## **Trustees’ Annual Report for the period** **From:** 01 July 2023 **(Period start date) To:** 30 June 2024 **(Period end date)** **Charity name:** Churchill Lines Foundation (CLF) **Charity registration number:** 1158677 ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|The objects of the Charitable Fund are:
a.
To provide welfare support to all
serving members of CLs and their
dependants.
b.
To relieve present and past members
of the CLs, and their dependants, who are in
conditions of need, hardship, or distress
(hereinafter referred to as beneficiaries).
c.
In furtherance of the foregoing
objects but not further or otherwise, the
Charitable Fund shall have the following
powers:
(1)
To take all necessary action
for publicising and disseminating
information concerning the histories,
deeds and traditions of the CLs.
(2)
To execute and administer
exclusively charitable trusts.
(3)
To receive, take and accept
any gifts of property whether subject
to any special trusts or not.
(4)
To receive and accept
contributions by way of
subscriptions, donations and
otherwise and to raise funds for the
said objects provided that the
Charitable Fund shall not undertake
any permanent trading activities in
raising funds for its charitable
objects.
(5)
To assist beneficiaries by way
of grants, gifts, or otherwise by
handling or paying for items, services| |||or facilities calculated to reduce the
need, hardship or distress of
beneficiaries.
(6)
To pay for such items,
services or facilities by way of
donations or subscriptions to
charitable institutions or
organisations which or facilities for
beneficiaries.
(7)
Subject to such consents as
may from time to time be required by
law, to purchase, take, lease or
exchange any property required for
the purposes of the Association and
lease, exchange or otherwise
dispose of the same.
(8)
Subject to such consents as
may from time to time be required by
law, to borrow to raise money for the
purposes of the Association on such
terms and such security as may be
thought fit.
(9)
To invest and accumulate
funds of the Association in such
investments and for such periods as
may from time to time be authorised
by law.
(10)
To do all such other things as
shall further the said objects.| |---|---|---| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular the
activities, projects or services
identified in the accounts.|Para 1.17 and
1.19|1.
Fundraising aims were to raise up to
£100,000 in order for CLF to commit to its
charitable activities, this settled at c £60,000
of both income and expenditure and this was
a good level of income to meet all of the
charity activities. This was achieved through
private donations.
2.
The generated funds were used for:

Small scale, high impact projects,
including:
○
Hardship loans for members,
assessed by the CLs padre.
○
Support to members of CLs and
their families due to separation.
○
Improving the lived experience in
CLs.| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The trustees of the CLF have had regard to
the guidance issued by the Charity
Commission.| **Additional information (optional)** You may choose to include further statements where relevant about: SORP reference N/A Para 1.38 Policy on grant making N/A Para 1.38 Policy on social investment including program related investment N/A Para 1.38 Contribution made by volunteers N/A Other ## **Achievements and Performance** ||SORP reference|| |---|---|---| |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|CLF has made a significant contribution to
the lives of its beneficiaries. Examples of
some of the main achievements of the
charity include:

The provision of financial assistance to
individuals within the Unit through grants to
off-set the cost of travel, welfare support and
other items where other service funds are
not applicable.

The provision of accommodation and
transport for bereaved families to attend
remembrance events.

Transport and accommodation for
veterans to visit key unit events on a welfare
basis, so as not to exclude injured
personnel.

The provision of professional
development opportunities in the form of
speakers and presentations to the members
of the Unit.

The provision of career and
resettlement advice to those leaving the
military.

Numerous other small scale, high
impact projects to provide welfare support
for the beneficiaries of the charity.| |**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:| |---|---|---| |Achievements against
objectives set|Para 1.41|N/A| |Performance of fundraising
activities against objectives
set|Para 1.41|Fundraising normally involves a significant
level of personal engagement. Funds were
raised through a few small/discreet hosting
events during financial year.| |Investment performance
against objectives|Para 1.41|N/A| |Other||| ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|The Charity maintained a healthy balance,
well above its initially agreed reserve of
£5000, ending the accounting period with a
balance c.£210,000.| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The charity aims to always keep £5000 as a
minimum in reserve to enable immediate
response to a significant welfare incident.
This is held within the Charity’s account.| |Amount of reserves held|Para 1.22|£61,778.02 as at 30 Jun 24.| |Reasons for holding zero
reserves|Para 1.22|N/A| |Details of fund materially in
deficit|Para 1.24|N/A| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|N/A| |**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:|**Additional information (optional)**
You may choose to include further statements where relevant about:| |---|---|---| |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|Funds are primarily accrued through grants
and donations.| |Investment policy and
objectives including any
social investment policy
adopted.|Para 1.46|N/A| |A description of the principal
risks facing the charity|Para 1.46|There is a risk register in place and no
principal risks have been identified.| |Other||| ## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document
(trust deed, royal charter)|Para 1.25|Constitution| |How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|Ltd Company| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Appointed by current Chair and Trustees| ## **Additional information (optional)** You may choose to include further statements where relevant about: |
Policies and procedures
adopted for the induction and
training of trustees.|
Para 1.51|| |---|---|---| |The charity’s organisational
structure and any wider
network with which the
charity works.|Para 1.51|| |Relationship with any related
parties|Para 1.51|| |Other||| ## **Reference and Administrative details** |Charity name|Churchill Lines Foundation| |---|---| |Other name the charity uses|N/A| |Registered charity number|1158677| |Charity’s principal address|Mailpoint 134
Churchill Lines
MOD St Athan
Wales
CF62 4NX| ## **Names of the charity trustees who manage the charity** |1
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20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee (ifany)**| |---|---|---|---|---| ||Roger Lewis|Chairman||| ||David Charters|||| ||Edward Sandry|||| ||Peter O’Kane|||| ||Mike Pullen|||| ||Alasdair Truett|||| ||LangleySharp|||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| – Corporate trustees names of the directors at the date the report was approved. **Director name** N/A Name of trustees holding title to property belonging to the charity |**Trustee name**|**Dates acted if not for whole year**|| |---|---|---| |N/A||| |||| |||| |||| |||| |||| ## **Funds held as custodian trustees on behalf of others** Description of the assets N/A held in this capacity. Name and objects of the N/A charity on whose behalf the assets are held and how this fall within the custodian charity’s objects. Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** |**Type of**
**adviser**|**Name**
**Address**|**Name**
**Address**| |---|---|---| |Administratio
n|Dean Pritchard|MP134, Churchill Lines, CF62 4NX| |Administratio
n|Natalie Gordon|MP134, Churchill Lines, CF62 4NX| |Financial|PWC|PWC LLP, One Kingsway, Cardiff, CF3 0NZ| |Secretary|Craig Shepherd|MP134, Churchill Lines, CF62 4NX| ## **Name of chief executive or names of senior staff members (Optional information)** N/A ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details iaw SORP para 16.21 - grants and support to individuals/institutions have not been disclosed as this **‘could result in serious prejudice to the grant-maker and/or the recipient institution or individual working for the recipient institution’.** Value of grants contain with the financial statements submitted with the annual return. ## **Other optional information** N/A ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** Electronically Signed (See next page for wet signature evidence) **Full name(s)** Roger Lewis **Position (eg Secretary,** Chairman **Chair, etc)** **Date** 16 Apr 2025 Declarations Th• trust••s d•¢lor• Ihal Ihry havo approv￿ th• tru$loes' Teport abov•. Slgn•d ¢)n b•half of th• charlty'$ trusteès Signalur•(g1 i) Full nam•(il PO￿110n l•g Secretary. Chair. eicl R¢yJer Lethis Chatimaft Dal• 16 Apf 2025 Registered number: 09090180 Charity number: 1158677 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Foundation, its Trustees and Advisers Trustees, Report Independent Examiner's Report............................................................................................................................ Statement of Financial Activities Balance Sheet. Statement of Cash Flows Notes to the Financial Statements 10 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trustees Company registered number 09090180 Charity registered number 1158677 Registered office Mailpoint 134 Mod St.Athan Llantwit Rd St.Athan Barry Wales CF62 4NX Accountants Pricewaterhousecoopers LLP Chartered Accountants 1 Kingsway Cardiff CF10 3PW Independent Examiner Azets Audit SeNices Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 BAB CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their Annual Report together with the financial statements of the Foundation for the year ended 30 June 2024. The Annual Report serves the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act. 2006 (Strategic Report and Directors, Report} Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objectives of the Foundation are: a. To assist persons who are currently in service or who have served in a unit of the British Amied forces. including others who have served alongside or in support of and the dependants of any of the above by advancing any lawful charitable purpose at the discretion of the Trustees, and particularly but not exclusively to promote and protect the health of those that have been wounded or injured whilst serving in or Wit1￿nd/or their dependents through the provision of facilities. equipment or services for their rehabilitats'on and to provide benefits to such persons and their dependants who are in need., and b. To advance education by disseminating information on the history. deeds and tradilions of In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit- running a charity (PB2)'. b. Main activities undertaken to further the Foundation's purposes for the public benefit Historically the Foundation set a fundraising goal to raise up to £100,000 in order for the Foundation to commit to its charitable activities. The generated funds were used for small scale, high impact projects. including.. Hardship loans, as assessed by the Padre" Support to Servi￿ personnel and their families due to separation" and Improving the lived experience on base. The Foundation is now undertaking a new project in furtheran￿ of its objectives being: the development of a new welfare centre for the benefit of the members O￿n￿ their families. This project is at a relatively early stage at the end of the financial year and further details will be provided in subsequent financial statements as appropriate. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Achievements and performance a. Main achievements of the Foundation The Foundation has made a significant contribution to the lives of its beneficiaries. Examples of some of the main achievements of the Foundation include: The provision of financial assistan￿ to individuals through grants to off-set the cost of travel and other items where other service funds are not available. The provision of accommodation and transport for bereaved families to attend remembrance events,. Transport and accommodation for veterans to visit key unit events on a welfare basis, so as not to exclude injured personnel., The provision of professional development opportunities in the form of speakers and presentations" The provision of career and resettlement advi￿ to those leaving the military: Numerous other small scale, high impact projects to provide welfare support for the beneficiaries of the Foundation- and Material support to individuals and their dependants who required assistance as a result of working with and supportin During the year under review, the Foundation was delighted to be able to support a number of MAB7 personnel on their expedition to the Himalayas. including a successful ascent of Mount Everest. b. Fundraising activities and income generation The Foundation is reliant on the donations of a number of discreet philanthropic individuals who recognised the special Contribution￿perS0nnel make to the United Kingdom and the need to support those individuals and dependants when they are wounded or injured. The Foundation typically holds a limited number of discreet fundraising events to promote itself to such individuals with the aim of securing donations. c. Investment policy and performance Surplus cash balances are currently held as on various timed lengths of deposits at reputable financial institutions to facilitate easy access to manage the liquidity of the Foundation. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going COn￿M basis in preparing the financial statements. b. Reserves policy The Trustees are satisfied with the current level of reserves held by the Foundation. The Foundation has very limited ongoing operational costs and therefore decisions to award grants and provide support are based on the level of funds available at the time of application. At 30 June 2024 the unrestricted funds are 219,755 (2023: 203.858) and the free reserves are £219,001 (2023.. £198,472). The Foundation aims to always keep £5,000 as a minimum in reserve to enable immediate response to a significant welfare incident. Structure, governance and management a. Constitution Churchill Lines Foundation is registered as a charitable company limited by guarantee and was set up by Memorandum ofAssociation which was updated in 2021. b. Methods of appointment or election of Trustees The management of the Foundation is the responsibility of the Trustees who are elected under the terms of the Articles of Association. Plans for future periods The Foundation intends to continue to raise funds and provide support t0￿persOnnel and their dependents and those that have served alongside or in support 0fth￿nd their dependants. Members. liability The Members of the Foundation guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up. Statement of Trustees. responsibilities The Trustees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GeneraIlyA￿pted Accounting Practice). CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Structure, governance and management (continued) Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP {FRS 102); make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the Foundation will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by Chair of Trustees Date: 3 IiJ3n025 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Independent Examiner's Report to the Trustees of Churchill Lines Foundation ('the Foundation.) I report to the charity Trustees on my examination of the accounts of the Foundation for the year ended 30 June 2024. Responsibilities and Basis of Report As the Trustees of the Foundation (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe" accounting records were not kept in respect of the Foundation as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts give a 'true and fairf view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Foundation's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Foundation and the Foundation's Trustees as a body, for my work or for this report. Craig Yearsley FCCA Azets Audit Services Ty Derw, Lime Tree Court, Cardiff Gate Business Park. Cardiff, CF23 BAB Date: 31IW2025 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2024 2023 Note Income from: Donations and legacies Investments Total income Expenditure on:" Charitable activities 72.923 1,098 74,021 72,923 1,098 74,021 234,581 234,581 (58.124) (58,124) 15,897 (89,976) (89,976) (89,976) (148,100) (148,100) (74,079) (226,938) (226,938) 7,643 Total expenditure Net income l (expenditure) Transfers between funds 14 Net movement in funds 15,897 89,976 74,079 7,643 Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 203.858 15,897 219,755 100,000 (89,976) 10,024 303,858 {74,079) 229,779 296,215 7,643 303,858 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 17 are part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 09090180 BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note Current assets Debtors 10 11 19,303 100,000 112,876 232,179 (2,400) 229,779 229,779 11,865 Investments Cash at bank and in hand 12 294,243 306,108 {2,250) 303,858 303,858 Creditors- amounts falling due within one year Total assets less current liabilities 13 Total net assets Charity funds Restricted funds 14 10,024 219,755 229,779 100,000 203,858 303,858 Unrestricted funds 14 Total funds The Foundation was entitled to exemption from audit under section 477 of the Companies Acl 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf Chair of Trustees Date: 31 11Tr112025 The notes on pages 10 to 17 form part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities Cash flow from investing activities Purchase of investments 16 (81,367) (1,697) (100,000) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash e uivalents at the end of the re ortin eriod {181,367) 294,243 112,876 (1,697) 295,940 294,243 The notes on pages 10 to 17 fomi part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 General inforniation Churchill Lines Foundation (the "Foundation.) is a private company limited by guarantee (Registered Number 09090180) and a registered charity (Charity Number 1158677) in England and Wales. The registered office of the Foundation is Mailpoint 134 Mod St.Athan, Llantwit Rd, St.Athan. Barry. Wales. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Foundation's goveming document. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Churchill Lines Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in United Kingdom Pounds Sterling (GBP) and are rounded to the nearest pound. 2.2 Income AJI income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income re￿1vable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Donated ServI￿S or facilities are recognised when the Foundation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). the general volunteer time of volunteers is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Foundation which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. 10 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third -party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs. including governance costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Investments Current asset investments comprise of balances held on deposit with a maturity of more than three months and less than one year. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash and cash equivalents Cash al bank and in hand comprises of amounts held on instant access. Cash equivalents comprise of short-temi highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Cash equivalents have a maturity of a maximum of three months or less from the date of acquisition. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligalion. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cosl. 11 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2.8 Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations 72,923 72,923 Donations include £10,000 (2023: £3,000) of donations in kind for accountancy services. Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations Grants 124,581 124,581 110,000 234,581 110,000 110,000 124,581 Investment income 2024 2023 Interest on bank de osits 1.098 12 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Analysis of grants Grants to Institutions 2024 Grants to Individuals 2024 Total funds 2024 Support for service personnel 14,654 14,654 Grants to Institutions Grants to Individuals Total funds 2023 2023 2023 Support for service personnel Support for individuals connected with 15,266 15.266 163.635 178,901 163.635 163.635 15,266 The Foundation has made the following material grants to institutions during the year: 2024 2023 Name of institution 162,900 735 Other grants to institutions 163,635 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Support for service personnel 58.124 89,976 148,100 13 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expenditure on charitable activities (continued) Unrestricted funds Restricted funds Total funds 2023 2023 2023 Support for seNice personnel Support for individuals connected with 63.303 63,303 163,635 226,938 163,635 163,635 63.303 Analysis of expenditure by activities Activities Grant undertaken funding of directly activities 2024 Support costs Total funds 2024 2024 2024 Support for service personnel 120,385 14,654 13,061 148,100 Included within support costs are g0Veman￿ expenses of £12,400 {2023: £5,709). Activities undertaken directly 2023 Grant funding of activities Support costs Total funds 2023 2023 2023 Support for service personnel Support for individuals connected with 36,391 15,266 163,635 178,901 11.646 63,303 163,635 226,938 36,391 11,646 Total funds Total funds 2024 2023 Administrative expenses Accounting services 3.061 10,000 8,646 3,000 13,061 11,646 14 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Independent examiner's remuneration 2024 2023 Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts 2,400 2,250 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2023 - £NIL). During the year, no Trustee expenses have been incurred (2023 - £NIL). 10 Debtors 2024 2023 Due within one year Other debtors 19,303 11,865 Current asset investments 2024 2023 Bank deposits 100,000 Current asset investments consist of bank deposits with a maturity of less than one year, but more than three months. 12 Cash and cash equivalents 2024 2023 Cash at bank 61,778 51,098 112,876 294,243 Short term deposits 294,243 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 2,400 2,250 15 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 14 Statement of funds Balance at 30 June 2024 Balance at 1 July 2023 Transfer inl out Income Expenditure Unrestricted funds Designated funds Welfare Centre General funds General Fund Total Unrestricted funds 5.386 (4,632) 754 198,472 203.858 74,021 74.021 (53,492) (58,124) 219,001 219,755 Restricted funds Himalayan Expedition 100.000 100,000 303,858 (89,976) (89,976) 148,100 10,024 10,024 229,779 Total of funds 74,021 Balan￿ al 1 July 2022 Transfer inl Balance at 1 out July 2023 Income Expenditure Unrestricted funds Designated funds Welfare Centre (4.614) 10,000 5,386 General funds General Fund 38,585 38,585 124.581 124,581 {58.689) {63.303) 93.995 103.995 198,472 203,858 Total Unrestricted funds Restricted funds Connected Persons Support Fund Himalayan Expedition 257.630 10.000 100,000 110,000 234.581 {163.635) (103.995) 100,000 100,000 303,858 257,630 296,215 (163,635) 226,938 (103.995) Total of funds The Connected Persons Support Fund was established to provide support to individuals (and their dependants) who have worked alongside or supported the ￿ Upon conclusion of the projects undertaken on this fund, the donors agreed that surplus amounts could be used more generally for the benefit of members o￿nd so the remaining balan￿ was transferred to to the general fund. The Himalayan Expedition fund was established to support an expedition by members of the Unit to the Himalayas. The Welfare Centre fund has been established to develop plans for a new centre for the benefit of the members of￿1nd their families. 16 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 15 Analysis of net assets between funds Analysis of net assets be￿een funds - current year Unrestricted funds Restricted funds Total funds 2024 2024 2024 Current assets 222.155 (2,400) 219,755 10,024 232,179 (2,400) 229,779 Creditors due within one year Total 10,024 Analysis of net assets between funds - prior year Unrestricted funds Restricted funds Total funds 2023 2023 2023 Current assets 206,108 (2.250) 203,858 100,000 306,108 (2,250) 303,858 Creditors due wilhin one year Total 100,000 16 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the year (as per Statement of Financial Activities) Adjustments for: Increase in debtors (74,079) 7.643 (7.438) 150 (10.090) 750 Increase in creditors Net cash (used in)Iprovided by operating activities 81,367 1,697 17 Analysis of changes in net debt At 1 July 2023 At 30 June 2024 Cash flows Cash at bank and in hand 294,243 (181,367) 112,876 17 Registered number: 09090180 Charity number: 1158677 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Foundation, its Trustees and Advisers Trustees, Report Independent Examiner's Report............................................................................................................................ Statement of Financial Activities Balance Sheet. Statement of Cash Flows Notes to the Financial Statements 10 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trustees Company registered number 09090180 Charity registered number 1158677 Registered office Mailpoint 134 Mod St.Athan Llantwit Rd St.Athan Barry Wales CF62 4NX Accountants Pricewaterhousecoopers LLP Chartered Accountants 1 Kingsway Cardiff CF10 3PW Independent Examiner Azets Audit SeNices Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 BAB CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their Annual Report together with the financial statements of the Foundation for the year ended 30 June 2024. The Annual Report serves the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act. 2006 (Strategic Report and Directors, Report} Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objectives of the Foundation are: a. To assist persons who are currently in service or who have served in a unit of the British Amied forces. including others who have served alongside or in support of and the dependants of any of the above by advancing any lawful charitable purpose at the discretion of the Trustees, and particularly but not exclusively to promote and protect the health of those that have been wounded or injured whilst serving in or Wit1￿nd/or their dependents through the provision of facilities. equipment or services for their rehabilitats'on and to provide benefits to such persons and their dependants who are in need., and b. To advance education by disseminating information on the history. deeds and tradilions of In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit- running a charity (PB2)'. b. Main activities undertaken to further the Foundation's purposes for the public benefit Historically the Foundation set a fundraising goal to raise up to £100,000 in order for the Foundation to commit to its charitable activities. The generated funds were used for small scale, high impact projects. including.. Hardship loans, as assessed by the Padre" Support to Servi￿ personnel and their families due to separation" and Improving the lived experience on base. The Foundation is now undertaking a new project in furtheran￿ of its objectives being: the development of a new welfare centre for the benefit of the members O￿n￿ their families. This project is at a relatively early stage at the end of the financial year and further details will be provided in subsequent financial statements as appropriate. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Achievements and performance a. Main achievements of the Foundation The Foundation has made a significant contribution to the lives of its beneficiaries. Examples of some of the main achievements of the Foundation include: The provision of financial assistan￿ to individuals through grants to off-set the cost of travel and other items where other service funds are not available. The provision of accommodation and transport for bereaved families to attend remembrance events,. Transport and accommodation for veterans to visit key unit events on a welfare basis, so as not to exclude injured personnel., The provision of professional development opportunities in the form of speakers and presentations" The provision of career and resettlement advi￿ to those leaving the military: Numerous other small scale, high impact projects to provide welfare support for the beneficiaries of the Foundation- and Material support to individuals and their dependants who required assistance as a result of working with and supportin During the year under review, the Foundation was delighted to be able to support a number of MAB7 personnel on their expedition to the Himalayas. including a successful ascent of Mount Everest. b. Fundraising activities and income generation The Foundation is reliant on the donations of a number of discreet philanthropic individuals who recognised the special Contribution￿perS0nnel make to the United Kingdom and the need to support those individuals and dependants when they are wounded or injured. The Foundation typically holds a limited number of discreet fundraising events to promote itself to such individuals with the aim of securing donations. c. Investment policy and performance Surplus cash balances are currently held as on various timed lengths of deposits at reputable financial institutions to facilitate easy access to manage the liquidity of the Foundation. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going COn￿M basis in preparing the financial statements. b. Reserves policy The Trustees are satisfied with the current level of reserves held by the Foundation. The Foundation has very limited ongoing operational costs and therefore decisions to award grants and provide support are based on the level of funds available at the time of application. At 30 June 2024 the unrestricted funds are 219,755 (2023: 203.858) and the free reserves are £219,001 (2023.. £198,472). The Foundation aims to always keep £5,000 as a minimum in reserve to enable immediate response to a significant welfare incident. Structure, governance and management a. Constitution Churchill Lines Foundation is registered as a charitable company limited by guarantee and was set up by Memorandum ofAssociation which was updated in 2021. b. Methods of appointment or election of Trustees The management of the Foundation is the responsibility of the Trustees who are elected under the terms of the Articles of Association. Plans for future periods The Foundation intends to continue to raise funds and provide support t0￿persOnnel and their dependents and those that have served alongside or in support 0fth￿nd their dependants. Members. liability The Members of the Foundation guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up. Statement of Trustees. responsibilities The Trustees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GeneraIlyA￿pted Accounting Practice). CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Structure, governance and management (continued) Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP {FRS 102); make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the Foundation will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by Chair of Trustees Date: 3 IiJ3n025 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Independent Examiner's Report to the Trustees of Churchill Lines Foundation ('the Foundation.) I report to the charity Trustees on my examination of the accounts of the Foundation for the year ended 30 June 2024. Responsibilities and Basis of Report As the Trustees of the Foundation (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe" accounting records were not kept in respect of the Foundation as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe accounts give a 'true and fairf view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Foundation's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Foundation and the Foundation's Trustees as a body, for my work or for this report. Craig Yearsley FCCA Azets Audit Services Ty Derw, Lime Tree Court, Cardiff Gate Business Park. Cardiff, CF23 BAB Date: 31IW2025 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2024 2023 Note Income from: Donations and legacies Investments Total income Expenditure on:" Charitable activities 72.923 1,098 74,021 72,923 1,098 74,021 234,581 234,581 (58.124) (58,124) 15,897 (89,976) (89,976) (89,976) (148,100) (148,100) (74,079) (226,938) (226,938) 7,643 Total expenditure Net income l (expenditure) Transfers between funds 14 Net movement in funds 15,897 89,976 74,079 7,643 Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 203.858 15,897 219,755 100,000 (89,976) 10,024 303,858 {74,079) 229,779 296,215 7,643 303,858 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 17 are part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 09090180 BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note Current assets Debtors 10 11 19,303 100,000 112,876 232,179 (2,400) 229,779 229,779 11,865 Investments Cash at bank and in hand 12 294,243 306,108 {2,250) 303,858 303,858 Creditors- amounts falling due within one year Total assets less current liabilities 13 Total net assets Charity funds Restricted funds 14 10,024 219,755 229,779 100,000 203,858 303,858 Unrestricted funds 14 Total funds The Foundation was entitled to exemption from audit under section 477 of the Companies Acl 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf Chair of Trustees Date: 31 11Tr112025 The notes on pages 10 to 17 form part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities Cash flow from investing activities Purchase of investments 16 (81,367) (1,697) (100,000) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash e uivalents at the end of the re ortin eriod {181,367) 294,243 112,876 (1,697) 295,940 294,243 The notes on pages 10 to 17 fomi part of these financial statements. CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 General inforniation Churchill Lines Foundation (the "Foundation.) is a private company limited by guarantee (Registered Number 09090180) and a registered charity (Charity Number 1158677) in England and Wales. The registered office of the Foundation is Mailpoint 134 Mod St.Athan, Llantwit Rd, St.Athan. Barry. Wales. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Foundation's goveming document. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Churchill Lines Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in United Kingdom Pounds Sterling (GBP) and are rounded to the nearest pound. 2.2 Income AJI income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income re￿1vable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Donated ServI￿S or facilities are recognised when the Foundation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). the general volunteer time of volunteers is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Foundation which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. 10 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third -party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs. including governance costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Investments Current asset investments comprise of balances held on deposit with a maturity of more than three months and less than one year. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash and cash equivalents Cash al bank and in hand comprises of amounts held on instant access. Cash equivalents comprise of short-temi highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Cash equivalents have a maturity of a maximum of three months or less from the date of acquisition. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligalion. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cosl. 11 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 2.8 Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations 72,923 72,923 Donations include £10,000 (2023: £3,000) of donations in kind for accountancy services. Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations Grants 124,581 124,581 110,000 234,581 110,000 110,000 124,581 Investment income 2024 2023 Interest on bank de osits 1.098 12 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Analysis of grants Grants to Institutions 2024 Grants to Individuals 2024 Total funds 2024 Support for service personnel 14,654 14,654 Grants to Institutions Grants to Individuals Total funds 2023 2023 2023 Support for service personnel Support for individuals connected with 15,266 15.266 163.635 178,901 163.635 163.635 15,266 The Foundation has made the following material grants to institutions during the year: 2024 2023 Name of institution 162,900 735 Other grants to institutions 163,635 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Support for service personnel 58.124 89,976 148,100 13 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expenditure on charitable activities (continued) Unrestricted funds Restricted funds Total funds 2023 2023 2023 Support for seNice personnel Support for individuals connected with 63.303 63,303 163,635 226,938 163,635 163,635 63.303 Analysis of expenditure by activities Activities Grant undertaken funding of directly activities 2024 Support costs Total funds 2024 2024 2024 Support for service personnel 120,385 14,654 13,061 148,100 Included within support costs are g0Veman￿ expenses of £12,400 {2023: £5,709). Activities undertaken directly 2023 Grant funding of activities Support costs Total funds 2023 2023 2023 Support for service personnel Support for individuals connected with 36,391 15,266 163,635 178,901 11.646 63,303 163,635 226,938 36,391 11,646 Total funds Total funds 2024 2023 Administrative expenses Accounting services 3.061 10,000 8,646 3,000 13,061 11,646 14 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 Independent examiner's remuneration 2024 2023 Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts 2,400 2,250 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2023 - £NIL). During the year, no Trustee expenses have been incurred (2023 - £NIL). 10 Debtors 2024 2023 Due within one year Other debtors 19,303 11,865 Current asset investments 2024 2023 Bank deposits 100,000 Current asset investments consist of bank deposits with a maturity of less than one year, but more than three months. 12 Cash and cash equivalents 2024 2023 Cash at bank 61,778 51,098 112,876 294,243 Short term deposits 294,243 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 2,400 2,250 15 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 14 Statement of funds Balance at 30 June 2024 Balance at 1 July 2023 Transfer inl out Income Expenditure Unrestricted funds Designated funds Welfare Centre General funds General Fund Total Unrestricted funds 5.386 (4,632) 754 198,472 203.858 74,021 74.021 (53,492) (58,124) 219,001 219,755 Restricted funds Himalayan Expedition 100.000 100,000 303,858 (89,976) (89,976) 148,100 10,024 10,024 229,779 Total of funds 74,021 Balan￿ al 1 July 2022 Transfer inl Balance at 1 out July 2023 Income Expenditure Unrestricted funds Designated funds Welfare Centre (4.614) 10,000 5,386 General funds General Fund 38,585 38,585 124.581 124,581 {58.689) {63.303) 93.995 103.995 198,472 203,858 Total Unrestricted funds Restricted funds Connected Persons Support Fund Himalayan Expedition 257.630 10.000 100,000 110,000 234.581 {163.635) (103.995) 100,000 100,000 303,858 257,630 296,215 (163,635) 226,938 (103.995) Total of funds The Connected Persons Support Fund was established to provide support to individuals (and their dependants) who have worked alongside or supported the ￿ Upon conclusion of the projects undertaken on this fund, the donors agreed that surplus amounts could be used more generally for the benefit of members o￿nd so the remaining balan￿ was transferred to to the general fund. The Himalayan Expedition fund was established to support an expedition by members of the Unit to the Himalayas. The Welfare Centre fund has been established to develop plans for a new centre for the benefit of the members of￿1nd their families. 16 CHURCHILL LINES FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2024 15 Analysis of net assets between funds Analysis of net assets be￿een funds - current year Unrestricted funds Restricted funds Total funds 2024 2024 2024 Current assets 222.155 (2,400) 219,755 10,024 232,179 (2,400) 229,779 Creditors due within one year Total 10,024 Analysis of net assets between funds - prior year Unrestricted funds Restricted funds Total funds 2023 2023 2023 Current assets 206,108 (2.250) 203,858 100,000 306,108 (2,250) 303,858 Creditors due wilhin one year Total 100,000 16 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the year (as per Statement of Financial Activities) Adjustments for: Increase in debtors (74,079) 7.643 (7.438) 150 (10.090) 750 Increase in creditors Net cash (used in)Iprovided by operating activities 81,367 1,697 17 Analysis of changes in net debt At 1 July 2023 At 30 June 2024 Cash flows Cash at bank and in hand 294,243 (181,367) 112,876 17