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 Ihe Fund for the year cndcd 31
March 2023.
si
The flnancial statements have been prepared in accordance with the accounting policies sei out in
notes to the financial statemenls and comply with the Fund's governing document, the Charities Act
(Norihern Ireland) 2￿8, the Charities Act (Northern Ireland) 2013, the Ch1￿1t1eS (Accounts and
Reports) Regulalions (Northern Ireland) 2015, Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance wilh the
Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019,
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK
Generally Accepied Accounting Practice.
CONSTITUTION
The Ulster Defence Regiment Benevolent Fund was founded in 1972 under Charilable Trust, most
recently revised in 2017, its purpose being helping and &%siSting the financial necds and affording
support to the benefit of members of and former members of the Ulster Defence Regiment and their
dependanis a.s set out in the Trust Deed. The Fund is recognised for charit(Ible purposes by HM
Ih
Revenue & Customs and registered with The Churiiy Commission for Northern Ireland on I l July
2018. Further information on the Fund and the members of the Board of Trustees can be obtciined
from the Secretury at the registered office addres%:
CHARITY ADMINISTRATIVE AND REFERENCE DETAILS
Charity narne
Charlty registration nurnber
HMRC reference
The Ulster Defence Regiment Benevolent Fund
NIC107024
XN48435
Registered oifice
Trustees
Ander.8on Hou.se, Palace Barrdcks, Holywood, BTI 8 9QA
The chariiy commission has <iccepted a request from the
trustees for their pcrsonal detiiils to be withheld. There were 14
trusiees, who served during the year.
Mr B Kennedy (delegated dily to day management of ihe Fund)
Julius Baer International Limited, I St Martins,
Le Grand, London, ECIA 4AS
Secretary
Investment managers
Quilter Cheviot Limited, Montgomery House,
29133 Montgomery Street, Belfast, BTI 4NX
GMCG Belfast, Alfred House,19 Alfred Street,Belfasi.BT2 8EQ
Danske Bank, Donegall Square West, Belfast, BT16JS
Edwards & Company, 28 Hill Street, Belfast. BTI 2LA
Auditor
Bankers
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
Organisatlonal structure and related parties
Responsibility for the activities of the Fund is vested in and carried out by a Board of Trustees which
meeis at intervals throughout the year.
The Board of Trustees consists of elected members. Truslees are appointed or are eligible for re-
appointment immediately following ihe completion of their term of office at a General Meeting of the
Fund for a term of four years. The number of trustees shall consist of not more than fifteen.
The Chairman of (he Board of Trustees is appointed annually at a General Meeting of the Fund.
Recruitment, appointment, induction 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 trustees regularly review ihe requirements of the Fund and ihe possibility of a need for
additional trusiees. Any new trustees would be elected by the Board of Trustees. Appropriate training
and induction 1% avail(Ible io all trustees.
INVESTMENT POWERS AND POLICY
Under the trust deed, Ihe trustees h(Ive unrestricted investment powers, and may invest at their
ab.solute discretion. The trustees have appointed iwo independeni investment managers, who have
discretionary power%, with a mandale which 1% reviewed on a quarterly basi.s, to niaintain and grow
income, with a moderale risk profile.
OBJECTIVES AND ACTIVITES
The Ulster Defence Regiment Benevolent Fund exists to provide as5i5tance io those former member.s
of The Ulster Defence Regiment and the exlended Ulster Defence Regimeni family who are in need of
support a.s a consequence of poverty caused by sickness, disability, accident, infirmity, social
exclusion or other adversity through the provision of grants and respite support.
PUBLIC BENEFIT STATEMENT
The trustees of The Ulster Defence Regiment Benevolent Fund confirm ih¢lt they have had due reg(Ird
for the guidance on Public Benefii by the Charity Commission for Northern Ireland and are pleased to
report that during the year the charity has continued to provide Public Benefits.
PUBLIC BENEFIT
The trustees believe that the Fund provides the following public benefils in supporting those former
members of the Ulster Defence Regitnent and their dependants who are in need:
l. The ￿lief of poverty or assistinLT those in need by reason of age, ill health, disability, financial
hardship or other disadvantage.
Page 2

THE UISTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
PUBLIC BENEFIT (continued)
The Ulster Defence Regiment Bcnevolent Fund meets this purpose through the provision of
grants or other assistance, both financial and through the piovision 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 di.gability or where a beneficiary is
facing homelessness or poveriy as a result of a debt.
2. The advancement of human rights, conflict resolution or reconciliation.
The Ulster Defence Regiment Benevolent Fund provides SUPPOrt to its beneficiaries in
relieving social exclusion (due to poverty, financial or oihei'wise, by being a member of the
Regiment oi. a widow, widower, depend¢int or family member of such member) by providing
them with the opportunity to meet with other victims ¢ind survivors of the 'Troubles' in
Northern Ireland ¢ind of other conflicts. The direci benefits which flow from this purpose
include un opportunity for Victims (Ind %urvivors (o avoid ihe poverly trap caused by Socidl
exclusion and all other h<ird%hips (financial or othei'wise) that flow from .such social exclusion,
to reflect upon (ind share their expcriences and to begin to come io terms with their
involvement in such conflicts and the .8ocial, political and tin(Incial consequences rel(Iting
Ihereto. In turn, this promotes healing and reconciliation among the benefici(Iries and society
as d whole. The 'poverty exception, applies in this c(Ise; Ihe Fund seeks to relieve poverty in a
number of circumstances and ihis is regarded a5 being for the public benefit even where there
is a ￿ siricted or smaller poiential group of beneficiarie5. There is no harm arising from any of
the purposes. The charity's beneficiaries are those former members of the ul.ster Defence
Regiment or members or former members of the Royiil Irish Re8iment who are serving or have
served on a similar limited commitment of service as the members of the Ulsler Defence
Regiment ("Home Service Condilion5 of Service") and their widows. widowers, dependants and
familie8 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 serving member of the Regiment in hislher pasl who
may find himtherself in necessiiOUS circumstances because of social or financial 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 50
far and look forward with confidence to the developmeni of ihe Fund's work in the future.
Page 3

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
PUBLIC BENEFIT (continued)
The Ulster Dcfcnce 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 bencficiaries out
of a potential poverty trap by alleviating some of the financial difficulties that they face, for
example where siatuiory benefiis 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.
3. The advancement of human rights, conflici resolution or reconciliation.
The Ulster Defence Regiment Benevolent Fund provides support to its beneficiarie% in
relieving social exclusion (due to poverty, financial or otherwise, by being il member of the
Regiment or a widow, widower, dependani or family member of such member) by providing
them with ihe opportunity to meet with oiher Viciims and survivors of the 'Troubles' in
Northern Ireland and of other conflicts. The direct benefits which flow from this purpose
include an opportunity for Victims and survivors to avoid the poverty trap caused by social
exclusion and all other hardships (financidl or otherwise) Ihtlt flow from such SOCi<il exclu.sion,
to reflect upon lind share their experiences and io begin to come (o terms with their
involvement in such conflicts dnd the social, poliiic<il and financial con.sequence5 relating
thereto. In turn, Ihis promotes healing and reconcili%ition among the beneficiaries (ind socieiy
as <1 whole. The 'poverty exception, ¢ipplics in this case; the Fund seeks to relieve poverty in ¢1
number of circumstances and this is recrarded Js being for the public benefit even where there
is (I restricted or smaller potential group of beneficiaries. There i.s no harm <irising from any of
the purposes. The charily's beneficiaries Lire those former members of the Ulster Defence
Regiment or members or former members of the Royal Irish Regiment who are serving or have
served on a similai. limited commitment of service as the members of the Ulster Defence
Rcgimeni ("Home Service Condiiions ot Service") and their widows. widower%, dependants and
families who are in need.
There may be a private benefit flowing from the purposes, which is incidental and necessary in the
circumstance5. whcrc a trustee may have been a serving member of the Regiment in hislher past who
may find himlherself in necessitous circumstances because of social or financial reasons.
The irusiees are fully aware of the guidelines coming from The Charity Commission for Northern
Ireland. They believe they are operating entirely within those guidelines which have been released so
far and look forwurd with confidence to the development of the Fund's work in the future.
ACHIEVEMENTS AND PERFORMANCE
During the year the Fund undertook numerous welfare activitie5 givin(T financial help to assist the
needs and afford support to the benefit of former members of the ul.ster Defence Regiment and their
dependants. The Fund also sponsored numerous respite activities for fdmily groups comprisino of
widows, bereaved parents, disabled ex-soldiers and dependants of fornier 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 01 disabled ex-soldiers
groups <ivailed of respite activities 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 (contiiiued)
The Fund also extended the Pilot Health Care Scheme for a further year with 604 beneficiaries now
benefiting from the scheme. The overall Inc￿aSe in beneficiary contact during the year was 41 %.
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 discreiionary investment managers and ihere was a loss on investments of £646,575 (2022
gain of £405,885) in the year.
The trustees continually review ihe level of welfare grants given and respite activities for family
groups Comprising of widows, bereaved parents, disabled ex-soldiers and dependants of former
members of the Ulster Defence Regimeni in reldtion to projected investment income and donation.s
together wilh any surplus funds. Direct charitable expenditure increased in the year by £60,308 from
£396,413 to £456,721.
The tru.stces do not anticipate any significlint increiLse in the level of grants given in the incoming
year,
The trLlStees consider that the Fund in a sati%factory position to Sustain lis charitable activiiie4i for
the foreseeable future.
RISK MANAGEMENT
The trugtees have 2Lssessed ihe major risks to which the Fund is exposed, in particular those related to
Ihe operations <ind finances of the Fund, lind 4ire satisfied that syslem.s are in place to mitigaie an
exposure io major risks. In partiLul¢ir, the irustees instruct external accountants to review the
accounting records and prepare interim maniioement accounts during the cour%e of the financi*il year.
The trustees, attitude to investment risk is manliged through Ihe two professional investment
managers. Where approprL¢ite; systctns or procedures have been established to mitigate the risk.s faced
by the Fund.
Internal control risks tire minimised by the impletnentation of procedures for authorisaiion of all
transactions and projects. Procedures are in place to ensure compliance with health and safety of
officers, volunteers and applicants. These procedures are periodically reviewed at least annually to
ensure that they continue to meet the needs of the Fund.
FINANCIAL REVIEW
Details of income and cxpenditure for the year and of the year end financial position are given on
pages 13 and 14 of the accounts attached to this report. There w¢￿ a decrease in the market value of
Ihe Fund's investment portfolio during the year and reserves decreased by £852,052 in 2022123 from
£ I1,200,468 to £10,348,416. The truslees consider the financial position of the Fund as satisfactory in
order to sustain its charitable activities for the foreseeable future.
FUNDING
The principal funding 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 {coiitinu£d)
RESERVES POLICY
Cash and deposit balances are maintained so as to be able to meet expenditure on charitable activities
and other outgoings as they arise. However. the majority of the Charity's assets are held in investment
funds and in fixed assets used to help fulfil its charitable objective5. 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 obligalions cannot be readily ascertained but the Trustees adopt a reserves policy which
allows free reserves to 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
include5 fixed assets of £9,836.237 (2022: £10,360,154) leaving the charity with free reserves of
£512,179 (2022: £840,314).
PLANS FOR FUTURE PERIODS
There have been no major chdnges in the year, nor ¢ire any envisaged in the fore.seeable future.
STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES
The trustees are re.%ponsible for preparing rhe Trustees, Annual Reporl and (he fin<incial statements in
accorddnce with applic(Ible law and Uniied Kingdom Accounting Stiind<ird% (United Kingdom
Generally Accepted Accounting Practice).
The law applicable to charities in Northern Ireland requires the irustees to prepare financial statements
for e(ich financial year which give a true and fair view of the slate of iiffairs of the ch(iriiy 4ind of the
incoming resources and applicaiion of resources of ihe charity for th411 period. In preparing these
financial statements, the trustees are required to:
.4eleci suiiable accounting policies and then apply them consistently;
observe the methods and piinciples in the Charities SORP 2019;
make judgement.s and estimates that are reasonable and prudent;
stale whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements" and
prepare the financial statements on ihe going concern basis unless li is inappropriate to
presume that the charity will continue in operation.
The truslees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the chariiy and enable them to ensure ihat the financial
statements comply with the Charities Act (Northern Ireland) 2008, the Charities (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 taking Kasonable steps for the
prevenlion and detection of fraud and other irregularities.
Page 6

THE UISTER DEFENCE REGIMENT BENEVOLENT FUND
REPORT OF THE BOARD OF TRUSTEES (continued)
FOR THE YEAR ENDED 31ST MARCH 2023
STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OF TRUSTEES (conlin4ed)
The trustees are responsible for the maintenance and integrity of the charity and financial information
included on the charily's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
AUDITOR
GMCG Belfast offer themselves for re-appoiniment as auditor for the ensuing year.
Signed on behiilf of the trustees
Chairman
Date: 31" October 2023
Page 7