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 pU￿oses, which is incidental and necessary in the
c1￿uMstanCes, 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 r￿pOnSIble 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¢s￿nSible 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
CThartoFodACc￿nIHllts l RLTi%lcnxlAwliloTS I ChartEfLYITax Advi10￿ I I Corp)TateVlnan￿AdVl￿
tr#dlDg O*D)Èof CMCG Croup iimitLMI. RosNoNIo59660. list of Dlrtclorsavaiknbleat re8i5teredoffi
ReBi51LYuI lo wdi workby lhelTL8tim￿ oICh•rter¢dALYounlantsin IrelaDd
ArnemivofTiAC@.AWotld￿dQAli￿l￿or1lld￿￿dQ0[￿)Un￿ffjs
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 Obj￿IlYeS 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 f￿ud
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$e l (decrease) sn cash and cash
equivalents
1 SO￿59
(329,547)
Cash and cash equivalents al l April 2023
518,616
848.163
CAsh and eish equlvalents at 31 March 2024
675.175
518.616
Cash and egjsh equlvalents conslsls of..
Cash at bank and in hand
Short-lerm deposits
195,97 I
479,204
227,043
291,573
CA5h and c•$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 cu￿encY 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 reqUI￿d 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
O￿le¢ Equipment
250/0 slraighi line
Fixtures and Fiiiings
200/0 Slraighi line
Land is noi depreciaied
Debtors creditorg re¢eiv*ble 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 norn￿llY 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
Si*lfTI
6,852
1347)
148
61,668
(3,127)
1,329
70
68,520
13,474
,477
78
Si*llTl¢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 Regi1n￿t 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)
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