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← Army Benevolent Fund

2025-03-31-accounts

2024/25 ANNUAL REPORT & CONSOLIDATED FINANCIAL STATEMENTS

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PATRON

In abeyance (September 2022-April 2024) Her Majesty The Queen (from May 2024)

PRESIDENT

General Sir James Everard KCB CBE

TRUSTEES

CHAIR

Sarah Booth (From April 2025) Simon Heale (Retired April 2025)

SENIOR MANAGEMENT TEAM

Major General (Ret’d) Tim Hyams CB OBE, Chief Executive

Brigadier (Ret’d) Peter Monteith MBE, Chief Operating Officer and Company Secretary

Temidayo Ajakaiye, Director of Finance

Colonel (Ret’d) Darren Doherty, Director of Grants & Welfare (Appointed November 2024)

Colonel (Ret’d) Kevin Haugh CBE, Director of Grants & Welfare (Retired November 2024)

Svetlana Kirov, Director of Fundraising

Kath Mills, Interim Director of Communications & Marketing (May 2023-June 2024)

VICE CHAIR

David London (From May 2025) Sarah Booth (From May 2024, until April 2025) Mary Fagan (Retired May 2024)

MEMBERS

Warrant Officer Class One (Army Sergeant Major) Paul Carney (Retired March 2025)

George Culmer (Appointed August 2024) Rowena Fell

Caitlin Hayden (Appointed August 2024) Major General (Ret’d) Chris Hughes CBE

Major General Sam Humphris MBE

Amanda Metcalfe

Warrant Officer Class One (Army Sergeant Major) John Miller (Appointed May 2025)

James Rous

Anthony Scott Anna Sedgley (Appointed August 2024) Julie White

Jenny Redman, Director of Communications & Marketing (Returned from maternity leave June 2024)

CHAIR REGISTERED OFFICE Mountbarrow House 6–20 Elizabeth Street London

SW1W 9RB

Telephone: 020 7901 8900 E-mail: info@armybenevolentfund.org Website: www.armybenevolentfund.org

Army Benevolent Fund is an incorporated charity registered with the Charity Commission for England and Wales with Charity No. 1146420, and in Scotland with the Office of the Scottish Charity Regulator with Scottish Charity Register No. SC039189.

Army Benevolent Fund is a company limited by guarantee in England and Wales (07974609) and was incorporated on 2nd March 2012.

© 2025 Army Benevolent Fund. Army Benevolent Fund is a registered charity in England and Wales (1146420) and Scotland (SC039189)

ANNUAL REPORT 2024-25 03

Welcome from the Chair 04

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Welcome from the Chief Executive 05

Strategic report of the Trustees 06 ~~SSeS~~

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Charitable activities 08 ~~a~~ Supporting the Army family 09 Fundraising 10 ~~——~~

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12 Financial highlights

Structures, governance and management 16 Independent auditor’s report 18

Financial statements 22

ARMY BENEVOLENT FUND 04

WELCOME FROM THE CHAIR

of the Army family, from the youngest children to the oldest veterans, both in the UK and around the world. In the 2024-5 financial year alone, I could not be prouder that the ABF has delivered support to more than 80,000 people in 52 countries through its grants to individuals and funding for 93 other organisations and charities.

In terms of governance, our 80th anniversary year was one of continuity and change. We said farewell to Warrant Officer Class One Paul Carney who, in his role as the Army Sergeant Major, has served as a trustee with dedication and boundless enthusiasm. Paul has encouraged soldiers to support the ABF and participate in its activities, such as the annual Cateran Yomp, and he has also taken on epic fundraising challenges in the Charity’s name, such as the Marathon des Sables, raising hugely welcome funds and profile in the process. We wish Paul well, and are delighted to welcome his successor, Warrant Officer Class One (Army Sergeant Major) John Miller, to the board.

This is my first report as Chair, having taken over from Simon Heale in April 2025. On behalf of everyone associated with the Charity, I would like to express our gratitude to Simon for his hugely significant contribution as Chair, and as a trustee since 2020. We wish him all the very best; and know he will be following closely our progress and work.

It is a great honour to chair the Army Benevolent Fund. As the Chief Executive notes, this charity was created during the Second World War, and its purpose – and relevance to the Army community – endures.

During 2024, the nation commemorated the 80th anniversary of D Day; and we also celebrated the 80th anniversary of the founding of the ABF. In February 1944, Winston Churchill’s War Cabinet discussed the formation of the Army Benevolent Fund – a national charity for the British Army – to ensure the brave service men and women returning from the Second World War would not face the hardships endured by those who fought in the First World War, a generation earlier. We still have a small number of veterans alive today, some of whom are beneficiaries of the Charity, who took part in the D Day landings and fought their way through Europe.

Our board has seen the appointment of three new trustees, George Culmer, Caitlin Hayden, and Anna Sedgley, appointed through open competition, and who joined us in August 2024. We thank them for volunteering for these roles and warmly welcome them to the trustee body.

During the 80 years that have passed since the ABF was founded, the world has seen much change. However, the need for the British Army to be there to defend our freedom is enduring. What also is enduring is the Charity’s purpose: to be there for those who serve, who have served, and their families; enabling them to avoid hardship and live with independence and dignity.

None of this could be possible without the dedication of my fellow trustees, the excellence of our wonderful professional team, the selfless commitment of our army of volunteers, and the generosity of those who give to us. This Annual Report reflects a busy charity in good health, and this is testament to the magnificent work and dedication of the people who support it – not just in the UK but around the world.

The welfare of soldiers, past and present, and their families, remains at the heart of everything we do. In the last 80 years, we have helped many hundreds of thousands of members

Sarah Booth Chair

ANNUAL REPORT 2024-25 05

WELCOME FROM THE CHIEF EXECUTIVE

highly significant and generous legacy of nearly £25m has reinforced our financial reserve such as to afford the charity the opportunity to take a genuinely considered approach to a number of issues.

The Army Benevolent Fund was established in August 1944, as the Army’s national charity, to ensure the soldiers who had fought in World War Two, and their families, received the support they needed and deserved.

80 years later, the 24/25 financial year saw the Charity spending some £9.2m in benevolence, supporting over 80,000 members of the Army family in 52 countries around the world. Our youngest beneficiary was three years old; our oldest was 105. We genuinely are here for soldiers, for life.

In so doing, we are very clear as to the value of the Army to the nation; and that there is a value in service, with the vast majority of soldiers of all ranks making a meaningful contribution to society, both whilst serving and as veterans, on the basis of the values and skills they develop during their time in the Army.

But equally, the reality is a significant number of the Army family fall into need each year. These soldiers, former soldiers, and family members require our assistance such they can overcome their challenges and move forward with their lives. That brings a sharp focus to the requirement for the Army Benevolent Fund to provide that immediate support, with our benevolence grants expenditure again this year increasing by 4% overall in response to evidenced need.

Our judgement is these initiatives, individually and collectively, represent the appropriate and responsible approach to positioning the Army’s national charity to respond to the geopolitical and economic challenges that lie ahead, as well as acting proactively, through a deliberate programme of preventative measures, to reduce, over the long-term, the number of soldiers, veterans, and their families who fall into need of support.

Marking our 80th anniversary throughout 2024 has been important; not for its own sake, but as an opportunity to express profound thanks to our generous and loyal supporters and reflect on our continued relevance to serving and former soldiers, and their families.

As we look ahead, I reflect that the ABF’s founding purpose endures: to ensure that all soldiers, veterans, and their immediate families can avoid hardship and live with independence and dignity. That is a compelling objective and one we are extremely proud to deliver on behalf of those we serve.

At the same time, it is essential that, as the Army’s national charity, we take a strategic view of how to respond over the longer-term. In this regard, the receipt this year of a

Major General (Ret’d) Tim Hyams CB OBE Chief Executive

ARMY BENEVOLENT FUND 06

STRATEGIC REPORT OF THE TRUSTEES

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Our vision

All serving soldiers, veterans, and their immediate families should have the opportunity to avoid hardship and live with independence and dignity.

Our mission

We are the Army’s national charity, giving a lifetime of support to serving soldiers, former soldiers, and their immediate families when they are in need.

Charitable objects

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Since our formation in 1944, our charitable objects have been to benefit persons who are serving or who have served in the British Army, or their dependants, in any charitable way by the provision of grants, loans, gifts, pensions or otherwise. We work with veterans of every conflict, from the Second World War to the most recent operations, whether they live in the British Isles or overseas.

Public benefit

When reviewing the Army Benevolent Fund’s aims and objectives, and when setting grant making policy and planning for the future, the trustees have carefully considered the Charity Commission’s guidance on public benefit. The Army Benevolent Fund provides a public benefit in that it supports the Army community, contributing to the defence of the UK and its interests. Through its external grants programme, the Army Benevolent Fund also enables other charities to maximise their public benefit, in support of the Army family.

ANNUAL REPORT 2024-25 07

Equality, diversity & inclusion

We are committed to championing equality, diversity and inclusion on our Board, amongst our workforce, and in all our behaviours. As the Army’s national charity, it is vital we remain relevant and reflective of our varied Army community and of society more broadly. We are particularly proud of our diverse workforce, both in the national office and across all 11 regional offices; and we are committed to creating a culture where everyone is celebrated, regardless of gender, sexual orientation, disability, neurodiversity, ethnic background, nationality, religion, or belief. We recognise there is still work to be done and are committed to continuous improvement to ensure we remain best placed to serve the Army community, both here in the UK and around the world.

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01 Former Reservist, Rebecca, was left with PTSD after her service, struggling with isolation and symptoms such as panic attacks and anxiety. With the support of Bracken, an energetic spaniel cross, who was paired with Rebecca by Service Dogs UK, which the ABF helps fund, her life is looking positive again. Rebecca’s story featured in the 2024 Telegraph Charity Christmas Appeal, which the ABF was selected for, raising over £100k.

02 Peter served during World War Two with the Oxfordshire and Buckinghamshire light infantry. Since 2023 he has lived in Broughton House, Salford, a care home for military veterans, which the ABF helps fund.

03 Former Metropolitan Police officer and Army widow, Elaine, has been living since 2018 at the Chiswick War Memorial Home, part of The Stoll Foundation. The ABF helps fund The Stoll Foundation, which provides housing support for military veterans and their dependants.

04 Running the TCS London Marathon for the ABF.

ARMY BENEVOLENT FUND 08

CHARITABLE ACTIVITIES OVERVIEW

As the Army’s national charity, the welfare of soldiers, veterans, and their immediate families (including the bereaved) has always been at the heart of everything we do.

Our purpose has remained the same since 1944: to ensure that every soldier, past, present and future, and their immediate families, can avoid hardship and live with independence and dignity.

In the past year, we have supported over 80,000 members of the Army family in 52 countries across the globe. This has been achieved via our individual grants programme, through which we have supported over 3,500 individual cases, and by providing essential funding to 93 other charities and organisations to enable them to deliver specialist services to the Army family.

In addition to these two key grants programmes, we have also funded Army-related casework and the pan-sector digital platform that enables grants to be paid out quickly and securely; and collaborated with key sector stakeholders, including the government, other charities and the Army, to ensure we are as well placed as possible to support soldiers, veterans, and their immediate families. By supporting us, you truly do support the whole Army family.

In FY24-25, our charitable expenditure was £9.2m. As one of the largest funders in the military charity sector, our aim is to ensure a complete spectrum of support to the Army family in the areas it is needed most. The overall scale, breadth and variety of our support is vast: helping Army families, including the bereaved; improving mental wellbeing; enabling independent living; caring for the elderly; training and education to increase employability; and securing the provision of suitable housing.

As ever, we pride ourselves on acting immediately when help is needed and providing true through-life support.

Henry is the disabled son of an Army veteran, Lee, and his wife, Natalie. Aged four, Henry was diagnosed with Duchenne muscular dystrophy, a rare life-limiting, muscle-wasting condition. We provided a grant of £13,500 to help fund essential adaptions to the family home. Henry is now able to get outside into the garden in his wheelchair, to enjoy time with the family.

O U R STAT S

In FY24-25 we spent £9.2M supporting 80,000 members of the Army family

The youngest person we supported was THREE YEARS OLD , the eldest was 105

We funded 93 OTHER CHARITIES AND ORGANISATIONS that provide support for the Army family

ANNUAL REPORT 2024-25 09

SUPPORTING THE ARMY FAMILY

We are here to support the Army family through all of life’s challenges, including bereavement, injury, getting back to work, elderly care, and much more besides.

Our support is truly for life, with individuals supported in FY24-25 aged from three years old to 105.

We are never judgemental, and we always adopt an integrated approach to the person or family in need of support. Sometimes, an individual in need may receive an initial grant from us, delivered through their regimental or corps charity; then be referred to a specialist charity that we have funded. They may then receive support from other partner charities – with assistance from us at every stage.

Throughout, we rigorously focus on their need and allocate our support accordingly across a wide range of charity partners. We give grants to support other charities both large and small, local and international, depending on our assessment of where the need is. Our grants programme is continually evolving, with an increasing focus on addressing the underlying causes of need,

as described in the Chief Executive’s foreword; and all cases are based on evidenced need, with rigorous due diligence checks on the effect of our expenditure.

Finally, and crucially, we act with speed. When we are alerted that a person or family needs help, we aim to make the relevant grant within 48 hours.

We are here for all members of the Army family when they need us. Our support is available for soldiers at the start of their careers and continues for life – long after service is over.

O U R T H R E E M E C H A N I S M S F O R P R OV I D I N G S U P P O R T

We make grants to individuals, through their regimental and corps charities.

We make grants to other charities and organisations that deliver specialist support to soldiers, veterans, and their immediate families.

We have supported the British Army family in 52 COUNTRIES all over the world

Around 12% OF OUR GRANTS expenditure benefited the serving Army

We spend around £66,000 A WEEK on grants to individuals

We play a key role in the military welfare ecosystem by funding organisations that carry out Army-related casework (particularly SSAFA The Armed Forces Charity); investing in the Casework Management System (to ensure grants are reviewed and disbursed quickly); and collaborating with, and providing advice and support to, other military charities and organisations such as Cobseo and Veterans Scotland.

ARMY BENEVOLENT FUND 10

FUNDRAISING

We are extremely thankful to our very generous donors who raised £34.6m in FY24-25 (£10.7m in FY23-24).

This significant increase is due to a highly generous legacy of nearly £25m; the impact of which is addressed in the Chief Executive’s foreword. However, legacies are generous gifts, which can neither be anticipated nor relied upon; and, excluding that single donation, we raised less than in the previous financial year. To address this challenge, we have conducted a formal Fundraising Review, with the Board-endorsed recommendations now being taken forward into the Year 3 FY25-26 Plan, not least in terms of seeking to diversify our fundraising portfolio, and investing in growing our supporter base.

As with previous years, we remain extremely grateful for the continued support of those organisations close to the Army family; including the Army Dependants’ Trust, which donated £800k this year, and the regimental and corps charities, which contributed nearly £857k over the same period.

Individual supporters and legacy giving

Every year, thousands of individuals help us by giving a monthly regular gift or one-off donation, taking part in our raffle, or remembering us in their Will. We remain extremely grateful to each and every one of them. We are exceptionally grateful for the £24.6m legacy, the planned employment of which is described in the Chief Executive’s foreword.

Charitable Trust and our generous anonymous donors. We are also grateful for the significant support we have received this past year from The Billmeir Charitable Trust, The Ian Fleming Charitable Trust, Moondance Foundation, Princes Exchange Foundation, The Princess Anne’s Charities, Scott (Eredine) Charitable Trust and The 29th May 1961 Charity.

We also received support from corporate partners, including Ascot, Azad Ayub, Babcock International Group, BAE Systems, Clogau Gold, Corps Security, Leonardo UK, MBDA, RIFT Group, Rolls-Royce, The Thales Charitable Trust and VIVO Defence Services; this enabling our ongoing work to support soldiers, veterans and their families.

Community and events

We work hard to build relationships and generate financial support via events such as the London Marathon, Cateran Yomp, The Lord Mayor’s Big Curry Lunch, Frontline Walks, golf days and Christmas Carol Concerts, to name just a few.

Fundraising standards

We adhere to the highest fundraising standards. Our fundraising success is directly related to our reputation, and we go to great lengths to protect the public, including vulnerable people, by avoiding any practices that are not in line with the Army Benevolent Fund’s values. We are committed to the Fundraising Regulator’s Code of Fundraising Practice to ensure we meet the highest standards, so supporters and volunteers can give and fundraise with confidence and trust.

Corporate partnerships and philanthropy

We partner with a broad range of UK businesses, high net worth individuals, trusts and foundations, enabling our ongoing work to support soldiers, veterans, and their families.

We are extremely fortunate for the sustained support of our philanthropic donors The Edward Gostling Foundation, The Mike Gooley Trailfinders Charity, National Garden Scheme, Peacock Charitable Trust, PF Charitable Trust, The Royal Edinburgh Military Tattoo, The Wimbledon Foundation, The Dyers’ Company

In June 2024, a team from the British Army Recruiting Group swam the English channel and raised over £8,000 for the ABF.

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ANNUAL REPORT 2024-25 ' 11
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Nearly 1,000
people marched
the Scottish hills
while taking part in
the 2024 Cateran
Yomp, marking 80
years since D-Day
and the founding
of the Army
Benevolent Fund.
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Our behaviour

We promise to always show respect and never pressure anyone to make a donation. We want the decision to give to always be an active choice on the part of the giver and we are particularly sensitive when dealing with vulnerable people. We have a comprehensive supporter-engagement policy, which incorporates all elements of fundraising and associated activities. We do not sell personal details to other charities or other third parties. We only share personal information with suppliers that we engage to process data on our behalf; such processing is only conducted under formal data processing agreements.

Information systems

We continue to modernise and raise the standard of our technical processes and infrastructure that support fundraising. We upgraded and modernised our client relationship management database to Salesforce CRM this year; and have embarked upon the process to modernise and upgrade our financial management information system by the end of the 2025-26 financial year. We have continued to make significant strides towards using Business Intelligence and data analysis, better to understand our supporter base and thus communicate more effectively with them. We have also continued to ensure that our data holdings, and wider IT infrastructure, are secure and robust in terms of countering the cyber threat.

Safeguarding

The Army Benevolent Fund is proactively committed to safeguarding children, young people and vulnerable adults with whom staff, or any organisation acting on our behalf, come into contact with during fundraising, benevolence or outreach activities. We regularly review our safeguarding policy, including a full annual Board of Trustee review, to ensure it is fully up-to-date and

fit for purpose. We take all reasonable care to protect our beneficiaries, supporters and staff, and comply with all relevant legal obligations and statutory guidance. Safeguarding is integral to our recruiting process and all new staff members are DBS checked. There is also a documented procedure for reporting serious incidents to the Charity Commission and relevant statutory bodies. In FY24-25 there were no such matters to report.

Accessibility

We make it easy for people to get in touch with us either by phone, letter or email. Whether someone wants to ask a question about our work or how we spend donations, or find out about an event we are organising, or update their communication preferences, we pride ourselves on being responsive and accessible. And, of course, we have a complaints process in place, should any supporter be unhappy or express concerns about our activity. The Charity received no complaints in FY24-25.

Relationships with agencies and commercial providers

We have a small in-house fundraising team and employ external agencies to add additional expertise or capacity; for example, event-management companies when we are organising large-scale events. This is more cost effective than trying to do everything ourselves. We always ensure signed contracts are in place and regularly monitor their performance in line with these agreements.

The professional face to face fundraising agencies we work with provide value and expertise and allow us to engage with new audiences. We recognise the need to monitor their performance and compliance. We input into their training, and our quality assurance includes regular reviews of complaints - of which we received none in 24-25 - and other feedback.

ARMY BENEVOLENT FUND 12

FINANCIAL HIGHLIGHTS

OV E R V I E W

Total income was £38.7m (FY23-24: £15.3m); an increase of £23.4m from the previous financial year. This was due to higher legacy income at £28.2m (FY2324: £5.2m) and we continue to be deeply grateful to the individuals who have remembered us in their Wills.

Income received from donations was higher at £3.3m (FY23-24: £2.8m). Income from the Army, which comprises donations from individuals, regimental and corps charities and the Army Dependants’ Trust, decreased to £1.75m (FY23-24: £1.96m). Income from trading activities was higher at £3.2m (FY23-24: £2.7m). The investment income was £2.3m (FY23-24: £2.5m).

Of the £2.3m of investment income received, £1.3m represented cash dividends and interest receivable, with the remaining £987k being represented by additional investment units, which further bolster the Charity’s investment portfolio to provide rising income over time. This is set out in more detail in the investment management section.

W H E R E O U R F U N D I N G

C A M E F R O M

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£38.7m
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£2.3m Income from investments £1.7m Donations from regimental and corps charities and individuals in Army Units

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£3.2m
Other trading activities
£3.3m
Donations and appeals
£28.2m
Legacies
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H OW W E S P E N T

A N D A L LO C AT E D M O N E Y

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£4.2m
Other costs of raising funds
£9.2m
£16m
Charitable activities
£2.6m
Cost of trading activities
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H OW W E S U P P O R T E D

T H E A R M Y FA M I LY

Total expenditure for the year increased to £16m (FY23-24: £15.6m). Our charitable expenditure delivering benevolence, including individual and charitable grants to those in need was £9.2m (FY23-24 £9.1m). Costs of raising funds increased to £6.8m (FY23-24: £6.5m) as we continue to invest in donor recruitment.

Overall, the accounts for the year ended with a net income of £20.6m which includes losses on investments of £2.2m (FY23-24: net income of 5m included gains on investments of £5.4m).

£4.3m Grants to other charities and organisations £1.8m £9.2m Supporting the military welfare ecosystem

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£3.1m
Grants to individuals
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ANNUAL REPORT 2024-25 13

Investment management

Our overall investment objective is focused on the capital growth of our investments in real terms, with an appropriate return from our income units. The performance objective of the fund is to provide capital growth and rising income over time. The Charity invests funds that are required over the medium to long term. At the year end, the Charity held investments with a market value of £76.8m and cash deposits of £20.5m (FY23-24: £78.3m and £7.4m respectively).

Our investment performance and holdings are reviewed regularly by the Finance & Investment Committee against our investment objectives and its benchmarks. Our investments are held in line with our investment policy, which lays out guidelines for risk, as well as ensuring there are appropriate ethical policies in place. Each of our investments performed in line with, or better than, its benchmark, and therefore, overall, the trustees were satisfied with this performance.

Reserves

sensible provision for other probable contingencies and the Charity’s working capital. The risk-based approach provides a rationale that leads to a justified level of operational reserves, based on the drivers of sufficient working capital to get through cyclical fluctuations; an estimate of the potential value of the foreseeable inherent and residual risks derived from the risk register; and an estimate of the amount required by the Charity to fulfil its 4-Year Plan.

We also hold a strategic reserve to ensure that we can deliver benevolence to the Army family in the long term, despite any changes that may occur in the operating environment (for example, future conflicts). Part of this picture includes meeting our responsibility for ensuring the regimental and corps charities can provide appropriate benevolence support, when called upon, in perpetuity. Essentially, the Army’s national charity needs to ensure that the whole Army family’s needs can be met, for as long as there is an Army.

The Charity has in place a Reserves Policy, which aims to ensure that its ongoing activities are protected from fluctuations in income and expenditure. The Board of Trustees reviews this policy annually to ensure it continues to comply with Charity Commission guidance.

Our reserve is based on three imperatives:

1. To manage, on behalf of the nation, a series of designated and restricted funds, that support veterans who have served in particular conflicts and their immediate family members.

2. To provide an operational reserve in the immediacy of a 12 to 36-month period, to ensure the Charity can continue delivering benevolence to the Army family in the event of financial risks identified in the Risk Register materialising.

3. To provide a strategic reserve for the delivery of benevolence to the Army family in a more enduring sense, enabling the Charity to respond to a significant change in operating conditions (such as a major conflict) or benevolence need.

A significant proportion of our funds is ringfenced and administered on behalf of the nation to help veterans and families in need from conflicts such as Afghanistan and the Falklands Conflict. They will be disbursed over many years until the last eligible soldier or family member is no longer alive.

Our operational reserve ensures we can continue delivering benevolence to the Army family in the immediacy of a 12 to 36-month period, should we face a significant fall in income. The operational reserve has been established through the work to place a monetary value on risk, together with

The total value of funds held at year end was £118.5m (FY23-24: £97.9m). There are restricted funds of £6.2m (FY23-24: £6.6m), unrestricted funds of £112.1m (FY23-24: £91.1m) and endowment funds of £200k (FY23-24: £225k). The unrestricted funds include both general funds of £104.8m (FY23-24: £83.2m) and designated funds of £7.3m (FY23-24: £7.8m). Of the £104.8m general unrestricted funds, £345k represents fixed assets that can only be realised by disposing the assets, leaving £104.4m free reserves (FY23-24: £83.1m), which is above the target of £80.5m (FY23-24: £53.5m). The level of free reserves allows the Charity to be resilient, to continue to focus on its charitable activities, and to adopt a necessarily agile approach in responding to the changing economic and wider strategic environment.

Risks and uncertainties

The Army Benevolent Fund has a proactive, thorough, and balanced approach to risk management. The Board of Trustees reviews major risks at each meeting and ensures that the senior management team has taken all reasonable measures to manage these risks and has the flexibility to seize opportunities as they appear.

Risks are graded by likelihood and severity, and include full descriptions of the actions and measures underway or required to attend to them. Key risks are also monetised, with an appropriate amount of the Charity’s reserve annotated as allocated if required. This process allows us to measure

ARMY BENEVOLENT FUND 14

CO N T I N UE D

Plans for future periods

the correct amount of operational reserve to hold, as well as being a prudent and effective way of managing the risks.

As a result, the Charity has a clear view both on the key risks to its operation over the short and long terms, and the means by which they will be mitigated.

The risk of a reduced ability to raise sufficient funds in a global, national, and indeed personal environment of constrained discretionary spending is specifically mitigated by the roll out of the 4-Year Plan, which is described in greater detail in the next section. The risk of not being positioned to respond effectively to the changing nature of the Army, its veteran community, and their increasing integration into wider society is mitigated actively and constantly by the executive’s proactive horizon scanning, in collaboration with both government (MOD; not least, the OVA), the Army, and sector (not least, Cobseo, Veterans Scotland, and FiMT) stakeholders, and through the Benevolence Strategy. The risk to our investments of significant fluctuations in global markets is mitigated by maintaining a balanced portfolio, consisting of an appropriate mix of income and accumulation units, across two major fund managers, under the regular and expert oversight of a trustee-led Finance & Investment Committee.

In the event of a major situation involving or otherwise affecting the Army Benevolent Fund, business continuity and disaster recovery plans are in place. Trustees also place considerable importance on achieving compliance with employment, health and safety and other relevant legislation.

The Army Benevolent Fund’s solicitors review our principal policies on a regular basis, and all other policies are reviewed periodically by the senior management team on at least an annual basis. The key ones, such as Safeguarding and AntiFraud, are also annually reviewed by the Board of Trustees.

In the certain knowledge that we will need to continue to provide support to soldiers, veterans and their immediate families for many decades, we regularly update and review our financial plan, reserves and investment policies. Internal financial controls are reviewed by the Finance & Investment Committee on a regular basis.

We continue to conduct routine and regular end-to-end audit processes. This allows the Charity dynamically to confirm that its financial and technical control procedures remain effective and fit for purpose; or, if they are not, to improve them quickly. The trustees have declared themselves satisfied that major risks have been identified and adequately mitigated, wherever reasonably practicable. It is recognised that systems can only provide reasonable rather than absolute assurance that major risks have been adequately managed.

The first three years of the 4-Year Plan have witnessed a range of overlapping issues impacting variably and in combination on this Charity and UK society more broadly. The legacies of the pandemic and Brexit, the global and national rises in commodity prices exacerbated by conflicts in Ukraine and the Middle East, and the impact in the UK specifically of stubbornly persistent inflation and inconsistent mitigation measures, leading to and combined with enduring public caution over non-essential personal spending, all have contributed to a particularly challenging operating environment.

Despite the predicted gradual easing of UK inflation rates, the resultant loosening of fiscal control and interest rates, and the UK government’s attempts to stimulate economic growth, the impact of this combination of issues, exacerbated by more broad geopolitical factors, will continue to be felt through FY25-26.

Our response

Against this challenging context, the Army Benevolent Fund remains in a relatively strong position, continuing to reflect the manner in which we were set up in 1944: to act as the Army’s strategic reserve, or second line of benevolence support, behind the first line activity of the regimental and corps charities. Conscious of this role, over the years we deliberately have configured our operations to protect that responsibility. We remain focused entirely on grant making and have no direct delivery responsibilities; we make no grant commitments beyond in-year; and we husband our free reserves for the long haul, whilst also being prepared to make strategic interventions where appropriate. Prudent measures to increase our liquidity provide adequate cash well into the next Financial Year, and our investments are held in very broad and diverse funds.

Set against that context, at an operational level, our return to long-term planning, in the shape of the rolling 4-Year Plan, saw us take significant strides in FY22-23 (Year 0) towards setting the conditions for success; with the removal of the artificial divide between national and regional fundraising, the reset of the People Plan, and a redefinition of the regional contribution being notable achievements.

Thereafter, FY23-24 (Year 1) saw continuing refinement, with particular emphasis on understanding the drivers behind, ROI from, and opportunities afforded by volunteerled community fundraising activity and the wider programme of staff-led community fundraising events delivered across the country. It also saw us measure the impact of the levers being pulled in-year; specifically, the investment in face-to-face fundraising, a more coherent

ANNUAL REPORT 2024-25 15

pan-charity approach to events, and a similarly coherent and increasingly programmatic approach to trusts, major donors, and corporates. In parallel, FY23-24 saw significant improvements in our inter-relationship with the Army, and the coherence, both internal and external, of our communications. It also saw the highly successful refreshment of our brand.

Building on those foundations, FY24-25 (Year 2) has been one of further iterative and evidence-led enhancement, particularly in terms of the longer lead time areas of direct marketing and legacy giving. In parallel, we have conducted a fresh eye, evidence-driven, review of fundraising, which has set the baseline for our fundraising approach in FY2526 and into FY26-27. FY24-25 also has seen much progress in terms of leveraging the extremely successful re-brand and our more assured relationship with Army Media & Communications, and harnessing more productively the associated, available, resource through a more strategic, campaign-led, approach to brand awareness and audience engagement. In the background, there has been a continuation of our drive to minimise overhead costs, with the long-term agreement on tenancy in Mountbarrow House being, by way of example, a cost saver as well as a creator of efficiency.

Looking ahead, FY25-26 (Year 3) will be a year of exploitation of previous groundwork.

Our overall operational level intent remains to continue to refine and improve the 4-Year Plan’s underpinning methodology and logic rather than to steer a different course. Conscious always that it is healthy for a charity to maintain a modest annual deficit to ensure we are spending our generously donated money on benevolence, we nevertheless continue to aim, by the end of Year 6, to be closer to breaking even than has historically been the case. In addition to the ongoing work to enhance the income streams referred to previously, Year 3 and beyond will see increasing emphasis on longer lead time streams, such as legacy giving. We will continue to enhance our investment in face-to-face giving, seeking to increase regular donations, whilst also seeking to diversify our individual giving. And in parallel, we will provide an improved and nuanced corporate offering, particularly for those corporate entities with existing relationships with the Army.

In all of this, coordination with the Armed Forces Covenant Trust (AFCT) and the other single service benevolent funds will continue to be necessary such as to capitalise on the opportunity for greater efficiency and effectiveness in the delivery of outcomes for those in need. This coordination very much is set in context of our position at the heart of the Army’s charitable ecosystem and in the wider service charitable sector, working coherently and effectively with the other key charities.

At the same time, it is essential that, as the Army’s national charity, we take a strategic view of how to respond over the longer-term. As described in the Chief Executive’s foreword, the receipt this year of a highly significant and generous legacy of nearly £25m has reinforced our financial reserve such as to afford the Army Benevolent Fund the opportunity not only to respond to the geopolitical and economic challenges that lie ahead, but also to act proactively, through a deliberate programme of preventative measures, such as to reduce, over the long-term, the number of soldiers, veterans and their families who fall into need of support.

Subsidiary and associated company

Soldiers’ Trading Limited is a wholly owned subsidiary of the Army Benevolent Fund. Its purpose is to raise money for the Charity through the online shop and commercial partnerships.

The Soldiers Fund, based in the United States, is an associate of the Army Benevolent Fund. It makes grants in support of soldiers and veterans from the US Army and British Army.

ARMY BENEVOLENT FUND 16

STRUCTURES, GOVERNANCE AND MANAGEMENT

Reference and administrative details

The Army Benevolent Fund is a Company limited by guarantee not having a share capital (Company No. 07974609), governed by the Articles of Association of the Army Benevolent Fund. The Army Benevolent Fund is registered with the Charity Commission (Charity No. 1146420). It is also registered with the Office of the Scottish Charity Regulator; the registration number is SC039189.

The Army Benevolent Fund is governed by the Board of Trustees, which is ultimately responsible for the organisation’s strategic direction. The Board of Trustees is assisted by four trustee-led committees: the Governance Committee, which is responsible for governance policies and procedures; the Finance & Investment Committee, which is responsible for oversight of all aspects of the Army Benevolent Fund’s financial policies and operations; the Grants Committee, which provides direction to and scrutiny of all grant-giving; and the Fundraising & Marketing Committee, which provides expert guidance on the Army Benevolent Fund’s approach to fundraising and marketing.

Trustees are appointed for an initial period of three years, which can be extended for up to two further three-year periods. No trustee can serve for a consecutive period of more than nine years, except when approved by a majority of the other trustees by special resolution.

On appointment, each Trustee undergoes an induction programme tailored to their knowledge and experience. All trustees are offered briefings on charity governance, charity finance and their individual and collective legal responsibilities. A register of trustees’ interests is held centrally, and trustees are required to disclose all relevant interests, register them with the Secretary to the Board of Trustees, and in accordance with the Army Benevolent Fund’s policy, withdraw from decisions where a conflict of interest arises. Trustees receive no remuneration or benefits in-kind, but are reimbursed for their expenses as noted in the accounts. Trustees receive and review regular reports from the committees and senior management team.

The Board of Trustees met five times in the FY24-25, including their annual, strategy-focused, full day meeting.

The Chief Executive and senior management team are responsible for the day-to-day management of the Army Benevolent Fund’s affairs and for implementing the strategies and policies agreed by the Board of Trustees.

The Army Benevolent Fund provides support for the Army family through a range of other charities and organisations. The trustees are grateful to these bodies, and especially the unpaid caseworkers and other volunteers, without whom we would be unable to meet the needs of our beneficiaries.

The Charity is firmly aligned with the Charity Governance Code, closely adhering to the code’s seven principles, applying the recommended practices and thus able continually to demonstrate good governance.

Staff remuneration policy

Making effective decisions in relation to remuneration and reward is crucial to the continued success of the Army Benevolent Fund. We aim to pay competitively against our relevant comparators in the voluntary sector. We draw our benchmark data from ‘Croner’s Charity Rewards’, which gives indicative median salaries for all roles and grades from a very wide selection of national charities. All positions in the Army Benevolent Fund are assessed and placed within an appropriate generic pay band. Like the Army we support, we believe in the principle that we are all of one company; thus, people doing similar jobs are paid at similar rates and in accordance with the relative complexity and responsibility of the appointment they hold. We do not pay bonuses or retention inducements.

We also aim to enhance the organisation’s competitive positioning by promoting a total-reward approach, recognising that other aspects of the employment package (such as working patterns, benefits and development opportunities, as well as the intrinsic moral value of working for a charity) are also valuable to employees.

Staff remuneration review and annual pay award

Consistent with the approach adopted in the previous two years, the Board of Trustees approached the FY2425 pay review from the point of view of maintaining two key principles. First, to retain, to the greatest extent possible, our all-of-one-company ethos; seeking to ensure pay parity within pay bands was retained, and no gap appeared between departments, or individual members of staff. Second, to seek to retain our position as broadly comparable with other similar charities, noting the impact of pay settlements across the sector had impacted adversely on our relative position in that regard. And in a wider sense, both principles were set in the context of the economic

ANNUAL REPORT 2024-25 17

situation that, whilst less severe than the last two years, continued to apply pressure to all members of staff.

Against that context, the Board again this year concluded there was merit in applying blanket increases within bands rather than pan-Charity; and in so doing, this allowed the Charity to target slightly higher settlements at those more junior pay bands furthest from the Croner sector median. This resulted in an outcome that saw pay rises of between 1% and 6% depending upon which pay band an individual was in, with an average across the charity of a 4.76% increase.

In accordance with the Charities Statement of Recommended Practice (Charities SORP), the Army Benevolent Fund discloses all payments to trustees (our trustees do not receive remuneration but are reimbursed for valid transport and subsistence expenses) and the number of staff in receipt of more than £60,000 in salary and other benefits (note 10).

Statement of trustees’ responsibilities

The trustees (who are also directors of the Army Benevolent Fund for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare the financial statements for each financial year.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The Report of the Trustees, which incorporates the requirements of the Strategic Report and the Directors’ Report as set out in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, was approved by the Board, in their capacity as Trustees and company directors, and signed on its behalf on 23rd July 2025.

, Sarah Booth Chair

ARMY BENEVOLENT FUND 18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE ARMY BENEVOLENT FUND

Opinion on the financial statements

We have audited the financial statements of the Army Benevolent Fund (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the charity statement of financial activities, the consolidated and charity balance sheet, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Independence

We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

ANNUAL REPORT 2024-25 19

Other companies act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent

We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102), Charities Act 2011, Companies Act 2006, the Charities and Trustee

ARMY BENEVOLENT FUND 20

CO N T I N UE D

Fraud

Investment (Scotland) Act 2005 and UK tax legislation.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Health and Safety Act 1974, Data Protection Act 2018, Employment Rights Act 1996, and the Bribery Act 2010.

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Our procedures in respect of the above included:

Fit and full of life, Olivia enjoyed the opportunities afforded by a career in the Army, until she was diagnosed with MS, which left her blind in her right eye and struggling with her mobility. Since completing an adaptive training course run by Climb2Recovery, which the ABF funds, she has found a new purpose, a sense of belonging, and a wonderful group of friends, all of which have been very positive for her physical and mental health.

ANNUAL REPORT 2024-25 21

Based on our risk assessment, we considered the areas most susceptible to fraud to be to be journals and key estimates and judgements.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: frc.org.uk/ auditors responsibilities. This description forms 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 Companies Act 2006, and to the Charitable Company’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit has been undertaken so that we might state to the Charitable Company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company’s members as a body and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Moore BFP ACA

(Senior Statutory Auditor)

For and on behalf of

UHY Hacker Young Chartered Accountants Statutory Auditors Thames House, Roman Square, Sittingbourne, Kent ME10 4BJ

25 July 2025

ARMY BENEVOLENT FUND 22

ARMY BENEVOLENT FUND

Consolidated statement of financial activities for the year to 31 March 2025

Income and endowments from:
Donations and legacies
The public
Donations and Appeals Income
Legacies
Army personnel
From individuals in Army Units
Regimental and Corps Benevolent Funds
Army Dependants Trust
Investments
Other trading activities
Total Income
Expenditure on:
Trading activities
Other costs of raising funds
Charitable activities
Grants to Regiments and Corps for the
beneft of individuals
Grants to other charities
Grant making and other support costs
Total expenditure
Net income/(expenditure)
before net (losses)/gains on investments
Net (losses)/gains on investments
Net income/(expenditure) for the year
Net interest in the results for the year
in associates
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March
3
4
5
6
7
8
13
14
NOTES		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,152
38,456
2,582
4,251
6,833
2,835
3,555
6,390
1,713
8,103
14,936
23,520
(1,983)
21,537
1
21,538
83,237
104,775
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,152
38,456
2,582
4,251
6,833
2,835
3,555
6,390
1,713
8,103
14,936
23,520
(1,983)
21,537
1
21,538
83,237
104,775
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,152
38,456
2,582
4,251
6,833
2,835
3,555
6,390
1,713
8,103
14,936
23,520
(1,983)
21,537
1
21,538
83,237
104,775
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 Restricted
Funds
(note 21)
–
–
£’000		 Endowment
Funds
(note 22)
–
–
£’000		 Total 2025
3,343
28,215
£’000		 Total 2024
£’000
2,829
5,241
31,558 – – – 31,558 8,070
96
857
800
1,753
1,993
3,152
38,456
2,582
4,251
6,833
2,835
3,555
6,390
1,713
8,103
14,936
23,520
(1,983)
21,537
1
21,538
83,237
104,775		 –
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319		 –
–
–
–
244
–
244
–
–
–
226
219
445
27
472
472
(228)
(179)
(407)
–
(407)
6,604
6,197		 –
–
–
–
–
–
–
–
–
–
25
–
25
–
25
25
(25)
–
(25)
–
(25)
225
200		 96
857
800
1,753
2,277
3,152
38,740
2,582
4,251
6,833
3,097
4,303
7,400
1,761
9,161
15,994
22,746
(2,162)
20,584
1
20,585
97,906
118,491		 55
986
917
1,958
2,487
2,744
15,259
2,464
4,003
6,467
3,385
3,751
7,136
2,012
9,148
15,615
(356)
5,401
5,045
1
5,046
92,860
97,906

ANNUAL REPORT 2024-25 23

ARMY BENEVOLENT FUND

Charity statement of financial activities for the year to 31 March 2025

Income and endowments from:
Donations and legacies
The public
Donations and Appeals Income
Legacies
Army personnel
From individuals in Army Units
Regimental and Corps Benevolent Funds
Army Dependants Trust
Investments
Other trading activities
Total Income
Expenditure on:
Trading activities
Other costs of raising funds
Charitable activities
Grants to Regiments and Corps for the
beneft of individuals
Grants to other charities
Grant making and other support costs
Total expenditure
Net income/(expenditure) before
net (losses)/gains on investments
Net (losses)/gains on investments
Net income/(expenditure) for the year
Net interest in the results for the year
in associates
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March
3
4
5
6
7
8
13
14
NOTES		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,095
38,399
2,537
4,251
6,788
2,835
3,555
6,390
1,706
8,096
14,884
23,515
(1,983)
21,532
1
21,533
83,218
104,751
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,095
38,399
2,537
4,251
6,788
2,835
3,555
6,390
1,706
8,096
14,884
23,515
(1,983)
21,532
1
21,533
83,218
104,751
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 General
(note 19)
Unrestricted Funds
Designated
(note 20)
3,343
28,215
31,558
96
857
800
1,753
1,993
3,095
38,399
2,537
4,251
6,788
2,835
3,555
6,390
1,706
8,096
14,884
23,515
(1,983)
21,532
1
21,533
83,218
104,751
–
–
–
–
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319
£’000
£’000		 Restricted
Funds
(note 21)
–
–
£’000		 Endowment
Funds
(note 22)
–
–
£’000		 Total 2025
3,343
28,215
£’000		 Total 2024
£’000
2,829
5,241
31,558 – – – 31,558 8,070
96
857
800
1,753
1,993
3,095
38,399
2,537
4,251
6,788
2,835
3,555
6,390
1,706
8,096
14,884
23,515
(1,983)
21,532
1
21,533
83,218
104,751		 –
–
–
–
40
–
40
–
–
–
11
529
540
21
561
561
(521)
–
(521)
–
(521)
7,840
7,319		 –
–
–
–
244
–
244
–
–
–
226
219
445
27
472
472
(228)
(179)
(407)
–
(407)
6,604
6,197		 –
–
–
–
–
–
–
–
–
–
25
–
25
–
25
25
(25)
–
(25)
–
(25)
225
200		 96
857
800
1,753
2,277
3,095
38,683
2,537
4,251
6,788
3,097
4,303
7,400
1,754
9,154
15,942
22,741
(2,162)
20,579
1
20,580
97,887
118,467		 55
986
917
1,958
2,487
2,678
15,193
2,399
4,003
6,402
3,385
3,751
7,136
2,006
9,142
15,544
(351)
5,401
5,050
1
5,051
92,836
97,887

ARMY BENEVOLENT FUND 24

ARMY BENEVOLENT FUND

Consolidated summary income and expenditure account for the year to 31 March 2025

Income
(Losses)/gains on invetsments
Gross income in the reporting period
Expenditure
Total expenditure in the reporting period
Net income before tax for the reporting period
Tax payable
Net income for the fnancial year		 All income funds
2025
38,684
(2,162)
36,522
15,917
15,917
20,605
–
20,605
£’000		 All income funds
2024
14,944
5,401
£’000
20,345
15,519
15,519
4,826
–
4,826

The income and expenditure account is derived from the Statement of Financial Activities with movements in endowment funds excluded to comply with company law. All activities relate to continuing operations.

ANNUAL REPORT 2024-25 25

ARMY BENEVOLENT FUND

Group and charity balance sheets as at 31 March 2025

GROUP CHARITY
2025 2024 2025 2024
NOTES £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 11 184 – 184 –
Tangible assets 12 161 21 161 21
Investments 13 76,763 78,330 76,763 78,330
Associate undertaking 14 12 11 12 11
77,120 78,362 77,120 78,362
Current assets
Stocks 5 8 – –
Other debtors 15 19,884 6,536 19,916 6,522
Cash at bank and in hand 22,807 14,687 22,748 14,682
42,696 21,231 42,664 21,204
Liabilities
Creditors: amounts falling due
within one year 16 (1,325) (1,595) (1,317) (1,587)
Net current assets 41,371 19,636 41,347 19,617
Total assets less current liabilities 118,491 97,998 118,467 97,979
Provisions for liabilities 17 – (92) – (92)
Net assets 18 118,491 97,906 118,467 97,887
Represented by:
Income funds
Endowment funds 22 200 225 200 225
Restricted funds 21 6,197 6,604 6,197 6,604
Unrestricted funds
Designated funds 20 7,319 7,840 7,319 7,840
General funds 19 104,775 83,237 104,751 83,218
Total funds 118,491 97,906 118,467 97,887

Approved by the Board of Trustees and signed on their behalf

Sarah Booth Chair

Anthony Scott Chartered FSCI Honorary Treasurer

23rd July 2025 Registered in England and Wales, company number 07974609

ARMY BENEVOLENT FUND 26

ARMY BENEVOLENT FUND

Consolidated statement of cash flows for the year to 31 March 2025

Cash fows from operating activities:
Net cash provided by (used in) operating activities
Cash fows from investing activities:
Dividends, interest and rents from investments
Purchase of equipment
Proceeds from the sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash in the reporting period
Cash at the beginning of the reporting period
Cash at the end of the reporting period		 2025
6,794
1,289
(357)
500
(106)
1,326
8,120
14,687
22,807
£’000		 2024
£’000
(5,557)
1,077
–
11,000
(98)
11,979
6,422
8,265
14,687

Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income for the reporting period
(as per the statement of fnancial activities)
Adjustments for:
Depreciation charges
Losses/(gains) on Investments
Decrease/(increase) in stocks
(Increase) in debtors
(Decrease)/increase in creditors
Dividends, interest and rents from investments
Net cash provided by (used in) operating activities		 2025
20,584
34
2,162
3
(13,349)
(363)
(2,277)
6,794
£’000		 2024
£’000
5,045
32
(5,401)
(1)
(3,221)
476
(2,487)
(5,557)

ANNUAL REPORT 2024-25 27

ARMY BENEVOLENT FUND

Consolidated statement of cash flows for the year to 31 March 2025

Analysis of cash
Cash in hand
Notice deposits (less than three months)
Total cash		 2025
2,338
20,469
22,807
£’000		 2024
£’000
7,276
7,411
14,687
Analysis of changes in net debt
Cash in hand
Notice deposits (less than three months)
Total cash		 At 1st April
2024		 Cashfows
(4,938)
13,058
8,120
£’000		 At 31 March
2025
£’000 £’000
7,276
7,411		 2,338
20,469
14,687 22,807

ARMY BENEVOLENT FUND 28

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

1. ACCOUNTING POLICIES

ACCOUNTING CONVENTION

The financial statements have been prepared on a going concern basis under the historical cost convention, unless otherwise stated in the relevant accounting policy note, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)) including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £1,000.

Army Benevolent Fund (‘the Charity’) has taken advantage of the exemption to prepare a charity-only Statement of Cash Flows on the basis that it is a qualifying entity. The consolidated Statement of Cash Flows, within the financial statements, includes the Charity’s cash flows.

The Charity constitutes a public benefit entity as defined by FRS 102.

CONSOLIDATION

The financial statements consolidate Army Benevolent Fund and its trading subsidiary company, Soldiers’ Trading Limited on a line-by-line basis.

INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

COSTS OF RAISING FUNDS

Costs of raising funds comprise those incurred in seeking voluntary income and costs incurred in generating income from trading activities. Fundraising costs include advertising, producing publications, printing, and mailing fundraising material, associated staff costs and an appropriate allocation of support costs.

CHARITABLE EXPENDITURE

Grants payable in furtherance of the Charity’s objects are recognised as expenditure in the year in which the grant is formally approved by the Charity and has been communicated to the recipient, except to the extent that it is subject to conditions that enable the Charity to revoke the award. Any refunds of grants are credited to the line in which they were originally allocated in the financial statements.

GRANT MAKING AND OTHER SUPPORT COSTS

Grant making costs are those costs incurred in support of the Charity’s primary objective of paying grants to those in need. Other support to charities reflects the support given to other charities in terms of management and staff time; other associated infrastructure costs and in certain circumstances subsidies for accommodation costs for office space occupied at Mountbarrow House. Governance costs represent those costs associated with the governance arrangements of the Charity which relate to the general running of the Charity. Such costs include external audit fees, legal costs, related trustee costs and costs associated with compliance with statutory requirements.

INVESTMENTS IN ASSOCIATES

Investments in associates are measured in accordance with Section 14 of FRS 102. As such, investments in associates are initially recognised at the transaction price and are subsequently adjusted to reflect the Charity’s share of the surplus, other comprehensive income, and equity of the associate.

Donations and income from fundraising events are recorded in the financial statements when receivable. Income received from events is recognised in the period in which the event takes place. Income from legacies is taken into the Statement of Financial Activities when received or when receipt is probable, and the value can be measured with sufficient reliability. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Investment income is recognised when receivable. Grants are included as income when these are receivable.

ANNUAL REPORT 2024-25 29

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The investment portfolio does not acquire put options, derivatives, or other complex financial instruments. The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent

to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Dividends from accumulating units are recognised as investment income and reinvested for capital growth.

Rental income is recognised in the period to which it relates.

INTANGIBLE FIXED ASSETS AND AMORTISATION

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life. The asset is amortised over eight years.

TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing more than £1,000 are capitalised and included at cost, including any incidental expenses relating to the acquisition. Depreciation is provided for all tangible fixed assets so as to write off their cost in equal instalments over their expected useful lives as follows:

Computer equipment 3 years
Operating software 8 years
Offce furniture and fttings 3-5 years
Leasehold improvements Over the term of the lease

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

GOING CONCERN

The trustees have assessed whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees have made this assessment in respect of a period of at least one year from the date of the approval of the financial statements.

The trustees receive forecasts and financial projections that detail variations in the level and timing of future income and funding and have considered the short- and longerterm financial projections and other risks that may affect the Charity. They have considered the key risks that could negatively impact the going concern of the Army Benevolent Fund and have considered budgets and forecasts, cashflow projections, reserves levels and contingency and recovery plans. These continue to be regularly monitored by the trustees and senior management team.

The trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that, whilst uncertainty exists, this does not pose a material uncertainty that would cast doubt on the Charity’s ability to continue as a going concern. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

ARMY BENEVOLENT FUND 30

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

STOCK

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.

CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

OPERATING LEASES

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the period of the lease.

PENSION COSTS

Eligible employees are automatically enrolled into a Group Personal Pension scheme which is operated on a contributory basis. The assets of the Group Personal Pension Scheme are held separately from those of the Charity and contributions payable by the Charity are charged in the Statement of Financial Activities in the year in which they are payable.

FOREIGN CURRENCY

Transactions denominated in foreign currencies are recorded at the exchange rates ruling at the date of the transaction.

VOLUNTEERS

The Charity benefits greatly from the involvement and enthusiastic support of its volunteers. These include our president, trustees, and regional fundraising groups. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not included in the financial statements.

ACCOUNTING ESTIMATES AND JUDGEMENTS

Judgements and estimates are continually evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The matters considered below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows.

A. COST ALLOCATION

Support costs not attributable to a single charitable activity are allocated or apportioned on a basis consistent with identified cost drivers for that cost category. Cost drivers utilised include head count, staff time allocation, and effort and judgement is exercised in applying cost drivers to cost categories.

B. LEGACY INCOME ACCRUAL

Monetary assets and liabilities denominated in foreign currencies are converted to Sterling at the rates of exchange ruling at the balance sheet date. The financial statements of overseas operations are translated to Sterling at the approximate rates of exchange ruling at the balance sheet date. All differences are recorded in the Statement of Financial Activities.

Legacy income is recognised in accordance with the income recognition policy. In calculating the level of legacy accrual, management is required to exercise estimation and judgement, particularly in determining the amount and probability of receipt.

ANNUAL REPORT 2024-25 31

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

2. SUBSIDIARY COMPANY’S RESULTS

SOLDIERS’ TRADING LIMITED

Included in Donations and appeals income in Income, is general purpose trading income arising in Soldiers’ Trading Limited. The results were as follows:

Turnover
Cost of Sales
Gross Proft
Administrative expenses
Proft on ordinary activities
Tax on proft
Proft after tax and for the fnancial year
Opening retained earnings
Payment to parent charity under Gift Aid
Closing retained earnings		 2025
67
(40)
27
(12)
15
–
15
19
(11)
23
£’000		 2024
£’000
82
(59)
23
(12)
11
–
11
24
(16)
19

ARMY BENEVOLENT FUND 32

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

3. INVESTMENT INCOME – GROUP AND CHARITY

Dividends and Distributions
Bank interest
Rental Income
Total		 General
Unrestricted Funds
Designated
989
780
1,769
224
1,993
–
40
40
–
40
£’000
£’000		 General
Unrestricted Funds
Designated
989
780
1,769
224
1,993
–
40
40
–
40
£’000
£’000		 Restricted
Funds		 Total 2025
1,233
820
2,053
224
2,277
£’000		 Total 2024
£’000 £’000 £’000 £’000
989
780		 –
40		 244
–		 1,601
442
1,769
224		 40
–		 244
–		 2,043
444
1,993 40 244 2,487

4. TRADING ACTIVITIES

4. TRADING ACTIVITIES
Fundraising Trading costs
Central and administrative costs
Total		 2025
2024
1,864
718
2,582
1,479
985
2,464
GROUP
£’000
£’000		 2025
2024
1,819
718
2,537
1,414
985
2,399
CHARITY
£’000
£’000		 2025
2024
1,819
718
2,537
1,414
985
2,399
CHARITY
£’000
£’000
£’000
1,414
985
2,399

5. OTHER COSTS OF RAISING FUNDS – GROUP AND CHARITY

Other Costs of raising funds
Advertisements and promotion
Central and administrative costs
Total		 2025
2,666
608
977
4,251
£’000		 2024
£’000
2,583
632
788
4,003

ANNUAL REPORT 2024-25 33

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

6. GRANTS FOR THE BENEFIT OF INDIVIDUALS

All grants made for the benefit of soldiers, former soldiers and their immediate families are paid through their parent regimental or corps charities. The total value of these grants made during the year was £3,097k (2024: £3,385k).

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS

The Charity, on behalf of the partnership of Army charitable funds, makes grants to national charities and occasionally other organisations which support soldiers, former soldiers, and their immediate families.

By the nature of Service charities and other charities supporting serving and former soldiers, many of Army Benevolent Fund’s trustees and senior management work closely with, or serve as trustees for, some of the charities listed below that receive grants from us. Where this applies, the trustee or member of the management team will not take part in the grant making decision process.

The total values of the grants made during the year for the Group and Charity were:

ELDERLY
Age In Spain
Age UK Lancashire
Age UK Waltham Forest
Broughton House
Care for Veterans (Queen Alexandra Hospital Home)
Erskine Hospital
Royal Commonwealth Ex-Services League
Royal Hospital Chelsea
Royal Star & Garter Home
EMPLOYMENT AND TRAINING
Buildforce
Building Heroes Education Foundation
Climb 2 Recovery
The Heritage Crafts Association (Heritage Crafts)
Mission Motorsport
On Course Foundation
PATT Foundation
Prisoners Education Trust
Recruit for Spouses
Forces Employment Charity(formerly Regular Forces Employment Association)
The Open University
The Poppy Factory
Turn to Starboard (T2S)
X-Forces
GRANTS FROM GENERAL FUNDS:		 2025
2025
10
11
10
120
149
150
177
50
80
757
-
2
-
9
5
6
-
18
21
170
10
40
18
30
329
£’000
£’000		 2024
£’000
15
–
–
120
110
150
195
50
70
710
2024
£’000
2
-
15
14
27
5
10
20
14
100
10
30
24
20
291

ARMY BENEVOLENT FUND 34

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

FAMILY
Army Families Federation
Army Welfare Service
Army Widows’ Association
COBSEO, The Confederation of Service Charities
Dandelion Military Families CIC
Families Activity Breaks
Forces Children Scotland (formerly known as RCET)
Give Us Time
Hong Kong LEP Trust
Little Troopers/ My Daddy is a Soldier Adventures
Lord Kitchener Memorial Holiday Centre
Make Some Noise
National Gulf Veterans & Families Association
Queen Elizabeth Hospital Birmingham - Fisher House
Reading Force
Re-Vitalise
Ruskin Mill Land Trust
Scotty’s Little Soldiers
Shared Parenting Scotland
SSAFA Central Offce
SSAFA CMS Costs
St Nicholas CofE Primary School PTA
Veterans Scotland
Veterans with Dogs
YMCA Brunel Group (Little Ducklings)
HOUSING
Alabaré Christian Care & Support
Armed Forces & Veterans Launchpad
Haig Homes
Help for Homeless Veterans
Lord Leycester Hospital
Royal British Legion Industries
Scottish Veterans Residences
Sir Oswald Stoll Foundation (Stoll)
The Royal Homes Wimbledon (SSAFA)
GRANTS FROM GENERAL FUNDS (CONTINUED):		 2025
2025
56
200
26
28
2
43
25
10
12
10
–
–
40
10
18
30
–
35
6
220
77
–
15
15
–
878
–
70
90
10
–
245
30
48
–
493
£’000
£’000		 2024
£’000
45
200
35
28
–
30
–
10
12
–
10
10
20
10
20
–
4
30
–
135
102
5
15
–
5
726
2024
£’000
20
25
150
–
18
68
–
–
28
309

ANNUAL REPORT 2024-25 35

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

WELLBEING
Abberton Rural Training
AFC Fylde Community Foundation
Anxious Minds
Armed Forces Equine Charity (formerly Tedworth Equestrian)
Aurora New Dawn
Bay Veteran’s Association
Bound by Veterans
Brooke House Health and Wellbeing centre
Change Mental Health Ltd
Combat Stress
Community Drug and Alcohol Recovery Services (CDARS)
Dads Unlimited
Dig In North West
Defence Medical Welfare Service (DMWS)
Dundee Therapy Garden
East Durham Veterans Trust
Fares4Free
Fighting With Pride (FWP)
Firstlight Trust
Glen Art/Bravehound
Hospice UK
Highground
HorseBack UK
Hounds for Heroes
Humankind (Waythrough Charity)
Icarus
Improving Lives Plymouth
James’ Place Charity
Jersey Joint Services Veterans Assoc (JJSVA)
Lothian Veterans Centre
Military Wives Choirs Foundation
Music in Hospitals and Care
Phyllis Tuckwell Hospice
PTSD Resolution CIO
Queen’s Regimental Association
Root Cause Project (CIC)
SafeLives
Service Dogs UK
Smart Savings CIC
South Kent Mind
Spinal Injuries Association
Step Together Volunteering
GRANTS FROM GENERAL FUNDS (CONTINUED):		 2025
–
10
10
20
35
5
10
8
10
15
5
–
–
225
25
12
27
–
–
15
–
10
20
10
10
20
–
20
7
20
–
5
–
5
–
5
142
22
8
–
42
20
£’000		 2024
£’000
15
–
–
–
–
–
–
14
3
143
–
15
9
150
16
10
30
35
20
10
10
10
20
10
–
–
10
–
12
10
10
–
5
–
30
2
–
20
10
4
30
30

ARMY BENEVOLENT FUND 36

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

WELLBEING (CONTINUED)
Style for Soldiers
Taxi Charity for Military Veterans
The Bridge for Heroes
The Gwennili Trust
The Not Forgotten Association
The Warrior Programme
Thistle Health and Wellbeing
Together Co
Veterans’ Growth
Veterans Outdoors
The Vine Centre
Walking with The Wounded
Waterloo Uncovered
We Are With You (formerly Addaction)
EMPLOYMENT EDUCATION AND TRAINING
Buildforce
Climb 2 Recovery
Mission Motorsport
Forces Employment Charity (formerly Regular Forces
Employment Association)
The Poppy Factory
FAMILY
Forces Children Scotland (formerly known as RCET)
National Gulf Veterans & Families Association
SSAFA Central Offce
Total Grants from General Funds
GRANTS FROM GENERAL FUNDS (CONTINUED):
GRANTS FROM DESIGNATED FUNDS:		 2025
2025
2025
2025
10
10
30
10
50
40
20
5
20
5
5
25
20
50
1,098
–
25
20
10
55
110
5
5
10
20
3,555
£’000
£’000
£’000
£’000		 2024
£’000
10
8
20
10
50
30
–
8
10
10
5
10
12
47
923
2024
£’000
2,959
2024
£’000
7
–
–
45
30
82
2024
£’000
–
10
65
75

ANNUAL REPORT 2024-25 37

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

HOUSING
Armed Forces & Veterans Launchpad
Haig Homes
Lord Leycester Hospital
Royal British Legion Industries (RBLI)
Sir Oswald Stoll Foundation (Stoll)
GRANTS FROM DESIGNATED FUNDS (CONTINUED):
WELLBEING
Change Mental Health Ltd
Combat Stress
Dig In North West
Defence Medical Welfare Service (DMWS)
Fares4Free
Glen Art / Bravehound
Highground
Icarus
Lothian Veterans Centre
PTSD Resolution CIO
Step Together Volunteering
Style for Soldiers
Taxi Charity for Military Veterans
The Bridge for Heroes
The Not Forgotten Association
The Warrior Programme
Veterans’ Growth
Veterans Outdoors
Walking With The Wounded
Waterloo Uncovered
Total Grants from Designated Funds		 2025
5
60
11
5
–
81
£’000
2025
–
223
–
–
5
–
10
10
–
10
10
10
–
–
25
5
–
5
5
–
318
£’000
2025
529
£’000		 2024
£’000
5
25
2
–
10
42
2024
£’000
1
100
2
40
–
5
5
–
4
–
–
10
2
5
10
10
5
–
10
2
211
2024
£’000
410

ARMY BENEVOLENT FUND 38

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

EMPLOYMENT EDUCATION AND TRAINING
Buildforce
Building Heroes Education Foundation
Forces Employment Charity (formerly Regular Forces
Employment Association)
Mission Motorsport
The Heritage Crafts Association (Heritage Crafts)
The Poppy Factory
X-Forces
GRANTS FROM RESTRICTED FUNDS:
FAMILY
National Gulf Veterans & Families Association
SSAFA Central Offce
WELLBEING
Change Mental Health Ltd
Combat Stress
Defence Medical Welfare Service (DMWS)
Dig In North West
Dundee Therapy Garden
Falkland Islands Memorial Chapel Trust
Fares4Free
Highground
Lothian Veterans Centre
Taxi Charity for Military Veterans
The Bridge for Heroes
The Not Forgotten Association
Veterans’ Growth
Walking With The Wounded
The Warrior Programme
Waterloo Uncovered		 2025
–
4
115
5
5
5
–
134
£’000
2025
2025
–
15
15
–
37
–
–
–
8
5
–
–
5
–
5
–
5
5
–
70
£’000
£’000		 2024
£’000
4
–
125
–
–
40
16
185
2024
£’000
10
30
40
2024
£’000
2
32
10
4
4
–
–
5
4
5
5
20
5
5
10
6
117

ANNUAL REPORT 2024-25 39

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

7. GRANTS TO OTHER CHARITIES AND ORGANISATIONS (CONTINUED)

HOUSING
Armed Forces & Veterans Launchpad
Haig Homes
Sir Oswald Stoll Foundation (Stoll)
GRANTS FROM RESTRICTED FUNDS (CONTINUED):
Total Grants from Restricted Funds
Grants from General Funds
Grants from Designated Funds
Grants from Restricted Funds		 2025
–
–
–
–
£’000
2025
219
£’000
2025
3,555
529
219
4,303
£’000		 2024
£’000
5
25
10
40
2024
£’000
382
2024
£’000
2,959
410
382
3,751

ARMY BENEVOLENT FUND 40

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

8. GRANT MAKING AND OTHER SUPPORT COSTS

Support costs
Central and administrative
Support costs
Other costs
Advertisement and promotion
Governance costs
Central and administrative
Auditor’s remuneration (note 8b)
Trustee expenses		 2025
2024
299
890
67
327
144
31
3
1,761
417
993
63
340
168
27
4
2,012
GROUP
£’000
£’000		 2025
2024
299
890
67
327
144
24
3
1,754
411
993
63
340
174
21
4
2,006
CHARITY
£’000
£’000		 2025
2024
299
890
67
327
144
24
3
1,754
411
993
63
340
174
21
4
2,006
CHARITY
£’000
£’000
£’000
411
993
63
340
174
21
4
2,006

8b INCOME / EXPENDITURE FOR THE YEAR

This is stated after charging:

Auditor’s remuneration - audit services
Auditor’s remuneration - taxation advisory services
Depreciation of tangible fxed assets
Payments under operating leases:
- land and buildings
- other assets		 2025
2024
30
1
34
439
114
618
26
1
32
693
102
854
GROUP
£’000
£’000		 2025
2024
23
1
34
439
114
611
20
1
32
693
102
848
CHARITY
£’000
£’000		 2025
2024
23
1
34
439
114
611
20
1
32
693
102
848
CHARITY
£’000
£’000
£’000
20
1
32
693
102
848

ANNUAL REPORT 2024-25 41

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

9. STAFF COSTS - GROUP AND CHARITY

Wages and salaries
Social security costs
Pensions contributions
TOTAL STAFF COSTS COMPRISED:		 2025
3,795
378
190
4,363
£’000		 2024
£’000
3,569
350
180
4,099

The Charity employed an average staff of 84 (11 part-time) (2024: 83 including 10 part-time) of whom 55 (2024: 53) were employed at the Charity’s head office. A small number of these individuals were on short-term contracts to cover vacant posts and also from time to time we engage a limited number of contract and agency staff. There is £11k included in staff costs related to settlement (2024: £2k).

The number of employees whose employee benefits exceeded £60,000 was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£140,001 - £150,000		 2025
7
1
1
2
1
NO.		 2024
NO.
6
1
-
3
1

Pension contributions of £58k (2024: £45k) were made on behalf of eligible higher paid employees.

during the year (2024: £nil). They were reimbursed expenses during the year as stated in note 10.

The key management personnel for the Charity comprise the trustees and the executive board (senior management board). The trustees received no remuneration or benefits-in-kind

The total remuneration, including employer’s pension contributions and employer’s National Insurance contributions paid to the executive board, amounted to £721k (2024: £699k).

10. RELATED PARTY TRANSACTIONS

No trustees have been remunerated for their role as a trustee. Eight trustees were reimbursed £3k for travel expenses which had been directly incurred during the year under review (2024: £4k to seven trustees).

During the year, trustees made donations to the charity totalling £5k (2024: £nil). Business interests of one of the trustees donated £10k to the charity (2024: £nil). These donations were received without conditions.

Trustees and members of key management of the Army Benevolent Fund hold trustee positions and have connections with other organisations with military

connections. Grants may be made to these charities by the Army Benevolent Fund. These are made in accordance with the charity’s normal processes and within the parameters of its conflicts of interests policy.

During the year ending 31 March 2025, the Charity charged its subsidiary £5k for management fees relating to Soldiers’ Trading Limited’s activities (2024: £5k). Soldiers’ Trading Limited donated £11k to Army Benevolent Fund from its profits (2024: £16k). At 31 March 2025, there was a balance of £34k (2024: £16k) owed to the Army Benevolent Fund by Soldiers’ Trading Limited.

ARMY BENEVOLENT FUND 42

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

11. INTANGIBLE FIXED ASSETS – GROUP AND CHARITY

At 1 April
Additions during the year
At 31 March
Amortisation
At 1 April
Charge for the year
At 31 March
Net book value at 31 March
COST		 2025
Computer software
2024
–
192
192
–
8
184
184
–
–
–
–
–
–
–
£’000
£’000		 2025
Computer software
2024
–
192
192
–
8
184
184
–
–
–
–
–
–
–
£’000
£’000
£’000
–
–
–
–
–
–
–

12. TANGIBLE FIXED ASSETS – GROUP AND CHARITY

At 1 April
Additions during the year
Disposals during the year
At 31 March
Depreciation
At 1 April
Charge for the year
Disposals for the year
At 31 March
Net book value at 31 March
COST		 2025
Leasehold
Improvements
2024
134
163
(7)
290
132
19
(7)
144
146
134
–
–
134
115
17
–
132
2
£’000
£’000		 2025
Offce furniture,
fttings & equipment
2024
285
2
–
287
265
7
–
272
15
324
–
(39)
285
289
15
(39)
265
20
£’000
£’000		 Total
2025
419
165
(7)
577
397
26
(7)
416
161
£’000		 Total
2024
£’000
458
–
(39)
419
405
32
(39)
398
21

ANNUAL REPORT 2024-25 43

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

13. INVESTMENTS – GROUP AND CHARITY

Market value 1 April 2024
Purchase of investments
Sale of investments
Net losses on investments
Market value 31 March 2025
Cost
At 31 March 2025
At 31 March 2024		 General
Designated
73,404
1,095
–
(1,983)
72,516
54,723
53,628
–
–
–
–
–
–
–
Unrestricted Funds
£’000
£’000		 4,926
–
(500)
(179)
4,247
2,051
2,269
Restricted Funds
£’000		 Total
General
73,404
1,095
–
(1,983)
72,516
54,723
53,628
£’000
£’000
78,330
1,095
(500)
(2,162)
76,763
56,774
55,897

All of the investments listed above are held by the Charity, including 100% of the issued share capital of Soldiers’ Trading Limited. Both the cost and valuation of this shareholding is £1.

The investment portfolio comprises the following at market value:

Income units
Accumulation units
CCLA – COIF
Accumulation units
Market value 31 March 2025
BLACKROCK – ARMED FORCES
CHARITIES GROWTH AND INCOME FUND		 General
Designated
–
30,641
41,875
72,516
–
–
–
–
Unrestricted Funds
£’000
£’000		 Restricted Funds
4,247
–
–
4,247
£’000		 Total
General
–
30,641
41,875
72,516
£’000
£’000
4,247
30,641
41,875
76,763

ARMY BENEVOLENT FUND 44

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

14. ASSOCIATES

The Soldiers’ Fund (TSF) was incorporated as a tax-exempt charity in the United States in 2012, its primary purpose being to raise funds for British Army personnel, past and present, and their families in times of need. As Army Benevolent Fund can appoint three of the eleven directors of TSF, it is treated as an associate undertaking for the purposes of the consolidated financial statements. The Charity’s share of TSF’s surplus as at 31 March 2025 was £1k (2024: surplus, £1k). The Charity’s share of TSF’s net assets was £12k (2024: £11k).

15. OTHER DEBTORS AND PREPAYMENTS

Prepayments and accrued income
Other debtors
Due from subsidiary
Total		 2025
2024
19,784
100
–
19,884
6,298
238
–
6,536
GROUP
£’000
£’000		 CHARITY CHARITY
2025
19,784
100
–
19,884
£’000		 2025
19,784
98
34
19,916
£’000		 2024
£’000
6,291
215
16
6,522

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred income
At 1 April
Arising during the year
Released during the year
At 31 March
Trade creditors
Accrued expenses
Other creditors
Total		 830
1,484
(1,403)
911
170
272
(28)
1,325
375
1,362
(907)
830
378
328
59
1,595
2025
2024
GROUP
£’000
£’000		 CHARITY CHARITY
830
1,484
(1,403)
911
170
272
(28)
1,325
2025
£’000		 830
1,484
(1,403)
911
170
230
6
1,317
2025
£’000		 2024
£’000
375
1,362
(907)
830
377
306
74
1,587

ANNUAL REPORT 2024-25 45

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

17. PROVISIONS FOR LIABILITIES – GROUP AND CHARITY

At 1 April
Amounts provided for
Amounts released
At 31 March		 2025
92
–
(92)
–
£’000		 2024
£’000
110
–
(18)
92

The Charity has renewed an eight-year lease to January 2032 with the current landlord. The new lease signed on 28 June 2024 sets out that no dilapidation will be payable by the Charity.

ARMY BENEVOLENT FUND 46

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
General Funds
Designated Funds
Afghanistan Fund
Current Operations Fund
Restricted Funds
Commandos Benevolent
DEFLOG VQ Trust
Falklands Fund
George Purse Trust Fund
Expendable endowment
Edward Gostling Fund
GROUP
General Funds
Designated Funds
Afghanistan Fund
Current Operations Fund
Relocation Fund
Restricted Funds
Commandos Benevolent
DEFLOG VQ Trust
Falklands Fund
George Purse Trust Fund
Gulf Fund
Expendable endowment
Edward Gostling Fund		 2025
Tangible
Fixed Assets
345
–
–
–
–
–
–
–
–
–
345
£’000
2024
Tangible
Fixed Assets
21
–
–
–
–
–
–
–
–
–
–
–
21
£’000		 Investments
and Associates
2025
72,529
–
–
–
–
–
2,690
1,556
4,246
–
76,775
£’000
Investments
and Associates
2024
73,415
–
–
–
–
–
–
3,297
1,629
–
4,926
–
78,341
£’000		 Net
Current Assets
2025
31,901
5,333
1,986
7,319
247
692
637
375
1,951
200
41,371
£’000
Net
Current Assets
2024
9,801
5,593
2,247
–
7,840
247
926
100
405
–
1,678
225
19,544
£’000		 Group Total
2025
£’000
104,775
5,333
1,986
7,319
247
692
3,327
1,931
6,197
200
118,491
Group Total
2024
£’000
83,237
5,593
2,247
–
7,840
247
926
3,397
2,034
–
6,604
225
97,906

ANNUAL REPORT 2024-25 47

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

CHARITY
General Funds
Designated Funds
Afghanistan Fund
Current Operations Fund
Restricted Funds
Commandos Benevolent
DEFLOG VQ Trust
Falklands Fund
George Purse Trust Fund
Expendable endowment
Edward Gostling Fund
CHARITY
General Funds
Designated Funds
Afghanistan Fund
Current Operations Fund
Relocation Fund
Restricted Funds
Commandos Benevolent
DEFLOG VQ Trust
Falklands Fund
George Purse Trust Fund
Gulf Fund
Expendable endowment
Edward Gostling Fund		 2025
Tangible
Fixed Assets
345
–
–
–
–
–
–
–
–
–
345
£’000
2024
Tangible
Fixed Assets
21
–
–
–
–
–
–
–
–
–
–
–
21
£’000		 Investments
and Associates
2025
72,529
–
–
–
–
–
2,690
1,556
4,246
–
76,775
£’000
Investments
and Associates
2024
73,415
–
–
–
–
–
–
3,297
1,629
–
4,926
–
78,341
£’000		 Net
Current Assets
2025
31,877
5,333
1,986
7,319
247
692
637
375
1,951
200
41,347
£’000
Net
Current Assets
2024
9,782
5,593
2,247
–
7,840
247
926
100
405
–
1,678
225
19,525
£’000		 Charity Total
2025
£’000
104,751
5,333
1,986
7,319
247
692
3,327
1,931
6,197
200
118,467
Charity Total
2024
£’000
83,218
5,593
2,247
–
7,840
247
926
3,397
2,034
–
6,604
225
97,887

ARMY BENEVOLENT FUND 48

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

19. GENERAL FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY

At 1 April
Income and interest in associate
Expenditure
(Losses)/gains
Transfer from the Designated Fund
At 31 March
GENERAL FUNDS		 2025
2024
83,237
38,457
(14,936)
(1,983)
–
104,775
65,673
14,672
(14,420)
5,312
12,000
83,237
GROUP
£’000
£’000		 CHARITY CHARITY
2025
83,237
38,457
(14,936)
(1,983)
–
104,775
£’000		 2025
83,218
38,400
(14,884)
(1,983)
–
104,751
£’000		 2024
£’000
65,649
14,606
(14,349)
5,312
12,000
83,218

ANNUAL REPORT 2024-25 49

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

20. DESIGNATED FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY

Income
Income from charitable activities
Income from investments
Total income
Expenditure
Grants to other charities
Grants for the beneft of individuals
Grant making and other support costs
Total expenditure
Net (expenditure) before net
gains/ (losses) on investments
Net gains/(losses) on investments
Net (expenditure) for the year
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March		 2025
Afghanistan
Fund
–
40
40
(279)
(11)
(10)
(300)
(260)
–
(260)
(260)
5,593
5,333
£’000		 Current
Operations Fund
2025
–
–
–
(250)
–
(11)
(261)
(261)
–
(261)
(261)
2,247
1,986
£’000		 Total
2025
£’000
–
40
40
(529)
(11)
(21)
(561)
(521)
–
(521)
(521)
7,840
7,319

ARMY BENEVOLENT FUND 50

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

20. DESIGNATED FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY (CONTINUED)

Income
Income from charitable activities
Income from investments
Total income
Expenditure
Grants to other charities
Grants for the beneft of individuals
Grant making and other support costs
Total expenditure
Net (expenditure) before net
gains/ (losses) on investments
Net gains/(losses) on investments
Net (expenditure) for the year
Transfer to the General Fund
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March		 2024
Afghanistan
Fund
–
37
37
(410)
(23)
(10)
(443)
(406)
–
(406)
–
(406)
5,999
5,593
£’000		 Current
Operations Fund
2024
–
–
–
–
–
–
–
–
–
–
–
–
2,247
2,247
£’000		 Relocation
Fund
2024
–
–
–
–
–
–
–
–
–
–
(12,000)
(12,000)
12,000
–
£’000		 Total
2024
£’000
–
37
37
(410)
(23)
(10)
(443)
(406)
–
(406)
(12,000)
(12,406)
20,246
7,840

Designated Funds, within Unrestricted Funds, are set aside at the discretion of the trustees for specific purposes and time. The Designated Funds now consist of the Current Operations Fund (COF), the Afghanistan Fund and the Relocation Fund (RF).

ANNUAL REPORT 2024-25 51

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

21. RESTRICTED FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY

Income
Income from charitable activities
Income from investments
Total income
Expenditure
Grants to other charities
Grants for the beneft of individuals
Grant making and other support costs
Total expenditure
Net (expenditure) before net (losses)
on investments
Net (losses) on investments
Net (expenditure) for the year
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March		 2025
Commandos
Benevolent Fund
–
–
–
–
(1)
–
(1)
(1)
–
(1)
(1)
247
246
£’000		 2025
DEFLOG VQ Fund
–
–
–
(114)
(119)
–
(233)
(233)
–
(233)
(233)
926
693
£’000		 2025
Falklands Fund
–
160
160
(105)
(4)
(16)
(125)
35
(107)
(72)
(72)
3,397
3,325
£’000		 2025
George Purse
Trust
–
84
84
–
(102)
(11)
(113)
(29)
(72)
(101)
(101)
2,034
1,933
£’000		 2025
Total
£’000
–
244
244
(219)
(226)
(27)
(472)
(228)
(179)
(407)
(407)
6,604
6,197

ARMY BENEVOLENT FUND 52

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

21. RESTRICTED FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY (CONTINUED)

Income
Income from charitable activities
Income from investments
Total income
Expenditure
Grants to other charities
Grants for the beneft of individuals
Grant making and other support costs
Total expenditure
Net (expenditure) before net gains on
investments
Net gains on investments
Net (expenditure)/income for the year
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March		 2024
Commandos
Benevolent
Fund
–
–
–
–
(7)
–
(7)
(7)
–
(7)
(7)
254
247
£’000		 2024
DEFLOG
VQ
Fund
–
–
–
(121)
(106)
–
(227)
(227)
–
(227)
(227)
1,153
926
£’000		 2024
Falklands
Fund
–
128
128
(139)
(8)
(15)
(162)
(34)
59
25
25
3,372
3,397
£’000		 2024
George
Purse
Trust
–
63
63
–
(77)
(5)
(82)
(19)
30
11
11
2,023
2,034
£’000		 2024
Gulf
Fund
–
–
–
(123)
(11)
(5)
(139)
(139)
–
(139)
(139)
139
–
£’000		 2024
Various
Legacies
10
–
10
–
(10)
–
(10)
–
–
–
–
–
–
£’000		 2024
The
Band
Trust
100
–
100
–
(100)
–
(100)
–
–
–
–
–
–
£’000		 Total
£’000
110
191
301
(383)
(319)
(25)
(727)
(426)
89
(337)
(337)
6,941
6,604

The Restricted Funds consist of:

ANNUAL REPORT 2024-25 53

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

22. ENDOWMENT FUNDS FINANCIAL ACTIVITY – GROUP AND CHARITY

Income
Income from charitable activities
Income from investments
Total income
Expenditure
Grants to other charities
Grants for the beneft of individuals
Grant making and other support costs
Total expenditure
Net (expenditure)/income before net
gains/(losses) on investments
Net gains/(losses) on investments
Net income for the year
Transfer to the General Fund
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March		 2025
Edward
Gostling Fund
–
–
–
–
(25)
–
(25)
(25)
–
(25)
–
(25)
225
200
£’000		 Total
2025
–
–
–
–
(25)
–
(25)
(25)
–
(25)
–
(25)
225
200
£’000		 Edward
Gostling Fund
2024
250
–
250
–
(25)
–
(25)
225
–
225
–
225
–
225
£’000		 Total
2024
£’000
250
–
250
–
(25)
–
(25)
225
–
225
–
225
–
225

The expendable endowment was a donation of £250,000 from the Edward Gostling Foundation. The fund will be used to provide grants to soldiers, former soldiers and their families over a period of ten years from 2024 to enable independent living.

ARMY BENEVOLENT FUND 54

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

23. FINANCIAL INSTRUMENTS

23. FINANCIAL INSTRUMENTS
Financial assets
Financial assets measured at fair value
through income and expenditure		 2025
2024
76,763
78,330
GROUP
£’000
£’000		 CHARITY
2025
76,763
£’000		 2025
76,763
£’000		 2024
£’000
78,330

Financial assets measured at fair value comprise listed investments.

24. PENSION COSTS

Army Benevolent Fund Group Pension Plan

Employer contributions to the auto enrolment scheme during the year to 31 March 2025 amounted to £190k (2024: £180k).

There was no outstanding pension contribution as at 31 March 2025 (2024: £30k).

ANNUAL REPORT 2024-25 55

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

25. OPERATING LEASE COMMITMENTS

At 31 March 2025 the Charity had future minimum lease payments under non-cancellable operating leases for each of the following periods:

Not later than one year
Later than one year and not later than fve years
Later than fve years
Not later than one year
Later than one year and not later than fve years
Later than fve years		 2025
2024
Land and
buildings
Land and
buildings
286
843
515
1,644
720
168
–
888
£’000
£’000		 Offce
machinery
Offce
machinery
2025
2024
13
14
–
27
13
4
–
17
£’000
£’000		 Vehicles
Vehicles
2025
2024
73
145
–
218
–
–
–
–
£’000
£’000		 Total
2025
£’000
372
1,002
515
1,889
Total
2024
£’000
733
172
–
905

The lease between the Army Benevolent Fund and Grosvenor Estate Belgravia covers part of the first and second floors, and the entire third floor at Mountbarrow House.

26. CAPITAL COMMITMENTS

Contractual commitments 2025
2024
25
–
GROUP
£’000
£’000		 CHARITY CHARITY
2025
25
£’000		 2025
25
£’000		 2024
£’000
–

At 31 March 2025, the Army Benevolent Fund had capital commitments in respect of its CRM software.

ARMY BENEVOLENT FUND 56

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

27. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Income and endowments from:
Donations and legacies
The public
Donations and Appeals Income
Legacies
Army personnel
From individuals in Army Units
Regimental and Corps Benevolent Funds
Army Dependants Trust
Investments
Other trading activities
Total Income
Expenditure on:
Trading activities
Other costs of raising funds
Charitable activities
Grants to Regiments and Corps for the
beneft of individuals
Grants to other charities
Grant making and other support costs
Total expenditure
Net income/(expenditure) before
(losses)/gains on investments
Net (losses)/gains on investments
Net income/(expenditure) for the year
Transfer between funds
Net interest in the results for the year
in associates
Net movement in funds
Fund balances at 1 April
Fund balances at 31 March
3
4
5
6
7
8
13
19,20
14
NOTES		 Total 2025
3,343
28,215
31,558
96
857
800
1,753
2,277
3,152
38,740
2,582
4,251
6,833
3,097
4,303
7,400
1,761
9,161
15,994
22,746
(2,162)
20,584
–
1
20,585
97,906
118,491
£’000		 Unrestricted Funds
Designated
(note 20)
General
(note 19)
2,479
5,231
7,710
55
986
917
1,958
2,259
2,744
14,671
2,464
4,003
6,467
3,018
2,959
5,977
1,976
7,953
14,420
251
5,312
5,563
12,000
1
17,564
65,673
83,237
–
–
–
–
–
–
–
37
–
37
–
–
–
23
410
433
10
443
443
(406)
–
(406)
(12,000)
–
(12,406)
20,246
7,840
£’000
£’000		 Restricted
Funds
(note 21)
100
10
110
–
–
–
–
191
–
301
–
–
–
319
382
701
26
727
727
(426)
89
(337)
–
–
(337)
6,941
6,604
£’000		 Endowment
Funds
(note 22)
250
–
250
–
–
–
–
–
–
250
–
–
–
25
–
25
–
25
25
225
–
225
–
–
225
–
225
£’000		 Total
2024
£’000
2,829
5,241
8,070
55
986
917
1,958
2,487
2,744
15,259
2,464
4,003
6,467
3,385
3,751
7,136
2,012
9,148
15,615
(356)
5,401
5,045
–
1
5,046
92,860
97,906

ANNUAL REPORT 2024-25 57

ARMY BENEVOLENT FUND

Notes to the financial statements for the year ended 31 March 2025

SOLICITORS

BDB Pitmans LLP

One Bartholomew Close London EC1A 7BL

STATUTORY AUDITOR

UHY Hacker Young Thames House Roman Square Sittingbourne Kent ME10 4BJ

PRINCIPAL BANKERS

Barclays Bank PLC 1 Churchill Place London E14 5HP

INVESTMENT MANAGERS

BlackRock Investment Management (UK) Limited

12 Throgmorton Avenue London EC2N 2DL CCLA Investment Management Limited One Angel Lane London EC4R 3AB

TRADING SUBSIDIARY COMPANY

Soldiers’ Trading Limited

(Registered No. 07243995) The trading subsidiary company registered office is at: Mountbarrow House 6-20 Elizabeth Street London SW1W 9RB

HEAD OFFICE

Army Benevolent Fund, Mountbarrow House, 6-20 Elizabeth Street, London SW1W 9RB

T. 020 7901 8900 E. supportercare@armybenevolentfund.org

SCOTLAND

Army Benevolent Fund, The Castle, Edinburgh EH1 2YT

T. 0131 376 4008 E. scotland@armybenevolentfund.org

SOUTH EAST

EAST ANGLIA

Army Benevolent Fund, Building PO4, Room 6, Merville Barracks, Circular Road South, Colchester, Essex CO2 7UT

T. 01206 817 105 E. eastanglia@armybenevolentfund.org

EAST MIDLANDS

Army Benevolent Fund, Chetwynd Barracks, Chilwell, Beeston, Nottingham NG9 5HA

T. 01159 572 103

Army Benevolent Fund, Robertson House, Camberley, Surrey, GU15 4NP

T. 01276 412 961 E. southeast@armybenevolentfund.org

SOUTH WEST Bulford Office Army Benevolent Fund, Bldg 750, Picton Barracks, Bulford Camp, Salisbury, Wiltshire SP4 9NY

T. 01980 672 337 (Bulford office) E. southwest@armybenevolentfund.org

E. eastmidlands@armybenevolentfund.org

LONDON

Army Benevolent Fund, Wellington Barracks, London Sw1e 6HQ

T. 0203 903 6030

Exeter Office Army Benevolent Fund, Wyvern Barracks, Exeter, Devon EX2 6AR

T. 01392 496 412 (Exeter office) E. southwest@armybenevolentfund.org

E. london@armybenevolentfund.org

WALES

NORTHERN IRELAND

Army Benevolent Fund, Building 115, Thiepval Barracks, Lisburn BT28 3NP

T. 02892 678 112 E. ni@armybenevolentfund.org

Army Benevolent Fund, Maindy Barracks, Whitchurch Road, Cardiff CF14 3YE

T. 02920 377 080 E. wales@armybenevolentfund.org

WEST MIDLANDS

NORTH EAST

Army Benevolent Fund, Hipswell Lodge, Smuts Road, Catterick Garrison, North Yorkshire DL9 3AX

T. 01748 874 127

E. northeast@armybenevolentfund.org

Army Benevolent Fund, Building V5, Venning Barracks, Donnington, Telford, Shropshire TF2 8JT

T. 01952 674 369 E. westmidlands@armybenevolentfund.org

NORTH WEST

Army Benevolent Fund, Fulwood Barracks, Preston PR2 8AA

© 2024 Army Benevolent Fund. Army Benevolent Fund is a registered charity in England and Wales (1146420) and Scotland (SC039189)

T. 01772 260 356 E. northwest@armybenevolentfund.org