REGisfERED COMPANY NUIIBEK. 07835310 (E*Dd and Wales) AEGisfERED CHARrrY NUMBEIL. 114S778 UKARMED FORCES POLOASSOCIATIOh REPORT OF THE TRusfEES AND UNAUDrrED FINANCIAL sfATEMENTS FOR THE YEAR EIIDED 31 ocfoBER 2024
UK ARMED FORCES POLO ASSOCIATION CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 OOBER 2024 Page Ito4 Report of the Trustees Independent Examlner's Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal 5L1tements 8tolO
UK ARMED FORCES POLO ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 ocfoBER 2024 The trustees who are also directors of the charlty for the purpose5 of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 Ortober 2024. The trustees have adopted the provlslons of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing thelr accounts in accordance w'ith the Financial Reporting Standard applicable in the UK and Republic of Ireland CFRS 102] {effective l January 2019). OBIECTIVES AND ACTIVITIES OblectAves and alms To promote the effidency of Her Majesty's Armed Forces (the "Arnied Forces'j by Sncreaslng physical fitness, fostering the esprit de corps and ralslng morale of member5 of the Arnied Forces. in particular tbut not by way of imitation) through facilitating and encouraglng participatlon by members of the Arnied Forces in polo and providin& facilitating or assisting in the provlslon of polo for the Arnied Forces. ACHIEVEMENT AND PERFORMANCE Charitable artivlties The military pulo cummunlty was very grateful for the grantmade to it by the HPA Polo Char5ty last year, The grant was split equally between the Indivldual Service Polo Associations and the UK Arn)ed Forces Polo Association (UKAFPA). Financing Service polo relies firstly on significant individual contributions. However. all 3 Services and the UKAFPA seek to subsidise individual training and playing costs as much as they aTe able. Income to facilitate this come5 from a number of sources including the valuable and greatly appredated 8rant from the HPA In additlon. the Servlces may apply to their individual Sport5 boards but monies from these sources come under Increasing pressure and can never be taken for granted. Spon50r5hip, as always, is continually sought but proves Lo be difficult to secure. The Services were delighted that the 2024 season was a success. There was an incoming touring team from the US Mllltary whlch competed in a 3 match series for the Chapple Cup. A full programme of military tournaments took place and the hlghllght of the Servlces season Rundle Cup day was an excellent Ixcasion. Once again this season the weather and pony availability were as much of a constraint as anything. Service players directly benefited from the grant monies in the forn] of subsidised training events, practice chukkas and tournament and match play. The Royal Navy undertook indlvidual and group trainlng malnly atTedworth Park Polo Club (TPPC) uslng HPA Charity money to support new and developing Rl• players. The RN entered military tournaments including the Adjutant Generals Cup and the Royal Artillery Cup. The RN team was delighted to run out as victor5 against the Army in thls year's Rundle Cup and it was a wonderful day for Services polo in front of more than 5000 spectators. On the same day an UKAFPA team played against the visiting US military team for the Indian Cavalry Officers Association (ICOA) Trophy. This day is the biggest in the Services calendar and it was wonderful to see it so well attended. page 2
UK ARMED FORCES POLO ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 The Army also sUPPOrted individual and group coaching a5 well as practice chukkas and a programme of matche5 and tournaments. Difficulties that needed to be overcome included pony availabS1ity and the significant cost of hlre. increased military deployments and of course the weather. However, a successful season wa5 had and several players represented the UKAFPA team over the summer. The Amy a150 Secured a sponsorship arrangement with Hook Polo this year, The Royal Alr Force has had a busy season and the bulk of the HPA grant was used to 5UPPOrt training programmes for developing player5. They played 20 fixtures overall and four RAF player5 represented UKAFPA on a number of occasions. UKAFPA had a busy and enjoyable season in 2024. The high15ght was the vlsit of a touring team from the US Military to compete in a 3 match series for the Chapple Cup. The first match was for the Malta Cup,and took place at Druids Lodge Polo Club on the splendid Stonehenge Ground where UKAFPA rdn out the winners. The second match was for the Indian Cavalry Officers Assoclation Trophy played at TPPC on Rundle Cup day an occasion enjoyed by all with UKAFPA again being victorious. The third game took place at Guards Polo Club alongslde the final of the Enter Regimental and the US team had a well deserved victory in the United Service5 Cup. The relat5vely new fixture against Cirencester Park Polo Club again went ahead. Whilst successful the season has been partlcularly expenslve with mounting the US team (hire and transport of ponies) a sSgnifiLant single c05t. every one knows COSt5 of polo have markedly Increased over a short period of time. The SeTvlce5 use of rhelr share of the HPA grant has the addltlonal benefjt of 5UPPOrting Service polo clubs (TPPC, RAF Cranwell aDd Royal Military Academy Sandhurst). The Services in a typlcal year have between 2 and 3 hundred member5 many being introduced to polo for the first time and therefore represent a rich Source of new polo players In thls country. Tradltlonal sources of funds for military polo are already much reduced and this is likely to continue for the foreseeable future, AFPA Is central to this remains a source of fundlng for the Arnied Forces. Investment perforniance Durlng the year the Associatlon wlthdrew £15,838 from fits Investments managed by BlackRock but even after this wlthdrawl the market value of the Ass(Kiation's Investments Increased by £5,946 over the financial year (2022: £2,570 decrease). FINANCIAL REVIEW Reserves pollcy In accordance with guidellnes issued by the Charlty Commls%lon. the Trustees have adopted a poliry regarding reserves whlch should ensure there are adequate funds to ensure the Association Is able to meet all current and known future liabilities. At 31 October 2024 the Association had reserves totalling E299.698 (2023: £297,120) all of which were unrestricted. page 3
UK AKIIED FORCTr3 POLO ASSOCIATION REPORT OF THE TRusfEES FOR THE YFAR ENDED 31 ocfoBER 2024 srRUcfU COVERNANCE AND MAP4AGEMEKr The Assodation was incorpnted on 4 November 2011 under tts Memordndum and Artldes ofAssociatson as amended bv spedal resolutions dated 24 lanuary 2012 and 29 lune 2018. which e5t3bllsh the objects and powers of the charttsble company. The knoriatlon is a company Ilmited by guarantee. and In the event of the company belng wound up. member5 woukl be required to contrlbute an amount not exceedlng £10 each towards any debts and liablllties of the company. REFERENCE AND ADMINisfRATIVE DEfAIIS ReOster¢d Company number 07835310 (En and Wales) Rrylstered Charlty number 1145778 Rrystered offlce CarTiers Crosslng Stratford Sub Casde Salisbury SP4 6AE R T Bro [resigned 16 December 2024) Brigadler N D Cowlry (resigned 16 December 2024) Major W H Mawby (apinted 16 December 2024} Group Captain E P Iyhitethurth {aPinted 16 December 2024) Group Captskn E P Whitechurth
UK ARMED FORCES POLO ASSOCIATION Independent examlner's report to the trustees of UK Arnied Forces Polo Assodatlon ('the Company I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024. ResponslbilÉtie5 and basis of report As the Lharity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companles Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under Sectlon 145 uf the Charltles Act 2011 ('the 2011 Art.), In carying out my examination I have followed the Dirertions given by the Charity Commission under Section 145(5) tb) of the 2011 ACL Independent examlner's statement I have completed my examination. I conflrm that no matters have come to my attention in connection with the examlnatlon giving me cause to belleve: l. account?ng records were not kept in respect olthe Company as required by Section 386 of the 2006 Act: or 2. the accounts do not accord with those records,. or 3. the account5 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 examlnation; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice foraccounting and reporting by charities (applicable to charities preparing their accounts In accordance with the Finandal Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102]). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached. tephen Dickens FCA, ICAEW 2025 Iq
UK ARMED FORCES POLO ASSOCIATION STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 ocfoBER 2024 31.10.24 31.10.23 Notes INCOMEANDENDOWMENTS Donations Investment Income Total 25,800 202 26,002 31,500 264 31,764 EXPENDITURE Charltable actlvltles Grant5 glven out Sponsored event expenses Tour expenses Support costs GuvernanLe costs Total 29,124 19,148 (4.191) 415 720 45,216 29,760 5.598 8,50LI 600 44.458 Net galns/Oosses] on investments 21,785 (2,570] Taxatlon NEf INCOME/(EXPENDITURE) 2,578 (15,264) RECONCILIATION OF FUNDS Total fund5 brought forward TOTAL FUNDS CARRIED FORWARD 297,120 299.698 312,384 297,12 All funds are unrestrlrted, The note5 foTm part of these financial statements paee 6
UK ARMED FOR POIA) ASSOCIATIOP4 8AIANCE SHErr 31 ocfoBER 2024 31.1&24 31.10.23 Notes Property ind cups Debtors Investments Cash at bank 51.500 20.000 206.788 22,070 300.358 51500 20.000 200.842 25.385 297.727 Amounts lallin8 due wtthln one year 607 Z99.698 Z97,120 TOTAL A&SEfs LLSS CURREPn LIABiufiES 299.698 297,IZ 299,698 297.IZ iinrestrirted funds AL FUNDS 299.698 299,698 297,120 297.120 io The charltable company is entitled to eXemon from audlt under Sertlon 477 olthe Companles Art 2006 for the year ended 31 Octthr 2024. The members have not requlred the company to obialn an audft of Its Ilnanciaj statements for the year ended 31 OLtober 2024 ID accordaKe with SeLtion 476 ofthe Companies Art 200& The trustees acknowled8e thelr responsibilities for (a} ensuring that the charltalAe cornpany kws acunDg recId$ that comply with Sertlons 386 and 387 of the Companles Art 2006 and (b) preparing finanLial statements whkh glve a true and falr vlew of the state of affalts of the tharitsb]e company as at the end of each finandal year and of its surp1% or deficlt for &ich financial year in accordance with the requlrements ofsectlons 394 aThl 395 and which rtherwise comply with the requlremerts of the Companles Art 2006 relatlD8 to filland srateft*tsty so far as appll(able to the dwftknle company. These flnancial statements have been prepared In acconlance wlth the prov1$ applfjcable to tharftable companie5 sublect to the Small companies regim The financial ststeTnents were approved by the Board ofTruststs and author for tssue on slgned on its beIlf br. and were Group Capfaln E P Whltechurch The Dotes forni part ofthtte (Inandal statements
UK ARMED FORCES POLO ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 I. ACCOUNTING POLICIE5 Basls of preparlng the flnancial statements The fjnancial statements of the charitable Lompany. whlch Is a public benefit entity under FRS 102. have been prepared in accordance with the Charifies SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102) (effertive I lanuary 2019),, F5nancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, and the Companies Art 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charlty has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognlsed as expenditure as soon as there Is a legal or constructive obligation committing the charity to that expenditure. it 15 probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured rellably. Expenditure Is accounted for on an accrua15 basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dlrertly attributed to partlcular headln8S they have been allocated to activities on a ba$15 consistent w*th the use of resources. Grants offered subjert to conditions whSch have not been met at the year end date are noted as a commitment but not accrued as expenditure. Property Includln8 CUPS Included in current assets are tanble assets ol the association induding cups and trophies held at valuatlon and assessed for impairnient each year. Investments Investments are valued at market value at the balance sheet date with any differences in valuation beSng recorded in the Statement of Financial Activities. Taxatlon The charity is exempt from corporation tax on Its charftsble artlvltles. Fund accounting Unrestricted funds can be used fin accordance wSth the charitable objectives at the discretion of the trusrees. Market valuatlon adlustments to Investments are disclosed as a separate element of unrestricted fund5. Resrrlcted funds can only be used for particular re5tritted purposes withln the objects of the charlty. Restrlctlons arise when specified by the donor or when funds are ralsed for particular restricted purposes. Further explanation of the nature and purpose of each fund Is included in the notes to the financial statements. page 8
UK ARMED FORCES POLO ASSOCIATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2024 2. INVESTMENT INCOME 31.10.24 31.10.23 Bank Interest recelved 202 264 3. EXPENDITURE ON CHAIUTABLE ACTIVITIES Goverance costs 31.10.24 31.10.23 Accountancy and Independent Examlnation 720 600 4.AVERAGENUMBER OF EMPLOYEES Average numbers ofemployees during the year was nil (2023: nilj. S. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 ottober 2024 nor for the year ended 31 October 2023, There were no tru5tee5' expenses paid for the year ended 310ctober 2024 nor for the year ended 3 1 Ortober 2023. 6. PROPERTY INCL CUPS 31.10.24 31.10.23 Property including cups 51,500 51,500 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.24 31.10.23 Amounts due in respect of Polo 150 and 'n8 of Game5 20.000 20.000 . CURRENT ASSET INVESTMENTS 31.10.24 31.10.23 Investments 206.788 20Q.842 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.24 31.10.23 Taxatlon Accruals 660 660 600 607 page 9
UK ARMED FORCES POLO ASSOCIATION NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 10. MOVEMENT IN FUNDS All funds are unrestricted. Net movement in fund5 Transfers between funds At 01.11.23 At 31,10.24 General fund Unrealised Investment GaInS/$Se$ TOTAL FUNDS 207,624 89,496 297,12Q 2.578 (21,785) 21,785 188,417 111,281 299,698 2.578 Net movement In funds as above are comprised as follows; Investment Gains/ (Losses) Incoming resources Resources expended Movement in funds General fund TOTAL FUNDS 26.002 26.002 45,209 45,209 21,785 21,785 2,578 2,578 Comparatives for movement in funds Net movement In funds TransfeTS between fund5 At 01.11.22 At 31.10,23 General fund Unreali5ed Investment Gains/Losses TOTAL FUNDS 220.318 92.066 312,384 (15,264) 2,570 2,57U 207,624 89.496 297.120 IS.264) Net movement in funds as above are comprlsed as follows; Investment Gain5/ (Losses) Incoming resources Resources expended Movement In funds General fund TOTAL FUNDS 31,764 44,458 44.458 2,570 2,)70 15.264 (15.264) 11. RELATED PARTY DISCLOSURES There were no related party transartions for the year ended 31 October 2024. page io