REGISTERED CHARITY NUMBER: 1170600
Trustees Annual Report and Financial Statements for the year ended 31 December 2022
For
The Ulysses Trust
David Evans and Co Stowegate House Lombard Street Lichfield Staffordshire WS13 6DP
Contents of the Report of the Trustees and Financial Statements for the year ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Ac�vi�es | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
| Detailed Statement of Financial | 16 |
| Ac�vi�es |
The Ulysses Trust
Report of the Trustees For the year ended 31 December 2022
provisions of Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objec�ves and aims are: -
-
reten�on in the Reserve Forces of the United Kingdom”.
-
Promo�ng the educa�on of members of the Cadet Forces and enabling, in the interests of social welfare, such young people to develop their physical, mental and moral responsibili�es so that their condi�on of life may be improved.
-
Trustees may decide.
The Trustees aim to meet these objec�ves by the delivery of a stable but growing programme of grants.
Charity Commission when reviewing the Trust's aims and objec�ves and in planning future ac�vi�es.
Grant making policy
The Trust invites applica�ons for grants from the Reserve Forces and Cadets by adver�sing in MOD reference documents, the specialist press, on websites and on social media. Applicants submit a summary of their proposals on-line, in a specific format, to the Trust’s Grants Applica�on Commi�ee composed of members with extensive experience of conduc�ng expedi�ons, MoD sponsored Adventurous Training and youth development through Outdoor Challenging Pursuits (OCP). Applica�ons made are reviewed against the criteria established by the Trust and the Trust’s objec�ves.
ACHIEVEMENT AND PERFORMANCE
Charitable ac�vi�es
Eligible grants
The Trust con�nues to fund projects which meet its objec�ves and aims.
Grant awards
The number of grants and amount of funds awarded were within budgets set annually at the Trustees' Mee�ng.
Resump�on in ac�vity following the pandemic con�nued to recover. 91 expedi�ons were supported, compared with 54 in 2021, but this is s�ll short of pre-pandemic levels, with overseas expedi�ons s�ll notably fewer, and a number s�ll having to be cancelled. Cadets, par�cular Community Cadets, as opposed to school-based Combined Cadet Force units, were hit hard by the pandemic. Their numbers declined by over 13% since 2019 as older cadets ‘aged out’ while recruitment of newcomers was brought to a halt. Skills and experience of instructors also atrophied. The situa�on has now stabilised, but we expect it will take two to three years before the levels of ambi�on and ac�vity recovers and will depend on greater use of external instructors in the mean�me. This adds to costs, which is a further constraint. The Trust has responded to this by taking a more flexible approach to what expedi�ons it supports meanwhile, and to increase the level of funding it provides for each expedi�on, par�cularly for those with cadets from deprived areas.
It bears re-sta�ng that opportunity for adventurous training and expedi�ons is one of the principal reasons young people give for joining cadets, whilst also re-emphasising the impact that the pandemic has had on their general development.
ac�vity on young people’s mental health, another area of growing concern.
Another factor that the Trust is increasingly taking into account is the Cost-of-Living crisis. Our primary yards�ck for direc�ng our funds towards greatest need is the number of cadet expedi�on par�cipants in receipt of Free School Meals (FSMs). The benchmark we use is the propor�on of secondary school students on FSMs. In 2019, this was 12.4%. In 2022, this had increased to 22.2% and is s�ll rising – the clearest possible evidence of the need for the Ulysses Trust to grow its support for cadets to ensure expedi�on opportuni�es are available to all – especially to units in deprived areas and to disadvantaged cadets.
Page 1
The Ulysses Trust
Report of the Trustees For the year ended 31 December 2022
Fundraising ac�vi�es
In 2022, expenditure on charitable ac�vi�es, despite s�ll lower levels of ac�vity and ambi�on, had recovered close to 2019 levels. Return on Investment on fundraising improved by nearly 50%. Considering the growing need and urgency of our support for Cadets outlined above, on which our fundraising is focussed, trustees determined to con�nue to invest in its New Horizon campaign, but at a reduced cost. This campaign has significantly expanded the Trust’s donor base, but also reinforced it with a drama�c shi� from one-off dona�ons to longer-term commitments. In pursuit of our Business Plan developed to meet the new challenges, we plan to raise an addi�onal £1,500,000 by end-2025. The Plan seeks to sustain grants of over £500,000 pa, of which £450,000 would be to support some 73 Cadet expedi�ons benefi�ng around 1650 individuals per annum.
(F.T.E. 0.6) and our volunteer officers, together with external consultants. Our policy is to use external consultants where in-house exper�se is lacking. Safeguards are in place when working with suppliers to protect our supporters and the reputa�on of our charity and we require them to comply with the Code of Fundraising Prac�ce. A major part of the Trust’s dona�ons come from other trusts and founda�ons, a few individuals with whom we have long-standing rela�onships, and two commercial organisa�ons.
Monitoring Performance, Outcomes, and Impacts
Trustees con�nue to ensure projects funded are completed successfully. Any unexpended por�ons of grants are returned as, for example, where numbers par�cipa�ng are unexpectedly reduced owing to opera�onal demands on reserve units. The Trust also conducts a post-expedi�on survey programme to monitor and measure not just ac�vity, but outcomes from, and the social value of its grants and expedi�ons supported. In par�cular the trustees track differences made in respect of individual development of the par�cipants, benefits to Unit morale, recruitment and reten�on, benefits to communi�es generally and the quality of support provided by the Trust to its beneficiaries. Promo�on of inclusivity is aided by iden�fying, in applica�ons, the number of cadets who are in receipt of FSMs (see above) and monitoring by analysis of units receiving grants against Government Indices of Mean Depriva�on. Trustees have adopted a number of Key Performance Indicators (KPIs) to monitor progress quarterly in these and other areas.
FINANCIAL REVIEW
Financial posi�on
Total Opera�ng Income for 2022 (excluding unrealised capital losses on Fixed Assets) was £408,922, which included £21,788 of Investment Income, compared to £232,705 in 2021 (an increase of 75%). Dona�ons amounted to £387,134,, including Gi� Aid of £9,135 and £16,575 of refunded grants and underspend, due mainly to a number of planned expedi�ons con�nuing to be cancelled. The income for the year has been significantly increased by dona�ons linked to specific ac�vity which has con�nued to recover. Expenditure on Charitable Ac�vi�es increased by 49% to £235.050, reflec�ng that recovery (see notes 5 and 6), while cost of raising funds reduced by 17% once the New Horizons campaign had been launched. Total opera�ng expenditure was therefore £356,002, resul�ng in an opera�ng surplus of £52,921 (2021 deficit of £64,993). Unrealised Capital losses on investments of £91,336, however, resulted in a net loss of (£38,415).
restricted for the long-term support of Army Cadets, and the balance of £298,590 designated to a fund for the long-term development of the Trust. Reserves restricted to support of Reservist ac�vity reduced to £8,999, but those available for support of Cadets increased to £83,102, The deficit in the General Reserve reduced by £33,450 to £2,655.
Page 2
The Ulysses Trust
Report of the Trustees for the year ended 31 December 2022
Investment policy and objec�ves
Investment policy is reviewed annually by Trustees, normally in Quarter 1 of each year. Any funds allocated by Trustees for investment are currently to be placed in the BlackRock BLK Armed Forces Chari�es Growth & Income A Inc, one of the funds designed for the use of Charitable Trusts, in order to grow the capital as well to generate a consistent degree of income from the por�olio.
This investment is presently held in two of the Trust's Funds. One is restricted to the long-term support of Army Cadets. The second is designated for the long-term development of the Trust. As many Trusts/Founda�ons who support other chari�es are reluctant for their distributed funds to be used for overhead purposes as opposed to opera�ng costs, one objec�ve is to grow this fund such that our overhead is covered by its dividend. Any necessary drawdown from these funds is agreed by the Trustees.
Reserves policy
Reserve policy is to seek to maintain readily available funds in the Cadet and General reserves equivalent to six months of historical grants to Cadets and core running costs combined, as grants to the Volunteer Reserve are under-wri�en by the Nuffield Trust. The combined cadet grants and core running costs in 2022 amounted to £234,661. Total funds in the Cadet and General reserves amount to £80,447, represen�ng just over 4 months expenditure. This is a marked improvement over the year, as the return on investment in fundraising has increased and is expected to con�nue in the right direc�on. Trustees con�nue to monitor the situa�on.
FUTURE PLANS
The Trust intends to con�nue its ac�vi�es to promote its aim and objec�ves and is ac�vely seeking to improve and expand its level of support, par�cularly for Cadets from disadvantaged backgrounds. It also seeks to increase its investment in the training of Expedi�on Leaders and Instructors within the Cadet organisa�ons, since these are fundamental to expanding expedi�on ac�vi�es and the benefits that follow. The Trust works closely in this respect with the respec�ve Heads of Cadets in the three Services. This is being further supported by con�nuing to develop a network of regional volunteers to form closer links with beneficiaries and other stakeholders across the country. The Trust con�nues to refine its grant management system, Minerva, the data analysis that it also enables, and its surveys and measurement of outcomes and social value generated. The Trust also intends to de-risk poten�al over-reliance on certain key volunteers by a review of succession plans, the iden�fica�on of depu�es and the appointment of a CEO in 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is a Charitable Incorporated Organisa�on, cons�tuted under a Founda�on document dated 7 December 2016 and is a registered charity, number 1170600. Formerly, it had operated as a Charity (number 1012346) first registered on 6 June 1992.
Founda�on document provides for a maximum of 10 Trustees. Two new Trustees were appointed in 2022. Polly Marsh, a�er a period on the Grants Applica�on Commi�ee, was appointed as Trustee (Opera�ons) and Paul Edwards was appointed with a view to his taking over the Finance Commi�ee from the Vice Chair of Trustees in 2023. There are, at end-2022, 8 trustees.
At the periodic Trustees' mee�ngs, trustees agree the broad strategy and areas of ac�vity for the Trust, including considera�on of grant making, fund-raising, investment, reserves, risk management policies and performance. The management of awarding grants, and the processing and handling of applica�ons prior to considera�on by the relevant commi�ee, is delegated to the Hon. Opera�ons Director. Execu�on of and accoun�ng for grants approved by the commi�ee is delegated to the Hon. Treasurer.
The Board keeps the skill requirements for the Trustee Body under review. When a Trustee should permanently re�re, or addi�onal new Trustees are required, the Board sets up a Nomina�ons Commi�ee to recruit the new Trustee(s). The ul�mate decision on selec�on is, however, a ma�er for the Board of Trustees.
Risk management
The Trustees have considered the major risks to which the Trust is exposed and regularly reviews those risks and establishes systems and procedures to manage those risks. The Trustees consider that variability of dona�ons year to year cons�tute some risk to the Trust's forward planning. The increase in termed commitments from donors and an income-genera�ng capital fund mi�gate this risk.
Page 3
The Ulysses Trust
Report of the Trustees for the year ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1170600
Principal address
The Honorary Secretary, The Ulysses Trust, c/o David Evans & Company Stowegate House, Lombard Street, Lichfield, Staffordshire, WS13 6DP
T rustees
Air Vice-Marshall Nick Kurth CBE, FRGS (Chairman) Lieutenant Colonel Philip Neame MBE, FRGS (Vice Chairman) Professor Rod Stables TD MA (Cantab) DM (Oxon) BM BCH (Oxon) FRCP (London) Sophie Anne Fernandes Colonel Paul John Edwards MBE Polly Marsh D.L. Andrew Gordon James Robertson James Wilson
Independent Examiner
John David Evans FCA David Evans & Co Stowegate House, Lombard Street, Lichfield, Staffordshire, WS13 6DP
Colonel Murdo Urquhart OBE Commander Gary Bushell RN (Ret'd) Colonel Bernard Cazenove TD Colonel Nigel Thursby Colonel Rex Stephenson CBE
Honorary Secretary
Lieutenant Colonel Ian Orr MBE
Honorary Treasurer
Major James Stephen Wright TD
Bankers
Lloyds Bank plc Warwick Branch (30-99-15) 12 Swan Street, Warwick, CV34 4BJ
Solicitors
Charles Russell Speechlys LLP 8-10 New fe�er Lane, London, EC4A IRS
Approved by order of the board of trustees on 8[th] August 2023 and signed on its behalf by:
AVM Nick Kurth CBE, FRGS Chair – Trustee
Page 4
Independent examiner's report to the trustees of The Ulysses Trust I report to the charity tru5tÈes on my examination of the aicounts of The UlyssesTrusi Ithe Tru5tl foi the year ended 31 December 2022. RespoftslbSlltles and basi5 of report As the charity trustees of the Trust. you are rèsponsible lor the preparaiion of the accounts in accordance witb the requirefflent5 of the Ch3rities Act 20111'the Act'l. I report in respert of Tlly examinètton of the Trv5t'$ 3ciovnts carried out under sethon 145 of the Act and in carrying out my eNamination I have followed all applicable Direction5 givÈn by Chaiity Commis5W)n ufider sethon 14515llbl of rhe Acl. Independent examiner's statement I have completed my examination. I confirm that no rnatefial mattets have come to my attention in connechon with the examinallon 8iYing me cause to believe thèt in any materi31 Tesped.. accounting records were not kept in fespect of the Trust as TequiTed by sethon 130 of the Aci., or the accounts do not accord with those reiords.. 01 the accounts do not cornply with the applicable requirements concÈrnin8 the fofm and content of aciounts set out in the Charitie5 (Accounts and Reports) Regulation5 2008 other than 3ny requirement that the a£countS give 3 true and fair VIÈW which is not a matter considered as part of an independent examination. I have no concerns and hBve corne across no other matters ifi tonnethon with the e¥amination to whKh attennon should be drawn in this report in order to ènable a proper understanding of the èccounts to be reached. John David Evans FCA David Evan5 & Co. Stowegate Hou5È. Lombard sreet, Lichlield, Staffordshire, W513 6DP 8 August 2023 Page 5
The Ulysses Trust
Statement of Financial Activities for the year ended 31 December 2022
STATEMENT OF FINANCIAL ACTIVITIES
| Notes 2 3 Other 4 Total 5 Charitable activities Charitable activities 6 Total Total funds brought forward Investment income EXPENDITURE ON Raising funds Donations and legacies INCOME AND ENDOWMENTS FROM TOTAL FUNDS CARRIED FORWARD Net gains/losses on investments NET INCOME/EXPENDITURE RECONCILIATION OF FUNDS |
Unrestricted funds £ £ 141,453 219,971 11,657 10,131 9,135 16,575 162,245 246,677 120,951 - 7,844 227,206 128,796 227,206 (48,396) (42,940) (14,946) (23,469) 310,882 380,496 295,935 357,027 Restricted funds |
2022 Total funds £ 361,424 21,788 25,710 408,922 120,951 235,050 356,002 (91,336) (38,415) 691,377 652,962 |
2021 Total funds £ 210,318 20,778 1,609 |
|---|---|---|---|
| 232,705 145,101 152,599 |
|||
| 297,700 57,467 |
|||
| (7,528) 698,905 |
|||
| 691,377 |
The notes form part of these financial statements
Page 6
The Ulysses Trust
Balance Sheet 31 December 2022
BALANCE SHEET AS AT 31 DECEMBER 2022
| Notes 10 298,590 264,926 11 5,744 5,096 12 - 127,129 5,744 132,225 13 (8,399) (40,125) (2,655) 92,100 TOTAL ASSETS LESS CURRENT LIABILITIES 295,935 357,026 295,935 357,026 14 Unrestricted funds Restricted funds £ £ FIXED ASSETS Investments FUNDS Unrestricted funds NET CURRENT ASSETS NET ASSETS CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year The financial statements were approved by the Board of Trustees and authorised for issue on 8 August 2023 and were signed on its behalf by: Restricted funds |
2022 Total funds £ 563,516 10,840 127,129 137,969 (48524) 89,445 652,961 652,961 295,935 357,026 652,961 |
2021 Total funds £ 654,852 21,914 155,631 177,545 (141,020) 36,525 691,377 691,377 310,881 380,496 691,377 |
|---|---|---|
AVM Nick Kurth CBE, FRGS Chair - Trustees
The notes form part of these financial statements
Page 7
The Ulysses Trust
Notes to the Financial Statements
for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. Financial Reporting Standard 102. 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Standard Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot brr directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the end of the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of nature and purpose of each fund is included in the notes to the financial statements
Pension costs and other post-retirement benefits
The charity operates a defined benefits contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Activities in the period in which they relate.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Allocation of overheads and support costs
Overheads and support costs have been allocated first between trust activity and governance , overheads and support costs relating to Trust activities are apportioned by the Trustees based on their assessment of Trust activities. The allocation of overheads and support costs is analysed in the notes to the financial statements.
Charitable activities
Costs of charitable activities include grants made, overheads and support costs as shown in the notes to the financial statements
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice. These costs include costs relating to Independent Examiner's fees, financial advice in connection with Charity Commissioners'' compliance requirements and legal fees. Together with overheads and support costs.
Investments: BlackRock Fund Managers
Investments are initially recognised at their transaction value and are subsequently measured at fair value at balance sheet date. Gain or loss on revaluation is taken to the statement of financial activities.
continued......
Page 8
The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2022
2. DONATIONS AND LEGACIES
| Donations received comprise: Sundry donations by private individuals Individual pledged donations 3. INVESTMENT INCOME Dividends - BLK Armed Forces Charities Growth & Income Units 4. Nuffield prior year refunds Cadet prior year refunds 5. Total Bank Deposit Account interest - General Fund (allocated) RAISING FUNDS Raising donations and legacies Staff costs Other fundraising costs Armourers & Braziers Company Dyers Company Consultancy Gift Aid Receipts (HMRC) Reserve Forces' and Cadets' Associations Prince of Wales Charitable Funds Sir John Knott Trust Other Clive & Sylvia Richards Foundation Aviation Focus Group The Lord Farringdon Trust Gareth Neame Foundation The Grocers Company 4 Bn Parachute Regiment Caledonian Investments Fishmongers Company BAE Systems Funding received from other charitable trusts and public entit Nuffield Trust for Forces of the Crown Army Sports Control Board Charity Westminster Foundation Veterans Foundation Team Army Foundation Drapers Charitable Trust MacRobert Fund Cadogan Charities RAF Charitable Trust |
2022 £ 110,000 50,000 40,000 30,000 25,000 - - - 14,670 10,000 5,300 5,000 5,000 5,000 5,000 4,869 2,500 2,000 2,000 2,000 1,000 - 1,000 37,385 3,700 361,424 2022 £ 238 21,550 21,788 8,910 7,665 9,135 25,710 2022 £ 23,175 5,672 92,104 120,951 |
2021 £ 44,183 30,000 40,000 10,000 - 25,000 15,000 10,000 7,635 - 4,500 5,000 5,000 - 5,000 - - 2,000 2,000 1,000 3,000 1,000 - - - 210,318 2021 £ 12 20,766 20,778 - - 1,609 1,609 2021 £ 22,063 2,857 120,181 145,101 |
|---|---|---|
continued......
Page 9
The Ulysses Trust
Notes to the Financial Statements - continued
for the year ended 31 December 2022
6. CHARITABLE ACTIVITIES - COSTS
| Charitable activities costs comprise: Restricted expenditure: Grants paid and payable (net of repayments) Reservists: University Units (OTCs,URNUs,UASqs) Operational Units (Reservists) Cadets: Sea Cadet Corps Combined Cadet Force (Navy) Combined Cadet Force (Army) Combined Cadet Force (Air) Army Cadet Force Air Training Corps Total Grants (Gross) Reservists Cadets Unrestricted expenditure: Administrative expenditure: Cost of meetings Office costs IT and sundry expenses Governance: Trustees' expenses Independent examiner's fees Total charitable expenditure The net total of grants made above includes: Grants made Total restricted - net outlay/(gain) on grant making Total unrestricted Grants underspent/expeditions cancelled/grants returned, incl. prior years Supplementary funding Total Grants (Net) Net in-year~~(gain~~ ~~)~~/outlay on grant making |
2022 £ 62,893 66,194 6,001 9,178 19,066 6,842 37,050 35,228 242,452 (7,746) (7,500) 227,206 399 2,438 361 2,432 2,215 7,844 235,050 242,452 (15,246) 227,206 |
2021 £ 13,212 87,272 - 7,145 21,007 1,655 23,200 19,530 |
|---|---|---|
| 173,021 (15,073) (11,196) |
||
| 146,752 | ||
| 627 1,200 363 385 3,272 |
||
| 5,847 | ||
| 152,599 | ||
| 173,021 (26,269) |
||
| 146,752 |
7.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees; remuneration or other benefits for the year ended 31 December nor for the year ended 3 December 2021.
| Trustees' expenses | 2022 | 2021 |
|---|---|---|
| Trustees' expenses | 2,432 | 385 |
continued......
Page 10
The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2022
| 8. Salaries Other pension costs STAFF COSTS No employee received emoluments in excess of £60,000 |
2022 £ 22,500 675 23,175 |
2021 £ 21,420 643 |
|---|---|---|
| 22,063 | ||
The average number of Full Time Equivalent staff was 0.6 (2021:0 .6)
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL | COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 150,589 | 236,546 | 387,135 | |
| Investment income | 11,657 | 10,131 | 21,788 | |
| Total | 162,245 | 246,677 | 408,923 | |
| EXPENDITURE ON | ||||
| Raising funds | 120,951 | - | 120,951 | |
| Charitable activities | ||||
| Charitable activities | 7,844 | 227,206 | 235,050 | |
| Total | 128,796 | 227,206 | 356,002 | |
| Net loss on investments | (48,396) | (42,940) | (91,336) | |
| NET INCOME/(EXPENDITURE) | (14,946) | (23,469) | (38,415) | |
| Net movement in funds | (14,946) | (23,469) | (38,415) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 310,882 | 380,496 | 691,377 | |
| TOTAL FUNDS CARRIED FORWARD | 295,936 | 357,027 | 652,962 |
continued......
Page 11
The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2022
| 10. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Listed | |||
| Investments | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2022 | 654,852 | ||
| Revaluations | (91,336) | ||
| At 31 December 2022 | 563,516 | ||
| NET BOOK VALUE | |||
| At 31 December 2022 | 563,516 | ||
| At 31 December 2021 | 654,852 | ||
| There were no investment assets outside the UK. | |||
| Cost or valuation at 31 December 2022 is represented by: | |||
| Valuation as at 31 December 2022 | Listed investment £ 563,516 |
||
| Investments at end of year are attributed as follows: | |||
| Future Development Fund (Designated) | 2022 £ 298,590 |
2021 £ 346,986 |
|
| Army Cadet Long Term Fund (Restricted) | 264,926 | 307,866 | |
| 563,516 | 654,852 | ||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |
| Debtors | 2022 £ - |
2021 £ 16,690 |
|
| Prepayments and accrued income | 10,840 | 5,224 | |
| 10,840 | 21,914 | ||
| Debtors at the end of the year are attributable as follows: | |||
| Unrestricted | 2022 £ 5,744 |
2021 £ 4,706 |
|
| Restricted: | |||
| (1) Cadets | 5,096 | 16,403 | |
| (2) Reservists | - | 2,460 | |
| Total | 10,840 | 23,569 |
continued.....
Page 12
The Ulysses Trust Notes to the Financial statements - continued for the year ended 31 December 2022
12. CASH AT BANK AND IN HAND
Cash at bank and in hand at the end of the year is attributable as follows:
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Restricted: | ||||||
| Cadets | 83,102 | 98,911 | ||||
| Reservists | 44,027 | 56,720 | ||||
| 127,129 | 155,631 | |||||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | ||||
| Other creditors | 2022 £ 48,524 |
2021 £ 141,020 |
||||
| Creditors at the year-end are attributable as follows: | ||||||
| Unrestricted | 2022 £ 8,399 |
2021 £ 40,810 |
||||
| Restricted: | ||||||
| Cadets | 31,175 | 52,460 | ||||
| Nuffield Trust (Reservists) | 8,950 | 47,750 | ||||
| 40,125 | 100,210 | |||||
| Total | 48,524 | 141,020 | ||||
| 14. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds: | At 1.1.22 £ |
Net movement in funds £ |
Transfers between funds £ |
At 31.12.22 £ |
||
| General Reserve Fund | (36,105) | 22,031 | 11,419 | (2,655) | ||
| Future Development Fund | 346,986 | (36,978) | (11,419) | 298,589 | ||
| Restricted funds | 310,882 | (14,946) | - | 295,935 | ||
| Army Cadet Long-Term Fund | 307,866 | (42,940) | - | 264,926 | ||
| Cadet Reserve Fund | 61,201 | 21,901 | - | 83,102 | ||
| Nuffield Trust for Armed Forces of the Crown | 11,429 | (2,430) | - | 8,999 | ||
| 380,496 | (23,469) | - | 357,027 | |||
| TOTAL FUNDS | 691,378 | (38,415) | - | 652,962 | ||
continued......
Page 13
The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2022
14. MOVEMENT IN FUNDS - continued
| Unrestricted funds: General Reserve Fund Future Development Fund Restricted funds Army Cadet Long-Term Fund Cadet Reserve Fund Nuffield Trust for Armed Forces of the Crown TOTAL FUNDS Air Cadet Fund Comparatives for movement in funds: Unrestricted funds: General Reserve Fund Future Development Fund Restricted funds Army Cadet Long-Term Fund Cadet Reserve Fund Nuffield Trust for Armed Forces of the Crown TOTAL FUNDS |
Incoming resources Resources expended Gains and losses Movement in funds £ £ £ £ 162,245 (128,795) - 33,450 11,419 (11,419) (48,396) (48,396) 173,664 (140,214) (48,396) (14,946) 10,131 (10,131) (42,939) (42,939) 100,165 (78,264) - 21,901 118,911 (121,341) - 8,999 40,570 (40,570) - - 269,777 (250,306) (42,939) (12,039) 443,441 (390,520) (91,335) (26,985) At 1.1.21 Net movement in funds Transfers between funds At 31.12.21 £ £ £ £ 1,204 (48,312) 11,003 (36,105) 316,537 41,452 (11,003) 346,986 317,741 (6,860) - 310,881 280,849 27,017 - 307,866 30,644 30,556 - 61,200 69,671 (58,241) - 11,430 381,164 (668) - 380,496 698,905 (7,528) - 691,377 |
|---|---|
continued......
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2022
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Future Development Fund Restricted funds Army Cadet Long-Term Fund Cadet Reserve Fund Nuffield Trust for Armed Forces of the Crown Air Cadet Fund TOTAL FUNDS Unrestricted funds: General Reserve Fund |
Incoming resources Resources expended Gains and losses Movement in funds £ £ £ £ 102,636 (150,948) - (48,312) 11,002 - 30,450 41,452 |
|---|---|
| 113,638 (150,948) 30,450 (6,860) 9,763 (9,763) 27,017 27,017 70,000 (39,444) - 30,556 27,169 (85,410) - (58,241) 12,135 (12,135) - - |
|
| 119,067 (146,752) 27,017 (668) |
|
| 232,705 (297,700) 57,467 (7,528) |
Restricted funds are provided for the purposes stated:
Army Cadet Long Term Fund : longer-term expedition funding programme for Army Cadet Force and Combined Cadet Force (Army) cadet expeditions (commenced 2015). This is linked to a programmed investment policy.
Cadet Reserve Fund : for any ventures undertaken by members of the Cadet Forces (Sea Cadets/Royal Marine cadets/ Combined Cadet Force (Air)/Air Training Corps).
Nuffield Trust for Armed Forces of the Crown : for members of the Reserve Forces with a call-out liability. At 31 December 2022 the fund value was £8,999 restricted cash at bank. Included in in-year expenditure was a total of £8,950 in respect of creditors for grants to be paid in 2023.
Air Cadet Fund : for Air Training Corps and Combined Cadet Force (Air) contingent expeditions. Some supporting grant were received from (1) Royal Air Force Charitable Trust, and (2) Aviation Focus Group.
Designated funds have been earmarked for the following purposes:
Future Development Fund : linked to specific investment, for longer-term development of the Trust.
The unrestricted General Reserve Funds (and any income derived thereon) is available to be spent on any purposes of the charity.
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022
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The Ulysses Trust
Notes to the Financial Statements - continued
for the year ended 31 December 2022
| Gift Aid Bank deposit interest - general fund (allocated) Prior f/y cash grant refunds for cancellations/underspends Social Security INCOME AND ENDOWMENTS Donations and legacies Donations Investment Income Grants underspent/expeditions cancelled Grants made IT & sundry expenses Office costs Cost of meetings Charitable activities Consultancy Other fundraising costs Pensions Dividends - BLK Armed Forces Charities Growth & Income Units Total incoming resources EXPENDITURE Raising donations and legacies Salaries Net (expenditure)/income before gains and losses Unrealised (losses) /gains on fixed asset investments Net (expenditure) Support costs Governance costs Trustees' expenses Accountancy & legal fees Total resources expended |
2022 £ 370,334 9,135 379,470 238 21,550 21,788 7,665 408,922 22,500 - 675 5,672 92,104 120,951 399 1,249 1,550 242,452 (15,246) (230,403) 2,432 2,215 4,647 356,002 52,921 (91,336) (38,415) |
2021 £ 210,318 1,609 211,927 12 20,766 20,778 - 232,705 21,420 - 643 2,857 120,181 145,101 628 1,200 363 173,021 (26,270) 148,942 385 3,272 3,657 297,700 (64,995) 57,467 (7,528) |
|---|---|---|
This page does not form part of the statutory financial statements
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