THE ULSTER DEFENCE REGIMENT
BENEVOLENT FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH 2023
Charlty Reglstration Number: NIC 107024

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
CONTENTS
Page
Report of the Board of Trustees
Independent auditors, report to the Trustees
8-12
Statement of financial aciivities
13
Balance sheet
14
C(ish Flow Stiitement
15
Noteii on the financial sldtements
16-28

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2023
The Board of Trustees present their report and financial statements of the Fund for the year ended 31
March 2023.
51
The financial statements have been prepared in accordance with ihc accounting policies set out in
notc5 to the financial statements and comply with the Fund's governing document, the Charilies Act
(Norihern Ireland) 2(K)8, the Charities Act (Northern Ireland) 2013, the Charities (Accounts and
Reports) Regulations (Northern Ireland) 2015, Accounting and Reporting by Charities: Statement of
Recommended Practice applicable lo charities preparing their accounts in accordance with ihe
Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019,
the Financial Reporiing Standard applicable in the UK and Republic of Ireland (FRS 102) and UK
Generally Accepted Accounting Practice.
CONSTITUTION
The Ulster Defcnce Regiment Benevolent Fund was founded in 1972 under Charitable Trusi, m05t
recently revised in 2017, its puiyose being helping and a5SiSting the fin<incial needs and affording
support to the benefit of members of and former members of the Ulster Defence Regimeni and their
dependants as set out in ihe Tru.st Deed. The Fund 1% recognised for charitable purposes by HM
Ih
Revenue & Customs and registered with The Charity Commission for Northern Irel(ind on I l July
2018. Further information on the Fund and the members of the Board of Trustee8 can be obt¢iined
from the Secretury at the registered office addreS4i
CHARITY ADMINISTRATIVE AND REFERENCE DETAILS
Charity name
Charlty registration number
HMRC reference
The Ulster Defence Regimenl Benevoleni Fund
NIC107024
XN48435
Registered oifice
Trustees
Anderson House. P4ilace Barracks, Holywood, BT18 9QA
The charity commission has accepled a requesi from the
trustees for their personal details io be withheld. There were 14
trustees, who served during the year.
Mr B Kennedy (delegated day to day management of the Fund)
Julius Baer International Limited, I St Martins,
Le Grand, London, EC IA 4AS
Secretary
Investment managers
Quilter Cheviot Limited, Montgotnery House,
29133 Montgomery Sireet, Belfast, BTI 4NX
GMCG Belfast, Alfred House, 19 Alfred Street,Belfast,BT2 8EQ
Danske Bank, Donegall Square West, Belfast, BTI 6JS
Edwards & Company, 28 Hill Street, Belfast, BTI 2LA
Auditor
Banker5
Solicitors
Page I

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure and related parties
Responsibility for the activities of ihe Fund is vested in and carried out by a Board of Trustees which
meets at intervals throughout the year.
The Board of Truslees consists of elected members. Trustees are appointed or are eligible for re-
appointment immediately following the completion of their term of office at a General Meeting of the
Fund for a term of four years. The number of irustees shall consist of not more than fifteen.
The Chairman of the Board of Trustees is appointed annually at a General Meeting of the Fund.
Recruitment, appointment, inductlon and training
The Board of TrLlStees have been involved in the Fund for a number of years and so are familiar with
its work. The iru.stees regul¢irly review the requirements of the Fund and the possibility of il need for
additional tru8iee.s. Any new trustees would be elected by the Board of Trustees. Appropriate training
and induction ill Kivailable to all trustees.
INVESTMENT POWERS AND POLICY
Under ihe ti'ust deed, Ihe trLlStees have iinreslricted investment powers, and may invest ai iheir
ab.solute discrelion. The Iru.qtees have appointed two independent investment managers, who have
discretionary powers, with a mandate which is reviewed on a quarterly bJsi.s, to maintain and grow
income, with a moderate risk profile.
OBJECTIVES AND ACTIVITES
The Ulster Defence Regiment Benevolent Fund exists lo provide assistance to those former members
of The Ulster tkfence Regiment and the extended Ulster Defence Regiment family who are in need of
support as a consequence of poverty caused by sickness, disability, accident, infirmity, social
exclusion OT Other adversity through the provi.sion of griints and respite support.
PUBLIC BENEFIT STATEMENT
The trustees of The Ulster Defence Regiment Benevolent Fund confirni that they have had due regard
for the ouidance on Public Benefit by the Chariiy Commission for Northern Ireland and are pleased to
report (hat during the year the charity has continued to provide Public Benefits.
PUBLIC BENEFIT
The trustees believe that the Fund provides the following public benefits in supporting those former
members of the Ulster Defence Regiment and their dependants who are in need:
I, The relief of poverty or assisting those in need by reason of aLTe, ill health, disability, financial
hardship or other disadvantage.
Page 2

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
PUBLIC BENEFIT (coiitinued)
The Ulster Defence Regiment Benevolent Fund meets this puryose through the provision of
granis or other assistance, both financial and through the provision of goods and respite
support. The provision of this assistance has enabled the Fund to help lift its beneficiaiies out
of a potential poverty trap by alleviating some of the financial difficulties that they face, for
example where statutory benefits do not cover what is required, where a beneficiary has
special needs or a neurological, psychological or physical disability or where a beneficiary is
facing homelessness or poverty as a result of a debt.
2. The advancement of human rights, conflict iesolution or ￿concl11aÈI0n.
The Ulster Defence Regiment Benevolent Fund provide.s support to its beneficiarie.s in
relieving social exclusion (due to poveriy. financial or otherwise, by being a member of the
Regiment oi. a widow, widower, dependant or family member of such member) by providing
them with the opportunity to meet wilh other victims lind survivors of the 'Troubles' in
Northern Irel¢ind and of oiher conflicts. The direct benefit.s which flow from ihis purpose
include an opporiunity for victims and .survivor.s io avoid the poverty tr&iP caused by Socidl
exclusion and illl other hardships (financial or otherwise) Ihat flow from .such social excliision,
to refleci upon and share iheir experiences lind to be8in lo come to terms with their
involvement in .such conflicts and the %ocial, politlcdl and fin¢incial consequence5 relating
thereio. In turn, this promoies healing and reconciliation among the beneficiaries and socieiy
as a whole. The 'poverty exccption, applie% in ihis case. the Fund seeks to relieve poverty in a
number of circumstances and ihis is regarded as being for ihe public benefit even where ihere
is a restricted or smuller potential group of beneficiaries. There is no harm arising from any of
the purposes. The charity's beneficiaries are those former member8 of the Ulster Defence
Regiment or members or former members of the Roy(il Irish Regiment who are serving or have
served on a similar limited commilment of service ils the members of the Ulster Defence
Regiment ("Homc Service Conditions of Service") and their widows, widowers. dependants and
families who are in need.
There may be a private benefit flowing from the purposes, which is incidental and necessary in the
circumstances. where a trustee may have been a servino member of the Regiment in hislher past who
may find himlherself in necessitous circumstiinces because of social or financial reasons.
The trustees are fully aware of the guidclines cominu from The Charity Commission for Northern
Ireland. They believe they are operating entirely within those guidelines which have been released so
far and look forward with confidence to the development of ihe Fund's work in the future.
Page 3

THE ULSTER DEFENCE REGIMENf BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
PUBLIC BENEFIT (continued)
The Ulster Defence Regiment Benevolent Fund meets this purpose through the provision of
grants or other assistance. both financial and through the provision of goods and respite
support. The provision of this assistance has enabled the Fund to help lift its beneficiaries out
of a potential poverty trap by alleviating some of the financial difficulties that they face, for
example where statutory benefits do not cover what is required, where a beneficiary has
special needs or a neurological, psychological or physical disability or where a beneficiary 15
facing homelessness or poverty as a result of a debt.
3. The advancement of human rights, conflict resolution or reconciliation.
The Ulster Defence Regiment Benevolent Fund provides support to its bencficiaries in
relieving social exclusion (due to poverly, financial or otherwise, by being d member of the
Regiment or a widow, widower, dependant or family member of such metnbei) by providing
them with the opportunity to meet with other ViCiim.8 and 8urvivors of the 'Troubles' in
Northern Ireland and of other conflicts. The direct benefits which flow from this purpo.se
include an opportunity for victims und survivors to avoid the poverty trap caused by social
exclusion lind all other hardships (financial or otherwise) that flow from such social exclusion,
to refleci upon and share their experiences and 10 begin io come to terms with their
involvement in %uch conflicts dnd the social, politicdl and financiul con8equenc¢s relating
thereto. In turn, Ihis promotes healing and reconcili4ilion Étmong the beneficidries and society
as a whole. The 'poverty exception, applies in this ca%e' the Fund seeks to relieve poverty in a
number of circumstances (ind thi.s is regarded as being for the public benefit even where there
i.s a I'cstricied or smaller poteniitil group of beneficiaries. There is no harm arising from Éiny of
the pUrpo￿S. The charity's beneficiaries <ire those former members of the Ulsier Defence
Regiment or members or former members of the Royal Irish Regiment who ¢ire serving 01 have
served on a similar limited commitment of service as the members of the Ulster Defence
Regiment ("Home Service Condiiions of Service") and their widows, widower.s. dependants and
families who are in need.
The￿ may be a private benefii flowing from the purposes, which is incidental and necessary in the
circumstances. where a truslee may have been a serving member of the Regiment in his/her past who
may find himlherself in necessitous circumstances because of social or financiiil reasons.
The trustees are fully aware of the guidelines coming from The Charity Commission for Northern
Ireland. They believe they are operaiing entirely within those guidelines which have been released so
far and look forward wilh confidence lo the developtncnt of the Fund's work in the future.
ACHIEVEMENTS AND PERFORMANCE
During the year the Fund undertook numerous welfare activities givino financial help to assist the
needs and afford support to the benefit of former members of the Ulster Defence Regiment and iheir
dependants. The Fund also sponsored numerous respite activities for family groups comprisinLW of
widows, bereaved parents, disabled ex-soldiers and d¢pendants of former members of the Regiment.
During the year, 114 (2022 - 114) applications for benevolence were dealt with, 534 (2022 519)
families benefited from respite in the apartments and 233 (2022 - 221) family or disabled ex-soldiers
groups availed of respite activitie5 durinu the year.
Page 4

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
ACHIEVEMENTS AND PERFORMANCE (continued)
The Fund also extended the Pilot Health Care Scheme for a further year with 604 beneficiaries now
benefiting from the scheme. The overall increase in beneficiary contact during the year was 41fo.
Total income for the period amounted to £309,148 (2022 £268,767) and total expenditure for the
period amounted 10 £514,625 (2022 £456,644). Investments were held by Julius Baer and Quilter
Cheviot as discretionary investment managers and ihere was a loss on investtnents of £646,575 (2022
gain of £405.885) in the year.
The trustees continually review the level of welfare grants given and respite activilies for family
groups comprising of widows, bereaved parents, disabled ex-soldiers and dependants of former
members of Ihe Ulster Defence Regiment in relation to projecied investment income and donations
together with any sury)lus funds. Direct charitable expenditure increased in the year by £60,308 from
£396,413 to £456,721.
The trusiees do not anticipate any .significant increase in the level of grants given in the incoming
yeur.
The iriistee% consider Ihat the Fund is in a S¢ltisfactory position to sustain its chiirit4ible dCtivitie% for
the foreseeable future.
RISK MANAGEMENT
The trustee.s have a.ssessed the major risks to which ihe Fund is exposed, in particular those related to
the operations and finiinces of the Fund, and are satisfied that sysiems are in place to mitigaie an
expo.SLire io major risk.s. In particular, the trustees instruct external accountants io review the
accounting records and prepare interim management (iccounts during the course of the Fin<incial yellr.
The triistees. atlitude to inve.%tment risk is man(Iged through the two professional inve4imeni
mdnagers. Whei'e appropriate; systems or procedure.s have been established io miligate the risks faced
by the Fund.
Internal contiol risks &ire minimised by the implementation of procedures for authorisation of all
transactions and projects. Procedures are in place to en.sure compliance with health and safety of
officers, volunteerg and applicants. These procedures ur¢ periodically reviewed at leasi 4innually to
ensure that they continue to meet the needs of the Fund.
FINANCIAL REVIEW
Details of income and expenditure for the year and of the year end financial position are given on
pages 13 and 14 of the accounts atlached to this report. There was a decrease in the market value of
the Fund's investment portfolio during the year and reserves decreased by £852,052 in 2022123 from
£ 11.200,468 to £10,348,416. The irustees considci the financial position of the Fund as satisfactory in
order to sustain its charitable activities for the foreseeable future.
FUNDING
The principal fundino is from donations and investments.
Page 5

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
FINANCIAL REVIEW (continued)
RESERVES POLICY
Cash and deposii balances are maintained so as to be able to meet expenditure on charitable activities
and other outgoings as they arise. However, thc majority of the Charity's assets are held in investment
funds and in fixed assets used to help fulfil its charitable objectives. The Charity's income is mainly
derived from investment income and the Trustees are aware of the need to minimise the risk that the
Charity cannot meet its obligations by maintaining the value of the charity's underlying investments.
The Charity's obligaiions cannot be reiidily ascertained but the Trustees adopt a reserves policy which
allows free reserves lo be available in any financial year in line with an annual budget sei in advance
of the year. The total unrestricted funds of Ihe charity are £10,348,416 (2022: £11,200,468) which
includes fixed assets of £9,836,237 (2022: £10,360,154) leaving the charity wilh free reserves of
£512,179 (2022: £840.314).
PLANS FOR FUTURE PERIODS
There have been no major changes in ihe year, nor are any envisaged in the foreseeable future.
STATEMFNT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES
The irustees are respon.sible for prepui'ing the Trusiees, Annlial Report and the financial statemenis in
accordiince with applicable law and United Kingdom Accounting Stiind¢irds (United Kingdom
Generally Accepted Accounting Practice).
The law applicable to charities in Northern Ireland requires the trustees to prepare financial siatement.s
for eiich fin<incial year which give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources of the charity for that period. In prep<iring ihese
financial statements, the trusiees are required to:
select suitable accounting policies and then dpply them consistently;
observe the methods and principles in the Charities SORP 2019.
make judgements and estimates that are reasonable and prudent.
slate whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in ihe fin&incial statemen18; and
prepare the financial statctnents on the going concern basis unles5 It is inappropriate to
presume ihat the charity will continue in operation.
The trustees are responsible for keeping proper accounting records thai disclose with Teasonable
accuracy at any time the financial posilion of the charity and enable them to ensure ihat the financial
siatemenis comply with the Charities Act (Northern Ireland) 2008, the Chariiies (Accounts and
Reports) Regulations (Northern Ireland) 2015 and the provisions of the trust deed. They are also
responsible for safeguarding assets of the charity and hence for iaking reasonable steps for the
p￿Vention and detection of fraud and other irregularities.
Page 6

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (contsnueif)
FOR THE YEAR ENDED 31ST MARCH 2023
STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES (continued)
The trustees are responsible for the maintenance and integrily of the charity and financial information
included on the charity's website. Legislation in the United Kingdom governing ihe preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
AUDITOR
GMCG Belfast offer themselves for re-appointment as auditor for the ensuing year.
Signed on behalf of the trustees
Chairman
Dale: 31" October 2023
Page 7

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
YEAR ENDED 31ST MARCH 2023
HARTERED ACCOUNTANTS
OplnioD
We have auditcd the financial statements of The Ulster Dcfence Regiment Benevolent Fund for the
year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet,
Cash Flow Statement and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
st
In our opinion the financial statements:
give a true and fair view of the state of the Fund's affairs as at 31$1 March 2023, and of its
incoming resources and expenditure of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the Charities Act (Northern Ireland) 2008.
Basis of our 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 de￿ribed in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of
the Fund in accordance with the ethica) requirements that ar¢ relevant to our audit of the financial
slatements in the UK, including FRC'S Ethical Standard. and the provisions available for small
entities, in the circumstances set out in note 21 to the financial statements, and we have fulfilled our
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
hav¢ obtained is suificient and appropriate to provide a basis for our opinion.
Conclusions relatlng to going CODeern
In auditing the financial statement5. we have concluded that the trustees, usc of the going concern
basis of accounting in the preparation of th¢ financial SLqt¢ments is appropriate.
Based on the work we have p¢rfornied, we have not id¢ntified any material uncertainties relating to
events or conditions that, individually or collectively? may &qst significant doubt on the Fund's ability
to continue as a going concern for a period of at least twelve months from when the financial
statements are authoris¢d for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
Alfred Hou
19 Alfr¢dStreet
BELFAST BT2 8EQ
DX3910 NR Belfast 50
Ceiilury
40 Crescent Busines5 Pai.k
LISBUiiN
BT28 2GN
17 Mandeville Streei
VORTADOWN
CroigJvon
BT62 3PB
Tell +44 (0)28 9031 1113
Fox: +44 (0)28 9031 0
Tel: +44 {f))28 9260 7355
Fax: +4410)28 9260 1656
Tel: +44 (0)28 3833 2801
Fay: *44 (0)28 3835 0293
Page 8
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THE ULSTER DEFENCE REGIMENT BENEVOLKNT FIIND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (conllnued)
YEAR ENDED 31ST MARCH 2023
Other informatlon
The other inforn]ation comprises the inforniation included in the annual report other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other infonnation
contained within the annual report. Our opinion on the financial statements does not cover the other
infomiation and we do not eXp￿sS any fonn of assurance conclusion thereon. Our responsibility is to
read the other infonnation and, in doing so, consider whether the other infomiation is Materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements. we are required to d¢t¢rmine wheiher this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have perfonned, we
conclude that there is a material rnisstatcment of this other infonnation, we are required to report that
fact.
We have nothing to report in this regard.
Matters on which we are requlred to report by exception
We have nothing to report in respeci of the following matters in relation to which Charities (Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinion:
the infonnation given in the financial stalements is inconsistent in any material respect with
th¢ trustees, report: or
sufficient accounting records have not been kept. or
the financial statements are not in agreement with the accounting records. or
we have not received all the inforniation and explanations we require for our audit.
Responsibilities of trustees
As explained mor¢ fully in the trustees, responsibilities statement set out on pages 6 and 7, the
trustees are responsible for the preparation of financial statemenis and for being satisfied that they
give a true and fair view. and for such internal control as the trustees detennine is necessary to enable
the preparation of financial ststements 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 trustees either intend to liquidate the charity or to cease
operations. or have no realistic alternative but to do so.
Page 9

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITORSI REPORT TO THE TRUSTEES {conlinued)
YEAR ENDED 31ST MARCH 2023
Auditor's responsibllities for the audit of tbe flnanelal statements
We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008
and report in accordance with regulations made under section 66 of that Act.
Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole
are free from material misstatement, wheth¢r 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 d¢tcct a material misstatcment 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 misslatements in respect
of irregularities, including fraud. The specific procedures for this engagement and the extent to which
these are capable of detecting irregularities, including fraud is detailed below:
Extent to wbleh the audit was eonsldered Capable of detecting irregularltles, includlng fraud
We identify and assess the risks of material misstatement of the financial ststements, whether due to
fraud or error, and then design and perform the audit procedures responsive to those risks, including
obtaining audit evidence that is sutricient and appropriate to provide a basis for our opinion.
Identifying and assesslng potentl21 rlsks related to Irregularltie8
In identifying and assessing potential risks of material misstatement in respect of irregularities.
including fraud and non-compliance with laws and regulations, we consid¢rcd the following:
The nature of the industry and sector, control environmenl and charity's financial results and
position;
Results of our enquiries of management about Iheir own identification and assessment of the
risks of irregularitics.
Any matters we identified having obtained and reviewed the charity's documentation of their
policies and procedures relating to".
Identifying, evaluating and complying with laws and regulations and whether they were
aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any
actual. suspected or alleged fraud" and
Page 10

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (conlinued)
YEAR ENDED 31ST MARCH 2023
Auditor's responsibilltles for the audit of the finAllciAI statements (contlnued)
Identfifylng and assessing potential risks related to Irregularitie3 (conlinued)
The internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations.
the matteTS discussed among the audit engagement team regarding how and where fraud might
occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the that the particular arcas in the financial statements
that were susceptible to misstatement were related to management bias in accounting estimates and
judgements; recognition. cl&ssification and ￿mpleteneSS of income. In common with all audits under
ISAS (UK). we are also required to perforni specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates
in, focusing on provisions of those laws and regulations that had a direct effect on the detennination
of material amounts and disclosures in the financial statements. Th¢ key laws and regulations we
considered in this context included Charity legislation applicable to Northern Ireland, Charity's
governing document, employment law, healih and safety and t&x legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on
the financial statements but compliance with which may be fundamental to the Charity's ability to
operate or to avoid a material penalty.
Audit response to risks identlfied:
Our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to
assess cornplianc¢ with provisions of relevant laws and regulations described as having a
direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims.
Perfonning analytical procedures to identify any unusual or unexpected relationships that
may indicate risks of material misstatements due to fraud;
Reading minutes of meetings of those charged with governance and reviewing
correspondence with tax authorities; and
Page 11

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDEIYT AUDITORS, REPORT TO THE TRUSTEES (continued)
YEAR ENDED 31ST MARCH 2023
Auditor's responsiblllties for the audit of the financial statements (conilnued)
Audit response to rlsks identlfled (conllnued):
in addressing the risk of fraud through tnanagement override of controls, testing the
appropriateness of journal entries and other adjustments including those relating to revenue
recognition. assessing whether th¢ judgements made in making accounting estimates are
indicative of potential bias; and evaluating the rationale of any significant transactions that
are large. unusual or outside the nonnal coursc of the charity's activities.
We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement t¢ams members and remained alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.
Owing to the inhcrcnt limitations of an audit. there is an unavoidable risk that we may not have
d¢t¢cted some material misstatements in the financial staternents, even though we have properly
planned and perfornied our audit in accordance with auditing standards. In addition, as with any audi(
there rernains a higher risk of non-d¢t¢ction of irregularities, as they may involve collusion, forgery.
intentional omissions, misrepreseniations. or the override of internal controls. We are not responsible
for preventing non-compliance and cannot be expected to detect non-compliance with all law5 and
regulations.
A ￿rther description of our respK>nsibilities is available on the Financial Reporting Council's website
at htt s:/lwww.frc.or .uk/auditosres
onsibiliti¢s. This description fonns part of our auditor's report.
Use of our report
This report is made solely to the Fund's Board of Trustees, &s a body, in accordance with part 4 of the
Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been
undertaken so that we might state to the Fund's trustecs those matters we are required to state to them
in an auditors, report and for no other purpose. To the fullest extent pern]itted by law, we do not
accept or assum¢ responsibility to anyone other than the Fund and the Fund's trustees as a body, for
our audit work, for this report, or for the opinions we have fonned.
Mr Nige
re FCA (Senior Statutory Auditor)
For and on behalf of GMCG BELFAST
Chartered A¢countaDts
Statutory Audltor
Dated: ..l.1!< >ia
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Page 12

THE ULSTER DEFENCE REGIMENT BENEVOLENf FUND
STATEMENT OF FINANCIAL ACTlVtTIES
FOR THE YEAR EIYDED 31ST MARCH 2023
Unrestrlcled
Funds
TotAI Funds
2023
Total Funds
2022
Note
INCOME
Income from:
Donation$ and legacies
Investments
134.417
174.731
134,417
174,731
110,930
157,837
TOTAL INCOME
309,148
31YJ,148
268.767
EXPENDITURE
Raising fijnds:
Cost of generating voluntary income
Investment management costs
Charitabl¢ a¢tiviti¢s
Benevolent fund management & distribution
7,892
50.012
7092
50.012
7,429
52,802
456,721
456,721
396.413
TOTAL EXPENDITURE
514,625
514,625
456,644
NET EXPENDITURE
(205,477)
(205,477)
{ 187,877)
(LOSS) I GAIN ON INVESTMENTS
R¢alis¢d gain on inv¢5tm¢nts
Unrealised (loss) 18ain on investments
47,494
(694,069)
47,494
(694.069)
290,274
115,611
13
NET (LOSS) I CAIN ON INVESTMENTS
(646,575)
(646,575)
405,885
NET (EXPENDITURE) I INCOME FOR THE
YEAR
{ 852,052)
(852,052)
218.008
Funds at beginning of year
11,200,468
11,200,468
10.982,460
FUIYDS AT END OF YEAR
10,348.416
10,348,416
11,200,468
The Fund has no recognised gains or losses in the year oth¢r than
those included in the nel movement in funds.
All of the operations of the Fund ar¢ ¢lassed as conlinuin&
Page 13

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
BALANCE SHEET
AS AT 31ST MARCH 2023
2023
2022
Note
FIXED ASSETS
Tangible assets
Investments
12
13
1,140.363
8.695.874
1.161.767
9,198.387
9,836,237
10,360,154
CURRENT ASSETS
Debtors
Shorl terni deposils
Cash al bank and in hand
14
15
25.499
291.573
227.043
15.577
811.552
36,611
544,IlS
863,740
CREDITORS: amounls falllng due wlthln one year
16
(31,936)
{ 23,426)
NET CURRENT ASSETS
5A2,J79
840,314
NET ASSETS
10,348,416
11,200.468
INCOME FUNDS
Unrestricled
17
10,348,416
11,2(X).468
These financial siaiemenis were approved by ihe Board of Trustees and auihorised for issue
on 3 1st October 2023 and are signed on their behall. by:
CHAIRMAN
TRUSTEE
Page 14

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023
Note
2023
2022
Net cash flow from operatlng aetlvltles
19
(331,592) (311,031)
Cash flow from Inveltlng actlvltles
Payments to acquir¢ t￿n￿b]e fixed ass¢ts
Payments to acquire investments
Receipts from sal¢ of investments
Int¢r¢$t r¢¢¢iv¢d
Dividend5 received
(&624)
(1,977.453) (1,864,687)
1,813J91
2,154,691
1,768
186
172,963
157.651
Net cash flow from Investlng actlvltles
2,045
447,841
Cash flow from flnanclng actlvltle5
Net cajh flow from flnanclng actlvldes
Net (de¢reai¢) I In¢reA$e In ¢4sh And cash
¢quIvAlent$
{ 329A47)
136,810
Cash and cash equivalents at l April 2022
848,163
711,353
CA$h and ¢*$h ¢qulvalent$ #t 31 March 2023
518,616
848,163
Caih And ¢aJh ¢qulval¢nt$ ¢oTrslsts of:
Cash at bank and in hand
Short-tern) deposits
227,043
291,573
36,611
811,552
Cash And ca$h equlvilents al 31 MArch 2023
518,616
848,163
Page 15

THE ULSTER DEFENCE REGIMENT BEIYEVOLEIYT FUND
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
I. ACCOUNTING POLICIES
GenerAI Informatlon And baslj of preparatlon
These financial statements have been prepared in ac¢ordan¢¢ with applicable accounting standards,
Accounting and R¢porting by Charities.. Statement of Recommended Practi¢¢ applicable to
charities preparing th¢ir a¢¢ounts in a￿ordanCe with the Financial Reporting Standaid applicable
in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Stsndard
applicable in th¢ United Kingdom and Republic of Ireland (FRS 102), the Charilies Act (Northern
Ireland) 2008. Charities Act (Northern Ireland) 2013, The Chariti¢s (Accoun15 and Reports)
Regulations (Northern Ireland) 201 S and UK Generally Accepted Practice.
The charity ¢onstitutes a public benefil entity as defined by FRS 102.
These finAncial $tat¢ments ar¢ prepared on a going concern basi$ under the hislorical cosl
convention, as modified by the Tevalualion of investments.
The financial stalements are presenled in st¢rlin£ which is the fimclional currency of the charity
and rounded to the n¢are5t £1.
Th¢ SiBnifi¢ant accounting policies applied in ihe preparation of th¢5e financial slatements are set
out below. These policies have been consistenily applied to all years pr¢s¢nt¢d unle55 otherwise
stated.
Fund
The unrestricted funds of the Fund consist of fvnds which are expendable at the discretion of Ihe
Board of Trustees in furtherance of th¢ charitsble objectives of the Fund.
Income reeognltlon
All in¢oming resou￿¢5, including deferred incoming resour¢¢s ar¢ credited to income fvnds and
Can be expended at the discretion of the trustees and have bccn included in the financial stat¢ment5
using ihe accruals basis excepi for donations, legacies and bequests which are in¢luded in the
financial slatements using the receipts basis.
All incoming resources are included in the Statement of Financial Activities (SOFA) when the
charity is legally entitled to the incom¢ after any perforn￿nCe conditions have been mel, the
amount can be m¢asur¢d reliably and it Is probable that the income will be received.
Voluntary inrome received by way of donations and gift is credited to incom¢ on a ￿ceIVAble
basis.
For l¢ga¢ies, entitlement is the earlier of th¢ ¢harity being notified of an impending distribution or
the legacy being received. At this point income is recognised. On ocea$ion legacies will be notified
to the Cl￿rIty, however, it is not possible ¢0 measure the amount expected to be distributed. On
these occasions, Ihe legacy is treated as a contingent asset and disclosed.
Page 16

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (eontlnuedj
FOR THE YEAR ENDED 31ST MARCH 2023
I. ACCOUNTING POLICIES (conlinmed)
Incomlng re¢ognltloll fcontlnued)
Investment income is intere$t eArn¢d through holding cash at bank and dividends from investments held.
Inv¢stm¢nt in¢om¢ 13 reco￿ls¢d on an accruals basis.
No amount is included in the financial statements for volunteer time in line with SORP (FRS 102).
Eipendlture recognltlon
All expenditure is accounted for on an accruals basis and has been classifi¢d under headings that
aggregate all costs ￿lated to the category. Expenditure is recognised where there is a legal or
constructive obligalion to make payments to third parties, it is probable that th¢ settlement will be
required and the amount of the obligation ¢an be measured reliably. Where costs cannot be directly
attributed to a particular heading they have been allocated lo activiti¢$ on a time basis relative to and on
a b8SIs con6ist¢nt with the use of the resources. Expenditur¢ 1$ categorised under the following headin88:
- Cost of generating fvnds Comprises costs incurred in generating voluntary income and includ¢s
advertisin& allocation of support costs and investment management eo$t$;
Expenditsre on Charitable activities compris¢s tho$¢ ¢osts incurred by the charity in the delivery
of ils activities and servic¢s for it5 beneficiaire5 and includes welfar¢ costs, rhristTnas grants,
respite costs, charitable donations, media campaign•Other direct costs and an apportionmenl
of support costs.
- Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charg¢d as an expense against the activiity for which expenditure arose.
Support ¢osts thre those a5SlSt the work of the charity bu¢ do not dir¢¢tly represent charitable
activities on a basis consist¢nt with use of the resources. Staff costs and other overheads have been
allocated on the basis of time spent.
The analysis of these costs is included in note 5.
Employee ￿nefitS
When employees have rendered service lo ihe charity, $hort-twrn employee benefits lo which the
employees ar¢ ¢ntitl¢d are re¢ognised at ihe undiscounled amount ¢xpe¢t¢d io be paid in exchange
for that service.
Th¢ ¢harity op¢rate5 a defined contribution pension plan for the benefit of its employees.
Contributions ar¢ charged to th¢ Ststement of Financial Activitics a5 thcy becomc payabl¢.
Tanglble fixed assets and d¢pre¢latlon
Tangible fixed assets are ststed at co$t. less ac¢umulated depreciation.
Dcprcciation is calculated so as to write off the cost of an asset less its estimated residual value over the
use￿1 economic life of that asset as follows...
Page 17

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (¢OArfnued)
FOR THE YEAR ENDED 31ST MARCH 2023
I. ACCOUNTtNG POLICIES (¢oAllnued)
Tgnglble flxed auets and depreclatlon (¢ottithMed)
Property
20/• straight line
oirice Equipment
250/• straight line
Fixture5 and Fittings
20Yo strai8ht line
Land 15 not d¢pre¢iated
Debtors and credltors reeelvable I payable wlthln one year
D¢btors and creditors with no stated inteT¢St rat¢ and rcrcivablc or payable within one year arc recorded
at transaction price. Any losses arising from impairnient are rcco8nised in expendityr¢.
Investmtnts
Fixed asset investments are staled at mark¢t value. Unr¢&lised gainsl(10s5es) on revaluation of inveslm¢nls. in
addition to realised gainsl(1055es) on sale of investments, are tran$f¢rr¢d to unrestri¢t¢d fvnds. They include listed
inv¢stm¢nts.
Curr¢nl Nsset inveslments are short terni investments with a maturity terni of no yeater than onc ycar.
They include short terni deposits and are re¢orded 8t their intial costs less irnpairrnent.
Cash and cash equlvalents
Cash and cash equivalents in the statement of cash flow$ eompri$¢ ¢Ash on hand and demand deposits,
bank overdrafts And other short-tcnn hi8hly liquid investments that are readily ¢onvcrtiblc to a known
amount of Cash and are $ubj¢¢t to an insignifi¢ant risk of ¢hvdnges in value and norntslly have a maturity
dat¢ of 3 months or less from the date of acqui51tion.
Tax
AS a ¢harity, it benefi18 from various ¢x¢mptions afforded by tax legislation. It 18 therefore not liable to corporation
tax on income or gains fallin8 due within thos¢ ex¢mptions. Recovery 15 made oftax dedu¢t¢d from receipts under
gift aid.
Golng concern
The financial ststernenls have been prepared on a 80ittg ¢on¢ern basis as the trustees believe thai no
mat¢rial unc¢rt&inlI￿ ¢xist. The In￿te¢S have considered ihe level of fvnds held and the cxpected level
of income and cxpcndilure for 12 months from authorising thc5c financial statement$. The budgeted
income and expenditure is sulFicient with the level of reserves for the charity io be able lo continu¢ as a
going concern.
Judg¢rn¢Dt$ and key sources of esdmatlon uncertalnty
The followin8 jud8emenls including those involving cstimatcs have been mide in th¢ process of applying
Ihc above accounting policies that hav¢ had the most significant effect on the amounts r¢cognised in ihe
financial statements and that have a significant risk of causing a material adjustment lo the carryin8
amounts of asscts and liabilities within the next financial year.
(i) depreciation method, asset useful lives and Tcsidual values
Th¢ estimat¢5 and assumptions are rcviewcd on an ongoing ba$is ¢onsideriDg the current and future
market conditions.
Page 18

THE ULSTER DEFENCE REGIMENT BENEVOLEIYT FUND
NOTES ON THE FINANCIAL STATEMENTS feonllhtsed)
FOR THE YEAR ENDED 31ST MARCH 2023
2. DOiYATIONS AND LEGACIES
Unrestrlcted
Fund$
Total
2023
Unrestricted
Funds
Total
2022
Donations
Legacies
34,499
99,918
34,499
99,918
25.827
85,103
25,827
85,103
134,417
134,417
110,930
110.930
3. INVESTMENTS
Unre$trlcled
Funds
Total
2023
Unrestricted
Funds
Total
2022
Dividends - equities
Int¢r¢$t - short term deposits
Interest - bank deposits
172.963
1,257
172,963
1,257
157.651
157,651
186
186
174.731
174,731
157,837
157,837
4. INVESTMENT MANAGEMENT COSTS
Unrestrlcted
Funds
Tolal
2023
Unr¢stri¢ted
Funds
Total
2022
Investment monager f¢¢s
50,012
50,012
52,802
52,802
50,012
50,012
52,802
52,802
Page 19

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STA TEMENTS (eondnued)
FOR THE YEAR ENDED 31ST MARCH 2023
S. ANALYSIS OF TOTAL EXPENDITURE
Cbarltable
Aetlvltl¢$
RAlslng Benevolentfund
funds
B2si$ of
allocation
Investment
mfénigement
Costs
2023
Total
& d&%tribulion
Dlreet Costs
Welfare grants
Christmas grants
Respite aclivities
Charitable donations
r¢rt
136,262
34,250
54,216
136,262
34250
$4216
Irtti
Dlrtti
Property cosls
Depreciation
M¢dia campaign
Advertising
Dlrffi
109,224
30.028
9,430
3,130
109324
30,028
9,430
3,130
DIM¢i
Dlrytl
Support costs
Administration salaries
6,852
(347)
148
61,668
(3,127)
1,329
70
68,520
(3.474)
1,477
78
NIC EmployTh¢nt allow&n¢¢
P¢nsion costs
St4ff T
8t•ff Tl•¢
Travel and conferences
S¢*ff Tl
Travel welfare visits
Tlll*
Mobil¢ t¢l¢phon¢ ¢har8¢S
Computer exp¢ns¢s
Ststion¢ry and postage
Tlmp
34
309
343
Tlvd
145
1.309
1,229
1,454
lJ66
Tlm•
137
6,977
439.327
446,304
Governance
719
13,668
14,387
148
Bank charges
Miscellaneous
St•ftYlmt
StsttTI
189
3,585
3,774
7,892
456,721
464,613
Investment managem¢nt ¢fj$ts
50,012
50.012
7092
456.721
50.012
514,625
Page 20

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NiyfES ON THE FINANCIAL STATEMENTS (¢ohllnu4d)
FOR THE YEAR ENDED 31ST MARCH 2023
S. ANALYSIS OF TOTAL EXPENDITURE (conlinued)
Charitable I￿1vitIeS
Basis of
allocation
Raising
fund8
Benevolentfund
management
& digtribution
Investment
mana8ement
costs
2022
Total
Dlr¢¢t costs
Welfare grants
Christm85 grants
Respite activities
Clwitable donations
86.649
35,641
50,390
86,649
35,641
50,390
Propety ¢osls
Dcpre¢i&tion
M¢dia campaign
Adv¢rtlsing
109,241
29,471
6,183
3,590
109,241
29,471
6,183
3,590
Support Costs
Administration salaries
SIthTkne
6,434
(283)
139
57,908
(2,546)
1,248
64,342
(2,829)
1,387
NIC Employment allowan¢¢
Pension ¢ost5
Travel and conferences
si#ff Tlty•
SifflTkn*
Silff Tkn
Travel welfare visits
SIfflT*¢
Mobil¢ telephone charges
Computer expenses
Stationery and postage
Depreciation of office equipment otll¢•Sg•
Tkn*
39
355
394
TL
121
1.091
1,281
1,212
1,423
Tkn
142
6,592
380,502
387,094
GovernaThc¢
Bank charges
Miscellaneou8
721
13,697
138
14,418
145
si•ifTIrni
Tln
109
2,076
2.185
7.429
396,413
403,842
Investment m4D4gemeot costs
52.802
52.802
7,429
396.413
52,802
456.644
Page 21

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (tontlnutd)
FOR THE YEAR ENDED 31ST MARCH 2023
6. GOVERNANCE COSTS
Unrestrl¢ted
Totil
Unrestricted
Total
Fund
2023
Funds
2022
Audit services
Other accountsncy setvites
Consultancy
Legal services
6.000
7,200
78
1,109
000
7.200
s,ioo
7,200
2.118
5,100
7,200
2,118
14J87
14J87
14,418
14,418
7. ANALYSIS OF GRANTS
Grant analysts 2023
Welfare
grants
ChrlstmAJ
grants
Resplte
grants
Total
2023
Grants to Individuals
Grants to Arnied forc¢s eharitl¢5
107.615
28,647
34,250
54316
196,081
28,647
Total..
136,262
34,2SO
54,216
224,728
Grant anAlysls 2022
W¢lfar¢
Christmas
grants
Respite
ants
Total
grants
2022
Grants to Individuals
62,502
24,147
35,641
50,390
l48,533
24.147
Grants to Arnied forces charities
Total:
86,649
35,641
50,390
172,680
8. NET (EXPENDITURE) I INCOME FOR THE YEAR
This is stated after chargingJ(crediting):
Unre$trl¢ted
Fundj
Total
2023
Unrestricted
Funds
Total
2022
Depreciation of tsngible r￿ed ass¢ts
Audilorfs remuneration
(Gain) on disposal of investments
Lossl (Gain) on fair value movement of
investments
30,028
000
(47,494)
30.028
6,01)0
(47.494)
29,471
29,471
5,100
5,1(KJ
(290,274) (290.274)
694,069
694,069
(115,611) (115.611)
Page 22

THE ULSTER DEFENCE REGlllk￿NT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (contlnMÈd)
FOR THE YEAR ENDED 31ST MARCH 2023
9. AUDITOR'S REMUNERATION
The auditoes remuneration anu)unts to an audit fee of £6,000 (2022: £5,100) and other services £7.200 (2022:
£7,200).
10. TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES
The charity eonsideTS its key management personnel to comprise of the Trugt¢¢s and the senior management
team. The total amount of remuneration and b¢n¢fits received by key managemeni personnel in the year was
£66,034 (2022: £62.899).
The trust¢¢$' n¢ith¢r [￿e1Ved nor waived any remuneration during th¢ year (2022: £Nil).
Nil (2022: . Nil) tnislees are accruing pension arrangements.
The trustees did not have any expenses reimbursed during the year (2022: £Nil).
11. STAFF NUMBERS AND REMUNERATION
The avera8e number of monthly employees and full tim¢ ¢quiavlent (FTE) durin8 the y¢ar w35 as follows,.
2023
Number
2023
FTE
2022
Number
2022
FTE
Raising funds
Charitable activities
The total staff costs and employe¢ b¢n¢fils were a5 follows:
Unre$lrlcted
Fund8
Total
2023
Urtrestricted
Funds
Total
2022
Wages and salaries
Social security
Defined contribution pension costs
NIC emplO￿llent allowance
88,093
8,945
1103
( s,000)
88,093
8,945
2.103
(5,000)
83,757
7,994
,973
(4.000)
83,757
7,994
1,973
(4.000)
94.141
94,141
89.724
89,724
No employees received total employee b¢nefits (excluding employer pension contribution5) of more than
£60.000.
Page 23

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCtAL STATEMENTS (continHed)
FOR THE YEAR ENDED 31ST MARCH 2023
12. TANGIBLE FIXED ASSETS
Freehold
Land and Furnlture &
Bulldlng$
Flttlngs Equlpment
Offlee
Total
COST
At I" April 2022
Additions
Disposals
1.766,536
8,624
(3,700)
,627,212
138,039
8,624
(3,700)
1.285
At 31 March 2023
1,771,460
1,627,212
142,963
1,285
DEPRECIATION
At 1st April 2022
On disposwls
Charge for year
604,769
(3,700)
30,028
474,477
129,269
(3,700)
4,757
1,023
25.139
132
At 31$t Mareh 2023
631,097
499,616
130,326
1,155
NET BOOK VALUE
At 31yt March 2023
1,140J63
1,127,596
12,637
130
At 31. March 2022
1,161,767
1.152,735
8,770
262
LAND AND BUILDINGS
Land and buildings are held in the name of CleAv¢r Fulton Rankin Trustees Limited as nomin¢¢,
Page 24

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
13. FIXED ASSET INVESTMENTS
Llsted
IDVUtments
Mark¢t value at I"April 2022
Additions
Disposals
Adjustment for cash transfer in previous year
Revaluation
9,198,387
1,977,453
(1,765,897)
(20.000)
(694,069)
Market value At 31 Mar¢h 2023
8,695,874
Th¢ inv¢stmenl$ of th¢ Fund w¢r¢ rnana￿d and h¢ld on th¢ Fund'5 bchalf by Quilter Cheviot
Limited, in the name of the nominee company. Quilter Nominees Limited and Julius Bar in the name
of the nominee company Bank Julius Baer & Co ￿d.
Investments are accounted for at the balance sheet date at their fair value in accordance with
applicable Nccounting standards.
At the date of approval of these financial statements ther¢ remains a lot of volatility and uncertainty
in the markets.
14. DEBTORS
2023
2022
Tax repayinent due
Amount owed by Th¢ Royal Irish Regiment
Benevolent Fund
Prepa￿entS and accrued income
3,870
5,744
3,997
1,216
17,632
8,617
25,499
15,577
IS. SHORTTERM DEPOSITS
2023
2022
Short temi deposits
291 J73
811,552
Short terni deposits are readily available.
Page 25

THE UiSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (continuell)
FOR THE YEAR ENDED 31ST MARCH 2023
16. CREDITORS: Amounts falllng due wlthln one year
2•23
2022
Other tax and social security
Ac¢wa15 for grnnts payable
Accruals 2nd defcrrcd ineome
Other
2,078
10,700
16,908
2,250
2,072
4,261
15,347
1,746
31,936
23,426
17. FUND RECONCJLIATION
Unrestd¢ted fund$
BAlanee At
l Aprll 2022 Income
BalAnee at
31 March 2023
Expendltsre
Losses
Unrestricted
11,200,468 309,148
(514,625) (646,575)
10.348,416
11,200,468 309,148
(514,625) (646J75)
10,348,416
Unr¢stricted fund$
Balance at
l April 2021 Income
Balanc¢ at
31 March 2022
Expendi￿re
Gain5
Unrestricted
10,982,460 268,767
(456,644)
405,885
11,200,468
AO,982,460 268.767
(456.644)
405,885
11,200,468
The unrestricted funds of th¢ Fund ¢on$i5t of ￿ndS which are expendable ai the discretion of the
Board of Trn$t¢¢s in furtherance of the charitable objectives of the Fund.
Page 26

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMENTS (conllnHedJ
FOR THE YEAR ENDED 31ST MARCH 2023
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023
2022
Fixed asset$
Cash and ¢UTT¢nt inv¢stments
Other ru￿ent assets I liabilities
Creditors l¢ss than on¢ year
9,836,237
518,616
25,499
(31,936)
10,360,154
848,163
15,577
{ 23,426)
10,348,416
11,200,468
19. RECONCILIATION OF NET (EXPENDITURE) I INCOME TO NET CASH FLOW
FROM OPERATING ACTIVITIES
2023
2022
N¢t {¢xp¢nditur¢) l income for the year
(852052)
218.008
Dividends r￿e1ved
Int¢rest re¢¢iv8bl¢
(172,963)
(1,768)
30,028
694,069
20,01)0
{ 47,494)
(9,922)
8.510
(157,651)
(186)
29,471
(115.611)
Depreciation and impairnient of tangible fixed a$5¢ts
Loss on fixed asset investments
Adjustment for cash transfer in pr¢vious year
(Gain) on disposal of fixed asset investments
(Increase) I decreas¢ in d¢btor8
D¢crease in creditor5
(290,274)
(2,793)
8,005
Net cash flow from operatinA activities
(33J.592)
(311,031)
20. PENSIONS AND OTHER POST-RETJREMENT BENEFITS
Defined contribution pension plan
The charity operates a defined contribution pension plan for its employees. The amount
recognis¢d as an expense in the year was £2.103 (2022: £1.973).
Page 27

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES ON THE FINANCIAL STATEMEiYfs (eonilttued)
FOR THE YEAR ENDED 31ST MARCH 2023
2I. ETHICAL STANDARDS
In common with many other or8anisations of our size and nature we use our auditors to prepare and submit retUTns
to the tax authorities and &sSiSt with th¢ preparation of the financial stat¢m¢nls.
22. RELATED PARTY TRANSACTIONS
FOrn￿r members of The Ulst¢r Def¢n¢¢ R¢8im¢nt, who were also rnemb¢rs of The Royal Irish Regiment, and their
d¢pendants, ¢ntitl¢d to finan¢ial assistanc¢ from both Th¢ Ulst¢r D¢fen¢e Regiment Benevolenl Fund and
Th¢ Royal Irish Regiment Benevolent Fund.
In those cases for administration purposes The Ulster Defence Regiment Benevolcni Fund make the total payment
for financial assistance and are reimbursed by The Royal Irish Regiment Bcnevolent Fund for the financial
assista￿¢ due by ihat Fund.
PAyThenls made on behalf of Thc Royal Irish Regiment Benevolent Fund by The Ulster D¢fenc¢ Regiment
Benevolent Fund and subsequently rcimbursed by The Royal Irish RcBimcnt Bcncvolcnt Fund in the year amounled
to £31,774 (2022 - £28,557), These ITansaclions are excluded in the Slatement of Financial Activitie$.
At the date of the balance $h¢¢t th¢ Amount owed io the Fund by The Royal Irish Regiment Benevolent Fund is
£3,997 (2022 . £1,216). Thi5 balance is shown under"Debtors" in the nol¢s to Ihe financial ststements.
23. FINANCIAL INSTRUMENTS
The carrying amounts of the Charitys financial instThm¢nts are as follows.,
2023
2022
Financial assets
Measured at fair value through net income l expendilAWe',
- Fixed asset listed investments (note 13)
&695,874
9,198,387
The income. expenses. net 8ains and net lo&ses attributable to the charilys financial ittstrumcnts are
summaris¢d a5 follow$.'
2023
2022
Income ond expense
Fina￿la] Issets measured at fair value through net expenditure:
- Dividend income from equities
- Realised and unre&lised (loss) I gain on investments
172,963
(646.575)
157.651
405.885
Page 28