Raglstered numbor: 06569008 Charity number: 1123854 ASCB Charitable Fund (A company limlted by guarantee) Trustees. report and flnancial statements For the year ended 31 March 2024
ASCB Charitable Fund (A company limited by guarantee) Contents Page Refergnce and adminlstratfve detalls of the Charity, its Trustees and Advisers Trustees, report 3-11 Independent auditorfs report on the flnancial statements 12-16 Consolldated statement of flnanclal actlvities 17 Consolidated balance sheet 18 Charty balance sheet 19 Consolldated statsment of cash flows 20 Notes to the financlal statements 21-37
ASCB Charitable Fund (A company limlted by guarantee) Reference and adminlstrative detalls of the Charltyi its Trustees and Advisers For the year ended 31 March 2024 Trustees Major General J M Senior CBE, Chair (appointed 25 August 2023) Brigadler J W Taylor MBE {appointed 10 October 2023) Brigadier C D Davies OBE Brigadier P T Quaite OBE {appointed 4 September 2023) Brigadier (Retd) N C Allison CBE Brigadier A Kimber Brigadier S W Rayson Colonel R H Nooti (appointed 15 November 2023) Warrant Officer 1 S L Cox Mr D H A Rowe, NED Financial Advisor Major General J Swift OBE {resigned 23 August 2023) Brigadier P J Bassingham-searle (resigned 13 July 2023) Brigadier R C Brown, Capital Projects (resigned 8 September 2023) Colonel H J Stoy (resigned 13 July 20231 Company reglstered number 06569008 Charlty registered number 1123854 Reglstered office Army Sport Control Board Mackenzie Building Fox Lines, Qu88ns Avenue Aldershot Harnpshire GU112LB Company secretary Wilson (Company Secretaries) Limlted Lottery Llcence Number 160 1508 Independent auditor Kreston Reeves LLP Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Page 1
ASCB Charitablo Fund (A Company Ilmltad by guarantee) Reference and adminlstratlve detalls of the Charlty, Its Trustees and Advlsers (contlnued) For the year ended 31 March 2024 Bankors The Royal Bank of Scotland (Holt's Famborough) Lawrie House Victoria Road Famborough Hampshire GU14 7NR Solicitors Wilsons Alexandra House St John's Street Salisbury Wiltshire SP12S8 Dlrector Major General (Retd) Darrell Peter Amison Page 2
ASCB Charitable Fund (A company limited by guarantee) Trustees. report For the year ended 31 March 2024 The ASCB Charitable Fund IASCB CF) was formed on 8 October 2009. All assets from the ASCB Trust Fund were transferred into the incorporated Charity No 1123854. This report covers the ASCB CF'S activities for thè period 1 April 2023 to 31 March 2024. The annual report See$ the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements. the requirements of the Charitys governing document and the provisions of the Statement of Recommended Practice ISORPI appliGable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the group and the Charity qualify as small under section 383 of the Companies Act 2006. the Group strategic report required of medium and large Companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. The group and the Charity also trade under the name Army Sport. Objectives and activities a. Policies and objectives Army Sport Charitable Fund's (ASCF) objects were drafted and approved in October 2009 and reviewed - and deemed to be fit for purpose - as part of the development of the Amiy Sport Plan in 2023. The obj8Cts of the Charity, whilst broad, are given focus through the Amiy Sport Plan. The charitable objects are to promote for the public benefit: the promotion of the efficienGy of the Armed Forces of Ihe Crown, and In particular the Brltlsh Army (including Ils vet8rans, auxiliary and reserve forces). by such charitable means as the Trustees shall think fit including but not limited to ralsing physical fitness, fostering esprit de corps and enhancing morale through participation in sports and adventure training. the advancement of any charitable purpose beneffting serving and fomier serving personnel of the British Anny (including its veterans. auxlliary and reSee forces), and dependants of such persons. the support and encouragement of Ihe Amiy Cadet Force and Army contingents of the Combined Cadet Force by such charitable means as the trustees shall think fit including but not limited to the promotion of physical fitness, development and training of its members. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit= running a charity (PB2)'. Page 3
ASCB Charltable Fund (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Objectives and activltles (continued) b. Activities undertaken to achleve objectives The ASCF meets its objects through the following which form the most significant part of the Charity's acti'iities: Monthly grants in support of grassrools to elile level overseas visits, training camps and interriational competitor grants- including support of some Level 3 adventurous training and ACSO 1209 activity (adventure and challenge events). Making an annual operating grant to each of the 45 sports associationslunions to help offset their runring costs and activities. Further grants are made to the Amiy Elite Sport Programme {AESP), eaGh Corps HQ and HQ RC Physical Development IPD) Branch, in order to support the planning and delivery of all levels of sport in all regions of the UK. Making grants to sport associationslunions for specific items of sporting equipment for whiGh ther? is no public funding or other grants available. Making capital grants to garrisonlunits. Corps, and associations and unions for sports facilities for wiich no public funding is availab18. And increasingly doing so by working with others to id8ntify collatiorative approaches to funding. c. Grant4naking pollcles The Trustees exercise control over granl making for the categories of grants as follows.. The Associations and Unions annual operating, Sports Equipment Grant ISEG) and capitsl eqLipment grants., Trustees review and approve all bids for infrastructure projects., All bids for funding including outside the annual operating grants, SEG and capitsl projects are subItted to Trustees for their review if over £50K', any bids for less than £50K are considered by the CEO has delegated authority for approval of bids up to £50K. Trustees are appraised of all discretionary grants made by the CEO at the Trustees meeting following approval of the grant. The Anny Sport Grants Committee meets once a month to scrutinise bids and award grants from Army Sport Lottery {ASL) to support sporting activity such as overseas sports Visits and training Mps, International Competitor Grants (ICGI and Olympic Competitor Grants. Further details of ASL grants can be found in Defence Instructions and Notices 2023DIN10-013. Policy guidance for the application of ASCF grants is contained in Defence InstNctions and Notices 2017DIN10 050 that directs applicants to use Army Command Standing Order (ACSOI 3206 format. d. Volunteers There are 45 recognised sports played across the Army, several of which have many disciplines. The majority (29 associations and unions) are run solely by volunteers who are both s8rving and retired memb6rs of the Army. The volunteers are supported by the Amiy Sport Executive based in Aldershot, staffed by full and part-tine staff who are in turn funded through both public {GiAI and charitable (ACFI funds. Volunteers are critical to delivering Amiy Sport's mission and the main effort: 'maximising participation in sport,. Pag8 4
ASCB Charitable Fund {A company Ilmlted by guarantee) Trustees, report (contlnuad) For the year ended 31 March 2024 Objectlves and activltles (continued) e. Main actlvltles undertaken to further the Charfty's purposes for the publlc benefit The Trustees have regard to the Charity Commission's public benefit guidance in deciding how the Charitys resources are allocated. Trustees believe the charitable purposes of the Charity meet the public benefit test in thal they help prepare soldiers for operations by advancing physical fitness, mental resilience, leadership, teamwork and recruiting and retention. Sport sharpens the Arm$ competitive edge and inspires a will to win. Promotion of sport in the Army therefore enhances the Amiy's effectiveness and is of public benefit. f. The Army Sport Financial Plan 2024-28 The inaugural Army Sport Financial Plan, covering the period 2024-28, was approved by Trustees in Dec 23. The plan was used to forecast expenditure of £5.5M for FY 24125 as highlighted in the bullet points below. This plan is key in aiding Trustees to make financial decision, and use the 4P$ (Participation. Performance, Partnerships and Places) as a framework for expenditure= Participatlon. The majority of grants - 750A of all grants were allocated to 'participatlon' and included sportslassociation operating grants, ASL direct grants, RC and Corps HQ grants, SEG and SOTR. Perfomianre. Some 80/0 of the overall grants awarded supported the AESP and other high-p8rformance activity. Partnerships. Grants to the Army Adventurous Training Group (AATG) and the Ulysses Trust accounted for 4°/0 of approved grants. Places. To assist with approving infrastructur8, often in collaboration with both publi¢ and other charitable bodies, 'places' accounted for 130/0 of grants awarded. Achlevements and perforrnance a. Key perfomiance indicators In June 2023 Trustèes set the Army Sport mission as 'Harnessing the power of sport to improve physical fitness; mental resilience., leadership,. teamwork,. recruiting and retentlon,. in order to forge winning teams. Success is measured against several criteria including: the numbers taking part in sport; the variety of sports undertaken., the standard to which sport is played; and investment in sporting infrastructure. b. Review of actlvlties This is the thirteenth year of reporting for the ASCF. The report on Army Sport'5 funding through an Army HQ Grant in Aid (GIAI and Army Central Fund (ACF) grant for the secretariat's operating costs for FY 2024125 was discussed and approved by Trustees at their meeting on 13 Dec 2023. Army Sport continues to meet its obligations to provide 'public benefit, as laid down in the Charity Commission's guidelines. As in recent years, efforts continue to provide the Army Reserve with the same opportunities as Regular colleagues to participate in sport via an integrated approach to the planning and delivery of sport in the Army. Veterans are also supported where possible. Overall, the ASCF remains healthy albeit the Russialukraine conflict adversely affected national and international markets and fuelled inflation. The Charity made a surplus of £760,059 before a gain on listed investments of £756,247. This increased the level of funds by £1.516,306 to £13,262,271 as at 31 March 2024. The fund is worth £13,226,316 of general funds and £35,955 of restricted funds. Total income for the Army Sports Lottery IASLI has seen an increase this year to £5,940,643 (FY 22123.. £5,763,282). Exp8nditure has Increased this year by £446,005 to £6,615,388 and apportioned as: association, Gapltal and equipment Grants.. £2,355,964: ASL prizes and costs: £1,653,000. ASL Grants: £1,179,877; Army Elit8 Sports Programme Grant: £371,098,. Staff Costs.. £358,527., and other expenditure £696,922 (see note 11). This year. Capital approved grants amounted to £818,484 (2023.. £2,330,645) and Included a number of smaller accrued grants. Page 5
ASCB Charitable Fund (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Achievements and perfomiance (contlnued) The Balance sheet has remained healthy with cash at bank and in hand lotalling £1,396,183, compared to £2,568,446 lasi year. The Charity has sufficient free reserves to cover 1 year of expenditure and grant making Ic£5.5M) and h8ld £5M against the pension liability, which will reduce to £2.5M in the next reporting period. In Jun 2024. Army Sport's Impact Report was launchéd and encapsulaled the FY 23124 achlevements, u<ing the '4Ps' {Participation, Performance, Partnerships, Places) as its handrail. The report recognised the SUF,POrt of sponsors. charity partners, ASL members, and the grants received from both public and non-public sources. Sport in the Army is also supported by public funding for the provision and maintenance of synopsis scaled sports facilities, along with the Sports Equipment Grant (SEG), which is distributed by the chain of command and Army Sport. This level of public funding has been reduced, which in tum places additional demand for fnancial support from non-public funding streams. An annual Balance of Investment process for Regional sUbls$10n$ for public funding of infraslructure infomis the Command Infrastructure Development Plan. Submissions ar8 graded against a matrix of value of operational need and invariably some sporting facilities do not score as highly as projects with a higher operational need. The statement of need prepared for those public funding rounds are useful in support of applicatlons for charitsble funding. The ASCF Trustees remain incredibly grateful for the outstanding financial support provided by military c*arities such as the Army Central Fund {ACF), the Anny Welfare Grants Committee (AWGC)., The Nuffield TrLEt (NT) and the Amiy Benevolent Fund (ABF). The ASCF has provided th8 following grants.. Sports Associatlons & Unions annual grant. The Trustees approved annual grants of £2.347M {£1.525M operating grants. £0.590M SEG and £0.232M SOTR) to the associations & unions for FY 2023124, an increase of £0.005M on the £2.342M approved by Trustees in FY 2022123. In addition, the Trustees noted requests for Capital grants, totalling £0.502M, albeit decisions lo invest will be decided on a ¢ase-by-¢ase basis following business case submission. ASCF infrastructur8 grants. The list of ongoing capital infrastructure grants authorised by Tructees is provided below under the heading Future Plans. ASL Grants. ASL direct grants in FY 23124 totalled £1.179M an all-time high. Grants suppotsd 271 activities, of which there were 180 Overseas Sport Visits and Training Camps, 48 Intemational Conpetitor Grants, 39 Adventurous Training (AT) expeditions and 4 activities not classified as sport or AT but were comparable and of benefit to Defence. 3,176 personnel participated in these activities, an increase on the previous year of 332. Ulysses Trust. We continue to support the Ulysses Trust to assist Army Cadet Force expeditions which is in line with th8 ASCF objects. The current 3-year deal is for £50k per year and ends in 2024 when tie sum will be renegotiated. Page 6
ASCB Charitable Fund (A company Ilmited by guarantee) Trustees. rnport (continued) For the year ended 31 March 2024 Achievements and performance (contlnued) c. Investment policy and performance The financial objective of the Charity is to generate sufficient funds to support the Army Sport associations and unions, annual running costs and to provide non-public funding for the development of sports infrastructure, equipment and activitie5. The Investment Objectives are= The ASCF assets should be invested widely and be diversified by asset class and by security. Asset dasses may include cash, bonds. equities, property. hedge funds, structured products, private investments, commodities and any other assets deemed Suitable and complying with Charity Commission guidance. The base currency of the investment portfolio is Sterling. The ASCF aims to generate growth in real terms in both capital and income over the long term. The Trustees have adopted a total return approach. There is no requirernent for dividend income from the ASCF investments. The Trustees have not set a specific annual return target. However, there are occasions when investments are required to fund major projects and to also fund annual grants across the 45 sports and wlder partners. The Investment Risk approach is shown below: The ASCF Trustees meet three times per year to discuss finances. Any decisions are mad8 in light of the income the ASL is forecast to produce and the assets of the ASCF. This approach works hand-in-hand wlth the Financial Plan. The medium-term risk is that the income from the ASL undershoots forécasts. Financial review a. Going concern The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the 'going concern. basis In preparing the financlal statements. Further details regarding the adoption of the 'going concern, basis can be found in the accounting policies. b. Reserves policy The ASCF Trustees have directed that sufficient reseNes are retained to be able to sustain the delivery of sport in the Army and meet its annual liabilities should no income be available for a maxiTnum of 12 months. This requires the retention of funds to honour= The ASCF'S contribution to the annual sports assoGialion grants and the AESP. The ASL'S grants to participants of OSVS and training camps. Any capilal investment grants that have been approved. Pension Liability. Page 7
ASCB Charitable Fund (A company limited by guarantee) Trustees, report {contlnued) For the year ended 31 March 2024 c. Risk management objectives and policies The Army Sport RIO Register captures the strategic risks, issues and opportunities across all Amv Sport functions and actlvlty and is reviewed by Trustees al each Board meeting. The principal risk to operaticns is Cyber-attack that could adversely affect the confidentiality. Integrlty and availability of the charity's information systems and data. To mitigate this risk Army Sport implements information security and dats protection p)licies', provides training and imposes access control for all staff,. has network security provided by Zen Zero. cc,nducts bi-annual phishing exercises and annual penetration testing on Army Sport's IP address and webstes. In addition, data protection impact assessments are conducted on all new software projects that process personal dats. d. Results for the year The CF continues to perfomi well and Trustees continue to have confidence in the investmenls which we held within the BlackRock Armed Forces Charitable Growth & Investment Fund (AFCG&I). Despite the impacl of the Russialukraine conflict on global markets and inflation, ASCF investments remain héalthy and are kep- under constant review by Head Finance. ASL income and sponsorship have increased, and we continue to maintain Unrestricted Funds at an appropriat818vel to ensure the Charity is able to continu8 to meet its objectives should income streams reduce. Trustees remains confident that income streams continue to provide sufficient funds to meet objectives. Fundraising. Unlike the majority of Charitable Funds, the ASCF is not currently required to raise funds through public charitable donations or appeals. Thé ASCF génerates funds through three sources. ASL income. The ASL provides th8 financial lifeblood of the ASCF. Investment income. Trustees changed investment holdings to accumulation units in August2018 having confirmed that income from investments {dividend) was no longer required. SOTR Grant. The CF also received a grant of £0.147M of public funding towards the payment of courses for officials and coaches (SOTR grant). ASL Income. The ASL continues to generate essential non-public income for sport. ASL income this FY amounted to £5.941 M. slightly up on the last year FY (£5.763M). The ASL marketing strategy includes increased awareness and marketing through social media and collaborating closely with Am)y trainin J units. A comprehensive review of the ASL was undertaken in FY 23124 to assess opportunities to grow iicome. Two key growth areas were identified and as a result new campaigns will start in FY 24125 tcrgeting veterans and the -480/0 of the Army who are not currently ASL members. Ticket sales are currently c108,000 per week and this is expected to In¢rease once the new campaigns are rolled out- scheduléd start.Jates 1 Oct 24. It is worth noting that the Lottery operates in a very challénging financial climate. and this Is seen through the main reason for members, cancelling tickets as 'unaffordable, need to reprioritise finances,. This FY, £1.653M was distributed to 1,716 prize winners and, as previously reported, grants totalling £1.180M were approved, before £2.91 OM {FY 22123: £2.886M) was transferred to the CF. Investments. The ASCF investments continue to be managed by BlackRock through the Armed Forces Charitable Growth & Investment Fund (AFCG&I). As mentioned earlier, the Russialukraine confict has adversely affectèd national and international markets, but there has been a marked upturn sirte laté 20231early 2024. The Charity made a surplus of £756,248 Ihis FY and Ihis increased the level of fijnds to £13,309,307 as at 31 March 2024. ASCF Operating Costs. Operating costs of the ASCF are modest as most staff salaries office accommodation and consumables are funded by MOD GIA and an annual ACF grant. No Trustees are remunerated by the ASCF. Nin8 staff ar8 employed by the CF costing £0.359M. Support costs total some £0.316M. more than in FY 22123 (£0.262M) due to an in¢re8se in staff and IT costs, and the fur,ding of a¢¢ommodation when military accommodallon is not available for representstive teams. Page 8
ASCB Charltable Fund (A company Ilmlted by guarantee) Trustees, report (contlnued) For the year ended 31 March 2024 structure, govemance and management a. Constitution The ASCF is a company limited by guarantèe. It was incorporated on 17 April 2008 and adoptèd by written special resolution on 8 Odober 2009. The ASCF was registered at Companles House on 22 October 2009 (Company No: 6569008) along with the Memorandum and Articles of Associations of the ASCF. The transfer of assets from the ASCB Trustee Fund to the ASCF was completed on 30 October 2009. The governing documents are lodgèd wlth the Charitys Solicitors {Wllsons). With effect from 31 March 2012, the TA Sports Board was disbanded and merged into the then ASCB along with its assets. The ASCF'S goveming documents have been amended accordingly. b. Methods of appointment or election of Trustees Thè ASCF has its own Board of Trustees which is formed by 7 ex offl¢lo members, two honorary members and a Non-Executive Director. Those Trustees who are ex officio members of the Board represent the Army's command structure and have an interest in developing the moral component of fighting power through sport in the Army. The Gèneral Officer Commanding Regional Command IGOC RC) is the Chalr of th8 Board. Trustees are nomially appolnted for a 3-year term and can be renewed for up to a maximum of 9 years. Trust8es meet three times a year in the spring. summer and winter and require a minimum of at least three Trustees to form a quorum. Elected Trustees are selected through nomination of the ex officio members and endorsed by the Chair and President. The Army Reserve is represented by Deputy Commander Home Command who is an ex officio Trust88, assisted by a member of the Army Sport Ex8CUtive IS02 Army Reserve Sport). The military Trustees lie outside the Chairman's (GOC Rc's) direct chain of command and therefore act independently. Induction of new Truste8s is overseen by the CEO. Training of TnJstèÈs Is undertaken through a combinatlon of civilian courses and military run seminars and a Trustee Training Register is held by HQ Army Sport. . Organisational structure and decision-maklng pollcies The Army Sport Executive consists of a CEO and 21 other staff members who are responsible for the enabling functlons In support of those planning and delivery sport for our soldiers. The Trustees delegate the day to day running of the ASCF to the CEO and his immediate staff. The CEO and his staff strive to deliver the Army Sport Plan which is supported by the Army Sport Financial Plan. The CEO manages and governs sport played In the Army through 45 sports associations and unions who receive dlrection through Army policy for sport (AGAI Volume 1. Chapter 5 Sport) and an Amiy Sport Plan that looks out at least 2 years is reviewed annually. The Army Sport Financial Plan covers a 5-year period. Each assoclatlonlunlon receives an annual operating grant from Army Sport and is required to issue its own Manag8m8nt Plan as part of their annual bid for operating funds. Army Sport report to the Ministry of Def8nce through the United Kingdom Armed Forces Sport Board (Pers Pol provides thè Army's representative with Army Sport in attendance) and to ECABIEXCO through Commander Home Command (Comd HCI who is President of Amiy Sport. Army Sport 's sponsor branch is th8 Directorate of Personnel Policy at Arniy HQ. Army Sport and its associations and unions maintain strong links with the rèlevant National Governing Bodies INGBS) for each sport. There is a clear division between the Army Sport 's military reporting lines and the ASCF which reports to the Charity Commission. d. Pay policy for key management personnel The ASCF employs 9 members of staff. five to manage and run th8 Army Sport Lottery (ASL), Hd AESP, a Hd Sponsorship & Commercial, Digital Media Assistant and Medla Administrator. Staff pay and pay scales are linked to the Civil Service pay system for non-industrial staff.. Page 9
ASCB Charitable Fund (A company Ilmlted by guarantee) Trustees, report (continued) For the year ended 31 March 2024 Structurei govemance and management (continued) e. Related party relationships The only significant related party relationship is between the Army Sport Executive and the ASCF,. the. Army Sport staff are classrfied as Crown SeNants. Funding of the Army Sport Executive is through a 60.40 combination of GIA funding and an annual grant from the ACF. The roles of the Army Sport staff and the ASCF are inextricably linked and are complimentary in supportlng Amy Sport's mission. Plans for future perlods Following a comprehensive reviéw in the first half of 2023, Amiy Sport r81eased a new Army Sport Plan 21)23-25 on 14 June 2023 that will better align sport to the Armls priorities. Associated with the launch of the Plan was a re-branding of the ASCB to the working title 'Army Sport, albelt with no change to the legal identity of the ASCF. Five strategic objectives have been identified.. maximise participation in sport,. support Engage to P.ecruit,' support Defence Engagemént: build strategic partnerships; and grow income though the ASL and sponsorship. The Anny Sport Plan 23-25 will guide future activity and investment deoisions alongside Army Sport's Financial Plan which was endorsed by the Trustees on 13 D8C8mber 2023. 6 June 2024 saw the publication crf Amy Sport's first Impact Report and we éxpect to conduct a review of thè Amiy Sport workforce requirement not before FY 24125 and subject to the roll out of Pj HARINGTON (a digital transformation project). An update on approved capital projects follows.. Army Rowing Clubhouse at Abingdon was completed and taken into use on 2 May 23. The new headquarters, storage and training facilities for Amiy Offshore Sailing at Gosport, support8d by the ASCF (£0.650M) and the Nuffield Trust (£1 M) was officially opened by HRH The Princess Royal on 93 May 2024. Royal Mililary Academy Sandhurst (RMAS) sports pitches and new sp8Ctator stand. funded by ASCF 1£1.8M) and RMAS internal funding has been delayed with work potentially starting in Autumn 2024. Army Sport's grant to this project was paid in Dec 21. MOD LynehamlHQ REME sports pitches have a Trustee approved grant of £0.4M to develop new floodlit rugby pitches. Duè to a lack of public funding work has been delayed until Spring 2025 and is likely to be de- scoped. Further meetings will take place in late 2024 and no payment will be made until any amendments to the original request have been agreed by Trustees. Chatham Pavilion an ASCF grant of £880K, plus grants from the Royal Englneers, Association and the Nufflald Trust for the build of a pavilion for Chatham Station. The project was completed in July 2023. In August 2023, the Trustees approved a £0.225M grant for a Iraining room, workshop and storage facility at The Army Inshore Sailing Centre at Thorney Island. Work has now commenced and payments are being made over a 4 month period from May-August 2024 with an expected occupation date in September i024. In early 2024, the CEO approved a £0.05M grant to the Armed Forces Equine Charity {AFEC) to resurface the Tidworth Equine Centre Outdoor Arena. This is a collaborative project with both AFEC and The liuffield Trust. Although this sum was within the CEO'S delégated powers. Trustees were briefed and appro'jed the grant in March 2024. The Aldershot Strength and Conditioning Centre costs rose to an unacceptable level and the project has been cancelled with no funds committed by the ASCF. Page 10
ASCB Charltable Fund (A company Ilmlted by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Statement of Trustees, responsSblllties The Trustees (who are a150 the directors of the Charity for the purposes of company lawl 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 PractiGe). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 1021 have been followed. 5ubJect to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concern basis unless it is inappropriate to présume that the Group will cantinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitls transactions and disclose with reasonable accuracy at any tlme the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonabl8 st8ps for the prevention and detection of fraud and other irregulariti&s. Dlsclosure of information to auditor Each of the persons who are Trustees at the time when thls Trustees, report is approved has Gonfirmed that: so far as that Trustee is aware, there is no relevant audit information of which th8 charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information. Auditor The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a Tneeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: Major General J M Senior CBE Trustee Date.. Page 11
ASCB Charltable Fund {A company limited by guarantee) Independent auditor's report to the Members of ASCB Charitable Fund Opinion We have audited the financial statements of ASCB Charitable Fund {the 'Parenl Charity) and its subsidiGry (the 'Group') for the year ended 31 March 2024 which comprise the Consolidated Statement of financial activit19S, the Consolidated Balance sheet, the Charity Balance sheet, the Consolidated Statement of cash flows and the related not8s, including 8 summary of significant accounting policies. The financial reporting framework that has been applied in théir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and RepLblic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stalè of the Group's and of the Parent Charity's affairs as at 31 Marci 2024 and of the Group's income and application of resources, including its income and exp8nditure for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK) {ISAs (UK)) and ap[Ilicable law. Our responsibilities under those standards are further described in the Audltorfs responslbilitles for audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statéments in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilties 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 t*sis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to entS or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companvs ability to Continue as a going concern for a period of at least twelve months from when the fiiancial statements are authorised for issue. Our responsibilities and the responsibilities of th8 Trustees with respect to going conrn are described in the relévant sections of this report. Page 12
ASCB Charftable Fund (A company Ilmited by guarantee) Independent auditor's report to the Members of ASCB Charitable Fund (continued) Other Information The other information comprises the information included in the Annual report other than the financial ststements and our Auditorfs report thereon. The Trustees are responsible for the other infomiation contsined within the Annual report. Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation 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 perfomied. we conclude that there is a material misstatement of Ihis olher infomiation. we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescrlbod by the Companies Act 2006 In our opinion, based on th8 work undertaken in the course of th8 audit: the information given In the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial stat8ments. the Trustee5' reporl has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the Ilght of our knowledge and understanding of the charitable company and its envlronment obtained in the course of the audit. we have not Identified material misstatements in the Trustees, report. We hav8 nothing to report in respect of the followlng matters in relation to which Companies Act 2006 requires us to report to you rf, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not b88n received from branches not visited by us; or the parent charitable company financial statements are not in agr8em8nt with the accounting records and returns- or rtain disclosures of Trustees, remuneration specrfied by law are not made., or we have not received all the information and explanations we require for our audit- or Ihe Trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees. report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the Trustees (who are also the Directors of the Charity 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 intemal control as the Trustees determine is neSSary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a golng concem, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Par8nt Charlty or to cease operations, or have no realistic altérnative but to do so. Page 13
ASCB Charftable Fund (A company Ilmited by guarantee) Independent audltor's report to the Members of ASCB Charltablè Fund (continued) Auditor's responslbilitias for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a-e free from material rnisstatement. whether due to fraud or error. and lo issue an Auditorfs report that includ_ opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condui-ted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Gan arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonGbly 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 is detailed below. Capability of the audit in detecting irregula17tl8s, inGluding fraud The objectives of our audit are to identify and assess the risks of material m15Statement of th8 financial statements due to fraud or error., to obtain sufficiènt appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error., and to respond appropriately to those risks. Based on our understanding of the group and charitable sector generally. and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, antibribery, Gambling Commissioi rules and employment law. We considered the extènt to which noncompliance might have a material effect on the financial ststements. We also considered those laws and regulations that have a direct impact on the preparation of the financlal statements such as the Companies Act 2006, taxation and pension legislatioi. We communicat8d identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements Audit procedures performéd by the engagement team Included.. Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud. and Challenging assumptions and judgements made by management in its significant accounting estimates- and Confirmation of related parties with management, and review of transactions throughout the period to dentify any previously undisclosed transactions with related parties outside the normal course of business,. ar* Identifwng and assessing the design effectiveness of controls that management has in place to prevent and detect fraud" and Conducting inteNiews with appropriate personnel to gain further insight into the control systems implemented. and the risk of irregularity. and Reading minutes of meetings of those charged with govemance and reviewing correspondence with r2levant regulatory authorities., and Review of significant and unusual transactions and evaluation of the underlying financial rationale SUFPOrting the transaclions. and Identifying and testing joumal entries, in particular any manual entries made at the year end for fnancial statement preparation. and Reviewed the findings of the latest Gambling Commission review., and Performing analytical procedures to id8ntify any unusual or unexpected relationships, including relatEd paty transactions, that may indicate risks of material misstatement due to fraud. Page 14
ASCB Charitable Fund {A company limited by guarantee} Independent audltor's report to the Members of ASCB Charftable Fund (contlnued> Because of the inherent Ilmltations of an audit, there is a rlsk Ihat we will not detect all irregularities. including those leading to a material mis5tat8ment in the financial statements or non-compliance with regulation. This risk increases the more that compliance wlth a law or regulatlon is removed from the events and transactions reflected In the financial statements, as we wlll 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. As part of an audlt In accordance wlth ISAS (UK). we exercise professional judgement and malntain professional scepticism throughout the audit. We also: Identify and 8SSeSS th8 risks of material misstatement of the financial statements, whether due to fraud or error, deslgn and perform audit procedures responsive to those risks, and obtain audit evld8nce that is sufficient and appropriate to provlde a basis for our opinion. The risk of not detecting a material misstatement resultlng from fraud is hlgher than for one resulting from error, as fraud may involve collusion, forgery, int8ntional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in ord8r to design audit procedures that are appropriate In the circumstances. but not for the purpose of expressing an oplnlon of the effectiveness of the Charitls intern81 Control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the golng concern basis of accounting and, based on the audit evidence obtalned, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charitls abllity to continue as a golng concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditorfs report to the related disclosures in the financial statements or, if such disdosures are inadequate, to modify our opinion. Our conclusions ar6 based on the audlt evldence obtained up to the date of my Audltor's report. However, future events or conditions may cause the charitable company to cease to continue as a golng Concern. Evaluate the overall presentation, structur6 and content of the financial statements, including the disclosures, and whether th8 financial statements represent the undgrlwng transactions and 8vents in manner that achieves fair presenlatlon. Obtain sufficient approprlate audit evidence regarding the financial information of the entltles or business activities within the Group to 8xpress an opinion on the consolidated financial statements. We are responsible for the dlrection, supervision and performance of th8 Group audit. We remain solely responsible for our audit opinion. We communicat8 Wlth those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audil findings, including any significant defic18ncies in internal control that we identify during our audit. Page 15
ASCB Charitable Fund (A company Ilmlt8d by guarantee) Independent auditorfs report to the Members of ASCB Charitable Fund (continued) Use of our report This report is made solely to the Charitls memb8rs, as a body, in accordance With Chapt8r 3 of Part 16 of the Companles Act 2006, and to the Charitys Trustees, as a body, Part 4 of the Charltles (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might state to the Charitls members those matters we are requlred to stat8 to them in an Auditorfs report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Mbers. as a body, for our audit work, for thls report, or for the opinions we have fomied. James Peach FCA (Senlor statutory audltor) for and on behalf of Kreston Reoves LLP Chartered Accountants Statutory Auditor Chatham Maritime 13.12.2024 Date.. Pag8 16
ASCB Charltable Fund (A company Ilmlted by guarantee) Consolldated Statement of financlal activities (incorporating income and expenditure account) For the year ended 31 March 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Totsl funds 2023 Note Income from: Donations and legacies Charitsble activities Other trading activities Investments Other income 176,723 176,723 5,940,643 1,100,660 20,360 137,061 143,277 5,763,282 664.840 13,151 154,000 5,940,643 1,100,660 20,360 137,061 Total Income 7,198,724 176,723 7,375,447 6.738,550 Expenditure on: Raising funds Charitable activltles 2,176,071 4,283,093 2,176,071 4,439,317 2,030.275 4,139,108 10 156,224 Total expenditure 6,459,164 156,224 6,615,388 6,169,383 Net Income before net gainsl(losses) on Investments Net gainsl(lossesl on investm8nts 739,560 756,247 20,499 760,059 756,247 569.167 {988.617) Net movement In funds 1,495,807 20,499 1.516,306 (419,450) Reconciliation of funds: Total funds brought forward Net movement In funds 11,730,509 1.495,807 15,456 20,499 11,745,965 1,516,306 12,165.415 (419,450) Total funds carried forward 13,226.316 35,955 13.262,271 11.745,965 The Consolidated statement of flnancial activities includes all gains and losses recognlsed in the year, The notes on pages 2110 37 form part of these financial statements. Page 17
ASCB Charitable Fund (A Company limited by guarantee) Registered number: 06569008 Consolldated balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Investments 14 13,309,307 12,553,059 13,309,307 12,553,059 Current assets Debtors Cash at bank and in hand 15 21 302,221 1,396,183 296,354 2,568,446 1,698,404 2,864,800 Creditors.. amounts falling due withln ona year 16 (1,745,440) (3,671.894) Net current liabilities {47,036) 1807.094) Total net assets 13.262,271 11.74?,965 Charity funds Restricted funds Unrestricted funds 17 35,955 13,226,316 1 i,456 11,73),509 17 Total funds 13,262,271 11,745,965 The Trustees acknowledge their responsibilities for complying with the requirement5 of the Act with reTect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to th8 small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on thelr behalf by.. Major General J M Senior CBE Chair Date.. N K The notes on pagés 21 to 37 form part of these financial statements. Page 18
ASCB Charitable Fund (A company limited by guarantee) Registered number: 06569008 Charlty balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Investments 14 13,309,308 12,553.060 13,309,308 12.553,060 Current assets Debtors Cash at bank and in hand 15 257,503 797,938 415,167 1,901,401 1,055,441 2,316,568 Creditors: amounts falling due within one year 16 (1,548,242) {3,562,969) Net current liabilities (492,801) (1,246,401) Total net assets 12,816,507 11.306,659 Charity funds Restricted funds Unrestricted funds 17 17 5,959 12,810,548 15,456 11,291,203 Total funds 12,816,507 11,306,659 The Charitls net movement in funds for the year was £1,509,848 (2023 - £(606,73811. The Trustees acknowledge their responsibilities for cOmplng with the requirements of the Act with respect to accounting records and preparation of financial ststements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Major General J M Senlor CBE Chair Date: The notes on pages 21 to 37 form part of Ihese financial statements. Page 19
ASCB Charltable Fund (A company limited by guarantee) Consolldated statement of cash flows For the year ended 31 March 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash used in operating activities 20 (1,192,623) (205,430) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tsngible fixed assets 20,360 13,151 143.998 Net cash provided by investing activities 20,360 157,149 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (1,172,263) 2,568,446 (48.281) 2,615,727 Cash and cash equivalents at tho ond of the yoar 21 1.396.183 2,568,446 The notes on pages 21 to 37 form part of these financial statements Page 20
ASCB Charltable Fund {A company limited by guaranteé) Notes to the financial statements Forthe year ended 31 March 2024 General informatlon The Charity is a private company limited by guarantee, Incorporated in England and Wales {company number= 06569008), a charity registered in England and Wales Icharily number.. 11238541. The charits registered office is shown on page 1. The principal objectives are shown withln the Tnjstees Report on page 3. Accounting policies 2.1 Basis of preparation of financial sL*ements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in th6 UK and Republic of Ireland (FRS 102) and the Cornpanies Act 2006. Army Sport Control Board Charitable Fund meets th8 definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recogni5ed at historical cost or transaction value unless otheise stated in the relevant accounting pollcy. The Consolidated Statement of financial activities {SOFA) and Consolidated Balanoe sheet consolidate th8 financial st8tement5 of the Charity and Its subsidiary undertaklng. The results of th8 subsidiary are Gonsolidated on a Ilne by line basis. The Charlty has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and has not presented Its own ststement of financial activities in these financial statements. The financial statements are presented in UK pound sterling, which is the Charity's functional currency, and rounded to the nearest pound. 2.2 Going concèrn The Trustee5 consider whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going conGern. The Trustees make this assessment in respect of period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in Operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue lo adopt the going concern basis of accounting in preparing the financial statements. Page 21
ASCB Charltable Fund (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accountlng pollcies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable tiat the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred incorne. Where enlitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment incom6 is recognised at the lime the invEStment income is receivable. Other income is recognised in Ihe period in which it is receivable and to the exlent the goocs have been provided or on Completion of the service. 2.4 Expenditure Expenditure is recognlsed once there is a legal or constructive obligatlon to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can ba mèasured reliably. Expenditure on raising funds includes all expènditure incutTed by the Group to raise fundE for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which furth&r the Group's objectives, as well as any associated support costs. Grants payable are charged in the y8ar wh8n the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching ar8 fulfilled. Grants offered subject to condltions which have not been met at the year end are not<&d as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on fLJnds held on deposit is induded when receivable and the amount can be mEasured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the fLJnds are deposited. 2.6 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax puTrioses. AGcordingly, the Charity is potentially exempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of thè Corporation Tax Act 2010 or >ection 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gyins are applied exclusively to charitable purposes. Page 22
ASCB Charltable Fund {A company limited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 Accounting policies {continued) 2.7 Investments Fixed asset investrnents are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impaimient. 2.8 Debtors Trade and other debtors are recognised at the settlement amount. PrepayThents are valued at the amount prepaid. 2.9 Cash at bank and In hand Cash at bank and 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 dep051t or slmilar account. 2.10 Llabilities and provisions Liabllities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced paymants for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligatlon. Whare the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is reGognised in the Consolidated statement of financial activities as a finance cost. 2.11 Flnanclal instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transaction value and subsequently measured at their settlement value. 2.12 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable bythe Group to the fund in respect of the year. Page 23
ASCB Charitable Fund (A Company limited by guarantee) Notes to the financial statements For th8 year ended 31 March 2024 Accounting policles (contlnued) 2.13 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposès. Restricted funds are funds which are to be used in accordance with specific restrictions imp¢ed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund Is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restricted funds 2024 Total funds 2024 Total funds 2023 BAE Systems grant SOTR grant 30,000 146,723 30,000 146,723 3J,000 113.277 176,723 176,723 143.277 Total 2023 143,277 143,277 Income from charltable activitie5 Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Lottery ticket sales 5,940,643 5,940,643 5,763,282 Total 2023 5,763.282 5,763,282 Page 24
ASCB Charitable Fund {A company limited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 Income from othèr trading activltles Income from fundraising events Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Sponsorship income 1.100,660 1.100,660 664.840 Total 2023 664.840 664,840 Investment income Unrestri¢ted funds 2024 Total funds 2024 Total funds 2023 Interest receivable 20,360 20,360 13,151 Totsl 2023 13,151 13,151 Other income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Un-cashed cheques written back SEPF Repayment from GIA Laurus 24,061 100.000 13,000 24,061 100,000 13,000 154,000 137.061 137,061 154,000 Totsl 2023 154,000 154.000 Page 25
ASCB Charitable Fund (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Expenditure on ralslng funds Unrestricted funds 2024 Total funds 2024 Totsl 2023 ASL prizes and costs Sponsorshlp agent's fees ASCB Trading - Legal and professional fees ASCB Trading - Sponsorship Events ASCB Trading - Auditors. remuneration ASCB Trading - Accountancy fees Staff costs 1,653,000 258,601 408 44,137 1,653,000 258,601 408 44,137 1,673,670 190,879 343 31,617 1,750 218,175 1,750 218,175 595 131,071 2,176,071 2,176.071 2,030,275 Total 2023 2,030,27S 2,030,275 Analysis of grants Grants to Institutlons 2024 Total funds 2024 Total lunds 2023 Association, capital and equipment grants BAE Systems grant Ellte Sports grants Sports lottery grants SOTR grants 2,355,964 17,900 371,098 1,179,877 138,324 2,355,964 17,900 371,098 1.179,877 138,324 2.33iJ.645 27,000 33-3,034 1,09:3,687 113,277 4,063,163 4,063,163 3,903,643 Total 2023 3.903,643 3,903,643 Of the total grants payable in the year of £4,063,163 {2023: £3,903,643). £3,906,93912023: £3,763,366) was from unrestricted funds and £156,224 (2023: £140,277) was from restrided funds. Page 26
ASCB Charitable Fund (A company limlt8d by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 10. Analysis of expendlture on charltable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Grants to controlling bodies BAE Systems grant Elite Sports expenditure ASL grants SOTR grants 2,732,118 2.732.118 17,900 371,098 1,179,877 138,324 2.566.110 27,000 333,034 1,099.687 113,277 17,900 371.098 1.179.877 138,324 4,283.093 156,224 4,439,317 4.139.108 Total 2023 3,998,831 140,277 4,139,108 11. Analysis of expendlture by activities Grant funding of actlvitles {note 9) 2024 Support costs 2024 Total funds 2024 Totsl funds 2023 Dlrect costs 2024 Grants to controlling bodies BAE Systems grant Elite Sports expenditure ASL grants SOTR grants 59,691 2.355,964 17,900 371,098 1,179.877 138.324 316,463 2.732,118 17,900 371.098 1,179,877 138,324 2,566,110 27,000 333,034 1,099,687 113,277 59,691 4.063,163 316,463 4.439,317 4,139.108 Total 2023 76.935 3,903,643 158,530 4.139,108 Pa9e 27
ASCB Charitable Fund (A company limited by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 11. Analysis of expenditure by activltles (continued) Analysis of direct costs Unrestricted funds 2024 Total funds 2024 Total runds 2023 Staff costs Sponsorship 59,691 59,691 19,329 59,691 59,691 71i,935 Total 2023 76,935 76,935 Analysis of support costs Unrestrict8d funds 2024 Total funds 2024 Total funds 2023 Staff costs Computer costs Meeting expenses Accommodation and staff travel reimbursement Bank charges Stsff training Offl¢e costs Insurance Marketing Staff welfare Sundry expenses Legal and professional fees Trustee training Auditors, remuneration Tennis court rent Profit on disposal of fixed assets 80,661 26,555 1,424 76,997 3,557 1,674 40,301 1,245 30,255 5,723 11,851 1,987 7.253 16,980 10,000 80,661 26,555 1,424 76,997 3,557 1,674 40,301 1,245 30,255 5,723 11,851 1,987 7,253 16,980 10,000 73,721 1 J,752 1,285 41,471 3,779 4.800 44,615 1,245 33,256 14,898 5,328 11,345 2,311 4,320 33,402 1128,998) 316,463 316,463 153.530 Total 2023 158,530 158,530 Page 28
ASCB Charitable Fund (A company Ilmited by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 12. SL costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Pension costs 310.340 24,771 23,416 224,891 22,897 14,610 310,340 24,771 23,416 224,891 22.897 14,610 358,527 262,398 358,527 262,398 The average number of persons employed by the Charity during the year was as follows.. Group 2024 No. Group 2023 Charity 2024 Charity 2023 No. Administration Elite Sports Assurance No employee received remuneratlon amounting to more than £60,000 in either year. None of the 8mployees of the Charity were considered to be key management pérsonnel. The key management personnel of the Charity are considered to be the Trustees and those identlfied as being the key management personnel of the ASCB GIAJACF Fund (HQ ASCB Operating Costs), who are paid through the ASCB GIAIACF Fund and therefore not disclosed in these accounts. 13. Trustees. remuneratlon and expenses During the year, no Trustee5 r8C8ived any remuneration or other benefits12023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been reimbursed by the charlty12023- £NIL). Page 29
ASCB Charitable Fund (A company limited by guarantee) Notes to the financial statements Forthe year ended 31 March 2024 14. Fixed asset investments Listed investments Group Cost or valuation At 1 April 2023 Revaluations 12,553,059 75r*,248 At 31 March 2024 13,309,307 Net book value At 31 March 2024 13.303.307 At 31 March 2023 12,553,059 All of the listed fixed asset investments are held in the United Kingdom, in the form of BLK Armed Forces Charities Growth & Income A Acc shares. Investments in subsldlary L5sted companles investments Total Charity Cost or valuation At 1 April 2023 Revaluations 12,553,059 756,248 12,553,060 756,248 At 31 March 2024 13,309,307 13,309,308 Net book value At 31 March 2024 13,309,307 13.3.308 At 31 March 2023 12,553,059 12,5&3,060 The wholly-owned trading subsidiary. ASCB Trading Limiled. which is incorporat8d in England and Wales, pays all its profits to th8 Parent Charity. Page 30
ASCB Charltable Fund (A company Ilmited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 15. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Due wlthln one year Trade debtors Amounts owed by group undertaklngs other debtors 234,860 75.108 200,000 57,503 200,000 215.167 67,361 221,246 302,221 296,354 257,503 415,167 16. Creditors: Amounts falling due wlthin one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade credltors Other taxation and social security Other creditors AccNals and d8ferr&d income Accrued grant awards 177,058 20,140 2,598 727,160 818,484 25,925 2,598 797,696 2,845,675 2,598 727,160 818,484 2,598 714,696 2,845.675 1,745,440 3,671,894 1,548,242 3,562,969 Group 2024 Group 2023 Charity 2024 Charity 2023 Analysis of deferred Income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods 563,773 447,280 {563,773) 559,683 563,773 559,683 563,773 447,280 563,773 (559,6831 (563,773) (559,683) Deferred incom8 at 31 March 2024 447,280 563,773 447,280 563,773 Page 31
ASCB Charltable Fund (A company limited by guarantee) Notes to the financial statements For the year ended 31 Maroh 2024 17. Statemant of tunds ststèment of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses} Income Expenditure Unrestricted funds ASCB Unrestricted 11.730.509 7,198,724 (6,459,164) 756,247 13,226,316 Restricted funds BAE Systems SOTR 15.456 30.000 146.723 (17,900) (138,324) 27,556 B,399 15,456 176,723 (156,224) 35.955 Total of funds 11,745.965 7.375,447 {6,615,3881 756,247 13,262,271 The BAE Systems funds are held for the purpose of sports scholarships to elite athletes. The Statement of Training Requirement (SOTR) grant is provided by Army HQ to ensure that all sports have the required (qualified) officials and coaches to safely operate Army Sport. Page 32
ASCB Charltable Fund (A company limlted by guarante8) Notes to the financlal statements For the year ended 31 March 2024 17. Statement of funds (contlnued) Statement of funds . prior year Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure Unrestricted funds ASCB Unrestricted 12,152,959 6,595,273 {6,029.106) 1988,617) 11,730,509 Restrlcted funds BAE Systems SOTR 12.456 30,000 113.277 (27,000) (113,2771 15,456 12,456 143,277 {140.277) 15,456 Total of funds 12.165,415 6,738.550 (6,169,383) {988,617) 11,745,965 Page 33
ASCB Charitable Fund IA company limited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 18. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income Expenditure General funds Restricted funds 11,730.509 15.456 7.198.724 176,723 (6,459,164) {156,224) 756,247 13,226,316 35.955 11,745,965 7,375,447 {6,615,3881 756,247 13,262,271 Summary of funds - prlor year Balance at 31 IAarch 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure General fvnds Restricted funds 12,152,959 12,456 6,595,273 (6,029,106) 1988.617) 11,73J,509 143,277 (140,277) 15,456 12,165,415 6,738,550 {6,169,3831 {988,617) 11.745.965 19. Analysls of net assets between funds Analysis of net assets between funds - current perfod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 13,309,307 1,662,449 (1,745,440) 13.309.307 1.698.404 (1,745,440) 35,955 Total 13,226,316 35,955 13,262,271 Page 34
ASCB Charltable Fund (A company Ilmited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 19. Analysls of net assets batween funds (continued) Analysls of net assets between funds - prior period Unrestrlctèd funds 2023 Restrlcted funds 2023 Total funds 2023 Fixed asset inv8stments Current assets 12,553,059 2,849,344 (3,671,894) 12.553.059 2,864,800 (3.671,894) 15,456 Creditors du8 Wlthin one year Total 11,730,509 15,458 11,745,965 20. Reconcillatlon of net movement In funds to net cash flow from operatlng activities Group 2024 Group 2023 Net incomelexpenditure for the period las per Ststement of Financial Activitie51 1,516,306 (419.450) Adjustments for: (Gains)Ilosses on investmènts Dividends, interests and r8nts from investments (Profit) on the sale of fixed assets (Increaselldecrease in d8btors (Decrease) In creditors 1756,248) 120,360) 988,619 (13,151) (128.998) (5,867) 361,359 (1,926,454) (993,8091 Net cash used in operating actlvltles (1,192,623) (205,430) 21. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,396,183 2,568,446 Page 35
ASCB Charltable Fund (A company limited by guaranteè) Notes to the financial statements For the year ended 31 March 2024 22. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 2,568,446 (1,172,263) 1.396,183 23. Pension commitments The employees are members of the Principal Civil Service Pension Scheme (PCSPSI. an urrfunded defined benefit pension scheme. Contributions on a 'pay-as-you-go' basis are credited to the Exthequer under arrangements govemed by the Superannuation Act 1972. A notional asset value is ascribed to the scheme for the purpose of determining contribution rates. ASCB is unable to identify its share of th8 underlying assets and liabilities of the scheme. An estimated £2.55m would be due to PCSPS if Ihe Charity were to close. This has not b68n provided for in thes8 financial statements on the basis Ihat the Charity is a going concern. 24. Operating lease commltments At 31 March 2024 the Group and the Charity had commitments to make future minimum lease paMentS under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charity 2024 c.harity 2023 Not later than 1 year Later than 1 yéar and not later than 5 years Later than 5 years 12,000 48,000 144,000 12,000 48.000 156,000 12,000 48,000 144,000 12,000 48,000 156,000 204,000 216,000 204,000 216,000 25. Related party transactions Due to the close relationship the Charity has with its trading subsidiary, ASCB Trading Limited, there are inter-company transactions undertaken within the ordinary course of business. There have not been any other related paty transactions during the current or previous financia year, and ther8 are no balances outstanding at the Balance Sheet date. 26. Controlling party There is no ultimat8 controlling party. Page 36
ASCB Charitable Fund (A company Ilmlted by guarantee) Notos to the financlal statements Forthe year ended 31 March 2024 27. Principal subsldlaries The following was a subsidiary undertaklng of the Charlty.. Name Company number Registered offlce or principal Prfnclpal activity place of business ASCB Trading Limlted 11997374 Alexandra House, St Johns street, Salisbury, Wlltshire, United Klngdom. SP12SB To further the objects of and generate profits for ASCB Charltabl8 Fund Class of shares Holdlng Included in consolldatlon Ordinary 1000/0 Yes The financial results of the subsidiary for the year were: Name Income Expenditure ProfiV{Loss) I Surplusl (Deficlt) for the year Net assets ASCB Trading Limlted 1.100.660 (304,896 795,764 445,765 Page 37