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← Supporting Wounded Veterans Ltd

2025-07-31-accounts

Supporting Wounded Veterans Ltd

Trustees Annual Report & Financial Statements

For the Year Ended 31[st] July 2025

Charity registration number: 1149727 Company registration number: 8258649

V2.1

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

Contents Page
Charity Reference and Administrative Details 3
Chief Executive’s Report 4
Trustees’ Annual Report 5
Executive Summary 5
Objectives and Activities 6
Our Impact 7
Achievements and Performance inc. The Five Pathways to Support our Veterans 7
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 2025

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

Solicitors

Bankers

Investment Managers

MHA Chartered Accountants 2 London Wall Place London EC2Y 5AU Pillsbury Winthrop Shaw LLP 100 Bishopsgate London EC2N 4AG C Hoare & Co 37 Fleet Street London EC4P 4DQ W1M Wealth Management Limited 16 Babmaes Street London SW1Y 6AH

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SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

Chief Executive’s Report

This has been an exceptionally busy and productive year for SWV. We have continued to deliver innovative support to veterans most in need – those living with physical injuries, hidden wounds like PTSD, and severe financial or welfare challenges.

Our work is always backed by research. This year SWV funded the first UK study into the economic cost of PTSD, written by Professor Paul Montgomery and published in the BMJ Open. The findings will help inform policy makers and strengthen the case for change. Read the study here. https://bmjopen.bmj.com/content/15/7/e084394.full

We are also preparing our second MDMA-assisted therapy trial for PTSD at Cambridge, led by Dr Liliana Galliano, comparing group therapy with individual treatment.

Recently General Sir Nick Carter, our Patron, powerfully set out the case for this trial in The Spectator. Alongside this, we are contributing to the HORIZON Europe research programme with 14 partner clinical sites.

Beyond clinical trials, we are creating new opportunities for purpose and work. The SWV Rivers Forum 2025 produced a joint letter to The Times, signed by 35 NGOs, pressing government on water quality. Building on this, we launched the Veterans’ Rivers Task Force – a pilot project on the River Dart, run by veterans and generously supported by the Duchy of Cornwall, the Veterans Foundation, the Big Yellow Foundation and others.

We also continue to deliver practical help. With long NHS delays for pain and mental health treatment, our programmes give veterans swift appointments with specialist consultants, providing rapid diagnosis and support. The average age of those we help is just 36 – a stark reminder of the need.

Internationally, we are sharing expertise with Ukraine. At a recent conference, Ukrainian veterans – many of them former prisoners of war – spoke of the power of sport in their recovery. We have advised NGOs on their skiing rehabilitation programme and supported Invictus in shaping their winter sports event in Vancouver earlier this year.

Despite a difficult economic climate, SWV remains financially resilient and vigilant in fundraising.

Finally, my sincere thanks go to our supporters, volunteers, trustees and staff. Together, we are restoring independence and purpose to veterans who might otherwise struggle alone.

Gilly Norton Chief Executive Officer

22 October 2025

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SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

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 2025. 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) has long played a pivotal role in addressing the needs of former service members through its comprehensive programs. In response to the evolving landscape, SWV has expanded its services to include online delivery, enhancing both accessibility and impact. This addition has allowed the charity to reach more veterans and offer greater flexibility, with many finding the digital options as effective— if not more so—than traditional methods, while still maintaining the valued in-person support.

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, 2025)

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 2025

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 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 years, 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.

----- Start of picture text -----
Sports Pain Occupation & Veteran
Mentoring
Habilitation Management Employment Network
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To date, SWV has supported over 700 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.

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 2025

"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 key 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 2025

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 three Rivers’ Forums attended by over 200 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.

The SWV Rivers’ Forum is a collaborative event bringing together environmental experts, policymakers, conservationists, scientists, veterans, and community leaders to protect and restore the

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SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

UK’s rivers. Organised by Supporting Wounded Veterans (SWV), the forum focuses on fostering collaboration, communication, and coordination among diverse stakeholders to address the urgent challenges facing waterways. Across two days, attendees engage in keynote talks, policy discussions, working group sessions, and practical insights on topics such as water quality monitoring, biodiversity, pollution, sustainable land use, and river restoration. A key feature is the Veterans’ Rivers Task Force, which harnesses the skills and resilience of military veterans to support river conservation through data collection, scientific testing, and partnerships. By uniting expertise and shared responsibility, the SWV Rivers’ Forum aims to drive impactful policy changes, promote innovative solutions, and inspire collective action to secure the future health of the nation’s rivers.

We have now created the Veterans Rivers Task Force to develop, manage and execute local river restoration projects in collaboration with our environmental partners. The SWV Veterans’ Rivers Task Force (VRTF), is a pilot initiative on the River Dart that combines environmental conservation with mental health rehabilitation. Initially employing five veterans for ten months starting in October 2025, the project is designed to support veterans coping with complex mental and physical injuries by helping them find purpose, regain confidence, and reintegrate into meaningful occupations. Many veterans face long-term challenges, including trauma and isolation, which make employment and mental rehabilitation difficult. Through meaningful activities, veterans learn new skills and use existing ones to contribute to river sustainability efforts. They conduct advanced water testing using AI, quantum technologies, and tools to detect microplastics and forever chemicals, in order to help find the most accurate and cost-effective solutions for monitoring river health. Veterans also deploy drones to map hard-to-reach areas. Veterans will foster collaboration between stakeholders such as landowners, researchers, farmers, water companies, and conservation groups. The project not only benefits the environment but also plays a vital role in supporting veterans’ recovery and reintegration.

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

6. SWV Veteran Ambassador Board

7. 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.

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SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

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.

The Trustees have adopted an investment policy to ensure that the charity’s funds are managed prudently, in line with its charitable objectives and regulatory requirements.

Objectives

Approach

Ethical Considerations

Oversight and Monitoring

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SUPPORTING WOUNDED VETERANS LTD

(A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

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 pain management services, mentoring and occupation. Its philosophy is to reinforce its success rather than run new programmes for the sake of it.

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 2025

The Pioneer Appeal: Supporting Research and Innovation

SWV is expanding its Pioneer Appeal to secure additional funds for further research into PTSD. This will involve up to 60 UK participants 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.

Veteran Employment Opportunities : Founded by SWV to create employment opportunities for wounded, injured, or sick veterans, the Veterans Rivers Task Force has already proven successful. The initiative has connected veterans with various job prospects in river and environmental management. We currently have five veterans employed on the River Dart pilot scheme. This is a 10-month project that will further evaluate methods of water testing and data collection. At the end of the project SWV will publish a report that identifies the most efficient method of reporting with proposals to expand the project across the country.

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 2025

Financial Review

The Trustees are pleased to report that during the financial year to 31 July 2025, revenue totalled £923,120 (2024: £1,431,644). The decrease in revenue is primarily due to timings on the PTSD treatment medical trials.

We received £91,380 (2024: £259,123) in donated services. We have also raised a further £95,716 (2024: £119,587) from fundraising activities, plus general donations and other revenue of £493,407 (2024: £540,635). Income from charitable activities accounted for £43,892 (2024: £347,740).

Total resources expended during the financial period amounted to £1,086,210 (2024: £1,237,111) of which £945,819 (2024: £1,085,826) was expensed on our programmes.

Net income for the period was -£163,090 (2024: £194,532). This deficit for the year was expected and reflects the prior year surplus, mainly on restricted funding.

In summary, expenditure was defined as follows:

Resources Expensed
Charitable Activities
Fundraising Costs
Total Operational Costs
Event Costs (Fundraising Events)
Total Resources Expensed		 Total £
945,819
83,726
1,029,545
56,665
1,086,210		 Spend %
92%
8%
100%

At the end of the financial year ending 31[st] July 2025, the Charity has reserves of £1,753,570 (2024: £1,916,660). £549,527 is restricted to the Pioneer Fund for PTSD research, and a further £740,035 is designated to other programme activities in the new financial year. £416,150 is restricted to other programme delivery. Allowing for restricted and designated funding, the charity has free funds of £47,858.

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 2025

Reserves Policy

The Trustees have reaffirmed their commitment to maintaining a reserves policy equivalent to 12 months of veteran programme operations. That policy guarantees that all veterans that have started on the SWV pathways plan will be able to complete what is required. As of the year-end, the Charity holds unrestricted reserves amounting to £787,893. This figure surpasses the calculated requirement of £740,035 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.

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 2025

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 9.1 (2024: 8.7). 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 members 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 2025

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 VETERANS LTD (A company limited by guarantee)

Trustees’ Annual Report for the Year Ended 31[st] July 2025

Disclosure of Information to the Auditors

The Directors of the Charity, who held office at the time of approving these financial statements, confirm the following:

This report has been prepared in accordance with the provisions applicable to small companies under Part 15 of the Companies Act 2006.

The Trustees' Annual Report was authorised and approved for issue on 22 October 2025.

On behalf of the board

0, ____ James Charrington Trustee

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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 2025

Opinion

We have audited the financial statements of Supporting Wounded Veterans (the ‘charitable company’) for the year ended 31 July 2025 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 2025

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 2025

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: 03.11.2025

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

Page 20

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS

Statement of Financial Activities (including income & expenditure) For the Year Ended 31[st] July 2025

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 2025
Total 2024
Funds
Funds
£ £
£
£
680,503 -
680,503
919,345
-
43,892
43,892
347,470
198,725-
198,725
164,828
879,228
43,892
923,120
1,431,643
776,602
169,217
945,819
1,085,826
56,665
-
56,665
70,480
83,726
-
83,726
80,805
916,993
169,217
1,086,210
1,237,111
-37,765
-125,325
-163,090
**194,532 **
-37,765
-125,325
-163,090
194,532
825,657
1,091,003
1,916,660
1,722,128
787,892
965,678
1,753,570
1,916,660

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 WOUNDED VETERANS

(A company limited by guarantee)

Balance Sheet as at 31[st] July 2025

Note 2025 2024
Fixed assets
Investment’s 12
1,274,584		 1,274,584 -
1,274,584 1,274,584 -
Current assets 13
Debtors 27,647 27,647 56,959
Cash at bank and in hand 539,140 539,140
1,996,855		 1,996,855
566,787 566,787 2,053,814
Creditors: amounts falling due within one year 14 (87,801) 14 (87,801)
(137,154)		 (137,154)
Net current assets 478,986 1,916,660
Net assets 1 1,753,570
1		 1,916,660
Charity funds
Restricted funds 15
965,677		 965,677
1,091,003		 1,091,003
Designated funds 15 740,035 804,905
Free funds 15 47,858 20,752
Total charity funds 1,753,570 1,916,660

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board on 22 October 2025

Signed on behalf of the board of Trustees

James Charrington Trustee

Page 22

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS

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

Company registration number: 8258649

Statement of Cash Flows for the Year Ended 31[st] July 2025

Note
Cash flow from operating activities
17
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
17
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		 2025
-
1,457,715
-1,457,715
1,996,855
539,140
19,140
520,000
539,140		 2024
91,000
91,000
1,905,855
1,996,855
279,447
1,717,408
1,996,855

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 Trustees have adopted an investment policy to ensure that the charity’s funds are managed prudently, in line with its charitable objectives and regulatory requirements.

(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

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

Page 26

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

(o) Subsidiary Trading

Monitor Pollution Limited, a 51% subsidiary of the Charity, never traded and the company was dissolved during the financial year.

2 Income from donations

General Donations
Donated Services
Fundraising Events
Total Donations
2024		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
493,407
-
493,407
540,635
91,380
-
91,380259,123
95,716
-
95,716
119,587
680,503
-
680,503
919,345
870,893
48,452
919,345

Donated services / goods include a valuation of £91,380 (2024: £88,642) to represent accommodation and facilities provided at Klosters during the ski week and the winter conference.

£70,000 received from Syncona in 2024 but deferred to 2025 was recognised in the financial year. A further £70,000 received from Syncona has been deferred to 2026 as the funding was received earlier than budgeted and agreed.

Included within general donations were the following:

Syncona 70,000 Big Yellow Foundation 50,000 Bernard Sunley Foundation 17,000 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

Unrestricted Restricted Total Total
Funds Funds 2025 2024
Forces in Mind Trust - - - 8,231
Armed Forces Covenant - -6,108 -6,108 44,215
Big Yellow Foundation - 20,000 20.000 -
Nicholos Tingley 5,000 5,000 -
MAPS - - - 272,798
Daniell Trust - -
 - 300
Veteran’s Foundation - 25,000 25,000 21,926
Total Donations - 43,892 43,892 347,470
2024 - 347,470 347,470

The Armed Forces Covenant had granted the charity a total amount of £288,299 for the Transformation Change Programme. This project finished during the year and a payment of £6,108 was returned.

The charity received £20,000 from the Big Yellow Foundation in support of the Veterans Rivers Task Force.

The Veteran Foundation made a grant of £20,000 in support of the Veterans Rivers Task Force.

Page 27

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

4 Income from other trading activities

Event ticket sales & other
revenue
Bank interest
Investment income
Total
2024		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
66,404 -
66,404
64,474
57,737
-
57,737
100,354
74,584 -
74,584
-
198,725 -
198,725
164,828
164,828 -
164,828

5 Analysis of expenditure on charitable activities

Sport Habilitation
Mentoring
OTE
Pain Management
Research
Total 2025		 Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
435,728
-
435,728
368,063
100,877
1,100
101,977
81,336
236,257
-
236,257
74,952
-
56,939
56,939
67,424
3,740
111,178
114,918
494,051
776,602
169,217
945,819
1,085,826
Unrestricted Restricted Total Total
Funds Funds 2024
Sport Habilitation 341,417 26,646
 368,063
Mentoring 49,436 31,900
 81,336
OTE 59,500
 15,452
 74,952
Pain Management - 67,424
 67,424
Research 356,350 137,701
 494,051
Total 2024 806,703 279,123
 1,085,826
Activities
Support
Total
undertaken
costs		 2025
directly
Sport Habilitation 333,078
102,650		 435,728
Mentoring 76,514
25,463		 101,977
Occupation & Employment
186,125
50,132		 236,257
Pain Management 42,722
14.217		 56,939
Research 71,218
43,700		 114,918
Total 2025 709,657
236,162
945,819

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 2024 907,005 178,821
1,085,826

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. We are grateful to the Crown Estate for their generosity of our offices on Regent St London.

An analysis of support costs are as follows:

Rent, light & heat
Repairs, renewals, telecoms & IT
Staff & contractors’ costs
Governance
Other costs
Total Support Costs		 2025
2024
11,250
7,667
20,397
9,869
72,365
69,904
77,297
36,755
54,853 54,626
236,162
178,821

7 Governance cost


Auditor’s remuneration
Staffing costs
Consultancy & professional

Other
 2025
18,000
17,000
31,200
11,097
77,297		 2024
15,000
8,000
2,669
11,086
36,755

8 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee including VAT of £18,000 (2024: £15,000).

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		 2025
2024
7,087
5,467
76,639
75,288
-
50
83,726
80,805

Page 29

SUPPORTING WOUNDED VETERANS LTD (A company limited by guarantee)

Notes to the Financial Statements

10 Trustees' remuneration and expenses

The Trustees neither received nor waived any remuneration for their services as Trustees during the year (2024: £0). No expenses were paid to the Trustees during the year (2024: £0).

11 Staff costs and employee benefits

The full time equivalent (FTE) staff numbers amount to 9.1 (2024 8.7). Total staffing costs including PAYE and contractors for the year amounted to £492,283 (2024 £514,402) and was expensed as follows:

2025 2024 Veteran Support 300,271 319,621 Admin and Governance 89,365 77,904 Fundraising & Events 102,647 116,876 Total Costs 492,283 514,401 2025 2025 2024 2024 Staff numbers by activity Average FTE Average FTE Raising funds 2 1.9 2 1.9 Charitable activities 14 7.0 14 6.5 Governance 1 0.2 1 0.3 Total 17 9.1 17 8.7 The total staff and contractors’ costs were as follows : 2025 2024 Wages & Salaries 155,324 143,400 Social Security Costs 5,628 4,795 Pension contributions 3,220 2,600 Contractors 328,111 363,607 Total Costs 492,283 514,402

Two (2024: two) 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

2025 2024
£60,001 to £70,000 1 0
£70,001 to £80,000 1 2

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 £144,500 (2024: £149,667). Payments to the CEO & CFO are made via personal service companies. 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 15. 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).

Page 30

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

12 Investment’s


Gain in the year – reinvested
Market value 31 July 2025
Market value 29 April 2025		 2025
74,584
1,274,584
1,200,000		 2024
-
-
-

The charity moved £1,200,000 from cash deposits to its new investment platform on 29 April 2025.

13 Debtors

13
Debtors
Other debtors & accrued income
14
Creditors: amounts falling due within one year
Accruals & other liabilities
HMRC


Deferred revenue
2025
2024
27,647
56,959
2025
2024
13,931
2,570
14,894
1,741
71,300 120,519
87,801 137,154

Deferred income represents funding for programmes due to be undertaken in the next financial year.

15 Fund reconciliation

Unrestricted funds

Balance at Income Expenditure Transfer Balance at 01/08/24 31/7/25 Designated 804,905 879,228 (916,993) (27,106) 740,035 Free reserves 20,752 27,106 47,858 - 825,657 879,228 (916,993) 787,893 2024 747,924 1,035,721 (957,988) - 825,657

Designated unrestricted reserves represents the 12 months reserve policy of the charity. Free unrestricted reserves represent the amount of funding available to the charity. -£27,106 represents the transfer in the decrease of the designated funds as disclosed under the charities’ reserve policy.

Restricted funds

estricted funds
Pain Mangt.
Pioneer Fund
Mentoring
Other Restricted
2024		 Balance at
01/08/2024
428,090
644,465
1,100
17,348
1,091,003
974,204
Income
Expenditure
-
(56,939)
5,000
(99,938)
-
(1,100)
38.892
(11,240)
43,892
(169,217)
395,922
(279,123)


Balance at
31/07/2025
371,151
549,527
-
45,000
965,677
1,091,003

Page 31

(A company limited by guarantee)

SUPPORTING WOUNDED VETERANS LTD

Notes to the Financial Statements

The Pain Management fund is an ongoing programme and is extended to further research into acute pain treatment and psychiatry requirements. The Pioneer Fund balance is restricted to research on the impact of treating veterans suffering from PTSD with MDMA. This is a multi-year research programme and is projected to complete in 2027. Other restricted related to the Veterans Rivers Task Force to be expensed in the new financial year.

16 Analysis of net assets between funds

Cash
Deferred revenue
Debtors
Investments
Creditors
Total 2025
Cash
Deferred revenue
Debtors
Creditors
Total 2024		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
2025
47,858
755,671
-264,389
539,140
-
-44,518
-44,518
865
865
1,274,584
1,274,584
-16,501
-16,501
47,858 740,035
965,677
1,753,570
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
20,752804,905 1,091,003
1,916,660

17 Reconciliation of net income to net cash flow from operating activities

2025 2024
Net income / (expenditure) for year -163,090 194,532
Increase in fixed assets -1,274,584 -
(Increase) / decrease in debtors 56,094 -50,432
Increase / (decrease) in creditors -76,135-53.100
Net cash flow from operating activities -1,457,715 91.000
Analysis of changes in net debt
At 1 August
Cashflows
At 31 July
2024
2025
Cash at bank and in hand 1,996,855
-1,457,715
539,140

18 Related party transactions

There were no related party transactions during the period.

Page 32