REGISTERED COMPANY NUMBER: 08722309 (England and Wales) REGISTERED CHARITY NUMBER: 1154476
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
Sandhurst Trust
Harlands Accountants (Newquay) Limited Unit 3 Southview House St Austell Enterprise Park St Austell Cornwall PL25 4EJ
Sandhurst Trust
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 15 |
Sandhurst Trust
Report of the Trustees for the Year Ended 31 December 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives of the Charity
The Sandhurst Trust has two charitable objects:
Object 1: To promote the efficiency of the armed forces of the Crown and in particular the Royal Military Academy (RMA) Sandhurst in such charitable ways as the trustees from time to time think fit.
Object 2: To advance education and research in the fields of leadership and management and the training of effective managers and leaders in civil and military life.
Significant activities in the year and achievements
2023 saw the charity running a full programme of events with 190 taking place.
The Trust continues to be supported by the Patron, The King of Bahrain, with the annual grant of £70k paid. Furthermore, the grant in aid from the Chief of the General Staff was increased to £67.5k and both grants were fully utilised keeping the charity running. Reserves, which had been run down during Covid, were re-established and stood at £75k by the end of the year. The need to reconstitute the reserve and the employment of additional staff to cope with additional events slightly reduced charitable disbursement. Nevertheless, this was £113,503 only 8% below our best year in 2022.
Public benefit
The Royal Military Academy Sandhurst (RMAS) has an international reputation for the training of Army officers as leaders and managers. All Army officers take this training and subsequent military experience back into the civil arena at the end of their military career whether this is short or long. The Trust supports RMAS by providing prizes and leadership grants to enhance training activity and also provides leadership grants for members of the charity out in the Field Army.
During the year, the charity supported the Centre for Army Leadership with the provision of books for the leadership library and provided prizes in support of both RMAS and the Intermediate Command and Staff Course.
During 2023 The Trust charitably disbursed £113k including 587 grants to Officer Cadets going on adventurous training expeditions. Furthermore, 172 grants were supplied to members taking their soldiers on adventurous training and another 48 to members of the Sandhurst staff. Welfare continued to be a major activity, with support to international cadets forced to remain at RMAS during the recesses, unable to return home due to the cost of flights. The charity also assisted with a compassionate flight home for a cadet from Papua New Guinea and a Commonwealth soldier serving with the Sandhurst Support Unit. Grants for welfare totalled just under £54k. There were some remaining legacies following the collapse of the Afghan Government in 2021 with driving lessons provided for two former cadets given leave to remain in the UK. At the other end of the scale, The Trust refurbished the garrison children's playgroup area and provided a fridge for the garrison nursery.
Finally, The Trust supported Lucknow Platoon, which houses the cadets injured during training, and the continued provision of a hired golf buggy cuts down the amount of walking required on the large 660 acre site. With this and assistance with extra-curricular activities such as a visit to the National Army Museum and the National Memorial Arboretum, the total grants to the rehab cadets was over £6k.
Page 1
Sandhurst Trust
Report of the Trustees for the Year Ended 31 December 2024
FINANCIAL REVIEW
Reserves policy
To meet its objects, The Trust has agreed a budgeting and reserves policy that enables it to make the appropriate allocation of funds while at the same time securing a sound financial basis for the future activities of the trust. The allocation of the funds and resources are agreed by the trustees in the overall light of the Trusts strategic needs.
The Trust holds several types of reserves. Some are restricted, meaning that they have been given for specific purposes or have conditions attached that means they can only be spent in a specific way.
Some reserves are in the form of designated funds that are put aside by the Trustees to represent fixed and other assets, which cannot be readily converted into cash.
Finally, The Trust holds general funds or free reserves for three principal reasons: i. To supply working capital to enable the Trust to manage fluctuations in its cash-flow
ii. To enable the trust to invest in other operations that complement the objectives of the trust iii. To provide protection in the case of any unforeseen costs or to enable an orderly winding up of the Trust
The reserves policy adopted by the trustees has established, at the current levels of activity, the target range for the free reserves is between £100,000 and £150,000. Total reserves at the end of the financial year were £111,852 (2021: £224,581), which is within the range that the Trustees feel are necessary to protect for any of the events set out above.
Going concern
Since the Balance Sheet date of 31 December 2019, the Trust, in line with all other charities, commercial businesses and general lives, has been adversely impacted by the global COVID-19 pandemic, including cancellation of virtually all events and external activities after March 2020. The Trustees have taken advantage of Governmental support measures, including 'furlough' scheme claims, and have cut other costs where possible; fortunately, the Trust continues to benefit from regular donations and grants to maintain income such that the Trustees consider that the Trust can continue as a going concern for the foreseeable future - the Trustees will continue to keep the financial position of the charity under regular review.
STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution
In accordance with the decision taken by the Trustees during 2013, in consultation with the Charities Commission and with appropriate legal advice, The Sandhurst Trust (Charity number 1154476; Company number 08722309) was launched with effect from 1 Jan 2014. All assets and liabilities of the Sandhurst Foundation were transferred to the Sandhurst Trust as a result of a Transfer Agreement between the trustees of each organisation (and with the authority of the Charities Commission). Sandhurst Trust is a company limited by guarantee and governed by its memorandum and articles of association. Consequently, the Sandhurst Foundation has been removed from the Register of Charities.
Methods of appointing trustees
There are three ex officio trustees: The Commandant, the Assistant Commandant and the Director of Studies of the Royal Military Academy Sandhurst. Other Trustees, between 3 and 9, are co-opted.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08722309 (England and Wales)
Registered Charity number
1154476
Registered office
Old College The Royal Military Academy Sandhurst Camberley Surrey GU15 4PQ
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Independent Examiner's Report to the Trustees of Sandhurst Trust
Independent examiner's report to the trustees of Sandhurst Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Deborah Edwards BA (Hons) FCA
Harlands Accountants (Newquay) Limited Unit 3 Southview House St Austell Enterprise Park St Austell Cornwall PL25 4EJ
Date: .........26/09/2025
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Sandhurst Trust
Statement of Financial Activities for the Year Ended 31 December 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted fund £ 984,594 3,452 988,046 528,199 400,297 928,496 59,550 69,083 128,633 |
2023 Total funds £ 993,232 3,132 996,364 671,039 368,094 1,039,133 (42,769) 111,852 69,083 |
|---|---|---|
The notes form part of these financial statements
Page 5
Sandhurst Trust
Balance Sheet 31 December 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Intangible assets 9 57,572 CURRENT ASSETS Stocks 10 36,500 Debtors 11 12,867 Cash at bank and in hand 195,216 244,583 CREDITORS Amounts falling due within one year 12 (136,772) NET CURRENT ASSETS 107,811 TOTAL ASSETS LESS CURRENT LIABILITIES 165,383 CREDITORS Amounts falling due after more than one year 13 (36,750) NET ASSETS 128,633 FUNDS 15 Unrestricted funds 128,633 TOTAL FUNDS 128,633 |
2023 Total funds £ 44,202 30,109 110,704 201,027 341,840 (263,541) 78,299 122,501 (53,418) 69,083 69,083 69,083 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Sandhurst Trust
Cash Flow Statement for the Year Ended 31 December 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of intangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Rounding Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 20,775 20,775 (13,370) 3,452 (9,918) (16,667) (1) (16,668) (5,811) 201,027 195,216 |
2023 £ (50,661) (50,661) (41,022) 3,132 (37,890) (16,666) - (16,666) (105,217) 306,244 201,027 |
|---|---|---|
The notes form part of these financial statements
Page 8
Sandhurst Trust
Notes to the Cash Flow Statement for the Year Ended 31 December 2024
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW | FROM OPERATING | ACTIVITIES |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net income/(expenditure) for the reporting period (as per the | |||
| Statement of Financial Activities) | 59,550 | (42,769) | |
| Adjustments for: | |||
| Interest received | (3,452) | (3,132) |
|
| (Increase)/decrease in stocks | (6,391) | 3,474 |
|
| Decrease/(increase) in debtors | 97,837 | (69,401) | |
| (Decrease)/increase in creditors | (126,769) | 61,167 |
|
| Net cash provided by/(used in) operations | 20,775 | (50,661) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.24 | Cash flow | At 31.12.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 201,027 | (5,811) | 195,216 |
| 201,027 | (5,811) | 195,216 | |
| Debt | |||
| Debts falling due within 1 year | (16,667) | - | (16,667) |
| Debts falling due after 1 year | (53,418) | 16,668 | (36,750) |
| (70,085) | 16,668 | (53,417) | |
| Total | 130,942 | 10,857 | 141,799 |
The notes form part of these financial statements
Page 9
Sandhurst Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
3.
| Donations Other income INVESTMENT INCOME Interest receivable - trading |
2024 £ 287,634 696,960 984,594 2024 £ 3,452 |
2023 £ 250,311 742,921 993,232 2023 £ 3,132 |
|---|---|---|
continued...
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Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
4. RAISING FUNDS
Raising donations and legacies
| Direct costs 5. SUPPORT COSTS Management £ Other resources expended 355,361 |
Finance £ 13,283 |
2024 £ 528,199 Other £ 31,653 |
2023 £ 671,039 Totals £ 400,297 |
|---|---|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
| 7. STAFF COSTS Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Staff No employees received emoluments in excess of £60,000. 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Other Total |
2024 £ 292,153 24,593 16,225 332,971 2024 8 |
2023 £ 261,105 21,896 20,297 303,298 2023 7 Unrestricted fund £ 993,232 3,132 996,364 671,039 368,094 1,039,133 |
|
|---|---|---|---|
continued...
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Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. INTANGIBLE FIXED ASSETS COST At 1 January 2024 Additions At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors CGS Grant |
IPR on Computer Medals software £ £ 4,260 39,942 - 13,370 4,260 53,312 4,260 53,312 4,260 39,942 2024 £ 36,500 2024 £ 4,089 4,507 4,271 12,867 |
IPR on Computer Medals software £ £ 4,260 39,942 - 13,370 4,260 53,312 4,260 53,312 4,260 39,942 2024 £ 36,500 2024 £ 4,089 4,507 4,271 12,867 |
IPR on Computer Medals software £ £ 4,260 39,942 - 13,370 4,260 53,312 4,260 53,312 4,260 39,942 2024 £ 36,500 2024 £ 4,089 4,507 4,271 12,867 |
Unrestricted fund £ (42,769) 111,852 69,083 Totals £ 44,202 13,370 57,572 57,572 44,202 2023 £ 30,109 2023 £ 44,832 9,551 56,321 110,704 |
Unrestricted fund £ (42,769) 111,852 69,083 Totals £ 44,202 13,370 57,572 57,572 44,202 2023 £ 30,109 2023 £ 44,832 9,551 56,321 110,704 |
|---|---|---|---|---|---|
| 2024 £ 4,089 4,507 4,271 12,867 |
|||||
continued...
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Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Bank loans and overdrafts (see note 14) | 16,667 | 16,667 | |||
| Trade creditors | 15,658 | 160,361 | |||
| Social security and other taxes | 14,650 | 8,224 | |||
| VAT | 12,513 | 10,536 | |||
| Other creditors | 33,021 | 35,652 | |||
| Accruals and deferred income | 44,263 | 32,101 | |||
| 136,772 | 263,541 | ||||
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Bank loans (see note 14) | 36,750 | 53,418 | |||
| 14. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Amounts falling due within one year on demand: | |||||
| Bank loans | 16,667 | 16,667 | |||
| Amounts falling between one and two years: | |||||
| Bank loans - 1-2 years | 16,667 | 16,667 | |||
| Amounts falling due between two and five years: | |||||
| Bank loans - 2-5 years | 20,083 | 36,751 | |||
| 15. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1.1.24 | in funds | 31.12.24 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 69,083 | 59,550 | 128,633 | ||
| TOTAL FUNDS | 69,083 | 59,550 | 128,633 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 988,046 | (928,496) | 59,550 | ||
| TOTAL FUNDS | 988,046 | (928,496) | 59,550 |
continued...
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Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.1.23 in funds £ £ 111,852 (42,769) 111,852 (42,769) |
At 31.12.23 £ 69,083 69,083 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 996,364 996,364 |
Resources expended £ (1,039,133) (1,039,133) |
Movement in funds £ (42,769) (42,769) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.23 | in funds | 31.12.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 111,852 | 16,781 | 128,633 |
| TOTAL FUNDS | 111,852 | 16,781 | 128,633 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,984,410 | (1,967,629) | 16,781 |
| TOTAL FUNDS | 1,984,410 | (1,967,629) | 16,781 |
continued...
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Sandhurst Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
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