Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FURCES FOUNDATIOLY (previouslv known as TEAM ARMY SPORTS FOUNDATION) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 Reglstered Company Number: 07773783 Reglstered Charltv Number: 1144004
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 0VEMBER 2022 coNTETs PAGE Reference and Admini%trative details Trustees, Report Independent Auditors, ReLX)n 8-10 Statement of Financial Activities Balanc¢ Sh¢¢t 12 Statcmcnt of Cash Flows 13 Notes to the Finaiicial StateTnents 14- 18
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION REFERENCE ATr4D ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 NOVEMBER 2022 Status The orgFpanisatioii is a Chlble coinpdny limited by ¥d[atte, incoryorated 14 Septanba" 2011 and resFlSteied d5 d chaTity on 27 Septanbei 2011. Governing Doeument The charity is controlled by its bFovetiiinsF document. a deed of tSt, and constitutes a limited company, limited by bTuarantee, as defined by the Cornpanie5 ALt 2006. Company Number 07773783 Charity Number 1144004 Registered Office Lime Cllttage Tisbury Row Tisbury Salisbury England SP3 6RZ Trustees Major General Robin Anderton-Brown (appoinied Chair 4 January 2022} Major (ieneral Jonathan Jaines Cole Sarah Louise Cox (resigned 14 July 20221 Dr Nicolas Anderson Iresigned 10 June 2022) Brigadicr Richard Dcnnis OBE Majnr General Neil Sexton CB Andre, Mcmorran Mr CJrahaJn Beal Sara Cattcrall {aptx)inted 23 February 20231 Scoti Wallace (appointed l July 2023) Bankers Barclays Bank Farnborough GU147PQ Auditors HaY5nc1lityrt LLP 10 Queen Street Place Loiidoii EC4R IAG
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 NOVEMBER 2022 Th¢ Trustccs prcs¢nt th¢ir rcport and thc auditcd financial statcmcnts for th¢ yur cndcd 30 Novcmb¢r 2022 Reference admInistrlive infotmation set out on pa¥e I fotms part of this ieport. The findiicidl statements comply with current statutory iequirements, the MeinoranduTn Articles of AssocitIOn the Charities Statement of Recornmended PraLtice {SORP 2015} ISeLond Edition, effeLtive l January 2019). The charity has been called the Teain Army Sports Foundation ITASF} since its inLeption as iii the early d3yS It was very aTmy and sport-centhc in the activitie5 It 5UPPOrted. Over the years the charity has broadened its objects to be far rnoie diverse in order to reach T05 the military comTnuiiity. This hd5 also uFroivn from SiTnply 5UPPOrt to sport to the Tnuch broader reach coverinuF support to challenbie and adventure pur5Ults. The naine TASF had therefore becorne increasin&TIy inappropriate for a charity seen to be supportlTlgT all three services, I'eterans, cadets, reserve5 and even faniilie5. To reflect thi5 new inclusive bTroup, the trustees abTreed to rename the chaTity tlie Team Foices Foundation froin. Apr 2023 Structure, Governance and Management The trustees of the charity are drawn from a mix of current and ex-serving military personnel and experienced people from industy. This is intended to ensure ihat the Board has a good mix ot knowledge and insight into Forces sport tempered with appropriate commercial experience. If the Board feels it needs additional skills or knowledge it will identify and approach suitable people to see if they would be interested in volunteering io be a Trustee. Many senior serving officers and senior industry executives will already have experience ol'serving on charity boards. The board of Trusteeb aims to meet virtually at least.3 times per year. Whilst the board relies on a part time CEO (Maj Gcn Irctdl Lamont Kirkland CBE) and back-officc capability tn guidc thc day-tn4ay activitic8 nf thc charity, all stratcgic and prjlicy matters are decided by the board {the CEO daes not %erve a£ a Tru%teel. Given the realitie% nf busines8 life, not all trustees are able to attend every TTU%tee'% board meeting. A board meeting will only go-ahead if the chair and CEO can attend and a majority of the trw8tees are available. During the financial year, the Board comprised five serving or ex-serving officers, Maj Gen Rob Anderton-Brown {Chairl Maj Gen Iretdl Jon Cole, Maj Gen (Tetd) Neil Sexton, Brig Ireidl Richard Dennis and WOI Sarah Cox (resigned 14th Jul 221. Between them they have a Comprehensive understanding of the Anned Forces and how Forces spon is organiscd and fi]ndcd. Th¢ charity continu¢d to b¢ wcll scrvcd by its non-military mcjnbcrs.. , Dr Nic Andcrson {T¢signcd 14th Jun 221. Mr Andr¢w M¢Morran, CEO of Official Militsry Bccr Company. and Mr Graham Bcal from Ernst & Young who brings financc ¢xp¢rtisc. To reflect the newly nained cliarity and its support to the tri-service military community, the board ivas keeii to be represeiited by a niore inclusive group ot trustees able to add tlieir experience from all three services. For this re50n, the Comd SM WO sra Catterdll Was invited to join the board frotn the start ot'the year and provide IL4F perspective to deliberations and Lt Col IRM} Scott Wdllace joined in Jul 23 who has been driving the elite athlete and disability programTne for the Royal Navy and brings his wealth of experience in this field. The charity has no paid staff. Its key malgement personnel are its tn]stee5 who are not rernunerated Object5 and articles have been further amended follo7¥ the last direction of the Charitie5 Commis51011 As the charity continues to broaden its remit by embracing potential beneficiaries across the military cominunity there has been a furiher need to fine-lune the objects. Specifically, the lasi ainendmenl was finally recorded in June 2023 which embraced the need io reflect serving. veterans. reserves, cadets and families. Objects. As of Dec '21. The objects of the charity as stated in the Memorandum & Anicles are-. to promote the efficiency of the arn]ed foTces of the Crom, including, by such charitable mean5 as Tnjstees think tit iiicluding (but not limited tol-. improving physical fJtn¢ss and mcntal wcllbcing, fost¢ring csprit d¢ corps, promoting divcrsity and inclusion and raising moralc of s¢rving arm¢d forc¢s p¢rsonn¢l by ¢ncollraging participation in sports and advcnmrous
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 NOVEMBER 2022 activities and providing assistance in ihe provision L)f sporting facilities, and the provision and support of facilities. amenities activities for the 't11-being of serving and fornier anned foices personnel thc rcli¢f of scrving or fornicr anncd for¢¢s p¢rsonncl and th¢ir d¢pcnd¢nts andlor farnilics who arc in n¢cd by rcason nf youth, agc, ill hcalth, disability, financial hardship QT Othcr disadvantagc. As at Jun '23. they no. read.. To promote the efficiency of the armed forces of the Crown, including veterans, by such chaTitable means as T[Ste£S think fit including (but not limited to).. imprOlg pliysical fitness and mental w'ellbeing, fosteringT esprit de co]ps, promoting diversity and inclusion and raising morale of erving amied force% personnel, and their familie, includiiig re%erves and cadet, and fonner arjned forces per.Olle1 by encoiiragii)g participation in sports and advenrOuS activities and providing a$iS9ncc in the provision of sporting facilitie%, and the relief of .%etving or fornier am]ed force% personnel and their depelldents an(Vor families who are in need by reason of youth, age, ill health, disability, filncIal hardship or other disadvantage. The charity is inexorably linked to a trading company operatit]g under the same co-brand of Team Forces that generates its ndS thrOll industry partners wishing to support defet]ce activity. The profits from this relationship are donated to the charity in order that the Irusiees can then disperse funds as appropriate. So the charity benefits by.. Attracting b¢n¢vol¢nt donations {from Corporat¢ donoTS and by association with 3 paty ndraising ¢v¢nts), and, Appealing to related industry partners and their wish to Commit CSR or other charitable welfare funding to the cause. To Lomplete ihe aliwmenl kmd link between the Lharity's prinLip<il donor. and io refleLi the diveTSity OLhkrrity beneficiaries acrLlSS all three services and Iniliiary communiiy. Ihe irusiees agreed io change lo a more appropriale name. This means ihal the charily has now changed from the feain Amiy Sports Foundalion to the Team Flirces Foundation. Both the trading company and the charity operaies under the same Team Forces Brand. The charity seeks to achieve public benefit through the opeTation of the activities described above. The tnjstees confiTm they have had regard to the Cliarity Commission's guidance on public benefit. The charity dS not actively fundraise through members of the public although some small donations are occasionally received. Aetivities and Performance The peTiud retlected the Tnove to post-covid uctivity and resumptivn of a full, ulliestricted prD8ramrne with an event cyLle that inLluded.. Date Sandown Racing Arniy v Navy Rugby Festival of Speed Rundle Cup Polo Royal Regatta, Henley Remembrance Rugby and karting event Mar 22 Apr 22 Jun 22 Jul 22 Aug 22 Nov 22
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT (continucd) FOR THE YEAR ENDED 30 NOVEMBER 2022 Th¢principal donor to th¢ charity IT¢am Forccs Funding Ltd rcnamcd from thc pr¢vious Ethos Fundraising Ltd) maintaincd a stroiig perIOLinnce throubFhout the period and the charity was able to benefit ftom healthy donations amounting to.. Team Forces Funding Ltd Others 784,500 .3,924 TOTAL 868,424 The chariry continu to UppOrt ignIfiCallt challenge and expeditionary activitie which can attract the attention of donor into Team Forces Funding (and tlierefore tlie charity) and enable the eharity to award flag%hip grants. Mo8t notable during the FY 'aS the support granted to Capt Preet Chandi (aka Polar Preet} and her ¢xpcdition to undertake a solo and unsupportcd tr¢k to thc South Polc, an ¢xp¢dition that gcncratcd global m¢dia ¢ov¢rag¢. Finally, the charity continues to support otlier charities with similar dims in deliveTiiibT on tlie objectives, particu]lY bUPPOrting those orgsanisations wliich help veterans overcoine mental dnd physiLal wellbeinbw issues. The latest developnient in this aiea is the &upport to the Ulysses Trust 'hiC[l enables opportunities for cadets, often from undetpiii'ilebled bdckground5 to undertake life-ChTIlIg inspir110nd1 challenbFes ddventures. The totsl donated was £788,994 and inade up as follows.. Reci Infani ilin REME S orts lent Amourtt 1£) Reel lent Amount {£) 3.000 13.500 2,(K)O 1,800 20,(K)O 3,(A)O I,(A)o 19,000 50,000 20,500 UKAF E AFRT UKAF Rowin MaTCU5 Webb Biathlon UKAF S orts BoaTd Ski Mi)untaineerin Eliie Aihleie8 Fl for I,reedom At."psi' 30,000 25,000 5,400 2,700 i.Roo 1,000 6,100 10,400 21,600 York5hiie Re AFC Ilarro iment RA C. clin Inter Cor s Boxin UL4F Cricket Mission Motorsport UKAF Golf UL4F Ivillter S orts Militar . Rifle Com UKAF Poini 10 Point IS Para Cham Grand Military Jockey Commitlcc UKAF RII icGi Frart Ti)wnsend 8%e% Tru81 Tali%ker Antarctic uest Out Ma floweT S RN Pvlo RN Hock RN Sailin L4F Tennis L4F Motors uash OMBC Donation5 29.522 1,800 11,250 3,000 2,700 Tuin to Staiboard Ad tive Motorc Corrie Ma Bobslei Gwenllili Tst c.limb to Recovery 11,500 4,500 5,000 10,000 5,(K)O 44,229 2,500 1,000 25,000 10,000 4,500 12,000 4.108 26,000 5,400 6,300 4,500 14,200 2.000 485 On Course Foundation Veteran5 at Ease Ami AT Gr()u Nav Tali8ker P()lar Preet Ills irc 22 IS T20 Cricket RN Winter S orts RNRU ue RN Amencan Fuvtball Wcs McGuincs 2,(K)O 1,500 20,ODO 11,000 200,000 25.(0 5,000 9,(K)O 9,(N)O 5,700 500 4,500 2,(K)O 2,(M)O 2,500 788,994 ort RAF Ainerican Football RAFS ua5h ela Ex TOTAL Cancelled
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT (tontiDued) FOR THE YEAR ENDED 30 NOVEMBER 2022 AnDual Impact Report Delivering Social Value has become an increasing focus for industry. The prograrnme of good causes that the charity supports is specifically to make contributions to deliver individual, societsl or environmental Tralue. The charity has now produced its second Impact Report in this period which 'aS widely shared with donors and supporters. It was designed to highlight the support provided to a variety of good causes and provide the e.]dence of p05ltive social walue delivered by the charity on behalf of It donors. .Social Media Alongside this Iinpaci Report. the continued widespread use of social media has had a significant effect on main(aining interest, extending reach and stimulating engagenient with the charity and its activities. This proactive use of social niedia has provided the steady strekull ol-infonnation Ihatresults in corporate enquiries and their interest to also have an association witli the charity. This has been a sismifiLant success and will be continued. Grant maklng pollcy The ciiteria and principles adopted to help tmstees detemiine H,hat activity to support coiitinues to evolve but the basic tenets remain-. To respect, as fai as possible, the wishes of donors To promote excellence and success by supporting the full brcadth of Arnied Forces representational level sports and by supporting individuals to compete at elite and international level To increase opportunity by maximising participation in sport through support to grass roots activity thus making Spoff more accessible To enable recovery and rehabilitation by supporting wounded. injured & sick (WIS) servicemen and veterans to take part in competitive sport with particular emphasis on activities which 'lewel the playing field, for para athletes Support activities which are ery challenging. truly adventurous and provide highly rewarding depeloprnental and recovery experiences for both seTh'ing and veieran personnel Aim to support a worthy and high-profile sporting or adventurous projects with an annual flagship grant To contribute an annual surplus to the reserve to ensure funds are available for lean y&us and to sm(x)th out income levels for key beneficiaries Build a capital fund of rouglily one year's grant aking Partnerwith otlier chaTltie8 witli aim% coherentTh'ith oiir own, through at]d with whon) t]ie Foundation can deliver its goals in order to promote coherence, good governance and shaTing of best practice When involved in fundraising events the charity ivill typically seek to partner with other charities and may explicitly identify other charities as recipients of fuiids (typically those whose objects are services welfare related ajid aligned with those of th¢ charity). Finance Revie Thc charity's incomc was £868,488 this ycar of activity cndcd on 30 Novcmbcr 2022 comparcd to £684,307 in th¢ prior ycar. Thc total CXnditrC Th'a% £867,903 for thc ycar {2021.. £358,092). Thc fund balancc carricd forward at 30 Novcmbcr 2022 was £653,82312021.. £653.2381 Reserves polley In accordance witl) guidelines issued by the Charity Ctsinmission, the Trustees have adopted & policy regarding ieseives which should ensure that Ihete are adequate funds to ensure that the charity is able to meet all current and known luture It has been a long tem aim to build a sufficient reserve to meet one year's gTant making. At 30 November 2022 the Charity had reserves totAllinbT £653,82312021- £653,238) all of which were untestriLted. These ieseives are available to be part of the lunds to Ineet the charity's grani conjmitmeiits {wliich are forecasted as being £650.700 as itemised L)n page l 8). Thc TnistCC5 bclicv¢ th¢ l¢v¢l of rcscrvcs is now suffi¢ict]t for thc Charity's nccds. Thc charity has plans to inv¢st thc s¢rv¢s in low-risk savings in ord¢r to h¢lp Initigatc th¢ impact of inflation.
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT (continucd) FOR THE YEAR ENDED 30 NOVEMBER 2022 Risk management Thc Twstc¢s havc a duty to idcntify and rcvicw thc risks to which thc Charity is ¢xposcd and to cnsur¢ appropriat¢ controls arc in placc to Provid¢ r¢asonabl¢ assurancc against fraud and ¢rror. Thc trustccs pcriodic311y rcvicw th¢ risks and ¢stablish appropriate mitigating action where appropriate. The following are the main risks the charity is exposed and how they are mitigat¢d MITIGATION Cash planned for donation is paid regularly to reduce exposure The chaTity continues to identifies alternative income trealS Suitable reSce% are established to Inake the charity inore reille1]t to tlie po%%ibility short-ter turbulence The Team Forces programme and benefiis need to be clear to all parties and proven through measured perfomLqnce The role of ihe Amied Forces and sports in working with TFFL, sponsors and the charity, along with the underpinning operating model, need to be clearer and better understood. In the event of TFFL tem)inating, The charity could look to develop into a Trading Fund in order to replicate what TFFL deliver8. The charity has a key part to play in giving donors lin whatever form} a harcd passion for Forc¢s 8port and it8 b¢nefits Be clear on filnCIal expo.%llre at any stage Ensure the Board has appropriate financial expertise to help fjscal planning. Build suitable fillancial Lontingency to Lower the unexpected. Widen the numbers of direLt donorg to the charit COMMENT TFFL seeks lo make payments into the charity at least quarterly Partnering with tlie Official Military Beer Coinpany lias re8ulted in potential increased dO[tIonS The charity's inain donor, Tea Forces Funding Ltd ITFFL), fails and 5tOP5 trading The Am)ed Forces lose trust in Team Forces as a concept There has been increased use of social media. particularly LinkedLn. to provide news stories to highlight the work of the charity in proi'iding granis for good causes. This has proven to be exceptionally useful in broadcasting the llork of the charity. The work that TFFL does and the donations that the charity can support provides strong eiidence of deliering bocial value, which is a prerequisite for indubtry working into goi'ernment and defence. Cjenerating and publishing an annual report ha% %trengthcncd the relation.]lIp and relevance of Teajn For¢es The charity is unable to meet financial cominitii)ents ca11 reserves have been e8tabli8hed and have steadily increased each FY. As a result of the increased activity on social media. theTe is now stronger iiiterest within Defence industry to support th¢ work of T¢am Forc¢s
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION TRUSTEES, REPORT (continucd) FOR THE YEAR ENDED 30 NOVEMBER 2022 Plans for the future Thc charity's futurc plans arc to.. Continuc to d¢lii'¢r suitablc fundraising cvcnts as opportunitics arisc. Continue to work on attracting beneiolent donations., Develop relationqhipq '1th other charities ivhose objects are aligned with those of the Team Forces Sports Foundation and become the cho8en Channel through whi¢h fund8 are directed to Forces sports., Idcntify corporate charitable schemes '1th a view to having specifie forces sport {parti¢ularly for disabled athletes) nominated as the charity of choice for Staff fundraising; c.ontinue to rnainiain the reseTre fund in line with Ihe charity'g short-temi goals; and Continue to dei'elop a funding profile to include promoting and supporting annual flagship activities which by their very nature are eiiher extreme in their purpose or endeavour; present a fomiidable challenge or clearly serve a higher social value purpose Maximise the use of social media to broaden awarenes5 of the chaTity's work and effect Encourage industry to consider the charity when demonstratillg its support and contribution to social value Trustees, responslbllltles Statement Coinpai)y law requires the Trustees to prepare financial siateineiits for each tinanLial year which giN'e a tnje and fail view of the state of the atlairs of the ¢lTity as at the balance sli¢et date and of its incoming resouices ai)d application ofrestsurceb, includiiig income expenditure, ftsr the year then ended. In preparing those financial staternents which give a true and fair view, the Trustees should follow best practice and.. seleL* suitable aLcountin¥ puliLieS then apply theTll Lonsistently; 0erve the methods and principle% of the Charitie8 SORP; make judg¢ment.% and e%timate% that are reasonable and prudent., siaie whether applicable accounting slandards and SleInentS of recommended praclice have been followeiL subjeci io any malerial departures disclosed and explained in ihe Iinancial Sleinents. prepare the financial %tateinents on the going concern balS llnless it is inappropriate io asume that the charitable coinpany will continue on that ba81%. The Trustees are responsible for keeping proper accounting records thai disclose with reasonable accuracy, at any time. the financial position of the LharitAble Lompany, enabling them to ensure that tlie linancial statements Loniply with the Coinpai)ies Act 2006. They are also respoiisible for safeguarding the assets of the charitable company aiid hence for taking reasonable steps for the prevention and deteLtion ol. Iraud and other irtegularities. In so far as we are aware.. Thcr¢ is no rcl¢vant audit information of which thc ¢haritabl¢ company's auditor is Ua'ar¢. and Thc Trust¢¢s havc tskcn all stcps that thcy ought to havc takcn to mak¢ th¢ms¢lvcs awarc of any rclcvant audit infonnation and to cstablish that th¢ auditor is awar¢ of that infonnation. The Tru%tee%' Report ha8 been prepared in accordance with the.%peeial provisions of part 15 of the Companies Act 2006 relating to small companie%. This report was aPPToved by the Trustees on 9 August 2023 and signed on their behalf by.. DDruS1gn•d by.. Richard Dennis Trustee
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TEAM FORCES FOUNDATION Opinio W¢ hav¢ audit¢d thc financial statcni¢nts of Tcam Forccs Foundation for th¢ ycar cndcd 30 Novcmbcr 2022 which comprisc Statcmcnt of Financial Activitics, Balancc Sh¢¢t, Stst¢mcnt of Cash Flows and notcs to thc financial 5tstements', includinss a sunllndry 01. 51b41ific<int dCCOUlltin¥ policies. The findllcldl reporting fi"amework that has been applied in their prepdiation is PpliCable Idw and United KinsFdom Accounting Standaids, includinbT Financial Reportin Stdnddrd 102 Tlie Financial Repurting Standard ppliCable in the UK and Republic vf Ireland (United KiiigdvTn Generally ALcepted Accounting PrL*lLe). In our opinion, the finanLial 5tatements'. Five a tTue and fair viem, of the state of the pareiit Lhaiitable compaiiy's affair5 as at 30 Novembet 2022 and of the charitable company's net Tnovement in funds: includinbT the income and expenditure, for the year then ended; have been properly prepared in accordance 'ith United KinuFdom Generally Accepted AccounlinbF Practice., and have been prepared in accordance with the iequireinenls of the Cornpanie5 Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK} (ISAS IUK}l and applicable law. Our responsibilities under those siandards are further described in the Auditor 8 responsibilities for the audit of the financial siatements section of our rep)rt. We are independent of the cliarity in accordance with the ethical requirements that are relevant to our audit of the financial slatemenis in ihe UK. including the FRC'S Eihical Standard. and we have fulfilled our other ethical responsibiliiies in accordance w'ith these requirements. We believe that ihe audit evidence we have obtained is sutyicient and appropriate to provide a basis for our opinion. Conclusions relatin% to going Concern In audiiing the financial siaiemenis, w'e have concluded that the irusiees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Ba8cd on thc work wc havc pcrformcd, wc havc not idcntificd any matcrial unccrtaintic.s rclating to cvcnL% or cnnditions that, individually ar cnllectively, may ca%t %ignificant dnubt on the charitable cnmpany's ability tn continue a going concem for a period of at least twelve months from when the financial statement% are authori%ed for i%sue. Our responsibilities and the restK)n8ibilities of the trustee8 with respect to going concern are de8cribed in the relevani sections of this report. Other information Thc trustccs ar¢ rcsponsiblc for thc othcr infonnation. Thc oth¢r information compris¢s thc infonnation includcd in thc Trust¢¢s' Annual Rcport. Our opinion on th¢ financial statctncnts docs not cov¢r th¢ othcr information and, cxccpt to thc cxtwt othcnvisc cxplicitly statcd in our r¢rt, wc do not cxprcss any fom) of assurancc conclusion thcr¢on. In connectioii with our audit of the finaiicial statements, our Tespon5ibility is to read the other inforniation and, in doiiibT SO, consider whether the otheT infotmation is materially inconsi5teiit with the finnCial statements or out knowledge obtaiiied in the audit or otheThvise appears to be materidlly misstated. If we identity such inaterial inconsistencies ofappdrent inaterial Inisstateinents, w'e are required to deteTmine whether there is a material mi5statemeiit ii) the financial ststeinents or Inaterial misstatement of the other iiifoiination. If, based on the work we have perfoTmed, we conclude that there is a Inaterial mi5Statement of this other infollnation, we ale required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Att 2006 In our opinion. based on the work undertakeii iii the course of the aiidit.. the infoTmation given in the T[ste£S, Annual Report (which incliides the directors, report prepaTed for the purposes of company laivl for the financial year for which the financial Statements are prepared is consistent M'ith the financial slalemenls,. and the directors, report included within the TJustee8' Annual Report have been prepared in accordance with applicable legal requireinents.
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TEAM ARMY SPORTS FOUNDATION {eontinued) MAtter5 on which w'e Are required to report by exceptio Jn th¢ light of thc knowlcdgc and undcrstanding of thc charitablc company and its cnvironmcnt obtain¢d in thc coursc of thc audit, wc hav¢ not id¢ntifi¢d matcri31 misstat¢mcnts in thc Trustccs, Annual R¢port (which incorporatcs rwort th¢ directors. report). We have nothinbs to iepurt in respect (If the following tter5 in ieldtion t(} which the CoTnpanies Act 2(X)6 requires u5 to repurt to you it., in Dur opinion.. adequate accouiiting reL(Iids have not been kept by the charitable company, or the Lharitable Loinpany financial stateTneiits are not in agTeement with the acLountiiig records and retUTnS' or certain disclosuies of tn]stees' reinuntration speLified by law are not inade., OT we lia't not received all the iiifom]ation and expl&ndtions we requiTe for our audit.. or the tru5tee5 were not entitled to piepare the financial statement5 In accordance with the sinall companie5, re&Firne and tske advaiitage of the sinall cornpanie5' exeinptions in pieparin¥ the tn]5tee5' ieport and from the requireinent to prepaTe a 5tTalebTiC report. Responsibilities of trustees for the financial statements As explained more fully in the trustees. responsibilities staiement set out on page 7, Ihe trnstees (who are also the direciors of the charitable company for the purposes of company law) are responsible for the preparation of the financial siatements and for being saiisfied (hat they give a true and fair view, and for such inrernal control as the trusiees deierniine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or emTrr. In preparing the financial siatements. the tteeS are responsible for assessing the chariiable company's ability to Continue as a going concem, disclosing, as applicable, Inaiters relaied to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to ¢ee operations. or have no realistic alternative but to do so. Auditnr's re5ponsibilitie5 fnr the alldit nf the financial statements Our nbjective% are tn nbtain reasnnable &ssurance abnut whether the financial %tatements as a whole are free from material mi88tstement, whether due to fraud or error, and to issue an auditor's report that include8 our opinion. Rca%onable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in a¢¢ordanee with TSAS (UK) will alway£ detect a material misstatement when it exi8ts. Misstatements can arise from fraud or errar and are ¢onsidered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe e¢onomi¢ decisions of users taken on the basis of these financial statements. Jtt¢gulariti¢s, including fraud, arc instanc¢s of non-¢omplian¢¢ with laws and rcgulations. W¢ dcsign proc¢dur¢s in lin¢ with our Tcsponsibiliti¢s, outlincd abovc, to dct¢ct matcrial misstst¢mcnts in Sp¢¢t of IrglarItics, including fraud. Thc cxtwt to which our proccdurcs arc capabl¢ of dctccting irrcgularitics, including fraud is dctailcd bclow.. Based on our understandiiibT of the charitable company aiid the envirotllnent in ivhich it operates, 't ideiitified that the principal risks of iion-conipliance with lw5 and regulations related to the Chaiities Act 2011 and the Conipanies Act 2006 dnd we considered the extent to which non-compliance mibTht hai'e a material effect oil the tinancial ststeinent5. We also considered those laM's and regulations that have a direct impact on the preparation of the financial ststetnents such as the Companies Act 2006 dnd the Charities Act 2011. We evaluated management'5 Incentives and opportunities for fraudulent Tnanipulation of the financial statement5 (including the risk of Oi,eide of controls), and detem]ined that the principal risks M'ere related to recognition of income and management bias in certain accoui)ting estimates. Audit procedures perfom]ed by the engagement team included.. Inspecting of tTU5tee5' meeting minutes,. Discussions with management including consideration of kno] or suspected instances of non-compliance with laws and regulalion and fraud,. Evaluating managemeni's controls designed to prevent and detect irregularities- Identifying and testing joumals, in particular journal entries posted around the year end; Challenging assumptions and judgemenis made by Inanageinent in their criiical accounting estimates.
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TEAM ARMY SPORTS FOUNDATION {eontlnucd) B¢caus¢ of th¢ inhcrcnt limitations of an audit, thcr¢ is a risk that w¢ will not d¢twt all irrcgularitics. incliiding thosc leading to a mate111 misstatement in the financial stateinents. or noii-coinpliance with regiilatioii. Tliis risk increases the mor¢ that complianc¢ with a law or rcgulation is r¢mov¢d from th¢ ¢v¢nts and transactions r¢flcct¢d in th¢ financial 5tdtements', 'C 'l[l be le55 likely to become aware of instances of noii-complidnce. The risk 15 also eater regFrardlll irregularities occurring due to fraud rather than error. as fraud ino1veS intentional concealment. forgery, collusion. umission ur Tnisiepiesaitatiun. A further description of our responsibilities for the audit of the financial siaternents is located on the Financial Reporting Council's website at.. www.frc.org.ukJauditorsresponsibilities. This description fom)s part of our auditor's report. Use of our report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companie8 Act 2006. Our audit work ha% been undertaken so that we might tate to the charitable Company' member tlio%e matters we aTe required to state to them in an Auditor's report and foT no otherpu]pose. To the fulle%t extentperjnitted by law, we do not accept or &sU]e re8pon%ibility to anyone otlier than the charitable coinpany and the charitable coinpany, ember., a body, for our audit work, for thi8 report, or for tlie opinions we have fornied. Kathryn Burton {Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP Siatuiory Auditors 10 Queen Street Place London EC4R I AG Date." 21 August 2023 10
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2022 Unrestricted Funds Restrieted Funds TOTAL 2022 TOTAL 2021 Income from: Donations and leuFacies Other income 818,424 50.000 868,424 64 684,108 199 Total lThLtse 818,488 50,000 868,488 684,307 Expenditure on: Charitable activities 817.903 50,000 867.903 358,092 Total expenditure 817.903 50.000 867,903 358,092 Net incomel(eXpendire) 585 585 326,215 Reconeiliation of funds: Funds at the start of the year 653.238 653,238 327,023 Funds at the end nf the year £653,238 £653,823 £653,23S All of the above results are derived frorn continuing activities. Th¢rc wcrc no othcr r¢cognis¢d gains or losscs othcr than thos¢ stai¢d abovc. Movcmcnts in funds arc discloscd in notc 10 to thc financial statcmcnts. All inco]ne and expenditure is unrestricted in 2021. The notes on pabFes 14 to 18 foTm part of these fUnCial statements.
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION (company nu]nber 07773783) BALANCE SHEET AS AT 30 NOVEMBER 2022 2022 2021 Notes CURRENT ASSETS Short term dep05lt and cash iii Iiand 659,814 661.178 CREDITORS.. aTnounts falling due withiii one year 15,991) 17,9401 NET CURRENT ASSETS 653.823 653,238 Tr4ET ASSETS 653,823 653,238 FUNDS Unresiricted funds 10 653,823 653.238 Total funds 653,823 £653,238 Thc natc8 pagcs 14 to I S farm part of thc%c financial ftatcmcnts. The flnancial 8tstement8 have been prepared in accnrdance with the special pr()visinns of part 15 of the Companies Act 2006 relating to small Companies. The fJnan¢ial statements were approved and authorised for issue by the Board of Trustees on 9 August 2023 and were signed below on its behalf by. DOcUSd6y'. 238474eAJS1V42D Richrd Dennis Trustee 12
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2022 2022 2021 Cagh flows from operating #etivities: Net Lash provided by/{used in) operatinbF activities (see below) 11.364) 332.423 Change in eash #nd e#sh equivalents in the year 11,364) 332.423 Cash and cash equivalents at the beginning of the year 661.178 328.755 Cash and Lash eqllivalents At the end of the year £659,814 £661,178 RECONCILIATIOIY OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net ineome for the reporting year {as per the statement of fjnaneial aetivities) 585 326.215 Adjustments for.. Increasel(decrease} in creditors (1.949) 6.208 Net cash used in operating activities (1.364} £332.423 RECONCILIATION OF NET INCOME TO LYET CASH FROM OPER4TING ACTIVITIES At l Dcccmbcr 2021 At 30 Novcmber 2022 Cashfloivs Cash and cash equivalents 661,178 (1,364) 659,814 Total cash and cash equivalents £661,178 £11,364) £659,814 13
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 AccouprriNG POLICIES Basis of preparation The linanLial statements have been prepared in acLoi"Ilance lth AcLOUlltinbF and Repurting by Charitie5.' Ststeinent ot. ReLommeiided Practice applicable to CliritieS ISORP 2015) ISeLoiid Editioii, l January 20191 applicable to chaiities preparinbT IILLuurits in aLLurdaiice with the FinanLial Rep(irtlllgF Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The financial 5tateinents. ha't been prepared under the historical cost coiivention unless otherw'ise stated in the relevant accountinb policy notel5). The charity meet5 the definition of a public benefit entity under FRSIO2. Critic#1 accuuntin¥ estimate5 and are#5 of judgement Pr¢paration of thc accounts rcquircs thc Trustccs to makc significant judgcmcnts and cstirnatcs. It also rcquircs anageiiient to exercise judgment in applying the Charity's accounting policies. There were no area8 that required the use of judb¥enients. Assessment of going concern The Trnstees have assessed whether the use of the going concern assu accoilllts. The Trnstees have mtide tl)ib assessmeiit in respect tts a period o these accounts. tion is ap oi)e year ropriate in preparing these iom the date ot approvtil of The Trustees ot the chariiy have LonLluded that tliere are no material uncertainties related to eNents or conditions that may cast signilicant doubt on the ability of the charity to continue as a going LonLern. The Trustees are of the opinion that the Lharity continues as a going concern. TFFL remainb the principal donor and continues lo show sustained revenues and steady growth fn)m sales. The irustees iherefore assess ihai Ihe charily remains slrong and viable as a going concern. Ineome reeognition Incoine 18 recognised when tlie charity has Inet the following criteTia'. entitlement to the any performance Conditions attschcd to thc itcm(s) of Incomc hav¢ bccn mct, It is probabl¢ that th¢ incomc ivill bc rcccivcd and thc amount can be Lneasured reliably. Income received in advance is deferred until the criteria for income recognition are niet. Jn aceord3nc¢ with the Chariti¢s SORP FRSI 02, voluntccr timc is not r¢cognis¢d. Interest on founds held on deposit is included 'hen receivable and the amount can be measured reliably the charity,. this is nomially upon notification of ihe interest paid or payable by the bank. 14
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 AccouprriNG POLICIES (continued) Expenditure recognition and irreeoverable VAT Expenditure is recogn15ed once there is a legal or constructive obli ation to make a payment to a third party. it 15 probable that settlement will be required, and the ainount of the obfigation can be measured reliably. Expenditure is Classified under the following activity headings.. Expenditure on charitable activities includes the cost5 of running the charity'5 communities as well as all other Costs associated with furtherinb the charitable purposes of the charity throuuFh the proN'ision of it5 charitable activities. These costs coinpri5e charitable grants and donations, direct and 5UPPOrt costs in respect to the support of artny sports activities. It also includes ¥overnance costs. Charitable grants and donations are made where the Trustees consider there is real need following a revieiv of the details of each particular case and comprise single year payments rather than multi-year ants. Grants and donations are included in the statement of financial activities when approved for payment. Provisilin is made for grants and dotLqtions approved bul unpaid at the period end. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Auocgtion of support and governance costs Support costs rcprcs¢nt indircct ¢haritabl¢ cxp¢nditur¢. In ordcr to carry out th¢ primary purposcs of th¢ charity it is neLessary tu piovide 5UPPOrt in the of personnel development. finanLial pi"OLedure5. piovision ol. ultice services and equipment and a suitable 'Orking eni'ironment. Financial Instruments The Lhdrily only holdb findnLial assets- and findnLidl liabilities ul'd kind that qualifv ds basic findnLial instruinentb-. Basic financial insiruments are initially recognised ai transaction value and subsequently measured at their Settlement value. Debtors Trade and other debtor5 are re¢ognised at the settlement amount due. Prepa)qnents are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand includcs cash and short-tcrni hi hly liquid invcstmcnts with a short maturity of th¢ months or less from the date of acquisition or opening of i eposit or similar account. Deposits for more than thr¢¢ months and up to on¢ y¢ar havc bc¢n di8clos¢d as short-tcrm dcposits. Cash plac¢d on dcposit for morc than oiie Ye is disclosed as a lixeil &1SSet iiivestn]ent. Creditors and provisions Cieditors and pi0.1510n5 are recognised where the charity has a present obliuFation resulting from a past event that will probably result in the transler of lunds io a third party and the amount due lo settle the obligalion can be mcasurcd ar C%timatcd rcliably. Crcditnr% and praN'ision% arc normally rccogniscd at thclr.ctt1cment amnunt after allowinbT for aiiy trade discounts due. DONATIONS A breakdown of donation8 can be found in the tru%tee8' report on page 3. 15
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM FORCES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 30 NOVEMBER 2022 EXPENDITURE- 2022 Total 2022 Direct costs Grants Charitablc a¢tivitics SCrVicc. Sports As%ociations Support costs GovernLLe costslsee below) 788,994 788,994 72,430 6,479 6.479 7R,909 78R.994 867,903 TOTAL EXPENDITURE 78,909 788.994 867,903 EXPENDITURE- 2021 Total 2021 Direct costs Grants Charitabl¢ activitics Scrviccs Sports Associations Support costs Governance costs (see below) 294,975 294,975 57,117 5,940 57,177 5,940 63,117 294,975 358,092 TOTAL EXPENDITURE £63,117 £294,975 £358,092 A full list of grani recipients can be seen in the Trusiees Report on page 3. GOVERNANCE COSTS 2022 2021 Auditor's remuneration 6,479 5.940 6,479 £5.940 STAFF COSTS The charity had no staff in the year or in the prior year. Its key rnanagement personnel are its trustees who were not remunerated in the current or prior year. TRUSTEES, REMUNERATiof4 AND EXPENSES The Trustees reLeived no reinuneFation or reimbursement of expenses during the year12021.. £nill. 16
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM ARMY SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 30 NOVEMBER 2022 TAXATION The charity is exempt from corpliration tax as all its income is charitable and is applied for charitable purposes. CREDITORS: amounts falling due ivithin one year 2022 2021 Accrua15 Other 5,940 5,940 2,0(N) 5,991 £7,940 GRATrtrs PAYABLE 2022 2021 Payable in the year Paid in the year 788.994 294.975 1788.994) (294,9751 Coinmitments ar 30 November 2022 In addition to the amounts payable. as noted above, the trustees have also authorised prior to the year-end certain grants whiLh are subject to the recipient lulfilling certain Londitions. The total amount authorised to the end of Noember 2022 but not accrued as expenditure at the year-end was £650.700 (2021.. £341.250). A full list of these cominihnents IS shown in note 12. 10. MOVEMENT IN FUNDS- 2022 At l DeCeber 2021 At 30 November 2022 Income Expenditure Unrestricted fund Re8ti'icted ndS £653,238 818,424 50,000 1817,9030 (50,000} 653,823 Total funds £653,238 £868,488 £{867,903} 653.823 MOVEMENT IN FufiDS-2D21 At l Deeember 2020 At 30 Novcmber 2021 Income Expenditure Unrestrleted funds: Tutal tundb. £327,023 £8,307 £1358.0921 £653,238 The resiricted lldS in 2022 relate to specific sponsorship receii'ed towards the Polar Preet grant. RELA TED PARTIES During 2020121 and 2021122, no Trustees were associated with sports or association in receipt of charity grants. Andrew Mcmorran. a Trustee of the chariry is also the owner and director of The Official Military Beer Company Ltd, which donated £175 to the charity in the year12021.' £3,952). There were no other related party tran&4ctions in the current or prior year. 17
Docusign Envelope ID.. A3E5F11F-A5E8-43AC-8ACB-29FC6F51C61E TEAM ARMY SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 30 NOVEMBER 2022 12. GRANT COMMITftrIENTS Th¢ charity ass¢sscd that it was committcd to paying th¢ following grants on¢¢ conditions hav¢ bccn mct. This is a bcst cstimat¢ for th¢ start of 2022123 but r¢lics on a rcasscssmcnt by sports dcpcnding on nccd and activity Icv¢ls. Associatio Infantry Sailing REME Srt R Sigs 3DIV Yorks Regt AFC Harrogate UKAF Cricket UL4F Golf UL4F Wintcr Sports UL4F Poillt to Poillt Grand Military Jook¢t Ctte UKAF Rugbv Ski Mouiilain¢ering Equestrian 9,WO 30.wo 25.wo 5.400 5.400 2.700 10.400 21,600 36,900 11.250 3.0 47.200 3.0 3.IN)O 13.5ao 2.IN]O 20,IN]O 9,5a 33,5ao 14,5ao 16,500 2,IK]O 9.500 5,IN]O 5,IM]O AFRT UKAF Rowing UKAF Sports Board Flyiiig foT FTeedom AFPST Climbing Out Mission Motorsport On c.ours¢ Tiim 10 SIlL rboard Climb to Recovery Adaptive Motorcycling Teain Endeavuur Gwennili Trust Hari Bu<lha Magar Sally Ornnge Bisley Adapiive ShooiinB Amiy AT Group Uly%%e% Ttu41 HMS OatdaLILTrUS TaliskLI Bull Trck Ailaniic Qucst Alpine Quest Kelly Rhodes IS T20 Cricket Naly Winter Spons Na Rugb} Lcaguc Na Polo Na Polo (Rundlc Cup) Naiy Hwkey Naiy Sailing Naly Sports Board Amiy Wint¢r Sports Anny Rugby Union RAF Tennis RAF Rugby League IL4F Molorsport RAF Arnericaii Football RAF Squash 14,500 44,(0 s,10 ?250 20.WO 28,5QO s,10 s.10 s,10 30,WO 10.wo 3,WO 5,WO 9,500 9,WO 5,400 19.WO 5.400 12,(K)U 27,IK)O 3,IK)O 4,500 14.fflo 2.fflo 2.IM)O 650,7(XI 18
Docusign Envelope ID.. A3E5F11F-A5E843AC-8ACB-29FC6F51C61 E 19