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← Forces Support Limited

2024-03-31-accounts

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Company Number: 07192349 Charity Number: 1157531/SC046146

Forces Support Limited

Audited Financial Statements

for the year ended 31st March 2024

Wenn Townsend

Chartered Accountants

Oxford

Forces Support Limited

Contents

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||||||| |---|---|---|---|---|---| |Report|to|the|Trustees|2-7| |Report|of the|Independent|Auditors|8-9| |Statement|of|Financial|Activities|10| |Balance|Sheet|11| |Cash|Flow|Statement|12| |Notes|to|the|Financial|Statements|13-21| |Detailed|Statement|of Financial|Activities|22-23|

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Forces Support Limited Report of the Trustees for the year ended 31st March 2024

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ve gee than aoe tt in presenting their report and the financial statement of Forces Support Limited for the year resent . f - 024. The trustees who are also directors of the charity for the purposes of the Companies Act 2006, a ted i" report with the financial statements of the charity for the year ended 31st March 2024. The trustees have acharities e preparinge provisions their accountsof Accountingin accordance and Reporting with theby financialCharities:ReportingStatement Standard of Recommended applicable in thepractice UK andapplicable the Republicto of Ireland (FRS 102) (effective 1st January 2015). CHARITABLE STATUS AND TRANSFER OF UNDERTAKING Forces Support Limited is a charity registered in England & Wales, registration number: 1157531 & Scotland registration number: SC046146.

STRUCTURE GOVERNANCE AND MANAGEMENT The trustees (directors) who serve Forces Support Limited during the year and subsequently were as follows: Ronald Spurs (Chair of Trustees) Grace Matthews (Deputy Chair) David Simpson Claire Locke Brendan Kay Toby Morris Norman MacRae

Trustees are kept up to date by a detailed report from the Chief Executive Officer (CEO) on progress in achieving the strategic aims and objectives at each board meeting and by emails in between meetings. Time is also set aside at board meetings to discuss strategy and update knowledge on governance and related matters. New trustees are given a full induction into their role as trustees and are encouraged to visit Forces Support outlets to meet and engage with staff.

GOVERNANCE AND MANAGEMENT Day to day management is delegated by the trustees to the Chief Executive Officer (CEO). Carol Reynolds is the current CEO. Trustees are responsible for the overall strategy of the organisation and the appointment of the CEO.

AIMS AND OBJECTIVES AimsThe aims of the Charity are, firstly, to provide relief and support to families of service personnel killed whilst serving the Armed Forces and, secondly, to work with existing veteran housing & veteran family bereavement providers. Thus, allowing the charity to support vulnerable ex-service personnel access to specialist housing support, and their families who are in need through financial hardship.

TheObjectivestrustees confirm that they. have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities. The trustees consider how planned activities will contribute to the aims and objectives they have set. Objective 1 - Improving the lives of the bereaved — the charity continues to provide practical home and garden maintenance services, easing the burden on bereaved families. ; Objective 2 - The second charitable objective is improving the supply of housing for service veterans - To play an active role in supplying funding to facilitate the delivery of tailored housing and support for veteran and encourage other housing suppliers (e.g., Housing Associations) to do the same. Thus, addressing problems of homelessness, financial disadvantage, and poor mental and physical health amongst veterans.

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Forces Support Limited Report of the Trustees (continued) for the year ended 31st March 2024 Forces Support is now in Partnership with 12 veteran housing/support & 1 bereavement charity as follo WS: ay 3 + lent i i lg Vv eterans forwho Dogs are living~ Veterans with mental with Dogs health was disorders founded with thein 2010 their support mission and companionship statement is of“to improveone of their theispecia ,ALralAa; assistance dogs vig their unique and pioneering programmes”. The training programme takes 2-year to complete vo includes, the purchase of Puppies and their intense training, veterans training, PALS training and end of course assessmen ~ and after care provision, Forces Support Board of Trustees agreed to fund, Veterans for Dogs the sum of £75,000 in 2023-2024. This will fund 3 new Puppies & veterans Partnership costs over a 2-year period. Turn to Starboard uses Royal Yachting Association (RYA) sailing courses to support Armed Forces personnel (serving and retired) affected by military operations using the established therapeutic effects of sailing and the sea., founded in April 2015. Forces Support Board of Trustees agreed to fund, Turn to Starboard of sum of £32,400, to assist with the costs of running their T25 Skipper Scholarship Scheme - Programme Costs in 2023-2024. FirstLight Trust was founded in October 2012, their charitable objects, mission and vison are: “To relieve, promote and aff protectthehealth and thereby rehabilitate leaving theformer members ofher Majesty’s Forces and the Emergency Services Panes by physical wounds and injury, post-traumatic stress disorder and Psychological issues of disempowerment resultingfrom service life by the Provision ofadvice and the provision Of recreational facilities with the object ofimproving andtheir familiescondition of ofthelife. Armed ” Mission: Forces FirstLight and the Emergency Trust provides Service. a network ofgrass roots support throughout the UK for veterans Forces Support Board of Trustees agreed funding to FirstLight Trust of £39,761 in 2022-2023. The Board of Trustees also cafe hub for veterans in Falkirk. agreed an additional £20,000 in 2023-2024. These funds awarded will be used to assist FirstLight in their quest to opena Ziggy’s Pantry is a Programme of support from The Veterans Charity which can help with food support for dogs and their Veterans, ensuring that neither best friend goes without! The support which can be provided consists of a comprehensive 2024.food delivery including favourite food (wet or dry) as well as treats if required. The items Provided are always tailored according to any allergies or tastes. Forces Support Board of Trustees agreed funding to Zigey’s Pantry of £5,000 in 2023-

The Veteran Charity -The Veterans Charity was founded in 2008 and since 2011, has been providing rapid, immediate needs support to Veterans who have served within any of the UKArmed Forces. Since 2011, they have directly supported more than 4000 Veterans in their hour of need. A large proportion of these cases are the result of referrals from many other charities and Organisations, and they are immensely proud to be an essential part of the military charity sector and Armed Forces community. Forces Support received a request for funding to assist The Veteran Charity with the services they provide to veterans in need. Forces Support Board of Trustees agreed to fund The Veterans Charity for three years assisting - S00 veterans and their families in need at a cost of £115 per family per annual at a cost of £57,500 per year. The total funding awarded for the 3-year period is £172,500. Due to the increase demand from veterans and increases in the cost of living, Forces Support Board of Trustees reviewed the current funding awarded to the Veterans Charity and agreed to increase its funding for 23/4 to £69,000 which will ensure more veterans can be assisted. Forces Support Board annumof Trustees whichalsowill agreedassist 1000 to support veterans The each Veteran year. Charity for a further two years 2024-2026 and awarded £160,000 per

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Forces Support Limited

Report of the Trustees (continued) for the year ended 31st March 2024

Forces Support is a member of the Armed Forces Covenant and have been awarded a Bronze Employers award in July 2022 and a Silver Employers award in May 2023.

The charity relies on the contribution of volunteers in all our retail outlets enabling our retail presence to grow and remain successful throughout the UK. The Board of Trustees are very grateful to all our volunteers.

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Forces Support Limited

Report of the Trustees (continued) for the year ended 31st March 2024

Funding activities F i Incomeour has remained stable, even though we are tradingoo,in 21 stores, less than ; rete tehe ktsprevious us tracceph year. We donatedcontinue search for more locations this coming year to ensure we have sufficient retail outle stock to sell in stores which will increase our income growth in the future. FINANCIAL REVIEW Financial position The gross income for Forces Support in 2023-24 was £2,502,196 (2022-23: £2,477,648) Our income. reaeve remal——with a little increase in income, we are now operating in 21 stores as opposed to 28 last year. This is being monitore regularly and any real concerns will be raised as they occur. Total expenditure in the year 2023-24 was £2,464,495 (2022-23: £1,960,482) giving a surplus overall of £37,701 in 20232024. (2022-2023: £517,166). The increase of costs relates to our charitable activities which within this year £695,460 (2022-23 £467,669) Plus, post COVID19 all service provers have increased their prices, so expenditure has increased £1,769,035 in 2023-24 (2022-23 £ 1,492,813). The Board of Trustees continue to ensure we have sufficient funds to cover our everyday costs during this year. However we continue to see an increase in costs associated with salaries, utilities, credit card charges, insurance, rates, water rates & waste during 2023-24, and the forthcoming year too.

This increase in expenditure has resulted in the charity reporting a smaller surplus in 2023-24 of £37,701.

The financial implication of the COVID 19 pandemic. Post COVID is still affecting our charity as landlords continue to serve notice upon us and stores continue to close. In light of this, the Board of Trustees agreed to move away from Tenancy At will arrangements and focus on renting new stores with longer leases assigned to them. This would give us more stability in the areas we trade withing moving forward. However, this would also increase costs as we will be paying rent now and in the future. The increase in the cost of living, such as utilities, rent, rates, waste & insurance etc together with reduced interest rates have had an impact on the expenditure during 2023-24.

Reserves policy At the end of the reporting period, the charity held unrestricted reserves of £3,032,880.

The charity holds reserves in order to ensure it is well placed to meet challenges that may arise in the future.

It is the policy of the charity that unrestricted reserves should be maintained at a level equivalent to at least six months’ running cost of the charity with the object of being able to ensure that the charity is able to continue with its activities for the duration of any temporary fall in funding.

Principal risks and uncertainties Trustees place a high priority on risk management. Risks identified are categorised as follows: Strategic and Governance Management and staff Operational Financial It is the policy of the trustees to review all risks at each Board meeting. Each review seeks to establish that all risks are documented and that steps to mitigate such risks are established and executed. As a result of this process, the trustees are satisfied that residual risks are minimal.

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Forces Support Limited Report of the Trustees (continued) for the year ended 31st March 2024

FUTURE PLANS

Improving the lives of the bereaved — we will continue to offer practical support to families in need.

improving the supply of housing for service veterans — Our second charitable objective is to work with existing veteran housing & bereavement providers which will enable the charity to support vulnerable ex-servicemen, women & children to gain access to specialist housing support and targeted assistance supplied by specialist military & bereavement charities. Income growth - The retail industry continues to be fragile following the COVID pandemic outbreak, but we will continue to try and improve income from our network of shops selling donated goods throughout the UK, with the ultimate aim to become a well-known national brand.

STRUCTURE, GOVERNANCE AND MANAGEMENT

GoverningForces Support document (‘the Charity’) is a private registered company limited by guarantee, with no share capital, and is governed by Articles of Association. It is also a registered charity whose activities are intended to be for the public benefit.

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TheManagement policies and general management of the affairs of Forces Support are directed by the Trustees. Day to day management is carried out by the Chief Executive Officer under the terms of delegated authority from the board of trustees who also set the remuneration of the management team. TrusteesRecruitment are recruited and appointment with a viewof new to diversity, trustees sound experience in a related field, or professional expertise in a relevant area. Candidates are given first-hand experience of the work of the charity, interviewed by an existing Trustee and, if appropriate, are invited to a Trustees’ meeting. Appointment is then conditional on the approval of the trustees generally.

The Trustees confirm that: - _ As far as each trustee is aware, there is no relevant audit information (needed by the auditors in connection with this report) of which the Charity’s auditors are unaware, and - Each trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information. This report has been prepared in accordance with the provisions of Part 15 of the Companies Acct 2006 relating to small

companies.

Registered office Unit 2, Two Rivers Industrial Estate Station Lane Witney OX28 4BH

Operational Address: Willow Tree House Two Rivers Industrial Estate Station Lane Witney OX28 4LH

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Forces Support Limited Report of the Trustees (continued) for the year ended 31st March 2024

Statement of trustees’ responsibilities The trustees are responsible for preparing the Trustees’ Report and the financial statements in ST LE applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepte financial Practice). The law applicable to charities in England and Wales requires the trustees to shade in e statements for each financial year which give a true and fair view of the state of affairs of the charitab je company and of the incoming resources and application of resources of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charitable company and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

The Trustees, in exercising their powers and duties, have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

Auditors

The auditors, Wenn Townsend, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 19" September 2024 and signed on the board’s behalf by:

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Ron Seve
RN Spurs - Trustee
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By

Forces Support Limited

Independent Auditor's Report to the Trustees of Forces Support Limited

Opinion We have audited the financial statements of Forces Support Limited (the ‘charity’) for the year ended 31st March 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: e give a true and fair view of the state of the Charity's affairs as at 31st March 2024, and of the income and expenditure, for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and » have been prepared in accordance with the requirements of the Companies Act 2006.

WeBasis conductedfor opinionour 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 Charity 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.

ConclusionsIn auditing the financialrelating statements,to going concern we have concluded that the Trustees’ use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concem 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 concem are described in the relevant sections of this report. TheOther trusteesinformation 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 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.

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tS ee Forces Support Limited Independent Auditor's Report to the Trustees of Forces Support Limited (continu ed * s of our audit; or , , we have not obtained all the information and explanations necessary for the purposes © ring the directors’ report * P ies’ exemptions in preparing the trustees were not entitled to take advantage of the small companies and from the requirement to prepare a strategic report. Responsibllities of trustees nsible for the As explained more fully in the trustees’ responsibilities statement set out on wnt 6 ee centredstees asare the trusteesrespo' determiner preparation of the financial statements which give a true and fair view, and for suc hs orl misstatement, whether due to fraud is necessary to enable the preparation of financial statements that are free from maten or error. In i mpany’s ability to continue as preparing the financial statements, the trustees are responsible for assessing the ei‘he pri concern basis of a going concern, disclosing, as applicable, matters related to going concern a 9 erations, or have no realistic accounting unless the trustees either intend to liquidate the charitable company or to cease ope ’ alternative but to do so. Auditor’s responsibilities for the audit of the financial statements ? . Sone We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulatio' made under section 154 of that Act. Ourmisstatement, objectives are to obtain reasonable assurance about whether the financial statements as a aig ree tonmater is whether due to fraud or error, and to issue an auditor's report that includes our opinion. oe pad a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) ener atiduatt material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, . ce u 7 or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis o' these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 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: ° Enquiry of management and those charged with governance around actual and potential litigation and claims; ° Reviewing minutes of meetings of those charged with governance; . Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ° Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 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. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with regulations made under Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rodzynski FCA (Senior Statutory Auditor) . Wenn Townsend Chartered Accountants and Statutory Auditors Oxford

19" September 2024

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Forces Support Limited

Statement of Financial Activities for the year ended 31st March 2024

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||||||||| |---|---|---|---|---|---|---|---| |2024|2024|2024|2023| |Unrestricted|Restricted|Total|Total| |Notes|Funds|Funds|Funds|Funds| |£|£|£|£| |Income|and|endowments|from| |Donations and|legacies|2|40,411|-|40,411|36,091| |Other trading|activities|3|2,436,817|-|2,436,817|2,431,353| |Other income|24,968|-|24,968|10,204| |Total|2,502,196|-|2,502,196|2,477,648| |Expenditure|on| |Raising funds|4|1,769,035|-|1,769,035|1,492,813| |Charitable|activities| |Charitable|activity|5|695,460|-|695,460|467,669| |Total|2,464,495|-|2,464,495|1,960,482| |Net income|37,701|-|37,701|517,166| |Transfers|between|funds|13|-|-|-|=| |Net movement|in funds|37,701|-|37,701|517,166| |Reconciliation|of funds| |Total|funds|brought forward|2,995,179|-|2,995,179|2,478,013| |Total funds|carried|forward|3,032,880|-|3,032,880|2,995,179|

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The notes on pages 12 to 20 form part of these financial statements

Forces Support Limited

Balance Sheet
as at 31st March 2024
2024 2023
Notes Total
Funds		 Total
Funds
£ £
Fixed assets
Tangibleassets 40 744,886 348,269
Current assets
Debtors
Cash atbank and in hand
Cash atbank forfuturefunds		 11 88,119
476,653
1,808,221		 69,094
793,440
1,888,848
Creditors 2,372,993 2,751,382
Amountsfallingduewithinoneyear 12 (84,999) (104,472)
Netcurrentassets 2,287 ,994 2,646,910
Total assets less current liabilities 3,032,880 2,995,179
Netassets 3,032,880 2,995,179
Funds
Unrestrictedfunds 3,032,880 2,995,179
Totalfunds 3,032,880 2,995,179

The financial statements were approved by the Board of Trustees and authorised for issue on 19% September 2024 and were signed on its behalf by:

The notes on pages 12 to 20 form part of these financial statements

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Forces Support Limited

Cash Flow Statement for the year ended 31st March 2024

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||||||||| |---|---|---|---|---|---|---|---| |Notes|2024|2023| |£|£| |Cash|flows from|operating|activities| |Cash generated|from|operations|17|5,086|377,685| |Net cash|provided by operating|activities|5,086|377,685| |Cash|flows from|investing|activities| |Purchase|of tangible fixed|assets|(410,000)|-| |Sale of tangible|fixed assets|7,500|-| |Net cash|provided|by/(used|in)|investing|activities|(402,500)|-| |Change|in cash and cash equivalents|in the reporting|period|(397,414)|377,685| |Cash and cash equivalents|at the beginning|of the|reporting|period|2,682,288|2,304,603| |Cash and cash|equivalents|at the end of the reporting|period|2,284,874|2,682,288|

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The notes on pages 12 to 20 form part of these financial statements

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Forces Support Limited Notes of the Financial Statements for the year ended 31st March 2024

  1. Accounting policies TheBasis financialof preparing iets eatsthe offinancial the charitablestatements 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 October 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 and Charities and Trustees Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

The financial statements have been prepared on the historical cost basis, except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income resources

All income is included in the statement of financial activities net of VAT where applicable and when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

  1. Accounting policies (continued)

Allocation and apportionment of costs All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible fixed assets

Land and buildings are initially recognised at cost. Freehold land is subsequently carried at the revalued amounts less accumulated impairment losses. Freehold buildings are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses. Land and buildings are to be revalued by independent professional valuers on a periodic basis and whenever their carrying amounts are likely to differ materially from their revalued amounts.

All other items of property plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Land and Buildings - nil Office equipment - 25% on cost Motor vehicles - 25% oncost

Taxation The charity is exempt from corporation tax on its charitable activities.

Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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.

Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Finance leases and hire purchase contracts Assets held under finance leases and hire purchase contracts are recognised in the statement of financial | position as assets and liabilities at the lower of the fair value of the assets and the present value of the | minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the financial charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

  1. Accounting policies (continued) wpsrating lsaens Lease payments are recognised as an expense over the lease term on a straigtraight-line"7 basis.' . esThe aggregate benefit of lease incentives is recognised as a reduction to expense over the mes erm, a straight-line basis. The charity often takes out leases for locations at rates potentially below prevaili 9 market rates. Those payments are included within rental expenditure based on the actual cost incurre as it would be impracticable to measure any fair value on a shop by shop basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity; becomes a party to th the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Limited by guarantee

The company is Limited by Guarantee and does not have a share capital. The members undertake to contribute a sum, not exceeding £1 each, to the assets of the company in the event of it being wound up.

2. Donations and legacies

2024 2023
£ £
Donations 40,411 36,091
40,411 36,091
3. Other trading activities
2024 2023
£ £
Shops—sale ofdonated goods 2,436,817 2,431,353
2,436,817 2,431,353

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

4. Raising funds

Othertrading activities 2024 2023
£ £
Staffcosts
Rent, ratesandwater
Lightandheat
Repairsandmaintenance
Insurance
Otherestablishmentcosts
Motorexpenses
Traveland subsistence
Telephoneand internet
Sundryexpenses
Collection ofdonatedgoods
Creditcardcharges		 940,898
258,333
231,055
18,265
21,998
34,840
21,565
38,598
7,145
1,007
166,624
28,707		 862,428
192,584
99,356
5,816
12,985
69,827
16,720
26,109
4,855
-
175,934
26,199
1,769,035 1,492,813

5. Charitable activities costs

Support
Direct
Costs
£		 costs (see
note6)
£		 Totals
£
Charitable activity 501,765 193,695 695,460

Included within the above support costs is ENil (2023: ENil) of restricted expenditure.

6. Support costs

Governance
Management
£		 costs
£		 Totals
£
Charitable activity 188,895 4,800 193,695

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’

Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

Te Net income/(expenditure)

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|||||||| |---|---|---|---|---|---|---| |Net income/(expenditure)i|i|iis stated|after charging/(ing/(crediting):ig)|soe|2023| |£|£| |Auditor's|remuneration|4,800|4,500| |Depreciation|— owned|assets|13,383|13,527| |Surplus|on|disposal|of fixed|assets|(7,500)|(6,978)|

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8. Trustees’ remuneration and benefits

There were no trustees’ remuneration or other benefits for the year ended 31st March 2024 (2023: £Nil). Trustees’ expenses paid for the year ended 31st March 2024 were fnil (2023: £259).

9. Staff costs

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|||||| |---|---|---|---|---| |2024|2023| |£|£| |Wages and|salaries|1,024,261|947,582| |Social|security|costs|62,334|59,565| |Other pension|costs|36,778|34,387| |1,123,373|1,041,534|

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The average monthly number of employees during the year was as follows:

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|||||| |---|---|---|---|---| |2024|2023| |Charitable|projects|1|1| |Shops|and|fundraising|58|54| |Management|and|administration|6|9| |65|64|

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The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

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|||||| |---|---|---|---|---| |2024|2023| |£80,001|-|£90,000|1|1|

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

10. Tangible fixed assets

Tangible fixed assets
Landand
buildings
£		 Office
equipment
£		 Motor
vehicles
£		 Total
£
Cost
At1stApril2023
Additions
Disposal		 315,000
410,000
“		 3,154
-
-		 51,250
-
-		 369,404
410,000
2
At 31stMarch 2024 725,000 3,154 51,250 779,404
Depreciation
At1stApril2023		 - 2,515 18,620
.		 21,135
.
Disposal
Chargeforyear		 -
-		 -
569		 12,814 13,383
At31stMarch2024 - 3,084 31,434 34,518
Net book value
At31stMarch 2024		 725,000 70 19,816 744,886
At31stMarch 2023 315,000 639 32,630 348,269
Debtors:amountsfalling duewithin oneyear
2024 2023
£ £
Otherdebtors
VAT
Prepayments andaccrued income		 39,455
27,077
21,587		 35,459
13,687
19,948
88,119 69,094
  1. Debtors: amounts falling due within one year

12. Creditors: amounts falling due within one year

Creditors: amountsamounts falling due within one yeardue within one yearwithin one yearone yearyear
2024 2023
£ £
Tradecreditors
Socialsecurityandothertaxes
Pensions
Accruals		 25,288
15,744
6,014
37,953		 78,662
-
4,448
21,362
84,999 104,472

At the year end the charity trustees had pledged grant support to various charities and causes to the total of £380,000 over the next 2 years (2023: £156,500). Where there are outstanding conditions or Poeet payable.hi The4 bstotalHaeof gogrants to meet,that thesewere grantseespledged areat notthe recognisedayear end ainel creditorsd notsc getyet becauserecog elsei grantii creditors is £380,000 (2023: £156,500).

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

)

| |

13. Restricted funds

There were no restricted funds in 2024.

  1. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£ £
Within oneyear
Betweenoneand fiveyears		 107,417
152,000		 114,750
277,417
259,417 392,167

15. Contingent liability

The charity is party to a number of Property leases with varying terms and obligations in respect of dilapidations. Whilst the charity takes measures to minimise any future obligations in this respect, there nonetheless exists the possibility that a future liability may arise on any of the individual leases upon termination of the lease.

16. Related party transactions

During the year Windrush Business Services Ltd, a company owned and controlled by a Trustee, Toby Morris, provided accountancy services to the Charity totalling £3,693 (2023: £nil). These services were provided at market value and there was fnil balance owing from the charity to the company at year end.

There were no other related party transactions for the year ended 31st March 2024.

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

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

2024 2023
£ £
Netincomeforthe reporting period (as perthe
Statementof FinancialActivities)		 37,701 517,166
Adjustments for:
Depreciation charges
Profitondisposalof fixedassets
Write back oftangiblefixed assets		 13,383
(7,500)
=
=		 13,527
(6,978)
=
-
Decrease in stocks
(Increase)/decrease indebtors
Increase/(decrease) increditors
Netcashprovidedbyoperations		 (19,025)
(19,473)
5,086		 (4,810)
(141,220)
377,685
Analysis ofchanges in netfunds At1/4/23
£		 Cashflow
£		 At31/3/24
£
Net cash
Cashatbank and inhand		 2,682,288 (397,414) 2,284,874
2,682,288 (397,414) 2,284,874
Total 2,682,288 (397,414) 2,284,874

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Forces Support Limited

Notes of the Financial Statements (continued) for the year ended 31st March 2024

18. Statement of financial activities for the year ended 31st March 2023

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||||||| |---|---|---|---|---|---| |2023|2023|cate| |Unrestricted|Restricted|on| |Funds|Funds|Funds| |£|£|£| |Income and endowments from|91| |Donations and legacies|36,091|"|2 ness| |Other trading|activities|2,431,353|90204| |Other|income|10,204|<|’| |Total|2,477,648|-|2,477,648| |Expenditure|on| |Raising|funds|1,492,813|-|1,492,813| |Charitable|activities| |Charitable|activity|467,669|-|467,669| |Total|1,960,482|-|1,960,482| |Net|income|517,166|-|517,166| |Transfers|between|funds|=|=|”| |Net movement|in|funds|517,166|-|517,166| |Reconciliation|of funds| |Total|funds|brought forward|2,478,013|-|2,478,013| |Total funds|carried|forward|2,995,179|-|2,995,179|

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|

| |

ya

Forces Support Limited

Detailed Statement of Financial Activities for the year ended 31st March 2024

for thethe year endedended 31st March 2024
2024 2023
£ £
Income and endowment
Donations and legacies
Donations		 40,411 36,091
40,411 36,091
Othertrading activities
Shops—saleofdonatedgoods
Collection income		 2,400,816
36,001		 2,400,462
30,891
2,436,817 2,431,353
Other income 24,968 10,204
Other income
Totalincomingresources 2,502,196 2,477,648
Expenditure
Wagesandsalaries
Employers’ national insurance
Pensions
Rent, ratesandwater
Lightandheat
Repairsandmaintenance		 877,318
46,684
16,896
258,333
231,055
18,265
21,998		 804,612
42,593
15,223
192,584
99,356
5,816
12,985
Insurance
Otherestablishmentcosts		 34,840
21,565		 69,827
16,720
Motor expenses
Travelandsubsistence
Telephoneand internet
Sundryexpenses
Collection ofdonatedgoods
Creditcardcharges		 38,598
7,145
1,007
166,624
28,707		 26,109
4,855
-
175,934
26,199
1,769,035 1,492,813
Charitable activities
Wagesandsalaries
Employers’ national insurance
Pension
Materials purchased
Legaland professionalfees
Projectrelated purchases		 62,125
7,695
15,866
15,419
263
400,397		 62,125
8,101
15,371
-
465
180,823
501,765 266,885

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&
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Forces Support Limited

Detailed Statement of Financial Activities (continued) for the year ended 31st March 2024

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Support costs|80,845| |Wages and salaries|eo|8.871| |Employers’|national|insurance|7,9|3.793| |Pension|4,016|3.91 7| |Rent,|rates and water|3,012|9.594| |Light and heat|5,038|452| |Insurance|1,517|—| |Motor expenses|+|6.235| |TravelRepairsand andsubsistence maintenance|11,747503|ne83| |Legal|and|professional|fees|30,091|24,709| |Telephone|and|internet|10,575|19,677| |Sundry expenses|3,560|4,170| |Bank charges|7,398|7,762| |Printing,|post and|stationery|1,104|696| |Recruitment|and|training|6,186|6,666| |Computer and website expenses|3,423|2,544| |Staff welfare|1,417|2,083| |Tangible|fixed|asset written|off/(written|back)|-|>| |Credit card charges|654|8,169| |Depreciation|of tangible and|heritage|assets|13,381|13,527| |Profit on|sale|of tangible fixed|assets|(7,500)|(6,978)| |Governance|costs|188,895|196,284| |Auditor's|remuneration|4,800|4,500| |Total|resources expenses|2,464,495|1,960,482| |Net income|37,701|517,166|

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