Charlty Re8lStratlon No. 1167682
ARMED FORCE5 EDUCATION TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR ThE YEAR ENOED ai AUGusf 2025
BUSINESS
ADVISORS
ACCOUNTANTS
Waverley House
115-119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY

ARMED FORCES EDUCATION TRusr
CONTE￿5
Pale
Legal and administrative informatlon
Trustees, report
2-10
Statement of Trustees, responsibilities
li
Independent auditor's report
12-15
Statement ol financial activities
16
Statement ol financial position
17
Statement of cash flows
18
Notes to the financial statements
19-28

ARMED FORCES EDUCATION TRusr
COMPANY INFORMATION
Trustees
Mrs Porter
Mr l Buckle
Dr L G B Robinson
Mr A Malcolffl
Mrs C Chisholm
Mrs J Walker
Mr R Clements
Mr M Davis
Mr B Burton
Charlty number
1167682
Audltof
TC Group
Waverley House
115-119 Holdenhufst Road
Bournemouth
Dorset
BH8 80Y

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT
FOR THE YEAR ENDED31 AUGUST2025
The Trustees present their annual report and thnancial statements for the year ended 31 Au8USt 2025.
The Trustees are delighted to present this annual report, reflecting a year ol growth, innovation, and impact for
the Armed Forces Education Trust. Our mission remains clear.. lo support youn8 people under 25 who are
dependents of servin8 or former members of HM Armed Forces overcome any disadvantages to their education
due to their parent's service. This year, we have broadened our reach, deepened our 5UPPOrt, and
strengthened our partnerships, ensuring that our beneficiaries get the opportunities they deserve.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to
the linancial statements. the Charities Act 2011 and -Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financol
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods
commencing from I january 20161.
Objectives and activities
Oblectlves and alms
The purpose ol the Trust, as set out in its 8overnin8 document, is the advancement of educatr'on of people
under the a8e of 25 years who are or were dependents of servin8 or former members of HM Armed
Forces.
Our Purpose and Impact
V151on
A future where every child from an Armed Forces family achieves their full educatr'onal potential,
re8ardle55 of mobility or circumstance.
Mlsslon
The Trust's mission 15 to award 8rant5 that improve educational experiences and outcgmes of Servi
hildren whose education has been disrupted or disadvantaged because of the unique demands of Armed
Forces life through targeted financial grant5. partnership5 and alrnonisation. supporting transitions,
inclusion and wellbeing.
How We Make a Dlhrencè
We idendfy individuals and Institu￿onS in need and provide h"nancial support to overcome barriers to
educatitsn.
Our grants range from modest awards for books to substankn.al funding for organisatr'ons supportin8
Service children.
Last year. we awarded £575.CiKJ Iwhich represents the most substantial amovnt yet awarded by the
Trust in one yearl in support of Service children. We also sponsored prizes for the Month of the Military
Child, and continued our ongoin8 SUPPOrt to Neston Primary School for new arrivals from the Serviies
Cotswold Centre.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
Objectives for the Year
The Trust regularly reviews its strategic intent and ensures that its principal objectives for the year reflect
the operation of the Trust as a grant giving body. These objectives are..
al Encourage and support application5 from currently serving personnel and veteran5 whose children or
dependent5 have experienced educational disadvantage caused by Service life
including mobility,
separation, deployrnent. and challenge5 aCte5sing additional edutational needs provision.
bl Support Service children with Additional Edutation31 Needs by providing short-term, targeted
InterVen￿On% where mobillty. delayed assessments. or disrupted provision have put their education at risk.
cl Strengthen the continuity ol education. particularly during key transition points, to minimise the
disruption associated with postings and deployments.
dl Support schools, colleges, and other or8anisab.ons to provide additional resources and support that
address the needs ol Service children le.g., mobility, separation, lan8ua8e and communication needs,
emotional wellbeing, transition support).
The number of applicants, the breadth of their 8eo8raphical location and the diversity of service personnel
applyin8 are all key indicators of the Trust's success in meeting Its objectives.
Publ1¢ benefit
The Trustees have carefully considered Charity Commission 8uidonce on public benelit. Our activities
8rant-makin8 to individuals and insb'tution5 are desi8ned to maximise positive outcomes lor Service
hildren, ensyrin8 our resources reach those m05t in need.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
Grant makin8
There are many areas where service children need support that cannot be provided by the local autPority
either through a lack of funds or a failure to understand the nature of the mobile military society. In these
cases, the Trust can step into the breech and provide this help to service children.
Grant5 can be awarded for children who have experienced disruptions or difficulties in their education due
to Additional Educational Needs, parenlal deployments. mobility. injury or death. The Trust 3150 give
grant5 directly to schools to support larger numbers of seTvice children to help them overcome these
issues and achieve their potential.
Thus. the Trust Is commltted to maximising the impaci of its gfant lunding by..
• Providing support to children and young adults whose education may have been disrupted LY placed at
risk as a result of a parent's current or previous military service.
• Assisting educational institutions in their efforts to mitigate the effects of service life on pupils.
Wherever possible, the Trust ensures that grants awarded do not substitute fundin8 that is alreadv
available from public or private sources.
Achlevements and performance
Charltable artlvltles
Despite bein8 a small charity with only one part-time employee ihe Trust is able to have a measurable
impact by proactively seeking applicatr'ons from Force5 farnilies m05t in need of 5UPPOrt. It offers funding
and advice lor education support where ihis is beyond their linancial mean5. It does thi5 by actively takin8
part in social media group discussions for servicè personnel and veierans. as well as networking widÈly
with Families Federations, Service Welfare or8anisations and schools.
The Trust's flexibility and adaptability demonstrates a commitment to meet continually the needs of the Armed
Forces community in real fjme. Unlike many charilles. the Trusi iecognises thai need lor funding does not Come
at dis￿nCt points during the year and il will respond to applicats.ons at ihe n.me of need.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
Key Achievements
Wlder Reach - Our networking and marketing efforts have resulted in a significant increase in grant
applications from across the UK, with a diverse range ol recipients.
Supporting Schools - We provided 8rants to IS school directly, enabling tsrgeted interventr'ons as well
as training lor staff working with Armed Forces children.
Grants to or8anisation5 - The Trust has continued with their grant to ihe SSCE Cymru Team so that they
can continue to provide support to 311 schools in Wales who have Service children. The Trust has also
supported the Forces Employment Charity with it5 Young Person's Programme.
Funding z Festival of Friends
We funded a very successful Festival of Friend5 in Portsmouth and
Gosport that reached 24 schools and 950 Service children. mainly Royal Navy and Royal Marines.
5uppordnK Addltlonal NèÈd- We continued to expand our support to Service children with addition31
needs by helping individual children who needed short ierm additional support and also through
enabling schools to support children through theii Nurture Hubs.
Collaboratlve Pfoleets Our partnership with the Service Children's Progresslon Alllance ISCIPI
Continues. with a grant for partial funding engagement of schools with the Thriving Lives Toolkit. vknich
has reached around 20,000 Service children.
Advocacy and Awareness - The CEO engaged with County Councils, Families Federations, and attended
the Royal British Legion SEND roundtables and the Cobseo Children's Cluster, ensuring our work is
informed by the latest needs and best practice.
Sl8np05tln8 - The Trust actively helps families lind alternative support If they are unable to help and
works hard to for8e relationships with other charitr'es, such as the Benevolent Trusts, to seek
collaborative fundin8.
Sector Reco8nlfjon- The Trust was honoured to be shortlisted for the 2025 Celebratin8 Force5 Family
Award5 Military Charity ol the Year.
Impact Storle5'. Chan8ln8 Llves
Klwl Prlmary School12024-20251
A grant from the Trust enabled Kiwi Primary School to launch a weekly outdoor learning programme for Service
children, replacin8 the previous single annual session. The new Kiwi OutdTr)r Learnin8 Award IKOLAI gave every
pupil in Years 1-6 a dedicated 45-minute session each week. Activities such as den building, gardening, and
animal care helped children develop resilience, adaptability, and teamwork. Those stru881ing with behaviour or
emotional regulation benelited from small 8roup interventions and The Nest a safe space lor emotional
support and restorative conversations. Outdoor calmin8 spaces proved especially effective lor pupi15 dealing
with deployment-related stress. The re5uIt'. reduced classroom disruption, increased en8a8ement, and
improved wellbeing. The projecl is now embedded in School culture and expanding to younger and additrgnal
needs pupils.
Portsmouth & Gosport Festtval of Frlend$12024-2025}
The Trust's grant to the University ol Portsmouth's Festival of Friends project enabled 24 schools acr05S
Portsmouth and Gosport to strengthen their provision for Service children. Through a combination of
cornmi55ioned project Management, staff trainin8. interactive theatre workshops, and a Pupil Voice c￿ferenCe,
the project directly benelited over 956 Service children, including those from Arrny and Royal Navy families.
Activitie5 such as the Pupil Voice conference and celebration event f05tered collaboration. raised aspirations,
and gave Service children a platform to share their experiences and shape School 5UPPOrt. Feedback from
pupils and staff wa5 overwhelmingly positive. with case 5tudie5 evidencing irnpioved pèstoral care arKI
Sustainable Changes in schools. The project'5 legacy is further secured through upskilling staff, sharing best
practice nationally. and embeddinB the Thrivine Lives Toolkit. ensuiing continued support for Service ehildren in
the region.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
Carnagill Primary School, Catterick12024-20251
Carna8ill Primary School in Catterick received a grant from the Trust to enhance pastoral support for Service
children, focusing on transitions and emots'onal wellbein8. The funding enabled the school to strengthen the
role of a Service Pupil Advocate, improve family communication, and expand access to Learning Mentor-led
wellbeing groups. Tailored transits'on resources, including videos and social stories, supported incoming pupils
parbcularly those with Additional Educational Needs
while a new Seesaw group facilitated ongoing family
engagement. Group 5es5ions on confidence. emotional regulation. and mental health benefited 60 pupils, and
staff training in nurture approaches ensured sustained emotional support. Impact measures showed improved
resilience and Social ski115, Wlth practices now embedded to maintain a supportive. inclusive environment for
military children.
Force5 Ernployment Charlty12024-20251
The Trust's 8rant to the Force5 Employment Charity has supported its Young People Pro8ramme, which aims to
improve educational and career outcomes for Service children a8ed 16-24. The fundin8 enabled tailored l..1
career 8uidance, Creative Forces Day5. and employability workshops, reachin8 89 young people with
personalised support and engaging 111 student5 in skill-buildin8 5e5510ns. The programme has strengthened
outreach to live secondary schools serving 872 Service children. with targeted efforts to support Noèlese
families. Outcome tools showed 86% of participants improved job skills and l(th6 rèported increased stability.
Indlvldual Successes
Quotes from feedback
'The grant from the Trust gave me continuity in my education durin8 a time of significant change for me and
my family. This gave my sister and me stability throu8h our GCSE courses and examinations and allowed us to
achieve the best 8rade5 possible". J05huo, Lurton khool
The Trust's assistance this year with the school fees allowed me to continue workin8 as a fulkts'me soldier, while
allowing rny children stability in their education and to be all at the same school. Serqeantjumes 81¢7ck
The funding provided through the support Brant from the Armed Forces Education Trust has had a profound
impact on Olly, a pupil with Auts'sm Spectrum Disorder and severe speech delay. Movin8 from Scotland to
En8land, Olly did not have an Education, Health and Care Plan. The 8rant enabled Olly to spend time in
mainstream schoolin8 while fundin8 was sought to 8ive him the support he needed lon8 term. Mrs Phllllps*
Heodteacher
Tom arrived from a special school in another county mid year. He was out of school for some time while
suitable provision was found. When he eventually was placed in our mainstream school we struggled to find
the funding to support him. The Trust's 8rant, that has enabled Tom to attend school lull tr'me while we waited
for fundin8, ha5 made an incredible difference and has helped Tom to build communication and Social ski115. He
is a very different young man cofflpared to when he joined usl Mr Mayi SENCO
Finantial rÈviÈw
Over¥lew
Income-
Our principal Source ol funds remains rental income from our property asset, let to Co8nita khools Limited. In
addition, the Trust received a grant from Greenwich Hospitsl to support schools with Royal Navy and Royal
Marine5 children. We also receive donation5, including an annual gift from the Privy Purse.
ExpenditurÈ:
Charitable activities expenditure has continued to rise this year, reflecting our commitment to supporting more
beneficiaries and institutions.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
ResÈrvÈs Policy-
We maintain reserves equivalent to three years, grant expenditure, safeguarding our ability to supp)rt
benefrciaries in the event of income disruption.
Investments..
Surplus funds are invested in a multi-asset fund. which delivered a satisfactory return in 2024-25. The Board
regularly reviews performance against benchmarks.
ReseThies Pollvi
The Trustees review the Trust's polity on reserves at least annually with refeiente to guidance published by the
Charity Commission. The policy is also reviewed. when warranted. by changes in risk assessment or the
business plan. During the year. reserves were held to minimise any disadvantage to beneh"ciaries should the
Trust's income be stopped or severely reduced. Taking account ol the main risks to the Trust. the Trust's policy
Is to hold reserves ol around three times the level of total annual grants awarded based on forward estimates.
As 0131 August 2025, total unrestricted reserves amounted to £14,645,48312024.' £14,521,951), of which
£2,999,48312024'. £2,536,9511 were free reserves as the Trust's investment property cannot be quick
disposed of.
Flnanclal Actlvltles and Resu115
The results for the year and ihe financial posltton are set out in the Statement of Financial Acdwtles on page 16
and the Statement of Financial Positton on page 16. The Trusi's principal sourte of funds was income from rent
receivable on Its principal property assei. The property asset is lei on a SO year lease to September 2061 to
Cognita Schools Limited. a company which operates and invests in schools. The Trustees regularly meet wlth
personnel from Cognita to ensure that the terms of the lease are being met. The Trust is not involved in direct
fundraising although periodically donations and legacies are made to the Trust. In particular, the Trust receives
an annual donation of £300 from the Privy Purse.
Expenditure on charitable activities was £676,66412024.. £965,252). Grants are accrued as at the date they are
approved by the Trustees. Grants payable can be seen on pa8e 22 and 23.
Investrnent po15cy and objeth￿s
The Trust has a long-term investment policy and a Set ol objective5 lor its surplus lunds, both of which are
regularly reviewed by the Board. The Trust's investment policy is to seek the best financial return from
investing surplus fund5 balanced with an acceptable level of risk. Having considered the option5 available
and reviewed a number of potential investment managers and funds. the Trustees deiermined that its
surplu5 funds should be invested with a third party multi-asset fund l-the Fund"). The Fund seeks to
maximise returns through income and capital growth. The Trust's investment in the Fund was valued
£3.2m as at 31 August 2025. During the financial year the Fund made a 8% gain. compared with a 13.8%
gain in the previous year.
The Board regularly reviews the performance of the Fund in absolute terms and against a number of
benchmarks. It considers that the overall performance of the Trust's investment has been satisfactory.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
Future plans
We will continue to serve Service children worldwide, adaptin8 to increasin8 challenges of svpport for
additional needs in particular. Our focu5 remains on broadening awarene55, deepening impact, and
ensuring our 8rants make a real difference.
Risk Management
Principal risk5 include1055 of rental income and depletion of investment reserves. The 8oard monitors
these risks closely. maintaining strong relationship5 Wlth tenants and investment managers. and reviews
policies annually.
Structure. Govemance and management
Govèrnln8 documènt
The Armed Forces Educatton Trust was established to take forward the work of the Royal School
Hampstead Trust (charity number 3122861. On 7 December 2016 ihe Royal School Hampstead Trust
transferred all of its assets lincluding cash and freehold property less liabilities) amounting to
£13,070,677, to the Forces Children Educatr'on Tiust Isince renamed Armed Forces Education Trust).
The Trust is a Charitable Incorporated Or8anisahon and 8overned by its written constitution dated 16 June
2016. The affairs of the Trust are managed by the Trustees, of which there must be a minimum ol five.
There is no maximum number of Trustees that may be appointed by the Trust.
The Trust recognises the Charity Governance Code as an importsnt benchmark for best practice and applies its
principles proportionately to our size and resources. We reco8nise the need to seek diversity of skills and
experience on the board, introduce regular performance reviews, and commit to on80in8 trainin8 lor trustees.
These steps reflect our commitment to continuous improvement and to ensuring that our 8overnance
arrangements remain robust. accountable. and ali8ned with sector standards.
The Trust IS 8overned by its constitution (dated 3 June 20161 and managed by a dedicated Board of
Trustees, supported by the CEO and specialist advisers.
Trustees are recruited throu8h a transparent process, with induction and trainin8 provided.
Oay-to-day operations are delegated to the CEO, with regular 8oard meetings ensuring oversi8ht and
strategic direction.
Safeguarding is a priority. with policies reviewed regularly and included on every Board agenda.

ARMED FORCES EDUCATION TRusr
TRUSTEES. REPORT (co￿1NuEDl
FOR THE YEAR ENDED31 AUGUST2025
The Trustees who served durin8 the year and up to the date of signature of the linancial statements were..
Mr S Porter
Mr A Behagg
Mrs M Clohessy
Mr18uckle
Dr L G B Robinson
Mr A Malcolm
Mr5 C Chisholm
Mrs J Walker
Mr R Clements
Mr M Davis
Mr 8 Burton
(Resigned 31 December 20241
(Resigned 31 January 20251
RecruStment and appolntrnent of new trustees
The appointment of Trustees is a matter reserved lor the Board of Trustees. based on vacancies occurrlng
through the end ol an allotted term. or a resignation. and an agreed succession plan based on a set of
crlteria. The Board may appoint a new Trustee at any properly convened meeting of the Trustees. The
Chair is elected from and by the Trustees.
New Trustees are given a documented and personal induction programme. Trustees are able to attend a
range of training courses and seminars, either at external institutions, or internally organised with external
contributors as required.
Organlsatlonal struduré
The Board meets four ttmes a year. with addl￿Onal meetbngs arranged if requirèd.
Day to day management ol the Tfusi's affairs is delegated to the Trust's Chief Execufjve Offi'cer. Charmain
Hickman. In additton. the Trust benefi.tted from ihe services ol Derry Caleb. its estates adviser to facilitate
oversight of Its principal property investment. Mr Caleb stepped down as esiates adviser in June 2025. The
Trustees consider that they. together with the Chief Executive Officer, comprise the key management of
the Trust in charge of directing, controlling, running and operating the Trust on a daY-t￿daY basis. None ol
the Trustees receives any remuneration in respect of their services as Trustees. Staff pay is reviewed by the
Trustees annually usin8 external benchmarkin8 and comparison dats.

ARMED FORCES EDUCATION TRUST
TRUSTEES. REPORT Ic0fr￿1NUEDl
FOR THE YEAR ENDED 31 AUGUST2025
Rlsk management
The Trustees review and update the Schedule of risks facing the Trust at least annually but mtsniior principal
risks at every 803rd meeting. The Board con5ider% 3 schedule of risks. theif likelihotsd and ptstential damage
together with preventative measures and mitigating actions. The Board considets that the principal risks facing
the Trust are as follows..
a. The loss of regular rental income from the principal asset-
b. The depletion of investment reserves through for example adverse inve5trnent condition5.
The key strategies to manage these risks involve developing a closer relationship with the leasehtslder of the
Trust's principal asset and the regular monitoring of investment policy and performance.
Safetuardlng
The Trust has a safe8uardin8 policy which 15 re8ularly reviewed. Amon8 Other things, It covers mea5ure5 to
protect the Trustee5 and the Chief Executive Officer who is at the forefronl of requests for grant5. In addition,
safe8uardin8 is on the agenda ol each Board meetin8. The safe8uardin8 lead is the CEO and a trustee, Dr L G B
Robinson, is now the Trustee for Safe8uardin8. Both have undertaken the necessary training from SAFE CIC.
Events slnte thè end of thè yèar
Information relatin8 to events since the end of the year is given in the notes to the financial statements.
The Trustees report was approved by the Board of Trustees.
Mr S Porter
Ti'ustee
Mrs C Ch15holm
Trustee
Dated.. .p.1.￿.nl.7.Q.2￿..
10-

ARMED FORCES EDUCATION TRusr
ATEMENT OF TRUSTEES, RESPONSIBILMES
FOR THE YEAR ENDED31 AUGUST2025
The Trustees are responsible for preparing the Trustees, Report and the financial ststements in accordance with
applicable law and United Kingdom Accounting Standards ILlnited Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England and Wale5 requires the Trustees to prepare financial statements for each
financial year which give a true and fair view of the state of affair5 of the Trust and of the incoming resource5 and
application of resource5 of the Trust for that year.
In preparing these flnancial statements. the Trustees are required to-.
select suitable accounting policles and then apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departtjres disclosed
and explained in the financial statements,. and
prepare the linancial statements on the 8oinB concern basi5 unless It 15 inappropriate to presume that the charity
will continue in operation.
The Trustees are responsible for keeping suflicient a¢¢ountin8 records that dis¢lose with reasonable a¢¢ura¢y at
any time the finantial position of the Trust and Ènable them to ensure that the linantial statemènts comply with
the Charities Act 2011, the Charity (Atcounts and Rèports) Règulations 2008 and the provisions ol the trust dèed.
They are also responsible for saleguaiding ihe assets ol the Trust and hence for taking reasonable #eps for the
PreVen￿On and detettlon of fraud and other irregularitles.
11

ARMED FORCES EDUCATION TRusr
INDEPENDENT AUDITOR'S REPORT
TO THE TRU5fEE5 OF ARMED FORCE5 EDUCATION TRU
Oplnlon
We have audited the financial statements of Armed Forces Education Trust (the 'Trust'l for the ye¥ ended 31
August 202S which ctsmprise statement of financial artivities. the 5t3tement of financial position, the statement
of cash flows the statement of financial activifftes. the statement of fi.nancial position. the statement tsf cash flows
and notes to the h"nancial statements. including significant accounting policies. The fi.nancial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including
Financial Reporting Standard 102 The Finonciol Reporting Stondord opplicoble in the UK ond Republic of irelond
Iunited Kingdom Generally Accepted Accountin8 Practice).
In our opinion, the financial statements..
give a true and fair view of the slate of the tharity's affairs as at 31 August 2025 and of its incoming
resources and application of resources. for the year then ended:
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿.,
and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the oudit
of rhe finonciol stotements sectlon of our report. We are independent of the charity in atcordarte with the
ethical requirements that are relevant to our audit ol ihe hnancial statements in the UK. includin8 the FRC'S
Ethical Standard. and we have fulhlled our other ethical responsibilities in accoidance with these requirements.
We belleve that the audit evldence we have obtained Is sufficient and appropriate to provlde a bass for our
oplnlon.
Concluslons relatln8 to 8oln8 concern
In auditing the hnantial statements. we have concluded that the trustees. use of the going concem basis of
accounting in the preparation of the ffinancial ststements is appropriate.
Based on the work we have performed. we have not identified any material uncertainfjes relafjng to events or
conditions that, individually or collectively, may cast signifi.cant doubt on the charity's ability to continue as a
80in8 concern for a period of at least twelve months from when the fi.nancial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to goin8 concern are described in the
relevant sections of this report
the Tru5tee5' use of the going concern basi5 of accounting in the preparation of the finantial statements IS
not appropriate. or
the Trustees have not disclosed in the linancial statements any identified material uncertainties that may
cast significant doubt about the Trust's ability to continue to adopt the Boing concern basis of accounting for
a period of at least twelve monih5 from the date when ihe financial statements are authorised for issue.
12-

ARMED FORCES EDUCATION TRusr
INDEPENDENT AUDITOR'S REPORT {COTrrnNUED}
TO THE TRU5fEE5 OF ARMED FORCE5 EDUCATION TRU
Other Informatlon
The trustees are responsible for the other information. The other information comprises the information included
in the annual report other than the h"nanci31 statements and our auditOf'5 report thereon. Our tspinv)n on the
financial statements does not cover the other informarion and. excepi to the extent otherwise explicitly stated in
our report. we do not express any form of assurance conclusion theieon.
In connection with our audit of the financial statements. our responsibility is to read the other informatt.on and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify
such material inconsistencies or apparent material misstatements, we are required to determine whether this
gives rise to a material misstatement in the linancial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact.
We have nothin8 to report in this re8ard.
Matter5 On whlch we are requlred to report by exceptlon
In the light of the knowledge and understandin8 ol the charity and its environment obtained in the course of the
audit, we have not identified material misstatements in the Trustee report.
We have nothin8 to report in respect of the lollowin8 rnatters where the Charities (Accounts and Reports)
Re8ulation5 2008 requires us io report to you il. in our opinion:
the information 8iven in the financial statements is inconsistent in any material respect with the Trustee5'
report., or
suflicient accountlng records have not been kepi: or
the hnancial statements are not in agreement with the accounting records; or
we have not received all the inlormation and explanaiions we require for our audlt.
Responslbllittes of Trustees
As explained more fully in the trustees. responsibilities statement. the Irustee5 are responsible for the
preparation ol the linancial statements and for being satisfied that they give a true and fair view, and lor such
internal contrtsl as the trustees determine is necessary to enable the preparation of tinancial staternents that are
free from material misstatement. whether due to fraud or error.
In preparing the h"nancial statements. the tiustees are responsible for assessing the Charity's ability to continue as
a 80in8 concern, disclosin8. as applicable. matters ￿lated to going concern and usin8 the going Co￿ern basis of
accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic
alternative but to do so.
13-

ARMED FORCES EDUCATION TRusr
INDEPENDENT AUDITOR'S REPORT {COTrrnNUED}
TO THE TRU5fEE5 OF ARMED FORCE5 EDUCATION TRU
Audltor's responslbllltles for the audlt of the financlal statements
We have been appointed as auditof undei section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regul3titsns made or having effect thereundeT.
Our objectives are to obtain reasonable assurance about whether the h"nancial statements as a whole are free
from material misstatement. whether due to fiaud oi error. and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the a88re8ate, they could re&onably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, includin8 fraud, afe instances of non-compliance with laws and regulations. The extent to which our
procedures are capable of detecting irregularities, includin8 fraud, is detailed below.
A further description of our re5ponsibilitres for the audit of the thnancial staternents Is located on the Financial
Reportin8 Council's webslte at.. http'./lwww.frc.or8.uklauditorsre5ponsibilities. This description form5 part of our
auditor's report.
Extènt to whlth thè audlt was tonsldèrtd tapablè of dètÈtUnB IrrÈ8ularltlÈs. Intludln8 frdud
The objectives ol our audit. in respeti to Iraud. are.. io identify and assess the risks ol materia misstatement of
the linancial staiemenis due to fraud.. to obtain suffitient appropiiate audit evidente regarding the assessed risks
of material misstatement due to Iraud, through designing and implemennng appropriate responses. and to
respond appropriately to fraud or suspected fraud idenn.fied during the audit. However. the primaryresponsibility
for the prevention and detection of fraud rests wilh both those charged with governance of the entity and its
management.
Our approach was as follows..
We identifi'ed areas ol laws and regulations that could reasonably be expected to have a matuial effect on
the linancial statements from our 8eneral commercial and sector experience, and through discussion with the
trustees and those char8ed with 8overnance las required by audits'ng standards), and discussed with the trustees
and those char8ed with governance the policies and procedures regarding compliance with laws and re8ulations,'
We considered the le8al and regulatory frameworks directly applicable to the financial 5tatement5
reportin8 framework IFRS 102 and the Charities Act 20111 and ihe relevant charity re8ulatr.ons in the UK;
We considered the nature ol the industry, the conlrol environmenl and the charity's perform￿ce, includin8
the key drivers lor management's remuneration:
- We communicated identified law5 and regulations throughout our team and remained alert to anv
indications of non-compliance throughout the audit:
We ctsn5idered the procedures and controls that the charity has e5t3bli%hed to address risks identilied. or
that otherwise prevent. detev and ddect fraud.. and how senior management monitors those piogr3mme5 and
controls. These include the review of trustees, expenses. dual authentication foi banking procedures and
segregation of duties across key areas of the charity.
Based on this understanding we desi8ned our audit procedures to identify non-compliance with such laws and
regulations. These include Health and Safety and other charity legislative requirements. Where the risk was
considered to be higher, we performed audit pr(Kedures to address each identilied fraud risk. These procedures
included.. testing manual journals. reviewing the linancial statement disclosures and testing to supporting
documentation; performing analytical procedures," and enquiring ol management, and were designed to wovide
reasonable assurance that the linancial statements were free from fraud or error.
14-

ARMED FORCES EDUCATION TRUST
INDEPENDENfAUDITOR'S REPORT ICONTINUEDI
TO THE TRUSTEES OF ARMED FORCES EDUCATION TRUST
Owing to the Inherent Iimit3tlons of an 311dir. Ihpre 15 rin unJvui(Jdble iisk ttidL we may not have detected some
rnETrt('riEiI misfitrltpmrnl% in tIIL' liiidriLitsI slaleinents, even though we have properly planned and pprfnrrnpd nijr
audit In 3ccordance with auditing standard5. For example, the fvnher rernowpA niiii-i()ITlI)IIAllI.V. Wltli IdWS diid
regulations lirregularitie51 is from the events and tran5Hrtinn% il'Eli￿1('.d iii the fiThancial statements, the less likely
thi. inhprently lirnirrd PlULL'durL"
IL'4uifL'd by auditing standards wouk4 Identify It. The rlsk Is Iilrn Erpiipr
reE3rJii)g Iriebiulai It￿*S occurring due to frnud rather than error. as fraud iDw>Ivi'.:
iritLriliDnal concealment,
forgery. collu510n. omission or mi5repiesentaiion We are not rpspnnJilde lor preventing non-compliance and
Ccinnnt ho oxpocted to rlpitiil Dnn-l tjiriy1i.1llL￿ willi all laws and regulations.
A further description of our responiibiliti*s is ava113blo on thp Fin.ifiri.Il RLyortiiig iouncil'5 website at.. bup￿£
wwwfrc.o
.uk
audltorsres
U%p of our report
T1115 i¥yvI I15 lildUE >vlely Iv Ilie cl)arity's trustees. as a body. in accord￿te with Of Pilrt 4 ul the ChJritlQ4 Act
2011. Our audit work h¥$ been undertaken so thllt wv mi8hr I,fiir(I lo tliv LliJii¢y's Vustees those matters WÈ are
rofjiilred Tn qrarp Tn Thpm In lin tiudiiut's igyuit diid lul liv vlliei purp05e. To the fullest extent permittftd hy lilw,
we do i)ot aLLL'Pt or assume responsibility tc* anygne other than the charity ano thr* rhii riiy'% 1111s1¥.vs. ds d budy.
for our audit work, for this r•port. or for the opinlons wp htivp fnrm*¥l
"rc-. Ap,
Lucy Fil•r FLA1Sénior statutory Auditor)
lor and un bvhAII ol TC Group
Statulory Auditor
nfticr. Chriitchurth
Date....
TC ￿rOUP 15 eli8ible tor appointment if .Iiidiinw lil Ilip TriJ%l by viilu¥ uf IlsdiwL•lity for appointment as auditor of
.pL'Ltivii 1212 of the Lompanies Art 2[

ARMED FORCES EDUCATION TRusr
ATEMENTOF FINANcIALA￿1v￿IES
INCLUDING INCOME AND EXPENDITURE ACCOUI
FOR THE YEAR ENDED31 AUGUST2025
Unrestricted
funds
Unrestricted
fund5
2025
2024
Notes
Income from..
Donations and legaties
Charitable activities
i.l￿0
543,734
313
523,531
Total Income
544,734
523,844
Expendlture on:
Charitable activities
676,664
965,252
Total expendlture
676,664
965,252
Net galnslllossesl on Investments
io
255.462
528,937
Net Income and rnovement In funds
123,532
87,529
Rècontllladon of funds:
Fund balances at I September 2024
14,521,951
14,434,422
Fund balances at 31 Au8llSt 2025
14,645,483
14,521,951
The statement of financial activities includes all Eains and losses ￿CogniSed in the year. All income and
expenditure derive from continuin8 activihes.
16-

ARMED FORCES EDUCATION TRUST
ATEMENT OF FINANCIAL posrnoN
ASAT31 AUGU5T2025
2025
2024
Flxed assets
Tangible assets
Investment propertv
Investments
12
13
14
578
11,646,000
3.171.754
1.140
11,985,000
2,937.292
14.818.332
14,923,432
Current assets
Cash at bank and in hand
613,536
267,396
Credltors: amounts falllng due wlthln one
year
Is
1763,1201
1565,5461
Net Cyr￿nt Ilabllltles
1149,5841
1298,1501
Total assets le55 current Ilabllltles
14,668,748
14,625,282
Credltors: amounts fallln8 due after more
than one year
16
123.2651
1103.3311
Net assets
14.645.483
14,521.951
The fund5 of the Trust
Unrestricted funds
17
14,645.483
14,521,951
14,645.483
14,521,951
0110412026
The financial statements were approved by the Trustees on ...................... .
Mr S Porter
Trustee
Mrs C Chisholm
Trustee
17-

ARMED FORCES EDUCATION TRusr
ATEMENT OF CASH FLOWS
FOR THE YEAR ENDED31 AUGUST2025
2025
2024
Notés
Cash flows from operatlng actSvltles
Cash labsorbed byllgenerated from
operations
113.8601
4.854
Invesdng atdvltlts
Proceeds from disposal of investment
propertv
360.LKQ
Net cash generated fromllused Inl
Inve511ng actlvlfje5
360,CQO
Nèt cash usèd In Inantlnt attlvltlès
Net Increase In cash and cash equlvalents
346.140
4.854
Cash and cash equivalents at beginning ol year
267.396
262.542
Cash and cash equlval•nts at end ol year
613,536
267,396
18-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs
FOR THE YEAR ENDED 31 AU6UST2025
Accountln8 pollcles
Charlty Informatlon
Armed Forces Education Trust is a charity reElStered in England and Wales and is 3 Charitable Incorporated
Or8anisatton. The address of the principal office is PO Box 684. Farnham. GU9 ILP.
1.1 Attountlng con¥entlon
The linancial statements have been prepared in accordance with the Charities Act 2011 and -Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to charities Preparing their
accounts in accordan£e with the Financial ReporDng Standard applicable in the UK and Republic of I￿land
IFRS 1021~ las amended for accounting periods Commencing from l January 20161. The Trust Is a Ptsbllc
Benelit Entity as defined by FRS 102.
The linancial statements are prepared in sterlin& which is the functional currency of the Trust. Monetary
amounts in these Ilnancial statements are rounded to the nearest £.
The flnancial statements have been prepared under the hisiorical cost conventton. modilled to include the
revaluation of freehold properries and io include investment properties and certain financial Instruments at
falr value. The principal accountinB policies adopted are set out below.
1.2 Golng concern
At the time of approvlng the flnanclal statements. the Trustees have a reasonable expectatlon that the Trust
has adequate reso¢Jrces to continue in operational existence for the foreseeable future. Thus the Trustees
continue to adopt the goin8 concern basis of accounting in preparing the hnancial statements.
1.3 Charltable fund5
Unrestricted funds are available lor use at the discretlon of the Trustees in furtherante of their charltable
oblectives.
1.4 Incomln8 resources
In¢ome is recogni5ed when the Trust Is legally entitled to it after any perlormance conditions have been
met, the amounts can be measured reliably. and it 15 probable ihat income will be received.
Cash donations are retognised on receipt. Other donations are recognised onte the Trust has been mtilied
of the donation. unless perlormante conditions require delerr31 of the amount.
Legacies are recognised on receipt or otherwise if the Trust has been notified of an impendin8 distribution.
the amount is known. and receipt is expected. If the amount is not known. the legaty is treated as a
contingent asset.
19-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Accounting policies
Icontinuedl
BaskJlnunclalossets
Basic fi.nancial assets. which include debtors and cash and bank balances. are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a h'nancin8 transaction, where the transaction
is measured at the present value of the future receipts discounted at a market rate of interest. Firancial
assets classihed as receivable within one year are not amortised.
Busicfinoncial liobiliiles
Basic financial liabilities, including creditors and bank loan5 are initially recognised at transaction price
unless the arrangement con5titute5 a financin8 Iransaclion. where the debt instrument 15 measured at the
present value of the future payments discounted at a market rate of interest. Financial liabilities classified as
payable within one year are not amortised.
Debt instruments are subsequently ¢arried ai amortised cost. using ihe effedive interest rate mèthod.
Trade creditors are obligatlons to pay lor goods of seThices that have been acquired in the ordinary course of
opera￿OnS from suppliers. Amounts payable are classih.ed as current liabilitr'es if payment is due within one
vear or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost usin8 the effective interest method.
Derecognltlon oAJlnanclo111¢7bllldes
Financial liabilities are dereco8nised when the Trust's contrartual obli8ats.ons expire or are di5char8ed or
cancelled.
1.11 Fund attoundng
Unrestricted funds can be used in accordance with the charitsble objertives at the discretion of the
trustees.
1.12 Taxatlon
The charity is exempt from tax on it5 charitable activities.
21

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Accounting policies
Icontinuedl
1.5 Resources expended
Liabilities are recognised as expenditure as 500n as there is a legal or constructive obligation committing the
charity to that expenditure. it 15 probable that a transfer of economic benefits will be required in settlement
and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruas
basis and h35 been cl355ified under heading5 that aggregate all c05t related to the category. Where costs
cannot be directly attributed to parknculai headings they have been allocated tg activitie5 Qn a b35i5
consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a
commitment but not actrued as expenditure.
1.6 Tanglble flxed assets
Tangible h'xed assets are initially measured at cost and subsequently measured at ¢ost or val￿tion, net of
deprecia￿oN and any impairmeni losses.
Depreciation is reco8nised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the followin8 bases..
Computers
33% on Cost
The gain or loss arising on the disposal of an assei is determined as the difference between the sale
proceeds and the carrying value of the asset. and is recognised in the statement of Ifnancial act5vitles.
1.7 Investment propertles
Investment property. which is property held to earn renials andlor for capital appreciation. is initially
recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is
recognised in prolit or loss.
1.8 Flxed asset Investments
Fixed asset investments are inirially measured at transacrion price excluding transaction costs. and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incomellexpenditurel for the year. Transaction costs are expensed as incurred.
1.9 Impalrment of flmed assets
At each reporting end date. the Trust reviews the carrying amovnts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the imkxiirment
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilib'es.
-20-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Crltlcal accountln8 estlmates and ludBements
In the application of the Trust's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amounl of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The e5tirnates and underlying assumptions are rewewed on an ongoing basis. Revisions to accounting
e5timate5 are recogni5ed in the period in which the estimate 15 revised where the revision affects (mly that
period. or in the period of the revision and future pÈriods where the revision affetts both current and future
periods.
Management review the judgements and estsmaies used to deteimine the fair values attributed to the
charity's investment property on an annual basis. They consider the mosi recent revaluation disclosed in
note 13 to be a true and fair reflection ol the market value of the property at the reporting date.
Grants to be paid over multiple years are recognised in full in the year in which they are awarded. The
Trustees believe there to be no performance related requirements on the part ol the grant recipient and
there is therefore a sufficient degree of probability the 8rant will be paid.
There were no other key sources of estimation uncertainty.
Donatlon5 and le8acles
Unre5trlcted
funds
Total
2025
2024
Donations
1,000
313
Charitable aetlvittes
Income
Income
2025
2024
Rent received
Deposit account interest
539,443
4.291
520,928
2.603
543.734
523,531

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Charltable actlvlttes
Charltable
activities
2025
Support Governance
costs
osts
2025
2025
Total
2025
Total
2024
Depreciation and impairment
Grants to institutions
Grants to individuals
Salaries
Insurance
Admin and other costs
Advertlsing
Auditors, remuneratr'on
Legal and other professional fees
Trustees. expen5e5 and meeting COSIS
562
458.917
142,975
562
562
458,917
142.975
43,567
1.840
lQ,598
1.469
5,422
9.193
2,121
710,712
189.936
40,854
1.820
11,750
1,159
5,216
1,811
1,432
43,567
1.840
10,598
1.469
5.422
9,193
2,121
602.454
57.474
16.736
676.664
965,252
602,454
57,474
16,736
676,664
965,252
-23-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Grants payable
The total grants payable to In￿ltUtionS during the year were as follows..
2025
2024
Alexander First School
Anglia Ruskin
Angus Council
Arden Forest
Carnagill Primary
Charlestown Primary
Colerne Primary
Cottesmore Primary
Danesfield School
East End Primary
Forces Employment
Gateway School
GAP - Catteritk Garrison
Haveford West Secondary
Helston Community College
John Logie Baird Primary
King Richard's School, Cyprus
Kiwi Primary
Larkhill Primary
Leconfield Primary
Lincolnshire schools
Linkwood Primary
Lyneham Primary
MOTMC Shape
Neston Primary
Other
Park Eglos
Portsmouth Festival of Friends
RAF Ben50n Cluster
Raigmore Primary
Risedale Secondary
SCIP
SSCE Cymru
Seafield Primary
St Geraldine Primary
St Gerards
42,000
33.150
18,2911
25,267
3.824
9,800
54,230
27,322
16,135
1761
25.000
25.(
25,(K)O
39.OJO
30,000
46,380
11.665
IS,￿)0
43.436
38,881
250
17,999
30,242
95,335
250
2.283
922
2,885
24,000
33,267
20.(
37,500
170,OCXJ
22.LN)O
24,580
S,(X)O
-24-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
Grants payable
Icontinuedl
St Peters Primary
St Peters Farnborough
Wallop Primary
Widewell Primary
Wiltshire CC FOF
Ysgol Colweg Pen y Fan
Total grants to instttutlon5
800
7,995
18.084
15.670
25,120
56.723
710,712
458.916
Grants are accrued at the date they are approved by the trustees and communicated to reclplents. based
on the information available at the time of grant application. If circumstances change, the recipient is
required to inform the charity. This can result in a change to the initial value of the grant previojsly agreed.
The negatives balances above represent a change in the amounts accrued due to unforeseen
cSrcumstances.
The tC>tal 8rant5 payable to Collaborative and individua15 during the year was £143,35012024.. £189,9361.
Nèt movemènt In funds
2025
2024
The net movement in funds is stated after chaigingllcreditbngl..
Depreciatton of owned tangible fixed assets
Profit on disposal of investment propertv
562
121,0001
562
Truste•s
None ol the Trustees lor any person5 connected with them) received any remuneration or benefits frorn the
Trust during the year.
During the year Trustee's had expense5 for Ira¥el and subsistence reirnbur5ed lor a total of £2,12112024..
£1,432).
Employees
There was l employee during the year12023- 11.
No staff received emoluments in excess of £60,CQ).
Staff costs represent the remuneration of key management personnel.
-25-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
10 Galns and losses on I￿￿$tments
Unrestrlcted Unrestrlcted
funds
funds
2025
2024
Gainslllossesl arising on:
Revaluation of investments
Revaluation of investment properties
Sale of investment propertie5
234,462
328,937
200,000
21,C
255.462
528.937
11 Taxatlon
The charity 15 exempt from tsxation on its activitie5 because all its income is applied for charitable purpose5.
12 Tanglble flxed assèts
Computers
C05t
At I September 2024
1,702
At 31 August 202S
1,702
Depreclatlon and Impalmiert
At I September 2024
Depreciation char8ed in the year
562
562
At 31 Au8U5t 2025
1,124
Carry5n8 arnount
At 31 August 2025
578
At 31 August 2024
1,140
-26-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
13 Investment property
2025
Falr value
At I September 2024
Disposals
11,985,000
1339.0001
At 31 August 2025
11,646,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out in
August 2024 by House & Son Chartered Surveyors, who are not connected with the Trust. The valuation
was based on the estimaled amounts a willing buyer would purchase the property for at arm's-length. The
Trustee5 consider the valuation of the remainin8 properties to be appropriate at 31 Au8U5t 2025. The cost of
the investment property to the charity was £11,299.65112024.. £11,589.7351.
14 Flxed asset Investments
L15ted
Investments
Cost or valuatlon
At I September 2024
Valuatitsn Changes
2,937,292
234.462
At 31 August 2025
3,171.754
Carrylng amount
At 31 Au8USt 2025
3,171,754
At 31 August 2024
2,937,292
IS Credltors: amounts fallln8 due wlthln one year
2025
2024
Grant creditor5
Accruals and deferred income
46,948
716.172
6,134
559,412
763,120
565,546
Included within accruals are grants agreed for future periods of £734.39712024- £552.9911.
-27-

ARMED FORCES EDUCATION TRusr
NOTES TO THE FINANCIAL STATEMEpirs IcoNriNUEDI
FOR THE YEAR ENDED31 AUGUST2025
16 Credltors: amounts fallln8 due after more than one year
2025
2024
Accruals and delerred income
23,265
103,331
Included within accruals are grants agreed for future periods of £23,26512024. £103,331).
17 Unrestrirted funds
The unrèstricted funds of the tharity ¢omprise the unexpended balantes of donations and grants which arè
not subject to specih"c conditions by donois and giantors as to how ihey may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Atl
September
2024
Incomln8
resources
Resources
expended
GaSns and At 31 Au8USt
1055es
2025
General funds
14,521,951
544,734
1676,6641
255,462
14,645,483
Prevlous year:
Incomlng
resources
Resources
expended
GaSns and At 31 August
losses
2024
September
2023
General funds
14,434,422
523,844
1965,2521
528,937
14,521,951
18 Rèlatèd party transacdons
There were no disclosable related party transactions during the year12024- none).
19 Operatln8 lease
The charity is the lessor to a 50 year operating lease ending I September 2061. Investment incorne for
future periods 15 based on rental fees payable lor the previous year plu5 any change5 in RPI.
-28-