**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......
Page 14
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
Page 15
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
Page 16