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← Supporting Wounded Veterans Ltd

2024-07-31-accounts

Supporting Wounded Veterans Ltd

Trustees Annual Report & Financial Statements

For the Year Ended 31[st] July 2024

Charity registration number: 1149727 Company registration number: 8258649

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Contents Page
Charity Reference and Administrative Details 3
Chief Executive’s Report 4
Trustees’ Annual Report 6
Executive Summary 6
Objectives and Activities 7
Our Impact 8
Achievements and Performance inc. The Five Pathways to Support our Veterans 8
Risk Management 10
Our Plans for the Future 11
Fundraising 13
Structure, Governance and Management 15
Independent Auditor’s Report 18
Statement of Financial Activities (Including Income and Expenditure Account) 21
Balance Sheet
 22
Statement of Cash Flows 23
Notes to the Financial Statements
 24

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Reference and Administrative Details of the Charity, its Trustees and Advisers.

Charity registration number 1149727 Company registration number 8258649 Patron General Sir Nick Carter KCB CBE DSO ADC Trustees & Directors James Charrington - Chairman The Right Hon Lord Hamilton of Epsom Philip Luard Howell Paul Christopher Kettlety Simon Jeremy Walker

Chief Executive Officer Gilly Norton Chief Operating Officer Ed Hynes (acting) Chief Financial Officer Ed Hynes Registered office 38 Connaught Square London W2 2HL Administration Office 5[th] Floor 122-124 Kingsland House Regent St London W1B 5SA Auditor MHA Chartered Accountants 6[th] Floor 2 London Wall Place London EC2Y 5AU Solicitors McDermott Will & Emery UK LLP 110 Bishopsgate London EC2N 4AY Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ

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SUPPORTING WOUNDED {A company limited by ETERANS LTD uarantee) Trustees, Annual Report for the Ye r Ended 31st July 2024 Ch ef Executive's Report has proved to be a strong year for SW, with our prog rans and to the most vulnerable amongst them. The follow Thi vet det mmes again delivering much needed help to ng pages describe the help we provide in more The pro the aga average age of people we see is 37 and l am proud t ramme delivers a 920/0 success rate. This includes our w ivers projects. Those who protected our country, who w n, along with others working on collaborative ways to prot toring is also at the heart of what we do. It links to all the veterans have availed themselves of this programme in th at our Occupation, Training and Employment rk on the rivers where we involve veterans in Iked towards danger are now on the front line ct the nation's rivers. Me 100 ther programmes offering one on one support. is year alone. very proud that SWV has been the first military charity to.. Initiate pain clinics and give access to leading clinicia often overly prescribed. Our pain resilience programm excellence at the recent NATO conference in Ukraine. The first to start a programme helping veterans to lear The first to start, and successfully complete ,a trial a K Therapy for severe to moderate trauma (PTSD). The first to commission a paper on the economic cost government and NHS policy. ew significant research and development have taken pla of our Phase11 trials at King's College, SWV is excited t Taking place at King's College, this will look at group t for those suffering from severe to moderate traumatic me is Costs money. l am extremely grateful to all those who h indebted to the trustees for all the work they do for S teers who run our programmes and who care so deeply s to sort out veteran's pain medication - so has been quoted as an example of to live with pain. ngs College London using MDMA Assisted f PTSD. This will inform and shape No bac stud field e in the last 30 years in mentsl health. On the be joining with other countries to start a new erapy and how effective it is in this particular tal health issues. All t ve and continue to support the work we do. and the remarkable group of people and bout the charity and its recipients. volu Tha k you. Gilly Chie Norton Executive Officer 220 tober 2024 Page 4

SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Forward from our Patron, General Sir Nick Carter KCB CBE DSO ADC

It has been my privilege to be the Patron of this tremendous charity for 6 years. In that time, it has grown from strength to strength under the leadership of the Chief Executive Gilly Norton.

I cannot remember a time when a charity like SWV was more important. We live in very turbulent times and as the post 9/11 campaigns in Iraq and Afghanistan fade from people’s memories, so the needs of our veterans become ever more challenging.

The charity’s core programmes of Ski Rehabilitation, Mentoring, Pain Management and Occupation, Training and Employment continue to make a major impact on the lives of those veterans who are lucky enough to benefit from them.

It is uplifting to see how many people come forward to act as buddies for the Ski Rehabilitation week. This year’s team raised over £100,000 which was a remarkable achievement.

Once again, the SWV Winter Conference and Challenge, which takes place at the same time as the Ski Rehabilitation week, allows companies to enter teams to ski with veterans who have been through our programmes and fundraise for SWV.

This initiative engages the business community and encourages it, not only to raise funds, but also to help build our network of support through mentoring, apprenticeship, and employment.

We continue to make progress with MDMA-assisted therapy. And it was gratifying to see last year that the Multidisciplinary Association of Psychedelic Studies (MAPS) organisation, of which our trials were part, had completed their phase 3 trials in the USA.

They reported in the publication Nature, that 68% of those that took part in trials no longer met the designation of PTSD, as against a 30% improvement with cognitive behaviour therapy. That said it was disappointing to hear that MAPS had failed to gain FDA approval in the United States; however, we remain optimistic that this will happen in due course.

The prevalence of PTSD amongst our veterans 10 years on from the post 9/11 campaigns is increasing and we need therapies like MDMA to be available as soon as possible.

Last, I am immensely grateful for everyone who supports this wonderful charity – it would not work without you. Thank you.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Trustees Annual Report

The Trustees (who are also Directors of the Charity for the purpose of the Companies Act) present their report and the audited financial statements of the charity for the year ended 31[st] July 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial 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 is home to a substantial veteran population, exceeding 2 million individuals. This diverse group of individuals encompasses a wide spectrum of disabilities, including both physical and psychological challenges. As a result, military charities bear a significant responsibility to provide comprehensive care and support to help these veterans transition smoothly from military to civilian life or those that face difficulties later.

Supporting Wounded Veterans (SWV) plays a pivotal role in addressing these needs through its multifaceted programs. Recognising the changing landscape, SWV has successfully adapted its services to the digital domain, enhancing the reach and effectiveness of its offerings. The charity’s online approach has not only met the evolving needs of veterans but, in many cases, has proven to be even more beneficial than traditional methods.

Looking to the future, the Trustees have decided to maintain the charity’s reserves policy for an additional twelve months. This strategic decision ensures that existing beneficiaries will continue to receive the long-term benefits of SWV’s programs, safeguarding the charity's ability to deliver sustained support to those in need.

Financial and Programmatic Overview (as of July 31, 2024)

In summary, although SWV is a small organisation, its commitment to supporting wounded veterans and pursuing innovative solutions for those with complex disabilities remains unwavering. Achieving these important goals will rely heavily on strong partnerships and maintaining financial stability.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Objectives and Activities

What we do

Offer a Supportive Team: We provide a dedicated team ready to assist veterans with their needs.

Pain Management Programme: We collaborate with pain experts to deliver a unique and comprehensive pain management program.

Employment Support: We offer advice and support to veterans seeking meaningful employment opportunities.

Mentor Scheme: Our unique mentor program encourages communication and provides personalised, oneon-one support.

Skiing Rehabilitation ("SkiHabilitation"): We organise a well-resourced ski week, leveraging the therapeutic benefits of skiing to help veterans rebuild confidence.

PTSD Management : We assist veterans in better managing PTSD.

The Veteran Journey with SWV

Since inception as in 2012, SWV has been dedicated to helping servicemen and servicewomen realise their full potential, free from the constraints of physical and psychological injuries. For many veterans, the journey to independence and employment can be challenging, but with the right support, their path to recovery can be significantly enhanced through targeted assistance in managing and developing their physical and mental health.

SWV offers five comprehensive pathways to support veterans as they transition from rehabilitation to meaningful employment. These pathways include sporting events, mentoring, pain management, and employment support. Additionally, we fund and promote innovative processes and research to facilitate the transition from military to civilian life.

Over the past decade, we have developed veteran-led programs tailored to meet specific needs, focusing on assisting the most vulnerable among our veteran population. We continually engage with veterans to refine and improve our treatment and support programs to better promote their independence.

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Sports Pain Occupation & Veteran
Mentoring
Habilitation Management Employment Network
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To date, SWV has supported over 650 wounded veterans on their journey to independence, with an average age of 36 years for those seeking our assistance.

Our initial program, Sports Habilitation, introduced veterans to adaptive skiing in the Swiss resort of Klosters, aimed at rebuilding their confidence and resilience following medical discharge. This programme is very much the heart of the charity and in most cases is the entry point for veterans seeking help.

In 2014, recognising that chronic pain was a major obstacle to community reintegration, we prioritised pain management. Our goal has been to help veterans manage their pain more effectively and reduce their dependence on, and sometimes addiction to, pain medication.

With support from LIBOR, we launched the UK’s first Pain Management Programme for veterans in 2016, led by Dr. Dominic Aldington. The program has received high praise, as reflected in a veteran’s feedback:

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

"This is the best treatment programme I have had in my 25 years of dealing with both physical and mental issues. Although it is described as a pain management programme, it has been enormously beneficial for my mental health as well."

Impact for wounded veterans and their families

Our Commitments

Feedback from our veterans has highlighted the importance of ongoing support, being heard, maintaining hope for the future, achieving independence, and overcoming isolation. In response, SWV ensures that after the ski week ends, veterans have access to continued long-term support through programs like the pain management programme, mentoring scheme, and occupation / training and employment (OTE) activities.

Achievements and Performance

Our key objectives for the year were to:

The achievements and performance of the charity over the past year highlight significant progress in key areas, including pain management, PTSD treatment, veteran support programs, and mental health initiatives. Here is a summary of the accomplishments related to the primary objectives:

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

1. Strengthen the Pain Management Pathway

2. MDMA-Assisted PTSD Treatment Trials

3. Expansion of Veterans’ Pathways Programmes

4. Development of the Rivers Forum for Employment Opportunities

Since then, we have made significant progress and 1) hosted two Rivers’ Forums attended by over 150 representatives from Government, business, technology, philanthropy, local stakeholders and non-profits, 2) secured cross-party support of the Rivers’ programme aims, and 3) facilitated the development of cohesive and actionable plan for tackling water pollution. We are now in the process of establishing a Veteran River Force to develop, manage and execute local river restoration projects in collaboration with our environmental partners.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

5. Mental Health Support - Emotional Freedom Technique (EFT)

6. The Ocean Challenge

7. SWV Veteran Ambassador Board

8. SWV Veteran Support Network (VSN)

These programmes demonstrate the charities’ coherent approach to supporting veterans, addressing pain management, mental health, employment, and social reintegration. The various programs and initiatives reflect a responsive and veteran-focused strategy, aiming to improve the quality of life and long-term outcomes for veterans.

Risk Management

The Trustees regularly assess the primary risks faced by the Charity and determine the necessary actions to limit exposure and mitigate the impact of significant risks. Appropriate insurance coverage is also secured as part of this process. The Charity has established a risk management plan, which is routinely reviewed and updated by a carefully selected risk management committee experienced in governance, financial and legal affairs. The objectives of the risk assessment process are to:

The risk management plan and individual risk assessments are reviewed annually by the Executive Committee and approved by the Board of Trustees.

High-risk activities can only proceed once appropriate mitigating procedures have been established and approved by the Committee. A summary of all significant risk activities is maintained, and any procedures that reduce the risk level to moderate or low are reviewed by the Executive Committee to ensure proper implementation.

Moderate-risk activities are detailed in individual risk assessments. Procedures that reduce the risk level to low must be implemented promptly by the designated Committee member. Internal monitoring ensures that deadlines are met, and any delays are reported to the Committee. In the event of a major incident, Supporting Wounded Veterans will conduct a formal review of the procedures and the incident to address any issues and prevent future occurrences.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Principal Risks and Uncertainties

Supporting Wounded Veterans proactively identifies and addresses risks to safeguard veterans and vulnerable individuals. The Board of Trustees considers the following principal risks:

  1. Vulnerable Veterans: The Department of Health defines a vulnerable adult as someone aged 18 or over who may need community care services due to mental or other disabilities, age, or illness and who may be unable to care for or protect themselves against significant harm or exploitation. SWV has a safeguarding policy to:

  2. Promote best practices to prevent harm, abuse, and coercion.

  3. Ensure that allegations of abuse or suspicions are addressed appropriately and that those affected receive support.

  4. Prevent abuse from occurring.

  5. Serious Injury or Death of a Veteran: All sports and activities involve inherent physical risks. SWV conducts individual risk assessments for each activity, managed by a risk manager. Additionally, we have crisis management insurance in place for all events to mitigate the impact of any serious incidents.

  6. Funding: SWV maintains adequate reserves to ensure that pathway programmes can continue for twelve months, allowing veterans already enrolled to complete their courses if prudent. The Charity also considers potential future disruptions, such as pandemics, that could affect funding and ensures reserves are sufficient to handle such events. The charity is seeking to extend its reserves in conjunction with its long term financial and investment strategy, thus providing vulnerable veterans with the assurance that they continue to receive help in the long term.

  7. Applying the Right Programmes: Veterans are only enrolled in our programmes after they fully understand the details and make an informed choice based on professional advice. Participation is only allowed if it is in the veteran’s best interest. All veterans’ progress is monitored, and research is conducted to ensure the effectiveness of all treatments. Collaboration with other charities is also key to this

  8. Strategic Relationships: SWV has established strategic partnerships with relevant health trusts and professionals. The Charity actively monitors these relationships to ensure that veterans receive optimal treatment and that the partnerships operate in the best interest of all parties involved.

Our Plans for the Future

Expansion of Pathways

SWV is committed to expanding its pathways program to support more veterans, with a particular focus on enhancing pain management services. Its philosophy is to reinforce its success rather than run new programmes for the sake of it. This will include the introduction of additional pain clinics and specialised pain management programs. We will also further develop our online services, such as the Pain Resilience Programme, to increase accessibility and support for veterans across the UK.

Innovative Therapy for PTSD: MDMA-Assisted Treatment

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

The Pioneer Appeal: Supporting Research and Innovation

SWV is expanding its Pioneer Appeal to secure additional funds for further research into PTSD. We expect this will involve up to 60 UK veterans and be part of a world wide trial in MDMA assisted therapy for PTSD, involving up to 400 participants.

The Rivers Programme: A Collaborative Approach to River Conservation

The Rivers Forum was established to foster collaboration among key stakeholders involved in river conservation, including government agencies, environmental groups, charities, developers, landowners, water companies, tech companies, and philanthropists. The response to the need for such a forum was overwhelmingly positive.

Through these initiatives, SWV is dedicated to improving the lives of veterans by providing innovative therapies, expanding supportive pathways, and creating meaningful employment opportunities, all while contributing to broader environmental and societal well-being and indeed with veterans (again, on the front line) solutions. Feedback from our Ambassadors Board has shown great support from veterans and many are keen to explore opportunities in this area.

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 confirm that:

Going Concern

Following strategically periodic and regular reviews, 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 financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Financial Review

The Trustees are pleased to report that during the financial year to 31 July 2024, revenue totalled £1,431,644 (2023: £987,508).

We received £259,123 (2023: £259,029) in donated services. We have also raised a further £119,587 (2023: £33,405) from fundraising activities, plus general donations and other revenue of £540,635 (2023: £462,972). Income from charitable activities accounted for £347,740 (2023: £135,574).

Total resources expended during the financial period amounted to £1,237,111 (2023: £1,169,914) of which £1,085,826 (2023: £1,039,760) was expensed on our programmes.

Net income for the period was £194,532 (2023: -£182,406).

In summary, expenditure was defined as follows:

Resources Expensed
Charitable Activities
Fundraising Costs
Total Operational Costs
Event Costs (Fundraising Events)
Total Resources Expensed		 Total £
1,085,826
80,805
1,166,631
70,480
1,237,111		 Spend %
93%
7%
100%

At the end of the financial year ending 31[st] July 2024, the Charity has reserves of £1,916,660 (2023: £1,722,128) of which £428,090 is restricted for use on the Pain Management Programme included as part of the LIBOR grant, and a further £17,348 is restricted for other programmes. £644,465 is restricted to the Pioneer Fund for PTSD research, and a further £804,905 is designated to other programme activities in the new financial year. Allowing for restricted and designated funding, the charity has free funds of £20,752.

The Trustees have reaffirmed their commitment to maintaining a reserves policy equivalent to 12 months of veteran programme operations.

Charitable activities include the cost of the pathway programmes and medical research.

Fundraising Standards

Supporting Wounded Veterans (SWV) is registered with the Fundraising Regulator and adheres to their guidelines. In line with these standards, we report the following:

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Reserves Policy

The Trustees have reaffirmed their commitment to maintaining a reserves policy equivalent to 12 months of veteran programme operations. As of the year-end, the Charity holds unrestricted reserves amounting to £825,657. This figure surpasses the calculated requirement of £804,905 designated for 12 months of programme operations, thereby ensuring financial stability and continuity of services for veterans.

The Charity Commission has advised that Trustees must consider the current reliability of projected future income and the effectiveness of any financial assets the Charity may possess. At present, SWV does not own any financial instruments that generate income through investments. The Charity is seeking to further expand its reserves with a strategic investment policy.

The Charity is actively seeking to bolster its restricted reserves to support additional medical research initiatives focused on PTSD. Specifically, the Charity aims to raise an additional £1 million to fund this critical research. Furthermore, the Charity is also looking to secure funding to establish a dedicated treatment centre for veterans suffering from PTSD.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Structure, Governance and Management

Governing Document

The charity's objects ('objects') are specifically restricted to the following: to promote and protect the physical and mental health of ex-servicemen and women wounded or injured or rendered sick whilst serving in the armed forces by assisting in their rehabilitation, in particular but not exclusively, through: (1) the provision of skiing opportunities and skiing instruction; and (2) co-operating with, and making grants to, other charities with similar charitable objects.

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 to employment. It also funds and promotes innovative processes and research designed to facilitate, for its beneficiaries, the transition from military to civilian life.

Board of Trustees and Executive Group

Supporting Wounded Veterans is governed by a Board of Trustees, comprising five individuals who also serve as Directors. These Trustees were selected for their diverse skills and experience, which are crucial for guiding the charity's strategic direction. The Trustees have appointed an Executive Group, responsible for the daily operations of the charity. The Executive Group operates within defined delegation authority by the Board of Trustees and delivers strategic priorities, resource allocation, and annual budget proposals, ensuring alignment with the charity’s mission and trustee direction.

Appointment of Trustees

The Charity is committed to strengthening its Board of Trustees with additional skills which expands its 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 Charity and the responsibilities pertaining to the Trustee.

Trustees, in their capacity as Directors, are required to retire by rotation.

Key Management Personnel

The key management personnel of Supporting Wounded Veterans include the Trustees, Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer. The charity employs a lean operational model, with an annual full-time equivalent staff count of 8.7 (2023: 8.3). Additional staffing details are provided in Note 11 of the financial statements. Further information on key management personnel are available on the Charity website.

Committee Structure and Meetings

The governance framework of the charity is further supported by the Full Committee, which includes ten volunteers in addition to the Executive Group members. The Executive Group meets 11 times a year, with Full Committee members joining for 4 of these meetings to provide additional input and oversight. To support key fundraising initiatives, specific sub-committees have been established for the annual Ski Challenge and Carol Concert, which are significant events for the charity.

Governance and Oversight

Supporting Wounded Veterans is committed to maintaining high standards of governance. An audit committee has been established to ensure financial integrity and compliance. The charity has adopted the Internal Financial Controls for Charities (CC8), as recommended by the Charity Commission, to regularly review and enhance its financial practices and implement corrective actions when necessary.

The Trustees adhere to the Charity Commission's guidelines under CC3, which define their responsibilities. The Executive Group provides quarterly management reports, including detailed briefing notes, to keep Trustees informed of ongoing responsibilities and strategic developments.

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2024

Continuous Improvement and Compliance

Supporting Wounded Veterans has developed a comprehensive handbook for all members and veterans, detailing the charity’s procedures, activities, and objectives. The Executive Committee closely monitors changes in government legislation and recommendations from the Charity Commission, ensuring that all relevant parties, including the Board of Trustees, are informed as part of ongoing training and development.

By adhering to strong governance practices, promoting continuous learning, and following established guidelines, Supporting Wounded Veterans ensures effective operations and steadfast support for its mission to assist veterans.

Supporting Wounded Veterans is a member of The Confederation of Service Charities (COBSEO).

Political Donations and Expenditure

The Charity did not make any political donations during the financial year.

Audit Committee

The Audit Committee, established in 2017, plays a critical role in overseeing the Charity’s financial management. The committee provides independent oversight of the Charity’s internal control systems, risk management, and financial reporting processes. It also evaluates the quality, independence, and effectiveness of the external auditors. The committee operates under a comprehensive set of terms of reference and is currently composed of Mr. Philip Howell and Mr. Paul Kettlety.

Remuneration Committee

The Remuneration Committee is tasked with managing all aspects of remuneration for the executive group and recommending the compensation levels for key management personnel. The Committee bases its recommendations on thorough research and benchmarking against market comparators. Additionally, it has a policy that requires all remuneration decisions for the executive group to be ratified annually by the Board of Trustees. The current members of the Remuneration Committee are Mr. Philip Howell and Mr. Simon Walker.

Trustees’ Responsibilities

The Trustees of the Charity, who also serve as Directors under company law, are responsible for preparing the annual report and financial statements in compliance with UK law and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).

In fulfilling their responsibilities, Trustees are required to:

Trustees must maintain adequate accounting records that accurately reflect the Charity's financial position, ensuring compliance with the Companies Act 2006. They are also responsible for safeguarding the Charity’s assets and implementing measures to prevent and detect fraud or other irregularities.

Additionally, Trustees are accountable for the integrity of the corporate and financial information made available on the Charity’s website, recognising that the requirements for preparing and disseminating financial statements in the UK may vary from those in other jurisdictions.

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SUPPORTING WOUNDED (A company limited by ETERANS LTD uarantee) Trustees, Annual Report for the Ye r Ended 315t July 2024 Dis losure of Information to the Auditors Directors of the Charity, who held office at the time of ap ing.. There is no relevant audit information of which the Ch They have taken all necessary steps to ensure they that the Charity's auditors are fully informed of such in report has been prepared in accordance with the provisio e Companies Act 2006. The follo roving these financial statements, confirm the rity's auditors are unaware. re aware of any relevant audit information and ormation. This oft s applicable to small companies under Part 15 The Trustees, Annual Report was authorised and approved fo ehalf of th issue on 22 October 2024. board Jam Tru s Charrington tee Page 17

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 2024

Opinion

We have audited the financial statements of Supporting Wounded Veterans (the ‘charitable company’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement 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 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 are independent of the charitable company in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating 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. Our evaluation of the Trustees’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical reviews of budgets and forecasts provided.

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 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.

In connection with our audit of the financial statements, 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

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(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SUPPORTING WOUNDED VETERANS FOR THE YEAR ENDED 31 JULY 2024

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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to 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:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement included in the Trustees’ Annual Report, 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 determine 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

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

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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 2024

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of this 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. Our audit work has been undertaken so that we might state to the charitable company’s members 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 and the charitable 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: 21/11/2024

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

Page 20

SUPPORTING WOUNDED VETERANS

(A company limited by guarantee)

Statement of Financial Activities (including income & expenditure) For the Year Ended 31[st] July 2024

Income from:
Donations
2
Charitable activities
3
Other trading activities
4
Total Income
Expenditure on:
Charitable activities
5
Raising funds
Event costs (fundraising events)
Fundraising costs
9
Total Expenditure
Net Income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total 2024
Total 2023
Funds
Funds
£ £
£
£
870,893
48,452
919,345
755,406
-
347,470
347,470
135,574
164,828
-164,828
96,528
1,035,721
395,922
1,431,643
987,508
806,703
279,123
1,085,826
1,039,760
70,480
-
70,480
64,264
80,805
-
80,805
65,890
957,988
279,123
1,237,111
1,169,914
77,733
116,799
194,532
-182,406
77,733
116,799
194,532
-182,406
747,924
974,204
1,722,128
1,904,532
825,657
1,091,003
1,916,660
1,722,126

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 24 to 32 form part of these financial statements.

Page 21

SUPPORTING WOUNDE (A company limited by VETERANS uarantee) Ba ance Sheet as at 31st July 2024 Note 2024 2023 rrent assets btors sh at bank and in hand 12 56,959 1,996,855 6,527 1,905,855 2,053,814 1,912,382 editors: amounts falling due within one year 13 (137,154} (190,254) t current assets 1,916,660 1.722,128 t assets 1,916,660 1,722,128 arity funds stricted funds signated funds e funds 14 14 14 1,091,003 804,905 20,752 974,204 715,979 31,945 tal charity funds 1,916,660 1,722,128 The toth inancial statements have been prepared in accordance w small companies regime. th the provisions applicable to entities subject The nancial statements were approved and authorised for iss d on behalf of the board of Trustees e by the Board on 22 October 2024 Sign Jam Tru s Charrington ee The otes on pages 24 to 32 form part of these financial state ents. Com any registration number.. 8258649 Page 22

SUPPORTING WOUNDED VETERANS (A company limited by guarantee)

Statement of Cash Flows for the Year Ended 31[st] July 2024

Note
Cash flow from operating activities
16
Net increase in cash and cash equivalents
Cash and cash equivalents at 1stAugust
Cash and cash equivalents at 31stJuly
Cash and cash equivalents consist of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31stJuly		 Note
Cash flow from operating activities
16
Net increase in cash and cash equivalents
Cash and cash equivalents at 1stAugust
Cash and cash equivalents at 31stJuly
Cash and cash equivalents consist of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31stJuly		 2024
91,000
91,000
1,905,855
1,996,855
279,447
1,717,408
1,996,855		 2023
-133,518
-133,518
2,039,373
1,905,855
198,928
1,706,927
1,905,855

The notes on pages 24 to 32 form part of these financial statements.

Page 23

SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Notes to the Financial Statements

1 Summary of significant accounting policies

(a) General information 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 to £10 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. 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 to employment. It also funds and promotes innovative processes and research designed to facilitate, for its beneficiaries, the transition from military to civilian life.

The charity constitutes a public benefit entity as defined by FRS 102. 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102),the Companies Act 2006 and UK Generally Accepted Practice.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates 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 to 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, modified to include certain items at 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 preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set 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 set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement 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 24

SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Notes to the Financial Statements

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it 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 to the charity. For example, the amount the charity would be willing to 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 (FRS 102). Further detail is given in the Trustees’ Annual Report.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

(d) Expenditure 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 to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, administrative 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 analysis of these costs is included in note 6.

(f) Investments

The charity has not undertaken any investment activities.

(g) Stocks

Stocks are stated at 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 currently have any stock.

Page 25

SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Notes to the Financial Statements

(h) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(j) 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 at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(k) Tax

The Charity is considered to pass the tests set 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.

(l) 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 held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to 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 doubt on the ability of the Charity to 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 statements. 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 Charity therefore continues to adopt the going concern basis in preparing these financial statements.

(m) Fixed assets

The Charity does not currently 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.

(n) Financial instruments

The Charity does not have a material holding in complex financial instruments. The Charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 12. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in note 13. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the

Page 26

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

(o) Subsidiary Trading

The Charity has created a subsidiary company called Monitor Pollution Limited. The shareholding amounts to 51% of issued shares. The company is dormant. As the company has never traded it does not require consolidating into the Charity accounts and financial statements.

2 Income from donations

General Donations
Donated Services
Fundraising Events
Total Donations
2023		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
492,183
48,452
540,635
462,972
259,123
-
259,123
259,029
119,587
-
119,587
, 33,405
870,893
48,452
919,345
755,406
755,406
-
755,406

Donated services / goods include a valuation of £88,642 (2023: £86,477) to represent accommodation and facilities provided at Klosters during the ski week and the winter conference. The charity received £170,481 (2023: £146,522) of legal services from McDermott Will & Emery, mainly in providing advice on structuring the Pioneer Fund and other MDMA trials related activities. No donated services were recognised in the current year for office facilities and the Carol Concert (2022: £26,000)

£70,000 received from Syncona in 2023 but deferred to 2024 was recognised in the financial year. A further £70,000 received from Syncona has been deferred to 2025 as the funding was received earlier than budgeted and agreed.

£48,452 received was restricted to the Mentoring and OTE programmes

Included within general donations were the following:

The Facet Trust 5,000 Syncona 70,000 Big Yellow Foundation 30,000 Compass Pathways 10,000 Patrick & Helena Frost 10,000

Fundraising events revenue mainly comprises donations received as a result of the Carol Concert. Other revenue generated from events is accounted for as income from trading activities.

3 Income from Charitable Activities

Forces in Mind Trust
Armed Forces Covenant
MAPS
Daniell Trust
Veteran Foundation
Total Donations
2023		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
-
8,231
8,231
57,750
-
44,215
44,215
27,824
272,798
272,798
-
300
300
-
-
21,926
21,926
50,000
-
347,470
347,470
135,574
-
135,574
135,574

Page 27

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

In 2022, Forces in Mind Trust granted the charity a total amount of £250,000 payable in instalments over three financial years for the MDMA PTSD trials. £8,231 was credited to the financial statements during the period.

The Armed Forces Covenant have granted the charity a total amount of £288,299 for the Transformation Change Programme. This is a three-year joint venture between Supporting Wounded Veterans and Highground. The charity received instalments of £44,215 during the financial year.

The charity received £21,926 from the Veterans Foundation in support of the Ocean Challenge and

Mentoring Programme.

MAPS made a payment of £272,798 to cover part of the costs of the MDMA / PTSD trial. The funding has been restricted to further research into treatment of PTSD with MDMA.

4 Income from other trading activities

Event Ticket Sales & other
revenue
Bank interest
Total
2023		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
64,475 -
64,475
75,138
100,354
-
100,354
21,390
164,829 -
164,829
96,528
96,528 -
96,528

5 Analysis of expenditure on charitable activities

Sport Habilitation
Mentoring
OTE
Pain Management
Research
Total 2024		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
341,417
26,646
368,063
375,401
49,436
31,900
81,336
70,600
59,500
15,452
74,952
50,272
-
67,424
67,424
31,287
356,350
137,701
494,051
512,200
806,703
279,123
1,085,826
1,039,760
Sport Habilitation
Mentoring
OTE
Pain Management
Research
Total 2023		 Unrestricted
Restricted
Total
Funds
Funds
2023
355,401
20,000
375,401
56,755
13,845
70,600
35,980
14,292
50,272
-
31,287
31,287
324,906
187,294
512,200
773,042
266,718
1,039,760

Page 28

SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Notes to the Financial Statements Notes to the Financial Statements
Activities Support
Total
undertaken
costs		 2024
directly
Sport Habilitation 307,448 60,615 368,063
Mentoring 67,941 13,395 81,336
Occupation & Employment
62,609		 12,344 74,953
Pain Management 56,320 11,104 67,424
Research 412,687 81,363 494,050
Total 907,005 178,821 1,085,826
Activities Support
Total
undertaken
costs		 2023
directly
Sport Habilitation 320,091 55,311 375,402
Mentoring 60,198 10,402 70,600
Occupation & Employment
42,865		 7,407 50,272
Pain Management 26,677 4,610 31,287
Research 436,735 75,465 512,200
Total 886,566 153,195 1,039,761

6 Allocation of support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities. 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:

Rent, light & heat
Repairs, renewals, telecoms & IT
Staff & contractors’ costs
Governance
Other costs
Total Support Costs
Governance cost
Auditor’s remuneration
Staffing costs
Consultancy & professional
Other		 2024
7,667
9,869
69,904
36,755
54,626		 2023
19,917
1,956
56,394
43,430
31,498
178,821 153,195

2024
15,000
8,000
2,669
11,086
36,755		 2023
12,240
18,977
1,385
10,828
43,430

7 Governance cost

8 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee including VAT of £15,000 (2023: £12,240).

Page 29

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

9 Fundraising costs

The charity contracted the services of two professional fundraisers that operates two days per week. Fundraising costs incurred during the financial period were as follows:

Fundraising Costs
Fund Raising Expenses
Contractors Fees & Staffing
Professional Fees
Total Fundraising Costs		 2024
2023
5,467
7,531
75,288
58,309
50
50
80,805
65,890

10 Trustees' remuneration and expenses

The Trustees neither received nor waived any remuneration for their services as Trustees during the year (2023: £0). No expenses were paid to the Trustees during the year (2023: £0).

11 Staff costs and employee benefits

The full time equivalent (FTE) staff numbers amount to 8.7 (2023 8.3). Total staffing costs including PAYE and contractors for the year amounted to £514,402 (2023 £442,501) and was expensed as follows:

2024 2023 Veteran Support 319,621 273,678 Admin and Governance 77,904 75,372 Fundraising & Events 116,876 93,451 Total Costs 514,401 442,501 2024 2024 2023 2023 Staff numbers by activity Average FTE Average FTE Raising funds 2 1.9 2 1.4 Charitable activities 14 6.5 13 6.5 Governance 1 0.3 1 0.4 Total 17 8.7 16 8.3 The total staff and contractors’ costs were as follows : 2024 2023 Wages & Salaries 143,400 131,089 Social Security Costs 4,795 6,381 Pension contributions 2,600 2,236 Contractors 363,607 302,795 Total Costs 514,402 442,501

Two (2023: one) employees received total benefits (excluding employer pension costs) of more than £60,000.

The emoluments range paid to staff and contractors (including VAT) active at the year-end was as follows

2024 2023
£70,001 to £80,000 2 1

Page 30

SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Notes to the Financial Statements

The key management personnel of the charity comprise the Trustees, Chief Executive Officer, Chief Operating Office and Chief Financial Officer. During the period the combined emoluments paid to the CEO, COO and CFO amounted to £149,667 (2023: £154,193). Remuneration is set by the Remuneration Committee and confirmed by the Trustees.

The Trustees are supported by the structure, governance and management of the charity, as set out on page 17. 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

12
Debtors
Other debtors
13
Creditors: amounts falling due within one year
Accruals & other liabilities
HMRC


Deferred revenue
2024
2023
56,959
6,527
2024
2023
14,894
1,741
55,529
336
120,519 134,388
137,154 190,253

Deferred income represents funding for programmes due to be undertaken in the next financial year. £46,519 represents an amount to be refunded to FiMT in relation to the completed stage of the PTSD trials.

14 Fund reconciliation

Unrestricted funds

Balance at Income Expenditure Transfer Balance at 01/08/23 31/7/24 Designated 715,979 1,035,721 (957,988) 11,193 804,905 Free reserves 31,945 (11,193) 20,752 - 747,924 1,035,721 (957,988) 825,657 2023 799,186 851,934 ( 930,313) 27,117 747,924

Designated unrestricted reserves represents the 12 months reserve policy of the charity. Free unrestricted reserves represent the amount of funding available to the charity. £11,193 represents the transfer in the increase of the designated funds as disclosed under the charities’ reserve policy.

Restricted funds

estricted funds
Balance at
01/08/2023

LIBOR Restricted
495,514
Mentoring Funding
-
OTE Funding
-
Sport Funding
4,720
Pioneer Fund (MDMA)
462,988

Other Restricted
10,982
974,204
2023
1,105,346

Income
Expenditure
-
(67,424)
33,000
(31,900)
15,452
(15,452)
21,926
(26,646)
281,329
(99,852)

44,215
(37,849)
395,922
(279,123)
135,574
(266,718)
 Balance at
31/07/2024
428,090
1,100
-
-
644,465
17,348
1,091,003
974,204

Page 31

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

The Charity was successful in its application for LIBOR funding in 2017/2018 and was awarded a grant totalling £1,054,800. The grant is restricted to the Pain Management Programme. In total the Charity has restricted funding available of £428,090 (2023 £495,514) for its Pain Management programmes. The Pioneer Fund balance is restricted to research on the impact of treating veterans suffering from PTSD with MDMA. During the year the charity received £272,798 from MAPS as part of the MDMA trials undertaken at Kings College London.Other restricted funding is for the purpose of the undertaking the pathways programmes.

15 Analysis of net assets between funds

Cash
Deferred revenue
Debtors
Creditors
Total 2024
Cash
Deferred revenue
Creditors
Total 2023		 Unrestricted funds
Designated
funds
Restricted
funds
Total
2024
20,752
768,580
1,207,522
1,996,855
-4,000
-116,519
-120,519
56,960
56,959
-16,635
-16,635
20,752
804,905
1,091,003
1,916,660
Unrestricted
funds
Designated
funds
Restricted
funds
Total
2023
31,945
715,979
1,157,931
1,905,855
-127,861
-127,861
-55,866
-55,866
31,945
715,979
974,204
1,722,128
16 Reconciliation of net income to net cash flow from operating activities Reconciliation of net income to net cash flow from operating activities Reconciliation of net income to net cash flow from operating activities
2024 2023
Net income / (expenditure) for year 194,532 -182,405
(Increase) / decrease in debtors -50,432 6,496
Increase / (decrease) in creditors -53,100 42,391
Net cash flow from operating activities 91,000-133,518
Analysis of changes in net debt
At 1 August
Cashflows
At 31 July
2023 2024
Cash at bank and in hand 1,905,855 91,000 1,996,855

17 Related party transactions

There were no related party transactions during the period.

Page 32