Charlty registration number NIC 107024
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
The charity Commission has accepted a request from the trustees for
Iheir personal details to be withheld.
Charlty number
NIC 107024
Prln¢lpal address
Bldg 89 Clive Road
Holywood
BT18 9QA
Auditor
GMCG BELFAST
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Bankers
Danske Bank
P.0. Box 183
Donegall Sq West
Belfast
BT16JS
Solicitors
Edwards & Co
3rd Floor
Sessia House
61-67 Donegal Street
Belfast
BT12QH
Investment advisors
Julius Baer International Limited
1 St Marlins
Le Grand
London
EC1A 4AS

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
CONTENTS
Page
Trustees, report
Independent auditor's report
Statement of financial activities
10
Stalement of financial position
11
Noles to the financial stalements

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees presenl their annual report and financial slatemenls for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the
financial slatements and comply with the fund's governing document, Ihe Charities Act (Northern Ireland) 2008 and
"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (as amended for accounting periods commencing from 1 January 2019).
Objectives and activities
The Ulster Defence Regiment Benevolent Fund exists to provide assistance to those former members of The Ulster
Defen￿ Regiment and the extended Ulster Defence Regiment family who are in need of support as a consequence
of poverty caused by sickness, disability, accident, infirmity, social exclusion or other adversity through the provision
of grants and respite support.
The truslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
fund should undertake.
The trustees believe Ihat the fund provides the following public benefits in supporting those former members of the
Ulster Defence Regiment and their dependants who are in need-
1. The relief of poverty or assisling those in need by reason of age, ill health, disability, financial hardship or other
disadvantage.
The Ulster Defence Regiment Benevolent Fund meets this purpose through the provision of grants or other
assistance, both financial and through the provision of goods and respite support. The provision of this assistance
has enabled the fund to help lift its beneficiaries out of a potential poverty trap by alleviating some of the financial
difficulties that they face, for example where statutory benefits do not cover what is required, where a beneficiary
has special needs or a neurological, psychological or physical disability or where a beneficiary 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
(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 other victims and survivors of
the 'Troubles' in Northern Ireland and of other conflicts. The direct benefits which flow from this purpose include an
opportunity for victims and survivors to avoid the poverty trap caused by social exclusion and all other hardships
(financial or otherwise) that flow from such social exclusion, to reflect upon and share their experiences and to begin
to come to terms with their involvement in such conflicts and the social, political and financial ccnsequences 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 arcumstances and this is
regarded as being for the public benefit even where there is a restricted or smaller potential group of beneficiaries.
There is no harm arising from any of the purposes. The charity's beneficiaries are those former members of the
Ulster Defence Regimenl or members or former members of the Royal Irish Regiment who are serving or have
served on a similar limited commitment of seNice as the members of the Ulster Defence Regiment ("Home Service
Conditions of Service.) and their widows, widowers, dependants and families who are in need.
There may be a private benefit flowing from the purposes, which is incidental and necessary in the circumstances,
where a trustee may have been a serving member of the Regiment in hislher past who may find himlher*lf in
necessitous circumslances because of Social or financial reasons.
The trustees are fully aware of the guidelines coming from The Charity Commission for Northem Ireland. They
believe they are operating entirely within those guidelines which have been released so far and look fO￿ard with
confidence to the development of the fund's work in the future.

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance
During the year the fund undertook numerous welfare activities giving financial help to assist the needs and afford
support to the benefit of former 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 former members of the Regiment. During the year, 115 (2024 - 121) applications for
benevolence were dealt with, 621 <2024 - 529) families benefited from respite in the apartments and 256 (2024
241) family or disabled ex-soldiers groups availed of respite activities during the year.
The fund also extended the Pilot Health Care Scheme for a further year with 875 (2024 - 783) beneficiaries now
benefiting from the scheme. The overall increase in beneficiary contact during the year was 18 % (2024- 30 %).
Flnancial review
During the year, there was income of £269,606 {2024 - £283,744) and expenditure of £695,960 (2024 - £578,486).
Investments were held by Julius Baer and Quilter Cheviol as discretionary investment managers and there was a
gain on inveslments of £86,144 (2024 - £896,153) in the year.
The trustees 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 former members of the Ulster Defence
Regiment in relation to projected investment income and donations together with any surplus funds. Direct
charitable expenditure increased in the year by £115,157 from £521,079 to £636,236.
The trustees consider that the fund is in a salisfactory position to suslain its charitable activities for the foreseeable
future.
Cash and deposit balances are maintained so as to be able to meet expenditure on charitable activilies and other
outgoings as they arise. However, the majority of the fund's assets are held in investment funds and in fixed assets
used to help fulfil its charitable objectives. The fund's income is mainly derived from investment income and the
Trustees are aware of the need to minimise the risk that the fund cannot meet ils obligations by maintaining the
value of the charity's underlying investments. The fund'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 budget
set in advance of the year. The total unrestricted funds of the charity are £10,609,617 (2024 - £10,949,827) which
includes fixed assets of £9.988,220 (2024 £10,279,600) leaving the charity with free reserves of £621,397 (2024 -
£670,227}.
The trustees have assessed the major risks to 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 mitigale 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
through the two professional investment managers. Where appropriate: systems or procedures have been
established to mitigate the risks faced by the fund.
Internal control risks are minimised by the implementation of procedures for authorisalion of all transactions and
projects. Procedures are in place to ensure compliance with health and safety of officers, volunteers and applicants.
These procedures are periodically reviewed at least annually to ensure that they continue to meet the needs of the
fund.
Plans for future perlods
There have been no major changes in the year. The trustees are conscious of the ageing and declining beneficiary
group and are currently engaged in a process of reviewing how the Fund helps those UDR Veterans in need., this
will form part of a 5-year strategic plan.

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
TRUSTEES, REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
structure, governance and management
The Ulster Defence Regiment Benevolent Fund was founded in 1972 under Charitable Trust, most re￿ntlY revised
in 2017, its purpose being helping and assisting the financial needs and affording support to the benefit of members
of and former members of the Ulster Defence Regiment and their dependants as set out in the Trust D￿d. The
Fund is recognised for charitable purposes by HM Revenue & Customs and registered with The Charity
Commission for Northern Ireland on 11th July 2018. Further information on the fund and the members of the Board
of Trustees can be obtained from the Secretary al the registered office address.
The charity commission has accepted a request from the trustees for their personal details to be withheld. There
were 15 {2024 - 14) trustees who served during the year.
Responsibility for the activities of the fund is vested in and carried out by a Board of Trustees which meets at
intervals throughout the year.
The Board of Trustees consists of elected members. Trustees are appointed or are eligible for r&appointmenl
immediately following the complelion of their term of office at a General Meeting of the fund for a term of four years.
The number of trustees shall consist of not more Ihan fifteen.
The Chairman of the Board of Trustees is appointed annually at a General Meeting ofthe fund.
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 the requirements of the fund and the possibility of a need for additional trustees. Any new
trustees would be elected by the Board of Trustees. Appropriate training and induction is available to all trustees.
Investment powers and pollcy
Under the trust deed, the trustees have unrestricted investment powers, and may invest at their absolute discretion.
The trustees have appointed two independent investment managers, who have discretionary powers, with a
mandate which is reviewed on a quarterly basis, to maintain and grow income, with a moderate risk profile.

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Statement of trustees. responsibilities
The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom 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 Ihe state of affairs of the fund and of the incoming resources and
application of resources of the fund for that year.
In preparing these financial statemenls, the trustees are required to..
select suilable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP 2019 (FRS 102).,
make judgements and estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements., and
prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume that the charity
will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any
time the financial position of the fund and enable them to ensure that the financial statements comply with the
Charities Act (Northern Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northern Ireland) 2015 and
the provisions of the trust deed. They are also responsible for safeguarding the assets of the fund and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees, report was approved by the Board of Trustees.
Trustee
28 Oclober 2025

CHARTBRED ACCOUNTANIS
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
Opinion
We have audited the financial statements of The Ulster Defence Regiment Benevolent Fund (the 'fund'l for the year
ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position and
notes to the financial statements, including significant accounting policies. The financial reporting framework that
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements-.
give a true and fair view of the state of the Fund's affairs as at 31 March 2025 and of its incoming resources
and application of resources, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PraCtI￿-
and
have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit ol
the financial statements section of our report. We are independent of the fund in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relatlng to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of
accounting in the preparalion of the financial stalements is appropriate.
Based on the work we have performed, we have not idenlified any material uncertainties relating to events or
conditions that, individually or collectively. may cast 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 stalements are aulhorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.

CHARTERBD ACCOUNTANT#
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
Other information
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does nol cover the other information and we do not express any form
of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in
the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required lo report that fact.
We have nothing to report in this regard.
Matters on whlch we are required to report by exception
We have nothing to repori in respect of the following matters in relation to which the Charities {Accounts and
Reports) Regulalions (Northern Ireland} 2015 require us to report to you if, in our opinion..
the information given in the financial statements is inconsistent in any material respect with the trustees,
report., or
sufficient accounting records have not been kept- or
the financial statements are not in agreement with the accounting records. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully In the slatement of trustees, responsibilities, the trustees are responsible for Ihe preparation
of the financial statements and for being salisfied that they give a true and fair view, and for such internal control as
the trustees determine is necessary to enable the preparation of financial ststements that are free from material
misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for
assessing the fund's ability to continue as a going concern, disclosing, as applicable, matters related to going
con￿rn and using the going concern basis of accounting unless the trustees either intend to cease operations, or
have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financlal statements
We have been appointed as auditor under section 65(2) of the Charities Act (Northem Ireland ) 2008 and report in
accordance with regulations made under section 66 of thatAct.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditols report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.

CHARTERBD AccouNfANTS
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
Extent to which the audlt was considered capable of detectlng Irregularities, including fraud
We identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error,
and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of malerial misstatement in respect of irregularities, including fraud and
non-compliances with laws and regulations, we considered Ihe following:
The nature of the industry and sector, control environment and the fund's financial results and position,
including the charity's remuneration policies for trustees, bonus levels and Performan￿ targets, if any.
Results 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 fund's documentation of their policies and
procedures relaling to..
Idenlifying, evaluating and complying with laws and regulations and whelher they were aware of
any instance of non-compliance.,
O Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud. and
The Internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations.,
The matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the fund for
fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAS
(UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the fund operates in, focusing on
provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in the financial statements. The key laws and regulations we considered in this Context included Part 4
of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and local tax legislation.
In addilion, 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 fund's abillty to operate or to avoid a material
penalty.

CHARTERED ACCOURITANTI
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
Audlt response to risks Identlfied
Our procedures to respond to the risks identified included the following:
Revlewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements.,
Enquiring of management concerning actual and potential litigation and claims.,
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud.,
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax
authorities., and
[] In addressing the risk of fraud through management override of controls. testing the appropriateness of
journal entries and other adjustments,. assessing whether the judgements made in making accounting
estimates are indicative of a polential bias- and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potenlial fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
materia5 misstatements in the financial statements, even though we have properly planned and performed our audit
in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of
irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-
compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
www.frc.org.uklauditorsresponsibilities. This description forms part of our audilor's report.

CHARTEXXD ACCOUNTANT8
THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
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 the Charities
(Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might
state to the Fund's truslees those malters we are required to state to them in an auditors, report for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Fund and the Fund's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
GMCG BELFA
28 October 2025
Chartered Accountants
statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
GMCG BELFAST is eligible for appointment as auditor of the fund by virtue of its eligibility for appointment as auditor
of a company under section 1212 of the Companies Act 2006.

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOMEAND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
funds
2025
Unrestricted
funds
2024
Notes
Income from:
Donations and legacies
Inveslmenls
34,806
234,800
68,579
215,165
Total Income
269,606
283,744
Expendlture on:
Raising funds
Charitable activities
59,724
636,236
57,407
521,079
Total expendlture
695,960
578,486
Net gainsl(lossesl on investments
86,144
896,153
Net Incomellexpendlturel and movement In funds
{340,210)
601,411
Reconclliation of funds:
Fund balances at 1 April 2024
10,949,827
10,348,416
Fund balances at 31 March 2025
10,609,617
10,949,827
The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
10-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
2025
2024
Notes
Fixed assets
Tangible assets
Investments
14
15
1,087,279
8,893,180
1,109,864
9,169.736
9,980,459
10,279,600
Current assets
Debtors
Cash at bank and in hand
16
19,080
642,175
34,735
675,175
661,255
709,910
Creditors: amounts falling due within
one year
17
(32,097)
(39,683)
Net current assets
629,158
670,227
Total assets less current Ilabllities
10,609,617
10,949,827
Income funds
Unrestricted funds
19
10,609,617
10,949,827
10,609,617
10,949,827
The financial statements were approved by the trustees on 28 October 2025 and signed on Iheir behalf by
Trustee
Trustee
11

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting pollcles
Charlty informatSon
The Ulster Defence Regiment Benevolent Fund is a unincorporated charity registered in Northern Ireland.
The registered office is Anderson House, Palace Barracks, Holywood, BT18 9QA.
1.1 Accounting conventlon
The financial statements have been prepared in accordance wilh the fund's trust deed, the Charities Act
(Northern Ireland) 2008, "Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102)" {effectlve 1 January 2019). The fund is a Public
Benefit Entity as defined by FRS 102.
The fund has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash
Flows.
The financial statements are prepared in sterling. which is the functional currency of the fund. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. modified to include the
revaluation of investments. The principal accounting policies adopted are set out below.
1.2 Golng concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the fund
has adequale resources to continue in operational existence for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charltable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
1.4 Income
Income is recognised when the fund is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. other donations are recognised once the fund has been notified of
the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation
to donalions received under GiftAid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwlse if the fund has been notified of an impending distribution, the
amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent
asset.
Investment income is interest earned through holding cash at bank and dividends from investments held.
Investment income is recognised on an accruals basis.
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to that category. Expenditure is recognised once there is a legal or constructive obligation to
transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in
settlement, and the amount of the obligation can be measured reliably. It is categorised under one of the
following headings: Costs of raising funds, Expenditure on charitable activities and Other expenditure.
Costs of raising funds comprise costs incurred in generating voluntary income and includes advertising,
allocation of support costs and inveslment management costs.
12-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Accountlng policies (Continued)
Expenditure on charitable activities comprises Ihose costs incurred by the Fund in the delivery of its activities
and services for its beneficiaries and includes welfare costs, christmas grants, respite costs, charitable
donations, media campaign. other direct costs and an apporlionment of support costs.
Support costs are those that assist the work of the charity but do not directly represent charitable activities
and include office costs, governance costs and administrative payroll costs. They are incurred directly in
support of expenditure on the objects of the charity and include project management carried out at the office.
Such costs are allocated to charitable activities based on time spent. The allocation of support costs is
analysed in nole 8.
1.6 Tanglble flxed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Freehold land and buildings
Fixtures and fittings
Compulers
2 % straight line
20 % straight line
25 % straight line
Freehold land is nol depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale prO￿edS
and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset Investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomel(expenditure) for the year. Transaction cosls are expensed as incurred.
1.8 Impairment of fixed assets
At each reportlng end date, the fund reviews the carrying amounts of its tangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call wlth banks, other short-term liquid
investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings In current liabilities.
1.10 Financlal instruments
The fund has elected to apply the provisions of Seclion 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the fund's balance sheet when the fund becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when
there is a legally enforceable righl to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
13-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Accounting pollcles (Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic flnancial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financlal liabilities
Financial liabililles are derecognised when the fund's conlractual obligations expire or are discharged or
cancelled.
1.11 Taxation
The charity is exempt from income tax and capital gains tax to the extent that its income and gain s are applied
for charitable purposes. No tax charge has arisen in the year.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are
received.
Termination benefits are recognised immediately as an expense when the fund is demonstrably committed to
terminate the employment of an employee or to provide terminalion benefits.
1.13 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Critical accountlng estimates and judgements
In the application of the fund's accounting policies, the trustees are required to make judgements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevanl. Actual resulls may differ from these eslimales.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects ￿lY that
period, or in the period of the revision and future periods where the revision affects both Current and future
periods.
14

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Crltical accountlng estimates and Judgements Icontlnued)
Key sources of estimatlon uncertainty
Fixed assets
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset
and estimates of residual values. The trustees regularly review these asset lives and change them as
necessary to reflect current thinklng on remaining lives in light of prospective economic utilisation and physical
condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and
amortisation charges for the period. Detail of the useful lives is included in the accounting policies.
Income from donations and legacles
Unrestricted
funds
2025
Unrestricted
funds
2024
Donations and gifts
Legacies receivable
34,806
39,716
28,863
34,806
68,579
Income from investments
Unrestricted Unrestricted
funds
funds
2025
2024
Income from listed investments
Interest receivable
234,281
519
212,395
2,770
234,800
215,165
Expenditure on ralslng funds
Unrestricted Unrestrlcted
funds
funds
2025
2024
Ralslng funds
Support costs
Investment management
8,458
51,266
8,165
49,242
Total costs
59,724
57,407
15-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Expenditure on charltable activities
Benevolent
Benevolent
fund
fund
management management
distribution
2025
distributlon
2024
Direct costs
Staff costs
Depreciation and impairment
Welfare grants
Christmas grants
Respite activities
Advertising
Media campaign
Property costs
Charitable donations
28,742
29,263
271,891
34,113
52,152
278
8,072
122,230
4,301
29,673
30,499
182,490
35,181
51,956
2,985
5,690
101,557
551,042
440,031
Share of support and governance costs (see note 8)
Support
85,194
81,048
636.236
521,079
Analysis by fund
Unrestricted funds
636,236
521,079
16-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Support costs allocated to actlvities
2025
2024
Basis of allocation
Staff lime
staff lime
Time
Time
Time
Slaff time
Time
staff costs
Bank charges
stationery & poslage
Telephone costs
Computer expenses
Miscellaneous expenses
Governance costs
67,897
134
1,843
357
5,401
5,273
12,747
69,643
127
1,950
542
1,948
3,107
11,896
93,652
89,213
Analysed between:
Fundraising
Benevolent fund management & distribution
8,458
85,194
8,165
81,048
93,652
89,213
2025
2024
Governance costs comprise:
Audit fees
Accountancy
Legal and professional
6,000
6,000
747
6,000
3,900
1,996
12,747
11,896
Gains and losses on investments
Unrestricted Unrestricted
funds
funds
2025
2024
Gainsl(losses) arising on..
Revaluation of investments
Sale of investments
{207,095)
293,239
786,612
109,541
86,144
896,153
10 Net movement in funds
2025
2024
The nel movement in funds is slated after chargingl(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
6,000
29,263
12,000
30,499
18

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
fund during the year.
12 Employees
The average monthly number of employees during the year was:
2025
Number
2024
Number
Employment costs
2025
2024
Wages and salaries
Olher pension costs
94,606
2,033
97,271
2,045
96,639
99,316
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows..
2025
2024
Aggregate compensation
67,765
69,661
The fund considers its key management personnel to comprise of the Trustees and the senior management
team.
13 Taxatlon
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
19-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Tanglble flxed assets
Freehold land Fixlures and
and bulldlngs
fittings
Computers
Total
Cost
At 1 April 2024
Additions
1,627,212
142,963
6,678
1,285 1,771,460
6,678
Al 31 March 2025
1,627,212
149,641
1,285
1,778,138
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
524,755
25,137
135,556
4,126
1,285
661,596
29,263
At 31 March 2025
549,892
139,682
1,285
690,859
Carrylng amount
At 31 March 2025
1,077,320
9,959
1,087,279
At 31 March 2024
1,102,457
7,407
1,109,864
Land and buildings are held in the name of Cleaver Fulton Rankin Trustees Limited as a nominee.
15 Fixed asset investments
Listed
investments
Cost or valuation
At 1 April 2024
Additions
Valuation changes
Disposals
9,169,736
2,238,692
(207,095)
(2,308,153)
At 31 March 2025
8,893,180
Carrylng amount
At 31 March 2025
8,893,180
At 31 March 2024
9,169,736
The investments were managed and held on the fund's behalf by Quilter Cheviot Limited, in the name of the
nominee company, Quiller Nominees Limited and Julius Bar in the name of the nominee company Bank JuThus
Baer & Co Ltd.
-20-

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16 Debtors
2025
2024
Amounts falling due within one year:
Olher debtors
Prepayments and accrued income
11,130
7,950
13,988
20,747
19,080
34,735
17 Creditors: amounts falling due wlthln one year
2025
2024
other taxation and social security
Other Greditors
Accruals and deferred income
1,946
5,303
24,848
2,167
10,620
26,896
32,097
39,683
18 Retirement benefit schemes
2025
2024
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes
2,033
2,045
The fund operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the fund in an independenlly administered fund.
19 Unrestrlcted funds
The unrestricted funds of the charity comprise the unexpended balances which are not subject to specific
conditions and expendable at the discretion of the Board of Trustees in furtherance of the charitable objectives
of the fund.
At 1 Aprll
2024
Incoming
resources
Resources
expended
Galns and At 31 March
losses
2025
General funds
10,949,827
269,606
{695,960)
86,144
10,609,617
Prevlous year:
At 1 Aprll
2023
Incoming
resources
Resources
expended
Galns and At 31 March
losses
2024
General funds
10,348,416
283,744
(578,486)
896,153
10,949,827
21