THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED31ST MARCH 2024 The Board of Trustees present their report and financial statements of the Fund for the year ended 31" March 2024, The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Fund's governing document, Ihe Charities Act (Northern Ireland) 2008, the Charilies Act (Northern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rcporting Siandard applicablc in thc UK and Republic of Ireland issued in Oclobcr 2019, the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounling Practice. CONSTITUTION The Ulster Dcfcnce Regiment Benevolent Fund was found in 1972 under Charilable Trust, mosl recently revised in 2017, ils purpose being helping and assisling the financial needs and affording support lo the benefit of members of and fornier members of the Ulsler Defence Regiment and their dependants as set out in the Trnst Deed. The Fund is recognised for charitable purposes by HM Revenue & Customs and registered with The Charity Commission for Northern Ireland on I I ' July 2018. Further infornialion on the Fund and the members of the Board of Trust¢¢s Can be obtained from the Secretary at the registered office address: CHARITY ADMINISTRATIVE AND REFERENCE DETAILS Cbarlty name Cbarlty reglstrAtion number The Ulsler Defence Regiment Benevolent Fund NIC107024 HMRC reference XN48435 Registered office Anderson House, Palace Barracks, Holywood, BTI 8 9QA The charity commission has accepted a request from the trustees for their personal details to be withheld. There were 14 trustees who served during the year. Trustees Secr¢tary IDve5tment managers Mr B Kennedy (delegated day to day management of the Fund) Julius Baer International Limit¢d, I St Martins, Le Grand, London, ECIA 4AS Quilter Cheviot Limited, Montgomery Hou5¢, 29133 Montgom¢ry Street, Belfast, BTI 4NX GMCG Belfast, Alfred House.19 Alfred Streel, Belfast, BT2 8EQ Auditor Bankers Danske Bank, Donegall Square West, Belfasl, BTI 6JS Edwards & Company, 28 Hill Street, Belfast, BTI 2LA Solicitors Page I
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (continued) FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE GOVERNANCE AIYD MANAGEMENT OrganisAtioDal slructure and related partles Responsibility for the activilies of the Fund is vested in and carried out by a Board of Trustees which meets al int¢rvals throughout the year. The Board of Trustees consisls of elected members. Trustees are appointed or are eligible for re-appointment immediately following the wmpletion of their temi of office at a General Meeting of the Fund for a lern] of four years. The number of trustees shall consist of not more ihan fifteen. The Chairnian of the Board of Trusl¢¢s is appointed annually at a General Meeting of the Fund. Recruitment, Appolntment, induction and training The Board of Trustees have been involved in the Fund for a number of years and so are familiar with its work. The trustees regularly review ihe requirements of the Fund and the possibility of a need for additional trustees. Any new Irustees would be elected by the Board of Trustees. Appropriate training and induction is availablc to all tNstees. INVESTMENT POWERS AND POLICY Under the trust deed, the trustees have unrestricted investment powers, and may invest at their absolute discretion. The trustees have appointed two indcpcndcnt inveslment managers, who have discretionary powers, with a mandate which is review¢d on a quaricrly basis, lo maintain and grow income, with a moderate risk profile. OBJECTIVES AND ACTIVITES The Ulster Def¢n¢e Regimenl Benevolent Fund exists to provide assistance to those fomler members of The Ulster Defence Regimcnl and the extended Ulster Defence Regiment family who are in need of 5UPPOrt as a consequence of poverty caused by sickness. disability, accid¢nt, infitmity, social exclusion or other adversity through the provision of grants and respile support. PUBLIC BENEFIT STATEMENT The trustees of I'he Ulster Defence Regiment Benevolent Fund confirm that ihey have had due regard for the guidance on Public Benefit by th¢ Charity Commission for Northern Ireland and are pleascd to report that during the year the charily has continued to provide Public Bcnefils. PUBLIC BENEFIT The trustees believe that the Fund provides the following public benefils in supw)rting those fom]er members of the Ulster Defence Regiment and their dependants who are in need.. I, The relief of poverty or assisting those in need by reason of age, ill healih, disability, financial hardship or other disadvantage. Page 2
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (conlinued) FOR THE YEAR ENDED 31ST MARCH 2024 PUBLIC BENEFIT (continued) Thc Ulster Defence Regiment Benevolent Fund meets this purpose through the provision of grants or other assistance, both financial and through the provision of goods and respite support. The provision of this assistance has enabled the Fund to help lift its beneficiaries out of a potential poverly Irap by allevialing some of the financial difficulties that they face, for example where statutory benefits do not cover what is required, where a beneficiary has special needs or a neurological, psychological or physical disability or where a beneficiary is facing homelessness or poverty as a result of a debt. 2. The advancement of human rights, conflict resolution or reconciliation. The Ulster Defence Regiment Benevolent Fund provides support to its beneficiaries in relieving social exclusion (du¢ 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 oth¢1 victims and survivors of the 'Troubles' in Northern Ireland and of other ¢onflicts. The direct benefits which flow from this purpose include an opportunity for victims and survivors lo avoid the poverty trap caused by social exclusion and all other hardships (financial or otherwise) that flow from such social exclusion, to reflect upon and share their expcriences and to begin to come to terms with their involvcmcnl in such conflicts and the social, political and financial consequences relating thereto. In turn, this promotes healing and reconciliation among the beneficiaries and society as a whole. The 'poverty exception, applies in this case: the Fund seeks to relieve poverty in a number of circumstances and this is rcgardcd as being for the public benefit even where there is a rcslricted or smaller polential group of beneficiaries. There is no harm arising from any of the pUoses. The charity's beneficiaries are those fom]er membcrs of ihe Ulster Defence Regimenl or members or forn]er members of the Royal Irish Regiment who are serving or have served on a similar limiled commitment of service as the members of th¢ Ulst¢r D¢f¢n¢e Regiment ("Home Service Condilions of Service") and their widows, widowers, dependants and families who are in need, There may be A private benefit flowing from the purposes, which is incidental and necessary in the circumstances, where a trustee may have been a serving m¢mber of the Regiment in hislher past who may find him/herself in necessitous circumslances because of social or financial reasons. The trustees are fully aware of the guidelines coming from The Charity Commission for Northern Ireland. They believe they are operating entirely wiihin those guidelines which have been r¢l¢ased so far and l(J)k forward with confidence to the devclopmcnt of the Fund's work in the future. ACHIEVEMENTS AIYD PERFORMANCE During ihe year the Fund undertook numerous welfare activities giving financial help to assist the needs and afford support to the benefit of fomier members of the Ulster 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 fonner m¢mb¢r5 of the Regiment. During the year, 121 (2023 114) applications for benevolence were dealt with, 529 (2023 534) familics bcncfiled from rc5Plte 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 BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (continued) FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (continued) The Fund also extended the Pilot Health Care Scheme for a further y¢ar with 783 (2023 - 604) beneficiaries now benefiting from the scheme. The overall increase in beneficiary contact during the year was 30 % (2023 410h). Total income for the period amounted to £283,744 (2023 £309,148) and total exp¢nditur¢ for the period amounted to £578,486 (2023 £514,625). Investments were held by Julius Baer and Quilter Cheviol as discrelionary investment managers and ihere was a gain on invcslmcnls of £896,153 (2023 - loss of £646,575) in Ihc year. The trust¢¢s continually review the level of welfare grants given and respite activities for family groups comprising of widows, bereaved parenls, disabled ex-soldiers and dependants of fornier members of the Ulster Defence Regimenl in relation to projected inveslment income and donalions together with any sUlUS funds. Direct charitable expenditure increased in the year by £64.358 froin £456.721 to £521,079. The trustees consid¢r that th¢ Fund is in a satisfactory posilion lo sustain its charitable activities for the foreseeable future. RISK MANAGEMENT The trustees havc asscssed ihe major risks lo which the Fund is exposed. in particular those related to the operations and finances of the Fund, and are satisfied that 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 accounls during ihe course of Ihe financial year. The tniste¢s' attitude to investment risk is managed ihrough the two professional investmcnl managers. Where appropriate. systems or procedures have been established to mitigate the risks faced by the Fund. Inlernal control risks are minimised by th¢ implementation of procedures for authorisation of all transactions and projects, Procedures are in place lo ensure compliance with health and safety of officers, volunteers and appli¢anls. Thcse pr¢xedures 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 ¢nd financial posilion are given on pages l 3 and 14 of the accounts attached io ihis 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 £10,949,827. The trustees consider the financial position of the Fund as satisfactory in order to 5UStain its charitable activilies for the foreseeable future. FUNDING The principal funding is from donations and inveslments. Page 4
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND REPORT OF THE BOARD OF TRUSTEES (conlinued) FOR THE YEIKR ENDED 31ST MARCH 2024 FINANCIAL REVIEW {c(pntinued) RESERVES POLICY Cash and deposii balances are maintained so as to be able to meet expenditure on charitable activities and other outgolngs as they arise. However, the majority of the Charity's assets are held in inveslment funds and in fixed assets used to help fulfil its charilable objectives. Th¢ Charity's income is mainly derived from investment income and the Trustees are aware of the need to minimise the risk that the Charity cannot meet its obligalions by mainlaining the value of the charity's underlying investmenls. The Charlty's obligalions cannot be readily ascertained but the Trustees adopt a reserves policy which allows fr¢¢ r¢serves to be available in any financial year in line with an annual budget s¢t in advance of the year. The lotal unrestricted funds of the charity are £10,949,827 (2023., £IO,348,416) which includes fixed assets of £10,279,600 (2023: £9,836,237) leaving the charity with free reserves of £670,227 (2023: £S12,179). PLANS FOR FUTURE PERIODS There have been no major changes in the year. The truslees are conscious of the ageing and declining beneficiary group and are currently engaged in a process of r¢vi¢wing how ihe Fund helps those UDR Veterans in need; ilus will form part of a 5-year slTalegic plan. STATEMENT OF THE RESPONSIBILITIES OF THE BOARD OFTRUSTEES The truslees are rponSIble for preparing the Truslees, Annual Report and ihc financial slatcmcnls in accordanc¢ with applicable law and United Kingdoin Accounting Standards (United Kingdom Generally Accepted Accounling Practice). The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of ihe incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to., select suilable accounting policies and then apply them consistenily. observe the methods and principles in the Charities SORP 2019. make judgemenls and estimates ihat are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements. and prepare the financial slatements on ihe going concern basis unless it is inappropriate to presume that the charity will continue in operalion. The trustees are responsible for keeping proper accounting records that disclos¢ with r¢asonabl¢ accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charilies (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the trust deed. They are also responsible for safeguarding assets of the charity and hence for taking reasonable sleps lor the prevenlion and detection of fraud and other irregularities. The Irustees are responsible for the maintenance and integrity of the charity and financial infornialion included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from 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 tNstees Chaillnan Datc: 29th Ociobcr 2024 Page 6