THE ROYAL IRISH REGIMENT BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2025|2024|
|Notes|£|£|£|£|
|Income|from:|
|Donations|and|legacies|5|89,598|561,418|651,016|1,205,322|
|Charitable|activities|3|2,353|-|2,353|3|
|Investments|4|516,459|-|516,459|399,973|
|Total|income|608,410|561,418|1,169,828|1,605,298|
|Expenditure|on:|
|Raising|funds|6|33,712|-|33,712|32,396|
|Charitable|activities|7|590,028|109,824|699,852|725,338|
|Other|12|7,166|-|7,166|6,621|
|Total|resources|expended|630,906|109,824|740,730|764,355|
|Net|gains|on|investments|14|(372,175)|-|(372,175)|201,171|
|Net|(outgoing)/incoming|resources|before|
|transfers|(394,671)|451,594|56,923|1,042,114|
|Gross|transfers|between|funds|451,594|(451,594)|-|-|
|Net|income|for|the|year/|
|Net|movement|in|funds|56,923|-|56,923|1,042,114|
|Fund|balances|at|1|April|2024|9,602,154|900|9,603,054|8,560,940|
|Fund|balances|at|31|March|2025|9,659,077|900|9,659,977|9,603,054|
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
~~-~~ 12 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources ~~.~~ The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant ~~.~~ Actual results may differ from these estimates ~~.~~
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods ~~.~~
2 Accounting policies
Royal Irish Benevolent Fund is an unincorporated charity registered with the Charity Commission of Northern Ireland. Its registered charity number is NIC100517 ~~.~~
2.1. Accounting convention
The accounts comply with the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 Jan 2015) ~~.~~
The accounts have departed from the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 only to the extent required to provide a true and fair view ~~.~~ This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn ~~.~~
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £ ~~.~~
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below ~~.~~
2 ~~.~~ 2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future ~~.~~ Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements ~~.~~
2.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
2 ~~.~~ 4 Incoming resources
Income from charitable activities is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received ~~.~~
~~-~~ 15 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2 Accounting policies
(Continued)
Donations and legacies are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation ~~.~~
Grant income is recognised when there is evidence of entitlement, receipt is probable and the amount can be measured reliably ~~.~~ Evidence of entitlement exists when the formal offer of funding is communicated in writing.
Investment income is measured at the fair value of the consideration received or receivable and represents the return on investments held during the year ~~.~~
2.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably ~~.~~
Benevolence is granted to individuals and institutions upon receipt of an application and approval by trustees ~~.~~
2.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Fixtures and fittings 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The Trustees believe that the building should not be depreciated while renovation works are ongoing ~~.~~ This policy will be reassessed as the building is redeveloped but at present the Trustees feel that this will provide a reliable value of the building at year end.
2.7 Fixed asset investments
Investments
Investments are included at market value at the balance sheet date. All gains and losses on investments are reflected in the Statement of Financial Activities as they arise and are seperated between realised and unrealised gains and losses ~~.~~
Realised gains and losses on investments are the aggregate of the difference between sales proceeds and opening market value (or cost if purchased during the year) ~~.~~ Unrealised gains and losses represent the movement in market value during the year ~~.~~
2 ~~.~~ 8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
~~-~~ 16 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
2 Accounting policies
(Continued)
2.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shor ~~t-~~ term liquid investments with original maturities of three months or less, and bank overdrafts ~~.~~ Bank overdrafts are shown within borrowings in current liabilities ~~.~~
2 ~~.~~ 10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument ~~.~~
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest ~~.~~ Financial liabilities classified as payable within one year are not amortised ~~.~~
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method ~~.~~
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non ~~-c~~ urrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method ~~.~~
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled ~~.~~
3 Income from charitable activities
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Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising income 2,353 3
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THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Income from investments
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Income|from|listed|investments|515,575|399,491|
|Interest|receivable|884|482|
|516,459|399,973|
|Donations|and|legacies|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2025|2024|
|£|£|£|£|
|Donations|and|gifts|65,755|473,812|539,567|960,648|
|Grants|Received|23,843|87,606|111,449|244,674|
|89,598|561,418|651,016|1,205,322|
|For|the|year|ended|31|March|2024|132,714|1,072,608|1,205,322|
|Grants|receivable|for|core|activities|
|Army|Museum|Ogilby|Trust|-|13,139|13,139|83,904|
|Ministry|of|Defence|-|66,822|66,822|119,101|
|Royal|Ulster|Rifles|Association|23,843|-|23,843|33,162|
|Royal|Irish|Rangers|Association|-|-|-|500|
|Department|of|Finance|&|Communities|-|7,645|7,645|7,007|
|ABF|-|-|-|1,000|
|23,843|87,606|111,449|244,674|
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5 Donations and legacies
6 Expenditure on raising funds
Investment management
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|||
|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|33,712|32,396|
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~~-~~ 18 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
7 Charitable activities
8
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Event|Costs|127,551|98,682|
|Wages|258,217|239,836|
|Management|Meeting|Expenses|3,265|1,642|
|Travel|5,289|8,055|
|Depreciation|5,399|4,813|
|Professional|Fees|47|-|
|Repairs|6,520|5,862|
|Light|&|Heat|14,911|17,805|
|Other|Support|Costs|28,691|11,819|
|449,890|388,514|
|Grant|funding|of|activities|(see|note|10)|249,962|336,824|
|699,852|725,338|
|Net|movement|in|funds|2025|2024|
|£|£|
|The|net|movement|in|funds|is|stated|after|charging/(crediting):|
|Fees|payable|for|the|audit|of the|charity's|financial|statements|7,166|6,621|
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9 Trustees
Two Trustees were paid by Ministry of Defence as their work encompasses management of a few charities ~~.~~
10 Grants payable
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||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Grants|to|institutions|120,726|195,120|
|Grants|to|individuals|129,236|141,704|
|249,962|336,824|
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~~-~~ 19 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
15 Tangible fixed assets
| Freehold land | Freehold land | Fixtures and | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| and buildings | fittings | ||||||||||||||
| £ | £ | £ | |||||||||||||
| Cost | |||||||||||||||
| At 1 | April 2024 | 3,964,330 | 26,043 | 3,990,373 | |||||||||||
| Additions | 452,548 | 2,943 | 455,491 | ||||||||||||
| At 31 | March 2025 | 4,416,878 | 28,986 | 4,445,864 | |||||||||||
| Depreciation and impairment | |||||||||||||||
| At 1 | April 2024 | 84,742 | 14,731 | 99,473 | |||||||||||
| Depreciation charged in the year | ~~-~~ | 5,399 | 5,399 | ||||||||||||
| At 31 | March 2025 | 84,742 | 20,130 | 104,872 | |||||||||||
| Carrying | amount | ||||||||||||||
| At 31 | March 2025 | 4,332,136 | 8,856 | 4,340,992 | |||||||||||
| At31 | March2024 | 3,879,588 | 11,312 | 3,890,900 |
The trustees have agreed that as the renovation work is ongoing there should be no depreciation charged to the accounts as the value of the building is likely to increase ~~.~~
16 Debtors
| Debtors | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amounts falling due within one year: £ |
£ | ||||||
| Otherdebtors | 31,250 | 107,744 |
~~-~~ 21 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
18 Creditors: amounts falling due within one year
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Other taxation and social security | 4,934 | 4,868 | ||||||
| Other creditors | 15,168 | 49 394 | ||||||
| Accruals and deferred income | 8,630 | 8,290 | ||||||
| 28,732 | 62,552 |
19 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used ~~.~~
| At | 1 | April | Incoming Resources |
Incoming Resources |
Incoming Resources |
Transfers | At | 31 | March | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | resources expended |
2025 | |||||||||||
| £ | £ £ |
£ | £ | ||||||||||
| 900 | 561,418 (109,824) |
(451,594) | 900 | ||||||||||
| Previous | year: | At | 1 | April | Incoming Resources |
Transfers | At | 31 | March | ||||
| 2023 | resources expended |
2024 | |||||||||||
| £ | £ £ |
£ | £ | ||||||||||
| 900 | 1,072,608 (178,212) |
(894,396) | 900 |
20 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used ~~.~~ These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes ~~.~~
| At 1 April | Incoming Resources |
Incoming Resources |
Incoming Resources |
Transfers | Gains and | Gains and | Gains and | At 31 March | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | resources expended |
losses | 2025 | ||||||||
| £ | £ £ |
£ | £ | £ | |||||||
| General funds | 9,602,154 | 608,410 (630,906) |
451,594 | (372,175) | 9,659,077 | ||||||
| Previous year: At 1 April |
Incoming Resources |
Transfers | Gains and | At 31 March | |||||||
| 2023 | resources expended |
losses | 2024 | ||||||||
| £ | £ £ |
£ | £ | £ | |||||||
| Generalfunds | 8,560,040 | 532,690 (586,143) |
894,396 | 201,171 | 9,602,154 |
~~-~~ 22 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 21 | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | = Analysis of net | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | assets between funds | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||||||||||||||||||||||||||||
| funds | funds | funds | funds | |||||||||||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||||||||||
| £ | £ | £ | £ | £ | £ | |||||||||||||||||||||||||||||
| Fund | balances | at 31 | ||||||||||||||||||||||||||||||||
| March 2025 are | ||||||||||||||||||||||||||||||||||
| represented by: | ||||||||||||||||||||||||||||||||||
| Tangible | assets | 4,340,992 | ~~-~~ | 4,340,992 | 3,890,900 | ~~-~~ | 3,890,900 | |||||||||||||||||||||||||||
| Investments | 5,200,414 | ~~-~~ | 5,200,414 | 5,447,206 | ~~-~~ | 5,447,206 | ||||||||||||||||||||||||||||
| Current | assets/(liabilities) | 117,671 | 900 | 118,571 | 264,048 | 900 | 264,948 | |||||||||||||||||||||||||||
| 9,659,077 | 900 | 9,659,977 | 9,602,154 | 900 | = 9,603,054 | |||||||||||||||||||||||||||||
| 22 | Capital | commitments | 2025 | 2024 | ||||||||||||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||||||||||||
| Amounts contracted | for but not provided in the financial statements: | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||||||||||||
| Acquisitionofproperty,plantandequipment | 528,714 | 981,262 |
23 Auditors Remuneration
Auditors remuneration was £7,166 (£6,621, 2024) ~~.~~
24 Movement in Funds
| Incoming Resources |
Incoming Resources |
Incoming Resources |
Investment | Investment | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | At 01/04/24 | Resources Expended |
Gains/Losses_ | Transfers | At 31/03/25 | |||||
| £ | £ £ |
£ | £ | £ | ||||||
| Unrestricted | 9,602,154 | 608,410 (630,906) |
(372,175) | 451,594 | 9,659,077 | |||||
| Restricted | 900 | 561,418 (109,824) |
~~-~~ | (451,594) | 900 | |||||
| 9,603,054 | 1,169,828 (740,730) |
(372,175) | ~~-~~ | 9,659,977 |
~~-~~ 23 ~~-~~
THE ROYAL IRISH REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
25 Related Party Transactions
The trustees of Royal Irish Benevolent Fund are also trustees of Royal Irish Regiment Charity ~~.~~
Members of the Royal Irish Benevolent Fund who are also members of the Royal Irish Regimental Charity, and their dependents, can be entitled to financial assistance from both the Royal Irish benevolent Fund and the Royal Irish Regimental Charity.
In those cases the Royal Irish Regimental Charity make the total payment for financial assistance and are reimbursed by the Royal Irish Regiment Benevolent Fund for financial assistance due by the fund.
Former members of the Ulster Defence Regiment, who were also members off the Royal Irish Regiment, and their dependents, can be entitled to financial assistance from both the Ulster Defence Regiment Benevolent Fund and the Royal Irish Regiment Benevolent Fund. In those cases the Ulster Defence Regiment Benevolent Fund make the total payment for financial assistance and are reimbursed by Royal Irish Regiment Benevolent Fund for the financial assistance due by that Fund ~~.~~
During the year capital works of £451,594 were paid for by The Royal Irish Regimental Charity ~~.~~ This has been shown as a donation to Royal Irish Benevolent Fund and capitalised as part of the building cost. Royal Irish Regiment Charity also paid for Building repairs of £231 as well as paying for wages worth £21,987 on behalf of Royal Irish Regiment Benevolent ~~.~~ These were both also treated as donations received in Royal Irish Regiment Benevolent accounts.
There was also a rebalancing grant included as a creditor of £14,358 which is expected to be paid to the Royal Irish Regimental Charity ~~.~~
26 Remuneration of Key Management Personnel
~~-~~ 24 ~~-~~