Special Boat Service Association (A charbtable incorporated organisation) Annual Report and Financial Statements Year Ended 31 March 2024 Company registration number.. CE008612 Charity registration number.. 1168876
Special Boat Service Association Contents Reference and Administrative Details Trustee's Report 2to7 Independent Auditors. Report 8t011 Consolidated Statement of Financial Activities 12to13 Consolidated Balance Sheet 14 Balance Sheet 15 Consolidated Statement of Cash Flows 16 Notes to the Financial Statements 17to36
Special Boat Service Association Reference and Administrative Details Trustee MrRCom Principal Office HQ Sqn RM Poole Hamworthy P(M)le Dorset BH15 4NQ Charity Registration Number 1168876 Company Registration Number CE008612 Auditor PKF Francis Clark Chartered Accountants and Statutory Auditors Towngate House 2- 8 Parkstone Road Poole Dorset BH152PW Solicitors Wilsons Solicitors LLP 4 Lincoln's Inn Fields London WC2A 3AA Bankers The Royal Bank of Scotland PIC Holt's Military Banking Lawrie House Victoria Road Farnborough GU14 7NR Page 1
Special Boat Service Association Trustee's Report The Board of Trustees are pleased to present the annual report and accounts for the charity for the year ending 31 March 2024. The financial statements have been prepared under the accounting policies set out in note 1 of the financial statements and comply with the charity's trust deed, applicable law and the provision of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities.. Our Principal Charitable Objectives The main objectives of the Association as set out in the Constitution are: To promote the efficiency of the Special Boat Service by: Maintaining contact between serving and former members of the Service and providing for social gatherings for them., b. Fostering esprit de corps, comradeship and the welfare of the Service and perpetuating its deeds., Preserving the traditions of the Service including the practice of understatement, humility, and modesty; d. Perpetualing the memory of those members of the Service who have died in the seNice of their country.. e. Assisting Service members or former members of the Service, their families, and dependants by the provision of facilities and services and by such other means as the Board shall from time to time determine. To relieve members or fonner members of the servi or their dependants who are in need by virtue of financial hardship or sickness by: a. Making grants of money to them., or b. Providing or paying for goods, sen11$, or facilities for them,. or Making grants of money to other persons or bodies who provide goods, servIs, or facilities to those in need- or d. Provide advi and counselling to them during bereavement or injury or during times of crises or conflict. To relieve members or former members of Allied Forces Units or their families and dependants, and the families or dependants of deceased members of such Units, who are in need by virtue of financial hardship or sickness, by such means as the Board shall from time to time determine. Public benefit The Association exists to provide a lifetime of support to the Special Boat Service, members of the Special Boat Service Association, and their dependants by providing appropriate charitable assistance when public funding is unavailable. By improving morale and esprit de corps amongst members of the association, the support provided directly contributes to the quality of the Special Boat Service as a key component of the Nations Armed Forces, and thereby to the defence of the Nation. In compiling this report, we have referred to the guidance contained in the Charity Commision's general guidance on public benefit and compiled the review of our aims and objectives to reflect how our activities deliver public benefit. Page 2
Special Boat Service Association Trustee's Report Achievements and performance Review of achievements and perfonnance The Association has provided the following benefits to its members during this financial year as shown below. Welfare How we have helped and supported: We have provided direct welfare support to: Serving Members - £93.000 Veterans - £354,000 Dependants- £40.000. other projects we support: Dependants Health Care - £160.000 Families Fund - £40.000 Command Fund - £78.000 Operation Armour- £100.000 Community Centre- £40,000 Childrens Ski Trip £26,000, HMS Queen Elizabeth £100,000 and Other Grants totalling £154.000. Reunions I Pilgrimages l Historical - £469,000 Total £1,654.000 Who and how we help Veterans The Unit and their family Bereaved Families Children of Service Wounded Warriors Amenities Ongoing through life support to Veterans who have sustained life changing injuries during Service. Various levels of support which are not limited to., counselling funding for long term illnesses, bereavement and marital support for Operators returning from deployment, as well as respite care to help families with children with disabilities and ongoing support to children affected by serving parents PTSD. The Aviva Private Healthcare Scheme has proved to be a success to our serving members. The cover provides instant referrals and provides access to specialists. This gives an enhanced peace of mind for deployed operators knowing their families are receiving the best care. Support offered to Bereaved Families operates on a case by case basis; examples of support are financial aid with funeral costs, wakes. memorial services and counselling. The Association is continuing to help children via counselling and financial support for further education and coping with the loss of a loved one. The SBSA family is ever-growing increasing the need for child support. The unit's operational tempo is continuing to increase and the SBSA stands ready to support in any future injuries or casualties sustained in conflict Operation Armour The Association continue to fund Operation Armour. Our total commitment over recent years is £550,000, a human performan imitative focused on Physical & Mental Resilien for Serving Members. Page 3
Special Boat Service Association Trustee's Report Our Amenities portfolio is continuing to be utilised by both Veterans and Serving Members. The SBSA now have access to 5 properties across England and Europe offering much needed R&R. The properties provide good value and quality respite holidays for Association Members and their families. Structure, governance. and management a. Constitution The Association, which was incorporated as a charitable incorporated organisation in 2016, is governed by a constitution, which was approved by the Charity Commission on 23 August 2016. It is registered with the Charity Commission with charity number 1168876. The constitution is reviewed annually by the Board and is updated if required, following deliberation and confirmation of change by vote at the Annual General Meeting. b. Method of appointment or election of Trustees The composition and size of the Board of Trustees is reviewed regularly to assess the skills profile of the Board relevant to its requirement to meet the needs of the Charity- The Board is responsible for appointing trustees, who are recruited from as broad a network of personal contacts as possible, and who serve for one year, with re*lection at the Annual General Meeting. c. Policies adopted for the induction and training of Trustees All new trustees are briefed on their responsibilities and their statutory obligations under charity law. In addition, all trustees are encouraged to attend appropriate trustee training courses, such as the oneday courses for the Chair, Investment Training for Trustees and Trustee Training Course. All trustees are given the opportunity to meet key members of staff. d. Organisational structure and decision making The Association is managed by a Board of Trustees. comprising of 14 trustees in total, of whom 2 are ex- officio and 12 are elected. The trustees re1ve no remuneration and elected members serve for 4 years, but can be re-elected at the Annual General Meeting. For security purposes and with the agreement of the Charity Commission, details of the Board of Trustees are only available from the Chief Executive Officer at the principal offi. The Trustees meet four times a year. The Trustees agree the strategy and areas of focus of activity on behalf of the Association, including consideration of fundraising, grant making, investments, reserve policy, risk management strategy and perfonnance. The day-to-day administration and conduct of the Association is delegated to the Chief Executive Officer. The Board is supported by the following committees. which have written terms of reference. These committees meet prior to the Board of Trustees Meeting to make recommendations concerning the extension, cessation or suspension of grants. activities and reSoUrS towards their directed tasks" Investment Finance Welfare & Grant making Fundraising Governance Membership Trustee Nomination Page 4
Special Boat Service Association Trustee's Report e. Welfare and Grant making policy During Trustees meetings. trustees will consider welfare grants to the fund of over £50,000. The CEO has delegated authority to make individual welfare grants of up to £5.000 and financial delegation to enable him to carry out the general management and day to day business of the charity. in accordance with the approved annual budget as agreed by the Board. The Chairman of Trustees and CEO acting together has delegated authority to approve welfare grants of more than £5,000 but less than £10,000. The Grants committee has delegated authority to approve individual welfare grants of more than £10,000 but less than £50,000. Any bids falling outside of these parameters may be considered for approval by a quorum of at least five Trustees as and when they are received. f. Related party relationships The Association continues to maintain active links with similar and like-minded Service and civilian charities. g. Risk management The Board of Trustees has assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the Association and are satisfied that systems are in place to mitigate exposure to major risks. The Association maintains two Insurance Policies- Employers and Public Liability and Accidental Death Policy which are reviewed annually. The majority of capital is invested with Cazenove Capital Management and the performance and monitoring of this investment is conducted by the Investment committee on a regular basis. h. Reserves policy The Trustees have reviewed the level of free reserves available to use for charitable activities. Free reserves are unrestricted general funds that have not been designated and total £1,964.17912023'. £446,101) The Trustees have designated a Lifetime care fund which will maintain 3 years of financial help to current long term wounded, injured and sick members. This designated fund is based on the required care for known obligations to care for members. It is difficult to quantify the financial impact of unknown obligations to support members, future needs. However, the Trustees are satisfied that current free reserves are sufficient to allow the charity to continue to operate and manage future obligations as they occur. The current fund value is £2,031,600. i. Financial review The Association relies on income from donations, fundraising and investment income. The majority of its funds are invested with Schroders (Cazenove Capital Management). The portfolio transfers a monthly income of £15,000 to the Association and provides capital growth. The wholly owned subsidiary Frankton Trading Ltd accounts have been consolidated into the Associations financial records. The net increase (decrease) in funds of £1.284,680 (2023: £96.934) comprises the surplus of income over expenditure of £733,439 (2023= £534.327), plus other gains (losses) of £551,241 (2023= (£437,393)). Within the investment figure the association holds cash balanS of £357,194 (2023.. £678,480) with Cazenove. The charity has continued with its Fundraising Campaign. which aims to continue until we raise sufficient funds for the SBSA to be in a position to provide long term financial assistan and support to SBSA Members and their dependents,. and to increase the General Fund with the long-term aim to become self-sufficient from capital investment. The Association has raised £4,170,762 (2023.. £3,136.3271 for the general fund during the reporting period. Page 5
Special Boat Service Association Trustee's Report The Association has continued to identify welfare cases and provided support to them. In addition a Dependents Healthcare Private Insurance Policy for serving members immediate family members which was initiated in Dember 2011 and remains in place. During the period of the accounts, the direct charitable expenditure was £2.552.048 (2023= £2.491.679). which includes welfare, memorials and funeral expenditure of £641,192 (2023. £725,253). At the end of the financial year, the Board judged that the Charity holds sufficient funds to meet its obligations, and the trustees are satisfied with the result for the year. There have been no changes in accounting policies. j. Investment policy The Trustees delegated the management of the Associations Capital Fund to Schroders (Cazenove Capital Management). The investment Policy of this portfolio is to produce a balance between income and capital growth, to generate a 'total return,. The capital investment is categorised as a Specialist- Progressive attitude to risk. Disclosure of information to auditor The member has taken steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The member confirms that there is no relevant infomiation that he knows of and of which he knows the auditor is unaware. The nn al report was approved by a trustee of the charTty on ...............&*.. and sign8d on nd signed its beha by. om Page 6
Special Boat Service Association Statement of Trustee's responsibilities The trustee (who is also the director of Special Boat servi Association for the purposes of company law) is responsible for preparing the trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the member to prepare financial statements for each financial year. Under company law the member must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of reSoUrs. including its income and expenditure, of the charitsble group for that period. In preparing these financial statements, the member is required to.. select suitable accounting policies and apply them consistently- observe the methods and principles in the Charities SORP; makejudgements and estimates that are reasonable and prudent; state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the parent charitable company will continue in business. The member is responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitsble cornpany and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved stee of the charity on .1.3.1 . / o...&* and signed on its behalf ty. Page 7
Special Boat Service Association Independent Auditor's Report to the Members of Special Boat Service Association Opinion We have audited the financial statements of Special Boat Service Association (the 'charitable parent,) and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities. Consolidated Balance Sheet, Balance Sheet. Consolidated Statement of Cash Flows and Notes to the Financial Statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024 and of its incoming reSoUrS and application of resources. including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independenl of Ihe group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 8
Special Boat Service Association Independent Auditor's Report to the Members of Special Boat Service Association Other infomiation The trustees are responsible for the other infom)ation. The other information comprises the infomation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we concludethat there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the and Trustee's Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the and Trustee's Report have been prepared in accordance with applicable legal requirements. Malters on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charitable incorporated organisation and its environment obtained in the course of the audit. we have not identified material misstatements in the and the Trustee's Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the parent charitable incorporated organisation, or returns adequate for our audit have not been received from branches not visited by us- or the parent charitable incorporated organisation financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustee remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of trustee As explained more fully in the Statement of trustee's responsibilities (set out on page 2), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern 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. Page 9
Special Boat Service Association Independent Auditor's Report to the Members of Special Boat Service Association Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below= As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part ofthis assessment to identify the key laws and regulations affecting the Charity. As part of this. we reviewed the Charity's website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation. health and safety regulations and breaches of The General Data Protection Regulation ("GDPR-). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP- FRS 102. We discussed with management and trustees how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity's ability to continue trading and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our prOdureS involved the following= Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud. Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year. Discussed with management if any health and safety incidents have been recorded during Ihe year. Review of the GDPR policy and enquiries to management as to the occurrence of any reportable breaches. Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. Reviewed Board minutes. Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale ofsignificanl transactions outside the normal course of business. Page 10
Special Boat Service Association Independent Auditor's Report to the Members of Special Boat Service Association Reviewed estimates and judgements made in the accounts for any indication of bias. A further descriplion of our responsibilities for the audit of the financial statemenls is localed on the Financial Reporting Council's website at vMw.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable parent members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's members those matters we are required to state them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent and its members as a body, for our audit work, for this report, or for Ihe opinions we have formed. ci Dan Tout FCA FCCA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor Chartered Accountants and Statutory Auditors Towngate House 2 - 8 Parkstone Road Poole Dorset BH152PW Date: 13 November 2024 Page11
Special Boat Service Association Consolidated Statement of Financial Activities Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account) Total 2024 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Other trading activities Investment incorne 143,545 3,762,168 265 049 12,708 250,000 156,253 4,012,168 265 049 Total income 4 170 762 262 708 4 433 470 Expenditure on: Raising funds Charitable activities (1.147,983) 2401 168 (1,147,983) 2 552 048 150 880 Totsl expenditure 3549151 150 880 3 700 031 Net income 621,611 111,828 733,439 Other recognised gains and losses Other gainsllosses 551241 551241 Net movement in funds 1,172.852 111.828 1,284.680 Reconciliation of funds Totsl funds brought forward 9 638 221 189 001 9 827 222 Totsl funds carried forward 19 10811073 300 829 11 111902 The notes on pages 17 to 36 fomi an integral part of these financial statements Page 12
Special Boat Service Association Consolidated Statement of Financial Activities Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Other trading activities Investment incorne 431,799 2.520,798 183 730 3,400 250,000 435,199 2,770,798 183 730 Total income 3 136 327 253 400 3 389 727 Expenditure on: Raising funds Charitable activities (363,721) (2,202,066) (363,721) {2,491,679) (289,613) Totsl expenditure (2.565.787) (289,613) (2,855,400) Net incomel(expenditure) Other recognised gains and losses Other gainsllosses 570,540 (36,213) 534,327 (437,393) (437,393) Net movement in funds 133.147 (36,213) 96,934 Reconciliation of funds Totsl funds brought forward 9 505 074 225 214 9 730 288 Totsl funds carried forward 19 9 638 221 189 001 9 827 222 All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19. The notes on pages 17 to 36 fomi an integral part of these financial statements Page 13
Special Boat Service Association Consolidated Balance Sheet 31 March 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets Investments 12 13 15,657 14,208 10 712 372 21,041 20,247 9 432 167 10742237 9 473 455 Current assets Stocks Debtors Cash at bank and in hand 15 16 139,431 507,931 182,319 166,647 551,070 637,470 829,681 1.355,187 Creditors: Amounts falling due within one year 17 (460,016) (1,001,420) Net current assets 369,665 353,767 Net assets 11 111902 9 827 222 Funds of the group: Restricted income funds Restricted funds 19 300.829 189,001 Unrestricted income funds Unrestricted funds 10.811,073 9,638,221 Total funds 19 11 111902 9 827 222 The financi2T ts on pages 14 to 36 were approved by the trustees. and authoris&Y for Issue on and signed on Iheir behalf by: tee Company Registralion Number CE008612 The notes on pages 17 to 36 form an integral part of these financial statements. Page 14
Special Boat Service Association Balance Sheet 31 March 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets Investments 12 13 14 15,657 14,208 10 712 373 21,041 20,247 9 432 168 10742238 9 473 456 Current assets Stocks Debtors Cash at bank and in hand 15 16 44,400 611,418 167,436 47,651 649.818 625,357 823,254 1.322,826 Creditors: Amounts falling due within one year 17 (453,942) {968,538) Net current assets 369,312 354,288 Net assets 11 111550 9 827 744 Funds of the charity: Restricted income funds Restricted funds 19 300,829 189,001 Unrestricted income funds Unrestricted funds 10,810,721 9,638,743 Total funds 19 11 111 550 9 827 744 Special Boat servi Association (Charity) had a net surplus of £1,283,806 {2023: £96,748) The financi2T ts on pages 14 to 36 were approved by the trustees. and authoris&Y for issue on and signed on Iheir behalf by: tee Company Registralion Number CE008612 The notes on pages 17 to 36 form an integral part of these financial statements. Page 15
Special Boat Service Association Consolidated Statement of Cash Flows Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash income 1,284.680 96,934 Adjustments to cash flows from non-cash items Depreciation Amortisation Investment income Revaluation of investments Profit l (loss) on disposal of investments 14,308 5,384 (265.049) (589,657) (551,241 > (101,575} 22,424 4,233 (183,730) 389,481 437,393 766,735 Working capital adjustments Decreasel(increase) in stocks Decreasel(increase) in debtors Decrease in creditors (Decrease)lincrease in deferred income 15 16 17 27,216 57,312 (555,577) (81,652) {79,186) (457,298) 109,130 Net cash flows from operating activities (572,624) (257,729) Cash flows from investing activities Interest receivable and similar income Purchase of intangible fixed assets Purchase of tangible fixed assets Purchase of investments Sale of investments Income from dividends 86,148 20,378 (8,741) (3.279) (3,757,966) 3,468,166 163,352 12 13 18,269) (1,956.196) 1,816,889 178,901 Net cash flows from investing activities 117.473 (118,090) Net increase in cash and cash equivalents (455.151) 637,470 139,639 Cash and cash equivalents at 1 April 497,831 Cash and cash equivalents at 31 March 182 319 637 470 All of the cash flows are derived from continuing operations during the above Iwo periods. The notes on pages 17 to 36 form an integral part of these financial statements. Page 16
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 1 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otheNise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- They also comply with the Charities Act 2011. Basis of preparation Special Boat SeNice Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy notes. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2024. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus for the financial year of £1,283.806 (2023 - £96,748). A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given. equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identtfiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parlies, are eliminated in full. Page 17
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Intra-group losses are also eliminated but may indicate an impaimient that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equrty therein. Non-controlling interests consist of the amount of Ihose interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balan. Going concern The financial ststements have been prepared on a going cOnM basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Income and endowments All income is recognised once the chartty has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement dale. In the event that the gift is in the form of an asset other than cash or a financial asset traded ona recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balan sheet as deferred income to be released. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when= The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Page 18
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Donated services and facilities The Ministry of Defence provides support in the form of utilities. services. buildings. grounds and maintenance. The trustees are unable to ascertain precisely the cost of this provision but estimate the value based on the cost of purchasing such services externally. These amounts are recognised as intangible income and expenditure in the statement of financial activities. The income is within voluntary income (gifts in kind) and the equal expenditure is within costs of generating voluntary income. Gift aid Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate. Investment income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the charity's Complian with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extentthat such income or gains are applied exclusively to charitable purposes. Page 19
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Intangible assets Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives. Tangible fixed assets Individual fixed assets are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Heritage assets Heritsge assets include a work of art and a collection of memorabilia displayed or available in the SBSA office. These assets are not capitalised as to obtain a valuation would not be cost effective and too onerous for the Association. Expenditure, which in the Trustees, view, is required to preserve or clearly prevent further deterioration of individual collection items is recognised in the Income and Expenditure account when it is incurred. Amortisation Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value. over their expected useful economic life as follows.. Asset class Website Amortisation method and rate 200k straight line Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows= Asset class Office equipment Static homes Respite accomodation and accessories Depreciation method and rate 20 % - 33 % straight line 20 % straight line 300/0 Straight line Impainnent of fixed assets Impairment reviews are carried out on a periodic basis. If an asset is found to have a carrying value materially higher than its recoverable amount it is written down accordingly. Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Page 20
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Slock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtheran of the objectives of the group. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exed the contribution due for Se1. the excess is recognised as a prepayment. 2 Income from donations and legacies Unrestricted funds General Restricted funds Total 2024 Total 2023 Donations and legacies- Donations from individuals Legacies Gift aid reclaimed 89,218 12,708 101,926 330,770 65.000 14 Page 21
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 3 Income from other trading activities Unrestricted funds General Restricted funds Total 2024 Total 2023 Trading income. Sales of goods and services Local fundraising and street collection income Membership subscriptions Income from trading subsidiary 3,246 3,486.121 2,750 273 297 250,000 3,736.121 2,750 273 297 2,516,682 3.250 247 620 3 762 168 250 000 4 012 168 2 770 798 4 Investment income Unrestricted funds General Total 2024 Total 2023 Income from dividends. Dividends receivable from other listed investments Interest receivable and similar income- Other interest receivable 178,901 178.901 163.352 86.148 86,148 20.378 5 Expenditure on raising funds Unrestricted funds General Total 2024 Total 2023 Fundraising 912.004 912,004 157,575 Trading subsidiary costs 235 979 235 979 206 146 Page 22
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 6 Expenditure on charitable activities Unrestricted funds Restricted funds Total 2024 Total 2023 The Courtney Building Welfare and funerals Memorials Gifts and grants Reuinions and pilgramages Operational costs Investment management fees Motor and static home expenses Staff costs (see analysis below) Depreciation and amortization Governance costs (see note below) 205,540 700,249 25,004 267,276 292,533 346,567 51,971 26,489 531,893 26,657 17,500 462,480 27,832 438,038 469,013 330,703 150,880 613,360 27,832 438,038 469.013 330.703 17,102 618,809 19,691 17,500 17.102 618.809 19.691 17.500 Analysis of staff costs Total Total 2024 2023 Wages, salaries and pensions (Admin) National insurance {Admin) Wages, salaries and pensions (Fundraising) National insurance (Fundraising) Wages, salaries and pensions (Governance) National insurance (Governance) Wages. salaries and pensions (Welfare) National insurance (Welfare) 76,283 9.369 87,050 6,834 162,475 17,678 26,502 3,711 205,397 22,246 531,893 184,721 19,722 29,798 3,510 271,380 24,026 618,809 In accordance with the charitable objective 'to relieve members or former members of the Service or their dependants who are in need by virtue of financial hardship or sickness,, grants of £438,038 (2023.. £267,276) have been made to individuals during the year. Page 23
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Analysis of governance and support costs Governance costs Unrestricted funds General Total 2024 Total 2023 Audit fees Audit of the financial statements 12.000 5,500 17,500 12.000 5,500 17,500 12,000 5.500 17,500 other fees paid to auditors Audit of the financial statements 8 Net incomingloutgoing resources Net incoming resources for the year include: 2024 2023 Audil fees Other non-audit services Depreciation of fixed assets Amortisation of goodwill 12.000 5.500 14,308 5,384 12.000 5,500 22,424 4,233 9 Trustee remuneration and expenses No trustee, nor any persons connected with them. have reiVed any remuneration or reimbursed expenses from the group during the year. No trustees have received any other benefits from the group during the year. 10 Slaff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 549,475 51,400 17,934 463,597 50,469 17,827 618 809 531893 Page 24
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 The monthly average number of persons (including senior management team) employed by the group during the year was as follows= 2024 2023 Employees 12 The number of employees whose emoluments fell within the following bands was: 2024 2023 £60,001- £70,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 The total employee benefits of the key management personnel of the group were £107,232 (2023 £92,197). 11 Taxation The parent of the group is a registered charity and is therefore exempt from taxation. The trading subsidiary is subject to corporation tax on its taxable proffts. 12 Intangible fixed assels Group and charity Website Total Cost At 1 April 2023 At 31 March 2024 38.049 38.049 Amortisation At 1 April 2023 Charge for the year 17,008 17.008 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Page 25
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 13 Tangible fixed assets Group and charity Static home equ Cost At 1 April 2023 Additions 98.571 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year 98,571 At 31 March 2024 98,571 Net book value At 31 March 2024 At 31 March 2023 Page 26
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 14 Fixed asset investments Group 2024 2023 Investments 10.712,372 9,432,167 Investments Other investments Listed investments Total Cost or Valuation At 1 April 2023 Revaluation Additions Disposals 8,000 9.424,167 9,432,167 1.224.142 1,224.142 1,956,196 1,956,196 (1,900,133) (1,900,133) At 31 March 2024 8,000 10,704,372 10,712,372 Net book value At 31 March 2024 8.000 10,704,372 10,712,372 At 31 March 2023 8,000 9.424,167 9,432,167 Charity 2024 2023 Shares in group undertakings and participating interests other investments (see analysis above) 10,712,372 10,712,373 9,432,167 9,432,168 Page 27
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 Subsidiaries The profit for the financial period of Frankton Trading Limited was £874 (2023 - £186) and the aggregate amount of capital was reserves at the end of the period was £353 {2023 - (£521)). Details of undertakings Details of the investments in which the charity holds 20 % or more of the nominal value of any class of share capital are as follows.. Country of incorporation Proportion of voting rights and shares held 2024 2023 Principal activity Undertaking Holding Frankton Trading England and Wales Ordinary 100% 100% A shop in Hamworthy 15 Slock Group 2023 Charity 2023 2024 2024 Stocks 47.651 Page 28
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 16 Debtors Group 2023 Charity 2023 2024 2024 Due from group undertakings Prepayments Accrued income Other debtors 112,544 105.693 1,294 391887 108,428 66,161 43,250 431979 114.750 1,294 391887 75,841 43,250 431979 507 931 551070 611418 649 818 Group I charity debtors include £300,000 1 £412,544 {2023: £300,000 1 £408,428} receivable after more than one year. 17 Creditors: amounts falling due within one year Group 2023 Charity 2023 2024 2024 Other taxation and social security Other creditors Pension scheme creditor Accruals Deferred incorne Corporation tax 17.931 12.040 3.314 337.691 88.958 82 (571) 155,014 2,547 373,859 470.571 16,642 12,040 3,314 332.988 88,958 6,677 155,014 2.547 362,629 441,671 1001420 453 942 968 538 18 Pension and other schemes Defined contribution pension scheme The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £17,934 (2023 £17,827}. Contributions totalling £3.314 (2023.. £2,547) were payable to the scheme at the end of the year and are included in creditors. Page 29
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 19 Funds Group Balance at 1 April 2023 Incoming resources Resources expended Unrestricted funds General Unrestricted general fund Designated TG fund Lifetime care Resilience fund Operational costs Memorial fund KG donation 23-24 KG donalion 24-25 JW fund 446,101 3,590,762 (2.623,925) 300,000 2,031.600 49,734 5,802.669 8,117 500,000 500.000 80,000 199,702) (323,324) (2,200) (500,000) 500,000 580,000 4,170,762 9,192.120 9,638,221 925,226 3,549,151 Total unrestricted funds Restricted funds Families centre fund Memorial garden Individuals donation fund K9 fund Command daggerfund Gas and electric fund Greenwich fund Total restricted funds Total funds 11.024 7,300 118.398 35,070 9.065 8,144 {4,130) 12.708 (7,314) (8,144) 131,292 150,880 3,700,031 250,000 262,708 4,433,470 189.001 9,827,222 Page 30
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Balance at 1 April 2022 Incoming resources Resources expended othe gai Unrestricted funds General Unrestricted general fund Designated TG fund Lifetime care fund Resilience fund Operational costs fund Welfare staff salary fund WT memorial fund KG donation 23-24 KG donation 24-25 818,860 2,136,327 12,071,693) 300,000 2,031.600 59,015 6,000.000 287.482 8.117 {9.281) 1197,331) 1287,482) 500,000 500,000 1.000.000 3,136,327 8,686,214 9,505,074 494,094 2,565,787 Total unrestricted funds Restricted funds Families cenlre fund Memorial garden Individuals donation fund K9 fund Command fund Armed forces covenant Gas and electric fund Greenwich hospital trust Total restricted funds Total funds 11.024 8,950 114,998 42.927 9.065 17,500 20,750 {1,650) 3.400 {7.857) 117,500) 112,606) 250,000 289,613 2,855,400 250,000 253,400 3,389.727 225,214 9,730,288 Page 31
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Charity Balance at 1 April 2023 Othe gai Incoming resources Resources expended General Unrestricted general fund Designated TG fund Lifetime care Resilience fund Operational costs memorial fund KG donation 23-24 KG donalion 24-25 JW fund 446,623 3,330,690 (2,364,727) 300,000 2.031.600 49.734 5.802.669 8,117 500.000 500.000 80.000 {99,702) 1323,3241 12,200) 1500,0001 500,000 580,000 3,910,690 9.192.120 9,638,743 925,226 3,289,953 Total unrestricted funds Restricted funds Families centre fund Memorial garden Individuals donation fund K9 fund Command daggerfund Gas and electric fund Greenwich fund Total reslricted funds Total funds 11.024 7,300 118.398 35,070 9,065 8.144 14,130) 12.708 17,314) 18,144) 131,292 150,880 3,440,833 250,000 262,708 4,173,398 189.001 9.827,744 Page 32
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Balance at 1 April 2022 Incoming resources Resources expended Unrestricted funds General Unrestricted general fund Designated TG fund Lifelime care fund Resilience fund Operational costs fund Welfare staff salary fund WT memorial fund KG donation 23-24 KG donation 24-25 819.568 1,914,491 {1,850,0431 300,000 2.031.600 59,015 6,000.000 287,482 8.117 19,2811 {197,3311 {287,4821 500,000 500,000 1,000,000 2,914,491 8,686,214 9,505,782 494,094 2,344,137 Total unrestricted funds Restricted funds Families centre fund Memorial garden Individuals donation fund K9 fund Command fund Armed forces covenant Gas and electric fund Greenwich fund Total restricted funds Total funds 11,024 8.950 114,998 42.927 9,065 17,500 20.750 (1,6501 3,400 (7,8571 117,5001 112.6061 250,000 289,613 2,633,750 250,000 253,400 3.167.891 225,214 9.730,996 Page 33
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 The specific purposes for which the funds are to be applied are as follows: Designated funds: TG Fund - A secured loan of £300k has been granted to a member of the Association to enable him to purchase a property. which has been reflected by way of a legal charge and secured against this property. Lifetime Care Fund - The Trustees have agreed a reserves policy to maintain 3 years of financial help to the current long term wounded, injured and sick members. Resilience Fund The Trustees have agreed to provide the Unit with strength and conditioning consultsncy, human performance talks etc. Within that fund they will be able to purchase new gym equipment l adapt areas within the gym etc. The main purpose is to assist the lads with their physical fitness, so they are in the best shape possible. Operational Costs Fund - The Trustees created a new designated fund called The Operational Costs Fund, with the purpose that any investment income earned from this fund would go towards the running costs of the charity and cover some operational costs. WT Memorial Fund - The Memorial fund is as a result of a legacy donation, for the specific use of supporting part of the Unit and provide funding for all suitable forms of expenditure that are agreed by the current active OC and the CEO that respects the standards of the Unit and wishes of the bereaved family. KG Donation Fund These designated funds were crealed as a result of a £1m donation for the financial years 2023124, and 2024125. These funds are unrestricted in use. JW Fund This designated fund was created by the trustees as a result of a £500k donation made during the later part of the financial year 23124. these funds are unrestricted in use. Restricted funds: Families Centre Fund The Families Centre Fund is to be used to purchase fixtures. fittings and equipment for the Community Centre. Memorial Garden This fund was set up to help finan via various donations the building and maintenance of the memorial garden on camp. Individuals Donation Fund - This fund was set up by an individual who contributed £80k with Gift Aid to make the £100k. SBSA can use the interest it makes I future growth to spend as it wishes, the value has fallen so no funds have been spent. K9 Fund - An essential element in SBS operations is the use of service dogs who support personnel through a variety of ways and skills. From locating explosive devices and arms caches to front line services in pursuit of an enemy. Like all personnel. service dogs are supported through the SBS. Command Fund - Specific donation received which was to be allocated to the design and development of a new service knife. Page 34
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Gas and Electric Fund Specific donation received, which was to be used by the Association to support any members that needed support with their fuel bills. Greenwich Fund-we received a grant from the Greenwich Hospital Trust of £250k. This is the second instalment of a three year support grant for £750k. It was a restricted fund that related to various elements of support, financial assistance, esprit des corps, resettlement, regional rep support, development of Op Armour. the nurse and the community ntre. 20 Analysis of net assets between funds Group Unrestricted funds General Designated Restricted funds Total funds 2024 Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 15,657 14,208 1,564,649 829,681 (460,016) 15,657 14,208 10,712.372 829.681 (460,016) 8.846.894 300.829 Unrestricted funds General Designated Restricted funds Total funds 2023 Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 21,041 20,247 51.046 1,355.187 (1.001.420) 21.041 20,247 9,432,167 1,355,187 (1,001.420) 9 827 222 9.192.120 189,001 9 192 120 189 001 Charity Unrestricted funds General Designated Restricted funds Total funds 2024 Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 15,657 14,208 1,564,650 823,254 (453,942) 15.657 14,208 10,712.373 823.254 (453,942) 8,846.894 300,829 Page 35
Special Boat Service Association Notes to the Financial Statements Year Ended 31 March 2024 Unrestricted funds General Designated Restricted funds Total funds 2023 Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 21,041 20.247 51.047 1,322.826 (968.538) 446 623 21,041 20,247 9,432,168 1,322,826 (968,538) 9 827 744 9.192.120 189.001 9 192 120 189 001 21 Analysis of net funds Group At 31 March 2024 At 1 April 2023 Cash flow Cash at bank and in hand Net debt 637,470 (455,151) 182,319 637,470 455,151 182,319 At 31 March 2023 At 1 April 2022 Cash flow Cash at bank and in hand Net debt 497,831 139.639 637,470 497,831 139,639 637,470 22 Related party transactions Charity During the year the charity made the following related party transactions: Frankton Trading Limited Frankton Trading Limited is a wholly owned subsidiary of the Special Boat SeNice Association. During the year management fees of £Nil (2023: £8,750) were received by Special Boat SeNice Association. Accountancy fees of £3,000 (2023.. £2,500) relating to Frankton Trading Limited were paid for by Special Boat Service Association. Wages costs of £23.219 {2023: £20.083) were recharged to Frankton Trading Limited by Special Boat Service Association. One ordinary share is in issue from Frankton Trading Limited to the Special Boat servi Association and £1 is owing to Frankton Trading Limited at the year end. At the balance sheet date the amount due from Frankton Trading Limited was £112,544 (2023 - £108,428). Page 36