Company Number: 07192349 Charity Number: 1157531/SCO46146
Forces Support Limited
Audited Financial Statements
for the year ended 31st March 2025
Wenn Townsend
Chartered Accountants
Oxford
Forces Support Llmited Contents Trustees, Report Independent Auditors Report Statement of Financial Activities Balance Sheet 10 Cash Flow Statemenl Notes to the Financial Statements 12~20 Detailed Statement of Financial Activities 21-22
Forces Support Limlted Trustees, Report for the year ended 31st March 2025 The trustees have pleasure in presenting their annual report and the financial statement of Forces Support Limited for the year ended 31 st March 2025. The trustees (who are also directors of the charitable company for the purposes of the Companies Act 20061 present their report with the financial statements of the charity for the year ended 31 st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended practice applicable to charilies preparing their accounts in accordance with the financial Reportlng Standard applicable in the UK and the Republic of Ireland (FRS 1021 (effective 1 sl January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Forces Support Limited is a charity registered in England & Wales, registration number.. 1157531 & Scotland registration number.. SC046146. The trustees (directors) who served Forces Support Limited during the year and subsequently were as follows: Ronald Spurs (Chair ol Trustees) Grace Matthews {Depuly Chair) David Simpson (resigned 6 January 2025) Claire Locke- Risk Advisor Brendarb Kay- Charity Partners Advisor Toby Morris - Financial Advisor Norman MacRae {resigned 27 March 20251 Philip Murphy (appointed 23 May 2024) - Commercial Property Advisor Gary Candlish {CEO) (appointed 3 February 20251 Nichola Rowlands-smith (appointed 9 August 2025) - Communications and Marketing Advisor Registered offffice Unit 2, Two Rivers Industrial Estste station Lane Witney OX28 4BH Operational Address". Willow Tree House Two Rivers Induslrial Estate Stalion Lane Wttriey OX28 4LH OBJECTIVES AND ACTIVITIES Alms The aims of the charity are,. firstly, lo provide relief and support to families of service personnel kllled while serving in the Armed Forces by partnering with and funding Service Bereavement Charities and providers,. secondly, to partner with UK Service Charities and fund projecls that address Veterans who are experiencing financial hardship, housing issues and poor mentsl and or physical health., and Ihirdly, to partner with UK SeNice Charities and fund projects to assist Veterans to secure employment and new skills through education and or training. Objectives The trustees confirm that they have referred to the Charity Commission's general guidance on public benefitwhen reviewing the charity's aims and objective5 and in planning future actlvities. 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 will partner with and fund UK Service Charities who provide support lo Bereaved Service Families.
Forces Support Limited Trustees, Report {contlnued) forthe year ended 31st March 2025 Objectlve 2 - Improving the lives of Veterans - the charity will partner and fund specialist Service Charities who focus on alleviating financial hardship, housing challenges and those veterans with poor mentsl and or physical health. Objective 3 - Improving the lives of Veterans - the charity will partner and fund specialist Service Charilies who focus on supporting veterans access to employment or deliver re-training to secure new skills to then access employment. Forces Support The Charity is proLsd of its ourrent UK stores footprint and position as an employer of full-time. part-time staff and its 'Amiy' of Volunteers. The Charity continues to grow its relationship with nattonal and locally based Community organisations to assist in placing Volunteers. The Charity is equally proud of its conlribulion to sustainability and recycling and is currently scoping formal accreditation. Forces Support Service Charity Partnerships In February 2025 the Charity underwent a review of current and future partnerships, the aims being to scrulinise the success of legacy and current donalions, to allow Board members to select those SeNice Charities that Forces Support may wish to continue to support in 2025, 2026 and beyond. Partnerships were culminated with FirstLight as the Charity went inlo administration. Forces Support Charity lrnpact Forces Support supports fellow Service Charities with granls and pledges via income generated from our national chain of Charity Shops. Forces Support is proud lo donate and partner with Ihe following Charilies= Scotty's Little Soldiers, is a charity dedicated to supporting bereaved military children and young people. Over the years funds donated by FOe$ Supporl shop5 have facilitated the procurement of 2 Lodge Holiday homes in Devon and Yorkshire. to allow bereaved families, particularly children lo have fun. connect as families and remember. In 2024, sorne 120 familie5 used the Lodge facilities. The STOLL Foundation, provide affordable, high-quality housing and support services to enable vulnerable and disabled veterans to lead fulfilling. independent lives. Donations from Forces Support have allowed for the refurbishment of veteran's family housing. As part of the ongoing relocation of Veterans residence, funding is currently supporting the development of a central resident's hub building. Turn lo Starboard. provide Royal Yachling Association sailing courses and career building opportunities to help Veterans make 'the right turn.. Forces support has been supporting Veterans through 115 sponsorship of the T2S Scholarship Scheme. known as the Zero to Hero course which has taken veterans Wlth no or Itttle experience through a multi-year plan lo qualify to RYA Yachtmaster level and then assist them attaining employment in the sailing industry. The Veterans Charity, provides support to Veterans who find themselves battling hardship and the distress it causes. Forces support donations allow for rapid intervention for Veterans with the help of vital provisions such as food. utilities support, clothing, communication devices and household items. The Charity also coronates temporary accornmodation. This first line of defence allows Veterans to get 'back on their feel, and move fonmard. Veterans with Dogs, Provides life-changing assistance dogs for veterans. Forces Support donations have allowed for the procurernent of 3 Puppies, that will undergo a significant period of training before being partnered with a Veleran. Selected Veterans have service-related mental health issues. The training is a combination of home support and residential courses. The dogs are always 'on shift, and provide the veterans with 2417, 365 days of assistance.
For¢es Support Limited Trustees, Report (contlnued) for the year ended 31st March 2025 Walking with Wounded. Delivers employment, mental health and support care programmes for Veterans. Over Ihe years funds donated have allowed for the establishment and running of the Forces Support Hub, Northeast and Yorkshire. The Hubs offer welfare, comradeship and importantly access lo Head Start. NHS partnered menlal health practitioner's, individual placement and employment programmes and family care coordinators. The Ulysses Trust. New partnership commenced in August 2025. The Charity provides challenging adventurous expedition and community-related activilies for Cadet Forces which helps young people grow and develop. The endorsement is based on an initial three-year partnership with unrestricted funding to support the planning and execution of UK and Overseas expeditions. Previously Forces Support has donated lo and had long term relationship's with SSAFA, Launchpad, Haig Housing, FirstLight Trust. Broughton House, Alabare and various Veterans Hubs and resptto Cenlre's. Accreditations and Memberships Forces Support is a member o* the Armed Forces Covenant and have been awarded a Bronze Employer's award in July 2022 and a Silver Employers award in May 2023. The Charity is a long-standing member of Cobseo. the Confederation of Service Charities and joined the Veterans Scotland fellowship in June 2025. The Charily is also proud to sponsor a category at the annual Veterans Awards. The charity relies on the contribution of full-time. part-time slaff and volunteers in all our retail oullels enabling our retail presence to grow and remain successful throughout the UK. The Board of Trustees are very grateful lo all staff and our volunteers. Funding Activities Income has remained stable. despite only trading in 19 stores (22 stores 2023-24}. As part of the renewed strategy. we continue to focus on the growth of the retail localion5 to increase our income. FINANCIAL REVIEW Financial posltion This has been a challenging yearforthe Charity postthe Government's increases in the National Minimum Wage and Employers National Insurance. These additional costs in expenditure Compound the impact previously felt from the cosl-of-living crisis and associated increases in staff costs, utilities and rates. These challenges have been addressed via the Charity's Consolidate Strategy and are being further addressed in development of a new Strategylcorporate Plan to develop long-term sustainable growth. The gross income for Forces Support in 2024-25 was £2.288,562 (2023-24: £2.502,196). Our income level remains stable, operating from 19 stores as opposed to 22 last year which is reflected in the slight decrease of income. Total expenditure in the year 2024-25 was £2,222,809 (2023-24.. £2,464,495) giving a surplus overall of £65,753 in 2024-2025. (2023-2024- £37,701). The slight decrease in expenditure is a reflection of the number of stores trading. The Board of Twstees note that the property assets held have not previously been depreciated, this is on the basis that they are well maintained, and any residual value would be at least equal to the cost at which they are carried. Full commercial valuations will be obtained for the properties in year 2025-26. Reserves policy At the end of the reporting period, the chartty held unrestricted reserves of £3,098,633 {2024: £3,032.880). The charity holds reserves in order lo ensure it is well placed lo 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 9 months. running cost of the charity with the objecl of being able to ensure that the charity is able to continue with it5 activities for Ihe duration of any temporary fall in funding.
Forces Support Limited Trustees, Roport (continued) for the year ended 31st March 2025 A proportion of the funds held are designated forfvture use, ensuring that the Charity is able to meet its objectives regarding future Charity Partner pledges. Prlncipal risks and un¢ertaintles Trustees place a high priority on risk managernent. Risks identified are categorised as follows- Strategic and Governan Management and staff Operational Financial It is th8 policy of the trustees to review all risks at each Board meeting. Each review seeks to eslablish 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. PLANS FOR FUTURE PERIODS Forces Support Strategylcorporate Plan In line with the appointment of a new CEO in February 2025, work commenced on renewing the Charity Strategy and Corporate Plan. Initial focus was a Consolidate Plan. to re-baseline all stores in terms of profitability which was complemented with a new Marketing and Branding Strategy. Additionally a Corporate Plan, with a sharp focus on financial modelling, takes into account external pressures around increases in national minimum wage & insurance. Additionally a review of the Charity's long-term investments linked lo the nascent strategy update is ongoing. The aim is to focus on long-térm sustainable growth. These workstreams set the baseline to allow the Charity to move into a period of store expansion. focused on the current Hubs of Central Scotland, Northeast, Midlands and South {Home Counties). STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Forces Support ('the charitable company,) 15 a privale registered company limiled by guarantee, with no share capital, and is govemed by Articles of Association.11 is also a registered charity whose activities are intended lo be for the public benefil. Management The policies and general management of the affairs of Forces Support Limiled are directed by the trustees. Day to day management is carried oul by the Chief Executive Officer under the teTms of delegated authority from the board oftrustees who also set the remuneration of the managementteam. Gary Candlish is the Cuent CEO. Trustees are responsible for the overall strategy of the organisation and the appointment of the CEO. Recruitment and appointment of new trustees Trustees are recruited with a view to diversity, sound experience in a related field. or professional expert15e 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 Ihe trustees generally. 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 beeen meetings. Time is also set aside at board meetings to discuss strategy and update knowledge on govemance and related matters. New trustees are given a full induction into their rol8 as trustees and are encouraged to visit Forces Support outlets to meet and engage with staff.
Forces Support Limited Trustees, Report (continued) for the year ended 31st March 2025 Statement of trustees, responsibilities The trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for preparing the Trustees. Report and the financial statem6nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that period. In preparing these financial statemenls. Ihe Trustees are required to.. select suitable accounling policles and then apply then consistenuy.. obseNe the methods and principles in the Charities SORP 2019 (FRS102); make judgements and eslimates that are reasonable and pruderTrt- state whether applicable accounting Standards have been followed- and prepare the financial statements on Ihe going concern basis unless it is inapproprÉate to presume Ihal the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statemenls comply with the Companies Act 2006. The Irustees are also responsible for safeguarding the assets of the charilable company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit informalion of which the charitable company s auditor is unaware- and the trustees have taken all steps that they ought to have tsken to make themselves aware of any relevant audit informalion and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may dtffer from legislation in other jurisdictions. Audltors The auditors. W8nn Townsend, will be proposed for re-appoinlment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees, as the company director5. On . the board's behalf by.. 29 and signed on onald Spu Truste•
Forces Support Limlted Independent AUdit0S Report to the Members of Forces Support Limlted Opinlon We have audited the financial statements of Forces Support Limited Ithe'charilable company'l for the year ended 3181 March 2025 which comprise the Sialemenl of Financial Activities, the 8alance Sheet. the Slalement ol Cash Flows and notes lo th8 financial slalements, including a summary of signlficant accounting policles. 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 Slandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of Ihe slate of the Charitable company's affairs as at 31st March 2025, and of il's incoming resources and application of resources including il's income and expenditure, for the year Ihen ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK)) 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 lo our audit ofthe financial Statements in the UK. including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion_ Conclusions relating to going concom In audiling the financial slalements. we have concluded that the Trustees. use of the going concem basi5 of a¢counling in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating io events or conditions that, individually or collectively, may cast significant doubl on the charitable compally's ability lo continue as a going concem for a period of at least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in the relevant sections of this report_ other inforniation The Iruslees are responsible for the other information contained within the Annual Report. The other infomiation compri5e5 the information included in the aTtnual report, other than the financial statements and our auditor's report thereon. Our opinion on the financi81 statements does not cover the other inlomation and, except lo the extent otheThvise expliciuy slated in our report. we do not express any form of assuran condusion thereon. In connection wlh our audit of the financial statements. our responsibility is to read the other information and. in doing so, consider whether the other infomiation is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whelherthere is 8 material misstatement in the financial statements or a material misstatement of the other inforfflation. If. based on the work we have perfomied. we condude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomialion given in the Iruslees. report (incofporaling the directors, report) for the financial yearforwhich the financial stslemenls are prepared is eonsisl8nl with the financial slatemenls,. and the trustees, report lincorporaling the directors, report) has been prepared in acGordance with applicable legal requirements. Matters on which we are required to report by exceptlon 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 misstslernenls in the Iruslees, report. We have nothing lo report in respect of the following matleis in relation to which the Companies Act 2006 requires us to ieport to you if, in our opinion= sufficient aOuntIng records have not been kept or returns adequate for our audit have not been recelved from branches not visited by us.. or the financial slalemenls are not in agreement with the accounting records and relums-, or certain disclosures of Iruslees, remuneration specified by law are not made., or
Forces Support Limlted Independent Auditor's Report to the Members of Forces Support Llmited {¢ontinued) we have not obtained all the infomalion and explanations necessary for the purposes of our audit,. or the Iruslees were not enlilled lo take advantage of the small companies, exemptions in preparing the directors. report and from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities slalemenl set out on page 6, the Iruslees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the trustees deteimine is necessary lo enable the preparation of financial ststemenls that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial slalements, the trustees are responsiblo for assessing the charitable company's ability lo continue as a going concern. disclosing, as applicable, matters lated to going concern and using the going concern basis of accounting unless the tNslees either intend lo liquidate the charitable company or to cease operations. or havo no realistic alleinalive but lo do so. Auditor's responsibilities for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whether the ffnancial 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 opirsion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audtt conducleiS in accordance with ISAS (UK) will always detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if. individtsalty or in the agggate. they could reasonably be expected to inffuence the ewnomic decisions of users taken on the basis of these frnancial stslements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procèdures ID line with our responsibilities. outlined above. lo dtslect material mis51aten7enls in respect of irregularities. including fraud. The specific procedures forlhis engagement and the extent lo which these are capable of detecting irregularities. ineluding fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and ¢laims-, 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 WOTk over the risk of management override of controls, including testing ofjournal entries and other adjustments for appropriateness, evaluating the business talionale of significant Iransaelions outside the normal course of business and reviewing a¢counling estimates for bias. Because of the inherent limitslions of an audit, there is a risk that we will not delecl all irregularities, including those leading to a matefial 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 Ihe events and transactions reflected in the financial statements, as we will be less likely lo become aware of inslarkces of non-compliance. The risk is also greater regarding irregularities oCCu1ng due to fraud rather than error. as fraud involves intentional ¢oncealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial ststements is located on the Finanal Reporting Couneil's website at.. www.ft¢.org.uklaudilorsTesponsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely lo the charitable company's members. as a body. in accordanee with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate lo them in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility lo 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 Rodzynskl FCA {Senior Statutory Auditor} For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditors 30 St Glles Oxford OX1 3LE 22 October ..2025
Forces Support Limited Statement of Financial Actlvities for the year ended 31st March 2025 2025 Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2024 Total Funds Notes Income and endowments from: Donations and legacies Other tradin9 activities Other income 38,006 2,164,078 86,478 38,006 2,164,078 86,478 40,411 2,436,817 24,968 Total 2.288.562 2,288,562 2,502,196 Expenditure on: Raising funds 1.719,166 1,719,166 1,769,035 Charitable actSvities Charitable activity 503,643 503.643 695.460 Total 2.222,809 2.222.809 2,464.495 Net income 65,753 65,753 37.701 Transfers between funds Net movement in funds 65.753 65.753 37,701 Reconciliation of funds Total funds brought forward 3,032,880 3.032,880 2,995,179 Total funds carried forward 3,098,633 3.098,633 3,032.880 The notes on pages 12 to 20 form part of these financial statements
Forces Support Limlted Balance Sheet as at 31st March 2025 2025 Total Funds 2024 Total Funds Notes Fixed assets Tangible assets 10 732.004 744,886 Current assets Debtors Cash at bank and in hand Cash at bank for future funds 11 103,631 326,413 2,071.920 88,119 476,653 1,808,221 CTeditoTs Amounts falling due within one year Net current assets 2,501,964 2,372.993 12 (135,335) 184,999) 2,366.629 2,287,994 Total assets less current liabilities 3,098,633 3,032,880 Net assets 3,098,633 3.032,880 Funds Unrestricted funds 3.098.633 3,032,880 Total funds 3,098.633 3.032.880 The ncial tements were approved by the Board of Trustees and authorised for issue on 2025 and were signed on ils behatf by= onald Spurs Trustee The notes on pages 12 to 20 form part of these finan¢lal statements -10-
Forces Support Limlted Cash Flow Statement for thè year ended 31st March 2025 Notes 2025 2024 Cash flows from operatlng a¢tivitlos Cash generated from operations 17 113,459 5,086 Net cash provided by operating activities 113,459 5,086 Cash flows from investing actlvlties Purchase of tangible fixed assets Sale of tangible fixed assets 1410,000) 7,500 Net cash provided byl{used in) investing activities (402,500) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at tho beginning of the reporting period 113,459 (397,414} 2,284.874 2,682,288 Cash and cash equivalents at the end of the reporting period 2,398.333 2,284,874 The notes on pages 12 to 20 form part of these financlal statements -11-
Forces Support Limited
Notes of the Financial Statements for the year ended 31st March 2025
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 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, rounded to the nearest £.
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:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the time they are sold. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a 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:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Grant and project expenditure is recognised in the accounts at the point that the recipient meets the conditions attached to the grant. Before this point, the grant is not payable.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities
-12-
Forces Support Llmited Notes of the Financial Statements {¢ontinued> for the year ended 31st March 2025 Accounting policles (¢ontinued> Allocation and apportionment of costs All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs atlribulable lo a single activity are allocated directly to thal activity. Shared costs are apportioned beeen the aGtivities 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 al the revalued amounts less accurnulated impairment losses. Freehold buildings are subsequently carried at the revalued amounls 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 Garrying 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. Depreclation Depreciation is provided at the following annual rates in order to write off each asset over it5 e51imaled useful lrfe.. Land and Buildings Office equipment Motor vehicles 25°A on cost 25Q/f* on cost Taxation The charity is exempt from Corporation tax on its charitable activities. Fund accounting Unrestricted funds call be used in accordance with the charitable objectives al the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objecls of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrided purposes. Further explanation of Ihe nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirement benefits The Gharitable company operales a defined contribution pension scheme. Contribulions payable to the charitable company's pension scheme are charged lo 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 assols 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 temi. 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 rale of interest on the remaining balance of the liability. -13-
Forces Support Limited
Notes of the Financial Statements (continued) for the year ended 31st March 2025
1. Accounting policies (continued)
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. The charity often takes out leases for locations at rates potentially below prevailing market rates. Those payments are included within rental expenditure based on the actual cost incurred 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 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 charitable 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 charitable company in the event of it being wound up.
2. Donations and legacies
| 2. | Donations and legacies | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Donations | 38,006 | 40,411 | |
| 38,006 | 40,411 | ||
| 3. | Other trading activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Shops - sale of donated goods | 2,164,078 | 2,436,817 | |
| 2,164,078 | 2,436,817 |
-14-
Forces Support Limited Notes of the Financial Statemènts (continued) for the year ended 31st March 2025 Raising funds Other tradlng activitles 2025 2024 staff costs Rent, rates and water Light and heat Repairs and maintenance Insurance other establishment Costs Motor expenses Travel and subsistence Telephone and internet Sundry expenses Collection of donated goods Credit card charges 984,936 230,498 172,663 24,767 14,780 34,306 17,799 35,018 15.815 940,898 258.333 231,055 18,265 21,998 34.840 21,565 38,598 7,145 1,007 166,624 28,707 168.878 19.706 1.719,166 1.769.035 Charitable activities Costs Support costs (see note 6) Direct Costs Totals Charitable activity 263,756 239,887 503,643 Included within the above support costs is £Nil (2024= £nil} of festricted expendilure. Support costs Governance costs Management Totals Charitable activity 234.736 5,151 239,887 -15-
Forces Support Limited
Notes of the Financial Statements (continued) for the year ended 31st March 2025
7. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Auditor's remuneration | 5,151 | 4,800 |
| Depreciation - owned assets | 12,882 | 13,383 |
| Surplus on disposal of fixed assets | (7,500) |
8. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31st March 2025 (2024: £nil).
Trustees' expenses paid for the year ended 31st March 2025 were £nil (2024: £nil).
9. Staff costs
| Staff costs | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 1,050,471 | 1,024,261 |
| Social security costs | 73,147 | 62,334 |
| Other pension costs | 70,411 | 36,778 |
| 1,194,029 | 1,123,373 |
The average monthly number of employees during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Charitable projects | 1 | 1 |
| Shops and fundraising | 54 | 58 |
| Management and administration | 6 | 6 |
| 61 | 65 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
The number of employees whose employee benefits (excluding employer pension costs) exceeded | The number of employees whose employee benefits (excluding employer pension costs) exceeded |
|---|---|---|---|
| 2025 | 2024 | ||
| No. | No. | ||
| £80,001 - £90,000 | £80,001 - £90,000 | 1 | 1 |
-16-
Forces Support Limited
Notes of the Financial Statements (continued) for the year ended 31st March 2025
10. Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Land and | Office | Motor | ||
| buildings | equipment | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1st April 2024 | 725,000 | 3,154 | 51,250 | 779,404 |
| Additions | ||||
| Disposal | ||||
| At 31st March 2025 | 725,000 | 3,154 | 51,250 | 779,404 |
| Depreciation | ||||
| At 1st April 2024 | 3,084 | 31,434 | 34,518 | |
| Disposal | ||||
| Charge for year | 70 | 12,812 | 13,383 | |
| At 31st March 2025 | 3,154 | 44,246 | 47,400 | |
| Net book value | ||||
| At 31st March 2025 | 725,000 | 7,004 | 732,004 | |
| At 31st March 2024 | 725,000 | 70 | 19,816 | 744,886 |
11. Debtors: amounts falling due within one year
| Debtors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Other debtors | 30,399 | 39,455 |
| VAT | 24,539 | 27,077 |
| Prepayments and accrued income | 48,693 | 21,587 |
| 103,631 | 88,119 |
12. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors | 77,367 | 25,288 |
| Social security and other taxes | 19,262 | 15,744 |
| Pensions | 7,268 | 6,014 |
| Accruals | 31,438 | 37,953 |
| 135,335 | 84,999 |
At the year end the charity trustees had pledged grant support to various charities and causes to the total of £149,441 over the next year (2024: £380,000). Where there are outstanding conditions or performance criteria for the recipient to meet, these grants are not recognised in creditors because grant is not yet payable. The total of grants that were pledged at the year end and not yet recognised in creditors is £149,991 (2024: £380,000).
-17-
Forces Support Limited
Notes of the Financial Statements (continued) for the year ended 31st March 2025
13. Restricted funds
There were no restricted funds in 2025 or 2024.
14. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Within one year | 51,250 | 107,417 |
| Between one and five years | 100,750 | 152,000 |
| 152,000 | 259,417 |
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 £151 (2024: £3,693). These services were provided at a below market value and there was £nil (2024: £nil) balance owing from the charity to the company at year end.
During the year income of £15,433 (2024: £nil) was received from, and expenditure of £959 (2024: £nil) was paid to, Grainrent Limited, a company in which the trustee Philip Murphy holds directorship.
During the year £25,006 (2024: £nil) was paid to Sheet Anchor Investments Limited. Philip Murphy holds directorship in fellow group companies of Sheet Anchor Investments Limited, being Sheet Anchor Evolve Limited and Sheet Anchor Evolve (London) Limited.
There were no other related party transactions for the year ended 31st March 2025.
-18-
Forces Support Limited
Notes of the Financial Statements (continued) for the year ended 31st March 2025
17. Reconciliation of net income to net cash flow from operating activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net income for the reporting period (as per the | ||
| Statement of Financial Activities) | 65,753 | 37,701 |
| Adjustments for: | ||
| Depreciation charges | 12,882 | 13,383 |
| Profit on disposal of fixed assets | (7,500) | |
| (lncrease)/decrease in debtors lncrease/(decrease) in creditors |
(15,512) 50,336 |
(19,025) (19,473) |
| Net cash provided by operations | 113,459 | 5,086 |
| Analysis of changes in net funds | |||
|---|---|---|---|
| At 1/4/24 | Cash flows | At 31/3/25 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 2,284,874 | 113,459 | 2,398,333 |
-19-
Forces Support Limlted Notes of the Financial Statements (continued) for th• year ended 31st March 2025 18. Statement of financSal activitles for the year ended 31st March 2024 2024 Unrestricted Funds 2024 Rostricted Funds 2024 Total Funds Income and endowments from Dorsations and legacies Other trading activities Other income 40,411 2.436,817 24,968 40,411 2.436,87 24,968 Total 2.502.196 2,502.196 Expenditure on Raising funds 1,769,035 1,769,035 Charitable activities Charitable activity 695.460 695.460 Total 2.464,495 2.464,495 Net Income 37,701 37,701 Transfers between funds Net movement In fund5 37,701 37,701 Re¢on¢iliation of funds Total funds brought forward 2.995.179 2,995,179 Total funds carried foward 3,032,880 3,032.880 -20-
Forces Support Limited Detailèd Statement of Financial Activities for the year ended 31st March 2025 2025 2024 Income and endowment Donations and legacies Donations 38.006 40,411 38,006 40,411 other trading activities Shops- sale of donated goods Collection income 2,147,276 16,802 2,400,816 36.001 2,164,078 2,436,817 Other income Other income 86,478 24,968 Total incoming resources 2,288,562 2,502,196 Expenditure Wages and salaries Employers, national insurance Pensions Rent, rates and waler Light and heal Repairs and maintenance Insurance Other establishment cosls Molor expenses Travel and subsistence Telephone and intemet Sundry expenses Collection of donated goods Credil card charges 897.215 62.844 24.877 230.498 172.663 24,767 14,780 34,306 17.799 35,018 15,815 877.318 46,684 16,896 258.333 231.055 18.265 21.998 34,840 21,565 38,598 7.145 1,007 166.624 28,707 168,878 19,706 1,719,166 1.769.035 Charitable activities Wages and salaries Employers, national insurance Pension Materials purchased Legal and professional fees Project related purchases 54.660 6,738 38.124 62,125 7,695 15.866 15,419 263 400.397 164.234 263.756 501,765 .21-
Forces Support Limited Detailed Statement of Financial Actlvities {conllnued) for the year ended 31st March 2025 2025 2024 Support costs Wages and salaries Employers, national insurance Pension Rent, rates and water Light and heat Insurance Repairs and maintenance Travel and subsistence Legal and professional fees Telephone and internet Sundry expenses Bank charges Printing. post and stationery Recruitment and training Compuler and website expenses Staff welfare Tangible fixed asset written offl(written back) Credit card charges Depreciation of tangible and heritage assets Profit on sale of tangible fixed assets 98,596 3.565 7,410 7,592 43,166 3,695 84,818 7,955 4.016 3,012 5,038 1,517 11.747 503 30,091 10,575 3,560 7,398 1,104 6,186 3.423 1,417 25,715 3.954 4,727 6,136 2,570 8.858 4,590 1.280 654 13.381 17,500} 12,882 Governance cosls Auditor's remuneration 234.736 188,895 5,151 4,800 Total resources expenses 2,222.809 2,464,495 Net income 65.753 37,701 -22-