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, servI￿s, 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 re￿1ve 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 reSoUr￿S 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 balan￿S 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 De￿mber 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 reSoUr￿s. 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 reSoUr￿S 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 prO￿dureS 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 prO￿dureS 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 cOn￿M 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 ex￿ed the contribution due for Se￿1￿. 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 re￿iVed 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.
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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
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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