Company registration number: 01126882 Charity registration number: 1042395 The Franco-British Council - British Section IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Field Sulllvan Limited 9 Hare & Billet Road Blackheath SE3 ORB
The Franco-Britlsh Councll Brltlsh Section Contents Reference and Administrative Details Trustees Report 2to4 Independent Examlner's Report Sto6 Statement of Financial Activltles Balance Sheet Notes to the Financial Statements 9t018
The Franco-British Council - British Section Reference and Administrative Details Trustees Rt Hon Slephen Crabb Simon Day Philippe D'ornallo Benjamin Guedj Philippe Peir5 Oriel Petrv Marisha Ray Rupert Reece Lord Peter Ricketts Catriona Seth David Wahl Secretary David Mackintosh Charlty Reglstratlon Number 1042395 Company Registration Number 01126882 The charity is incorporated in England and Wales. 167-169 Great Portland Street 5th Floor London WIW SPF Registered Office Independent Examiner Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB Page I
The Franco-Brltlsh Council - British Section Trustees Report Report of the trustees for the year ending 31 March 2024 The trustees present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accountlng pollcies set out in note I to the accounts and comply wlth the charity's memorandum and 3rt1cles of assoclatlon, the Charltles Act 2011, the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005 and Accounting and Reporting by CharltSes: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard appllcatlon In the UK and Republlc of Ireland IFRS 1021. Structure, governance and management Governlng do¢ument The Franco-British Council Britlsh Section I'The Council'l is a charltable company limlted by guarantee, incorporated on 6 August 1973 and registered as a charity on 29 November 1994. The company was established under a memorandum of association which establlshed the objects and powers of the charltable company and is governed under its articles of association. The Council 15 distinct from the Conseil Franco-Britannique Section Francaise I'Le Consell'l whlch was established simultaneously under French law to share the same mission. Both have their own governing documents. In 2016, Le Consell establlshed a separate non-profit organisation Il'Association Loi 1901 Franco-British Young Leaders / Avenir Franco-Britanniquel with which the Council entered a Memorandum of UnderstandSng for the joint governance and delSvery of the Franco-British Young Leaders programme. Appointment of members The Trustees serve as members of the Council. Membership is by invitation and the Council seeks to achieve gender balance and diversity. Members of the charitable company guarantee to contrlbute to amount not exceeding £10 to the assets of the charitable company in the event of winding up. Members meet annually at the AGM and are invited to contribute Ideas and to assSst In activities of The Councll on a voluntary basis. Appolntment of trustees The Council has 11 trustees who are the dlrectors of the charity. Trustees who served during the financial year are listed on page l. Trustees are subject to retirement after three years in offlce and are sublect to reappolntment by the board up to a maximum of nine years. Nominations are put to the board of trustees. The trustees have no beneficial interest In the charitable company, Organlsatlon The day-to~day operation of the Council's affalrs Is delegated to the Dlrector. Since January 2019 this has been David Mackintosh. Strategic and policy matters are referred to the full board at regular trustee meetlngs and meetings of the Joint Board whSch also receive reports on activities, future programme plans, personnel, finance and other matters arising. Two such meetings were held in the year endlng 31st March 2024. Other staff included a part-time administrator and interns who have provided adminlstratlve help and Support. A merger of the organisatlonal structures of the Franco-British Council and the Conseil Franco-Britannique took place on l January 2020 with the Director and staff workSng for both Brltlsh and French section under the dlrectlon of a JoSnt Board with twelve members. Six of the Trustees from the British section serve on the Joint Board which met on 18 December 2023. Page 2
The Franco-British Councll - Britlsh Sectlon Trustees Report Reserves pollcv The Council's Memorandum of Under5tandSng with the Foreign, Commonwealth and Development Office IFCDOI, our core funder, states that it cannot carry over from one financial year to the next any substantial portion of the authorlsed grant-in-ald. The Council has this year operated within these restrictions. Fundlng Income included £60.000 funding by the FCDO and £128,677 in private and grant funding Irestrlctedl which included activities like the Defence conference in London, the Energy conference in Scotland, staffing costs, £5,592 from individual donations and £2,927 income for attending events. We express our gratitude to all our generous funders and supporters thls year agaln. Rlsk statement Following reductions in core funding by the FCDO since 2015-16, trustees have identified the prlmary rlsk as any further withdrawal of the FCDO grant-in-aid which is applSed for annually. Other risks include loss of staff. Purpose, actlvltles and revlew Purpose The Council was establlshed for the 'advancement of education in both countries and the promotSon of general knowledge of the British and French ways of Ilfe,. Slnce Its creatlon In 1973, it has performed its mission through a programme of meetlngs and reports, with contributions from leading representatSves of the worlds of culture, science, the arts, education, politics and business. Actlvltles In 2016-17, the Councll launched the Franco-British Young Leaders Programme, a major new bilateral Inltlative with the support from the British and French Governments whlch was endorsed at the Sandhurst Summit in January 2018, The programme's objectives focus on the engagement of established and emerglng leaders in building the future of the Franco-British relatSons. The support of both the UK Ithrough the FCDOI and the French governments have been a key enabling factor to this year's achievements. Achlevements Selected 20 Young Leaders and 4 Local Leaders as part of the cohort In 2024 and Alumni projects for the Young Leader were also undertaken. Delivered the ninth Franco-British Defence Conference Sn November 2023. Statement of publlc beneflt The trustees conflrm that they have complied with their duty to have due regard to the Charities Commission's public benefit guidance when exerclsing any powers or dutles to which the guidance is relevant. The trustees Iwho are also the directors of The Franco-British Coun¢ll - British Section for the purposes of company lawl are responslble for preparing the trustees, report and the financial statements In accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accountlng Practlcel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Page 3
The Franco-British Council - British Section Trustees Report Statement of Responsibilities Company law requires the trustees to prepare financial statements for Èach financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair vlew of the state of affairs of the charitable company and of the incoming resources and application of resources, Including Its Income and expenditure, of the charitable company for that period. In preparing these f inancial statements, the trustees are required to: select sultable accountSng pollcies and apply them conslstently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; state whether appllcable accounting standards, comprising FRS 102 have been followed, sublect to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the golng concern basis unless it Is Inappropriate to presume that the charitable company will continue in business. The tru5tee5 are responslble for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial posltlon of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for takSng reasonable steps for the preventlon and detection of fraud and other irregularities. The tru5tee5 are responsible for the maSntenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and di55emination of financlal statements may differ from legislation in other jurisdictions. Small companles provlslon statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the trustees of the charity on6 December 2024 and signed on its behalf by.. David Wahl Trustee Page 4
The Franco-British Council - British Section Independent Examlner's Report to the trustees of The Franco-Brltish Councll - Brltlsh Section {'the Company,) I report to the charity trustees {who are also Dlrector5 for the purpose of company lawl on my examination of the accounts of the The Franco-British Council - British Section I'the charitable company'l for the year ended 31 March 2024 which comprise the Statement of Flnancial Activities, the Balance Sheet and related notes. Thi5 report is made solely to the charity's trustees, as a body, In accordance with section 145 of the Charitles Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permltted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for thls report, or for the opinions I have formed. Responslbllltles and basls of report As the charity's trustees of The Franco-British Council - British Section you are responsible for the preparation of the accounts in accordance with the requirements of the Companles Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of The Franco-British Council - British Sectlon are not required to be audited under Part 16 of the 2006 Act and are eligSble for independent examination, I report in respect of my examination of your charitvs accounts as carried out under section 145 of the Charltles Act 20111'the 2011 Act'l. In carrylng out my examination I have followed the Dlrections given by the Charity Commission under section 14515llbl of the 2011 Act. An independent examination does not Involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in givlng their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the flnancial statements present a 'true and fairf view and my report is Ilmited to those specific matters set out in the independent examlnerfs statement. Independent examlner's statement I have completed my examination. We draw your attentlon to the golng concern policy that explains why the golng concern is appropriate for the preparation of the accounts. Our opinion is not modified in respect of this matter. I confirm that no other matters have come to my attention In connection with the examination giving me reasonable cause to believe that in any material respect,. accounting records were not kept in respect of The Franco-British CouncS1- Brlt15h Sectlon a5 required by section 386 of the 2006 Act,. or 2. the accounts do not accord wSth those records; or 3. the accounts do not comply with the accounting requirements of sectSon 396 of the 2006 Act other than any requlrement that the accounts glve a 'true and fair view, which Is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and prlnciples of the Statement of Recommended Practice for accounting and reporting by charltles applScable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Page 5
The Franco-British Councll - Brltish Section Independent Examiner's Report to the trustees of The Franco-British Council - British Section {'the Company,) I have no concerns and have come across no other matters in connectSon with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Tim Sullivan FCA Fleld Sullivan Ltd 9 Hare & Billet Road Blackheath SE3 ORB 3 December 2024 Page 6
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The Franco-British Council - British Section (Registration number: 01126882) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 12 239 Current assets Debtors Cash at bank and in hand 13 30,358 3,654 59 14 19.969 34,012 20,028 Creditors: Amount5 falllng due within one year 15 125,4161 129,7341 Net current assets/(Ilabllltles) 8,596 19,7061 Net assets/lllabllltles) 8,596 19,4671 Funds of the charlty: Restrlcted Income funds Restricted fund5 160,5851 134,1631 Unrestrlcted Income funds UnrestrScted funds 69,181 24,696 Total funds 16 8,596 19,4671 For the flnancial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Dlrectors, responslbllltles.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance wlth sectlon 476,. and The directors acknowledge their responsibilities for complying with the requlrements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on December 2024 and signed on their behalf bv.. David Wahl Trustee The note5 on pages 9 to 18 form an Integral part of these flnancSal statements, Page 8
The Franco-British Council - British Section Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charity is1Smited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of Ilquldation. The address of its registered office Is.. 167-169 Great Portland Street 5th Floor London WIW SPF These financial statements were authorised for issue by the trustees on & December 2024. 2 Accountlng pollcies Summary of significant accounting pollcles and key accountlng estlmates The prlncSpal accounting policies applied in the preparation of these financial statements are set out below. These policie5 have been cons15tently applied to all the years presented, unless otherwise stated. Statement of Compllance The financial statements have been prepared In accordance with Accountlng 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 IFRS 1021 (effective l January 20191 (Charities SORP IFRS 1021 Second edition October 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Basls of preparatlon The Franco-British Council British Section meets the defSnition of a public benefSt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwSse stated in the relevant accountlng policy notes. Golng Concern The financial statements have been prepared on the going concern basis as we believe that adequate cash resources will be available to cover the charitvs requirements for working capital and capital expenditure for at least the next twelve months. The charity are aware of the risks relating to any changes In government funding which could put into jeopardv the charity's going concern status during or beyond this period and they have taken steps to monitor this so any appropriate action could be taken, Pa8e 9
The Franco-British Council - British Section Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements and key sources of estlmatlon uncertainty In the appllcation of the charlty's accounting policies, the trustees are required to make judgements, estimates and assumptlons about the carrying amount of assets and Ilabilities that are not readlly apparent from other sources. The estimates and associated assumptlons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the perSod5 In whlch the estimate is revlsed where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods. Income and endowments All income is recognised once the charity has entitlement to the income, it Is Pfobable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacles Donations are recognised when the charlty has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditlons that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the *ulfilment of those conditions Is wholly within the control of the charity and it Is probable that these conditions will be fulfilled In the reporting period. Legacy gifts are recognised on a case by case basis following the Brant of probate when the admlnistratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the glft is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognitlon is sublect to the value of the gift belng rellably measurable with a degree of reasonable accuracy and the tltle to the asset having been transferred to the charity. Grants recelvable Grants are recognised when the charity has an entStlement to the funds and any condltSons linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the incomels recognised as a liablllty and included on the balance sheet as deferred income to be released. Deferred Income Deferred income represents amounts received for future periods and is released to incoming resources in the perlod for which, it has been received. Such income is only deferred when: The donor specSfles that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Investment Income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Page 10
The Franco-British Council - British 5ectlon Notes to the Financial Statements for the Year Ended 31 March 2024 Expendlture All expenditure is recognised once there is a legal or constructive obllgatlon to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attrlbuted to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreclation charges allocated on the portion of the a55et's use. Other support costs are allocated based on the spread of staff costs. Charitable a¢tlvltles Charltable expenditure comprlses those costs Incurred by the charity in the delivery of it5 actlvities and services for its beneficiaries. It includes both costs that can be allocated dlrectly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categorles on a basis conslstent with the use of resources, for example, allocatlng property costs by floor areas, or per caplta, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, Including audit, strategic management and trustees meetings and reimbursed expenses. Taxatlon The charity Is consldered to pass the tests set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charltable company for UK corporation tax purposes, Accordingly, the charlty is potentially exempt from taxation in respect of Income or capital gains received withln categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or galns are applied exclusively to charitable purposes, Tanglble flxed asset5 Indlvidual fixed assets costing £250.00 or more are Inltla51y recorded at cost. Depreclation and amortlsatlon Depreciation is provided on tangible fSxed assets so as to write off the cost or valuatlon, less any estimated residual value, over thelr expected useful economic life as follows: Asset class Furniture and equipment Depreciatlon method and rate 200A straight line method Page 11
The Franco-British Council - British Section Notes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed In the ordinarv course of busines5. Trade debtor5 are recognised SnltSally at the transactlon prSce. They are subsequently measured at amortised cost using the effective interest method, less provision for impalrment. A provision for the impairment of trade debtors is establlshed when there Ss objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term hSghly Ilquld investments that are readlly convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditor5 Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppllers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current Ilabi1Sties, Trade creditors are recognlsed Inltially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees dSscretion In furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for speclfSc purposes, the use of which is restricted to that area or purpose. Penslons and other post retlrement obllgatlons The charity operates a defined contrSbutlon pension scheme which is a pension plan under whlch fixed contrlbutions are paid into a pension fund and the charity has no legal or constructive oblSgatSon to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relatlng to employee service in the current and prlor periods. Contributions to defined contrlbution plans are recognised in the Statement of Financial Activities when they are due. If contribution payment5 exceed the contribution due for service, the excess is recognised as prepayment. Page 12
The Franco-British Councll - British Sectlon Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donatlons and legacles Unrestrlcted funds General Restrlcted funds Total 2024 Total 2023 Donatlons and legacies,. Donations for Young Leaders Donations for Defence Conference 12,293 22,500 12,293 22,500 s,000 11,031 Donations 5,000 Grants, including capital grants,. Forelgn, Commonwealth & Development Offlce grant Ministry of Defence 12.231 47,769 60,000 58,213 10,000 17,231 82,562 99,793 79,244 4 Income from charltable actlvltles Unrestrlcted funds General Total 2024 Total 2023 Subscriptions 480 480 459 5 Investment Income Unre5trlcted funds General Total 2024 Total 2023 Interest receivable and similar income- Interest receivable on bank deposits 22 22 6 Other Income Unrestrlcted funds General Total 2024 Total 2023 Other income Fees and supplies 79,058 9,600 79,058 9,600 37,937 4,000 88,658 88,658 41,937 Page 13
The Franco-Brltish Council - British Section Notes to the Financial Statements for the Year Ended 31 March 2024 7 Expendlture on charitable actSvltles Total 2024 Total 2023 Note Defence seminar and report Young Leaders Events and venues Staff costs 23,110 17,912 20,958 88,971 19,939 1,314 49,996 9,915 92,538 22,741 Allocated support costs 170,890 176,504 8 Analysis of governance and support costs Support cost5 Total 2024 Total 2023 Rent and rates 3,367 14,300 210 Insurance Telephone and fax Computer software and maintenance Sundries 386 422 3,247 367 2,618 34 Trustees, expenses Travel and subsSstence Independent examination Bookkeeping Legal and professional Bank charges Foreign currency Igainsl/losses DeprecSation of office equipment Allocatlon to charitable activltles Other interest payable 480 6.941 2,646 2,005 138 98 2,567 1,821 89 122 iio 240 240 119,9391 122,7411 230 Page 14
The Franco-British Councll - Brltlsh Section Notes to the Flnanclal Statements for the Year Ended 31 March 2024 9 Staff costs The aggregate payroll costs were as follows,. 2024 2023 Staff costs durlngthe year were: Wages and salarles Soci31 security costs Pension costs 79,498 3,305 6,168 82,496 4,244 5,798 88,971 92,538 The monthly average number of persons1Sncluding senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 2023 No Charitable actlvities Contributlons to the employee pension schemes for the year totalled £6,16812023 - £5,798). No employee received emoluments of more than £60,000 during the year. The number of employees whose emoluments fell within the following bands was., 2023 No £60,001- £70,000 The total employee benefits of the key management personnel of the charity were £61,30112023 £66,141). 10 Taxatlon The charity is a registered charSty and is therefore exempt from taxation. 11 Fixed a55et Investments Subsldlarles The Entente Cordiale Scholarship Trust which had been formally closed down with the Charity CommSsslon on 30 September 2023. Page 15
The Franco-Brltish Council - British Sectlon Notes to the Flnancial Statements for the Year Ended 31 March 2024 12 Tanglble flxed assets Furniture and equlpment Total Cost At l April 2023 1,199 1,199 At 31 March 2024 1,199 1,199 Depreciation At l April 2023 Charge for the year 959 959 240 240 At 31 March 2024 1,199 1,199 Net bookvalue At 31 March 2024 At 31 March 2023 240 240 13 Debtors 2024 2023 Prepayment5 Other debtors 3,000 27,358 59 30,358 59 14 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 22 3,632 22 19,947 3,654 19,969 Page 16
The Franco-Britlsh Councll - British Section Notes to the Financial Statements for the Year Ended 31 March 2024 15 Creditors: amounts falllng due wlthln one year 2024 2023 Trade creditors 13,725 7,538 707 1,606 4,862 5,597 16,869 800 Other taxation and social security Other creditors Accruals Deferred income 2,646 800 25,416 29,734 16 Funds Balance at I Aprll 2023 Incoming resources Resourtes expended Balance at 31 March 2024 Unrestrlcted General General Funds 24,696 106,391 161,9061 69,181 Restrlcted Young Leaders Programme Defence Conference 60,062 22,500 167,7601 141,2241 {7,6981 152,8871 134,1631 134,1631 82,562 1108,9841 160,5851 Total funds {9,4671 188,953 1170,8901 8,596 Balance at 31 March 2023 Balance at I Aprll 2022 Incoming resources Resources expended Transfers Unrestrlcted General General Funds 43,968 42,397 155,0141 16.6551 24,696 Restrlcted Young Leaders Programme Defence Conference 26,340 124,9121 69,244 10,000 1102,2391 119,2511 6,655 134,1631 1,428 79,244 1121,4901 6,655 134,1631 Total funds 45,396 121,641 1176,5041 19,4671 Page 17
The Franco-British Council - Brltlsh Sectlon Notes to the Financial Statements for the Year Ended 31 March 2024 The Franco-British Young Leaders Programme is governed by Joint Resolution between Association Franco-British Young Leaders/Avenir Franco-Britannique W751236044 Association de droit franoais régie par la loi du ler juillet 1901, 4 8 Avenue Hoche, 75008 Paris, France. For the Young Leaders programme, the trustes confSrmed that there will be suffSclent funds in 2025 as we wlll receive money from both governments and private sponsors for It. The next defence conference will be held in France in 2025 and will be funded by the French ministry of defence and sponsors and so we will expect veiy little expenditure for the FBC British section. The conference is held one year in France, one year in the UK. Once the expenses claimed is submitted in March 2025, we will revieve the Income for these expenses. 17 Analysls of net assets between funds 2024 net assets between funds Unrestricted funds General Total fund5 at 31 March 2024 Restrlcted funds Current assets 94,597 125,4161 160,5851 34,012 125,4161 Current liabilities Total net assets 69,181 160,5851 8,596 2023 net assets between funds Unrestricted funds General Total funds at 31 March 2023 Restrlcted funds Tangible fixed assets Current assets 239 239 54,191 129,7341 134,1631 20,028 129,734} Current liabilities Total net assets 24,696 134,1631 19,467) 18 Related party transactions There were no related party transactions in the year. Page 18