2025-03-31-accounts - Heropreneurs

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REGISTERED COMPANY NUMBER: 07065815 (England and Wales)
REGISTERED CHARITY NUMBER: 1136671

`REPORT OF THE TRUSTEES AND`

`UNAUDITED FINANCIAL STATEMENTS`

`FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

FOR

`HEROPRENEURS`

HEROPRENEURS

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

		`Page`
`Reference and Administrative Details`		`1`
`Report of the Trustees`	`2`	`to`	`3`
`Statement of Trustees' Responsibilities`		`4`
`Independent Examiner's Report`		`5`
`Statement of Financial Activities`		`6`
`Balance Sheet`	`7`	`to`	`8`
`Cash Flow Statement`		`9`
`Notes to the Cash Flow Statement`		`10`
`Notes to the Financial Statements`	`11`	`to`	`17`

HEROPRENEURS

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`TRUSTEES`	`S A Banks-Cooper (resigned 31.7.24)`
	`Lt Gen T R Copinger-Symes CBE (resigned 31.7.24)`
	`P Mountford FCA - Chairman (resigned 31.7.24)`
	`D S Nicol BSc (Hons) MSc (Fin) (resigned 31.7.24)`
	`I Downie (appointed 31.7.24)`
	`I Webber (appointed 31.7.24)`
	`R Saund (appointed 31.7.24)`
`REGISTERED OFFICE`	`Mountbarrow House`
	`6 -20 Elizabeth Street`
	`London`
	`SW19 9RB`
`REGISTERED COMPANY NUMBER`	`07065815 (England and Wales)`
`REGISTERED CHARITY NUMBER`	`1136671`
`INDEPENDENT EXAMINER`	`Banks Cooper Associates Limited`
	`21 Marina Court`
	`Castle Street`
	`Hull`
	`HU1 1TJ`

Page 1

HEROPRENEURS

REPORT OF THE TRUSTEES
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwiththe financial
statementsofthecharityfortheperiod1 December2023to31March2025.Thetrusteeshaveadoptedtheprovisionsof Accounting
and Reportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordancewith the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

In summarythe objectsof the Charityare restrictedto the preventionor reliefof financialhardshipamongformerservingmembers of
theArmedForcesoftheCrownandtheirdependentsbyprovidingfinancialassistanceandsupportservicesdesignedtoenable such
individualsto establish,growand sustaina businessidea,and to the promotionofthe efficiencyofthe ArmedForcesby assisting with
the resettlement of former serving members of the Armed Forces of the Crown and their readjustment to civilian life.

Our missionis to empowernew entrepreneursfrom the extendedmilitarycommunityto achievetheir businessambitions.Through our
high-qualitymentoringprogramme,weenablebusinessownersfromawidevarietyofindustriesandbackgroundstosetupand run
innovativeand sustainablebusinessesthat contributeto the goodof society.Workingwith formerand servingmembersof the military
community and their families, we equip our mentees with the practical skills and knowledge needed to thrive in business.

The Trusteesconfirmthat they have referredto the guidancecontainedin the CharityCommission'sgeneralguidanceon public benefit
when reviewing the Charity's aims and objectives and in planning future activities.

`ACHIEVEMENT AND PERFORMANCE`

Heropreneursdirectlysupported180businessesfromtheUKmilitarycommunityintheperiodcoveredbythisreportthrough our
mentoringprogramme.The numberof mentorssupportingthesebeneficiarieswas74,with20 new mentorsjoiningand 13 leaving the
programme.Theprogrammeis builtonthetimeandexpertiseofourmentorsandtheTrusteeswouldliketosincerelythankthem for
their commitment to supporting business in the UK Armed Forces Community.

Duringthe last year the Charityagainheld its awardsceremonyat the WarwickBusinessSchool.Heropreneurstakesevery opportunity
to encouragepersonalgrowth,celebratesuccessand the achievementswithinour communityof entrepreneursand businessowners. 5
awardswerepresentedtoarangeofwinnerstocelebratetheachievementsofthemilitarycommunityinthecommercialworld. I
wouldparticularlyliketo thankour sponsorsWarwickBusinessSchool,GoldmanSachs,and BanksCooperAssociates,whocontinue to
make these awards possible.

Iwouldliketothankeveryonethathassupportedandworkedforthecharityduringthisperiod.Wehaveensuredthatthe service
providedthroughoutisofthehigheststandard,withoutpersonalcommercialgain,deliveringexpertandindependentadviceto our
beneficiaries.

`FINANCIAL REVIEW`

Heropreneurs'incomefortheperiod1December2023to31March2025was£96,081(£98,315yearended30November2023). The
Charity's costs remained comparable to the prior year when adjusted for the extended period to which this report refers.

The Charity recorded a loss of £62. (2023 a surplus of £20,842).

`FUTURE PLANS`

Asstatedinlastyear'sannualreport,theTrusteeshavebeenindiscussionswithForcesEmploymentCharitytomerge Heropreneurs
operationswithit.ThesediscussionshaveledtotheconditionsbeingsetforthismergerandtheTrusteesaredelightedtostate that
HeropreneursmergedwithForcesEmploymentCharityon31March2025.TheTrusteeshavetakenthisimportantsteptosecure the
ongoingdeliveryoftheoperationsofHeropreneurswiththeadditionalbenefitofbeingabletoincreasethereachofour mentoring
programme.

Thefinancialstatementshavenotbeenpreparedona goingconcernbasisas,followingthemerger,thereis nowa periodofaction to
winduptheoperationsofHeropreneursasanentity.Overall,themergershouldleadtoanexpansionintheoperations of
Heropreneurs and a corresponding increase in the number of beneficiaries that the Charity can help.

Page 2

HEROPRENEURS

REPORT OF THE TRUSTEES
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

Heropreneursis establishedas a companylimitedby guaranteeand is a RegisteredCharitywiththe CharityCommission(No 1136671).
TheaffairsofHeropreneursaregovernedbyitsMemorandumandArticlesofAssociation.Theliabilityofthemembersin theevent of
Heropreneurs being wound up is limited to a sum not exceeding £1 per member.

TheTrusteesareresponsibleforkeepingproperaccountingrecordsthatdisclosewithreasonableaccuracyatanytimethe financial
positionoftheCharityandtoenablethemtoensurethatthefinancialstatementscomplywiththeCompaniesAct2006.The Trustees
arealsoresponsibleforsafeguardingtheassetsoftheCharityandhencetakingreasonablestepsforthepreventionanddetection of
fraud and other irregularities.

Trustees,who are also Directorsof the Company,are selected with a view to ensuring that there is an appropriatebalance of  experience
relevanttotheneedsoftheCharity.NewdirectorsmaybeappointedeitherbytheexistingDirectorsorbyaresolutionof members.
EachyearonethirdoftheDirectors,chosenbylengthofservice,mustretirebyrotationandmaybe re-electedattheAnnual General
Meeting.

`EVENTS SINCE THE END OF THE PERIOD`

Information relating to events since the end of the period is given in the notes to the financial statements.

Approved by order of the board of trustees on 29 May 2025 and signed on its behalf by:

I Downie - Trustee

Page 3

HEROPRENEURS

`STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

The trustees(whoare alsothe directorsof Heropreneursfor the purposesof companylaw)are responsiblefor preparingthe Report of
the Trustees and the financialstatementsin accordancewith applicablelaw and United Kingdom AccountingStandards (United Kingdom
Generally Accepted Accounting Practice).

Companylaw requiresthe trusteesto prepare financialstatementsfor each financialyear which give a true and fair view of the state of
affairsof the charitablecompanyand of the incomingresourcesand applicationof resources,includingthe incomeand expenditure, of
the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytimethe financial
positionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomplywiththeCompaniesAct 2006.
Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhencefortakingreasonablestepsfor the
prevention and detection of fraud and other irregularities.

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
HEROPRENEURS

`Independent examiner's report to the trustees of Heropreneurs ('the Company')`

I report to the charity trustees on my examination of the accounts of the Company for the period 1 December 2023 to 31 March 2025.

`Responsibilities and basis of report`

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsiblefor the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Havingsatisfiedmyselfthat the accountsof the Companyare not requiredto be auditedunder Part16 of the 2006 Act and are eligible
forindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsascarriedoutunderSection145of the
CharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowedtheDirectionsgivenbytheCharity Commission
under Section 145(5) (b) of the 2011 Act.

`Independent examiner's statement`

I havecompletedmy examination.I confirmthatno mattershavecometo my attentionin connectionwiththe examinationgiving me
cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I havenoconcernsandhavecomeacrossnoothermattersin connectionwiththeexaminationtowhichattentionshouldbe drawn in
this report in order to enable a proper understanding of the accounts to be reached.

Tracy Hutty

Banks Cooper Associates Limited
21 Marina Court
Castle Street

Hull
HU1 1TJ

29 May 2025

Page 5

HEROPRENEURS

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

				`Period`
				`1.12.23`
				`to`	`Year Ended`
				`31.3.25`	`30.11.23`
		`Unrestricted`	`Restricted`	`Total`	`Total`
		`fund`	`funds`	`funds`	`funds`
	`Notes`	`£`	`£`	`£`	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`		`9,304`	`55,000`	`64,304`	`71,895`
`Charitable activities`
`Heropreneurs Awards, other events and workshops`		`30,156`	`-`	`30,156`	`25,820`
`Investment income`	`3`	`1,621`	`-`	`1,621`	`600`
`Total`		`41,081`	`55,000`	`96,081`	`98,315`
`EXPENDITURE ON`
`Raising funds`		`288`	`-`	`288`	`216`
`Charitable activities`
`Heropreneurs Awards, other events and workshops`		`28,035`	`7,139`	`35,174`	`24,550`
`General administrative costs`		`-`	`32,878`	`32,878`	`27,972`
`Other`		`27,803`	`-`	`27,803`	`24,735`
`Total`		`56,126`	`40,017`	`96,143`	`77,473`
`NET INCOME/(EXPENDITURE)`		`(15,045)`	`14,983`	`(62)`	`20,842`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`		`35,889`	`3,549`	`39,438`	`18,596`
`TOTAL FUNDS CARRIED FORWARD`		`20,844`	`18,532`	`39,376`	`39,438`

The notes form part of these financial statements

Page 6

HEROPRENEURS

`BALANCE SHEET 31 MARCH 2025`

		`31.3.25`	`30.11.23`
	`Notes`	`£`	`£`
`FIXED ASSETS`
`Tangible assets`	`7`	`-`	`-`
`Investments`	`8`	`-`	`6,000`
		`-`	`6,000`
`CURRENT ASSETS`
`Debtors`	`9`	`12,000`	`12,626`
`Cash at bank`		`62,398`	`25,970`
		`74,398`	`38,596`
`CREDITORS`
`Amounts falling due within one year`	`10`	`(35,022)`	`(5,158)`
`NET CURRENT ASSETS`		`39,376`	`33,438`
`TOTAL ASSETS LESS CURRENT LIABILITIES`		`39,376`	`39,438`
`NET ASSETS`		`39,376`	`39,438`
`FUNDS`	`12`
`Unrestricted funds`		`20,844`	`35,889`
`Restricted funds`		`18,532`	`3,549`
`TOTAL FUNDS`		`39,376`	`39,438`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheperiod ended
31 March 2025.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheperiodended31March2025 in
accordance with Section 476 of the Companies Act 2006.

`The trustees acknowledge their responsibilities for`

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

Page 7

HEROPRENEURS

BALANCE SHEET - continued
31 MARCH 2025

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompaniessubjectto the
small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon29May2025andweresignedon its
behalf by:

I Downie - Trustee

The notes form part of these financial statements

Page 8

HEROPRENEURS

`CASH FLOW STATEMENT FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

		`Period`
		`1.12.23`
		`to`	`Year Ended`
		`31.3.25`	`30.11.23`
	`Notes`	`£`	`£`
`Cash flows from operating activities`
`Cash generated from operations`	`1`	`34,807`	`(3,664)`
`Interest paid`		`-`	`(30)`
`Net cash provided by/(used in) operating activities`		`34,807`	`(3,694)`
`Cash flows from investing activities`
`Interest received`		`1,621`	`600`
`Net cash provided by investing activities`		`1,621`	`600`

`Change in cash and cash equivalents in the`
`reporting period`		`36,428`	`(3,094)`
`Cash and cash equivalents at the beginning of the`
`reporting period`		`25,970`	`29,064`
`Cash and cash equivalents at the end of the`
`reporting period`		`62,398`	`25,970`

The notes form part of these financial statements

Page 9

HEROPRENEURS

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`1.`	`RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING`	`RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING`	`ACTIVITIES`
			`Period`
			`1.12.23`
			`to`	`Year Ended`
			`31.3.25`	`30.11.23`
			`£`	`£`
	`Net (expenditure)/income for the reporting period (as per the Statement of`
	`Financial Activities)`		`(62)`	`20,842`
	`Adjustments for:`
	`Interest received`		`(1,621)`	`(600)`
	`Interest paid`		`-`	`30`
	`Impairment of investments`		`6,000`	`-`
	`Decrease/(increase) in debtors`		`626`	`(11,753)`
	`Increase/(decrease) in creditors`		`29,864`	`(12,183)`
	`Net cash provided by/(used in) operations`		`34,807`	`(3,664)`
`2.`	`ANALYSIS OF CHANGES IN NET FUNDS`
		`At 1.12.23`	`Cash flow`	`At 31.3.25`
		`£`	`£`	`£`
	`Net cash`
	`Cash at bank`	`25,970`	`36,428`	`62,398`
		`25,970`	`36,428`	`62,398`
	`Total`	`25,970`	`36,428`	`62,398`

The notes form part of these financial statements

Page 10

HEROPRENEURS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`1. STATUTORY INFORMATION`

Heropreneurs is a charitable company, limited by guarantee, registered in England and Wales.

The registered number and registered office address can be found on the Reference and Administrative Details page.

The presentation currency of the financial statements is the Pound Sterling (£).

These financial statements cover Heropreneurs as an individual entity.

From 1 April 2025 the operations of Heropreneurs were merged with that of the Forces Employment Charity.

TheaccountingperiodhasbeenextendedbytheTrusteesandthesefinancialstatementscoverthe16monthperiodfrom 1
December2023to31March2025.ThereasonforthiswastoincludethecompleteperiodtowhenHeropreneurs' operations
were merged with those of the Forces Employment Charity.

Thismeansthatthecomparativeamountspresentedinthefinancialstatements(includingtherelatednotes)arenot entirely
comparable.

`2. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
RepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicablein the UK and Republicof Ireland'and the CompaniesAct 2006.The financialstatementshave been prepared under
the historical cost convention, with the exception of investments which are included at market value.

`Going Concern`

Thefinancialstatementshavenotbeenpreparedonagoingconcernbasisbecausefrom1April2025theoperations of
Heropreneurshavebeen mergedwiththatof the ForcesEmploymentCharityand in due courseHeropreneurswillceaseas an
entity.

`Income`

All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable that
the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlementand the amountof the obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.

`Tangible fixed assets`

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment- 100% on cost

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Page 11

HEROPRENEURS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`2. ACCOUNTING POLICIES - continued`

`Fund accounting`

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictionsarise when
specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

`Pension costs and other post-retirement benefits`

Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayabletothecharitable company's
pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

`Financial instruments`

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

`3. INVESTMENT INCOME`

`INVESTMENT INCOME`
	`Period`
	`1.12.23`
	`to`	`Year Ended`
	`31.3.25`	`30.11.23`
	`£`	`£`
`Deposit account interest`	`1,621`	`600`

`4. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheperiodended31March2025norfortheyear ended
30 November 2023.

`Trustees' expenses`

No trustees received any reimbursement of expenses in the period ended 31 March 2025 (2023 £91).

`5. STAFF COSTS`

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

	`Period`
	`1.12.23`
	`to`	`Year Ended`
	`31.3.25`	`30.11.23`
`Administration & management`	`1`	`1`

No employees received emoluments in excess of £60,000.

Page 12

HEROPRENEURS

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

`6.`	`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`
		`Unrestricted`	`Restricted`	`Total`
		`fund`	`funds`	`funds`
		`£`	`£`	`£`
	`INCOME AND ENDOWMENTS FROM`
	`Donations and legacies`	`26,835`	`45,060`	`71,895`
	`Charitable activities`
	`Heropreneurs Awards, other events and workshops`	`25,820`	`-`	`25,820`
	`Investment income`	`600`	`-`	`600`
	`Total`	`53,255`	`45,060`	`98,315`
	`EXPENDITURE ON`
	`Raising funds`	`216`	`-`	`216`
	`Charitable activities`
	`Heropreneurs Awards, other events and workshops`	`2,010`	`22,540`	`24,550`
	`General administrative costs`	`30`	`27,942`	`27,972`
	`Other`	`23,289`	`1,446`	`24,735`
	`Total`	`25,545`	`51,928`	`77,473`
	`NET INCOME/(EXPENDITURE)`	`27,710`	`(6,868)`	`20,842`
	`RECONCILIATION OF FUNDS`
	`Total funds brought forward`	`8,179`	`10,417`	`18,596`
	`TOTAL FUNDS CARRIED FORWARD`	`35,889`	`3,549`	`39,438`
`7.`	`TANGIBLE FIXED ASSETS`
				`Computer`
				`equipment`
				`£`
	`COST`
	`At 1 December 2023 and 31 March 2025`			`394`
	`DEPRECIATION`
	`At 1 December 2023 and 31 March 2025`			`394`
	`NET BOOK VALUE`
	`At 31 March 2025`			`-`
	`At 30 November 2023`			`-`

Page 13

HEROPRENEURS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`8. FIXED ASSET INVESTMENTS`

`FIXED ASSET INVESTMENTS`
	`Unlisted`
	`investments`
	`£`
`MARKET VALUE`
`At 1 December 2023`	`6,000`
`Impairments`	`(6,000)`
`At 31 March 2025`	`-`
`NET BOOK VALUE`
`At 31 March 2025`	`-`
`At 30 November 2023`	`6,000`

There were no investment assets outside the UK.

The investmentsare programmerelatedinvestments,madedirectlyin pursuitof the Company'scharitablepurposesand were
includedatmarketvalueof£6,000at30November2023.Duringtheperiodto31March2025theseinvestments were
consideredtorequireafullimpairmentprovisionandthishasbeenrecognisedwithinOtherexpenditureintheStatement of
Financial Activities.

`9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
	`31.3.25`	`30.11.23`
	`£`	`£`
`Trade debtors`	`12,000`	`12,000`
`Other debtors`	`-`	`43`
`Prepayments and accrued income`	`-`	`583`
	`12,000`	`12,626`
`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
	`31.3.25`	`30.11.23`
	`£`	`£`
`Trade creditors`	`78`	`39`
`VAT`	`4,607`	`155`
`Other creditors`	`337`	`214`
`Accruals and deferred income`	`30,000`	`4,750`
	`35,022`	`5,158`

`10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

Includedaboveis deferredincomeof£25,000(2023:£Nil)receivedin advanceforsponsorshipofthe HeropreneursAwards in
November 2025.

Page 14

HEROPRENEURS

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025`

`11. ANALYSIS OF NET ASSETS BETWEEN FUNDS`

`11.`	`ANALYSIS OF NET ASSETS BETWEEN FUNDS`
					`31.3.25`	`30.11.23`
		`Unrestricted`		`Restricted`	`Total`	`Total`
		`fund`		`funds`	`funds`	`funds`
		`£`		`£`	`£`	`£`
	`Investments`		`-`	`-`	`-`	`6,000`
	`Current assets`	`55,866`		`18,532`	`74,398`	`38,596`
	`Current liabilities`	`(35,022)`		`-`	`(35,022)`	`(5,158)`
		`20,844`		`18,532`	`39,376`	`39,438`
`12.`	`MOVEMENT IN FUNDS`
					`Net`
				`At`	`movement`	`At`
				`1.12.23`	`in funds`	`31.3.25`
				`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`			`35,889`	`(15,045)`	`20,844`
	`Restricted funds`
	`Core Services to Beneficiaries fund`			`3,549`	`14,983`	`18,532`
	`TOTAL FUNDS`			`39,438`	`(62)`	`39,376`
	`Net movement in funds, included in the above are as follows:`
				`Incoming`	`Resources`	`Movement`
				`resources`	`expended`	`in funds`
				`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`			`41,081`	`(56,126)`	`(15,045)`
	`Restricted funds`
	`Core Services to Beneficiaries fund`			`55,000`	`(40,017)`	`14,983`
	`TOTAL FUNDS`			`96,081`	`(96,143)`	`(62)`

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HEROPRENEURS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`12. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

		`Net`
	`At`	`movement`	`At`
	`1.12.22`	`in funds`	`30.11.23`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`8,179`	`27,710`	`35,889`
`Restricted funds`
`Core Services to Beneficiaries fund`	`10,417`	`(6,868)`	`3,549`
`TOTAL FUNDS`	`18,596`	`20,842`	`39,438`
`Comparative net movement in funds, included in the above are as follows:`
	`Incoming`	`Resources`	`Movement`
	`resources`	`expended`	`in funds`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`53,255`	`(25,545)`	`27,710`
`Restricted funds`
`Core Services to Beneficiaries fund`	`30,000`	`(36,868)`	`(6,868)`
`Creating Heropreneurs`	`15,060`	`(15,060)`	`-`
	`45,060`	`(51,928)`	`(6,868)`
`TOTAL FUNDS`	`98,315`	`(77,473)`	`20,842`

`13. RELATED PARTY DISCLOSURES`

During the period grants of £55,000(2023 £30,000)were receivedfrom the Veterans'Foundation.Peter Mountfordand Simon
Banks-Cooper are trustees of the Veterans' Foundation and were trustees of Heropreneurs until 31 July 2024.

RamnikSaundandIanWebberaretrusteesoftheForcesEmploymentCharityandIainDownieisanemployeeof Forces
Employment Charity (the ultimate controlling party at 31 March 2025).

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HEROPRENEURS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MARCH 2025

`14. POST BALANCE SHEET EVENTS`

From 1 April 2025 the operations of Heropreneurs have been merged with that of the Forces Employment Charity.

`15. ULTIMATE CONTROLLING PARTY`

Theultimatecontrollingpartyat31March2025istheForcesEmploymentCharity,incorporatedinEnglandandWales and
limited by guarantee.  (Registered charity number 1061212, company number 03270369.)

The Registered Office address is First Floor, Mountbarrow House, 12 Elizabeth Street, London, SW1W 9RB.

TheprincipalpurposesandactivitiesoftheForcesEmploymentCharityistoprovidelife-long,life-changingsupport,jobs and
trainingopportunitiestoServiceLeavers,veterans,reservistsandtheirspouses,partnersandchildren,irrespective of
circumstances, rank, length of service, or reason for leaving.

`16. STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT`

The Statement of Financial Activities includes a combined Income and Expenditure Account.

`17. INDIVIDUAL MATERIAL RESTRICTED FUNDS`

Duringtheperiodanamountof£25,000wasreceivedasagranttocontributetotheparttimesalarycostofthe Community
Development Manager and Heropreneurs Lead for the period of two years to 31 December 2026.

 At 31 March 2025 £18,532 of this grant remained unspent in the Core Services to Beneficiaries fund in Restricted Funds.

`18. INDEPENDENT EXAMINER REMUNERATION`

	`Period 1.12.23`	`Year ended`
	`to 31.3.25`	`30.11.23`
	`£`	`£`
`Remuneration receivable by the charity's`
`independent examiner for the preparation and`
`examination of the accounts.`	`5,250`	`9,500`
`Remuneration receivable by the charity's`
`independent examiner in respect of any other`
`financial services rendered to the charity, such as`
`consultancy, financial advice or accountancy`
`services.`	`5,600`	`6,575`

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