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 Se￿e$ 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 reSe￿e 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 sub￿Itted 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 sUb￿ls$10n$
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 e￿ntS 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 con￿rn 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
ne￿SSary 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 M￿bers.
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 cOmpl￿ng 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 charit￿s
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
othe￿ise 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 pa￿MentS
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