ortin Wounded Veterans Ltd SUPPORTING WOUNDED- VETERANS REHA#ILITATIQN TO EMPLOYMENT Trustees Annual Report & Financial Statements st For the Year Ended 31 July 2023 Charity registration number: 1149727 Company registration number.. 8258649 Page 1 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee) Trustees. Annual Report for the Year Ended 31$t July 2023 Contents Page Charity Fieference and Administrative Detsils Chief Executives Report Trustees, Annual Report ExecLJtive Summary Objectives and Activities Our Impact Achievements and Perfomiance inc. The Five Pathways to Support our Veterans Risk ManagenEnt Our Plans for the Future Fundraising Structure, Governance and Management Independent Auditor's Report Statement of Financial Activities Ilncluding Income and Expenditure Accounti Balance Sheet 13 14 16 18 22 25 26 Statement of Cash Flows 27 Notes to the Financial Statements 28 Page 2 SUPPORTING WOUNDED VETERANS LTD (A company limlted by guarantee) Trustees, Annual Report for the Year Ended 31$t July 2023 Reference and Administrative Details of the Charity, its Trustees and Advisers. 1149727 Charity registration number Company registration number 8258649 Patron General Sir Nick Carter KCB CBE DSO ADC Trustees & Dirgctors James Charringlon Chairman The Right Hon Lord Hamilton of Epsom Philip Luard Howell Paul Chnstopher Kettlety lappointed 519122} Simon Jeremy Walker (appointed 5191221 Gilty Norton Chief Ex￿UtiVe Officer Chief Operating Officer Ed Hynes laclingl Chief Financlal Officer Ed Hynes Registered 38 Connaught Square London W2 2HL Auditor MHA Chartered Accountsnt5 61h Floor 2 London Wall Place London EC2Y SAU Sollcltors McDermoll Will & Emery UK LLP 110 Bishopgale London EC2N 4AY Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Union Bank of Swilzerland UBS SwitzeHand AG Postfach 8098 Zurich Page 3 SUPPORTING WOUNDED VETERANS LTD (A ¢ompany limited by guarantee) Trustees, Annual Report for the Year Ended 31°, July 2023 Chief Executive's Report As we celebrate the 11th year since the inception of Supporting Wounded Veterans ISWV), 2023 stands out as a remarkably evenfful and busy year for our charity. The charity started as Skiing with Heroes, taking wounded veterans skiing for a week of respite and camaraderie. In this journey, we uncovered critical unmet needs among veterans prompting us lo evolve and expand our support programmes accordingly Our core programmes.. Ski and Sailing Rehabilitation weeks, Mentoring, Pain Management and Occupation, Training and Employment IOTEI ft)rm the core of our pathways. This year, the OTE program has achieved a remarkable 92°/¢ success rate, a great result. We are seeing more veterans and their families coming lo us needing help while being currently too ill to go onto our main programmes. We are helping these veterans get lo a sufficiently stable place, both mentally and physically, where they can then join our main programmes. We will need lo set 8side more funding to enable us to continue lo do this. Our buddies programme continues lo see more people applying for a place. Those that are acoepted have lo raise money for their place and for the charity on our ski and sailing rehabilitation weeks. This year they raised an amazing £120,000 tor SW for which we are enormously grateful. The SWV Winter Conference and Challenge, which takes place at the same lime as our Ski Rehabilitation week, allows companies to enter teams lo ski with veterans who have been through OLJr programmes and fundraise for SIMI. The initiative embraces the business community and encourages it, not only lo raise funds, but also lo help build our network of support through mentoring, apprenticeship, and employment. We are very grateful for the incredible fundraising efforts of all the companies who entered teams for the event. l am pleased lo report that the Phase 2 MDMA-assisted therapy trials al King's College are nearly completed after some unavoidable delays. The Phase 3 trials have been halted following the government's announcement that a group of seven countries will all mutually recognise each other's medical approval board's, thus negating the need for repeated and identical trials lo have to take place in each country to gain approval. The MAPS Imullidisciplinary Association of Psychedelic Studies) organisalion. of which our trials were part. has completed their phase 3 trials in the USA and, as they reported in the publicats'on Nature, 68Qh of those that look part in trials no longer mel the designation of PTSD, as against a 300kn improvement with CBT (cognitive behaviour Iherapyl. MAPS is looking lo gain FDA approval In the United Slates In the first quarter of 2024. Australia have already approved the treatment We will be looking to start a new study, continuing lo seek best practice and more data, of which more details below. Reserves and Funding Our reserves policy remains robust and we believe it is correct to maintain one yearfs operational expenses. The reslricled funding for various programmes is £1 m. We continue to work diligently lo reduce our support and governance costs at 13,1012022.. 14Qhl. which Is far below the average level for many charities. Going forward, we will continue to see that our main progr8mmes a￿ well funded and deliver the support veterans need to move into OTE. The Rivers Forum Sel up by SVW lo look for employment for wounded, injU￿d or sick veterans, our inaugural Rivers Forum was a great success. As an independent organisation under the chairmanship of Sir Malcolm Rifftind, with an excellent advisory board, we were able lo bring many diverse and often disconnected organisations together Page 4 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Trustees, Annual Report for the Year Ended 3151 July 2023 lo collaboratively find solub.ons lo improve the health of our rivers. The veterans who allended found many opportunities available to them and we have identified rnany jobs for veterans working on the rivers with water boards and other organisalions. Few things could be more peaceful and fulfilling than working on the rivers. MDMA Assisted Therapy study We ale working with King's College on a new study looking at best practice and gathering more data, starting with a different protocol which will include brain imaging. This will seek lo identify whether veterans who have tried years of treatment for PTSD, and are applying for the study, have a MTBI Imild Iraumalic brain injury I, PTSD or both. We will also be completing our work on the feasibility of 8 new research centre to treat veterans with MDMA Assisted Therapy. Acknowledgements I would like lo thank our Iruslees, the SWV committee and the countless volunteers for their hard work and commitment lo SVW and all that il stands for. None of the work we do would be possible without the generosity of our donors. Thank you for all your help and for understanding that the wounded, injured and sick musl not be forgotten... Gillv Norton Gllly Norton Chief Executive Officer 25 October 2023 Page 5 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Trustees, Annual Report for the Year Ended 31 July 2023 Trustees Annual Report The Trustees (who are also Directors of the Charity for the purpose of the Companies Acll present their report and the audited financial statements of the charity for the year ended 31 St July 2023. The Trustees have adopted the provisions of the Slalement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in prepanng the annual report and Iinancial statements of the charity. In doing so the Trustees have taken advantage In the exemption from providing a Strategic report as the Company is defined as small. Executive Summary The United Kingdom boasts a subslanlial veteran population, exeeeding 2 million individua15. Within this diverse group, veterans present a wide spectrum of disabilities, encompassing both physical and psychological challenges. Consequently, military charities bear a significant responsibility lo provide comprehensive care, aiding veterans in their transition from military lo civilian life. Supporting Wounded Veterans ISVWI plays a pivotal role in meeting this demand through ils multifaceted progoms SVW has also adapted ils services lo the digitsl landscape, resulting in a highly successful and, in many cases, more beneficial online approach. In the light of the charity's future projections, the Trustees have decided lo maintain its reserves policy for further twelve months lo ensure that our existing beneficiaries receive the lasting benefits of our programmes. As of July 31, 2023, SWV, the trustee5 present the following finaneial and programmatic overview.. Financial Rgserves.. SWVS total reserves 8tsnd al £1,722,128, representsng a decrease from £1,904,532 in 2022. Restricted Funds.. A portion of these reserves, specificalty £974,204,12022 £1,105,346} is dedicated lo restricted funding for the Charities Pathway Programmes. This includes £462,988 for the MDMA Assisted Therapy trials. D*signated Funds." In adherence to their reserves policy, additional £71 S,979 is sel asSde as designated funding, a decrease from £794,357 in 2022. Designated funds are typically allocated for future expenses or specific purposes. Free Reserves". After accounting for both restricted and designated reserves, SWV reports free reserves of £31,945 in 2023, This marks an increase from the £4,828 in free reserves reported in 2022. Cost per Veteran.. SVVV estimates that il costs an average of £10,000 to support a single veteran across all its programs. This Insight sheds light on the financial requirements of their initiatives. Impact.. SVVV has served over 500 veterans through its programs on nearly 2,000 occasions, underscoring its substantial reach and positive influence on veterans, lives. Future Objectives.. The Charity is committed lo maintaining ils current income and expenditure levels to sustain its core programs and continue aiding vulnerable veterans. Additionally, SVW is keen on forging partnerships lo advance medical research aimed at addressing the unique challenges faced by veterans with trealmenl-resislanl disabilities. In Summary, SWV, despite its small size, its unwavering dedication lo supporting wounded veterans and exploring innovative solutions for veterans with complex disabilities remains sleadfasl. Collaborative efforts with partners and financial stability will be pivotal in achieving these noble objectives. Page 6 SUPPORTING WOUNDED VETERANS LTD (A company limited by guaranteel Trustees, Annual Report for the Year Ended 31. July 2023 Objectives and Activities What we do Piovide a supportive team who are on hand lo help. Work with experts in the field of pain lo deliver a one-of-a-kind pain management programme. Provide employment advice and support for those who would like lo be in meaningful employment. Offer a mentor scheme to encourage communication and provide one-on-one support. Make skihabililation possible, with a well-resourced ski week that aims lo use the Iherapeutlc aspects of skiing lo rebuild confidence. Help to better manage PTSD. Help family members to receive better information and signposting for practical help and support. The Veteran Journey with SWV Since being founded as Skiing with Heroes in 2012, our vision is that all medically discharged ServI￿rnen and servicewomen can embrace their full potential free from the pain of physical and psychological injuries. For some veterans, the path lo independence and employment can be a struggle. Their journey lo recovery can be greatly improved through support lo manage and develop their physical and mental health. SVW provides five comprehensive p8lhways including sporting events, mentoring, pain management and employment lo enable veterans lo move forward from rehabililalion lo employment. We also fund and promote innovative pr(￿eSSeS and research designed to facilitate the transition from military In our first len years we have developed needs-based. veteran-led, programmes lo assist the most vulnerable., and we con11nue to listen to veterans lo understand which treatment and support programmes can be most effective in aiding their independence. Sports Habllrtation Paln 8nagemeTrt Mentoring Occupation & Employment Veteran Network Over 500 wounded Veterans have been supported on their pathway to independence since SWV was founded in 2012. The average age of a veteran who seeks support from SWV is 36 years old. Ourfirsl programme. Sports Habilitation, took veterans adaptive skiing to the Swiss resort of Klosters to rebuild their confidence and resilien￿ following a medical discharge. In 2014, and in consultation with our beneficiaries, we identified that chronic pain was a key barrier lo veterans Int￿rating into their community. Pain management as a focus for SVW, is to help wounded veterans to beller manage this pain, and lo help reduce their reliance on, and in some cases addiction to, pain medicat￿0￿. In 2016, with funding from LIBOR, we were able to commence the UK'S fi'rst Pain Management Programme for veterans, delivered by Dr Dominic Aldington. °Th￿ is the bgst ttpalment progr8mm8 I have had in my 25 Yea￿ of dealing with both physical and mental issues. Despite it being described as a pain managementprogramme I have found it lo b8 massively beneficial for my mgnlal issues also.. Page 7 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Trustees, Annual Report for the Yoar Ended 31" July 2023 Impact for wounded veterans and their families We will: Support the most vulnerable veterans. Increase knowledge and awareness. Better pain management for chronic pain. Improve oullcx)k on employment. Improve quality of life. Overcome the challenges and reslriclions of disability. Create a SLJPPOrtive network that can ease transition and scaffold development. Undertake further studies on MDMA Assisted Therapy including brain injury imaging. Gathering feedback from the veterans has informed us that an important focus for them is to continue receiving SUPPOtt when they need it, lo feel listened lo and to stay hopeful for the future and secure independence and slop isolation. SWI ensure that once the ski week is over all our veterans are gnien the opportunity for further long-term support in their lives, such as through the pain management programrne, mentor scheme andlor OTE 8Ctivity. To date we have supported over 523 unique veterans that have availed of our programmes over 2,000 times. Achlevements and Performance Our key objectives for the year were to: a. Enhance our pain management pathway by further developing the Online Pain Resilience ProgramFne and lo also offer addikn'onal pain review sessions b. Undertake MDMA assisted PTSD treatment trials in partnership with King's College London. NHS England and Multidisciplinary Association for Psychedeli¢ Studies IMAPS) Continue to expand the veterans, pathways programmes lo support more veterans d. Develop the Rivers Forum with a v￿W to create new employment opportunities for veterans Page 8 SUPPORTING WOUNDED VETERANS LTD (A company limitsd by guarantee} Trustees, Annual Report for the Year Ended 31st July 2023 Supporting Wounded Veterans Impact Report 2013-2023 213 Ski Weekveterans People have received Mentoring support 560 ngaged with ccupation, Training and mployment Programme Received a specialist Pain Consultstion 41 Attended a residential Pain Programme 120 Joined the Paln Resilience Programme 108 Received EFr treatment Participated in the Ocean Challenge 118 Attended the Spring into Action Weekend Partners attended the Bouncing Back Programme TOTAL PROGRAMMES ArrENDED 2010 TOTAL UNIQUE VEfERANS 23 Page 9 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee} Trustees, Annual Report for the Year Ended 31 July 2023 Enhancing the Pain Management pathway The continued provision of online support has proven very successful for many veterans and the charity continues to expand its online services. The online services provide additional benefit$ including," Those living in all parts of the UK, including Northern Ireland, were able lo attend the programmes Those who were unable to travel to face-lo-face meeting due to mental illness, were able to Ljndertake the courses in the comfort of their own homes Reduction in feelings of isolation Cosl-effeclive- reduction in travel costs meant that we could deploy more expenditure to other areas. Pain Reviews Veterans accessed the Pain Management pathw2ys by attending a Pain Review consultation. These 45- minute sessions were initially delivered monthly, face-lo-face within a hospital setting. However we now provide many of our reviews online. During the year 67 veterans received specialist pain consultations. The Pain Review offers confidential, one-to-one advice from a qualified pain consultant, giving veterans. The opportunity to discuss their pain management history and ask questions about medication A post-consullation follow-up letter which can be taken to their GP Where appropriate, recommendations lo other SVVV pain management pathways SWV is the only charity lo have provided this service online. Further reviews and follow-ups are offered to veterans who need medication reviews after completing a SVW Pain Management pathway programme. Pain Resilience Programme Following an individual Pain Review, veterans are offered a place on the bespoke pathway Pain Resilience Programme IPRP). PRP is a veleran-specific, veteran-led, online programme runnlng across 52 weeks. 11 is open lo veterans suffering from chronic pain, including those with PTSD. 11 is deliVe￿d in small groups 18-10 Veterans) with qualified pain management and psychotherapy clinicians and healthcare professionals, including a physiotherapist. The group component is reported as parti'cularly helpful since il allows a discussion of pain in a safe environment with others who have had similar experiences and problems. Throughout the programme. participants have the support of ￿0 veteran Team Leaders who are on hand to help facilitate discussion and assist with any issues The course provides veterans with the tools required lo understsnd and manage their pain. Sessions include.. Pain management Psychology of pain and resilience Medication review and management Physical interventions Pain management and workloccupation During the year 19 veterans joined the PRP. There are also sessions available for the partners of those living with chronic pain. Page 10 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee} Trustees, Annual Report for the Year Ended 31* July 2023 Expansion of Veterans, pathways Sports Habilitation - Ski Week The veteran Ski Week was our first programme, designed lo help veterans who found the transition trom military discharge lo maintaining a positive civilian lrfe challenging. The Ski Week offers a Iransfomalive break to help kickslart a new phase of rehabilitation and recovery. Now in its 121h year SWV continues lo undertake this programme. During the year 17 new veterans joined 17 other veterans on the Ski Week. Mentoring Programme We believe SVW makes a differen￿ by supporting our wounded veterans for as long as they need and so far we have engaged with 535 veterans. To do this we offer individual mentoring support for each beneficiary. These mentors can be for business andlor personal reasons with an aim lo help identify goals and support menlees in their professional or per$onal lives. Transitioning from military lo civilian life can be a complex lime for some of the Veterans. Often mentors can just be someone that veterans can confide in and work through their problems with. Each mentor attends a training course lo ensure they are suitable for the role. They are then thoughtfully matched with each veteran. Some mentors can even choose to help more than one veteran. Mentors have helped with.. retraining career change setting up a business returning to employment housing lifestyle issues Al each slep, the mentor's objective is lo wort( towards a secure and fulfilling future for the veteran. Mentor contracts are usually sel for one year, bul these are often extended since the relationship continues to be beneficial for the veteran. During the year 31 new veterans joined the programme. As a follow up to the Ski Week and as part of the Mentoring programme, 13 joined the Spring into Action Weekend. Occupation, Training and Employment IOTEI Finding full-lime employment or meaningful occupation addresses what is for many the most crucial part in a person s transition from militery to civilian life. Following participation in the Ski Week or Pain Management pathway, Veterans are offered the opportunity to join the OTE programme. Over 560 Veterans have engaged In OTE, with 920/0 of Ski Week participants in full- or part-time occupations, training or employment. SW advocates collatx)ralion and partnership-working with other military and non-profit organisations lo give veterans the best chance of securing meaningful occupation. We liaised with over 20 other organisations within OTE lo support Veterans. During the year 22 new veterans joined the EFT programme. Mental Health support- Emotional Freedom Te¢hnlque {EFT) "I had a very positive experience with my EFT session. I have had issues with sleep and anxiety and this session eased the anxiety 8nd made me fgel more ￿laxed. l also had a good night's sleep. fh&y teach you the exercises so Ihat we can practise it forourselves. Highly recommended." EFT is an evidence-based treatment method with over 100 clinical studies dernonslraling its efficacy for issues including anxiety, depression, and PTSD. It has also been shown lo be effective al helping people cope with chronic pain and sleep disturbances. Page11 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Trustees, Annual Report for the Year Ended 31 July 2023 gt The treatment combines elements of extKJsure therapy, cognitive therapy, and somalie therapy in the form of 'lapping' with the fingers on acupressure points on the face and body. 11 is safe, non-invasive, and does not require veterans to revisit their trauma in painful detail- something veterans frequently cite as a benefit of the method. Once the initial technique sessions are complete, veterans can use EFT as a self-help technique, which empowers them lo take charge of their own recovery and feel more in control of their wellbeing. Many veterans report using the technique on their own successfully. SWV is the first and only military charity offering this safe, effective, and proven technique lo veterans. To dale we have treated over 108 veterans with EFT. The Ocean Challenge The SWV Ocean Challenge took place in June again this year. 15 veterans, including those with brain injuries, were welcomed aboard four sailing boats, each captained by a professional veteran skipper The first four days were spent learning lo sail in the Solent, with each night spent in a different harbour In the Solenl. Day five was spent learning and practising racing techniques before taking part in the Round the Island Race on the Saturday. Each of the Slnnl boats finished within the top third of competitors. This is an incredible feat when one lakes into account the physical and mental injuries of the veterans which included one wheelchair user. four who required walking assistance and one who had suffered a severe brain injury - all sailing in un-adapted boats and living in close quarters SWV Veteran Ambassador Board Our Veteran Ambassador Board enables veterans lo be represented on what they feel the ¢harily sector should be providing for their ongoing care. Ambassadors are wounded veterans who have been through an SVW programme. They are role models and assist SVVV with fundraising events, wounded veteran awareness and inspirational speaking al schools, community groups and projects. The Ambassador Board meets quarterly and liaises directly with the Executive Commrttee. These meetings cover updates on the progress of the charity and ils veterans, a review of SWV'S Programmes, and the Ambassadors also take the lead on the Regional Veteran Representative Group. SWV Veteran Support Network {VSN) SWV provides regional support, on subjects ranging from Housing, Benefits, Personal Independence Payments IPIPI, Compensation and Pensions guidance, to ongoing support wfth referrals lo Regimental Associations and other Military Charities, to how to gel the best support from their GP or Mental Health Worker and referrals to other org8nisations who can assist with most 'issueslproblemslbarriers lo occupation,, including a group of law firms and HR consultants who have offered a pro-bono service lo veterans. The VSN is led by one of the Veteran Ambassadors who is a qualified Welfare Officer IDMWSI and worked within the Army Welfare environment and has since built up a large network within the legal, charity and welfare sectors. The VSN also works with partnerslfamilies of our veteran cohort - ensuring appropriate referral and ongoing support whilst they navigate the complicated systems of support that might be available lo them. The VSN lead is supported throughout the UK by Regional Veteran Representatives, made up of injured veterans who have been through our programmes and have volunteered to join the VSN in this peer support role. Page 12 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee) Trustees, Annual Report for the Year Ended 31 July 2023 Risk Management The Trustees continue to regularly consider the primary risks lo which the Charity is exposed, and the necessary action required lo limit exposure to, and the impact of, significant risks and take out appropriate insurance. The Charity has formulated a risk management plan that is regularly reviewed and updated. The purpose of the risk assessment pro￿$$ is lo allow the Trustees and Executive Committee to. Identify the major risks facing the charity as a whole Mitigate the risks where possible Manage the risks on an ongoing b2SIS When appropriate, make a risk statement in the annual report The risk management plan together with the individual risk assessments is reviewed annually by the Executive Committee and approved by the Board of Trustee$. Any High Risk activity can only take pla￿ once mitigating procedures have been put in place and have then been approved as adequate by the Committee. A summary of all Significant Risk activities is being maintained. Any mitigating procedures which downgrade the activity to Moderate Risk or Low Risk are reviewed by the Executive Committee lo ensure that they are implemented. Moderate Risk activities will be summarised on the individual risk assessments. Any mitigating procedures which downgrade the activity to Low Risk musl be implemented in a timely fashion by the Committee member responsible for that particular area. This is monitored internally and only reported to the Committee when deadlines have been passed. Any major incident will automatically lead to Supporting Wounded Veterans conducting a formal review of procedures and the incident. Principal Risks and Uncertainties The Charity takes preventive actions lo idenlrfy risks and safeguard veterans and vulnerable people. The Board of Trustee$ considers the following the main risks for Supporting Vvounded Veterans", 1. Vulnerable Veterans The Department of Health defines a vulnerable adult as a person aged 18 years or over who is or may be in need of community care services by ￿aSOn of mental or other disability, age or illness, and who is or may be unable to lake Care of him or herself, or Ljnable lo protect him or herself against significant harm or exploitation. We have a safeguarding policy lo enable SVW to.. promote good practice and work in a way that can prevent harm, abuse and coercion occurring. to ensure that any allegations of abuse or suspicions are dealt with appropriately and the person experiencing abuse is supported. and to stop that abuse occurring. 2. Serious injury or death of a V¢teran Sport of any kind Can have an inherent physical risk lo those taking part. All activities the Charity runs have individual risk assessments under the control of a risk manager. We also have crisis management insurance in place for all events. 3. Funding Supporting Wounded Veterans carries adequate reserves to ensure its pathway programmes can operate for twelve months, allowing veterans who have already enrolled on a programme to, where prudent, finish their course. The Charity also recognises that similar pandemics like those experienced during COVID could restrict its fvture ftjnding abilities and thus ensure that its ￿selveS are adequate should those events arise. Page 13 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Trustees, Annual Report for the Year Ended 31* July 2023 4. Applying tho right Programmes We will only allow veterans to partieipale in one of our programmes when they are fully aware of what is involved and that il is ultimately their own choice based on professional advice that they receive. Veterans are only enrolled in a programme when it is in their best interest. All veterans are monitored and research conducted that ensures all treatment is effective. 5. Strategic relationships Supporting Wounded Veterans has formed strategic partnerships with relevant health trusts and professionals. The Charity actively monitors those relationships lo ensure that veterans are receiving the best form of treatment and that the relationships continue to operate in all pa￿'es, best interest. Our Plans for the Future Pathways, Expansion SWV will continue to expand its palhw8ys' programme lo support more veterans while increasing ils focus on pain management with additional pain clinics and pain management programmes. This will be further enhanced by development of our online services including our Pain Resilience Programme. Revolutionary therapy offers hope MDMA-assisted therapy involves the administration of carefully-controlled pharmaceulical-quality doses of MDMA in combination with a specialist form of trauma focused psychotherapy. The treatment takes place under the guidance ot highly accomplished clinicians and in a medically supervised setting. Miero-dosing is now becoming more main stream as the pharmacology industry advances In this field. The aim of the treatment is to create the ideal conditions for effective trauma-focused psychotherapy by promoting neural plasticity and reducing the fear response. This supports study participants to overcome their trauma by helping them access their innate capacities for resilience and positraumatic growth. The highly positive therapeutic impact is not due simply to the physiological effects of the medicine. rather, il is the result of an inler8clion between the effects of the medicine, the therapeutic selling, anis the FDA~approved form of speeialisl psychotherapy employed. The Irealmenl creates a unique window of optimal arousal that enables participants to revisit traumatic and distressing experiences wilhoLJI becoming 0ven￿he1Med. In an atmosphere of safety and acceptsnce, the treatment promotes feelings of empathy. openness, and self-compassion. as opposed to the shame and blame that many Veterans experience, particularly when they're asked to talk about trauma. The Pioneer Appeal The charity has been succe$5ful in ils fundraising for its research al Kings Hospital for the use of MDMA for veterans suffering from PTSD. The charity is now seeking to raise further funds within its pioneer appeal to condijcl research into PTSD and into Iraumalic brain iniury. MDMA-assisted therapy could be the breakthrough treatment for thousands of people suffering from PSTD. The charity expects that should the MDMA lesling results be as successful as anticipated then the treatment of veterans with PTSD will become a major component of ils pain management treatment programme. SWV is seeking to raise further funds as part of ils pioneer fund lo conduct further medical research into brain injuries. As part of this research, and as further support to the MDMA trials, the charity is seeking lo conduct brain meg scans lo further its research. Page 14 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee) Trustees, Annual Report for the Year Ended 31" July 2023 The Rivers Programme The Rivers, Forum is about finding solutions.. Too many who have Influence on what happens with our rivers work in silos and do not have a forum to work together with decision makers and tech companie5. SWV consulted government bodies, river and environmental groups, charities, developers, landowners, water companies, tech companies and philanthropists about the need for a Rivers, Forum and received an overwhelming "Yes l This would really help." The Forum is an opportunity lo create relationships lo drive real change and collaborative impact. This is NOT just a physical clean-up of the waterways. The Forum will provide a neutral platform to discuss the challenges in river conservation and water quality creating outcome orientated and collaborative approaches to the problems. Established by SWV lo facilitate employment opportunities for wounded, Inju￿￿, or sick veterans, the inaugural Rivers Forum has proven lo be a success. Under the chairmanship of Sir Malcolm Rifkind and with 8n exceptional advisory board. this initiative has brought together diverse organizations to collaboratively enhance river health. Veterans participating in the forum have Identified numerous job prospects, including positions with water boards and other river-related organizalions. Public Benefit Statement In planning our activities for the year, we have kept In mind the Charity Commission's guidelines on public benefit at our Trustees, meetings and the Trustees can confim) Ihal.. All activities undertaken by the Charity were within ils core objectives as defined in ils articles and.. The Charity's financial statements are prepared in accordance with the Charity Commi$sion Guidelines, and detsils of how we provided public benefit are set out throughout this report. Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financi21 slalemenls. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. The charity has evaluated the impact of ils many online programmes for the treatment of veterans. This has proven lo be very effective. The charity will continue to embrace technology as part of ils communications reach and where possiblg use thbs for the benefit of its veterans. Page 15 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Trustees, Annual Report for the Year Ended 31" July 2023 Financial Review The Trustees are pleased to report that during the financial year lo 31 July 2023, revenue tolalled £987 508 12022.. £1,230,675). The reduction in revenue from the prior year is due lo advance funding for the MDMA treatment research into PTSD and that is further refiecled in expenditure. We received £259.02912022'. £160,846) in donated services. We have also raised a further £33,405 12022.. £101,029) from fundraising activities, plus general donations and other revenue of £462,97212022." £674,800). Income from charitable acb'vities accounted for £135,574 {2022.' £251,600). Totsl resources expended during the financial period amounted to £1,169,914 {2022.. £849,473) of which £1,039,76012Q22.. £747.4951 was expensed on our programmes including online support. Nel income for the period was -£182,40612022. £381,202). In summary, expenditure was defingd as follows.. Total £ Spend % Resource$ Expensed Charitable Activities Fundraising Costs Total Operational Costs 1,039,760 65,890 1.105,650 1000/, Event Costs (Fundraising Events) 64,264 Total Resourees Expensed 1169.914 At the end of the financial year ending 31￿ July 2023, the Charity has reserves of £1.722,128 12022.. £1,904,532) of which £495.514 is re8lricled for use on the Pain Management Programme included as part of the LIBOR grant, and a further £15,702 is reslricled for other programmes. £462,988 is reslricled lo the Pioneer Fund for PTSD research, and a further £715,579 is designated lo other programme 8Ctivilies in the new financial year. Allowing for restricted and de51gnaled funding, the charity has free funds of £31,945. The Trustees review the level of reserves frequently and have concluded that the level is sufficient to continue operations and, to guard against uncertainty and, the Trustees have slated that they want lo maintain a reserve of 12 months, operational costs. Further details of the charity reserves policy are disclosed overleaf. Charitable activities include the cost of the pathway programmes and medical research. Fundraising Standards We are registered with the Fundraising Regulator and abide by their guidelines. In line with published guidelines, the Charity reports as follows.. Supporting Wounded Veterans always seeks lo ensure that everyone supporting the charity understands how their money will be used to improve the life of our veterans. We raise a significant amount of money from the public and our aim is lo ensure that we do this in both a respectful and compelling way. In all our fundraising, we work diligenlty to comply with the Fundraising Code of Practice and to champion the standards it promotes. All fundraising is carried out with the full oversight of the Board of Trustees and the Executive Group. Quartedy accounts of income and expenditure are prepared and reported to the Trustees. To date, we have not received any complaints about any of our fundraising, We do not contact people from cold lists, nor do we give or sell supporters, details lo anyone else. Details of our fundraising campaigns are on our website and we actively encourage supporters to contact us with any feedback. 11 is vital that we communicate with our supporters in the manner they prefer and we are very keen lo respect their privacy and preferences. We the￿fore maintain a detailed Page 16 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Trustees, Annual Report for the Year Ended 31st July 2023 CRM system. To that end, we continuously check we never intrude on privacy and the vulnerable. We support measures that will Improve public trust and support for the sector. Vvhere we use the services of professional fundraisers, we maintain written agreements for clarity of our operations. We only engage with professional fundraisers that subscribe lo the Institute of Fundraising. We currently retain on a contract basis one fundraiser that work for the Charity, FTE, days per week to assist on grant applications and appeals. We ensure that fundraising is undertaken in compliance with the code of fundraising practice. Reserves Policy The Trustees have agreed that the Charity should continue to maintain ils reserves policy of 12 months of veleon programme operations. As al the year end the charity h8d un-restricted reserves of £747,924. This is greater than the reserves policy calculation of £715.979 designated lo cover the 12 months of programme operations. In addition the Charity is seeking lo increase ils reslricled reserves to cover further medical research plans into brain Injury and other related PTSD research. The Charity is seeking to raise a further £1 m to fund the new research. The Charity is also seeking lo raise funds to open a treatment centre to treat veterans with PTSD following approval of the use of MDMA, The Charity Commission has advised that Trustees should consider the cuNent reliability of projected future income as well as the effectiveness of financial assets that a charity may own. SVVV does not own any financial instruments in the form of investments that create income. In addition lo complying with Charity Commission guidelines. the Trustees are commilled lo their aim that all current SVW veterans, including those newly recruited, can complete their pathways programmes. Furthermore, il is the Charity's policy never lo sel a time limit for veteran assistance to achieve this. This year, SVW has continues lo invested very significantly in leading the way on pioneering research into medi￿1 treatments (The Pioneer Fund) in order to assist even further veterans and others suffering from PTSD. Page 17 SUPPORTING WOUNDED VETERANS LTD IA Company limited by guarantee) Trustees, Annual Report for the Year Ended 31 July 2023 Structure, Governance and Management There are currently five Trustees (who are also the Directors) who have been selected due lo their ability to bring a range of complementary skills and eXper￿nCeS to the charity. They have appointed an Executive Group with eleven members who are responsible for the day lo day running of the charity under authority delegated lo it by the Board of Trustees. The Executive Group proposes lo the Board of Trustees where the charity should Invest its lime, money and expertise, including an annual discussion of strategy supported by financial forecasts. 11 also proposes an annual operating budget to the board of Trustees for approval, which monitors performance accordingly. The biographies of the Direclorsrrrustees, and the CEO and COO and CFO of the Executive Group members are sel out below, together with the names of the individuals who are members of the Executive Group. A further ten volunteers together with the ExecLJlive Group, form the Full Committee. The Executive Group meets 11 limes a year and is joined by members of the Full Committee 4 times a year. We also have specific sub-committees for the Ski Challenge and the Carol Concert which are our key annual Fundraisers. Key management personnel of the Charty are defined as the Trustees, the Chief Execub've OfFicer, the Chief Operating Officer and the Chief Financial Officer. The Charity employs only the required resources to carry out its objectives. Further details on staffing are disclosed under Note 11 of the financial statements. The annual full time equivalent of staff numbers is 8.3 {2022 7.71 The Charity is committed to advancing the knowledge base and understanding of its Trustees and Committee Members across all aspects of the Charity's activities, including finance. 11 has appointed an audit committee who have been advised of their responsibilities within that framework. The Charity has also adopted the Internal Financial Controls for Charities ICC81 as recommended by the Charity Commission. Regular review$ are carried out of the controls and where deemed necessary corrective procedures implemented. Trustees follow the guidelines as laid down by the Charity Commission under CC3 that outlines the responsibilities of Trustees. A quarterly management report is presented by the Executive Group that further outlines ongoing responsibilities of Trustees with detailed briefing notes where required. The Charity is committed lo strengthening ils Board of Trustees with additional skills which expands ils level of corporate governance and control. Any Trustee may recommend the appointment of a new Trustee New Trustees are only appointed on the approval of the Board of Trustees. Once appointed, Trustees will undergo induction and training Covering the activities of the Charty and the responsibilities pertaining to the Trustee. The Charity has also produced a handbook for the benefit of all members and veterans. That handbook forms the basis of the Charty's procedures, activrties and objectives. The Executive Committee closely monitor changes lo Govemmenl legislation and recommendations from the Charity Commission. As part of ongoing training, this information is communicated to all relevant parties includirig the Board of Trustees. Supporting Wounded Veterans is a member of The Confederation of Setvice Charities (COBSEOI. DirectorslTrustees: James Charrington - James is the Non-Executive Chairman of BlackRock EMEA having previously held the positions of Chief Executive and Executive Chairman and served as a Member of the Global Exeeulive Committee. He is a Governor of Sl. Andrews Healthcare in Northampton and a Trustee of London's Air Ambulance. The Right Hon Lord Hamilton of Epsom- Archie was MP for Epsom and Ewell11978-20011, Government Whip 11982-861 and Parliamentary Under Secretary of Slate, Ministry of Defence11986-971. He was also Parliamentary Private Secretary to the Prime Minisler11987-881, and Minister of Slate for the Armed Forces 11988-931. Page18 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Trustees, Annual Report for the Year Ended 31st July 2023 Philip Luard Howell Philip is the CEO of The Openwork Partnership. He was the Chief Executive Officer of Rathbone Brother5 from 2014 until 2020 He was appointed to the Board of Trustees in January 2021. A gr2duale of HaNard Business School, following an early militsry career. Philip enjoyed a 24 year investment banking and private banking career with Barclays Group, including assignments as Regional CEO in Asia and in South Africa, and latterly as Head of Strategy & Corporate Development Simon Walker - Simon has worked in the media for his entire profession81 career. For 20 years he was an award-winning photojournalist for a variety of internationally renowned newspapers, magazines and photographic agencies and most recently as a senior staff photographer on The Times newspaper before becoming its News Picture Editor. He has served as a Community Governor al large primary school in London and is currently a Trustee al the arts-based charity Tender. He is also a Fellow of the Royal Society of the Arts and Manufacturing. Paul Kettlety - Paul is an experienced energy maTkels executive having served at Board level for a number of listed energy commodity, infrastructure and shipping companies as such having lived in in Africa, Middle East, USA, Asia and Australia. He is Chairman of SNUGG a climale-lech focussed on decarbonisation of the UK residential housing stock. Paul is a Chartered Management Accountant and a qualified ski instruelor Executive Group: The Executive Group meets monthly and is responsible for the day-to-day management of the charity. The Group produces financial and operational reports for the Board of Trustees together with re¢ommend81ions ft)r the continued operation of the charity. The Executive Group are retained by the charity and do not hold any voting powers. There is a virtual meeting comprising the heads of department on a weekly basis. In addition, and for further good govem8nce, the CEO, COO and CFO, as part of the key management personnel meet weekly to review current and future plans. Gilly Norton Founder and Chief Executive Officer. Gilly worked as an art restorer for 20 years, specialising in Islami¢ ceramics and sculpture. She was part of a fundraising Committee for the Almeida Theatre, and also runs a bi-annual social impact Forum in Switzerland. Ed Hynes- Chief Financial Officer & acting COO. Ed graduated from the Business and A¢counlancy faculty al the Institute of Technology in Ireland and spent several years working in corporate finance in London South America, and Australia. He subsequently moved into the luxury retail market and is currently a Director and shareholder of Pulbrook and Gould. Simon Mosley- Projects Coordinator The Rivers Forum and MDMA Trials Rikki Jacout - Head of Mentoring Zizi Mason- Head ofOTE 8nd Pain manage￿￿nI Programme George Littler- Legal Affairs Martin Beany - Veteran Coordinator Bart Borchardt- Buddies Coordinator Johnny Scott Barber- Corporate Fundraising Caroline Gillespie- Head of EFT Page 19 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee) Trustees, Annual Report for the Year Ended 318t July 2023 Political Donations and Expenditure The Charity did not make any political donations during the financial period. Audit Committee The Trustees established ils first Audit Committee in 2017 to oversee the financial 1ransacb.ons of the company. The Audit Committee's role is lo help the Board of Trustees meet their responsibilities by providing independent oversight of the Charity's systems of internal control, risk management and financial reporting, and through supetvision of the quality, independence and effectiveness of auditors. The Audit Committee is monitored by detailed terms of reference. Members of the audit committee are Mr Philip Howell and Mr Paul Kettlety Remuneration Committee The Remuneration Committee has responsible for all elements of the remuneration of the executive group. The Remuneration Committee also recommends and monitors the level and structure of the remuneration for the key management personnel of the Charity. The Committee are experienced in researching comparator market pay for each position and have adopted a F)olicy that use benchmarks on a case by case basis as part of their recommendations. The sub-commillee have a policy of having all remuneration of the executive group ratified by the Board of Trustees on an annual basis. Members of the remuneration committee are Mr Philip Howell and Mr Simon Walker. Trustees, Responsibilities The charity Trustees (who are also Directors for the purpose of company lawl are responsible for preparing the Trustees, annual report and financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Acceplecl Accounting Practscel Company law reqLJires the charty Trustees lo prepare financial statements for each year which give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing the financial slalements, the Trustees are required to.. select suitsble accounting policies and then apply them consislenlly., observe the methods and principals of the Charities SORP", make judgements and estimates that are reasonable and prudent., stale whether applicable UK accounting standards have been followed, subject lo any rnalerial departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the charity and lo enable them lo ensure that the finaneial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detecb'on of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomialion Included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation In other jurisdictions. Disclosure of Information to the Auditors We, the Directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that.. there is no relevant audit information of which the company's auditors are unaware., and we have taken all the steps that we ought to have tsken as Directors in order to make ourselves aware of any relevant audit information and lo establish that the company's auditors are aware of that Information. Page 20 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Trustees, Annual Report for the Year Ended 31$t July 2023 This report has been prepared in accordance with the provisions applicable to small companies within Part 15 ofthe Companie5 Act 2006. The Trust nual Report was aulhorised and approved for Issue on 25 October 2023 On behalf o theb ard Trustee Page 21 SUPPORTING WOUNDED VETERANS (A company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPPORTING WOUNDED VETERANS FOR THE YEAR ENDED 31 JULY 2023 Opinlon We have audited the financial statements of Supporting Wounded Veterans Ilhe 'charitsble company'l for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Slalement of Cash Flows and notes to the financial statements, Including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financi81 Reporb'ng Standard 102 The Financial Reporting Standard applicgble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs'cel. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 July 2023, and of its incoming resources and applicats'on of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basi$ for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 are independent of the charitable company in accordance with the ethical requirements that are re￿vant 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going contern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Our evaluation ol the Trustees, assèssment of the entity's ability to continue lo adopt the going concern basis of accounting included crib'cal reviews of budgelg and forecasts provided. Based on the work we have performed, we have ftol identified any material uncertainties relating to events or conditions that, individually or colleelively, may cast significant doubl on the charitsble 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 ￿SponSIbl1111eS of the Trustees with respect lo going concern are deseribed in the relevant seetions of this report. Other Information The Trustees are responsible for the other information. The other informatr'on comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge Dblained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whèther there is a material misslalement in the financial statements or a material misslatemenl of the other information If, based Page 22 SUPPORTING WOUNDED VETERANS (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPPORTING WOUNDED VETERANS FOR THE YEAR ENDED 31 JULY 2023 on the work we have performed, we conclude that there is a material misslatemenl of this other Information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report lincorporakn.ng the Directors, Report) for the financial year for which the financial stslements are prepared is consistent with the financial slalernenls., and the Trustees, Report lincorporating the Directors, Report) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the charitsble company's financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Directors, remuneration specified by law are not made,. or we have not r￿1Ved all the inft)mialion and explanations we require for our audit,- or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement included in the Trustees, Annual Report, the Trustees Iwho ao also the Directors of the charitable company for the purposes of company lawl are responsible for the preparab.on of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to Cease operations, or have no realistic alternative but lo do so. Auditor's responsibilitles for the audit of the financial ststements Our objectives are lo obtsin reasonable assuranee about whether the financial statements as a whole are free from material misststemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misslalements ¢an arise Page 23 SUPPORTING WOUNDED VETERANS {A company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPPORTING WOUNDED VETERANS FOR THE YEAR ENDED 31 JULY 2023 from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenl$. Irregulari11es, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstalemenls in respect of irregularities, including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud is detsiled below.. Obtaining an understanding of the regulatory and legal frameworks that the entity operates in, focusing on those having a direct effect on the financial statements., Enquiry of management lo identify any instances of known or suspected InStan￿S of fraud", Enquiry of management about instances of non-compliance with laws and regulations., Reviewing the design and implementation of control systems in pla￿ and testing the operational effectiveness of those controls. Performing audit work over the risk of management override, including testing of journal entries for appropriateness and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance", Reviewing financial slalement disclosures alongside supporting documentation lo assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the fi'nancial slalements, as we will be less likely to become aware of instances of non-complwnce. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or MiS￿presentation. A further description of our responsibilities for the audit of the financial statements is localecl on the Financial Reporting Council's website al.. https'.Ilww.frc.org.ukJOur-WorklAuditlAudit-and-assurancelStandards-and- guidancelstandards-and-guidance-for-audilorslAuditors-responsibililies-for-audiVDescriplion-of-audilors- responsibilities-for-audit aspx. This description forms part of our auditorfs report. Use of this report This report Is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a$sume responsibility to anyone other than the charitable company and the eharilable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Stuart McKay FCA (Senior Statutory Auditor) For and behalf of MHA Statutory Auditor London, United Kingdom Date. 3010112024 MHA is the trading n8me of Maclntyre Hudson LLP, a limited liability partnership in England and Wales Iregislered number OC3123131 Page 24 SUPPORTING WOUNDED VETERANS (A company limited by guarantee) Statement of Financial Activities (including income & expendlture) st For the Year Ended 31 July 2023 Total 2022 Unrestricted Funds Restricted Funds Total 2023 Income from: Donatsons 755,406 755,406 936,674 Charitable activities 135,574 135,574 251,600 Other trading activities Totsl Income 96,528 96,528 987.508 42,401 1,230 675 135574 Expendlture on: Charitsble activities 773,042 266,718 1,039,760 747,495 Raising funds Event Costs (fundraising events) Fundraising costs 64,264 64,264 49,420 65,89) 65,890 Total Expenditure 903 196 266,718 1.169914 Net Income -182,406 381.202 Net movement in funds -51,262 -131,144 -182,406 381,202 Reconciliation of funds Total funds brought forward 799,186 1,105.346 1 904,532 1,523.330 Total funds carried forward 974.204 1722.128 1,904 532 All income and expenditure derive trom ¢ontinuing activities. The statement of financial activities includes 811 gains and losses recognised during the year. The notes on pages 28 to 37 form part of these financial slatemenls. Page 25 SUPPORTING WOUNOED VETERANS (A company limited by guaranteel Balance Sheet as at 31 July 2023 Note 2023 2022 Current as$ets Debtors Cash al bank and in hand 12 6,527 1,905,855 13,023 2.039,373 1,912,382 2,052.396 Creditors: amounts falllng due within one year 13 1190,2541 1147,8641 Net current assets 1.722.128 1.904,532 Net assets 1,722,128 1,904,532 charlty funds Restricted fund$ Designated funds Flee funds 14 14 14 974,204 715,979 31,945 1,105,346 794,357 4,828 Total ¢harity funds 1,722.128 1,904,532 The financial statements have been prepared in accordance with the provisions applicable lo entities subject lo the small Companies regime. The financial ments were approved and authorised for issue by the Board on 25 October 2023 the board of Trustees Igned on be alf Trustee The notes on pages 28 10 37 form part of these financial statements. Company registration number.. 8258649 Page 26 SUPPORTING WOUNDED VETERANS A company limited by guarantee) Statement of Cash Flows for the Year Ended 31" July 2023 Note 2023 2022 Cash tlow from operating activities 16 -133.518 386,078 Net increase in cash and cash equivalents Cash and cash equwalenls at 1st August -133,518 386,078 2,039,373 1,653,295 Cash and cash equivalents al 315t July 1 905,855 2,039 373 Cash and cash equivalents consist of". Cash al bank and in hand Short term deposits 198,928 1,706,927 639,002 1,400,371 Cash and cash equivalents at 316l July 1,905,855 2,039,373 The notes on pages 28 to 37 form part of these finaneial statements. Page 27 SUPPORTING WOUNDED VETERANS LTD {A company limited by uarantee) Notes to the Financial Statements Summary of significant accounting policies lal Gonoral infomiation and basis of preparation Supporting Wounded Veterans is a Company limited by guarantee in England. In the event of the Charity being wound up. the liability in respect of the guarantee is limited lo £10 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial stalemenls. The nature of the charity's operations and principal activities are., To provide a comprehensive pathway of proven programmes including sporting events, mentoring, pain management and employment to enable UK ex-servicemen and women physically or mentally wounded to move forward, from rehabilitation lo employment. 11 also funds and promotes innovative processes and research designed lo facilitate, for its beneficiaries, the transition from military to civilian life. The charity constilules a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporb'ng by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021,the Companies Act 2006 and UK Generally Accepted Practice. Eslimales and judgements are continually evalualecj and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. The Charity makes eslimales and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are useful economic lives of assets and allocation of support costs and income. The financial statements are prepared on a going concern basis under the historical cost convention odified lo include certain items al fair value. The financial statements are presented in sterling which is the functional currency of the charity, and rounded to the nearest pound. The significant accounting policies applied in the p￿paratiOn of these financial statements are set out below. These poli¢ies have been consistently applied to all years presented unless otherwise slated. Ib} Funds Unrestricted funcls are av811able for use at the discretion of the Trustees in furtheranee of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial stslemenls. Icl Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legalty enlilled to the income after any performance conditions have been rnet, the amount can be measured reliably, and it is probable that the income will be recewed. For donations to be recognised the charity wll have been notified of the amounts and the settlement dale in writing. If there are conditions allached to the donation and this requires a level of performance before enlillement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Page 28 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee} Notes to the Financial Ststements Donated facilib'es and donated professional services are recognised in Income al their fair value when their economic benefit is probable, il can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift lo the charity. For example, the amount the ch8rity would be willing lo pay in the open market for such equivalent facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Further detail is given In the Trustees, Annual Report. Income from trading activities includes income earned from fundraising events and trading actsvities lo raise funds for the charity. Income is received in exchange for supptying goods and setvices in order lo raise funds and is recognised when entitlement has occurred. {dl Expendlturo recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there Is a legal or constructive obligation to make payments lo third parties, il is probable that the settlement will be required and the amount of the obligation can be measured reliably.11 is categorised under the following headings.. Expenditure on charitable activities includes the Costs directly allributable to running the five main programmes that the Charity operates", 1. Sport Habililaiion 2. Mentoring 3. Occupation l Training l Employment- OTE 4. Pain Management 5. Veteran Support Ne￿Ork Events costs includes the cost of pulling on fundraising events like the Carol Concert. Fundraising Costs represents the direct and support expenses the Charity incurs in geneol fundraising. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. le) Support costs allocation Support costs are those that assist the work of the charity bul do not directly represent charitsble activities and include office costs, adminislralive payroll costs and bank charges. They are incurred directly in support of expenditure on the objects of the charity. Where support costs Cannot be directly attributed to particular headings they have been allocated to cost of expenditure of raising funds and charitable activities on a basis consistent with direct costs. Premises overheads have been allocated on a similar basis. The 8nalysis of these costs is included in note 6. lfj Investments The charity has not undertaken any investment activities. {gl Stocks Stocks are staled 81 the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to Its present location and condition. The charity does not currenUy have any stock. Page 29 SUPPORTING WOUNDED VETERANS LTD (A company limited by uarantee} Notes to the Flnancial Statements {h} Debtors and creditors receivable I payablè within one y9ar Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are iecognised in expenditure. li) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, il is probable that an outfiow of economic benefits will be required in settlement an(1 the amount can be reliably estimated. lil Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency al the date of the Iransaclion. Monetary assets and liabilities denominated in a foreign currency at the balance sheet dale are translated using the closing rate. {kl Tax The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. It therefore does not suffer tax on income and gains applied for charitable purposes_ {1) Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds hèld and the expected level of income and expenditure for 12 months from authorising these financial stalemenls. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able lo continue as a going concern. The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubl on the ability of the Charity lo continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial slatemenls. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate rèsources lo continue in operational existence for the foreseeable future. The Charity therefo￿ continues lo adopt the going concern basis in preparing these financial statements. Im) Fixed assets The Charity d￿S not ¢LITrenlly hold any fixed assets. Where fixed assets are to be recognised the Charity has a policy of recognising individual fixed assets that are in excess of £2,500 in value. {nl Financial instrument$ The Charity does not have a material holding in complex financial instruments. The Charity only holds basic financial inslrumenls. The firJancial assets and financial liabilities of the Charity are as follows.. Debtors - trade and other debtors Iincluding accrued incomel are basic financial instruments and are debt Instruments measured at amortised cost as detailed in note 12. Prepayments are not fr'nancial instruments. Cash al bank- is classified as a basic financial instrument and is measured al face value. Liabilities- trade creditors. accruals and other creditors will be classified as financial instruments, and are measured al amortised cost as detailed in note 13. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed lo be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver Gharilable services rather than cash or another financial instrument. Page 30 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Notes to the Financlal Statements Income from donations Unre8trictod Funds 462,972 259,029 33,405 Re$trlcted Funds Total 2023 482,972 259,029 33,405 Total 2022 674,800 160,846 101,029 General Donations Donated Services Fundraising Events Total Donations 2022 755,406 469.122 755.406 936 675 938,676 467,552 Donated services / goods include a valuation of £16,100 12022.. £22,000) for the office facilities we receive for free, and an amount of £86.47712022.. £79.6861 lo represent accommodation and facilities provided al Klosters during the ski week and the ski challenge. The charity received £146,52212022.. £50,000) of legal services from McDermott Will & Emery, Tnainly in providing advice on structuring the Pioneer Fund and other MDMA trials related activities. A further £9,90012022'. £9,160) was received in relation to the Carol Concert. £70,000 received from Syncona in 2022 but deferred lo 2023 was recognised in the financial year. A further £70,000 received from Syncona has been deferred lo 2024 as the funding was received earlier than budgeted and agreed. Included within general donations were the following.. M&G 5,000 Roupell Trust 5,000 Big Yellow Foundation 7,500 Interforth Trust 10,000 Troy London 10,000 Patrick & Helena Frost 10,000 Oak Foundation 37,500 Fundraising events revenue mainly comprises donations received as a result ofthe Carol Con￿rt. Other revenue generated from events is accounted for as income from trading activities. For comparative purposes 2022 restricted funds of £467,552 all related lo general donations. Income from Charitable A¢tivities Unrestricted Funds Restricted Funds Total 2023 Total 2022 Forces in Mind Trust Armed Forces Covenant Veteran Foundats'on Other Income 57,750 27,824 50,000 57,750 27,824 50,000 56,250 150,000 20,000 25,350 Total Donations 2022 135 574 251,600 135.574 251,600 251.600 For comparative purposes, all income from charitable activities in 2022 was reslricled. In 2022, Forces in Mind Trust granted the charity a total amount of £250,000 payable in inslalments over three financial years for the MDMA PTSD trials. £57,750 was credited to the financial statements during the peTlOd. Page 31 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Notes to the Financial Ststements The Armed Forces Covenant have granted the Gharity a lotsl amounl of £288,299 for the Transfomialion Change Programme. This is a three year joint venture between Supporting Vvounded Veterans and Highground. The 1 Sl instalmenl of £22,824 was received in the financial year. The charity received £50,000 from the Veterans Foundation in support of the O¢e8n Challenge plus research into PTSD. Income from other tradlng activities Unrestricted Funds 75,138 21,390 Restrlcted Funds Total 2023 75,138 21.390 Total 2022 34,660 7,741 Ticket Sales & auctions Bank interest Total 98,528 42,401 42,401 2022 42,401 For comparative purposes, all income from other trading aclivib'es in 2022 was unrestricted. Analysis of expenditure on ¢haritable activities Unregtricted Funds 355,401 56,755 35,980 Restrictod Funds 20,000 13,845 14,292 31.287 187,294 Total 2023 375,401 70,600 50,272 31,287 512,200 Total 2022 327,538 62,293 46,903 91.713 219,048 Sport Habilitation Mentoring OTE Pain Management Research 324.906 Total 2023 Total 2022 773,042 403,914 266 718 1.039 760 747 495 747 495 343,581 Unrestricted Funds 230,319 RGstrlcted Funds 97,219 62,293 46,903 91,713 45,453 Total 2021 327,538 62.293 46,903 91,713 219,048 Sport Habilitation Mentoring OTE Pain Management Research 173,595 Total 2022 343,581 747 495 Page 32 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantsel Notes to the Financial Statements Activities undertaken directly Support costs Total 2023 Sport Habilitation Mentoring OccLJpation & Employment Pain Management Research 320,091 60.198 42,865 26,677 436,735 55,311 10,402 7,407 4,610 75,465 375,401 70,600 50,272 31,286 512,000 Total 8B6 $65 153 195 1,039,760 Activitles undertaken directly Support costs Total 2022 Sport Habilitation Mentoring Occupation & Employment Pain Management Research 272,566 51,838 39,031 76,321 182,283 54,973 10,455 7,872 15,393 36,763 327,539 62,293 46,903 91,714 219,046 Total 622,039 125,456 747,495 Allocation of 3UPPOrt costs Support costs are those that assist the work of the charity bul do not direclty represent charitable aclivilies. The basis of allocation of support costs to each activity is based upon the percentage of direct costs. An analysis of support costs are as follows.. 2023 19,917 1,956 56,394 43,430 31,498 Rent, right & heal Repairs, renewals, telecoms & IT Staff & contractors, costs Governance other costs 2022 22,000 2,383 34,973 34,881 31.219 Total Support Costs 153.195 125,456 Rent costs of £16,10012022 £22.0001 represent donated services calculated as the amoLJnt the charity would reasonably expect to have paid for office facilities. The chanty would like lo express ils thanks lo The Crown Eslale, Pulbrook & Gould Flowers. Harwood Capital, Gilly Norton and The Royal Hospital Chelsea for the generous office f8cililies they have provided throughout the year. Govemance cost 2023 2022 Auditorfs remijneration Staffing costs Consultancy & professional Other 12,240 18,977 1,385 10,828 11,100 22,165 1,225 391 43,430 34,881 Page 33 SUPPORTING WOUNDED VETERANS LTD {A company limited by guarantee) Notes to the Financial Statements Auditor's remuneration The auditorfs remuneration amounts lo an audit fee including VAT of £12,24012022'. £11,100). Fundraising costs The charity contracted the services of professional fundraiser that operates for us days per week. Fundiaising costs incurred during the financial period were as follows.. Fundraising Costs 2023 2022 Fund Raising Expenses Contractors Fees & Staffing Professional Fees Total Fundraising Costs 7,531 58,309 50 65.890 1,038 51,470 50 10 Trustees. r¢muneration and expenses The Trustees neither received nor waived any remuneration for their services as Trustees during the year12022'. £0). No expenses were paid lo the Trustees during the year12022.' £01. 11 Staff cost$ and employee benofits The full lime equivalent IFTEI staff numbers amount to 8.312022 7.71. Total staffing costs including PAYE and contractors for the year amounted lo £442,501 12022 £367,906) and was expensed as follows.. 2023 2022 Veteran Support Admin and Governance Fundraising & Events 273,678 75,372 93 451 226,531 59,377 Total Costs 2023 Average 2023 FTE Stsff numbe￿ by activity Raising funds Charitable activities Governance 2022 2022 Average FTE 13 10 Total 16 16 The total staff and contractors, costs were as follows: 2023 2022 Wages & Salaries Social Security Costs Pension contributions Contractors 131,089 6,381 2,236 302 795 93,023 2,325 1,362 271 196 Total Costs Page 34 SUPPORTING WOUNDED VETERANS LTD IA company limited by guarantee) Notes to the Financial Slatements The total number of employees or contractors that received total benefits (excluding employer pension costs) of more than £60,000, 1.12022. Nil} The emoluments range paid to staff and contractors lincluding vat) active at the year-end was as follows 2023 2022 £70,001 to £80,000 The key management personnel of the charity comprise the Trustees, Chief Executive Off￿er, Chief Operating offi￿ and Chief Financial Officer. During the period the wmbined emoluments paid lo the CEO, COO and CFO amounted lo £154,19312022'. £128,733) Remuneration is set by the Remuneration Committee and confirmed by the Trustees. The Trustees are supported by the slruclure, governance and management of the charity, 8s set out on page 20. The Charity would not be able to operate without the selfless work undertaken by our committee members plus endless other volunteers (including current and past buddies who assist in the Veterans ski week and other events). 12 Debtors 2023 2022 13,023 Accrued income Other debtors 6,527 13 Creditors.. amounts falling due within one year 2023 2022 Accruals & other liabilities HMRC Deferred & accrued revenue 55,529 336 134 388 77,514 350 Deferred income brought fotward al the beginning of the year amounted to £70,000. The amount of deferred income carried forward amounts lo £134.388. All deferred income represent funding for programmes due lo be undertaken in the next financial year. Page 35 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee) Notes to the Financial Ststements 14 Fund r#conciliation Unrestricted funds Balance at Income 01108122 Expenditure Transfer Balance at 31107123 Designated Free reserves 794,357 4,828 851,934 1930,3131 715.979 31,945 27,117 799.186 851,934 1930,313) 2022 784.748 511,523 {497,085} 799.186 Designated unrestricted reserves represents the 12 months reserve policy of the charity. Free unrestricted reserves represent the amount of funding available lo the charity. £27,717 represents the transfer in the reduction of the designated funds as disclosed under the charity's reserve policy. Rgstricted funds Balance at 0110812022 Balance at 3110712023 Income Expendituro LIBOR Restricted Mentoring Funding OTE Funding Sport Funding Pioneer Fund IMDMA} Other Reslrieted 526,800 10,694 11,792 {31,2861 (13,1941 114,2921 120,0001 1175.4521 {12,4941 495,514 2,500 2,500 20,000 87,750 22,824 550,690 5,371 462.988 15.702 1.105.346 135,574 {266,7181 974.204 2022 738,582 719,152 352.388 1,105,346 The Charity was successful in its application for LIBOR funding in 201712018 and was awarded a grant tolalling £1,054,800. The grant is reslricled to the Pain Management Programme. In total the Charity has restricted funding available of £495,51412022 £526,800) for its Pain Management programmes. The Pioneer Fund is restricted to research on the impact of treating veterans suffering from PTSD with MDMA. Other reslricled funding is for the purpose of the undertaking the pathways programmes. 15 Anatysi$ of net assets bgtween funds Unr8stricted fund$ De81gnated funds Restricted funds Total 2023 Cash 647,924 100,000 974,204 1,722,128 Total 2023 100.000 974,204 1,722.128 Unrestricted funds Designated funds Restricted funds Total 2022 Cash 699,185 100,000 1,105,347 1.904,532 Total 2022 699,185 100,000 1.105,347 1.904,532 Page 36 SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee} Notes to the Flnancial Statements 16 Reconciliation of net income to net cash flow from operating activities 2023 2022 Net income I lexpendilurel for year (Increase) / decrease in debtors Increase I (decrease) in creditors -182,405 6,496 381,202 4,320 557 Net cash flow from operating activities -133 518 Analysis of Changes in net debt At 1 August 2022 Cashflows At 31 July 2023 Cash at bank and in hand 2,039,373 -133,518 1,905,855 17 Related party transactions There were no related paty transactions during the period. 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