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2024-12-31-accounts

THE ROYAL REGIMENT OF FUSILIERS

FUSILIERS’ AID SOCIETY REPORT AND ACCOUNTS

31 DECEMBER 2024

Registered Charity No. 259229

The Royal Regiment of Fusiliers

Fusiliers’ Aid Society

CONTENTS

Page No.
Legal and administrative details 1
Trustees’ Report 2-6
Auditors’ Report 7-9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Accounts 13-17

The Royal Regiment Of Fusiliers

Fusiliers’ Aid Society

Legal and Administrative details For the year ended 31 December 2024

Managing Trustees Major (Retd) RJ Turpin (Chair) (ex officio appointments) Lieutenant Colonel S Burton MBE Brigadier J Lamb MC Colonel A Gawthorpe Major General J Swift OBE Captain (Retd) S Jubb Major (Retd) M O’Hare Colonel (Retd) NJP Easton QVRM TD Brigadier J Taylor MBE (relinquished appointment 23 Apr 24) Colonel G Boyd Nominated Secretary to the Trustees: Captain (Retd) A R G Harris Address: H.M. Tower of London London EC3N 4AB Bankers: Lloyds Bank TSB plc 72 Fenchurch Street London EC3P 3EH Investment Advisors Sarasin & Partners Juxon House 100 St Pauls Churchyard London EC4M 8BU Independent Auditor PB Associates Chartered Accountants Statutory Auditors 2 Castle Business Village Station Road Hampton Middlesex TW12 2BX

Page | 1

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of The Trustees For the year ended 31 December 2024

The Trustees take pleasure in presenting their report and audited financial statements of Fusiliers’ Aid Society (“FAS”) for the year ended 31 December 2024.

STATUS AND ADMINISTRATION

The Charitable Trust was founded by Trust Deed in 1969. The registered charity number is 259229.

The Managing Trustees (ex officio appointments) who have served during the year were:

Major (Retd) RJ Turpin Lieutenant Colonel S Burton MBE Brigadier J Lamb MC Colonel A Gawthorpe Major General J Swift OBE Captain (Retd) S Jubb Major (Retd) M O’Hare Colonel (Retd) NJP Easton QVRM TD Brigadier Jim Taylor MBE (relinquished appointment 23 April 24) Colonel G Boyd (assumed appointment 23 April 24)

CHARITY OBJECTS

The object of the Society is to provide advice and assistance, directly or indirectly, out of capital or income, to serving and past members of the Regiment and past members of the Regiments from which it was formed, and their widows and dependants, by making grants to them when in need and towards education.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The purpose of the charity is enshrined in its objects as outlined above. The Trustees ensure that this is carried out for the public benefit by delivering a range of activities to meet its objects.

ORGANISATIONAL STRUCTURE

The Society is operated from our Regimental Headquarters at HM Tower of London. It is managed by the nine Managing Trustees, 5 of whom are ex-officio appointments.

The Assistant Regimental Secretary, Captain (Retd) A R G Harris, is the Nominated Secretary of the Charity, and he acts as the Account Holder. The accounting records are maintained by Captain (Retd) A R G Harris.

Throughout the accounting period the Chairman of the Regimental Investment Committee has been Mr Clive Hexton. The Regimental Investment Committee continues to meet twice a year and Sarasin Fund Managers attend both meetings for a review of the investment performance.

REVIEW OF ACTIVITIES DURING THE YEAR

FAS continues to honour the obligations of the antecedent funds.

FAS paid out grants for the benefit of individuals totalling £100,383 during the course of 2024, representing 188 cases (average of £533 per case). This was very similar to 2023 (£90,951 granted to 160 cases – average of £568 per case).

FAS continues to enjoy a close working relationship with The Army Benevolent Fund The Soldiers Charity (ABF SC). In the period in question, ABF SC made grants totalling £36,961 (2023 - £63,597) supporting 60 Fusilier cases (2023 – 80 cases) with payment going direct to the relevant caseworking organisation. FAS donated £18,000 (£25,000 in 2023) to ABF SC to allow them to continue their activities. ABF SC supported 43 charities and organisations on behalf of FAS and other service charities, awarding block grants to the value of £3.8m.

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of The Trustees For the year ended 31 December 2024

Donations made by FAS to external charities (including ABF SC mentioned above) directly supporting serving and retired Fusiliers totalled £66,030. Welfare grants to our regular Battalion, reserve Battalion and Army Reserve units totalled £25,000. FAS continues to offer cognitive behaviour therapy (CBT) via Leafyard, which can assist people (in our case serving soldiers, veterans, and their families) cope with various mental health issues by guiding them through several self-help exercise. 332 tokens were ‘in hand’ as at 31 Dec 24, worth £3,984.

FAS spent £38,078 (2023 - £23,629) with UK Service Matters (UKSM). As a recap, in September 2021, to further enhance our offering to veterans (and serving members), FAS engaged 2 trained and experienced Welfare and Mental Health practitioners, trading as UK Service Matters (UKSM). UKSM has appropriate insurance and DBS clearances. UKSM offer focussed information, advice, and guidance (IAG) on benefits, housing, employment and other matters vital to our veterans. In 2024, UKSM engaged in about 48 cases per month, of which about 40% (20 cases) result in direct FAS financial assistance, but with the other 60% of cases (28 cases) involving IAG assistance, with signposting and referral to statutory bodies, such as local authorities, NHS and other charities. This IAG intervention via UKSM is a valuable addition to FAS services, and one that the Trustees are pleased to continue this support into 2025.

FAS received a grant of £4,300 from the Worshipful Company of Cordwainers, with the stipulation that £400 is spent on MH awareness training for staff (First Aid Mental Health (FAMH) training), supporting 2 x Veterans gatherings, with the remainder supporting the Fusilier Connect app. This money was used to train one individual in FAMH – he will then be available to assist train others. This, combined with our Leafyard offering, has greatly assisted us care for those with MH issues.

£1,800 was paid in Christmas grants to widows and families of killed and injured Fusiliers, including in-pensioners at The Royal Hospital, Chelsea and residents of Broughton House, and Scottish Veterans Residences.

FAS continued to support The Fusilier Museum, Bury, with grants totalling £15,000, allowing the Museum to carry on its work supporting heritage and veterans. We also made emergency grants to our other Museums, to ensure that they could continue their operations. Regimental Museums are considered by the Trustees to be a key pillar to support the heritage, culture and community engagement of the Regiment. We invested a total of £144,705, including ongoing support to Bury Museum. Furthermore, the Trustees agreed to continue to support the Warwick Museum with £15,000 per year for 3 years. We also invested a further £4,688 (2023 -£7,760) in a Living History project (involving the recording of oral interviews from veterans of various Operations post WW2). £4,279 was spent digitising all Regimental Journals from 1968 to date. A further £4,279 was spent in 1H 2023 to complete the project.

A total of £32,112 (2023 - £31,415) was spent on remembrance activities in 2024 to recognise the sacrifice of so many in the Regiment and its antecedents.

The Regiment ran a successful battlefield tour to Gallipoli, Turkey in May. FAS made a grant of £14,598 to defray the costs to the individuals. A total of 45 took part, a mixture of veterans, Association members and serving personnel and it was deemed by all to be a vital part of Regimental education and commemoration, contributing to Regimental heritage and culture.

FAS granted a total of £13,361 to the Fusilier Association Warwick to support the commitment made to honour the obligations of the Royal Warwick Compassionate and Welfare Fund (RWCWF).

In 2022, FAS applied for, and received, a grant of £35,000 from the Armed Forces Covenant Trust Fund (AFCTF). This grant has been used to introduce Fusiliers Connect, a web-based app that provides connectivity, event management, news dissemination and other benefits amongst the entire Fusilier family (serving, veterans, families, adult Cadet Instructors and others). It has been designed to improve and modernise our digital platform to enable us to reconnect with our veteran and wider community. This will provide comradeship, increased connectivity, including face to face activity. It will further enable and foster esprit de corps, peer support and increased mentoring, as well as meeting mental health requirements. FAS has contracted with The Military App, a social enterprise, that designed, provides, services and operates the platform. The Household Cavalry Regiment is also on the platform and it hoped that other Regiments and Corps will join in due course, thereby enhancing the offering to the entire community.

The platform was launched on 23 April 2023 and is proving very popular. Considerable effort went into pre-launch activities and events, and over 1500 people joined within the first 7 days of operation. FAS spent £16,494 on hosting and recruitment activities in 2024. The ongoing costs are expected to be in the region of £15,000 per annum, a sum the Trustees consider to be good value as it will become the digital hub of the Regiment for many years to come.

Page | 3

Donations into the fund for the year totalled £28,949 (2023 - £18,509). The FAS Lottery, launched in October 2019, produced an income of £4,527 (2023 - £4,842). The One Days Pay Scheme continued to be well subscribed and produced an income of £59,941 (2023 - £62,688).

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of The Trustees For the year ended 31 December 2024

IMPACT OF COVID19.

COVID19 and its aftermath, had no effect on our operations in 2024. We have had to support our museums as their reserves had been diminished during the pandemic. With the exception of the museum co-located in The Tower, and the on-going financial support offered to the Bury Museum, the museums are expected to be self sufficient.

The Trustees consider that FAS still has sufficient reserves to continue to operate and all aspects of the charity’s’ operations remain under constant review.

FUTURE ACTIVITIES AND DEVELOPMENTS

Donations and legacies continue to be vital to FAS.

FAS is governed by its Trust Deed signed in 1968. As such FAS is an unincorporated trust. Work is continuing to merge FAS with the other Regimental charity (the Fusiliers Fund, currently an excepted charity), and at the same time convert to a CIO. This has been held up due to the lawyer involved moving firms, but the new CIO should be set up by the end of 2025. There will be no significant change to the objects and it is anticipated that the work of FAS will continue. Assets will then be transferred to the new CIO throughout 2025/6.

FINANCIAL RESULTS

The results are shown on pages 8 to 14 of these financial statements

Page | 4

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Report of the Trustees For the year ended 31 December 2024

GRANT MAKING POLICY

Assistance is disbursed under the authority of the Trustees to members of the Regimental Family who have fallen on hard times normally through no fault of their own. The assistance provided is usually in the form of financial grants, however in addition advice on welfare problems and other financially related problems etc. is also available and holidays are arranged through the Army Benevolent Fund.

The Fusiliers’ Aid Society does not make loans other than in exceptional situations. Listed below are the circumstances where the Trustees would not usually authorise aid. There are however exceptions to the rules and all cases are treated on their merits:

INVESTMENT POLICY

The investment powers of the Charity are governed by the Deed of Trust which permits the funds to be invested in any investment without the restrictions imposed by the Trustee Investment Act 1961.

The Regimental investments are managed by Sarasin and Partners LLP, and funds are held in their Alpha Fund.

RESERVES POLICY

The Trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets, designated for specific purposes, or otherwise committed. The Trustees consider that, given the nature of the work of the Society, there are sufficient unrestricted funds to give flexibility to cover temporary timing differences for grant claims and adequate working capital for core costs.

RISK MANAGEMENT

The Trustees actively review the major risks which the Society faces on a regular basis and believe that maintaining adequate free reserves, combined with the annual review of the controls over key financial systems will be sufficient to meet adverse conditions. The Trustees have also examined other operational and business risks and have established systems to mitigate any significant risk.

TRUSTEES’ RESPONSIBILITIES

Charity law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity at the period end and of its incoming resources and resources expended during that period. In preparing those financial statements, the Trustees are required to:

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The Royal Regiment of Fusiliers Fusiliers Aid Society

Report of the Trustees For the year ended 31 December 2024

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Managing Trustees and signed on their behalf by:

Major (Retd) R J Turpin

Trustee

Date: 31 October 2025

Page | 6

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of The Fusiliers’ Aid Society

Opinion

We have audited the financial statements of The Royal Regiment of Fusiliers, Fusiliers’ Aid Society for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its income and expenditure for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of The Fusiliers’ Aid Society (continued)

Opinions on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Trustees report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Trustees remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustees

As explained more fully in the Trustees responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities .

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Independent Auditors’ Report to the Trustees of The Fusiliers’ Aid Society (continued)

Audit response to risks identified .

Our procedures to respond to the identified risks included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charities Trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and the regulations made within that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth Rees (Senior Statutory Auditor)

For and on behalf of PB Associates Chartered Accountants & Statutory Auditor 2 Castle Business Village Station Road Hampton Middlesex TW12 2BX

2 CASTLE BUSINESS VILLAGE STATION ROAD, HAMPTON MIDDLESEX TW12 2BX

PB ASSOCIATES CHARTERED ACCOUNTANTS

31 October 2025

Page | 9

The Royal Regiment Of Fusiliers Fusiliers’ Aid Society

Statement Of Financial Activities

( including the Income and Expenditure Account )

For the year ended 31 December 2024

Incoming resources
Incoming Resources from generated funds
Voluntary income:
Donations, grants and similar incoming
resources
Grant for Fusilier Connect
Grant from ATCG for Infantry
Investment income
Events and fundraising income
Total incoming resources
Resources expended
Cost of generating funds:
Property expenses
Events and fundraising costs
Investment management charges and
custodian fees
Charitable activities:
Grants & other costs payable
Payments for Fusilier Connect
ACTF payments for Infantry
Donations to charities and others
80% One Day’s Pay to The Fusiliers Fund
Funeral, Casualty and Remembrance
expenses
Fusilier National Arboretum Memorial
Office costs and other costs
Total resources expended
Net incoming resources before other
recognised gains
Other recognised gains
Realised gain on quoted investments
Unrealised gain/(loss) on quoted investments
Unrealised loss on investment property
Net movement in finds for the year
Reconciliation of total funds
Total funds brought forward
Fund balances carried forward		 Notes
2
3
4
4
4
5
5
14
6
8
15		 Restricted
Unrestricted
2024
2024
£
£
700
87,376
3,600
56,000
208,086
4,495
_
_
60,300
299,957
_
_
6,642
1,331
(12,813)
_
_
(4,840)
400
313,468
3,600
24,731
56,000
256
48,397
47,030
31,415
24,674
_
_
60,000
487,891
_
_
300
(187,934)
71,421
644,301
-
-
_
_
300
527,788
183,071
8,865,217
_
_
183,371
9,393,005
======
======
=		 Total
2024
£
88,076
3,600
56,000
208,086
4,495
_
360,257
_
6,642
1,331
(12,813)
_
(4,840)
313,868
28,331
56,256
48,397
47,030
31,415
2,760
24,674
_
547,891
_
(187,634)
71,421
644,301
-
_
528,088
9,048,288
___
9,576,376
=====
=

The Charity had no recognised gains and losses other than those included above. All the above results are derived from continuing activities.

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Balance Sheet as at 31 December 2024

Fixed assets
Tangible Assets
Investment Property
Quoted Investments
Current assets
Debtors
Cash at bank and in hand
Creditors– Amounts falling due within one year
Net currents assets
Net Assets
Represented by:-
Restricted funds
Unrestricted funds		 Notes
9
15
8


10
11
12
_
16		 2024
£
330
1,200,000
8,114,357
____
9,314,687

The financial statements were approved by the Board of Trustees on 31 October 2025

and signed on its behalf by:

Major (Retd) R J Turpin

Trustee

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THE ROYAL REGIMENT OF FUSILIERS FUSILIERS' AID SOCIETY

Cashflow Statement

For the year ended 31December 2024

2024 2023
£ £
Cashflows from Operating Activities
Net Cash Provided by Operating Activities (seenote below)
 (156,728) (97,078)
Cashflows from Investing Activities
Purchase of fixed assets -
Purchase of investments
 (5,645) (1,895,817)
Sale of investments
 180,000 1,864,404
_____ _____
(17,627) (128,491)
============
========
Change in CashandCash Equivalents in theReportingPeriod (17,627) (128,491)
Cash and Cash Equivalents at Beginning of the Reporting Period 408,594 537,085
Cash and Cash EquivalentsatEnd oftheReporting Period 390,967 408,594
Reconciliation of Net Income/Expenditure to Net Cashflow from
Operating Activities
Netlncome/(Expenditure) for theReporting Period (per Statement of
FinancialActivities) 528,088 163,263
Depreciation 492 621
(Increase)/Decrease in Debtors (79,748) (16,164)
Increase/(Decrease) inCreditors 74,708 7,333
Realised gain on investments 71,421 (824,829
Unrealised gainon investments 644,301 572,698
Net Cash Provided by Operating Activities s (156,728) (97,078)
====== ======
Analysis of Cash and Cash Equivalents
Cash at bank
 249,974 138.511
Cash heldbyinvestmentmanager 141,493 270,083
390.967 408,594
====== ======

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The Royal Regiment Of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2024

1. Accounting policies

(a) Accounting basis

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at fair value and in accordance with Financial Reporting Standard 102 ( “FRS 102”) –The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ FRS 102 as revised in 2020 ( “ the SORP”) together with the Charities Act 2011.

Having reviewed the activities and performance of the charity the trustees have reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they have adopted the going concern basis in the preparation of these financial statements as outlined in the Statement of Trustees’ Responsibilities.

(b) Unrestricted funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are those to be used for specified purposes as laid down by the donor.

Tangible fixed assets for use by the Charity are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life on the following basis:

Voluntary income and donations are accounted for on a receivable basis by the charity. The value of services provided by volunteers has not been included. Legacies are accounted for on a receivable basis when there is adequate certainty of receipt and value.

Income receivable under gift aid is included in the financial statements after including recoverable taxation.

Grant income is recognised on a receivable basis when the granting organisation is committed to payment.

(h) Resources Expended

Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income. Grants payable are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

Office costs comprise costs for processing grants and applications, including support to actual and potential applicants.

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity.

(i) Financial Instruments

Quoted Investments are financial instruments stated at market value. Realised and unrealised gains and losses are dealt with in the Statement of Financial Activities. Investment income plus associated tax recoverable is credited to income on an accruals basis.

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The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2024

2.


Donations, grants and similar incoming resources
Subscriptions
Donations ( restricted)
Donations ( unrestricted )
 2024
£

58,691
700
28,685
___
88,076
======		 2023
£
62,861
4,000
19.618
___
88.949
======

Donation in Kind

There was no charge for administration and other services provided by the Assistant Regimental Secretary and his 2 assistants. The estimated value of this donation in kind during the year was £12,000 (2023 - £12,000).

Legacies

In 2023, legacies of £181,559 from the Estate of Dorothy Lonsdale Deceased Will Trust were left to The Lancashire Fusiliers Compassionate Fund. The Lancashire Fusiliers Compassionate Fund is now part of the Royal Regiment of Fusiliers Fusiliers’ Aid Society. The Trustees of the Royal Regiment of Fusiliers Fusiliers’ Aid Society have allocated this income to restricted income in 2023 pending legal opinion that the funds can be treated as unrestricted. The legal opinion is still awaited, and the funds remain restricted in 2024.

3.
Investment income
Bank deposit interest
Interest on Fund Manager’s deposits
Investment income from quoted investments

4.
Cost of generating funds
Property expenses
Fundraising costs
Fund management charges
5
Charitable activities- Grants and other costs
Grant payable to individuals and others
Donations to charities and others		 2024
£
844
9,311
197,931
_
208,086
======
6,642
1,331
(12,813)
_
4,840
___
313,868
48,397		 2023
£
1,706
10,303
195,134
_
207,143
======
19,568
1,255
(11,301)
_
9,522
___
184,455
42,360

Grants payable during the year included those to members of the Regimental family to relieve hardship, welfare assistance and for help with dealing with mental health issues. It also includes special heritage grants of £141894

Page | 14

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31 December 2024

6.
Office costs
2024
2023
£
£
Governance costs (note 7)
2,130
1,980
Accountancy fees
2,805
1,860
Depreciation
492
621
Bank charges
51
138
Travelling
7,662
11,045
Entertaining
5,171
5,646
IT support
6,248
5,474
Other
115
-
_
_
24,674
26,764
======
======
7.
Governance Costs
Audit fees
2,130
1,980
======
======
8.
Fixed asset investments
Market value at beginning of year
7,431,497 7,067,953
Net cost of acquisition
5,645
1,895,817
Disposals in year
(180,000)
(1,864,404)
Realised gain
71,421
824,829
Unrealised gain/(loss0
644,301
(492,698)
_
_
Market value at end of year of financial assets measured at fair value
through the Income and Expenditure account
7,972,864 7,431,497
Cash held by fund manager
141,493
270,083
__
__
8,114,357 7,701,580
=======
=======
Historic cost of investments
4,996,453 4,957,893
=======
=======
Market Value of Investments at 31 December 2024
Sarasin Endowments Fund Class A Inc 3,005,907 Units (2023 – 4,718,901 Units)
5,936,220 5,582,460
Sarasin Growth Fund - A Inc 1,849,053 Units (2023 – 1,936,569 Units)
2,036,644 1,849,037
_
___
7
,972,864
7,431,497
9.
Tangible fixed assets
Computer Software & Equipment		 6.
Office costs
2024
2023
£
£
Governance costs (note 7)
2,130
1,980
Accountancy fees
2,805
1,860
Depreciation
492
621
Bank charges
51
138
Travelling
7,662
11,045
Entertaining
5,171
5,646
IT support
6,248
5,474
Other
115
-
_
_
24,674
26,764
======
======
7.
Governance Costs
Audit fees
2,130
1,980
======
======
8.
Fixed asset investments
Market value at beginning of year
7,431,497 7,067,953
Net cost of acquisition
5,645
1,895,817
Disposals in year
(180,000)
(1,864,404)
Realised gain
71,421
824,829
Unrealised gain/(loss0
644,301
(492,698)
_
_
Market value at end of year of financial assets measured at fair value
through the Income and Expenditure account
7,972,864 7,431,497
Cash held by fund manager
141,493
270,083
__
__
8,114,357 7,701,580
=======
=======
Historic cost of investments
4,996,453 4,957,893
=======
=======
Market Value of Investments at 31 December 2024
Sarasin Endowments Fund Class A Inc 3,005,907 Units (2023 – 4,718,901 Units)
5,936,220 5,582,460
Sarasin Growth Fund - A Inc 1,849,053 Units (2023 – 1,936,569 Units)
2,036,644 1,849,037
_
___
7
,972,864
7,431,497
9.
Tangible fixed assets
Computer Software & Equipment
Cost:
At 1 January2024 & 31 December 2024 16,494
Depreciation:
At 1 January2024 15,672
Charge for year
At 31 December 2024		 492
16,164
Net Book Value:
At 31 December 2024 330
At 31 December 2023 822

Page | 15

Page | 16

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements For the year ended 31 December 2024

10. Debtors 2024 2023
£ £
Taxation reclaimable on gift aid income 602 2,409
Other debtors 33,985 23,918
Deposit for refurbishment of Kitchen and bar area in 2025 72,000 -
___
___
106,587 26,237
___
___
11 Cash at bank and in hand
Bank deposit, current accounts and cash in hand 249,474 138,511
====== ======
12. Creditors:amounts falling due within one year
Accruals 93,770 17,512
Other creditors - 1,350
93
,770		 18,862
13. Trustees’ remuneration
No Trustees received remuneration or reimbursement of expense in 2024 (2023-
Nil
14. Related party transactions
During the year 80% of the One Day Pay donations receivable have been donated to the Fusiliers’ Fund, a total of
£47,030 (2023 -£50,289).
15. Investment Property

The Charity purchased the long leasehold on 23 Jacana Court, The City Quay, St Katherine Docks, London E1 in June 2006. The total purchase cost amounted to £648,997.

In the opinion of the Trustees and on the basis of similar properties currently marketed in the area the estimated market value of the property at 31 December 2024 amounted to £1,200,000 (2023 - £1,200,000).

16.Restricted Funds
RRF Memorial at The National Arboretum
At beginning of year
Received during year
Payments during year

Balance at end of year
Livery companies for Mental Health work
At beginning of year
Received during year
Payments during year

Balance at end of year
Grant from AFCTF for Infantry Connect
At beginning of year
Received during year
Payments during year
_
Balance at end of year		 2024

-
-
-
_
-
4,300
4,000
_
300
-
-
-
__		 2023
6,892
-
(6,892)
_
-
4,000
(4,000)
_
-
739
1,750
(2,489)
___
-

Balance at end of year

Page | 17

The Royal Regiment of Fusiliers Fusiliers’ Aid Society

Notes to the Financial Statements

For the year ended 31 December 2024

Grant from AFCTF for Fusilier Infantry
Received during year
Payments during year
_
Balance at end of year
===
Legacy from the Estate of Dorothy Lonsdale Deceased Will Trust
At beginning of year
_
Balance at end of year
===
Total Restricted Funds
===		 2024
2023
56,000
14,000
(56,000)
(12,488)
__
_
-
1,512
===
======
181,559
181,559
__
_
181,559
181,559
===
======
183,371
183,071
===
======

Page | 18