REGISTERED CHARITY NUMBER: 1134698 Report of the Trust¢¢8 And Finallcial Siatemenls For The YoAr Ellded 31 Marcli 2025 for The ROYAI Millt4ry A¢Adeniy Salldliurst ColliniAiidaiits ffund Fuller Spui'linE Siatulory Auditor Mill House 58 Guildford Sireet Chertsey Surrey KT16 9BE The Royal Military Academy Sajidliurst CoiuillalldHnts Fund Conteiit5 of the FRnAiiclAI StAtements For The Yenr Eoded 31 Mav¢h 2025 PA8e Report of tlie Trustees Report of the Indepeiideiit Aiiditors Stltenient of FliianelAI Activlties Bwlaiice Slieet Notes to the Flnaiiclal St#temeiit$ 10 to 16 Detailed Staleiiieiit of fi iiiwiici*l A¢tlvitS¢s 17 Tlie Roy41 Milit4ry Academy S*iidliurst Con)mandAnts Fund Report ol the Truslees For The Year Ellded 31 M4r¢h 2025 The trustees pi'esent their report with the financial slaleinenls of the charity for the year ended 31 Mai'ch 2025. The Ii'ustees have adopicd Ihc provisions of Accounling ai)d Reporting by Charities.. Siatemeiil of Recommciided Prnclicc applicable lo cliai-ilies prepai'ing Ilieir accounts in accoi'd8nce witli thc Finaiicial Reporting Siamdard applicable in Ilie UK and Ilepublic of Ireland (FRS 102) (eft￿liVe l January 2019). O&IECTIVFS AND ACTIVITIES Objectives aiid Rinis The aiiii of Ilic Coininandaiit's Fund is to provide capilal and incoinc to be applied by the Commaiidanl, Royal Military Acadeiny Sandliursl, al liis discretion, for Ihe benefil of the officer cadets and otl)er personnel at the Royal Military Acadciny Sandhui'st and for Il)e relief of Iicccs5ilous ¢a5es among the civilian staff employed at Il)e Royal Mililai'y Acadeiny Sandliurst. Iii addition. to pn)vid¢ Irlicf in nced to former nieinbers of the Academy %latf aiid by Ilie pi'oinolioii of Ihe c￿ECIenCY of Ihc ai'ined forces of Ilie Crown. To achieve Ihese objectives the Coinmandanl's Fund maintains ai) invcslinciil portfolio wiiliin tlie CCLA Fuiid Mana¥cinent Lid Inve51ineiils aiid oil)ei' iiiveslii)eiils as aullioi.i￿d on occasioii by Ilie Ti'ustcc. Piibli¢ beiiellt The Trustee confirins that he lias coinplied with the duly in section 17(5) of thc 2011 Cliarilie% Act to liav¢ due i'egard lo 11)¢ ¥uidanc¢ coiitained in the Chai'ily Cominis5ion's gcncral guidallce on public bei)efil wlieii I'eviewii)g Ili¢ aiins and objectives of the Coinmandanl's Fund. ACHIEVEMENTS AND PERFORMANCE ClIHrltAble Activitie5 Tl)e Coininaiidaiil's Fund provides ali aiiiiual grant lo asSiSt iii the upk¢ep aiid Inaiiileiiance of Ilie Sandhui'sl Collection of various military aiid oiher artefacls. Tllis ycai. Ili¢ Fuiid ha4 coiilinued lo suppoi'l Ihe Saiidl)ui%l CollcGtion includiiig Ilie Virtual Iniiseuni with a gi'aiils of £6,282 (2024 £46,574). Dui'iiig the year the Commandant approved fuiidiiig foi. sundiy gi'ants aiid bid graiils, and these grants ainounled lo £154,804 iii Ilie yeai., Ilie largest of which was £12,000 {2024 £168,494 aiid largest £40,294). A specific ai'ea that is of benefit lo the orri¢e¢ ¢adel¥ and olliei. personnel at Ille Royal Mililaiy A¢ad¢iny Saiidliursl is Ili¢ mainlei)an¢¢ aiid improvement of tliose parts ol the fixed infi'¢151ruLluYe Illal do i)ol alli'acl public fuiidiiig. The Trustee has decided Il)o111i¢ income genei'aled froin Ilie excess iiifraslrueture gi?nls that were included in Ilie geiiLI'al rund in 2017 sliould be geiierally used for these purposes bul 51iould iiot be Inade a rcslricted fund. Dui'ing Ilie yeai. iiifi'asli'u¢lur¢ gi'aiils of £30,117 (2024 £317.878) were appiDved.Tl)ese grai)Is have supported tlie enhaiiceinei)l aiid iinpi'oven)enl of RMAS infrasli'uclui'e thal caiinol be provided by tlic MOD conlrdcl tlirough Defeiice Iiifi'aslruclui'¢ Oigaiiisalioi) (DlQ)- It is expected that Iiifrasliwcture spend will reinaiii a big part of Ilic Cominandaiil's Fund exp¢iidilure in the next reporting year. Investni¢iit p¢i'forn)4Jice I"h¢ Coimmandanl's fund has Inaintained stabilily during Ille year TIK income generdied from the investmen18 has pei'initted tlie Cominai)daDt'.s Fund io conlinue to support the work of th¢ Sandhur5t Colleclion and wider Academy activities as iiecessaiy. The pei'forinaiice of Il)e Fuiid lias been monitored clo.sely by Ihe committce. Thc ii)VC51menl manager i'epoi15 to the ¢ominittee al its twice yearly meetings ai)d al oili¢r liines as deeined necessary by 11)e Ti'uslee oi. inve51nient mai)ager.The Fuiid lia5 been Inanaged by CCLA for nuineti)U5 year5, aiid the coinmillee have agi'eed lo hold ai) investment pai1ner review and will be re-inlerviewing CCLA and Il)ree oiliei. invc51mcnl ¢gmpanic5 to decide oli Ilie future of Ilie Iiiveslmei)l. Paue I The ROYAI Milltary A¢adeDiy S¥Jndliurst CO￿￿4￿d￿ntS Fujid Report of the Trustees For Tlie Year Elided 31 Mareli 2025 rilNANCIAL REVIEW liiveslnieiit policy obje¢¢iYes The PTineipal funding sources of the charity are Ihe luiids takcn over oil inception as noted below within the govciiiing dorutneiit cotnments. During this pci'ii)d the accounts have conliiiued lo be reviewcd by tl?e fund manager and the cominittee on regular basis. Tliese reviews are followe([ by guidailce being provided lo CCLA by tlie Tru5tcc guidiiig them on the type of investment, risk and return tliat was being soughi by Ihe Fuild. The pcrformancc of tlie inveslinenl funds uiiderpins tlie ovei'all fii)an¢ial heallli of tlie Fund. Thc cominillce iioles CCLA short-lerin pcrfoi'inancc was weakeiied Iliis fiiian¢ial ycar. howevei. Il)ey remain conleilt with long-temi heallh of Ihe fuiid. Ir CCLA continue lo offei. Ihe best Oplioiis at thc Investment Parli)er review in the ilew fii)ai)cial ycar Ihc fund will remain invested with CCLA. Tlie maiii objective of Ili¢ inveslmeiil porilolio is lo mainlaiii the incoine stream for tlie Fund lo allow il to CDiilii)uc to meet ils objectives. as delailed above. The Tru&lce i.s confideiit I1￿1 Iliis objeclive is beii)g a¢hicv¢d iii a 5uilably, social, etliical and eiiviroiimei)lally frici)dly maiincr. Thc cxlcm81 advisors provide scruliiiy oli all aspects of the fuiid lo cn,4ui'e il reinains coiisi.slenl willi its objectives. Reserves p￿lleY Tlie Fui)d's Inain source of iiicome is the relurn on the iiiveslineiil portfolio and cash deposits. The iiiveslincnl Portfolio and cast) deposits ai¢ Ilici'cfore l)cld at a sufficicnl value, lo eiisure Ilie coilliiiued appropi'iale iiicoinc flow. The I'esei'ves wliich reflect the iiiveslineiil portfolio and cash dcposils are also maintaiiied al a suitable Icvel. The Fuiid is currently lIn￿$trIcted and stands al £10,149.720 (2024 £10.575.145). ruTURE PLANS Tlie Fund will continue to support the Sandliursl Colle¢lion and rnainlaining the fabric and chattels of the Acadciny, Tlie Fuiid will also be ulilised lo enhance the Quality of life of the Officer Cadets aiid Pei'manenl Siaff witliii) tl)e Ac&deiiiy. Tlie iK)ard have agreed lo loan up lo £1 M ovei. a Iliree-yeai. period lo Ihe Sandl)ursl Trust in ol'der to esiablibh a Fundi'ai%iiig braiich within the SandliuKsI Trusl. The visioi) is lo c.%labli5h an alumni iielwoi'k capable of genei'ating laige scale donations ii)lo tlic Acadeiny lo generale longevity ai)d ensure Ihe Acadeiny ￿1￿&1])S a Woi'ld Leading cei)Ir¢ of lcadership. STRUCTURC, GOVERNANCE AND MANAGEMENT Coveriiitig docunieiil Tlie chai'ily ]% controlled by ils governing documeiil. a deed of Irust alld ¢oii%lilule.s an uiiincorporated cliarity. The Commandaiil's Fund was a military welfBre fund and. as such, was exeinpl from regislratioii wilh Ilie Cliai'ily Commissioi). It was esiablislied previously ui)der ali Order ii) 11?c Higli Couit of Justice daled 28 July l 948 a% aineiidcd. This High Coui'l Order was pul aside duriiig Ilie yrai- ended 31 March 2010, and a new Cl)arity Commissioii Sclicmc sealed. It registered with the Charity Commission on 8 March 2010. Th¢ Coininandant's Fund was a member of Ilic Royal Military Academy Sandliur%t Commoii Inve51ineiil Fuiid eblablish¢d by Charity Coinmis%ion Sclicmc 14288C) dated 17 July 1962 and ainended by the fuiilier Scheme 3010003 dated 13 July 1995. 11 l)eld a Cliarilics 0￿1ClaI Inveslineiil Fund, noiv Eoiie, and the Saiidliurst Pool of Investments whicli was legally 'released" to Il)c ncw schcrnc as pail of the rewrite. All day-lo-day busine55 contact concei-iiinE (he Fuiid's Investi￿entS is made directly between the Cominaiidant's Fuild and the Fund'4 investmeiil Inaliage￿ CCLA. Recrultment And AppoEntment of neiv triistets The Trustee of the Charity is the Commaiid8nl in silu of the Royal Militaiy Acadeiny Sandhurst aiKI Ihei'efoir tlie role of Trustee changes aulomali¢ally witli each new appointineiii 10 that Post. Orgallls*Éloiial striieture I"he Cominaiidant, Royal Military Academy Sandhuist, is the sole Trnstee and is supported by a number of advisei's di'awii boili fi'oin withii) Ihc Academy aiid oulsidc. A formal committee meeting is held twice each year to review the Inanagemeiil of the Fund, while tlie day-lo-day Ivni)iiig Is managed within Ilie chain ofcominaiid of Il)e Academy. TILe Charity is allowcd lo use Ilie resources of tlic Royal Mililary Academy beiilg maiiily voluiiteer per%oiinel. No chlaleincnt &$ pai'l of Ilieii. fi'aud discussioii. Based oli Ilie re%ulis of OLir risk a5sessinei)t we desigiied our audit procedures lo identify ijoi)-complian¢e with such law% and I'egulatioiis ideiilified above aiid niade enquiries of maiiagcinciit ai)d Ihosc chargcd ivilh governance. We corroboralcd our ¢iiquiriLs through the rcvicw of approprialc do¢uin¢i)ialioii. W¢ did not find any conlwadictoiy evideiice. We coiisidei'ed Ilie risk of fraud IhrougS1 managemenl override ai)d in respoii%c we iiicorporated le5ting of Inanual journal eiitries, both during the year and al year end, inlo our audit approacli. Based oi) tlie results ot our risk assessiMei)I we de5igi)ed our audil procedures lo idei)lify aiid addi'ess Inalerial 1111sslalemeii15 in relalion lo fi'aud iii relalion lo the possibilily of fi'auduleiil or coi'i'upl payineiitb giveii tl)e size of Ilie eiility and the limitation on the se¥re¥alion of certaii) duties. W¢ incorpordled an element of unpredictability iii the 5eleclioii of Ilie iialure, liining aiid exleiit of our audil procedures. A furthei. de&'criplion of our i'esponsibililies for (he audit of the financial staleinents 15 localed on ihe Finaiicial Repoi'liii£ Council's website at www.frc.orLi.uklaudilorsresponsibililies. This descriplioii forms pail of our Report of tl)e Indepeiid¢nl Auditors. Page 6 Report of the Independent Auditors to the Trustees of Tlle Royal Military Acadeniy Saiidhurst ComniandAnts Fund Use of our report This I'epoi'l is made solely to the charity's Irustees, as a body. in accordance with Part 4 of the Charities {Aecounls and Repoils) Regulations 2008. Our audil work has been undertaken so Ihal we mighi slate lo the cliarily's tIUStee5 those mall¢i's we al'e rcquired to slal¢ to them in an auditors, report and for no othcr purpose. To thc fullcsl cxlcnt p¢rinitled by law, we do not accept or assume responsibility to anyone other than the Charity and th¢ ¢harily'S trustees as a body. foi. our audit work. for this report. or for Ilic opinions we have formcd. Sialuloi'y Auditors Mill Housc 58 Guildfoi'd Street Cl)ei'lsey Suriey KT16 9BE Dale: 18 Page 7 The Royal Military Academy Sandliur$t CommandRnts Fuiid StAteweiit of Fln*nciAI Activities rior Tlie Year Ended 31 Marcli 2025 31.3.25 31.3.24 Total ruiids Unicstricled fund Not INCOME AND ENDOWMEINTS fiROM Donatioiis and lega¢ies Other ti'ading activitiv Investment incoine 895 301767 305 206 Total 305 207 302 662 I XPENDITURE ON Cli#vitRble actlvlties Cliai'ilable Gov¢i'naiic¥ costs 230,070 535,030 TotAI 247 134 547 360 Nel gaiiisl(losseb) on invc.stmcnl 483 498) 875 9.13 NET INCOMEI{EXPCI NDITURE) (425.425) 631,235 IIECONCILIATION OF FUNDS Total lunds brouglit forward 10,575,145 9,943,910 TOTAL FUIYDS CARRIED FORWARD 10,149 720 10 575 145 COIWllNUING OPERATIONS All iiicoine aiid expendilure lias ariseii from continuing aclivilie5. Tl)c notes fomi part of Iliese financial staiemeiils Page 8 The ROYAI Military Ae#delliy Saiidhurst Cofflmand31n(s Fund Blll#nce Slieet 31 March 2D25 31.3.25 Uni'e5tri¢ted fiiiid 31.3.24 Total i)ds Notes FIXED ASSETS Taiigiblc a8,8els Inveslinciils 2.946 10.101.RO(7 3,466 10,557,960 10 10,104.752 10.51>1.426 CURIICI NT ASSF.TS Dcbtors Casli at bal 108 l)48 91.465 174,856 111,804 CREDITORS Amouiiis falliiig due within oiic year 12 (129.888) 198,085) NEIT CURRCI NT ASSETS 44,968 TOTAL ASSETS LESS CURRCNT LIABILITlfi S 10,149.720 10,575,145 NET ASSETS 10 149,720 10,575 145 I.'UNDS Uiii'¢slricled ￿1]d8 13 10,149,720 10 575 145 TOTAL FUNDS 10,149,720 10.575.145 Tl)e fiiian¢i&l slalcmenls w¢r¢ approved by Ihc Board vf Trnslces and authoriscd for issiie on . and were signcd on its b¢half by: MajvT Geiieral NiLk Cowl¢y OBE - Trustc The nolcs forin parl of these fsnaiicial statcillcnts Pagc 9 The ROYAI MililRry Academy Sandliurst Commaiidants fiuiid Notes to the Fi￿4￿ClaI Statemeiits For The VeAr Elided 31 MArcli 2025 ACCOUP4TtNG POLICIES Basis of pr¢pariiig the finwnci¥Jl 5t¥lemenls The financial slaleineiils of the cl)arity, whicli 15 a public beiiefit enlily uiider FRS 102, have beeii pi'epared iii accordance wilh Ihe Charili¢s SORP (FRS 102) 'Accounting and Ileporting by Chaiilies.. Siatemenl or Rccomineiided Practice applicable lo cliarities prepai'ing Ilieir accoui)l% in accordan¢¢ willi the Fii)ancial Reporting Standai'd applicable li) Ihc UK ai)d Republic of Irelaiid (FRS 102) (effective l Januaiy 2019),, Fiiiaiicial Repoiling Siaiidard 102 ￿'he Financial Reporting Standard applicablc iii thc UK aiid Republic of Ii'eland, and the Cliarilies Acl 2011. Tlie fiiiancial 51aleincnts liave been prepared ui)der Ilie hisloi'ical cost coiivenlion, with the cxceplion of iiivtstincnls which are included at mai'kel value, as modified by Ilie revaluation of certain assets. Tlie finan¢ial statenients have beei) preparcd uiidcr thc historical cost convention with ilems rccognised at cost or Iransactioi) value unles5 olhei'wi5e slated iii the iioles to Ihe accouiils. The accoui)t8 are prepared on a goi1)¥ coiicerii b&tsi4. Tlicrc are iio material unceitainlies about the cliarily's ability lo conliiiue. All incoine is iecogilised in tlie Siateinenl of Financial A¢liviti¢% oncc Ili¢ chai'ity lias enliilemeiit lo Ihc funds, il is probabl¢ tlial Ilie in¢oii)e will be re¢eiv¢d aiid Il)¢ amouiit can bc mca%urcd Tcliably. Expejiditure Liabilitie8 air recognised as expeiidiluie a5 soon as Iliere is a legal or coiislruclive obligalion coininilling the cliarily lo that expeiidilure, il is probable that a Iraiisfer of economic benefits will be required ii) scttlemenl and the amount of ilie obligation can be nieasured reliably. Expeiiditure is aecounled for oii ali accruals basis and lias beei) classified uiidei. lieadiiigs thal aggregalc all cost related lo Ilie calegory. Where c051s caiiiiol be directly alli'ibutcd lo particular lieadings Iliey have beeii allocated lo activities oli a basis consi51enl will) tlie use of resources. Gi'aiils offei-ed subject to coiidilions wliicli have not beei) mel al 11)e year end dale al'e noted a coinmilment bul iiol accru¢d as expendilui'e. Mulii-year ¥ranls are accoui)led for wlieii eiiller il)c recipiciil lias a reas01)able expectation that they will receive a gi'aiit or Ilie trustee lias agreed lo pay tl)e grai)I wilhoui ¢ondilioi). Provisions for grants are made wheii the inlei)110i1 to inake a w71i1 has bcci) cominunicalcd lo tlie I'ccipienl but tliere is uncertainty about eitlier Ihe tiiniiig ofihe granl or Ilie amouiit of grai)I payable. Taiigible fixed assets Depi'ecialion 15 provided al 11)c followiiig aiinual ratva in order lo wrilc off eacl) asset over its esliinated useful life. l)lant and machinery 15 /0 011 reducing balaiicc Tlxatioii Tlic cliarily is exeinpl froin lax on its charitable activities. ri uiid iecoiinting Ui)resti'icted fuiids can be used in accoi-dancc with Ilie cliai'ilable objectives at the disci'elioii of the Iruslees, Res11'icl¢d fund5 can only be used for parliciilar reslricted purpose8 witl)in tl)e object& of thc ehai'ity. Re511'iclioi)s arise wlien specified by the doiior or wlien lunds ale rdised for particulai. r&sli'iclcd pU￿0$eS. Furthey explaiiation of the nature aiid puiyose of cach fuiid is included in the notes to Ilie financial slatenienls. Voliiiitecrs The cliai'ity 1% allowed to Use the resoiirces of The Royal Military Acadeiny beii)g maiiily volui)leer peisoiinel. No chaige 15 curreiiily Inade lor 8ervice5 aiid il is not POS5ible lo quaiilify Ilie value to tlie cliarily. Pagc 10 coi)tinued... Tlie Royal Milithry AcAdeiny Sandliurst ConimAtkdaiits Fund Notes to tlie Fii)AlleiAI StAt¢n)eiils- ¢olltinu¢d "or The Year Elided 31 Mareli 2025 ACCOUNTING POLICIES - ¢onlinutd Voluiiteers Fixod Asset Iiive5tmeiits liiv¢slinciils ai'c included in tllc accoui)1s al thcir market value at the Balance Sheet date. Any gain oi. loss on I'evalualioii is taken lo the Stalcmenl of Financial A¢livili¢s.Realised aiid unrealised gaiiis aiid losses oli iiiveslinenl assets al'e ii)cluded in the aceounls as they aris'e. Ainouiils hcld as Custodian for otl?er4 al'c 4howi) as Minoiily Inleresls in the note% CAsli #t bank Aiid In liAiid Casli al baiik inLludcs Lash and short lerm highly liquid iiiveslmenls with a short Inalui'ity of Iliiee inonllis or 1¢5s fi'om Ilie dalc of acquisition or oponing of the depo%il or 5iinilar account. Debtors Dcbiors aic rccobynised al Il)c settlement amoui)I duc. Prcpaymcnts aiE valucd al Ili¢ ainounl prepaid foi. fului'e p¢riods.. Creditors Ci'cditoi% aiid provi5i0115 ai¢ recowiiscd wliere 11)c cliarily lias a prcseiit obligalioi) rebultii)g fi'oin a past eveiil Iliai will pi'obably I'esult in Ihe Ii'ansfer of fuiids to a Ihii'd pally and the ainount due lo seitle Ilie obligalion can be Ineasui'ed or esliinaled reliably. FIIiAIiciAI Iiisti'uiileiits Tlie cliai'ity has finaiicial assets and finaiicial liabililia% of a kiiid Ilial qualify as babi¢ fiiiaiicial insti'umciils. Ba%ic fiiiancial instrumeiils are ii)ilially recognised al Iraiisactioii value aiid subsrquciitly mcasui'ed at their seiileinei)I value. OTHEI R TRADING ACTIVITIES 31.3.25 31.3.24 Saiidliurbt colle¢iion sales Eiigi'aving sales 60 835 895 INVEI STMENT IIYCOM 31.3.25 31.3.24 CCLA Iiiveslmenl income liiveslmenl maiiagemenl fe¢s rebatV* Dcposit accounl iiilei'¢bt 285,860 11,282 290,130 10,555 305 206 301767 Pagell conliiiued... Tlie Royal Military Academy Salldliurst Commandants fiund Notes to the FiiiaiiciRI Statements - corttiiiued For Tlle Year Elided 31 Marcli 2025 CHARITABL£I AcfivITIES COSTS Grant fuiiding of activities (see nole Suppoil costs (scc iiole 6) Direct Costs 5) Totals Cliarilable Governance costs 229,550 520 230.070 3.432 229 550 14.152 247 134 cRAI￿s PAYABLE 31,3,25 31.3.24 Cliarilable 229,550 534418 Tlie lolal graii15 paid lo inslilulions duriii¥ (he year was a5 follow5- 31.3.25 31.3.24 Thc sandliur.st Collection Geiiei'al Siiiidi'y Ernnls SQM Iiilraslruclui'e grdnls 33,619 164.914 46,574 169,966 317878 229.5.50 534418 SUPPORT COSTS Goveriiaiice cot>ls Cliarilablc Gove1'i￿lice costs 520 Support cost%, iiicluded ii) Ilie above, aiE a% follo￿. 31.3.25 Total activities 31.3.24 Total aclivitieb Goveiilance cosls Cliai'ilable Auditors, remuneration Audilors, remttnei'atioi) for lion audit woi'k Sage support costs Depreciation of laiigible fixed assels 5,400 5.550 2,682 5.400 5.550 2,682 520 4,620 5,400 2,310 612 520 520 Page 12 contiiiued... The ROYAI Mililary Aeademy Sandhurst Commalldants Fulld Noles to tlle FiiiAiieial StAtemeiits - conti￿lled FDI. The Yellr Elldoil 31 Marcli 2025 TRUSTEEI S. REI MUNERATION AND BENEFITS Tliei'e were no Irustees, remuneration or other ben¢fils for the year ¢nd¢d 31 Marcli 2025 nor for thc year cndcd 31 Mai'ch 2024. Trii$te¢$' expens¢$ Tliere were no 31 Mai'cli 2024. Iruslees, expeiises paid for Ilie year eiidcd 31 March2025 iior for the year elided COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Uiiitstricled fund INCOME AND ENDOWMFNfs FROM Other Ii'ading aclivilies Inveslm¢iit income 895 101,767 Total EXPENDITURES ON ClIArltRble activltle5 Chai'itable Governance cosls 535.030 Total 547 360 Nel gains on invc51meiil 875 933 IYET INCOME 631,235 REI CONCILIATION OF FUNDS Total funds brought foi'ward 9,943,910 TOTAL fuNDS CARRIED FORWARD 10 575 145 Page 13 coiiliiiued... Tlie Roy¥41 Militiry Aexdemy Sxndknurst CommAndAnts FUJMI Notes to the FRnRnciil Stateniellts - coiitiiiued For Tlie Year Ended 31 Mareli 2025 TANGIBLE filXED ASSETS Planl aiid machinei'y COST Ai l April 2024 aiid 31 March 2025 DEI PRECIATION Ai l Api'il 2024 Chai'Be fot. year 9.251 520 At 31 March 2025 NEI T BOOK VALUE At 31 March 2025 Al 31 Mai'cli 2024 io. FIXED ASSET INVESTMENTS 31.3.25 31.3.24 Shares Casli deposi15 9,893,738 208 0(?8 10,377,234 180726 10 101806 10 557 960 Addilional information as follow%: CCLA Li51ed Iiiveslincnls Minority ii)leresls share Totals MARKCIT VALUE At l April 2024 Dispolals Revalualions 11,453,829 (331,400) 517 233 (1,076,595) 331,402 10,377,234 483 498) At 31 Marcli 2025 9 893 738 NET BOOK VALUE Al 31 Marcli 2025 9 893 738 Al 31 Mairh 2024 1,076.595) 10377 234 The value of inve5tinenl a8sels oulside tlie UK includcd in ihe CCLA lisl¢d investineiits total above i, £9,274,244 {2024 £C),450.537> It i.s not considered pracli¢ablc to try 10 shoiy tlie origiiial cost of inve%tment5 wheii tliey We￿ oi'i¥inally passed to the cliarily on iTrceplioii. IIivc5tmenls ai'c shown al mai'kel value cacli year. Pa¥e 14 continued... Tlie Royal Military Acadeniy Sandliurst Comniandaiils Fuiid Notes to the FiiiRnciAI Statenieiits - conttnued For Tlie Ye*v Ended 31 M*rth 2025 io. ri IXED ASSET INVESTMENTS - continued Investments (neiiher listed nor unlisted) were as follows: 31.3.25 31.3.24 Cash deposits 208,068 180726 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 oil)ei' debtors Prepaylneillt￿ aiid accrued income 30.650 8,500 82.965 108 948 12. CRCI DITORS: AMOUNTS fiALLINC DUE WITHIN ONE YEAR 31,3,25 31.3.24 Ti'ade ci'edilors Olhei. credilor% 129 887 129 888 MOVEMENT IN FUNDS Net Inoveinent iii fui)ds Ai 31.3.25 At 1.4.24 Uiiresti'icted fujids Genei?I fund 10,575,145 (425,425) 10,149,720 TOTAL FUNDS 10 149 720 Nel Inovcment iii Funds. included iii Ihe aiK)ve are as follows: Incoining resources Resources expeiided Gain5 aiid losses Movement iii funds Uiire5tricted fiiiids Geiieral fund 305,207 (247,134) (483,498) (425,425) TOTAL f+U]YDS 305.207 247 134) 483 498) 425 425) 15 contiiiued... Tlie Royal Military Academy Saiidhurst Coiiini4ndan¢s Notes to tlie Financial Statenieuts - conliiiued For Tlie Year Elided 31 Mhrcli 2025 13. MOVCI MEI NT IN fi UNDS - contiiilled Comp#rxtlVQs for inovejiiellt fujids Nel Inovemei)t in funds Ai 31.3.24 At 1.4.23 Uiire5tricted funds Genci'al fuiid 9.943.910 631.235 10,575,145 TOTAL FUNDS 9 943 910 631235 10575 145 Comparative iiel moveinci)l in funds, includcd in thc above are as follows.. Incoming resources Resources ¢xp¢iided Gaiiis aiid losses Movemeiil in funds Ui)restrlcted (uiids Geiieral fuiid 302.662 (547.360) 875.933 631,235 TOTAL FUNDS 302,662 547.-160) 875 933 631235 14. RELATED PARTY DISCLOSURCIS Tlie Saiidliui'sl Developinent Trust {cliai'ily) is a related party of this chai-ily. durii)g Ilie year loai)s of £22,150 wei'e niade to tlie Saiidliui'51 Developinenl Trust on ai) i1)lei￿￿t fi.ce basis. Ai 31sl March 2025 Ilie balaiice OLilslanding was £22,150. Page 16