YEOMANRY BENEVOLF.YT FLND (Registered Charity No ?59125) Report and A¢¢ounts For ihe year ¢0 31 May 2025 COL¥TENTS Hi5t(xy of the Yeomanry The Yeomanry Berjevdent Fund Statement of Purpose Trustees and Officials Trustees. Report 6-10 Independent Examiner's Rep)rt Siatemenl of Financial Activities 12 Balance Sheet 13 Notes to thc Accounts 14-16 Beneficiaries by Regimenl Private th)nations 17 Donations from RegIm￿t$ and Associations 17 Y￿rn9￿ry Regiments 9nd their Sucetsgor Units 18_22 The Yeomanry Benevolenl Fund 10 Stone Buildings Lincoln's Inn I￿ndOn WC2A 3TG Tdephone: 01993 878516 YEOTrIAI%RY BE￿voLENT FIIYD Report and Accounts 2025 HISTORY OF THE YEOMANRY Y¢omanry histoN begins with the French declaration of war in 1793 upon the monarchies of Europe, when the British fjovernment realised that the regulat 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 Aci which regulated the raising of volunteei corps. the Lord Lieutenani of each county was inviied to raise uniis of both cavalry and infantry. Infantry volunt¢¢rs w¢r¢ drawn mainly from the ranks of th¢ unskilled workers, while cava]ry recNits ame from landowners, famiers and tradesmen, and were thus Styled Yeomanry. The first Yeomanry were fomied into independent Troops, usually based on county tovw'ns. They used their own horses and paid for their own unifornis while the Govemment supplied weapons and equipment. and a small pcrmaneni statT. Their role was to act in time of invasion as mounted guides and a local mobile reserve, familiar with the ¥eography 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 (Kcasion when the Yeomanry was called upon to fulfil their role was ai Fishguard in 1797 when the Castlemanin Yeomanry join¢d with the Fishguard Miliiia in rounding up a French invading force and for doing so they rec¢iv¢d the only battle honour awarded for an action on British soil. In the troubled times that followed the end of thc Napoleonic Wars. the Yeornanry acted as a forni of 8endarnierie under the control of local ma8istraies and were frequently ¢a]l¢d upon lo quell Civil unrest. a role for which they were well suiied because of their local knowledge and their ability to assemble and disperx. quickly. During fify years of dutie5 In aid of 1he civil power, only at Petcrloo (where the Yeomanry wcrc undeservedly blamed t.or the many deaths and injuries) was there any significant loss of life: on innurnerablc other occasions the m¢r¢ presence of an arnied disciplincd body of men defused situations which mi8ht oth¢rwise have got out of control. Two faciors altered the role ofihe Yeomanry The development of effective police forces in thc 1840s meant ihat the Yeomanry were no longer required to keep the peace and further fear5 of French invasion led io the fomiation in 1859 of the Riflc Volunteer Corp5 aimed spILifically al the rapidly expanding middle classes and iownspeople These were seldom lo be found in the Yeomanry that still r¢cruited from its traditiona] 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 tske soldiering too seriously and teftded not to train regularly. meeting only for Annual Camp #nd 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 slrength varied in different parts of the country but by 1899 the 38 regiments of Yeomanry were organised into 110 troops in all, each troop comprisin8 5 officers and l (K) men. In 1899 the defeats of the British Amiy in S￿th Afrio at th¢ hands of the Boers revealed the need for a mobile force able to ride and sh(K)i well and to challenge the Boers al their own fom] of warfare. By their tern15 Of seTr'ice. the Yeomanry wcrc unabl¢ to s¢rv¢ abroad but their members volunteered in large numbers to join the newly established Imperial Yeomanry where they were formed into companies. many with atriliations to existin8 Yeomanry regirnents. They were called upon mainly Io 8uard exlend¢d lines of communication where their role encompassed months of palrolling and (￿c&S1Onal bursts of intense action, vicious ambush or minor skirniish. Icontinued YEOMknJ'RY BENEVOLEYT FUND Report and AccouDls 2025 HISTORY OF THE YEOMANRY - continued The Floer War gave the Yeomanry a new lease of life. By 1905 fourteen new r¢giments had been raised increasing the total 10 52. All re￿rnents were trained and equipp￿ as mounted infantry rathei than as cavalry and the rifl¢ became thcir main weapon. By 1908 further reforn]s incorporated the Yeomanry into the Territorial Force and the arni was organised into fourteen cavalry brigades and f(MJrteen divisional cavalry regiments. On the outbreak of the First World War in 1914, most Yeomanry reglments 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 iheir first iasie of action came in Gallipoli where they fought against the Turks as infantry, having left Ihetr horses in Egypt. In 1917-18 they re- joined their horses and served under Allenby in the Pa]estine campaign, the last major successful campaign by British cavalry. In 1918 manpower shortages the W¢st¢rn Front meant that the remaining mwnted uniis again losi their horses and were converted into battalions of their associated county infanty regiment or into machine gun battalions and saw service in France and Fianders in the last year of the war. On the revival of the Te￿IlOrial Army (T A) in 1920. only fourteen Yeomanry regiments were required as Cavalry. The remainder were otyered ihe choice of becoming artillery (with ihe attraction that they still used horses). or arnioured car companies. or to re-rol¢ as signal re￿Ments. After an arid period in the 1930s when the arniy in general and the TA in particul&r V¥ere starved of equipment and financial support. Ihe Munich crisi5 of 1938 saw a revival of fortune with a requircment io double the size of the T A On the outbreak of the Second World War in 1939. the horsed Yeomanry regiments found themselves once more in Palestine with little action. ChanBing lo a more operational rcjle in armour, after some early disaslers {often attribu*d io 100 much "Yeomanry Spirit") the Yeomanry soon proved thcmselves, noiably In ￿ Annourcd Division (Desert Rats). There was also a Yeomanry Patrol in the Long-Ran8e Desert Group. yc￿Manry regiments wer¢ among the first to land in Nonnandy on D-Day in 1944 and others Se￿ed successfully in artillery and si8nals on many fronts. The r¢vivAI of the TA in 1947 saw the first of & succession of reorgani sations that resulted in twenty six Yeomanry regiments Se￿ing in the Royal Amioured Corp5 and twenty four in the Koyal Artillery In the rnajor reorganisation ot"1907, many of ihe surviving regiments were reduced io cadres or squadron str¢ngth and merged into new regiments, such as The Royal Yeomanry each of whose five squadrons retained lis fornier Yeomanry re8imental identity. a oncept that was repeated equally Successfully in oth¢T arnis. In an expansion of the TerritotiAI Arniy, Four new Veomanry re8imeftt$ were forn)ed in IQ77 from sorne of the adres. In recognition of their loyal service in defence of their county. tn 1994 on the occasion of the 200 anniversary of the foundin8 of th¢ Yeomanry. Her Majesty The Late Queen Elizabeth Tl reviewed the Ihirty-nine surviving Ycomanry squadron5 and batteries and the First Aid Nursing Yeomanry in Windsor Great Park. During the period 2003 to 2013 operation5 in Afghanisttn and Iraq necessitated considerable support from the Resetves. At the start of these operations, two Royal Yeomanry squadrons were mobiliz¢d and deployed in the chemical, biological, radiological and nucleaT defence role For their actions the Regimenl wa5 awarded ihe 'ltaq 2003, ballle honour This is the only battle honour to be awarded to a Reserve unli since the Second World War. Thereafter, considerable number of members of these unit5 were mobilized to suppon deplo)'¢d Regular units and forn)ation5. On return to their units after deployments, r¢s¢rvists brought back and inculcated within their units additional prof¢ssionalism and commitm¢nt 8¢nerated by and during their operational s¢rvi¢e. YE0MA￿Ry BENEVOLENT FUND Report and Accounts 2025 In 2021 the Yeomanry consisted of the following units in the Royal Arnioured Corps: the Royal Yeomanry, the Royal W¢5sex Yeomanry: the Queen's Own Y¢omanry' and. the Scottish and Nonh Irish Yeomanry In addition, there were the following yeomanry units in the wider Reserve elemeni of ihe Arniy a regimeni and ts¥o batteries in thc Royal Artillery, a troop in the Royal Engineers. a regimeni and four indepcndcni squadron5 in the Royal Signals, a squadTon in the Arn)y Air Corps; and fouT yeomanry-litled squadrons in th¢ Royal Logistics Corps. The First Aid Nursing Yeomanry (Princess Royal's Volunieer Corps) continues io provid¢ response teams in support of the civil and military authorities. Today's Yeomanry takes pride in its professional attitude to training while retsinin8 its traditional values and historical asKKiation5. it offers to civilians of Iday a valuable opportunity to undergo demanding and challenging training encornpassing a broad Spectrum of military. leadership and managemenl ski115. As a result of the Resetve Forces Act. which catme into force in the 1990s, many Yeomanry soldiers now tske the opportunity to serve for periods of 6 to 24 months alongside their regular c¢xJnterparts in operational theatre5 around the world, and in so doing they eLho the spirit and dedication of their forbears of the Imperial Yeomanry a cenknry ago. TllE YEOMAliRY BEI4£VOLENT FUND The Fund had its origin in the Boer War of1899-1902 in South Africa. At the be8innin8 ofthe war the Brilish Gov¢rnmeni decided ihat the Yeornanry (hitherto a home defence force) could only be arcepied for overseas service on a volunlary basis. Volunteers (and there were many) from each Yeomanry regimeni were fomied inio compani¢& to fight as mounted infantry. and were styled "Imperial Ycomanry" The Govemmenl 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 provid¢d independently. Two funds were fomied, a Yeomanry Fund and a Hospita] Fund, and sufficient monies were raised by public subscription 10 Meet the volunteers. neds and to maInt￿.n the Yeomanry H05Pital established ai Dieifontein At the end of the war in I902. substantial funds r¢maina and in 1903 a trust was established with these funds io provid¢ benefits for members of the Imp¢rial Yeomanry and the Hospital staff. The Trust established a school ai H(Kldesden in Hertford5hire for the education of members, daughters, but by 1930 the supply of pupils had dwindled and the school was closed. Under a scheme approved by the Courts. thc sch￿1 was sold, and the proceeds were used to endow a new thnd, the Impèrrigl Yeomgnry Ronovolpnt Fijnd. whieh hAd the nbjective nf relieving distress amon8St those who had served in ihe Yeomanry or their relatives and dependan15 In 1966 the name of the fund was chan8ed io ihe Yeomanry Benevolent Fund. In more recent years the Fund has benefited fr(Im pr(Keeds iesultin8 from the dissolution of a nutnbei of regmental lunds. These include the <￿e¢D s Own Yorkshire Dragoons Welfar¢ Fund, The Yorkshire Hussars Rwmcntai Association. the Berkshire Yeomanry Trust and the Staffordshire Yeomanry. Funds from the Oxford Yeomanry Welfare Fund were retUTned to their Ass(Kiation in 2000. STATEMENT OF PURPOSE The Yeomanry Ben¢vol¢nt Fund exists today lo provide financial assistance to members and fom)er mernbers of Her Majesty's Arn]ed Forces whose service has been with Yeomanry regiments anl where appropriate. to their relalives. Financial assistance is provided by way of one￿ff yants or regular a]lowances for a wide ran8e YE0￿lA.yRy BEI%ETrOLE)T FUND Report and Accounts 2025 of purposes including medical and nursing fees. replacement of household appliances, repairs to the home. provlsion of electric wheelchairs or stair lifts. and easing of problems caused by indebtedness. The Trustees rematn committed io helping fornier membe[5 of eveN Yeomanry regiment or background and ihey are also kttn io improvc the awarenes5 of the Fund amongst th05C serving in the Yeomanry uniis of iLNJay's Arniy Reserve TRUSTEES AND OFFICIALS President and Trustee Major General S H Brooks-ward CVO CBE TD VR Vice Presidents Major General J Crackett CB TD VR Major General S J M Clraham Colonel the Lord de Mauley TD Ya)manry Cols)nel Commandant North Somerset Yeomanry Queen's Ovrn Yeomdnry Gloucestershire Hussars Yeomanry Ag50¢ialion Representative Colonel T Gaddum TD VR CoTP5 Colonel Reserves, RAC Chalrman %nd Trustee Major C Elwell TD The Royal Mercian And Lancastrian YeA)manry Trustees tjrigadier Trl J Robertson QVRM TD Colonel Q J H Chamberlain QVRM "fD DL Lt c.olonel R A Ijurdon-c￿per VR Siatycommander A G Milne MBE Kent and County of l.ondon Yeomanry Royal Wessex Yeomanry Royal Wessex Yeomanry Firsi Aid Nursing Y￿rnanry (Princess Royal's Volunleer Corps) Inns of Court and City Yeomanry Queen'$ Own Y￿rna￿ry Captain K Durward FCA Captain A Mallin RegimentAI Representatives Lieufrnanl Colonel S walk.er Major J D Baldw7n I'D DL Major D Ronaldson Major J l Young (vice) Mr P Mason Berkshire Yeomanry Cheshire Yeomanry Scottish and Ni)rth bish Yeomanry Scottish and North Irish Yeomanry The Roya] Yeomanry Secretary Major C H Winkley VRS,M Berkshire Yeomanry Bankers CAF Bank Lt¢ 25 Kings Hill Avfflue. Kings Hill, West Malling. Kent ME19 4QF Independent Examiner MrRLom&K FCA YEOTrIAYRY BENEVOLE)T FUND Report and Aecounls 2025 TRLSTEES, REPORT The Trustees preseni theiriewrt and acc(xJnts for the ycarended 31 May 2025, prepared in accordance with current sth￿tory requirements and in accordance wilh the Yeomanry Benevolent Fund Trust Deed and the Charity Commission Statement of Recommended Practice [applicabl¢ to charities prepating their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (TrRS102)] REFERENCE AYD ADMINISTRATIVE DETAILS ame, address and regi$¢ra¢itin The name of the cha17ty' is the Yeomanry Benek'oleni Fund and its address is l O Stone Buildings, Lincoln's Inn, London. WC2A 3TG. The chariry is registered with the Charity Commission for Eng]and and Wales with registration number 259125. Trustees Thc Trustees who served durin8 the year, unless otherwise shown, were.. Major General S H Brooks-ward CVO CBE TD VR (President) Majorc Elwell TD IChairn)an) Brigadicr H J Robertson QI/RM TD Colonel O J H Chamberlain QVR.M TD DL Lt Colonel B Burdon4wper VR Stafycommander A G Milne MBF. Captain K Durnvard FCA Captain A Mallin STRUCTURE, GOVERNAYCE AND MANAGEMENT Constitution The Yeomanry Benevolent Fund was rwster¢d as a Charity on 14 July 1969. Under a Scheme approved by the C.hariry Commissioners for England and Wales, the Yeomanry Benevolent Fund was corÈstituted by a Trust Deed thal became elTective on l O November 2004. Appointment of Trusltes Senior represenwiv¢s of Yeomanry rryimenis and their successors in titie are invited, from time to tim¢. to recommend candidates for consideration as Twstees CA7)didates are expeetèd tn h*ve qtrong connections with the sponsorin8 resiment and to have served with that regiment. New Trustee8 are elecled by simple majority vote of the extsnt Trustees and are appointed for a terni nol exceeding four years. A short induction programme is provided for all new Trnstees Managemenl The Ttust¢¢s meet semi-annually to review matters of policy and to make appropriate judgemenis, dire￿lOnS, and dcci5ions on Fund issues. Thc Pr¢sidenL viCe-Pr￿ldents and Regimen￿1 Representative5 are ron5ulted on major issues affecting ihe Fund and their views are given due consideration by the Trustees. The Trustees have delegaled the day-t(￿aY adrninistration of the Fund to the Chairnian and the Secretsry. YEOMAYRY BEJEVOLEYT FUND Report and Accoullts 2025 TRUSTEES, REPORT continued None of the Trustees received any remuneration ￿ reimbursement of expenses duriTh8 the year. The costs of Trusiees, meetings are disclosed in noi¢ 7 to the Ac¢C￿ts. OKIECTIVES Princiwdl Objective The principal object of the Yeomanry Benevolent Fund is to provide financial assistance to bcneficiaries for the reliel of n¢¢d hardship. or distress. Beneficiaries consist of serving members or forn)er seTh'in8 members of Yeomanry regiments or th¢ir Sp￿SeS (or partners). childrer grandchildrery widows. or widowers. Yeomanry resiments include all units and sub-units which are of Ywmanry ￿lgIn, or which cary a Yeomanry tide. Publit benefit The Trustees have paid due regard to the Charity Commission's guidance on public benefit in decidin¥ on the activities the charity should undertake. The Fund provides public b¢n¢fil in sei'eral wa>'s by.. ¢ducats' ng the public aboul the charncter. athivities and history of the British Anny in general and the Yeomanry in panicular. commemorating those who, in service 10 the nation, have lost their lives or suffered injury or pul themsclves at risk; strengthening the links betwccn military And civilian communities. a7Jd providin8 finaniial assistance lo currcnt and forn)cr seTrice personnel. or th¢ir families, when wclfare needs &rise. The Fund a¢hieves these aims by maintsining links with Yeomanry re8imenls and association% by publishing an Annual Repon reflecting ihe curreni Standing of Yeomanry regiments and. Ihrough 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-¢orps that generate5 the fighting spirit necessary for successful operation5. In lutrt this piomoles the efficiency of the Arnicd force5 of the Crown by enhancing the British Amy's capability to undertake the roles demanded of it including the defence of the Liniied Kingdom and its interests. Safeguarding Th¢ trustees have adopted policies. which are regularly reviewe(L to ensure that the Fund.. Provides a safe and trusied environment for everyone who works or volunteers for the Fund. Fosters a cultu￿ that priotitises 5afeguardin8 and allows staff and volunteers {1) to report any incidents or concerns and (li) to have confidence that the matter will be dealt with appropriately Has adequate procedures and measures in place (i) to protccl staff and volunleers (li) to handle incidents a5 ihey arise and (iii) to report such incidents to the relevant authorities Accepts thai further measuies may need 10 be pui in place if such incidents aiise. YEOMANRY BENEVOLEYf FUND Report and Atcounts 2025 TRUSTEES, REPORT continued Strategies adopted In accordance with the provisions s¢t ￿t in its Constilution. the Trustees have adopted the following str￿e￿eS to rneet the Fund, s principal obje£t' (i) Awareness and Sourcing of Benefiri4ries The Trustees remain committed to helping fornier serving Members from every Yeomanry regiment and are keen to improve the awareness of the Fund amongst those s¢rving today. The Fund seeks to maintain close relationships with Yeomanry regiments and associations so that all these organisations are fully awarc of the services provided by the Fund The Fund also maintains los¢ relationships with other military charities, which identify many of the beneficiaries that are brought to the Fund's attention. The Fund publishes an Annual Rcpon ihat, inter ali& reflects the current standing of Yeomanry regiments and sets out th¢ services the Fund provides. The Fund offers an efficiem home for those regim¢nLqI welfare fund5 that are small or too onerou$ to run effectively. (li) The Fund works closely with other military chariiics including the Royal British Legion {RBL), Soldiers. Sailors. Airnien and Families Association (SSAFA) and The Arn)y Benevolent Fund in handling the assessment of the circumsiances of individual beneficiaries. The Fund works closely with other Yeomanry regimenlal welfare organisaiions (many of whi¢h ar¢ charitable) and whenever possible s¢¢ks to share wilh thesc orsanisalions the burden of meeting beneficiaries, financial needs AyseJ$men¢ of Beneficiaries (iii) Provision of Financial Assistance The Fund proi'ide5 direct financial assistance to beneficiaries through m9king grants of money to Ihcm, and through Providing or paying for 80(xls, services, or facilities for them The Fund also mak.es grants of monw io ￿h¢r charitable b(Klies thai provide or facilities to those ID need. ACHIEVEMENTS AND FINANCIAL PERFORMANCE Inveslmenl performance The Fund currently has total r¢50urres valued at approximately £ I million and the main source of income continues to be inv¢stm¢nl incom¢. The investment objectivq set out in the Investment Policy Statement agreed with Quilter Cheviot Ass¢t Manag¢ment, 15 to provide capital and income gr0￿h which over the lon8 terni will endeavour lo maintain and increase the real N'alue of the assets whilst producing an annual yield of at least 3 %. However. the acbjal perforn]ance yield is 2.8% %. Althi)ugh the yield has not been maintained, given the longer-tem) nature of the aim, the trustee5 are satisfied with this perforn)ance. The tnlstees review performaFJce of the investment portfolio semi-annua]ly. The Fund has recorded a net gain in value of its investments during the year of £16.770 (2024 - a net gain of £87,770). YE0￿(4￿Ry BENEVOLEYT FUND Report and Accounts 2025 TRUSTEES. REPORT conlinued Fundraising The Fund's main source of incom¢ is inveslment income. In 2025 fees of £7.562 (2024 - £6,979) (note 5) were incutred during the year in managing these investment5 The Fund does not seek to raise fijnds from members of the public and has not appointed any third party to do so on its behalf. As a resuli. the trustees have not felt it necessary to $18n up to the voluntary regulatory regime for fundraising. Instead, the Fund soliciis support from associated military and charitable organisativns with Yeomanry affiliations. The Fund does acccpt donations from serving or ￿tired members of Y¢omanry regiments and those connected wilh them. In accepting these donations, the Fund adheres to best practice in this re8ard. Regimental and private donations remain an important 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 noi fosler behaviour which would constitute (i) unreasonable inltuston on a person's prtvacy or {ii) unreasonably pet3iStent approaches seek-ing donations of money or property from any person and (iii) the placing of undue pressure on any person to give mon¢y or property to the Fund. Support costs of £138 (2024 - £127) (note 5) were incurred in the year in relation to fundraising, Charitable Outgoings The l und has continued to support thosc in need of financiat assistance during) the ycar and hab sought, in conjunction with other charities, to provide help in cases where the assisthnce needed has totalled £58,616 (20?4 - £63,689) Ciranls and allowances dispensed amounted to £32.815 (2024- £25,040). Twenty three claimants benefited from grants during the year. Charitable activities support costs for the year amounted to £5,337 {2024 - £5.167) (note 7). These osts were incurred in pr￿eSsIng charitable claims and Include fees paid to the Secretary. postage, stationery, and other otrice costs excluding investment manasemeni fees. Financial Position - Reserves The Trust De¢d specifie5 that the endowmeni capital of the Yeomanry Benevolent Fund cannot be expended. ¢x¢¢pt that in an emergency A maxirnum of £2.0(KJ cAn be gpent in any one financial year that musi then be recouped from surplus income from subsequent years. The Trustees have therefore set aside all of the endowment capitsl in an Endowment Fund. The Trust Deed specifieg thai, after meeling the proper costs of administering the charity, all of the income must be applied in fi￿therIng the Yeomanry B¢n¢vol¢nt Fund's chatitable objects and all sury)lus income has therefore accuTnulated in an Unrestriaed Fund. The Trustees have reviewed what is approprialc to meet the continuing obli8alions of the Fund for regwlar payment of grants and for future needs and contingencies and have detemiined that minimurn rescrvcs of approximately £50,000 should be held in the Unrestrithed Fund. The Unre5tiicted Fund currently has a balance of £208.608. This is significantly more than th¢ minimum level and the Truslees have adopted a five-year plan lo increase charitable spending in order to reduce th¢ Gu￿ent level of this Fund. YE0.mA￿RI' BEYEN'OLENT FUND Report and Accounts 2025 TRUSTEES, REPORT continued Principal Risks and Uncertsinties The Trustees have reviewed the risks faced by ihe Fund and have adopted appropriate policies to mitigate these risks. The principal risks faced by the Fund are.. (i) the value of investments may fall or the income may be rcduccd.. the polici¢s relating to investment rnanagemeni ar¢ described above and the Tru51ees are of the view that in the current circumstances the level of risk faced by the Fund is acceptable. (li) there may be insufficient resource5 to mea foreseeable future commitments.. the policies relating to Reser¥*'es are described above and the Trusrees are of the i'iew that the Fund has achie￿.ed a reasonable balance between the needs of current beneficiaries and the foreseeable needs of future beneficiaries. .8TATEMENf OF TRUSTEES, RESPOYSIBILfriES IN RESPECT OF THE ACCOLI%TS Charity law requires the mislees to prepare aCc￿nts for each financial year that give a true and fair view of the State of affairs of thc Chanty and of its financial activiti¢5 for that year. In preparing those account5. thc tnjstees are required 10.. selecl suitable accounting policies and then apply them wnsistently; make judgements and eslimates thal are reasonable and prudent. L*>s¢rv¢ the meth(Kls and principles in the Chariry SORP prepare the accounts on a going concern basis unless it is inappropriate lo presume that the Charity will coniinue in operaiion. state whether applicable accounting standards have been followa. The trustees are restx)nsible for keeping pr(per accounting records thai disclose with reasonable accuracy ai any time the financia] position of the Charity and to enable them to ensure that the acC￿ntS comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for takin8 rea￿)nable sleps for the preventson and detection of fraud and other irre8ularities. INDEPENDENT EXAMIIYER The Trustees have appointed Mr R Lomlx. Chartered Accwnlanl, a5 independeni examiner and his report is shown on page I l. C Elwtll Cltairn&7n IA•ndon 22 Oclober 2025 io YEOMANRY BENE1{0LE￿T FUND Report and Accounts 2025 REPORT OF THE tI¥DEPEIII)EliT EXAMIYER TO THE TRUSTEES O*. THE YEOIMANRY BENEVOLENT FUND I report on the aCc￿nts of the y￿manry Benevolent Fund whi¢h are set out on pages 12 to 16. Respective responsibililies of trusiees the indepeDdellt examiner As the charity's trustees you are responsible for the preparation of the accounis You consider that the audit requiremenl of Section 144(2) of the Charities Act 2011 (the "Act") does not apply. It is my responsibility to stsie, on ihe basis of Pr￿edureS spwified in the General Directions gven by th¢ Chariry Commissioners under Section 145{5) Ib) of the Act whether particular matters have come to my attention. Basis of the independen¢ eLqnJiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. an examination includes a r¢vi¢w of thc acc￿￿11n8 records kept by the Charity and comparison of the a¢xounts presented with those records. li also includes consideration of any unusual items or disclowres in the acC￿ntS and seeking explanations from Y£￿ &s irustees conccrning any such matt¢rs. 'fhc procedures undertaken do noi proNide all the evidence that would be required in an audit, and wns¢4uently I do n(rt express an audit opinion on the vi¢w ￿Ven by these accounts. Independent exAminers ststement In connection with my examination, no matter has come to my attention.. (l ) which gives me reasonable cause to believe that in any material reSP￿t$ the requirements (i) to keep accounting rccords in accordance with Section 130 of the A¢ and (li) to prepare accounls which accord w'ith the accounting re¢ord5 and which comply Nith the accwnting requirements of the Act, have noi been mct. or (2) to whiclL in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. R Lomax, Chartered Aceountsnt Independeni Erdminer London 22 Uclober 2025 Ji YEOMANRY BE)EVOLEIT FUND Report and Accounts 2025 STA TEMENT OF FIliANCIAL ACTIVTfiES Forthe )ear to 31 Ma)" 201$ L'Drrstricted ElldoTrintnt Funds Funds Year to 31 Ma) 2025 YeaT to 31 May 2024 Nott I￿00￿ and EndoTrTrenlJ from DonatsotLS aJKI kgxies Chajytsbk activities IJOS 2,185 1.327 I￿¢su￿¢nts 29 39 32,440 TotAI ineome 31 31 2S EipenditiJre on aising funts 7A•99 A014 7ffj99 7.106 Ch￿ilable actiN'Iti¢s 38J114 TotAI eX￿Id1¢YrE .713 45,713 42.186 Nd ljhtome {expendilMr¢) TTrL%fersbetsvccn Funds 114rn1 {14IIB8) 16.234) 114A)88) 16.234) TWO8]used gaulq {kns¢s) Cyains (105$¢$) on n￿VeMent in fuDdy ij (iowo) lJJ28 2h82 81.336 RetODciliition of fvnds Total fuNts brought foN'ard TotAI fvnds c*nied fonvird 219a 848176 IW68,129 986,593 70 I.0￿.129 Tr Futkl d].5￿n￿n￿l anw ortis0￿ratsoThS mrxquired anv o￿a￿)￿S thmng t￿ year. TIK n￿5 on 14 10 la IOTM w or Lt*se %cOun￿. 12 YEOMANRY BENEVOLENT FUND Report aod Accounts 2025 BALANCE SHEET 31 May 2025 31 May 2•L4 JIMy2024 FIXED ASS Investhjents IW7J67 .028,259 CURRENT A&SETS C￿h ai bank J4 40.012 Creditthrn ¢xllkniikn *itblA yw 10 (140} NETCURRENT ASSETS 33J44 39.172 TOTAL NET ASSZTS 1l70Jii 1.068,lJl THE FUNDS OF TIIE CHARITY 862 848.876 219,251 UnreAricted furkls 17 TOTAL CHARITY VUNDS Tr accojrts sei rmjt ort &￿eS 1110 16 Ive￿ 8pwITLyI b). tttTAL4ces on 22 Ik((*tT ￿23. C Elwdl 13 YEOMAI%RY BEYEVOLENT FUND Report and Accounts 2025 No'rES TO THE ACCOUNTS Yw lo 31 2025 ACCOUNTINC POLlCtES {aJ Amrtliiw T1￿ ￿COUr￿5 are prepared uTrkr historical cost com'enltOlL moth.fied to incl¢Kk tl* revaI￿(lOn of in1.esui￿nts. in accordarKe ii'ith CILqrities Act 2011 and in &COTd8￿c with Ihe Chanty Commission OrR￿0mn￿I¥￿d P￿1(¢ SORP (FRS 102) issucdin JulTr 21119 arKI uptsfrdwiih eiTcct from 01 January 2019. Tr Fut¥l cor6ts1ut&s a pblic beJYfK ¢ntsty as defI￿dbY FRS 102. 0) lknignthion off¥Rds.' Tr cap]￿l Of￿ Fll￿1 is Irld Li ENloMnKnt fillmts. A¢cumu]￿ed s7llp1￿S IrK0￿￿, which forn￿ FU￿1'S [￿¢￿.¢& Is unrcstyic*d fut¥ts. R¥s¢Tr'Cs ar¢ nJaJntaurd to nK¢i Fund's contsrnjing (tJligalK)ns aThl to Cater for fiimtr J*eds conunsc￿1c5. IThvth￿ttr. Itwegtsnents are I￿1￿¢kd in at m8J*el Yah￿ bala￿e 5heei da* a￿1 invcstmenl gall￿ or ]ow5 rene¢lLxi in slalcnrnl offinal￿oI xui'ities. DonAion5 4Tnd grnnts PLYeived". Donatio￿ ftDffl privae aThl ￿81￿￿81 soiwces aAI grants fwm chariii¢s are incl￿ed in &cowlls Hh¢n ￿eTh'c(l (e) (d) (e) Ch47r#4ble C*widify￿.. Grants a￿1 allowaKes are iKluthd in th¢ awoU￿5 v,Irn piiL aThl costs are LknTB¢d io Fund Iwurred. Toyditw., The chan'N" from CoryM)rduon Tax on its chan"rable *Iis'ii￿. Fund deeounling." unre￿ncIed fu￿ can be uscd in ￿0[dan￿ M'ith ihe ¢h4n'table obj¢¢liv¢s Ai discretion of Ik. thisie¢5. Rtstricied funds can onli. be us¢d for particular ￿sInC1ed PUT￿5¢5 withi'n objects of t￿ chanty. Resincl￿￿ atLqe specifw'd b) Ihc do1￿[ OT M,Irn fwids ar for particular restsicted p￿ry￿se5. (IJ DONATIONS AND LEGACIES Yt4rlO 31 Ma) ZOLS Year10 31 May 2024 Unrertricted funds DornuorLS Tr(¢Ned 2,185 l.V15 2,185 CHARITABLE A￿1VITIF￿ from ¢kn'iabl¢ %ts'viUes conynsts aryl allow?￿¢$ ¢xpendcd in prnious vearn have been fully oi parth., refunded b. bth*fic]ary or b). cl*T51i¢5 are cffthled lo FuThts. These toth]led £48(1 {2024- £1.127) INCOME FROM INVESTMEN15 Yearto 31 Mai Z025 Ywto 31 2024 Unre#rlcted funds 29.6J9 32.mo 29.639 32.440 RAISING FUND5 Ye*r to YeaT to 31 Maj 2U24 Unrtslricted fundy ITTre5tment ma[rage￿*t￿ fees Swrt COSLS lTr)tr 7) 7.Y)2 137 6,979 127 7ffj99 7.1( 14 YEOIL4NRY BEliEW'OLEliT FLND Report and Accounts 2025 NOTES TO THF. ACCOUN73 Year ¢0 31 Ma). 2025 CHAIUTABLE ACTIVITIES Yearto 31 J125 Year 31 Ma), 2024 Unre%trllal Funds No No 22 Grants in the year DonatioLs 32015 25,040 5.0 311J140 5.040 35,080 22 Support costs lrn)t¢ 71 38.015 SUPPORT COSTS Ytarto 31 Ma) 2025 Year io 31 May 2024 seC￿tary s fees SKr¢lw) 's e.NwtWS Ilrd%rll Tmsw. n)ceun8 Costs Prinlin Medth stOrn8e. a￿1 muortf). Bank fe¢s Regulatory aNi sthcriFrtjo￿1 3.61)0 176 415 254 170 187 275 162 573 491 5.167 Tn￿te¢S wivcd remunerniion durbng )"¢ar12024- nil) suN￿rt costs hav¢ tttn all0￿ed to tk foliowJn8 in xcord8n¢¢ withthe ofU* undertyin8 Ycar to 31 Mai 2024 Yearty JI MaTr 2025 RAisin8 funds151W/o of prinl Chanthblc 2Cti%'itses {bAla￿e) 138 127 S.167 INVESTMEYTS Y¢4rts) 31 .V4) 2025 Year to 31 May 2024 MoTr'emenl in in?e5tments during¢￿ year M#rk¢i i'alu¢ at swi }eJr Net diTr'¢5trn¢nl Inv¢slm¢nl gai05 (losses) Market ￿.1[￿¢ It end Df the ye*r I,a28149 (7J61} 16,770 947.4168 {6,9791 1.028.259 15 YE01￿L￿Ry BE.NEVOLENT FLII Report And Accounts 2025 NOTES TO THE ACCOUNIS Y¢ar to 31 May" 2U25 Analysis of ID}￿91￿c￿￿ At of the yt*r Yurto 31 M*} 2025 Yearto 31 May 21)24 Listed Invcstments Equilic5 UK Ov¢rse&s Alicmatsvc Investn*nLS. irfrastnK￿rC & P￿pelty FiKed luteffst Cash Totsl InTr'e8tmenti 162J41 518.613 197.140 512.1311 102.532 212,128 1.028 259 CASH AT BAI¥K 31 May 202$ 31 Maj, 2024 InN'estn￿nt accourn Dep)sit xcount Cunrnt account 27￿9 34.370 33A34 40.012 io. CREDITORS fallln2 due in u#der ooe yur 31 M•y 2011 31 May 2024 AccThed ¢.¥￿n¢S (Prirting) 140 ii. RECONCILIATION OF CHARrrY DS Eftdowment Unrntrfrted Fun Totsl FyDds Im'estments 862.204 175.263 1.037,467 33.344 h at bank Less r￿Clued TotAI chAiit*bte fun 2118 Tr ETh￿)WIt￿t futmts repJEsent ¢apital of the YeoznanTr B¢￿t¥￿Ie￿ Fund arnl annot ￿ ex￿￿￿kd by the Twsl¢es. except thai in an emergerw a m&xirnwn of £2.(KKI can SFenl In aw finaTwI !'eard*i be OUF¢dfrorn surplws itKornc subsw¢nL )cars. Tr Unlesth￿ fuNts r¢p￿￿￿(Urnula￿dsUrp1￿ I￿orne a￿1 fdn ￿ eyTthI by Tr￿￿ee$ in full￿ra￿t of Yeottwnry B¢￿'Qkn[ FuThl's ckn"table objects Hqtl>)ut further restri£tion. 16 YEO.MAli RY BENEVOI.F.NT FUND Report and Accounts 2025 BENEFICIARIES BY REGIMEliT Year to 31 May 2025 During the year assi5L3nre was provided w b¢ncficiari¢s with seNic¢ in the followin8 Yeomanry regiments and yeomanry-iiiled regimenls". Essex Yeomanry North Irish Horse Queen, s Own Yeomanry Royal Mercian and Lancastrian Yeomanry Royal Wessex Yeomanry Royal Yeomanry Scottish and North Irish Yeomanry 106 (Yeomanry) RegimenL Royal Artill PRtVATE DONA TIONS Year to 31 May 2025 The Trustees axpress their gratitude to the following for their gener(￿$ donations to the Fund.. Mr W J & Mrs C G Dunnachie's Charitable Trusi Colonel G A Hay 'fD K.I.B DL Major R T Scholes TD FCA YEOMANRY REGI.MENTS AI%D ASSOCIATIONS Year to 31 May 2025 The Trustees express their gratitude to the following regiments and regimentsl asso¢iations for th¢ir generous support for the Fund. Duke of Lancaster. s Own Yeomanry Queen's Own Yeomanry Royal Gl(wcestershire Hussars, Associatioft Sharpshootcr5 AsSOClalion 17 YEOMAJRY BENEVOLE.YT FUIYD Report And Accounts 2025 YEOMANRY REGIMENTS AND THEIR SUCCESSOR UNITS In alphabetical order by cwnty. l Squadron, The Royal Wessex Yeomanry RAC Royal North Devon Hu55ars D (Royal Devon Yeomanry) Squadron, The Royal Wessex Yeomanry RAC Queen's Own Dorset Yeomanry A (Dorset Yeomanry) Squadron. The Royal Wessex Yeomanry RAC Esstx Yeomanry 36 (Essex Yeomanry) Signal Squadron. 71. (City of London) Yeornanry Signal Regiment Trife and Forfar Yeomanry C IFife and Forfar Yeomanry and Swttish Horse) Squadron, Scottish and North Irish Yeomanry RAC First Aid Nursing Yeomanry First Aid Nursing Yeomanry (The Princess Royal's 'olunteer Corps) Queen's Own Royal Glasgow Yeomanry No successor unit 18 YEOMAliRI' BENEVOLENT FUND Report and Accoun(s 2025 Former Title Successor Unit Glamorgan Yeomanry C (Glarnorgan Yeomanry) Tr￿p, 211 (South Wales) Battery, 104 Regiment RA Royal Gloucestershire Hussars C IRoyal Glou¢¢stershire IIussars) Squadron, The Royal Wessex Yeomanry RAC Hampshire Carabinitrs 295 (Hampshire Yeomanry) Battery & 457 (Hampshire Carabiniers Yeomanry) Battery. 106 (Yeomanry) Regiment RA Hertfordshire Yeomgnry No sJJccessor unit (suspended animation) Inns of Court Re%iment 68 (Inns of Court & City Yeomanry) Signal Squadron, 71" (City of London) Yeomanry Signal Regiment The Band Ilnns of Court and City Yeomanry). The Roya] Ycomanry RAC North Irlsh Horse B INorth Irish Horse} Squadron. Scottish and North Irish Yeomanry RAC 40 (NTorth Irish Florse) Signal Squadron. 32nd Signal RegimL'nt South Irish Horie No successor unit Royal East t¥ent Mounled Rifles (Duke C (Kent & Sharpshooters Yeomanry) Squadron, of Connaught's Own) The Royal Yeomanry RAC 265 (Kent and County ofLondon Yeomanry (Sharpsh(x)lers)) Support Squadron, 71" (City of l.ondon) Yeomanry Signal RegiTnent Queen's Own West Kenl Yeomanry C (Kent & Sha￿ShOoters Yeomanry) Squadron, The Royal Yeomanry RAC 265 (Kent and County of London Yeomanry (sharpshO￿ers)) Suppon Squadron, 71" (C.ity of London) Yeomanry Signal Regiment Lanarkshire Yeomanry No sucre550r unlt Duke of Lancaster's Own Yeomanry B (Duke of Lancaslerfs Own Yeomanry) Squadron, The Que¢n5 Own Yeomanry RAC Lancashire Hu$$ars No successor unit LeicestershRre Yeomlnry (Prillce Albert's Own IPAO)) E (Leicesiershire and Derbyshire Yeomanry (PAO)) Squadron. The Royal Yeomanry RAC Lin¢olnshire Yeomanry No successor unit 19 YEOMANRY BENEVOLEYf FUND Report and Accounts 2025 Former Title SuceeBsor Unit City of London YeomAnry 68 (Inns of Court & City Yeomanry) Signal Squadron, 71" {City of London) Yeomanry Signal Regiment The Band (Inns ofcourt and City Yeomanry), Th¢ Royal Yeomanry RAC 3rd County of London Yeomanry C (Kent and Sharpshooters Yeomanry) Squadron, The Royal Yeomanry RAC 265 (Kenl and County of London Yeomanry (Sharpshooters)) Support Squadron, 71" (City of London) Yeomanry Signal Regiment Lothians and Border Horse E (Lothians & B(>rder Yeomanry) Squadron, Scottish and North Irish Yeomanry ILAC Lovat Seout$ No successor unil Middlesex Hussars (Duke of Cambridge's Own) Ii¥l County of London Yeomanry) 31 (Middlesex Yeornanry & Princess Louise's Kensington) Signal Squadron, 7111 {City of London) Yeomanry Signal Rcgiment Monigomery$hire Yeomanry No sU￿¢s$0r unil King's Own Royal liorfolk YeomAnry 677 (Suffolk & Norfolk Yeomanry) Squadron. 6 Regiment AAC NorthumberlAnd HussArs D (Tr¥onhumb¢rland Hussars) Squadron, The Queen's Own Yeomanry RAC Northxmp¢on$hire Yeomanry No successor unit South Noltinghamshire Hu55ar5 No successor unit Quttn'j Own Oxfordshire HussArs 142 {Queen's Own Oxfordshire Hussar5) Vehicle Squadron, 165 Port & Maritime Regiment RLC Pembroke (Ca$tlemartinl Yeomanry 224 (Pernbroke Yeomanry) Transport Squadron, 157 (Welsh) R¢8iment RLC Scottlsh Horse C (Fife and Forfar Yeomanrylscottish Horse) Squadron, Scottish and North Irish Y¢ornanry RAC Sherwood Rangtrs Yeomanry A {Sherwi)(Ki Rangers Yeomanry) Squadron, The Royal Y¢omanry RAC Shropshire Yeomanry D (Shropshire Yeomanry) Squadron. The Royal Yeomanry RAC 20 YEOMAYRY BE￿EVOLE1T FUND Report and Aceounts 2025 Former Tide Somerset Yeomanry Successor Unit 25$ (Somerset Yeomanry) Tactical Air Control Party Battery RA. National Reserve HQ RA North Somerset I'eomanry 93 (North Somerset Yeomanry) Support Squadron. 39th Signal Regimenl (The Skinners) Staffordshire YeomaDry (Queen's Own B (Staffordshire. Warwickshire. and WOrce￿ersh]re Royal Regt) Yeomanry) SquadTon, The Royal Yeomanry RAC Duke of York's Own Loyal Suffolk Hussars 677 (Suffolk and Norfolk Yeomanry) Squadron. 6 Regiment AAC Surrey Yeomydnry (Queen Mary'$ Regiment) 2 (Surrey Yeomanry) Tr(x)p. 579 Field Squadron, l 01 (City of London) Engineer Regiment (EOD) Sussex Yeomanry (Sussex Yeomanry) Troop. 579 Field Squadron, l 01 (City of London) Engineer Regiment (EOD) B (Stsffordshire. Warwi¢kshir< and Worcestershire Yeomanry) Squadron. The Royal Yeomanry RAC 54 (Qucen's Own Warwickshire and Worcestershire) Support Squadron. 3* Signal Regimeni Warwickshire Yeomanry Welsh Ilorse No successor unit Weslminster Dragoons <2° County of C & S (Westminster Dragoon5) Squadron. The I￿ndOn Yeomanry) Royal Yeomanry RAC Westmorland and Cumberland Yeomanry No successor unit Royal Wiltshirt Yeomanry (Prince or Wales's Own) B (Royal Wiltshire Yeomanry (Prince of Wal¢s's Own )} Squadron, The Royal Wessex Yeomanry RAC Queen's Own Worcesterjhire Hussars B (Siaffordshire. Warwickshire. and Worcestershire Yeomanry) Squadron, The Royal Yeomanry IiAC 54 (Queen's Warwickshire and Worces1ershire) Support Squadron, 37h Signal R¢gim¢nt Yorkshire Hu55ar3 (Alexandra, Princess of Wales. Own) A (Yorkshir¢ Y¢omanry) Squadron, The Queen's Yeomanry RAC Queen's Own Yor￿￿lre Dragoon$ A (Yorkshire Yeomanry) Squadron. The Queen's Own Yeomanry RAC 21 YEO%fA)RY BENEVOLEYT FUND Report and Accounts 2025 Former Tide 2nd Wesl York Yeomanry {Printe of Wales's Own) Successor Unit A (Yorkshire Yeomanry) Squadron. The Queen's Own Yeotnanry RAC East Riding Yeomanry (IKJrd Wenlock's Horse) A (I'orkshire I"eomanry) Squadron. The Queen's Own Yeomanry RAC The King's Own Yorkshire Yeom%nry No successor unit (Light Infantry) King Edward's Horse (Tht King, Overseas Dominion Regiment) No successor unli Roy41 Mercian And Lancastri¥an Yeomanry In suspended animation since 2014 22