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Charity Registration Number: 274689

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

REPORT OF THE TRUSTEES

AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

	Page
Company Information	1
Annual Report of the Trustees	2 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Cash Flow Statement	8
Notes to the Financial Statements	9 to 11

1st The Queen's Dragoon Guards Regimental Trust

Legal and Administrative Information

Charity registration number: 274689

Trustees: AFJ Roe Chairman PJ Andrews OBE M Ashley-Miller JD Beatson-Hird AS Richmond OBE (Ex-Of DA Warner TR Wilson OBE

Regimental Secretary MI Hawtin Trust Secretary HB Searle Registered Office QDG Home Headquarters Maindy Barracks Whitchurch Road Cardiff CF14 3YE Accountants Tester Accountancy & Bookkeeping Ltd Chartered Accountants 34, Fairoak Road Cardiff CF24 4PY Bankers Lloyds Banking Group PLC City Road Cardiff

Page 1

1[st] The Queen’s Dragoon Guards Regimental Trust Report of the Trustees for Year Ending 31[st] March 2025

The Trustees present their annual report along with the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the requirements of the Charities Act 2011 and the Trust Deed.

Trustees

The Trustees are listed on page 1 of these accounts.

The Charity is run by a board of Trustees consisting of not less than four, one of whom shall be the officer or the time being holding the appointment as The Colonel of the Regiment. The existing body of Trustees appoints new Trustees. Trustees meet not less than twice a year at appropriate intervals.

Constitution

1[st] The Queen’s Dragoon Guards Regimental Trust (QDG Trust) was constituted as an unincorporated association by Deed of Settlement dated 31 October 1977. A revised Trust Deed was executed on 24[th] October 2016.

Charitable Objects

The Objects of the Charity are as follows:

To promote the efficiency of the Regiment;
The relief in need (by making provision for their assistance) of all past and present members of The Regiment or its predecessors and also the wives, widows (whether or not remarried), issue or dependents of such members who are in conditions of need, hardship or distress; and
For the advancement of education in respect of the Regiment and its history.

‘The Regiment’ means the 1[st] The Queen’s Dragoon Guards or any regular unit of the Army within which it may be included or with which it may be joined at any time and its ‘predecessors’, the former regiments known as the 1[st] King’s Dragoon Guards and The Queen’s Bays (2nd Dragoon Guards).

Public Benefit

Significant activities that were undertaken during the year that demonstrate public benefit are set out in the following section. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Charitable Activities During the Year

Charitable activities during the year include the following:

A grant was made to the QDG Regiment to support regimental retention, satisfaction and unity. Use of the grant included sports participation for all ranks and ‘lived experiences’ for those on Operations. Regimental cohesion days around Christmas and St David’s Day were made possible by the provision of the Charity. Christmas hampers were sent to all members of the Squadron stationed abroad over the holiday and their next of kin.

Hardship grants were provided to a number of widows and former QDGs throughout the year. The amount per grant has increased from previous years in line with increased expenses.

The Regimental Comrades Association (an association of the Charity) introduced new geographical branches and saw an increase in membership numbers. An annual reunion connects comrades of all branches together and registered attendance at this event during the year was 100 persons. Individual branch events included battlefield tours pertinent to regimental history, visits to the Firing Line regimental museum to coincide with Regimental Squadron visits (promoting inter-generational links) and dinner nights for regimental comrades with foci on particular battle honours.

Page 2

In collaboration with the QDG Heritage Trust (registered charity number 273874) the Charity enabled the preservation and conservation of approximately fifteen original artworks based at Robertson Barracks with the serving Regiment, for the purposes of regimental pride and the promotion of its history.

Regimental journals were published and made available to all comrades upon request. The Regimental history book project continues with the author formally updating the Trustees on progress in the autumn and remaining in contact throughout the year with the Colonel of the Regiment.

The Future

The Charity will continue with its grant provisions to the serving Regiment, regimental comrades and their dependents in the same manner as during the financial year 2024-2025. In addition, the Charity will support a Regimental celebration in June 2025, planned by the Regiment for relief and morale purposes.

Financial Review

The net expenditure, before accounting for realized gains or losses on the revaluation of investments, was £9,008 (2024: surplus £39,077). The net expenditure after revaluations of investments is £111,899 (2024: surplus £82,651). At the end of the year the Charity had total funds of £3,649,722 (2024: £3,761,621), none of which was restricted, including £1,174,463 in Heritage Assets (2024: £1,174,463).

Investment Policy

In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit to support their charitable purposes.

The trustees made a decision to invest some of the charity's funds into a Black Rock Armed Forces Charities Growth & Income Fund. The fund aims to provide a return on investment over a period of 5 or more consecutive years beginning at the point of investment, generated through an increase to the value of the assets held by the Fund and/or income received from those assets. The trustees regularly consider where there is a need to revise this policy with a view to ensuring that the asset management functions will be exercised in the best interest of the company.

Reserves Policy

The Trustees have agreed a reserves and investment policy, which is reviewed annually. The main policy is for the Charity to be able to fund its normal activities through its annual income, which is mostly derived from its investment income and the One Day’s Pay scheme. Additionally, it is the policy of the Charity to maintain a reasonable contingency reserve that is invested for long term growth or for use towards a benevolence call that might result from a significant event.

Risks

The principal risk within the Charity is considered to be the heritage assets loaned to the serving Regiment. There are procedures in place for their audit and maintenance that have been agreed in cooperation with the serving Regiment and in collaboration with the QDG Heritage Trust.

The Trustees are mindful of the uncertainty in the investment market and consider their cash holdings as part of their reserves policy review. The Trustees receive regular updates on their investments from BlackRock and believe the medium risk profile is appropriate. The BlackRock fund maintains an income reserve that has a healthy balance and the Trustees do not consider that there is a material risk to the expected income in the short to medium term.

Over the financial year the BlackRock units under-performed their benchmark. Since the balance sheet date the performance has improved significantly.

There are no long-term grant commitments or other liabilities that might pose a risk to the Charity. No material uncertainties exist relating to events or conditions that may cast significant doubt upon the entity's ability to continue as a going concern.

Page 3

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1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(including Income and Expenditure Account)

FOR THE YEAR ENDED 31 MARCH 2025

2025 Unrestricted Funds £ 29,831 7,137 8,577 -	2025 Unrestricted Funds £ 29,831 7,137 8,577 -	2025 Restricted Funds £ -

	45,545	-
	1,366 93,854	- -
	95,220	-
	22,216 11,861 -	- -
	34,077	-
	174,842	-
	175,065 8,785	- -
	183,850	-
	(9,008) (102,891)	- -
(111,899) 3,761,621
3,649,722

The notes on pages 9 to 11 form part of these financial statements

Page 6

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1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

Reconciliation of net income/(expenditure) to net cash flow from operating activities: Net income/(expenditure) for the year Dividends and interest from investments Losses/(gains) on investments (Increase)/decrease in debtors (Increase)/decrease in shop stock Increase/(decrease) in creditors Net cash flow provided by/(used in) operating activities Cash flow from investing activities: Received from sale of investments Payments to acquire investments Dividends and interest from investments Dividends re-invested Net cash flow provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year Cash and cash equivalents at 31st March consists of: Cash at bank	2025 £ (111,899) (95,220) 102,891 - 3,612 - (100,616) - - 95,220 (17,432) 77,788 (22,828) 168,814 145,986 £ 145,986 £	2024 £ 82,651 (92,688) (43,574) - (4,169) -
		(57,780)
		- - 92,688 (18,836)
		73,852
		16,072 152,742
		168,814 £
		168,814 £

The notes on pages 9 to 11 form part of these financial statements

Page 8

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 General information and basis of preparation of financial statements

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard, applicable in the UK and Republic of Ireland (SORP: FRS 102), issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015.

The financial statements are prepared on a going concern basis and under the historical cost convention, as modified by the inclusion of investments at market value. The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented.

1.2 Funds

Income and expenditure are included in the financial statements on an accruals basis. Restricted funds comprise of donations that have been received for specific purposes or have been subject to specific conditions imposed by the donor. Unrestricted funds may be used at the discretion of the Trustees in furtherance of the general objectives of the charity.

1.3 Heritage assets

A collection of heritage assets, consisting of Regimental paintings, silver and other artefacts, on display at the Officers' Mess of the Regiment, was donated to the Regimental Trust on 18 January 2013. Those of the Warrant Officers' and Sergeants' Mess were similarly donated on 21 May 2019 and the Corporals' Mess on 11 December 2020. It is expected that additions will be a regular occurrence. The insurance value has been used for the acquisition and the Trustees are of the

opinion that these heritage assets have indefinite lives and therefore no depreciation is provided on them The Trustees review the value of the heritage assets where there is evidence of impairment. Where items are bought for collection, they are valued at cost, where applicable.

1.5 Investments

Investments, managed by BlackRock, have been valued at market price by the Fund Managers and and are shown in the Balance Sheet at this value. Changes in market value are recognised as gains or losses in the Statement of Financial Activities.

1.6 Restricted Funds

Funds are restricted funds if they are to be reserved for expenditure for specified purposes.

Page 9

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2 3 4	EXPENDITURE ON CHARITABLE ACTIVITIES: Grant to 1st The Queen's Dragoon Guards: Principal Grant to the Regiment for the year Incidental additional grants to the Regiment Total grant to the Regiment for the year Benevolent grants, wreaths and funeral costs paid Expenditure on veterans' events, special occasions etc Christmas hampers Advertising & Sponsorships Regimental Journals Donations Mess Fund contribution Maintenance of Heritage assets Cost of shop sales Governance costs: Accountancy fees Independent Examiner's fees Trust Secretary's Honorarium Regimental Secretary's Honorarium TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES OTHER EXPENDITURE Subscriptions Postage & I.T. Internet QDG Connect Bank charges Sundry expenditure TOTAL OTHER EXPENDITURE HERITAGE ASSETS At valuation/cost (see note 1.3 on page 8) At start of year Purchased in year At end of year	2025 2024 £ £ 70,300 53,370 - -
		70,300 53,370 14,538 16,737 17,778 22,304 9,024 11,460 600 370 13,400 9,610 180 300 600 600 30,514 12,043 10,881 4,680 1,625 1,625 625 625 1,500 - 3,500 2,750
		175,065 £ 136,474 £
		2025 2024 £ £ 370 370 3,071 2,688 335 318 - 7,000 (65) 172 5,074 4,281
		8,785 £ 14,829 £
		2025 2024 £ £ 1,174,463 1,174,463 - -
		1,174,463 £ 1,174,463 £

Page 10

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5 INVESTMENTS

BlackRock Armed Forces Charities Growth and Income Fund:

Account Number 0004386436: Income units Market Value at start of the year Purchases Increase/(decrease) in value Account Number 0004387522: Accumulation units Market Value at start of the year Accumulated distributions Increase/(decrease) in value Total Market Value at 31 March	2025 2024 Units £ £ 849,133.022 1,876,741 1,842,965 - - (83,089) 33,776
	849,133.022 1,793,652 1,876,741
	109,663.190 503,932 475,298 17,432 18,836 (19,802) 9,798
	109,663.190 501,562 503,932
	2,295,214 £ 2,380,673 £

6 TRUTEES REMUNERATION AND BENEFITS

There was no Trustees' remuneration or benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Page 11

2025-03-31-accounts

Charity Registration Number: 274689

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

REPORT OF THE TRUSTEES

AND FINANCIAL STATEMENTS

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

CONTENTS

1st The Queen's Dragoon Guards Regimental Trust

Legal and Administrative Information

1[st] The Queen’s Dragoon Guards Regimental Trust Report of the Trustees for Year Ending 31[st] March 2025

Trustees

Constitution

Charitable Objects

Public Benefit

Charitable Activities During the Year

The Future

Financial Review

Investment Policy

Reserves Policy

Risks

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1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(including Income and Expenditure Account)

FOR THE YEAR ENDED 31 MARCH 2025

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1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 General information and basis of preparation of financial statements

1.2 Funds

1.3 Heritage assets

1.5 Investments

1.6 Restricted Funds

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1ST THE QUEEN'S DRAGOON GUARDS REGIMENTAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5 INVESTMENTS

BlackRock Armed Forces Charities Growth and Income Fund:

6 TRUTEES REMUNERATION AND BENEFITS

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