**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 FO￿e$ 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 Cu￿ent 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 be￿een 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 AUdit0￿S 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 othe￿iSe 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 a￿OuntIng 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 agg￿gate. 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 oCCu￿1ng
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 Finan￿al 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
be￿een 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<br>£60,000 was:|The number of employees whose employee benefits (excluding employer pension costs) exceeded<br>£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<br>lncrease/(decrease) in creditors|(15,512)<br>50,336|(19,025)<br>(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-