THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charlty Registration Number: NIC 107024
THE ULSTER DEFENCE REGIMEIYT BENEVOLEIYT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS Page Report of the Board of Trustees Independent auditors, report to the Trust¢es 7-12 Statement of financial activities 13 Balanc¢ sh¢¢t 14 Cash Flow Statement 15 Notes on the financial statements 16-28
THE ULSTER DEFEIYCE REGIMENT BEIYEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Thc Board of Trustees present their report and financial stalemenls of the Fund for the year ended 31" March 2024. The financial statements have been prepared in accordance with the accounling policies set oul in notes lo ihe financial stalem¢nts and comply with the Fund's governing document. the Charities Acl (Northern Ireland) 2008, the Charities Act (Northern Ireland) 2013, Ihe Charities (Accounls and Reports) Regulations (Northern Ireland) 2015, Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS I02) and UK Generdlly Accepted Accounting Practice. CONSTITUTION The UlsleT Defence Regiment Benevolent Fund was founded in 1972 under Charitable Trust, most recently revised in 2017, its purpose being helping and assisting ihe financial needs and affording support lo the benefit of members of and fornier members of the Ulster Defence Regiment and their dependants as sel oui in the Tnjst Deed. The Fund is recognised for charitable purposes by HM Revenue & Customs and registercd with The Charity Commission for Northern Ireland on I l July 2018. Further infornjalion on the Fund and the member5 of the Board of I"ruslees can be obtained from the Secretary at the registered office address: CHARITY ADMINISTRATIVE AND REFERENCE DETAILS Charlty name Charlly reglstratloD number HMRC referenee The Ulster D¢f¢nc¢ R¢gim¢nt Benevolent Fund NIC107024 XN48435 Reglstered offlce Anderson House, Palace Barracks, Holywood, BTI 8 9QA The charity commission has awepled a request from the trustees for their personal delails to be withheld. There were 14 trustees who served during the year. Mr B Kennedy (delegated day lo day management of the Fund) Julius Baer International Limited, I St Martins, Le Grand, London, EC I A 4AS Trustees Secretary IDvestment manager$ Quilter Cheviot Limited, Montgomery House, 29133 Montgomery Street, Belfast, BTI 4NX GMCG Belfast, Alfred House,19 Alfred Street, Belfast, BT2 8EQ Auditor BankerJ Danske Bank, Donegall Square West, Belfast, BTI 6JS Edwards & Company* 28 Hill Street, Belfasl, BTI 2LA Solicitors Page I
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (conftnued) FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT OrganlsAtlonal structure and related parties Responsibility for the activities of the Fund is vested in and carried out by a Board of Trustees which meets at intervals throughout ihe year. The Board of Trnslees consists of elected members. Trustees are appointed or are eligible for re-appoinlment immediately following the compldion of their tenn of office at a General Meeting of the Fund for a terni of four years. "rhe number of trustees shall consisl of not more than fifteen. The Chainnan of the Board of Tru5tee5 is appointed annually at a General Meeting of (he Fund. Re¢ruitment, appolntment, Induction and training The Board of Trustees have been involved in ihe Fund for a number of years and so are familiar with its work, The Irustees regularly review the requirements of the Fund and the possibility of a need for additional irustees, Any new trusl¢es would be elecled by ihe Board of I'rustees, Appropriale training and induction is available to all trustees. INVESTMENT POWERS AND POLICY Under ihe Irusl deed, the trustees hav¢ unrestricted investment powers, and may invest at their absolute discretion. The trustees have appointed two independent investment managers, who have discretionary powers. with a mandat¢ which is r¢viewed on a quarlcrly basis, to maintain and grow income, wilh a moderate risk profile. OBJECTIVES AND ACTIVITES The Ulster Defence Regiment Benevoleni Fund exists to provid¢ assistance to those fonner members of The Ulster Defence Regiment and the exlended Ulster D¢fenc¢ R¢gim¢ni family who are in need of support as a consequence of poverty causcd by sickness, disability, accident. infirniily, social exclusion or other adversity through ihe provision of grants and respite support. PUBLIC BENEFIT STATEMENT The trustees of The Ulster Defencc Rcgiment Benevolent Fund confinn that they have had due regard for the guidance on Public Benefii by the Charily Commission for Northern Ireland and are pleased to report that during the year the charity has continued io provide Public Benefits. PUBLIC BENEFIT The trustees believe that the Fund provides the following public benefits in supporting those former members of th¢ Ulster Defence Regiment and their dependants who ar¢ in need: l. The relief of poverty or assisting those in need by reason of age, ill health, disability* financial hardship or other disadvanlage. Page 2
THE ULSTER DEFENCE REGIMEIYT BEIYEVOLEIYT FUND REPORT OF THE BOARD OF TRUSTEES (eonlinueél) FOR THE YEAR ENDED 31ST MARCH 2024 PUBLIC BENEFIT (conllnued) The Ulster Defence Regimeni Benevolent Fund meels ihis purpose through the provision of grants or oiher assistance, both financial and through the provision of goods and respite support. Th¢ provision of this assistance has enabled ihe Fund to help lift its beneficiaries oul of a potential poverty Irap by alleviating some of th¢ financial difficulties thal they face, for example where statutory benefits do not cover whal 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 resolution or reconciliation. The Ulster Defence Regiment Benevolent Fund provides support to ils beneficiaries in relieving social exclusion (due to poverty, financial or otherwise, by being a member of the Regiment or a widow, widower, dependant or family member of such member) by providing them with the opportunity to meet with oiher victims and survivors of the 'Troubles' in Northern Ireland and of other conflicts. The direct benefjls 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 (financial or otherwise) that flow from such social exclusion, lo reflect upon and share their experiences and to begin to come to terni$ with their involvement in such conflicts and the social, political and financial consequences relating Iherelo. In turn, this promotes healing and r¢conciliation among the beneficiaries and society as a whole. The 'poverty exception, applies in ihis case. the Fund seeks to relieve poverty in a number of circumstances and this is regarded as being for the public benefit even whcre there is a rcslricted or smaller polential group of beneficiaries. There is no harni arising from any of the purposes. The charity's beneficiaries are those forn]er members of the Ulsler Defence Regiment or members or fom]er members of the Royal Irish Regiment who are serving or have served on a similar limited commitment of service as the members of the Ulster Defence Regiment ("Home Service Conditions of S¢rvi¢¢") and their widows, widowers, dependanls and families who are in need. There may be a private benefit flowing from the pUoses, which is incidental and necessary in the c1uMstanCes, where a truslee may have been a serving member of the Regiment in hi*h¢r past who may find himlherself in necessitous circumstances b¢caus¢ 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 operating enlirely witlu'n those guidelines which hav¢ been released so far and look forward with confidence to the development of the Fund's work in the future. ACHIEVEMENTS AND PERFORMANCE During the year the Fund undertook numerous welfare activities giving financial help to assist the needs and afford support to th¢ benefit of fonner members of the Ulsler Defence Regiment and their dependants. The Fund also sponsored numerous respite activities for family groups comprising of widows, bereaved parents, disabled ex-soldiers and dependants of forn]er members of the Regiment. During ihe year, 121 {2023 - I14) applications for b¢n¢volence were dealt with, 529 (2023 534) families benefited from respite in the apartments and 241 (2023 233) family or disabled ex-soldiers groups availed of respite activities during the year. Page 3
THE ULSTER DEFENCE REGIMENT BEIYEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (eonlinued) FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (continued) The Fund also exlended ihe Piloi Health Care Scheme for a further year with 783 (2023 604) beneficiaries now benefiting from the scheme. The overall increase in beneficiary contact during the year was 300/Tr (2023 410A). Total income for the period amounted to £283,744 {2023 £309,148) and iotal expendilure for the period amounted to £578,486 (2023 £514,625). Investments were held by Julius Baer and Quilter Cheviot as discrelionary inveslmenl managers and there was a gain on investmenls of £896, l 53 (2023 - loss of £646,575) in the year. The trust¢¢s continually review the level of welfare grants given and respite activities for family groups comprising of widows, bereaved parents, disabled ex-soldiers and dependants of forn]er members of the Ulster Defence Regiment in relation to projected invcslmcnl income and donations together with any surplus funds, Direct charitable expenditure increa.sed in the year by £64,358 from £456,721 to £52 1,079. The truslees consider that the Fund is in a satisfactory position to sustain its charilable activities for ihe foreseeable future. RISK MANAGEMENT The truslees have asscssed the major risks to which the Fund is exposed, in particular th0 relaied io the operations and finances of the Fund, and are satisfied ihal systems are in place to mitigate an exposure to major risks. In particular, the trustees instruct external accountants to review the accounting records and prepare interim management accounts during the course of the financial year. The trustees, attitude to investment risk is managed Ihrough the two professional investment managers. Where appropriale; systems or procedures have bccn established to mitigate the risks faced by the Fund. Internal control risks are minimised by lh¢ implementation of procedures for authorisalion of all transactions and projects. Procedures are in place to ensure complianc¢ with health and safety of officers, volunteers and applicants. These procedures are periodically reviewed at least annually to ensure that they continue to meel 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 attached io this report. There was an increase in the market value of the Fund's investment portfolio during the year and reserves increased by £601,411 in 2023124 from £10,348,416 to £1 0,949,827. The trnstees consider th¢ financial position of the Fund as satisfactory in order lo sustain its charilable aclivilies for thc foresecable future. FUNDIIYG The principal funding is from donations and investments. Page 4
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (continue FOR THE YEAR ENDED 31ST MARCH 2024 FINANCIAL REVIEW (continued) RESERVES POLICY Cash and deposii balances are maintained so as lo be able to meet expenditure on charitable activities and other outgoings as they arise. However, the majority of the Charity's assels are held in investmeni funds and in fixed assets used to help fulfil its charitable objextives. The Charity's income is mainly derived from investment income and the TNstees are aware of the need lo minimise the risk that the Charity cannot meet its obligations by maintaining the value of the charity's undcrlying investmcnts. Th¢ Charity's obligations 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 budgel set in advance of ihe year. The total unrestricted funds of the charity are £10,949,827 (2023: £10,348,416) which includes fixed assets of £10,279.600 (2023: £9,836,237) leaving the charity with free reserves of £670,227 (2023: £512,179). PLANS FOR FUTURE PEIUODS There have been no major changes in ihe year. The trustees are conscious of the ageing and declining beneficiary group and are currently engaged in a process of reviewin8 how the Fund helps those UDR Veterans in need. this will fonn part of a 5-year slralegic plan. STATEMENT OF THE RLSPONSIIIILITIES OF THE BOARD OF TRUSTEES The trustees are responsible for preparing the Trustees, Annual Report and ihe financial statements in accordance with applicable law and Uniid Kingdom Accounting Standards (United Kingdom G¢nerally Accepted A¢counling Praclice). The law applicable lo charities in Northem Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of ihe state of affairs of the chariiy and of the incoming resources and application of r¢source5 of the charity for ihat period. In preparing these financial statemenls, the trustees arc required to: select suitable accounting policies and then apply them consistently; observe the methods and prin¢iples in ihe Charities SORP 2019; make judgements and estimales that are reasonable and prudent; state whcihcr applicable accounting standards have bttn followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statemcnts on thc going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are rpOnSIble for keeping proper accounting records that disclose with reasonable accuracy at any time th¢ financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulalions (Northern Ireland) 2015 and the provisions of the trust deed. They are also responsible for safeguarding assels of the charity and hence for taking reasonable steps for the prevcntion and detection of fraud and other I¢gularitieS. The Irusl¢¢s are r¢snSible for the maintenance and inlegrity of the charity and financial inforn]ation included on the charity's website. Legislation in the United Kingdom governing the preparalion and dissemination of financial statcments tnay differ frotn legislation in other jurisdictions. Page 5
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (continued) FOR THE YEAR ENDED 31ST MARCH 2024 AUDITOR GMCG Belfast offer themselves for re-appointment as auditor for the ensuing year. Signed on behalf of the trustees Chainnan Dai¢.' 29th October 2024 Page 6
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 Oplnlon We have audited the financial slatements of The Ulster Defence Regiment Benevolent Fund for the yedr ended 3151 March 2024 which comprise the Statement of Financial A¢livities, Balance Sheet, Cash Flow Siatement and notes to th¢ financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (Unit¢d Kingdom Generally Accepied Accounling Practice). In our opinion the financial statemenls: give a true and fair view of the state of the Fund's affairs as at 31" March 2024, and of its incoming resources and expenditure of resources, for the year then ended. have b¢en properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice. and have been prepared in accordan¢¢ with th¢ Charities Act (Northem Ireland) 2008. Basis of our oplnlon We conducted our audil in accordance wilh Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities for ihe audil of the financial statemenls section of our report. We are independent of the Fund in accordance with the ethical requirements thal are relevant lo our audit of the financial slatemenls in the UK, including FRC'S Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requiremcnts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Alfred House 19 A]fred Slreel BEIJI BT2 8F.Q DX 3910 NR BELVLgTs0 Century House 40 &e8eent Bu81nw Park LISBURN BT28 2GN 17 Mandeville st r02 3PB Tel: +44(0)28 9031 1113 Fax: +44(0)28 9031 OTn Td: +H{oh8 9260 T355 Fax.. +44(ok8 9200 1656 Td: +44(0)28 3833 2801 Fu". +44(0)28 3835 0293 CThartoFodACcnIHllts l RLTi%lcnxlAwliloTS I ChartEfLYITax Advi10 I I Corp)TateVlnanAdVl tr#dlDg O*D)Èof CMCG Croup iimitLMI. RosNoNIo59660. list of Dlrtclorsavaiknbleat re8i5teredoffi ReBi51LYuI lo wdi workby lhelTL8tim oICh•rter¢dALYounlantsin IrelaDd ArnemivofTiAC@.AWotlddQAlilor1llddQ0[)Unffjs www.gmcgca.c( Page 7
THE ULSTER DEFEIYCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (con¢inued) YEAR ENDED 31ST MARCH 2024 Conclll$lons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of ihe financial slatements is appropriate. Based on the work we have perfom]ed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or colleclively, may casl 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 statemenls are authorised for issue. Our responsibilities and ihe responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other infonnation comprises the infonnation included in the annual report oiher than the financial statements and our auditor's report thereon. The Irustees are responsible for the other infomation contained within the annual report. Our opinion on the financial statements does not covcr thc oihcr infomialion and we do not express any fomi of assuTancc conclusion thereon. Our responsibility is to read the other infornialion and, in doing so, wnsider whether the other inforn)alion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparenl material misstatements, we are required to det¢rniine whether Ihis gives rise to a material misstatement in the financial stalemenls ihemselves. If, based on the work we have perfornied, we conclude that ihere is a material misstatement of this other infornydtion, we are required to report thdt fact. We hav¢ nothing to report in this regard. Matters on which we are requlred to report by exceptlon We have no1.ng lo report in respect of the following matters in relalion to which Charities (Accounls and Reports) R¢gulations 2008 require us lo report to you if, in our opinion: the inforniation given in the fjnancial statemenls is inconsistenl in any material respect with the trustees, report; or sufficient accounting record5 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. Page 8
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORSI REPORT TO THE TRUSTEES (conlinued) YEAR ENDED 31ST MARCH 2024 Responslblllties of trustees A5 explained more fully in the trustees, responsibilities statement sel out on pages S and 6, the trustees are r¢sponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, malters related io going concern and using the going concern basis of accounting unless the trustees either inlend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Auditor'$ responslbllltles for the Audlt of the financial statement5 We have been appointed as auditor under $tiOn 65(2) of the Charities Act (Northern Ireland) 2008 and reporl in accordance with regulations made under section 66 of that Act. Our ObjIlYeS are to obiain reasonable assuranc¢ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report ihal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatement when il exists. Misslalemcnls can arise from fraud or error and are considered material, if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagemenl and the extenl to which these are capabl¢ of detecting irregularities, including fraud is detailed below: Extent to whicb tbe audit WAS considered cfipable of deteetlng SrregulArltles, Includlng friud We identify and assess the risks of material mis5tatcmcnt of the financial statements, whcthcr due to fud or error, and then design and perforn) the audit procedures responsiv¢ to thos¢ risks, including obtaining audit evidence ihal is sufficient and appropriate to provide a basis for our opinion. Page 9
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORSI REPORT TO THE TRUSTEES (continued) YEAR ENDED 31ST MARCH 2024 Auditor's responsibilities for tbe audit of the financial statements (continued) Identifying and as$essing potential risks relAted to irregularities In identifying and assessing polenlial risks of material misstatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. The nalure of the industry and seclor, control environment and charity's financial results and position. Resulis of our enquiries of management about their own identification and assessment of the risks of irregularities. Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relaling to: Identifying, evaluatin8 and complying with laws and regulations and whether they were aware of any inslances of non-compliance; Detecting and responding to ihe risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud. and The internal conlrols eslablished to mitigate risks of fraud or non4ompliance with laws and regulalions; The matters discussed among the audit engagement team regarding how and where fraud might occur in lh¢ financial slat¢ments and potential indicalors of fraud. As a result of these procedures, we considered the that the particular areas in the financial statements that wer¢ susceptible to misslal¢ment were relaled io management bias in accounting estimates and judgements: recognition, classification and completeness of income. In common with all audils under ISAS (UK), w¢ 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 thai ihe Charity operates in. focusing on provisions of Ihosc laws and regulations that had a direct ¢ff¢ct on the delemiination of malerial amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Charity legislation applicable to Northern Ireland, Charity's governing document, employment law, health and safety and tax 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 lo operat¢ or lo avoid a malerial penalty. Page 10
THE ULSTER DEFENCE REGIMENT BENEVOLEIYT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (eontittued) YEAR ENDED 31ST MARCH 2024 Auditor's responsibilities for the audlt of the finyanelal statements (eonlinued) Audit response to risks identified: Our procedures to respond to risks identified included the following: Reviewing ihe financial statemeni disclosures and testing lo supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direcl effect on the financial statements. Enquiring of management concerning aclual and potential litigalion and claims. Perforn)ing analytical proL'edures to identify any unusual or unexpected relationships that may indicate risks of material mi%%tatements due to fraud; Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorilies; and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal enlries and other adjuslments including thos¢ relating to revcnuc recognition. assessing whether the judgements made in making accounting estimates are indicative of potential bias. and evaluating the rationale of any significant transactions ihai are large, unusual or outside the normal cours¢ of the charity's activilies. We also eonununicated relevant idenlified laws and regulations and potential fraud risks to all engagement teams members and remained alert to any indications of fraud or non-compliance wilh laws and regulalions throughout th¢ audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfom)ed our audit in accordance with audiling standards. In addilion, as with any audit, there remains a lu'gher risk of non- detection of irregularities, as they may involve collusion, forgery, intenlional omissions, misrepresentations, or the override of inlemal controls. Wc are nol rcsponsiblc for prcvcnting non-compliance and cannot be expected to detect non-compliance wilh all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's websile at htt :Ilwww.fr .or . This description fomis part of our auditor's report. Pagell
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDEIYT AUDITORS, REPORT TO THE TRUSTEES (continued) YEAR ENDED 31ST MARCH 2024 Use of our report This report is made solely to the Fund's Board of Trustees. as a body, in accordance with part 4 of ihe Charilies (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken 50 that we might state to ihe Fund's Irustees those malters we are required to state lo them in an auditors, report and for no other purpose. To the fullest exlent perniitted by law, we do not accept or assume responsibilily lo anyone other Ihan the Fund and the Fund's trustees as a body, for our audil work, for this report, or for the opinions we have rornied. Mr Nigel re FCA (Seoior Statutory Audltor) For and on behalf of GMCG BELFAST Cbartered AccoulltaDts St&tutory Audltor Alfred House 19 Alfred Sireet Belfast BT2 8EQ Dated: Page 12
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED31ST MARCH 2024 Unrestrlcted Fund$ Total Funds 2024 Total Funds 2023 Not INCOME Income from: Donations and legacies Inv¢51ments 68.579 215,165 68,579 215,165 134.417 174,731 TOTAL INCOME 283,744 283,744 309,148 EXPENDITURE Raising funds: Cost of generaring voluntary income Inveslmenl management costs Charilable activtlies Benevolent fvnd management & distribution 8,16S 49,242 8,165 49,242 7,892 50.012 521,079 521,079 456,721 TOTAL EXPENDITURE 578,486 578,486 514.625 NET EXPENDITURE (294,742) {294,742) { 205,477) GAIN I ILOSS) ON INVESTMENTS Realised gain on investments Unrcalised sain l (loss) on inv¢stinenls 109,541 786,612 109,541 786,612 47,494 { 694,069) 13 NET GAIN I (LOSS) ON INVESTMENTS 896,153 896,153 (646.575) NET INCOME I (EXPENDITURE) FOR THE YEAR 601,411 601,411 (852,052) Funds al beginning of year 10.348,416 10,348,416 I1,200,468 FUNDS AT END OF YEAR 10,949,827 10.949.827 10,348.416 The Fund has no recognised gains or losses in the year other than those included in Ihe nel movemenl in funds. All of the operations of the Fund are classed as conlinuing. Page 13
THE ULSTER DEFENCE REGIMEIYT BENEVOLENT FUND BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Note FJXED ASSETS Tangibl¢ assets Investm¢nls 12 13 1,109,864 9,169,736 1.140,363 8,695,874 10,279,600 9.836.237 CURRENT ASSETS Debtors Short tenn deposits Cash at bank and in hand 14 15 34,735 479,204 195,971 25,499 291,573 227,043 709,910 544,115 CREDITORS: amount$ falllng due wltbln one year 16 (39,683) (31,936) NET CURRENT ASSETS 670,227 512,179 NET ASSETS 18 10.949,827 10,348,416 INCOME FUNDS Unrestricted 17 10,949,827 10,348,416 These financial statements were approved by th¢ Board of Trustees and authorised for issue on 29th Oclober 2024 and are SI]ed on their behalf by.. CHAIRMAN TRUSTEE Page 14
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 Note 2024 2023 Net e2sh flow from operatlng actlvltles 19 { 480,897) (331,592) Cvdsh floiv from invesilng acllvltles Paym¢nts to acquire tangible fixed assets Payments lo acquire inveslmenls Receipts from sale of inveslmenls Inleresl received Divid¢nds received (8,624) (1,724,627) (1,977,453) 2,146.918 ,813.391 2,770 1.768 212,395 172,963 Net cAsh flow from investing aetivities 637,456 2,045 Cash tlow from nnanclng actlvltles Net cssh flow from financing *etivities Net In¢rea$e l (decrease) sn cash and cash equivalents 1 SO59 (329,547) Cash and cash equivalents al l April 2023 518,616 848.163 CAsh and eish equlvalents at 31 March 2024 675.175 518.616 Cash and egjsh equlvalents conslsls of.. Cash at bank and in hand Short-lerm deposits 195,97 I 479,204 227,043 291,573 CA5h and c•$h equlval¢nt$ at 31 Mar¢h 2024 675,175 518,616 Page 15
THE ULSTER DEFEI¥4CE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 I. ACCOUNTING POLICIES General informatlon and blsls of preparatlon These financial slalem¢nts have been prepared in accordance with applicable accounting slandards, Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo chari¢ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Slandard applicable in ihe Uniled Kingdom and R¢public of Ireland (FRS 102), the Charities Act (Northern Irel&nd) 2008. Charities Act {Northem Ireland} 201 I, Th¢ Charities (Accounts and Reports) R¢gulations (Northem IrelÉind) 2015 and UK Generally Accepied Pra¢li¢e. Th¢ ¢hariry constitutes a public benefit entity as defined by FRS 102. These financial slalemenls are prepared on a going concern basis under the histori¢al cosi convention, as modified by the revaluation of investments. The financial statements are presented in sterling which is the funclional cuencY of the charity and rounded to the ijearesl £ l. The significant accounting policies applied in the preparation of these financial statemenis are set out below. These policies have been consisienily applied to all years presenled unl¢&8 oih¢rwise slaled. Funds The unresiricled funds of the Fund consisl of funds which are expendable 81 th¢ di5cr¢lion of Ihc Board of Truslees in furtherance of Ihe charitable objectives of the Fund, Ineome recognlllon All incoming resources. including deferred incoming resource5 arc cr¢dit¢d lo income funds and can be expended at ihe discretion of the Irustees and have been included in the financial statements using the accruals basis except for donations, legacies and bequests which are included in the rinancial statements using Ihe receipts basis. All incoming resources are included in the Siaiemeni of Financial A¢tivilies (SOFA) when the charity is legally entitled lo the income after any perforn]ance conditions have been met. the amount can be measured reliably and il is probable that the income will be received. Volunlary income received by way of donations and gift is Credited to incoTne on a receivable ba5lS. For legacies. enlitlement is the earlier of the charity being notified of an impendin¥ distribution or the legacy being r¢c¢iv¢d, At this poinl in¢om¢ is recognised. On occasion legacies will be noiifled to Ihe charity, however. it is noi possible to measure the amount exp¢ct¢d lo be distributed. On these occasions, Ihe legacy is treated as a contingent asset and di5¢1osed. Page 16
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (coiiiinued) FOR THE YEAR ENDED 31ST MARCH 2024 I. ACCOUNTING POLICIES (conlinued) Incoming recognition (continii¢d) Investment income is inierest earned Ihrough holding cash ai bank and dividends from investments held. Investment inconie is recognised on an accruals basis. No amount is included in the financial slatemenls for volimteer time in liiie with SORP (FRS 102). Expendllure recognltlon All expenditure is accounied for on an accruals basis and has been classified under headings Ihat aggregate all costs related to the calegory. Expendilure is recognised where there is a legal or conslruclive obligation lo make payments to third parties, il is probable ihal the settlement will be reqUId and the amounl of the obligation can be rncasurcd reliably. WheT¢ cosls cannol be dir¢ctly altribulcd io a partiGular heading they have been allocaied to activities on a time basis relalive lo and on a basis Consistent wilh the use of the r¢sour¢es. Expendilure is categorised under Ihe following headings.. Cost of generating funds comprises costs incurred in 8eneratin8 volunlary income and includes advertising. allocation of support costs and investment managemeni costs: Expenditure on charitable aciivities comprises those costs incurred by the charity in the delivery of ils activilies and services for its beneficiaires and includes welfare costs. christmas grant5, respile cosls, charltable donations, media campaiBn,other direci cosis and an apportionment of suppon costs. Other expendilure represenls those items not falling into the categories above. Irrecoverable V AT is charged as an expense against the acliviity for which expenditure arose. Support costs are ihose assisl Ihe work of Ilie charity bul do not directly represent charitable aciiviiies on a basis consistent with use of the resources. Staff costs and ollier overheads havc been alloLaled on Ihc basis of iimc sp¢nl. The analysis of these costs is included in note 5. Employee benefits When employees have rendered service to the charity, short-temi employee benefits lo which the employees are enliiled arc rccogniscd at the undiscountcd amount cxpcclcd io bc paid in cxchange for that service. The charity operates a defined contribution pension plan for the b¢n¢fit of its ¢mploy¢¢s. Contributions are charged io Ihe Siatemeni of Financial Aciivilies as they become payable. T Anglble Ilxed assets and depreclallon Tangible fixed ass¢ts are stated at ¢Qs1, less accumulated d¢pr¢riation. Depreciation is calculated so as to write off the cost of an asse¢ less its eslirnaled residual value over the useful economic life of that asset as follows:. Page 17
THE ULSTER DEFENCE REGIMENT BENEVOLENT FULYD NOTES ON THE FINANCIAL STATEMENTS {coKilnHed) FOR THE YEAR ENDED 31ST MARCH 2024 I. ACCOUNTING POLICIES (conlinued) Tanglbk fixed 5¢t$ and d¢pre¢i4tlon (¢'onlinuedJ Properly 2fj/0 SITaighi line Ole¢ Equipment 250/0 slraighi line Fixtures and Fiiiings 200/0 Slraighi line Land is noi depreciaied Debtors creditorg re¢eivble I payable within one year Debtors and credilors wilh no slated int¢r¢sl rat¢ and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient are r¢co8nised in expendiliir¢. Investments Fixed asset invcslmcnls are Slalcd at n)arkei value. Unrealised gains/(Ios8esl on revalualion of invesimenls, in addition lo realised gainsl(loss¢s} on sale of inveslm¢nts, ar¢ transferred lo unrestricled funds. They include lisled invesimenis. Curr¢nl assei invesimenis are short ierm inv¢$imenl$ with a maturity l¢rm of no gr¢at¢r Ihan on¢ y¢ar. They include short ierni deposiis and are recorded at their inliAI cosis less Impairmeni. Cash and ¢sh equivllenti Cash and cash ¢quival¢nls in th¢ slalemenl of cash flows comprise cash on hand and demand deposits, bank overdrafts and olher short-lerm highly liquid inveslmenls ihat are readily convertible lo a known amounl of cash and arc subject lo an inbigmificanl risk of changcs in value and nornllY have a maturily dale of 3 monihs or less from the dale of acquisition. Tax As a Charity, il benefits froni various exemptions afforded by lax legislation. It is therefore nol liable lo corporaiion tax on incoine or gains falling dLie within those exenipiions. Recovery is made of lax dedu¢i¢d from reccipls under gifi old. Going eoncern The financial slatcmenls have been prepared on a going concern basis as ihe Irustee5 believe that no maleriul uncertuinlies exisl. The Irustees have considered the level of funds held and Ihe exp¢¢l¢d level of income and expenditure for 12 months from Auihorisirtg these financial siaiemenls. The budgeied income and expenditure is sufficien¢ with the level of reserves for the charity lo be able lo ¢onlinue as a goin8 concem. Judgements and key 50urees of esflmatlon uncertalnty The following judgemenls including those involvin8 esiimaies have been made in the process of applying the above accounting policies Ihal hgve had the most significant effect on Ihe amounts recognised in Ihe financial slalemenls and that have a significant risk of causing a material adjuslmenl to the carrying amounls of a55els and liabilitie5 wiihin Ihe nexl financial year. (i) deprecialion meihod. assei useful lives and residual valiie5 The eslimales and assumptions are reviewed on an ongoing basis considering the current and future rnarkel rondilions. Page 18
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS fLoNliiiued) FOR THE YEAR ENDED 31ST MARCH 2024 2. DONATIONS AND LEGACIES Unrestrleted Funds Total 2024 Unrestricted Funds Total 2023 Donations Legacies 39,716 28.863 39.716 28,863 34,499 99,918 34,499 99,918 68,579 68,579 134,417 134,417 3. INVESTMENTS Unrestricted Funds Total 2024 Unrestricred Funds Toial 2023 Dividends - equities Inlerest - short lemi deposits Inleresl - bank deposits 212,395 2.132 638 212J95 2,132 638 172,963 .257 172,963 1,257 215.165 215,165 174,731 174,731 4. INVESTMENT MANAGEMENT COSTS Unrestrieted Fund$ Total 2024 Unrestricted Funds Total 2023 Inveslmenl manager fees 49,242 49,242 50,012 50,012 49,242 49,242 50,012 50,012 Page 19
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL ST A TEMENTS (Lvnliiiiied) FOR THE YEAR ENDED 31ST MARCH 2024 S. AIYALYSIS OF TOTAL EXPEIYDITURE Charitable activltles Ralslng Beiievolenlfuiid funds aiillgemenl & dislribution Basis of allocalion Investment management Costs 2024 Total Direct ¢0sts W¢lfar¢ grants Christmas grants Respite activities Charitable donations 182,490 35,181 51.956 182,490 35,181 51,956 Dlre¢¢ Property costs Dcpreciation Media campaign Advertising red 131,230 30,499 5,690 2.985 l31,230 30,499 5,690 2,985 Dlred Imre Support costs Administration salaries SIAifTlm* 7,170 (347) 142 64.525 (3,124 1,277 71,695 (3,471) 1,419 NIC Employmenl allowance Pension costs SfAff Tlffie Travel and conferences Travel welfare visits SIAifYime Mobile telephone charges Compuier expenses Stationery and postag¢ Tlffl 54 488 542 195 1,753 1,755 1,948 1,950 195 7,409 506,705 514,114 Governance 595 11.301 11,896 127 Bank charges Misc¢llaneous %14(fTIM St4llTI 155 2,952 3,107 8,165 521,079 529,244 Investment management costs 49.242 49,242 8,165 521,079 49,242 578,486 Page 20
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024 5. ANALYSIS OF TOTAL EXPENDITURE (conlinmed) Charilable activities Basis of allocation Raising funds BeneiY)leiiifuiid managenieiii & di.fliihiilion Investment managemenl costs 2023 Total Dlrect costs Welfare grants Christmas 8rant5 Respite aclivities Charilablc donations Dlre¢l 136,262 34,250 54.216 136,262 34.250 54.216 Property costs Depreciation Media campaign Advenisin 109,224 30,028 9,430 3.130 109,224 30,028 9,430 3,130 Support coJtJ Administration salaries NIC Employment allowance Pension cosls SilfTI 6,852 1347) 148 61,668 (3,127) 1,329 70 68,520 13,474 ,477 78 SillTl¢mt Travel and conferences Travel welfare visits *IYTlm Mobile lelephone charges c]puter expenses Sialionery and postage Deprecialion of office equipment Tld 34 309 343 Tlw 145 1,309 1,229 ,454 1,366 137 umco 6.977 439.327 446.304 Governance 719 13,668 14,387 148 3,774 Bank charges Miscellaneous AIIYIO Sl•frTI 189 3,585 7,892 456,721 464,613 Investment management costs 50.012 50,012 7,892 456.721 50,012 514.625 Page 21
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (¢oiilinuedJ FOR THE YEAR ENDED31ST MARCH 2024 6. GOVERNANCE COSTS Unrestricted Total Unr¢strict¢d Total Funds 2024 Funds 2023 Audil services Other acGountan¢y s¢rvices Consuliancy Legal services 6,000 3,900 60 1,936 6,000 3,900 60 1,936 6,000 7.200 78 6,(X)O 7,200 78 1,109 11,896 11,896 14,387 14,387 7. ANALYSIS OF GRANTS Grant analysls 2024 Welfare gr&nls Chr15tmas grants Resplte grants Tolal 2024 Grants io Individuals Grants to Amied forces charities 143.037 39,453 35,181 51,956 230,174 39,453 Total: 182,490 35,181 51,956 269,627 Grant analysls 2023 Welfare Chrlstma5 grants Respile grants Total grants 2023 Grants to Individuals 107.615 28,647 34,250 S4,216 196,081 28,647 Grants to Amied forces charities Total.. 136.262 34,250 54,216 224,728 8. NET INCOME I ( EXPENDITURE) FOR THE YEAR This is slated after chargIn{credIting). Unrestrieted Funds Total 2024 Unrestricted Funds Totol 2023 Depreciation of lan8ible fixed assets Audilor's remunetalion (Gain) on disposal of invesiments (Gain) ,' (Loss) on fair value movement of inveslmenls 30,499 30,499 6,000 6,000 { 109,541) { 109,541) 30,028 30,028 6,000 6,000 (47,494) { 47,494) (786,612) (786,612) 694,069 694,069 Page 22
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (continuedj FOR THE YEAR ENDED 31ST MARCH 2024 9. AUDITOR'S REMUNERATION The auditorfs remuneraiion amounts 10 an audit fee of £6.000 (2023: £6.000) and other services £3,900 {2023'. £7,200). 10. TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The eharity eonsiders ils key management personnel lo comprise of Ihe Truslees and ihe senior manag¢menl leam. The ioial amount of remuneration and bcnefils r¢ccived by key management personnel in ihe year was £69,661 {2023.. £66,034). The trustees, neither received nor waived any remuneration during the year (2023.. £Nil). Nil {2023.. Nil) trustees are accruing pension arTangemenls, The trustees did nol have any expenses reimbursed during ihe year (2023: £Nil). 11. STAFF NUMBERS AND REMUNERATION The average number of monihly employees and full time ¢quiavl¢nt (E) during the year was as follows.. 2024 Number 2024 FTE 2023 Number 2023 Raising funds Charitable activities Th¢ total staff costs and employee benefits were as follows: Unreslrlcted Funds Total 2024 Unrestricted Funds Total 2023 Wages and salaries Social s¢curity Defined coniribution pension costs NIC employment allowance 93,091 9,180 2,045 (5,000) 93,091 9,J80 2,045 { 5,000) 88.093 8,945 2,103 (5,000) 88,093 8,945 2,103 (5,000) 99J16 99J16 94,141 94,141 No employees received total ¢mployce b¢n¢fits (excluding employer pension coniribulions) of more than £60.000. Page 23
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS fconliAAed) FOR THE YEAR ENDED 31ST MARCH 2024 12. TANGIBLE FIXED ASSETS Freehold Land and Furniture & Office Bulldlngs Flt¢lngs Equlpmenl Total COST At I" April 2023 1,771,460 ,627,212 142,963 1,285 Al 31 March 2024 1,771,460 1,627,212 142,963 1,285 DEPRECIATION At I sl April 2023 Charge for year 631,097 30,499 499,616 25,139 130,326 5.230 ,155 130 At 31st M*reh 2024 661,596 524,755 135,556 1,285 NET BOOK VALUE At 31st March 2024 1,109,864 1,102,457 7,407 At 31" Marrh 2023 ,140,363 1,127,596 12,637 130 LAND AND BUILDINGS Land and buildings are held in the name ofcieaver Fulion Rankin Trustees Limited as nominee. Page 24
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (con¢inued) FOR THE YEAR ENDED 31ST MARCH 2024 13. FIXED ASSET INVESTMENTS Llsted Investments Market value at I" April 2023 Addilions Disposals Revaluation &695.874 1.724.627 (2,037J77) 786.612 Market value At 31" March 2024 9,169,736 The investments of the Fund were managed and held on the Fuiid's behalf by Quilier Cheviot Limited. in the namc of the numinee company. Quilier Nominees Limiled and Julius Bar in the name of Ihe nominee conipany Bank Julius Baer & Co Lid. Invcslments are accounted for at the balance sheet dale al their fair value in accordancc with applicable accounting slandards. At ihe date of approval of these financial si8temenls there remains a lol of volatiliiy and uncertainly in the in8rkets. 14. DEBTORS 2024 2023 Tax repayment due Amounl owed by The Royal Irish Regirnenl Benevolent Fiind Prepaymenls and accrued income 6,830 3,870 5,908 3,997 21,997 17,632 34,735 25,499 IS. SHORT TERM DEPOSITS 2024 2023 Short temi deposits 479204 291,573 Short terni deposits are readily available, Page 25
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND LYOTES ON THE FINANCIAL STATEMENTS (conlinued) FOR THE YEAR ENDED 31ST MARCH 2024 16. CREDITORS: Anjounts falllng due wlthln one year 2024 2023 Other tax and social security Accruals for grants payable Accruals and deferred income Other 2,167 7,405 26,896 3,215 2,078 10.700 16,908 2.250 39,683 31,936 I7. FUND RECONCILIATION Unrestrlcted funds Bslanee at l Aprll 2023 Income Balance at 31 March 2024 Expendllure Losses Unreslri¢led 10,348,416 283,744 (578,486) 896.153 10.949,827 10,348.416 283.744 (578,486) 896.153 10,949,827 Unrestricted funds Balance at l April 2022 Income Balance al 31 March 2023 Expendilure Gains Unrestricied 11,200,468 309,148 (514,625) (646,575) 10,348,416 11.200,468 309,148 (514,625) (646,575) 10,348,416 The unreslricted funds of the Fund conslsl of funds which are expendable at the discretion of Ihe Board of Trusiees in furtheTance of Ihe chariiable objeclives of Ihe Fund. Page 26
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS (coftfinued) FOR THE YEAR ENDED 31ST MARCH 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 2023 Fixed assets Cash and current inveslmenls Other current assets I liabililies Creditors less than one year 10.279,600 67S,175 34,735 (39,683) 9.836.237 518.616 25.499 (31,936) 10,949,827 10.348,416 19. RECONCILIATION OF NET INCOME I (EXPENDITURE) TO NET CASH FLOW Tr"ROM OPERATING ACTIVITIES 2024 2023 Nel income l (expenditure) for ihe year 601,411 (852,052) Dividends received Inleresl receivable { 212,395) (2,770) 30,499 { 786,612) (172,963) (1,768) 30.028 694,069 20.000 (47.494) (9,922) 8,510 Depr¢cialion and impaimient of iangible fixed assets (Gain)Iloss on fixed asset investments Adjustment for cash transfer in previous year (Gain) on disposal of fixed assei investments (Increase) in debtors Increase in creditors (109,541) (9,236) 7.747 Net cash flow from operating activities (480.897) (331,592) 20. PENSIONS AND OTHER POST-RETIREMENT BENEFITS Defined conlribulion pension plan The charity operates a defined contribution pension plan for il5 employees. The amount Tecognised as an expense in th¢ y¢ar was £2,045 (2023: £2,103). Page 27
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND NOTES ON THE FINANCIAL STATEMENTS Iconlinued) FOR THE YEAR ENDED 31ST MARCH 2024 21. RELATED PARTY TRANSACTIOIYS Former members of The Ulster Defence Regiment, who were also members of The Royal Irish Regiment, and their dependanls, can bc enliiled to financial assistance from both The Ulster Defence Regiment Benevolent Fund and The Royal ITish Regimenl Benevolent Fund. In those cases for administration purposes The Ulster Defcnce Regi1nt Benevolent Fund make the total paymeni for financial assistance and are Teimbursed by The Royal Irish Re8iment Benevolenl Fund (or Ihe financial assisiance due by that Fund. Payments made on behalf of The Royal Irish Regiment Benevolenl Fund by The Ulster Defence Regimenl Benevolent Fund and subsequently reimbursed by The Royal Irish Regiment Benevolent Fund in Ihe year amounted 10 £35.588 (2023 - £31,774). These transactions are excluded in the Sialemenl of Financial Activilies. Al tlic dale of the balance sl)eet the amount owed lo Ihe Fund by The Royal Irish Rc8iment Benevolent Fund is £5,908 (2023 £3,997). This balance is shown under "Debtors" in Ihe notes to the fJnan¢ial slalemenls. 22. FINANCIAL INSTRUMENTS The ¢anying amounts of Ihe charity's finAncial inslrumenls are as follows= 2024 2023 Finaiicial asseis Measured al fair value ihrough nei income l expenditure.. Fixed asset listed inveslmenls (note 13) 9,169.736 8,695.874 The income. expenses, net gains and net losses atlribulable lo the charity's financial instruments ar¢ summarised as follows: 2024 2023 IncoiNe and expense Financial assets measured at fair value through net expenditurc". Dividcno income from equiiies Reali5ed and unrealised gain l (loss) on investments 212J95 896.153 172,963 { 646,575) Page 28