should be drawn in order to enabl¢ a proper und¢r8tanding of thc a￿￿Ullts to be reached. R Lomas ChHrt¢red A¢couDtant Independent Examlner London JO October 2024 YEOMANRY BENEVOLENT FUND Report and Accounts 2024 STATEMENT OF FINANCIAL ACTIVITIKS For the year to 31 Mly 2024 Unr¢strfcted Endoivment Funds Funds Year to 31 May 2024 Year to 31 May 2023 Note Income Endowment5 frnm Don2tions and legacies Charitable actsvllies 2,185 1,327 2,185 lJ27 2,200 1,092 Inv¢sttnents 32 40 29,050 TotAI incnme 35 52 35 52 32,343 Expen(Jiture on Raising funds 7,106 35,080 7,106 35,080 7.170 Ch￿itable activiti¢s 37,101 Totkll expendits 42,186 42,186 44,271 Net Income I{expenditu￿) Transf¢rs b¢tween Fut {6,234) (6234) (11,928) (6,234} (6,234) (11,928) Ot]￿r recognised gains {loss¢s) Gains Ilossesl on investments Nel mov¢mcnt In fiinil8 69 49 12,187 09W9 81036 {71,267) Reeonciliation of funds Total fi]nds brought fonvard Total fund5 carrieii fonvar(I 207,066 779,527 986J93 1,057,861 219 213 848076 986 594 The Fund has n¢iikrdisconÉinuedany of its operations noracquired any new op¢rdtions during the year. The notes onpages 13 to 15 fomi part of tliese %counts. 12 YEOMANRY BENEVOLENT FUND Report and Accounts 2024 BALANCE SHEET 31 May Z024 31 May 2024 31 MAY 2023 Note FLXED ASSETS Investsnents 1,028,259 947,468 CURRENf ASSETS Cash at bank 40,012 39,3Q7 LIABIL￿]ES. Credltor8: fAlling due wlthln one year 10 (140) (180) NET CURRENT ASSETS 39,872 39,127 TOTAL NET ASSETS 1,068,131 986,594 THE FUNDS OF THE CHARITY EDdowm¢nt fwids Unrestricted ￿ndS 84fy876 219,253 779.527 207.066 1,068,131 986594 The accounts Set out on pages I I to 15 were approv¢d by th¢TNst¢es on 16 O¢tober 2024. C Elwell 13 YEOMANRY BENEVOLENT FUND Report and Accounts 2024 NOTES TO THE ACCOUNTS Yearto 3 1 May 2024 ACCOUNTING POLICIES Aeéviiitttrtg cortventiott.. T1￿ 3CLY)uRts Are prq)8trd under the histortcai cost com¢rttioo n￿dIfied to includ¢ the revaliiation of investments, in c2ccord1c nce ivith the Charities Act 201 l 8nd in ac¢ordanc¢ with the Charity Comrnission Stalement of Recommended practi￿ SORP {FRS 102) issu¢dinJuly 2019 andupdatedwith effect on 01 January 2019. The Fund constitutes a public benefii ¢nlily as dcfined by FRS 102. (b) Designthtion offunds.. Tr capital of the Fllnd is held as Endowrncnt fijnds. A¢cuTnulated SUTpliis income, which fom)s Fund's resetves, is retained lli llnrestri¢l¢d funds. R¢sewes are maintained to meet the Fund's continlling obligations and to caterfOrflltti￿ needs and ¢onting¢nci¢s, Invejlnieiils.. Ilivestsi￿lilS are li￿lUlled iii aLLouiIts a( i1￿￿e[ value al bakni¥¢ sIwi dale aJ investment or loss£s are ￿flected iii the statemei)t of financial activities. (d) Donations ond grNiil.f reeeiverf.. Donatsons r￿M private a￿1 tEgiment81 SOU￿¢$ and grants from cknritie5 are included ITr thc aecounts ivhen received. le) Charitable &y)eNditMre.' Grants a[￿ allowances are It￿lUded in the accollnts when paid, and Costs ¢￿[ged to the Fund when incurred. ToYéthon-. The chatyty is ¢xenipl fivni CoryoIation Tax on ils chaiy¢able activities. Fmnd accounting.. UmEslricled funds ¢an be used in a¢co]don¢c with thc charitable objcctives ai th¢ dis¢retion of lh¢ Irusi¢¢s. RestrA¢led ful￿S ¢an only be used for P 14 140 ii. RECONCILtATION OF CHARITY FUNDS Endoivment Fund5 Uniistri¢t¢d Total Fund Investments 848.876 179,381 40,012 1,028,257 40,012 {140} Cash at bank Less accmed expenses (140) Total charitable funds 8411 219 2.$3 10611129 The Endowment funds reprcsent th¢ ¢api(al of the Yts)mai)ry B¢J￿v01¢nt Fiind cind cannot be &xiknded by thc Trnstees, except that in an einergency a maximum of £2,0(X) canbe spent tnany 01￿ finan¢ial yeartlwt must thenbe coupcd froni siirylus incoinc fJDin sub5cqucntycars. T1￿ Unrestricted funds rep￿senta¢CUmU18lcd su￿jUS i1￿0￿e Ind can be expcnded by the Trustee5 in furthera￿¢ of the Yeomanry Benevolent Fund's charitabl¢ objccts ivithout further re51TiCtion. 16 YEOMANRY BENEVOLENT FUND Report and Aecounts 2024 BENEFICIARIES BY REGIMENT Year to 31 May 2024 During the year assislance was provided to beneficiaries with service in the following Yeomanry regiments.. Queen's Own Yeomanry Queen's Own Mercian Yeomanry Royal Mercian and Lancastrian Yeomanry Royal Wessex Yeomanry Royal Yeomanry Staffordshire Yeomanry Warwickshire Yeomanry PRIVATE DONATIONS Year to 31 May 2024 The Trustees express their gratitude to the following for their generous donations to the Fund.. Mr W J & Mrs C G Dunnachie's Charitable Trust Major R T Scholes TD FCA YEOMANRY REGIMENTS AND ASSOCIATIONS Year to 31 May 2024 The Trustees express theirgratitude to the following regiments and regimental associations for their generous support for the Fund.. Cheshire Yeomanry Fife and Forfar Yeomanry Association Duke of Lancaster's Own Yeomanry Queen's Own Yeomanry Royal Gloucestershire Hussars Association Sharpshooters Association 17 YEOMANRY BENEVOLENT FUND Report And Accounts 2024 YEOIIqANRY REGIMENTS AND THEIR SUCCESSOR UNITS In alphabetical order by county, location or title Based on Yeomanry-titled Units and Sub-units in the Anny ORBAT - July 2017 Former Tille Successor Unit Ayrshire {EArl of Carriek's Own) Yeomanry A (Ayrshire (Eail of Ca￿iCk'S Own) Yeomanry) Squadron. Scottish and North Irish Yeomanry RAC Bedfordshire Yeomanry No successor unit (suspended animation) Berkshire Yeomanry 94 (Berkshire Yeomanry) Signal Squadron, 3yh Signal Regiment (The Skinners) Royal Buckinghamshire Hussars 710 (Royal Bucktngharnshire Hussars) Op Hygiene Squadron, 165 Port & Maritime Regiment RLC Cheshire Yeomanry (Earl of Chester's) C (Cheshire Yeomanry (Earl of Chester's)) Squadron. The Queens Own Yeomanry RAC Denbighshire Yeomanry Hussars 398 (Flint & Denbigshire Yeomanry) Transport Squadron, 157 (Welsh) Regiment RLC Derbyshire Yeomanry E (Leicestershire and Derbyshire Yeomanry Qrince Albert's Own)) Squadron, The Royal Yeomanry RAC Royal I. Devon Yeomllnry D Oioyaj Devon Yeomanry) Squadron, The Royal Wessex Yeomanry RAC Royal North Devon Hussars D (Royal Devon Yeomanry) Squadron. The Royal Wessex Yeomanry RAC Queen's Own Dorset Yeomanry A (Dorset Yeomanry) Squadron. The Royal Wessex Yeomanry RAC ssex Yeomanry 36 (Essex Yeomanry) Signal Squadron. 71. (City of London) Yeomanry Signal Regiment Fire #nd Forfar YeomAnry C (Fife and ForFar Yeomanry and Scottish Horse) Squadron. Scottish and North Irish Yeom&nry IiAC First Aid Nursing Yeomanry First Aid Nursing Yeomanry (The Princess Royal's Volunteer Corps) Qiieen's Own Royal Glasgow Yeomanry No successor unit 18 YEOMANRY BENEVOLENT FUND Report and Accounts 2024 Former Title Successor Unit Glamorgan Yeomxnry C (Glamorgan Yeomanry) Troop, 211 (South Wales) Battery, 104 Regiment RA Royal Gloueestershire HussArs C (Royal Gloucestershire Hussars) Squadron. The Royal Wessex Yeomanry RAC Hampshire Carabiniers 295 (Hampshire Yeomanry) Battery & 457 (Hampshire Carabiniers Yeomanry) Battery. 106 (Yeomanry) Regirnent RA Hertford5hire Yeomanry No successor unit (suspended animation) Inns of Court Regiment 68 (Inns of Court & City Yeomanry) Signal Squadron, 71" (City of London) Yeomanry Signal Regiment The Band (Inns of Court and City Yeomanry). The Royal Yeomanry RAC North Irish Horse B INorth Irish Horse) Squadron, Scotttsh and North Irish Yeomanry RAC 40 (North Irish Horse) Signal Squadron, 32. Signal Regiment South Irish Horse No successor unit Royal East Kent Mounted Rifles (Duke C (Kent & Sha￿shoOters Yeomanry) Squadron, of Connaught's Own) The Royal Yeomanry RAC 265 (Kent and County of London Yeomanry (Sharpshooters)) Support Squadron, 71" (City of London) Yeomanry Signal Regiment Queen's Own West Kent Yeomanry C (Kent & Sharpshooters Yeomanry) Squadron, The Royal Yeomanry RAC 265 (Kent and County of London Yeomanry (ShaJpshooters)) Support Squadron, 71%1 (City of London) Yeomanry Signal Regiment Lanarkshire Yeomanry No successor unit Duke of Lancaster's Own Yeomanry B (Duke of Lancaster's Own Yeomanry) Squadron, The Queens Own Yeomanry RAC Lancashire Hussars No successor unit icestershire Yeomanry (Prince Albert's Own IPAO)) E (L¢i¢¢stershire and Derbyshire Yeomanry (PAO)) Squadron, The Royal Yeomanry RAC Lincolnshire Yeomanry No successor unit 19 YEOMANRY BENEVOLENT FUND Report and Aceounts 2024 Former Title Sllccessor Unit City of London Yeomanry 68 (Inns of Court & City Yeomanry) Signal Squadron, 71. (City of London) Yeomanry Signal Regiment The Band (Inns of Court and City Yeomanry), The Royal Yeomanry RAC 3rd County of London Yeomanry C (Kent and Sharpshooters Yeomanry) Squadron. The Royal Yeomanry RAC 265 (Kent and County of London Yeomanry (Sha￿Shooters)) Support Squadron, 71" (City of London) Yeomanry Signal Regiment Lothians and Border Horse E (Lothians & Border Yeomanry) Squadron, Scottish and North Irish Yeomanry RAC Lovnt Scouts No su￿esS0r unit Middlesex HussArs {Duke of Cambridge's Oivn) (A., County of London Yeomxnry) 31 (Middlesex Yeomanry & Princess Louise's Kensington) Signal Squadron. 71" (City of London) Yeomanry Signal Regiment Montgomeryshire Yeomanry No successor unit King's Own ROYAI Norfolk Yeomanry 677 (Suffolk & Norfolk Yeomanry) Squadron. 6 Regiment AAC Northumberland Hussars D (Northumberland Hussar5) Squadron. The Queen's Own Yeomanry RAC NorthampÉonshire Yeomanry No successor unit South Nottinghamshire Hussfirs No successor unit Queen's Own Oxfordshire Hussars 142 (Queen's Own Oxfordshire Hussars) Vehicle Squadron, 165 Port & Maritime Regiment RLC Pembroke (Castlemllrtin) Yeomanry 224 (Pembroke Yeomanry) Transport Squadron, 157 (Welsh) Regiment RLC Scottish Horse C (Fife and Forfar Yeomanrylscottish Horse) Squadron, Scottish and North Irish Yeomanry RAC Sherwood Rangers Yeomanry A (Shenvood Rangers Yeomanry) Squadron, The Royal Yeomanry RAC Shropshire Yeomanry D (Shropshire Yeomanry) Squadron, The Royal Yeomanry RAC 20 YEOMANRY BENEVOLENT FUND Repoi't and Accounts 2024 Former Title Somerset Yeomanry Successor Unit 255 (Somerset Yeomanry) Tactical Air Control Paty Battery RA. National Reserve HQ RA North Somerset Yeomanry 93 (North Somerset Yeomanry) Support Squadron, 39th Signal Regiment (The Skinners) Stafford5hire Yeomaiiry (Queen's Own B (Staffordshire, Wanvickshire, and Worcestershire ROYAI Re￿) Yeomanry) Squadron, The Royal Yeomanry IiAC Duke of York's Own Loyal Suffolk Hussars 677 (Suffolk and Norfolk Yeomanry) Squadron, 6 Regiment AAC Surrey Yeomanry (Queen Mary's Regiment) 2 (Surrey Yeomanry) Troop, 579 Field Squadron, l 01 (City of London) Engineer Regiment (EOD) Sussex Yeomanry l (Sussex Yeomanry) Troop, 579 Field Squadron, 10 l (City of London) Engineer Regiment (EOD) WArwick8hire YeomAnry B (StaffoTdshire, Warwickshire, and Worcestershire Yeomanry) Squadron, The Royal Yeomanry RAC 54 (Queen's Own Warwickshire and Worcestershire) Support Squadron, 37 Signal Regiment Welsh Horse No successor unit Westminster Dragoons (2nd County of C & S (Westminster Dragoons) Squadron, The London YeomAnry) Royal Yeomanry RAC Westhiorland and Cumberland Yeomanry No su¢¢essor unit Royal Wiltshire Yeomanry (Prince of Wales's Own) B (Royal Wiltshire Yeomanry (Prince of Wales's Own )) Squadron. The Royal Wessex Yeomanry RAC Queen's Oivn Worcestershire Hussars B (Staffordshire, Warwickshire, and Worcestershire Yeomanry) Squadron, The Royal Yeornanry RAC 54 (Queen's Own WanviGkshire and Worcestershire) Support Squadron. 37 Signal Regiment Yorkshire Hussars {Alesandra, Princess ofwales, Own) A (Yorkshire Yeomanry) Squadron, The Queen's Own Yeomanry RAC Queen's Own Yorkshire Dragoons A (Yorkshire Yeomanry) Squadron, The Queen's Own Yeomanry RAC 21 YEOMANRY BENEVOLENT FUND Report And Accounts 2024 Former Title 2nd West York Yeomanry (Prince of Wales's Own) Siiccessor Unit A (Yorkshire Yeomanry) Squadron. The Queen's Own Yeomanry RAC East Riding Yeomanry (Lord Weiilock's Horse) A (Yorkshire Yeomanry) Squadron. The Queen's Own Yeomanry RAC The King's Own Yorkshire Yeomanry No successor unit (Light Infantry) King Edward's Horse (The King's Overseas Dominion Regiment) No successor unit Royal MercbAn Lancastrian Yeomanry In suspended animation since 2014 22