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← Forces Employment Charity

2024-09-30-accounts

Forces Employment Charity Annual report and accounts 2023-2024

Contents

Governance and Management ........................................................................................... 5 Vice-Patrons ...................................................................................................................... 5 Presidents .......................................................................................................................... 5 Trustees of the Charity ....................................................................................................... 6 Senior Management Team ................................................................................................. 7 Reference and Administrative Information ........................................................................ 8 Trustees Report 2023 – 2024 .............................................................................................. 9 1. Introduction ............................................................................................................................ 9 2. Corporate Structure ................................................................................................................. 9 3. Mission Statement ................................................................................................................... 9 4. Charitable Objectives ............................................................................................................... 9 5. Public Benefit .......................................................................................................................... 9 6. Governance ........................................................................................................................... 10 Strategic Report ........................................................................................................................ 10 7. Funding the Charitable Work ................................................................................................. 10 Grant Funding ............................................................................................................................... 11 Contract Funding ........................................................................................................................... 11 8. Delivering our Charitable Services .......................................................................................... 11 9. Our People ............................................................................................................................ 11 10. Operations ........................................................................................................................... 12 Supporting veterans ...................................................................................................................... 12 Supporting those who need specialist help .................................................................................. 13 Supporting families ....................................................................................................................... 14 Supporting transition .................................................................................................................... 15 Supporting the British Forces community into IT careers ............................................................. 16 Supporting veterans and families in the justice system ................................................................ 16 Supporting Service leavers and veterans into executive roles ...................................................... 17 11. Introduction to the Financial Review ................................................................................... 18 12. Our Funds ............................................................................................................................ 18 13. Fundraising .......................................................................................................................... 19 14. Our Reserves ....................................................................................................................... 19 15. Investment Policy and Performance ..................................................................................... 19 16. Remuneration ...................................................................................................................... 20 17. Risk Management ................................................................................................................ 20 18. Review of the Financial Position .......................................................................................... 20

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19. Future Plans ......................................................................................................................... 21
20. Statement of Trustees’ and Directors’ Responsibilities ......................................................... 22
21. Auditor ................................................................................................................................ 22
Independent Auditor’s Report to the Trustees and Members of Forces Employment
Charity ............................................................................................................................. 24
Opinion ..................................................................................................................................... 24
Basis for opinion ........................................................................................................................ 24
Conclusions relating to going concern ........................................................................................ 24
Other information ..................................................................................................................... 25
Opinions on other matters prescribed by the Companies Act 2006 ............................................ 25
Matters on which we are required to report by exception ......................................................... 25
Responsibilities of trustees ........................................................................................................ 25
Auditor’s responsibilities for the audit of the financial statements ............................................ 26
Capability of the audit in detecting irregularities ....................................................................... 26
Use of our report ....................................................................................................................... 27
Statement of Financial Activities (including an income and expenditure account) for the
year ended 30 September 2024 ........................................................................................ 28
Balance Sheet as at 30 September 2024 ........................................................................... 29
Cash Flow Statement for the year ended 30 September 2024 .......................................... 30
Notes to the Financial Statements for the year ended 30 September 2024 ....................... 31
1
Accounting Policies ............................................................................................................. 31
2
Judgements in applying accounting policies and key sources of estimation uncertainty ...... 31
3
Income from Donations ...................................................................................................... 32
4
Income from Charitable Activities ....................................................................................... 32
4
Income from Charitable Activities (continued) .................................................................... 33
5
Total Resources Expended .................................................................................................. 34
7
Staff Costs .......................................................................................................................... 36
8
Non-current Asset Investments .......................................................................................... 37
9
Tangible Fixed Assets .......................................................................................................... 37
10 Debtors .............................................................................................................................. 37
11 Creditors ............................................................................................................................. 38
11a Deferred income ................................................................................................................. 38
12 Funds .................................................................................................................................. 39
13 Trustees .............................................................................................................................. 42

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14 Financial Commitments ...................................................................................................... 42 15 Financial Instruments ......................................................................................................... 42 16 Subsidiary Undertaking ....................................................................................................... 43 Thank you ........................................................................................................................ 44

Front cover image: soldiers from 1st Battalion The Royal Welsh sit on deployable Bridging during a rock drill on the Drawsko Pomorskie Training Area in Poland on Ex Steadfast Defender. UK MOD © Crown copyright 2024.

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Governance and Management

The Forces Employment Charity is honoured to have HRH The Princess Royal as its Patron.

Vice-Patrons

Air Chief Marshal Sir Andrew PULFORD GCB CBE Vice Admiral Sir Clive JOHNSTONE KBE CB

(to 12 May 2024)

Presidents

Lt General Andrew FIGGURES CB CBE

Vice Admiral Sir Peter HUDSON CB CBE

Air Marshal Sir Baz NORTH KCB OBE MA FRAES

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Trustees of the Charity

The following persons were Trustees of the Charity and Directors under the Companies Act during the period under review and/or to the date of this Annual Report, unless otherwise noted:

Chair

Mr Ben FARRELL MBE

Trustees

Mr Peter CONNOLLY

Ms Susan JOHNSON OBE

Chair of the Remunerations Committee

Surgeon Rear Admiral Calum McARTHUR

Lieutenant Colonel R A ‘Mac’ McPHERSON MBE

Mr Nick MILLER Mr Alan PEPPER Mr Ian RAND Mr Ramnik SAUND Mr Ryan SINCLAIR Mrs Diana STEPHENSON Mr Ian WEBBER

Chair of the Nominations Committee (to 13 January 2025) (from 12 September 2024) (from 12 September 2024) (to 6 December 2024)

Chair of the Offer Committee

Vice-Chair and Chair of the Finance Committee

Mr Sid WELHAM MBE

(from 12 September 2024)

Air Commodore Malcolm WHITE OBE

Associate Trustee

Nia-Wyn EVANS

(from 12 September 2024)

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Senior Management Team
Commodore Alistair HALLIDAY Chief Executive and Company Secretary
Chloe MACKAY Deputy Chief Executive (to 13 June
2024)
Lauren BLAKE Director of Marketing, Communications
and Fundraising
(Director of Marketing and
Communications to 13 June 2024)
Lorraine CADLE Director of Employment
John CUNNINGHAM Director of Justice and Executive
Services
(Director of Executive Services to 13
June 2024)
Iain DOWNIE Director of Resources
James MURPHY Director of Veterans and Families
Employment (from 13 June 2024)

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Reference and Administrative Information

Full name Forces Employment Charity Nature of governing document Articles of Association (updated September 2024) How constituted Company limited by guarantee, incorporated 29 October 1996 Company Registered Number 03270369 Charity Registration Number 1061212 Scottish Charity Registration SC039262 Address of Head Office First Floor, Mountbarrow House, and Registered Office 12 Elizabeth Street, London SW1W 9RB Telephone Number 020 7808 4184 Website www.forcesemployment.org.uk Email headoffice@forcesemployment.org.uk

Organisations and Memberships

The Forces Employment Charity is a key deliverer of Employment Support to the three Services, the Ministry of Defence, the Department for Work and Pensions and NHS England. The Forces Employment Charity is a member of Cobseo and Veterans’ Scotland, and its representatives chair the Cobseo Employment Cluster and the Cobseo Justice Cluster.

Solicitors

Bates Wells: 10 Queen Street Place, London, EC4R 1BE

Auditor

Sayer Vincent LLP: Invicta House, 110 Golden Lane, London, EC1Y 0TL

Bankers

Messrs Coutts & Co: St Martin’s Office, 440 Strand, London, WC1B 6QB

Investment Managers

CCLA Fund Managers Ltd: 85 Queen Victoria Street, London, EC4V 4ET

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Trustees Report 2023 – 2024

1. Introduction

This Report is by the Trustees of the Forces Employment Charity. The Report covers the period 1 October 2023 to 30 September 2024. The Report has been prepared in accordance with the Forces Employment Charity governing document, The Charities’ Statement of Recommended Practice (FRS102), The Companies Act 2006, and applicable accounting standards.

2. Corporate Structure

The Forces Employment Charity traces its history back to 1885. It is registered as Charity Number 1061212 in England and Wales and Charity Number SC039262 in Scotland. The Forces Employment Charity was incorporated as a company limited by guarantee, number 3270369, on 29 October 1996.

3. Mission Statement

To provide life-long, life-changing support, jobs and training opportunities to Service Leavers, veterans, reservists and their spouses, partners and children, irrespective of circumstances, rank, length of service, or reason for leaving.

4. Charitable Objectives

The charitable objectives of the Forces Employment Charity are:

5. Public Benefit

By successfully delivering its objects the Forces Employment Charity also meets the Charity Commission’s two key principles of public benefit: first, that there must be identifiable benefit or benefits and second, there must be benefit to the public or a section of the public.

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6. Governance

The Forces Employment Charity has no members or guarantors other than the Trustees. The Board has a balanced composition of ex-Service senior officers and business executives. Trustees are selected in accordance with Trustee competency requirements, which includes previous experience at Board level in a charity or other organisation. All new Trustees receive extensive induction training and further training to remain up to date with statute and best practice affecting charities.

The Board has four Committees:

Trustees are responsible for all policy decisions on the running and future direction of the Forces Employment Charity. Specifically, they are responsible for:

The Board delegates responsibility for day-to-day management of the Charity’s operations to the Chief Executive and Senior Management Team. They are responsible for delivering the Board directed charitable services in accordance with the agreed Budget. Detailed operational and budget reports are made to each quarterly Board Meeting.

Strategic Report

7. Funding the Charitable Work

The delivery of our charitable objects is funded in two ways: through grants from Service charities and other trusts, foundations and organisations and through contracted services, including the MOD’s Career Transition Partnership (CTP).

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Grant Funding

The Forces Employment Charity receives funds from generous donations made by Service charities and other organisations.

We are enormously grateful for our funders' continued support, which enables us to deliver employment support and job-finding services to our clients.

Contract Funding

The MOD delivers resettlement support to Service Leavers through the CTP Contract. The contract was re-let in October 2024 with Reed in Partnership as the prime contractor. The Forces Employment Charity was selected as the principal sub-contractor to deliver the CTP’s Employment Service. The contract includes the provision of specialist case-working support to Personnel on Recovery Duty through the CTP Assist Programme and support for Early Service Leavers through the Future Horizons Programme. Both these programmes have been delivered by the Forces Employment Charity since before they were brought into the contracted provision in 2015. The new CTP contract will run initially for six years from 1 October 2024 with the potential for extension to 2034.

Following the development of Project Nova with partners in some police forces, NHS England and with Walking with the Wounded, in April 2023 NHS England commissioned the Forces Employment Charity to provide Op NOVA to deliver support to veterans who are in contact with the justice system throughout all regions of England. This contract will run for seven years and is delivered in conjunction with Op Courage.

8. Delivering our Charitable Services

By combining our grant income with that from the CTP and other contracts to ensure maximum synergy and efficiencies, we can provide fully integrated employment and job-finding help to all our beneficiaries through the following programmes:

9. Our People

The Forces Employment Charity’s operations are managed by the Chief Executive, Director of Employment, Director of Justice and Executive Services, Director of Resources, Director of Marketing, Communications and Fundraising, and Director of Veterans and Families Employment.

Effectively delivering the Charity’s mission requires dedicated, motivated and highly trained staff of the highest quality. All our staff receive comprehensive induction training, continuation training, annual performance reviews and further support when required.

Our principal deliverers of job-finding advice and guidance are Employment Advisors, Specialist Employment Consultants and Client Advisors. They are employed for their knowledge and skill in providing tailored employment support to clients. The majority have experience of working in the

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welfare to work and career advisory sectors, and many have also served in the Armed Forces. All are qualified or trained to a minimum of NVQ Level 4 in Advice and Guidance.

Our Op NOVA caseworkers are selected for their expertise in navigating the justice system and provide tailored advice to help clients live a crime-free life. Most of our caseworkers have experience in the justice sector, with many also having served in the Armed Forces. All of them are qualified or trained to at least NVQ Level 4 in Advice and Guidance.

Our Key Account Managers and Employer Relationship Managers are responsible for working with employers to generate job vacancies and other vocational opportunities which are suitable for our Service Leaver, Veteran, Reservist and Spousal Clients. They are employed for their knowledge of business, recruitment and marketing. Many have also served in the Armed Forces. All have the Recruitment and Employment Confederation Certificate in Recruitment Practice.

10. Operations

Supporting veterans

Life-long employment support for veterans and reservists of HM Armed Forces, both in the UK and abroad.

Our veterans' programmes provide dedicated support to former military personnel, including Reservists, through a comprehensive range of programmes and practical assistance.

The Ex-Forces Employment team saw a significant rise in engagement this year, supporting 5,558 veterans, leading to a 98% increase in successful employment outcomes compared to the previous year. This growth demonstrates the team’s improved ability to connect veterans with meaningful job opportunities, achieved through personalised job matching, skills training, and ongoing support. It underscores our commitment to equipping veterans with the skills, resources, and confidence necessary for sustainable employment.

As our Veterans' Support Programme approaches its twoyear milestone, it continues to exemplify the Charity’s

holistic approach. Veterans facing financial, housing, and mental health challenges benefit from our tailored employment assistance, complemented by partnerships with organisations such as the Royal British Legion, the Department for Work and Pensions, Armed Forces charities, and specialised local services.

Our Military Women Programme achieved significant success this year, tripling its reach and supporting over 900 female veterans. With a 155% employment target success rate in 2024, the programme has empowered women to achieve high-demand tech, energy, and healthcare placements, among others.

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This year:

Our veterans’ programmes supported 2,741 clients into sustainable employment this year.

85% of our veteran clients saw significant improvement in their aspirations and motivations.

88% of our veteran clients saw improvement in their job search skills.

Programmes supporting veterans:

Supporting those who need specialist help

Enhanced support for clients furthest from employment.

This year, our team of Specialist Employment Consultants supported over 815 veterans needing additional assistance beyond our employment services. We partner with other organisations to help those struggling with financial, housing, or health issues. Each client received personalised guidance, helping them navigate a pathway to meaningful employment. In addition, the team works closely with our Op NOVA caseworkers to assist those in the justice system in securing meaningful employment.

In 2022 we introduced the Afghan Support Programme to assist Afghan refugees who worked with British Forces during the conflict in Afghanistan. This initiative has been transformative, especially for female spouses new to the workforce. We offered English classes and female-only groups to build confidence, reduce isolation, and enhance financial well-being. Additionally, collaborations with community leaders and local authorities have improved employment resources under the ARAP scheme, providing tailored opportunities for Afghan families.

Our Gurkha Employment Programme also reported significant achievements. Sixty-seven per cent of clients

transitioned to employment, and all progressed in their job search skills. This initiative has dramatically impacted participants’ readiness for the workforce. Workshops and targeted support enhanced job skills and experience for 75% of our Gurkha clients.

The Charity's tailored programmes help those who are most disadvantaged by the lack of jobs, demonstrating resilience and adaptability in a challenging economic environment.

This year:

Our Specialist Employment 93% of clients reported an Consultants successfully increase in confidence placed 313 clients in when applying for employment. employment.

69 Afghan clients were placed in employment, with nearly half securing fulltime positions.

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Programmes supporting those needing specialist help:

Supporting families

Tailored employment support services for families of serving military personnel and veterans.

Our comprehensive Families Programme supports spouses and partners of serving personnel and veterans, including those who are divorced, separated, or bereaved, both in the UK and abroad. Recognising the broader impact of military life and transition on families, we offer extensive support—such as mentoring and career guidance—for service children and young people aged 16 to 24.

In 2024, we expanded our reach to hard-to-reach, vulnerable, and minority military families. Notably, 27% of clients who registered for support were from non-white British or non-UK

backgrounds. We also saw a significant increase in male client registrations, which rose by 10%. Additionally, 37% of programme clients identified as vulnerable or disadvantaged, highlighting the Charity’s critical role in supporting those most in need.

Participation in TechVets courses significantly increased among spouses and partners. This enabled clients to obtain digital qualifications and transition into tech roles and other industries, addressing underemployment and supporting career advancement.

Throughout the year, spouse and partner attendance at events like Women into Employment, Pathways into ..., and

CTP Employment Fairs significantly increased, highlighting the growing demand for these initiatives and the expanded reach of our support.

Beyond the 657 young people who benefited from group workshops, the Charity provided one-onone mentoring to 100 young people aged 16-24, emphasising the importance of supporting the entire military family and our commitment to individualised support. Our team strengthened partnerships with educational institutions and employers, raising awareness of the unique challenges military children face and promoting their resilience and adaptability strengths.

As a testament to its impact, our Families programme was shortlisted for the Diversity and Inclusion Initiative of the Year at the Ex-Forces in Business Awards. By connecting military families with career pathways and targeted support, we transform lives and foster resilience within the Armed Forces community.

This year:

756 children and young 88% of spouses and people from military partners demonstrated families received life skills, progress in their job search education, training and skills. employment support.

85.5% of all clients increased their aspirations and motivation.

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Programmes supporting military families:

Supporting transition

We continue to deliver employment services for the Career Transition Partnership MOD resettlement contract.

September 2024 marked the conclusion of the Forces Employment Charity's delivery under the Career Transition Partnership (CTP) contract with Right Management. Earlier this year, the Ministry of Defence appointed Reed in Partnership as the new prime contractor. We are delighted to have been selected to continue supporting Service leavers under the new contract and have been working closely with Reed in Partnership to ensure a seamless transition.

This year, we exceeded targets across all our CTP programmes. Much of this success stems from the dedicated efforts of our Central Support, CTP Future Horizons, and CTP Assist teams, which provided targeted tracking and tailored support to Service leavers. We also achieved a 2% reduction in non-responder rates, ensuring more individuals received the support they were entitled to and helping them navigate their transition effectively.

Our CTP Employer Engagement Team delivered exceptional results, hosting nine large-scale and four regional Employment Fairs alongside 198 company-specific recruitment events. These initiatives attracted 4,132 Service

leavers and resulted in many successful employment outcomes.

The latest Defence statistics report, published in February 2024, revealed that 89% of those accessing CTP support were employed within six months of discharge. A further 7% were engaged in training or further education—positive outcomes, particularly for Early Service Leavers, who benefit from enhanced upskilling opportunities.

As we implement the new contract with Reed in Partnership, we remain steadfast in our mission to provide world-class support to those transitioning from HM Armed Forces.

This year:

The CTP Employer Our support teams handled Engagement team 75,806 telephone calls, generated 78,121 emails and event bookings. vacancies.

10,814 Service leavers were placed in employment.

Programmes supporting Service leavers:

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Supporting the British Forces community into IT careers

TechVets helps active military, veterans, and military spouses retrain, upskill, and successfully transition into information technology careers.

In 2024, our free training programme designed for Service leavers, veterans, and their spouses made significant progress in helping clients transition to successful careers in technology. Recognising the changing demands of the job market, we established new training partnerships to provide our members with essential skills in artificial intelligence, machine learning, data analytics, and data science. These new offerings align with an increasing focus on advanced technologies, ensuring our clients are well-equipped to face the challenges and seize the opportunities in today’s dynamic job landscape.

In addition to training, TechVets organised several highly successful career events in partnership with some of the world's largest technology companies, including Google and Cognizant. These events offered valuable networking opportunities and practical career guidance, effectively connecting the military community with the tech industry.

We played a crucial role in helping technology firms achieve Gold status in the Defence Employer Recognition Scheme (ERS), highlighting their commitment to integrating veterans into their workforce and creating a supportive network by linking new organisations with tech companies known for their excellent practices in hiring veterans.

Our work continues to make our clients more employable and strengthens connections between the military and technology sectors. This supports our mission to create fulfilling careers for the military community while addressing critical skill gaps in the tech industry.

This year:

Our team supported 200 clients into new roles within the technology sector.

We promoted more than 600 new technology and cyber security roles to our clients, including apprenticeship schemes.

Over 1,200 new members joined our online community, marking a 49% increase in engagement compared to 2023.

Supporting veterans and families in the justice system

Specialist justice support for veterans and family members in England and Scotland.

2024 marked ten years since the Forces Employment Charity began delivering justice services to veterans. During this time, we have successfully assisted thousands of veterans and their family members, underscoring our dedication to those who served in HM Armed Forces.

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In 2023, the NHS England Armed Forces Health team commissioned us to deliver Op NOVA, which navigated new operational procedures and key performance indicators in its first full year. This effort culminated in winning the contract to deliver phase two of Op NOVA, providing dedicated in-prison support and ensuring a seamless care pathway within the justice system, which we deliver via our subcontractor Care After Combat.

A significant innovation was introducing the Families Navigator position, designed to address the needs of veterans' families. This crucial role conducts comprehensive needs assessments for family members, including spouses

and caregivers, connecting them with localised support networks. Despite its recent establishment, the role has already made significant progress, supporting families facing challenges such as addiction, financial instability, and disability care while fostering collaborations with essential partners across England.

The launch of NOVA Scotland in September followed a successful pilot program. This initiative addresses the needs of Scotland’s substantial veteran population, reported by the 2022 census to be over 176,000. With one caseworker, NOVA Scotland has built vital partnerships and received recognition in the Scottish Veterans Commissioner’s annual report, laying the foundation for future expansion in 2025.

Our decade of justice support has only been possible due to the tireless efforts of police and probation services across England and Scotland. Their collaboration has been instrumental in reaching vulnerable veterans and their families, ensuring they receive the care and support needed to rebuild their lives.

This year:

Op NOVA received 78% of clients 82% of clients go NOVA Scotland 2,625 referrals showed on to lead a crimesupported 51 from 39 police improvement in free life (the veterans in its first forces, with 334 their mental national average is year. self-referrals. health and c. 25%). wellbeing.

Programmes supporting justice services:

• Op NOVA • NOVA Support Team • NOVA Scotland • CFO Evolution delivered by Ingeus

Supporting Service leavers and veterans into executive roles

Executive-level services supporting those who have served in the Armed Forces into senior appointments.

Our unique Forces Employment Pathways program is a vital part of Op PROSPER, an innovative Office for Veteran Affairs initiative funded by the Armed Forces Covenant Fund Trust. Since its launch in February 2024, we have successfully mobilised businesses to develop veteran-friendly

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recruitment and retention strategies. The initiative has engaged 274 employers across key sectors, promoting cultural and behavioural change. It has delivered sector-specific events and created new opportunities for veterans in eight sectors of national importance, including energy, financial services, and technology.

To support Employment Pathways, we delivered a refined programme of events covering some of the eight key sectors and delivered the largest Women into Employment gathering we’ve ever hosted. We expanded the reach of our events by incorporating online streaming and holding regional in-person gatherings, leading to a more diverse audience, including more veterans, a more significant number of other ranks, and their families. The success of these events is reflected in the positive employment outcomes experienced by many attendees as a direct result of their participation.

In the past year, our senior executive workshops saw a 50%

increase in registrations, highlighting their value. These workshops, designed for clients seeking challenging roles, provide unique access to industry briefings and networking opportunities. Topics covered include the state of the employment market, portfolio careers, and non-executive roles. Participants have provided overwhelmingly positive feedback, with 93% of attendees from the latest workshop recommending it, highlighting its quality and effectiveness.

This year:

Our Executive Career Forces Employment Four flagship Pathways Consultants provided 336 Pathways supported 274 events were attended by personalised career employers across eight 447 delegates, and over consultations. sectors. 80% of attendees would recommend our events.

11. Introduction to the Financial Review

By careful management of financial resources, together with operating efficiencies and salary restraint, the Forces Employment Charity aims to achieve a modest operating surplus to (a) ensure a small positive annual cash flow, (b) fund the modest levels of capital expenditure needed (mainly IT equipment) and (c) add to our reserves which are currently below the desired level.

12. Our Funds

The total incoming resources for the year ended 30 September 2024 was £8,709,366 compared to £7,588,927 in the previous year. Expenditure in 2024 was £9,380,911 compared to £9,488,247 in the previous year. As a result, net expenditure before the revaluation of investments was a deficit of £671,545, which comprises a deficit of £690,978 on restricted and surplus of £19,433 on unrestricted. Unrestricted expenditure included £386,696 on our designated business development and improvement funds to provide additional support to our staff and to develop the quality of our services and our outreach. Of the restricted expenditure, £1,068,718 was against the Executive Programme to deliver, improve, and enhance our Executive Services division.

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After an unrealised gain on investments of £413,388, the net movement in funds was a deficit of £258,157, a significant improvement on the previous year’s deficit of £1,736,943.

At 30 September 2024, our CCLA-managed investments stood at £3,703,745. The performance against certain international indices was competitive, especially given the uncertainty that existed in international markets during 2024.

Our Funds at 30 September 2024 totalled £8,238,250 of which £4,353,323 was restricted, £400,000 was designated in the Improvement and Business Development funds, and £3,484,927 was general.

13. Fundraising

A range of funders fund the Forces Employment Charity programmes. The Charity does not engage in public fundraising but instead applies for grants, donations and contracts directly from charitable trusts, charities, companies, other organisations and government sources.

14. Our Reserves

The policy for our reserves was reviewed by the Trustees in December 2024, where it was confirmed that reserves should be held to ensure continuity of services under our charitable purposes in the event of any or all of the following:

The Board has considered the objectives reflected above and concluded that the general reserve fund for programmes other than the Executive Service Programme for which a specific designated reserve is held, should represent approximately six months of operating costs, equivalent in 2025 to £4,300,000.

As at 30 September 2024, the total funds held were £8,238,250, of which £400,000 was for two Designated Funds (Business Development and Improvement), £4,072,100 was restricted to our Executive Services Programme, and £281,223 was for other Restricted. These are not available for general purposes. Our General Fund stood at £3,484,927 or 81% of the targeted reserve. The Trustees have agreed an objective of reaching the required level of reserves over the next three years, including through growth in the value of investments, to safeguard the Forces Employment Charity’s ongoing work.

15. Investment Policy and Performance

The Trustees of the Forces Employment Charity have wide powers of investment, governed by the Charities Act. The Forces Employment Charity has an investment policy that is approved by the Board, based on current market conditions and with a recommendation from the Finance

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Committee. Following a selection process at its November 2015 meeting, the Board agreed that our investments should be transferred to CCLA Fund Managers Ltd, an FCA-regulated firm of Fund Managers. The investment assets are invested in the CCLA COIF Charities Investment Fund Accumulation Units. This large-pooled fund is designed to enhance real value over a three to fiveyear period. It adopts a moderate investment risk which means some volatility in asset values should be expected. The Fund's performance is measured against three specific benchmarks which have been agreed with CCLA. The value of investments at the start of the financial year on the 1 October 2023 was £3,290,357. During the financial year, the fund made an unrealised gain of £413,388, closing on 30 September 2024 with a valuation of £3,703,745.

Following the liquidation of the investments received by the Charity following the combination of employment services with the Officers’ Association the receipts have been held as cash in a deposit account with CCLA. At 30 September 2024 the balance of this account stood at £4,217,767.

16. Remuneration

Making effective decisions in relation to staff remuneration is considered central to the continued successful delivery of the Charity’s overall aims. The Board’s Remuneration Committee is responsible for evaluating and benchmarking salaries against the sector and wider comparators to ensure the Charity attracts, rewards and retains appropriately skilled and motivated staff. The Committee also considers and submits to the Board of Trustees for approval recommendations for any general annual salary increase, including changes to the remuneration of the Senior Management Team.

17. Risk Management

The Board has reviewed the major risks to which the Charity is exposed and has established systems and procedures to manage them as follows:

18. Review of the Financial Position

The Forces Employment Charity’s financial position remains sound. With confirmation that the Charity will form a major part of the CTP contract to at least 2030, including delivery of an enhanced

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range of services; the NHS England commissioning of Op Nova to 2029; development of additional programmes to support veterans and their families; and the continued support of the Service charities and other funders, the Forces Employment Charity continues to provide high quality employment help to Service leavers, veterans and their partners as required by its charitable objectives.

The Trustees consider that the Forces Employment Charity is a going concern and that there are no material uncertainties to cast doubt on the organisation’s ability to continue operating for the foreseeable future.

19. Future Plans

The Forces Employment Charity vision is: "A UK where all who have served, and their families lead fulfilling working lives, enabling them to reach their potential.”

To achieve this, the principal objectives for future years are:

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  1. Statement of Trustees’ and Directors’ Responsibilities

The Trustees (who are also Directors of the Forces Employment Charity for the purposes of company law) 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 Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

21. Auditor

Sayer Vincent LLP was re-appointed as the Company’s auditor during the year and has expressed its willingness to continue in that capacity.

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The Trustees’ annual report, which includes the strategic report, was approved by the Trustees on 20 March 2025 and signed on their behalf by:

................................................................................................................................................................

Mr Ben Farrell MBE Chairman

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Independent Auditor’s Report to the Trustees and Members of Forces Employment Charity

Opinion

We have audited the financial statements of Forces Employment Charity (the ‘charitable company’) for the year ended 30 September 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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 the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Forces Employment Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the trustees’ annual report, including the strategic 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 not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 with 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 to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible 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 determine is

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Page 25

necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

..................................................................................................................................................................

Joanna Pittman (Senior statutory auditor)

Date ..........................................................................................................................................................

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 110 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Page 27

Forces Employment Charity

Company registration number 03270369

Statement of Financial Activities (including an income and expenditure account) for the year ended 30 September 2024

Notes
Incoming resources
Income and endowments from:
Donations
3
Charitable activities
4
Investments
Total incoming resources
Resources expended
Charitable activities:
Employment Support Programmes
Total resources expended
5
Net (expenditure) income before
investment gains
6
Gains on investments
8
Transfers between Funds
12
Net movement in funds
Fund balances brought forward
Fund balances carried forward
12		 Restricted funds
2024
Unrestricted
funds 2024
Total funds 2024
Restricted funds
2023
Unrestricted
funds 2023
Total funds 2023
£
£
£
119,033
83,369
202,402
123,333
192,128
315,461
3,112,849
5,164,054
8,276,903
2,746,660
4,321,288
7,067,948
197,078
32,983
230,061
200,796
4,722
205,518
3,428,960
5,280,406
8,709,366
3,070,789
4,518,138
7,588,927
4,119,938
5,260,973
9,380,911
4,467,812
5,020,435
9,488,247
4,119,938
5,260,973
9,380,911
4,467,812
5,020,435
9,488,247
(690,978)
19,433
(671,545)
(1,397,023)
(502,297)
(1,899,320)
-
413,388
413,388
25,849
136,528
162,377
16,513
(16,513)
-
39,668
(39,668)
-
(674,465)
416,308
(258,157)
(1,331,506)
(405,437)
(1,736,943)
5,027,788
3,468,619
8,496,407
6,359,294
3,874,056
10,233,350
4,353,323
3,884,927
8,238,250
5,027,788
3,468,619
8,496,407

All recognised gains and losses for year ended 30 September 2024 are included above and derive from continuing activities.

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Forces Employment Charity

Company registration number 03270369

Balance Sheet as at 30 September 2024

Notes
Non-current Assets
Investments
8
Tangible fixed assets
9
Lease deposit
14
Current Assets
Debtors
10
Cash at bank and in hand
Creditors
Amounts falling due within one year
11
Net current assets
Total assets
Represented by:
General Fund
Designated Fund
Total unrestricted funds
Restricted funds
Total funds
12		 2024 2024
£
3,703,745
86,181
21,395
3,811,321
4,426,929
8,238,250
3,884,927
4,353,323
8,238,250		 2023 2023
£
970,146
4,844,635		 £
1,033,465
5,393,094		 £
3,290,357
79,907
3,370,264
5,126,143
5,814,781
1,387,852
3,484,927
400,000		 6,426,559
1,300,416
3,068,619
400,000
8,496,407
3,468,619
5,027,788
8,496,407

The financial statements were approved by the Trustees (Directors) and authorised for issue on 20 March 2025 and are signed on their behalf by:

..........................................................................................................................................................................................

Mr Ian Webber, Chairman Finance Committee

.......................................................................................................................................................................................... Commodore D A Halliday, Chief Executive

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Forces Employment Charity

Company registration number 03270369

Cash Flow Statement for the year ended 30 September 2024

Cash flow from operating activities:
Net cash (used in)/provided by operating activities below
Cash flows from investing activities:
Income from investments
Drawdown on investments
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Notes 2024
£
(726,555)
230,061
-
(51,966)
178,095
(548,459)
5,393,094
4,844,635		 2023
8
9		 £
(2,704,683)
205,518
6,116,192
(49,836)
6,271,874
3,567,191
1,825,903
5,393,094

Reconciliation of net income to net cash flow from operating activities

Net (expenditure)/ income for the reporting period
Adjustments for:
Depreciation charges
Gains on revaluation of investments
Investment management charge
Income from investments
Lease deposit
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating activities		 Notes 2024
£
(258,157)
45,692
(413,388)
-
(230,061)
(21,395)
63,319
87,436
(726,555)		 2023
9
8
8
14
10
11		 £
(1,736,943)
38,575
(162,377)
11,126
(205,518)
-
(96,201)
(553,345)
(2,704,683)

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Page 30

Forces Employment Charity

Company registration number 03270369

Notes to the Financial Statements for the year ended 30 September 2024

1 Accounting Policies

The Forces Employment Charity is a company limited by guarantee not having a share capital. The Company registered number is 03270369. The liability of members is limited to £1 each. The Company is a registered Charity. It is incorporated in England and Wales and the registered office is located at 1st Floor, Mountbarrow House, 12 Elizabeth Street, London SW1W 9RB.

The Charity’s principal activity is to provide life-long, life-changing employability support, jobs and training opportunities to all Service leavers and veterans, including reservists and their families, irrespective of circumstances, rank, length of service, or reason for leaving.

a The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The company constitutes a public benefit entity as defined by FRS 102.

Having assessed the Company’s financial position and plans for the foreseeable future, the Trustees are satisfied that, as there are no material uncertainties, it remains appropriate to prepare the financial statements on a going concern basis.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charitable Company’s accounting policies (see note 2).

b All incoming resources becoming available to the company are recognised in the Statement of Financial Activities when there is entitlement, measurement and probability of receipt. Grants given to finance activities over a specified period of time are recognised over that period.

c Resources expended on Charitable Activities comprise all expenditure directly relating to the objects of the charity, specifically the costs of operating employment branches. Governance costs include compliance with constitutional and statutory requirements, including audit fees and Trustee costs.

Staff costs and overhead expenses are allocated to activities on the basis described in note 5.

d Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

e Tangible fixed assets above £700 are stated at cost less depreciation, which is provided in annual instalments over the estimated useful lives of the assets. The rates of depreciation applied to the assets are:

Computer equipment – three years straight line

f The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents the contribution payable by the Company under the scheme.

g Rentals payable under operating leases are charged to the Statement of Financial Activities in the year in which they fall due.

h Funds held by the charity are either:

Unrestricted general funds – these are funds that can be used in accordance with the charitable objects of the Company at the discretion of the Trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds – these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

i Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j Short term deposits includes cash balances that are invested in accounts with a maturity date of between three and 12 months.

k Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

n Grants payable are made to third parties in furtherance of the Charity’s objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Charity.

2 Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities and disclosure of any contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustments in the next financial year.

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Forces Employment Charity

Company registration number 03270369

3 Income from Donations


Income from Donations
Royal Navy & Royal Marines Charity
Royal Air Force Benevolent Fund
City Veterans CIC
Uber London Limited
Donations from other sources		 Restricted 2024
Unrestricted 2024
Total
2024		 Restricted 2023
Unrestricted 2023
Total
2023
£
£
£
48,750
-
48,750
55,283
-
55,283
-
-
-
-
-
-
15,000
83,369
98,369		 £
£
£
71,250
23,409
94,659
52,083
-
52,083
-
113,849
113,849
-
24,999
24,999
-
29,871
29,871
119,033
83,369
202,402		 123,333
192,128
315,461

4 Income from Charitable Activities

Career Transition Partnership
NHS England
Ingeus UK Ltd
Reed in Partnership
The Forward Trust
Officers’ Association (SLA)
WWTW (Project Nova Regroup)
WWTW (Project Nova)
Executive Commercial
Armed Forces Covenant Fund OVA
Army Benevolent Fund
Call of Duty Endowment
Charities Aid Foundation
Royal British Legion
WWTW Grant (Project Nova)
PCC Derbyshire
PCC Humberside
PCC North Yorkshire
PCC South Yorkshire
Norfolk Community Foundation
Suffolk Community Foundation
PCC Nottinghamshire
Charles Hayward Foundation
Colyer Fergusson Charitable Trust
Greenwich Hospital
Veterans’ Foundation
Amazon UK Services Limited
Zendesk Neighbor Foundation
Department for Work & Pensions
Lloyd’s Patriotic Fund
Barclays		 Restricted
2024
Unrestricted
2024
Total
2024		 Restricted
2023
Unrestricted
2023
Total
2023
£
£
£
-
2,597,410
2,597,410
-
2,206,910
2,206,910
-
79,658
79,658
-
58,823
58,823
-
24,209
24,209
-
24,127
24,127
-
-
-
-
-
-
-
47,917
47,917
205,833
-
205,833
295,000
-
295,000
711,986
-
711,986
60,000
-
60,000
718,686
-
718,686
-
-
-
18,000
-
18,000
12,296
-
12,296
20,000
-
20,000
7,500
-
7,500
-
-
-
-
-
-
-
-
-
-
-
-
37,500
-
37,500
136,667
-
136,667
25,000
-
25,000
-
100,000
100,000
-
-
-
64,890
-
64,890
100,000
-
100,000
80,000
-
80,000		 £
£
£
-
2,528,740
2,528,740
-
1,174,994
1,174,994
-
186,437
186,437
-
46,327
46,327
-
20,442
20,442
-
31,366
31,366
-
98,800
98,800
-
116,407
116,407
-
72,060
72,060
-
-
-
270,000
-
270000
724,906
-
724,906
-
-
-
697,753
-
697,753
-
45,715
45,715
18,000
-
18,000
8,960
-
8,960
16,248
-
16,248
3,750
-
3,750
10,000
-
10,000
25,000
-
25,000
5,000
-
5,000
25,000
-
25,000
31,000
-
31,000
120,000
-
120,000
30,000
-
30,000
100,000
-
100,000
18,800
-
18,800
335,983
-
335,983
100,000
-
100,000
-
-
-

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Page 32

Forces Employment Charity

Company registration number 03270369

4 Income from Charitable Activities (continued)

Army Central Fund
Wells Fargo
Naval Children’s Charity
Veterans’ Foundation – Youth
Roger Raymond Charitable Trust
The Scottish Government
Armed Forces Covenant Fund
Cognizant Inc.
Splunk Inc.
Veterans’ Foundation – TechVets
TechVets: other donations		 Restricted
2024
Unrestricted
2024
Total
2024		 Restricted
2023
Unrestricted
2023
Total
2023
50,000
-
50,000
19,032
-
19,032
20,000
-
20,000
25,000
-
25,000
-
25,000
25,000
62,500
-
62,500
80,000
-
80,000
288,802
-
288,802
74,157
-
74,157
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,000
-
25,000
105,000
-
105,000
44,860
-
44,860
-
-
-
30,000
-
30,000
1,400
-
1,400
3,112,849
5,164,054
8,276,903		 2,746,660
4,321,288
7,067,948

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Page 33

Forces Employment Charity

Company registration number 03270369

5 Total Resources Expended

2024 resources expended:

Notes
Cost directly allocated to
activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and marketing
Training and development
Auditor’s Remuneration
6
Grants payable
Subcontractors
Support costs allocated to
activities
Communications
Conferences and Meetings
Office Sundries
IT Equipment
Recruitment
Legal & professional
General insurance
Bank Charges
Investment Management Fees
Sub-total of Resources
Expended
Governance
Total Resources Expended		 Designated Funds
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2024
Total 2023
£
£
£
£
£
£
-
3,372,282
3,666,240
62,176
7,100,698
7,261,304
-
143,572
112,529
-
256,101
253,508
364
131,429
130,932
2,407
265,132
261,282
241,272
60,888
31,282
-
333,442
559,374
13,867
67,044
47,810
966
129,687
98,145
-
-
3,363
13,204
16,567
14,280
-
-
-
-
-
35,000
-
6,501
495,152
-
501,653
217,607
255,503
3,781,716
4,487,308
78,753
8,603,280
8,700,500
278
52,806
64,768
-
117,852
122,449
357
71,898
54,814
667
127,736
125,601
7,243
22,636
14,397
-
44,276
28,368
65,617
118,916
120,120
-
304,653
267,393
-
10,847
22,238
-
33,085
113,812
57,698
2,400
28,033
-
88,131
71,848
-
31,650
27,372
-
59,022
43,784
-
-
-
2,876
2,876
3,366
-
-
-
-
-
11,126
131,193
311,153
331,742
3,543
777,631
787,747
386,696
4,092,869
4,819,050
82,296
9,380,911
9,488,247
-
27,069
55,227
(82,296)
-
-
386,696
4,119,938
4,874,277
-
9,380,911
9,488,247

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Page 34

Forces Employment Charity

Company registration number 03270369

2023 resources expended:

Notes
Cost directly allocated to
activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and marketing
Training and development
Auditor’s Remuneration
6
Grants payable
Subcontractors
Support costs allocated to
activities
Communications
Conferences and Meetings
Office Sundries
IT Equipment
Recruitment
Legal & professional
General insurance
Bank Charges
Investment Management Fees
Sub-total of Resources
Expended
Governance
Total Resources Expended		 Designated Funds
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2023
£
£
£
£
£
211,316
3,662,464
3,326,202
61,322
7,261,304
-
138,713
114,788
7
253,508
1,420
135,843
120,087
3,932
261,282
449,340
75,885
33,879
270
559,374
34,151
40,340
22,743
911
98,145
-
-
1,512
12,768
14,280
-
-
35,000
-
35,000
-
86,755
130,852
-
217,607
696,227
4,140,000
3,785,063
79,210
8,700,500
643
54,695
66,945
166
122,449
2,235
55,482
63,745
4,139
125,601
3,650
8,428
16,250
40
28,368
102,659
72,134
92,297
303
267,393
-
46,604
67,208
-
113,812
18,696
41,663
9,326
2,163
71,848
-
20,883
22,901
-
43,784
-
-
-
3,366
3,366
-
11,126
-
-
11,126
127,883
311,015
338,672
10,177
787,747
824,110
4,451,015
4,123,735
89,387
9,488,247
-
16,797
72,590
(89,387)
-
824,110
4,467,812
4,196,325
-
9,488,247

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Page 35

Forces Employment Charity

Company registration number 03270369

6 Net Incoming Resources

Stated after charging:
Property Leases
Equipment Hire
Depreciation
Auditor’s Remuneration
Audit
Other accounting services		 Total
2024
Total
2023
£
£
197,824
191,720
15,868
17,260
45,692
38,575
13,204
12,768
3,363
1,512

7 Staff Costs


Staff Costs
Wages and salaries
Social security costs
Employer pension costs
Redundancy and termination costs
Bank Staff		 Total
2024
Total
2023
£
£
6,220,191
6,252,244
614,347
623,243
241,685
248,310
13,082
74,306
11,393
63,201
7,100,698
7,261,304

There were two redundancies/terminations in the year (2023: seven)

The average monthly number of employees during the year was as follows:

Employment Support
Restricted
Unrestricted
Head Office staff		 2024
2023
67
73
94
87
28
28
189
188

The number of employees whose employee benefits exceeded £60,000 (excluding employer pension costs and employer’s national insurance) were:

£60,000-£69,999
£70,000-£79,999
£80,000-£89,999
£90,000-£99,999
£110,000-£119,000
£120,000-£130,000
Total staff earning above £60,000		 2024
2023
3
4
2
2
1
1
-
-
-
1
1
-
7
8

www.forcesemployment.org.uk

Page 36

Forces Employment Charity

Company registration number 03270369

KMP

The key management personnel (“KMP”) comprise the Chief Executive and the Senior Management team as explained on page 7.

Total KMP remuneration in the year (including pension contributions and employer’s national insurance) was £657,415 (2023: £539,077).

8 Non-current Asset Investments

The investments below are held in the CCLA COIF Charities Investment Fund and, until their sale for cash in 2023, in the BlackRock Armed Forces Growth & Income Fund:

come Fund:
Market Value at 30 September 2023
Disposals at opening market value
Net unrealised gain on revaluation
Market Value at 30 September 2024		 2024
£
3,290,357
-
413,388
3,703,745		 2023
£
9,255,298
(6,101,469)
136,528
3,290,357

9 Tangible Fixed Assets

Cost
At 1 October 2023
Additions
At 30 September 2024
Depreciation
At 1 October 2023
Charge
At 30 September 2024
NBV at 30 September 2024
NBV at 30 September 2023		 IT equipment
£
292,816
51,966
344,782
212,909
45,692
258,601
86,181
79,907

All of the above assets are used for charitable purposes.

10 Debtors

0 Debtors
Prepayments
Debtors
Staff Loans		 2024
£
230,072
724,545
15,529
970,146		 2023
£
182,736
846,179
4,550
1,033,465

www.forcesemployment.org.uk

Page 37

Forces Employment Charity

Company registration number 03270369

11 Creditors

1 Creditors
Notes 2024 2023
£ £
Deferred Income 640,523 427,711
Creditors 207,993 258,756
Social Security 151,874 153,993
Pension 41,939 41,515
VAT 251,824 297,419
Accruals 93,699 121,022
1,387,852 1,300,416
1a Deferred income
eferred income arises from income received in advance of the period being funded and which is being performance m
In 2024 At 1 Oct 2023 Released into
Year
Deferred out
of Year		 At 30 Sept
2024
£ £
£		 £
Army Benevolent Fund 202,500 (202,500)
202,500		 202,500
Cognizant Inc. 44,859 (44,859)
-		 -
Call of Duty Endowment 180,352 (180,352)
177,211		 177,211
Royal Air Force Benevolent Fund - -
32,479		 32,479
Lloyd’s Patriotic Fund - -
25,000		 25,000
Greenwich Hospital – ExForces - -
83,333		 83,333
Julia & Hans Rausing Trust - -
120,000		 120,000
427,711 (427,711)
640,523		 640,523
In 2023 At 1 Oct 2022 Released into
Year
Deferred out
of Year		 At 30 Sept
2023
£ £
£		 £
ABF The Soldiers’ Charity 202,500 (202,500)
202,500		 202,500
Cognizant Inc. 89,719 (44,860)
-		 44,859
Royal Air Force Benevolent Fund 29,167 (29,167)
-		 -
Royal British Legion 578,568 (578,568)
-		 -
Call of Duty Endowment 183,850 (183,850)
180,352		 180,352
1,083,804 (1,038,945)
382,852		 427,711

11a Deferred income

Deferred income arises from income received in advance of the period being funded and which is being performance measured by the funder.

www.forcesemployment.org.uk

Page 38

Forces Employment Charity

Company registration number 03270369

12 Funds

At 30 September 2024
Fixed Assets
Current Assets
Current Liabilities
At 30 September 2023
Fixed Assets
Current Assets
Current Liabilities
Funds in 2024
Restricted funds
Army Benevolent Fund
Royal Air Force Benevolent Fund
Call of Duty Endowment
Charities Aid Foundation
Amazon UK Services Limited
Department for Work & Pensions
Lloyd’s Patriotic Fund
Barclays
Army Central Fund
Scottish Veterans Fund
Greenwich Hospital Nova
Royal British Legion
Armed Forces Covenant Fund
Afghan
Sustaining Communities
Cognizant Foundation
Splunk Inc
Executive Programme
Other
Total Restricted Funds		 General
Restricted
Designated
Total
£
£
£
£
3,811,321
-
-
3,811,321
1,061,458
4,353,323
400,000
5,814,781
(1,387,852)
-
-
(1,387,852)
3,484,927
4,338,323
400,000
8,238,250
General
Restricted
Designated
Total
£
£
£
£
3,370,264
-
-
3,370,264
998,771
5,027,788
400,000
6,426,559
(1,300,416)
-
-
(1,300,416)
3,068,619
5,027,788
400,000
8,496,407
At 30 Sept 2023
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2024
£
£
£
£
£
£
224
295,000
(288,164)
-
-
7,060
-
55,283
(54,938)
-
-
345
-
711,986
(711,986)
-
-
-
-
60,000
(42,894)
-
-
17,106
10,226
-
(10,226)
-
-
-
-
64,890
(73,346)
-
8,456
-
-
100,000
(100,000)
-
-
-
-
80,000
(72,511)
-
-
7,489
-
50,000
(13,114)
-
-
36,886
-
62,500
(58,003)
-
-
4,497
12,921
120,000
(121,775)
-
-
11,146
154,401
718,686
(816,301)
-
-
56,786
(3,750)
3,750
-
-
-
-
-
76,250
(60,802)
-
-
15,448
3,452
288,802
(272,026)
-
-
20,228
-
74,157
(15,720)
-
-
58,437
4,722,907
417,911
(1,068,718)
-
-
4,072,100
127,407
249,745
(339,414)
-
8,057
45,795
5,027,788
3,428,960
(4,119,938)
-
16,513
4,353,323

www.forcesemployment.org.uk

Page 39

Forces Employment Charity

Company registration number 03270369

Funds in 2023
Restricted funds
Army Benevolent Fund
RAF Benevolent Fund
Call of Duty Endowment
Amazon UK Services Limited
Department for Work & Pensions
Lloyd’s Patriotic Fund
Royal Navy and Royal Marines Charity
Scottish Veterans Fund
Greenwich Hospital Nova
The Dulverton Trust
Royal British Legion
Armed Forces Covenant Fund
Afghan
Cognizant Inc.
Executive Programme
Other
Total Restricted Funds
Unrestricted funds
Designated Funds:
Improvement Fund
Business Development Fund
Cost of Living Fund
Total Designated Funds
Total General Funds
Total Unrestricted Funds
Total funds
Funds in 2024 (continued)
Unrestricted funds
Designated Funds:
Improvement Fund
Business Development Fund
Total Designated Funds
Total General Funds
Total Unrestricted Funds
Total funds		 At 30 Sept 2023
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2024
250,000
-
(283,080)
-
283,080
250,000
150,000
-
(103,616)
-
103,616
150,000
400,000
-
(386,696)
-
386,696
400,000
3,068,619
5,280,406
(4,874,277)
413,388
(403,209)
3,484, 927
3,468,619
5,280,406
(5,260,973)
413,388
(16,513)
3,884,927
8,496,407
8,709,366
(9,380,911)
413,388
-
8,238,250
At 30 Sept 2022
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2023
£
£
£
£
£
£
-
270,000
(269,776)
-
-
224
283
52,083
(52,441)
-
75
-
1,581
724,906
(727,423)
-
936
-
39,826
100,000
(129,600)
-
-
10,226
-
335,983
(371,029)
-
35,046
-
63
100,000
(100,507)
-
444
-
-
71,250
(71,525)
-
275
-
1,724
25,000
(26,724)
-
-
-
9,004
120,000
(116,083)
-
-
12,921
2,667
-
(2,667)
-
-
-
57,098
697,753
(600,450)
-
-
154,401
28,183
71,250
(104,377)
-
1,194
(3,750)
-
44,860
(41,408)
-
-
3,452
5,799,225
200,796
(1,302,963)
25,849
-
4,722,907
419,640
256,908
(550,839)
-
1,698
127,407
6,359,294
3,070,789
(4,467,812)
25,849
39,668
5,027,788
509,000
-
(416,962)
-
157,962
250,000
360,000
-
(222,832)
-
12,832
150,000
184,316
-
(184,316)
-
-
-
1,053,316
-
(824,110)
-
170,794
400,000
2,820,740
4,518,138
(4,196,325)
136,528
(210,462)
3,068,619
3,874,056
4,518,138
(5,020,435)
136,528
(39,668)
3,468,619
10,233,350
7,588,927
(9,488,247)
162,377
-
8,496,407

www.forcesemployment.org.uk

Page 40

Forces Employment Charity

Company registration number 03270369

Funders providing more than £50,000 of restricted funds are listed. Restricted funds below £50,000 are included in Other.

Transfers are made from unrestricted funds when the Charity overspends on a restricted fund.

The restricted fund closing balances reflect differences between the period being funded and the Charity’s reporting period. The Charity expects to utilise these balances in accordance with the agreements with funders.

Veterans Employment Programmes

Op NOVA / Project Nova

.

Armed Forces Covenant Fund Trust grants

TechVets

Executive Programme

The Executive Programme supports the military community into executive roles.

Designated Funds

www.forcesemployment.org.uk

Page 41

Forces Employment Charity

Company registration number 03270369

13 Trustees

Trustees received no remunerations (2023: nil).

Out of pocket expenses amounting to £1,300 (2023: £1,928) were reimbursed to four Trustees for travel and meeting expenses (2023: five Trustees).

There were no donations from Trustees or other transactions with Trustees in the year.

The Company had no related party transactions in 2024 (2023: nil).

14 Financial Commitments

The company has future minimum lease payments under non-cancellable operating leases, as follows:

Leases of land and buildings
Amounts due within 1 year
Amounts due within 2-5 years
Amounts due over 5 years
Equipment leases
Amounts due within 1 year
Amounts due within 2-5 years		 2024
2023
£
£
126,906
201,590
348,264
158,552
199,687
-
674,857
360,142
16,128
18,826
5,720
8,140
21,848
26,966

The lease payments recognised as an expense in the year were £197,824 (2023: £191,720) for leases of Land and Buildings and £26,736 (2023: £17,260) for equipment leases.

The Charity has a lease deposit of £21,395 as a security on rent.

15 Financial Instruments

Financial assets measured at fair value
Financial assets measured at amortised cost		 2024
2023
£
£
4,844,635
5,393,094
740,074
850,729

Financial assets measured at fair value comprise cash held at bank and in hand.

Financial assets measured at amortised cost comprise debtors and staff loans.

Financial liabilities measured at amortised cost £747,329 £872,705

Financial liabilities measured at amortised cost comprise creditors, and amounts due for social security, pension, VAT and accruals.

www.forcesemployment.org.uk

Page 42

Forces Employment Charity

Company registration number 03270369

16 Subsidiary Undertaking

From 31 July 2024, the Charity owns the whole of the issued ordinary share capital of Heropreneurs, a company registered in England.

The company number is 07065815 and the charity number is 1136671.

The registered office address is 21 Marina Court, Hull HU1 1TJ.

Heroprenuers’ activities have not been consolidated in the statement of financial activities due to immateriality and that the subsidiary will combine with the Charity in 2025.

The trustees Ian Webb and Ramnik Saund, together with the Director of Resources Iain Downie, are also directors of the subsidiary.

A summary of the results of the subsidiary is shown below:

Turnover
Cost of sales
Gross profit
Administrative expenses
(Loss)/Profit on ordinary activities before interest
Interest receivable and similar income
(Loss)/Profit for the financial year
Retained earnings
Total retained earnings brought forward
(Loss)/Profit for the financial year
Total retained earnings carried forward
The aggregate of the assets, liabilities and reserves was:
Assets
Liabilities
Reserves		 2024
£
66,911
(216)
66,695
(70,450)
(3,755)
1,206
(2,548)
20,843
(2,548)
18,295
40,089
(3,199)
36,890		 2023
£
97,715
(216)
97,499
(77,256)
20,242
600
20,843
-
20,843
20,843
44,596
(5,158)
39,438

There were no amounts owned to or from the parent undertaking and no management charges (2023: nil).

www.forcesemployment.org.uk

Page 43

Thank you

2024 was an exceptional year for the Forces Employment Charity, with a notable rise of over 5,000 in the total number of beneficiaries supported.

In a busy 12 months, we supported 28,193 Service leavers, veterans, reservists and partners whose needs increased during the year. It has been a particularly significant year for CTP, which saw record results and the transition to the new contract with Reed in Partnership. Our veterans’ programmes, families employment and military women programmes have continued to flourish with significant increases in registrations. Meanwhile, Op NOVA continues to deliver life-changing and life-saving support, successfully moving to phase two in 2024 to include in-prison support, delivering full provision throughout England and with 81% of Nova clients leading a crime-free life. In Op PROSPER, we have already supported over 2,000 clients with our Employment Pathways and the acclaimed “Pathways into...” events and enhanced and expanded Executive Services. TechVets has continued to flourish, with around 200 clients joining this thriving community every month and clients accessing free training from some amazing employers. Finally, this year we joined forces with Heroprenuers to harness mentors in support of veterans and spouses keen to become successful entrepreneurs.

I am incredibly proud of how our people have stepped up to the challenges and significantly increased the number of people we supported this year, reducing unmet need via one-to-one support, events and our online community.

We have fully supported the important work of Cobseo, the OVA, and MOD, representing employment and justice, and welcomed and encouraged greater collaboration across the sector.

Once again, none of this would have been possible without the fantastic support of our many funders and partners, who share our desire to help those in need into employment and reach their full potential. As the Forces Employment Charity, we are honoured to deliver this employment assistance essential for a successful transition and, thereafter, to lead fulfilling working lives. We are immensely grateful and indebted to you all.

Alistair Halliday, Chief Executive

www.forcesemployment.org.uk

Page 44

Forces Employment Charity Mountbarrow House 12 Elizabeth Street London SW1W 9RB

E info@forcesemployment.org.uk T 0121 262 3058

www.forcesemployment.org.uk

© Forces Employment Charity Ltd 2025 Registered charity 1061212 and SCO39262