REGISTERED CHARITY NUMBER: 1170600 TrusteesAnnual Report and Financial Statements for the yearended 31 December 2023 For The Ulysses Trust David Evansand Co Stowegate House Lombard Street Lichfield Staffordshire WS13 6DP
Contents ofthe Report of theTrustees and Financial Statements for the year ended 31 December 2023 Page Report of the Trustees Ito4 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t015 Detailed Statement of Financial Activities 16
The UlyssesTrust Report of the Trustees Forthe year ended 31 December 2023 The trustees present their report with the financial statements of the charityfor the year ended 31 December 2023. The trustees have Bdopted the provisions of Accounting and Reporting by Charities.. Statement of Recomrnended Practice èpplicable to ch3ritie5 preparing their atcounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettive I January 20191. OBJECTIVES ANDACTIVITIES Objèttives and aims arè:. Furtheringthe efficiencyof the Volunteer Reserve Force5 and the education of their personnel,. Promoting interest, mor41e, recruiting and retention in the Reserve Forces of the Unired Kingdom" Promoting the education of members of the Cadet Forces and enablin& in the interests of social welfare, such young people to develop their physical, mental and moral responsibilities so that their condition of life may be improved. Byencouraging expeditionsforthe purpose of scientific rese4rch orforsuch other purposes that furtherthe objects of the Charitvi as the Tru5tee5 may decide. TheTrustees aim to meet these objectives bythe delivery of a Stable but growing programme of grants. Publlc beneflt Trustees confirm compliance with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Tru5t'5 aim5 and objectives and in planningfuture activities. Grant making policy TheTrust invite5 applicationsfor grantsfrom the Reserve Forces and Cadets by advertising in MOD reference documents, the specialist press, on websltes and on social medi3. Applicants submit a summary of their proposals on-line, in a speclfic format, to the Trust's Grants Application Committee composed of members with eKtensive experience of conducting expeditions, MOD sponsored Adventurous Training and youth development through Outdoor Challenging Pur5UIt5 IOCPI. ApplicatlOll5 made are reviewed 4gain5t the criteri established by the Trust and the Trust's objectives. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles Eligible grants TheTrust continues tofund projectswhich meet its objectives and aims. Grant awards The number of grant5 and amount of funds awarded were within budget5 set annually atthe Trustees. Meeting. Application for grant5 Continue to recover and were running ahead of the previous yeèr until the final quarter, when budget saving measures by MOD were introduced, leading to restrictions on paid Reserve Service Days IRSD51, overseas travel and various other ctivities. The result w45 that only 89 grants were made to expeditlOn5, against 91 in 2022. The Trust h45 long maintained that the opportunities for adventurou5 training and expeditions are major attraction5 for recruiting and retention. Fortunately, many of the restrictions were rescinded in early 2024. Cadets were les5 impacted by these measure5, however, and 42 cadet expedition5 received grants against 34 In 2022. Cadet numbers had largely recovered to pre-pandemic numbers, although the decline In Adventurous Training IATI qualified instructors among Cadet Force Adult Volunteers ICFAVS) Is still holding back activitv. The v81ue of grants to benefici8ries made in 2023 increased by 18% from £242,452 in 2022 to E285,549 In 2023 (see Note 61. This was largely because of intrease in cadet activity allled to and supported by the Trust's policy of raising the level of support for cadet expeditions in pursult of our aim of ensuring no cadets should be denled access to these opportunities on grounds of affordability. We expect our support for cadets to continueto grow significantly and securingfundingforthis, particularlyfor tadÈts from deprived areas, in such opportunities, as evidenced by the fact that the proportion of secondary School students on Free School Meals IF5Msl has intreased to over 24%from 12.4Yo in 2019. Meanwhile the mental hÈalth issues among young pÈople followingthe pandemit, which outdoor 3ttivities have been shown to be particularly effective in addressing, are raislng increasing contern. Page I
The Ulysses Trust Report of theTrustees Forthe year ended 31 December 2023 Fundraising activities In 2023, the New Horizons campaign was broughtto a close having raised in exc of £2rn and significantly expanded the Trust's donor base in two years. Focus shifted to optimisin£that and donor management through our'Qdysse¥ Circle, at markedly reduced cosr. This resulted in the return on fundraising investment rising by a further 57%. whilstthe valueof donation increased by 20% in 2023. In pursuit of our Business Plan revised to meetthe new challenges, we plan to raise an additional £I,5(K),o by 2026. The Plan seeks to increasethe level of support for cadets toon average 33% of expedition cost5 Irorn 23% currentlyand so reduce pzrticipantcoststo a similar level and morealigned toth05e borne by participants on VR expeditk)ns. Donots can be assured thatwe Comp wtth the regulattsry standards forcharitable fundraising. 2023 fundraising was undertaken by one paid officer IF.T.E. 0.61 and ourvolunteerofficer5, togetherwith external con5ultant5. Our policy is to use external consultants where in-house experrise is lacking. Safeguards are in place when working with suppliers to protert oursupporters and the reputation of our charity and we require them to compty with the Code of Fundraising Practice. Donations totheTrust come predomin3ntW from othertrusts and lound3tions, but al from individuals and commercial organisations. Monltorlng Performance, Outcomes, and Impacts Trustees continue to ensure projects funded are completed SucCefully. Anyunexpended p)rtions of grants a returned as, for example, where numbery participating are unexpectedly reduced owing to oper3tional demands on reserve units.The Trust 31s0 conducts a post-expedition survey programme to monitorand measure notjust attivity, but outcomes from, and the social value of rts grantsand expeditions supported. In particularthetrustees trackdifferences made in respect of individual development olthe participants, benefitsto Unit rnorale, recruitment and retention, benefits to communities generally and the oualityof support provided bytheTrustto its beneficiaries. Promotion of inclusivity is aided by identifying, in applic8tions, the number of cadets who are in receiptof FSMS (see above) or equivalent indicators ol hardship and by analysis of units receiving grants against Government Indices of Mean Deprivation. Trustees have adopted a numberof Key Performance Indicators IKP151 to monitor progre55 quarterly in theseand otherareas. FINANCIAL REVIEW Financial position Total Operating Income for 2023 (excluding un-realised capital Bainson Fixed Assets) was £482,078, which included £24,313 of investment income lup Il%) compared to £408.922 in 2022 lan incre35e of 180AI. Ofthis, donationsamounted to E453,615, includingGiftAid incorneof £8,568. Donation5 were significantly increased bythose linked to specific activity which ha5 continued to recover. A lurther£4,150'0ther Income, comprised refunded grants 8nd under-spends, owing partlyto a numb&r of planned expeditions beingcancelled owing tothe MOD restrittions in late 2023 (see above). Net eKpendr(ure on Charr(ableAttivities incread by 31fk to £305,336, comprising Inetl £268,296 of grants made and £37,040 of supporting administrative c05t5, Isee note 51 reflecting th3t recovery. Meanwhile cost of raising funds decre3sed by 23% le note 61 followingthe wind-up olthe New Horizons campaign and thetransrtion tothe Odyssey Circle model. Total operating expenditure was therefore £397,959, resulting in an operating surplus of £84,11912022 surplus£52,9211. Unre31ised c3Pltal g3in on investments of £1,655, however, resulted in a net increase tothe Balance Sheet of £85,773. The total NetAssets of theTrust increased by 13% to £738,735, of which £565,171 iscomprised of fixed assets, linvestmentsl of £265,704 being restricted tothe long-term support of Army Cadets. The balance of £299,467 designated to a fund forthe long-terrn development ofthe Trust. Operating Reserves available to the Trustof £173,565 comprise lil £28,891 restritted to supwrt Volunteer Reserve actwty, lill £104,563 restricted to Cadet actwity. and liiil £40.110 for unrestrirted general expenditure. Page 2
The Ulysses Trust Report of the Trustees for the year ended 31 December 2023 Investment policy and objertives Investment policy 15 reviewed aNnLJally by Trustees, normally in Quarter l of each year. Anyfunds 3llocated byTru5teesfor investment are currently to be placed in the Bl4ckRock BLK Armed Force5 Charitie5 Growth & Incotne A Inc, one of the funds designed for the use of Charitable Trusts, in order to grow the capit81 as well to generate a consistent degree of Income from the portfolio. This investtnent 15 presently held in two of the Trust's Funds. One is restricted to the long-tertn support of Arrny Qdets. The second is designated for the long-term development of theTrust. As manyTrusts/Foundations who support other charities are reluct3ntfor their distributed funds to be used foroverhead purposes as opposed to operating costs, one objective is to growthisfund such that our overhead 15 covered by its dividend. Any necessary dr8wdown from these funds is agreed by the Trustees. Reserves polity Reserve policy is to seek to rnaintain readily 4vai13ble lund5 in the Cadet and General reserves equivalent to Six months of historical gr3ntS to Cadets and core running costs combined, as grants to the Volunteer Reserve are under-written bythe Nuffield Trust. The combined cadet grants and core running cost5 in 2023 amounted to £296,101. Total funds in the Cadet and General reserves amounted to £144,674, repre5entingjust under 6 months expenditure-an encouraging improvement overthe year. FUTURE PLANS The Trust intends to continue its activitie5 to promote its aim and objectives 3nd 15 actively seeking to improve the level of exp3nd its support, particularly for Cadets from disadvantaged backgrounds. It also seeks to increase its investment in the training of Expedition Leaders and Instructors within the Cadet organi5ations, since these are fundamental to expanding expedition activitiesand the benefit5 that follow. The Trust works closely here with the respective Heads of Cadets In the three Services. Thls is being further supported by its newly appointed CEO continuing to develop a network of regional volunteers to form closer links with beneficiaries and other stakeholders acr05S the country. The Trust continue5 to refine it5 grant managernent SV5tetn, Minerva, the data analy515 that it also enable5, and it5 survey5 and rnea5urement of outcomes and social value generated. STRUCTURE. GOVERNANCEANDMANAGEMENT The Trust is a Charitable Incorporated Organis3tion, constituted under a Foundatlon document dated 7 December 2016 and is 3 registered charity, number 1170600. Formerly, it had operated as a Charity Inurnber 10123461 first re81Stered on 6 June 1992. The Trustees are èppointed by the Board of Trustees for a term of flve years. A trustee whose term has expired is eligible for re-3ppointment. The Foundation document provides for a maximum of IOTrustees. AVM Nick Kurth CBE retired as a trustee and chairman in August 2023 after IQ year5. Following a selettion process chaired by one of our Vice Patron5, Brigadier Tim Seal TD, DL wa5 appointed to Succeed him. In accord3nte with succession plans. Capt Polly Marsh DL was appointed CEO of thÈTrust in May 2023, having first resigned as a trustÈe.. At the periodicTrustees' meetings, trustees agree the broad strategy and areas of activity forthe Trust, including consideration of grant makingi fund-raisin& invesrment, reseNes, risk management policies and performance. The man8gement of awarding grants, and the processing and handling of applications prior to Consideration by the relevant committee, is delegated to the HOD. Operations Director. Execution of and accounting forgrants approved bythe committee is delegatÈd to thÈ Hon. Treasurer. The Board keep5the skill requiretnents forthe Trustee Body under review. When a Trustee should pertnanently retire, or4dditional new Trustees are required, the Board sets up a Nominations Committeeto recruitthe newTrusteelsl. The ultimate decision on selection is, however, matterforthe Bo4rd of Trustee5. Risk management The Trustees have considered the major risk5 to which theTwst 15 exposed and regularly reviewsth05e risks and establishes systems and procedures to manage those risks. The Trustee5 considerthat variability of don3tions year to year constitute some risk to the Trust's forward planning. The increase in termed commitments from donors and an intome-generating capital fund now mitigate this risk. Another significant risk wasthe dependence on single volunteers forthe man4gement of key processes and systems. Deputie5 have now been selected, trained and appointed to these positions. Page 3
The Ulysses Trust Report of theTrustees fortheyear ended 31 December2023 REFERENCE AND ADMINISTRATIVE DETAILS Re8lStered Charity number 1170600 Printipal addrè5% for service The Honorary Secretary, The UlyssesTrust, c/0 David Evans & Company, Stowegate House. Lombard Street. Lichfield, Staffordshire, W513 6DP Trustees Air Vice-marshall Nick Kurth CBE, FRGS (Chair of Trustees1 (Retired 8 August 20231 Brigadier Tim Seal TD, DL Chair of Trustees from 8 August 2023 Lieutenant Colonel Philip Ne3rne MBE, FRGS (Vice Chairl Professor Rod StablesTD MA Icantabl DM (Oxonl BM BCH (Oxonl FRCP (London) Sophie Anne Fernande5 Colonel Paul John Edwards MBE Groupcaptain Matthew 5towers OBE RAF Andrew Gordon James Robertson James Wilson Independent Account Examlner John David Evan5 FCA D3vid Ev3ns & Co, Stowegate House, Lombard Street, Lichfield, Staffordshire, WS13 6DP Advisory Officers Colonel Murdo Urquhart OBE Colonel Sam Pknt Colonel 8Èrnard CazenoveTD Colonel NiÉel Thursby Colonel Rex Stephenson CBE Flight Lieutenant David Hill RAFAC Flight Lieutenant Myles Harris RAFAC Chlef Executlveofflcer Captain Polly Marsh DL Honorary Secretary Lieutenant Colonel lan Orr MBE HonoraryTreasurer Major J8mes Stephen WrightTD Bankers Lloyds Bank plc, W3rwitk Branch130-99-151, 12 Swan Street. Warwick, CV34 48J Sollcltors Charles Russell Speechly5 LLP, 8-10 New fetter Lane, London, EC4AIRS Approved by orderof the board of trustees on........l.August.2024............and signed on its behalf by.. ¥JU BrlgadlerTlm Seal TD DL Chalr-Trustee Page 4
Independent examlnevs report to thetrustees of The Ulysses Trust l Teportto the chafltytnjstees on myexamlnatlon of the accounts of The Ulysses Trust (the Trust) fortheyearended 31 December 2023. Responsibilitiesand basis of report As the charitytrustees of theTrust. you are responsible forthe preparation of the accounts in accord3ncewith the iequsrernetTrts of the ChaTlties Act 20111.the Act'l. I report in respectof rny examination of theTrusVs accounts carried out under section 145 of the Acl and in carrying out my examination I have lollowed all appllcable Dlrectlons glven by the Charity CommSsslon under sectlon 14515llbl ol the Act. Independent exominerfs statement I h4ve cotnpleted rny exainination. I tonfirtn that no m*erial matter5 have come to my attention in connection with the exatnination rne cause to believe that in any material respect.. &ccountinE records were not kepl in respect of theTTUSta5 fequired bysection 130 of the Act,. or theaccounts do not accord wlth those records., or the accounts do not complywlth the applicable requirements concerning the form and content of attounts set Oul in the Charitie5 (Accounts and Report51 Re8ulations 2008 otherthan any requiretnentthat the accounts give a true andfair view which s not a Fnatter£onsidered as part of an independent examination. I have no concerns and havecome across no other matters in connection with the examtnationto which attention shOld be drawn sn this report In order to enable a proper understsndlng of the accounts to be reached. Jghn David Evans FfA David Evans & Co, Stowegate House, Lombard sreeL chfield, Staffordshire. WS13 6DP Date:...i.AW202d... Page 5
STATEMENTOF FINANCIALACTIVITIES Notes Unre5tritted fund5 Restrjcted 202aTotsl fund5 2022Total fund5 funds INCOMEAND ENDOWMENTS FROM Donations& Le8acies Investment Incorne other Incotne IS0.7 13*13 295.000 io.soo 4.150 445.047 24.3 ,718 361,424 2L788 25,710 Total 172.428 309.6SO 482,078 408,922 EXPENDinJRE ON 92,623 92,623 0,951 Charftableattmtles 37,Dl0 26S,296 305,336 235,050 Toial 129.663 268.296 397.959 356,(Q2 Net£iin51105seson inve51ments 877 778 L655 NEfiNCOMVEXPENDrruRE 43,Ml 85,m The notesform PArtofthesEfinanua15taternent5 Page6
uIy15eiTll 31DrtErnbEv2J 8AL4NCE SHEET AS AT 31 DECEMBER 2023 UTrrestrfcted lunds Restrfcted nd5 Total frJnd5 202iTDtsI nd5 FIXED ASSETS .467 263704 565.17) 563.516 CVRRENT ASSETS D•bl¢rs tih irtd In 1.574 I26.9 42.8PO 189.214 212.5 137.969 CREDITORS fillir4 dw oni 158.$10) 14&5241 NET CURAENT ASSEVS 11 IlJ,454 B>.445 TOTAL ASWS LESSCURRENT LIAOILITrES 399.1 738,735 b52.l NET A55ETS 199.151 7J•,715 051,¥1 FUNDS 339.577 J49.158 7Jl.715 195.935 357,026 051.$61 Rt$iri¢ted fvnd$ •r4&drThxJ 51TDDL-cIT-TrU1t1•* Pw7 rInud......
The UIy55e5 Trust Notes to the Financial Statements forthe year ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial staiements of the Charity. which isa publit benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IF 1021'Accounting and Reporting by Charities.. Statement of Recommended Praciice applicableto charitie5 preparing their accounts in accordance with the Financial Reporting Standard appli¢abl* in the UK and Republi¢ of Ireland IFRS 1021 leffedive lJanuary 20191.. Financial Reporting Standard 102.'Thè Financial Reporting Standard applicabl& in the UKand Republic of Ireland, and th& Charrtie5 Act 2011. Thefinancial statement5 have been prepared underthe historical c05tconvention. with the exception of Inve5tment5 which are included at marketV21ue, a5 MOdled bythe revaluation of certain assets. Income probable thatthe income will be received and the amount can be measured reliably Expenditure the amount of the obligation can be measured reliably Expenditure isacc¢unted for on an accrual basi5 and h3$ been cla551fied under heading5that aggregate all costs relatingtothe category. Where costscannot brr direct attributed to partKu12r headin8S they have been allocated toactwitieson a basis consistent with the use of Grant5 offered 5ubjtr¢t to conditions which have not been mèt at the end ofthèyear end dateare noted as a commitment but not accrued a5 expenditure. Taxation The charty is exemptfrom taxon it5 Charitable actwitie Fund a¢¢ourhtinB Unre5trictedfunds can be used in aciordtncewith the charitable Dbje¢tive5 atthe discretion of thetrustee arise when specified by the donor or when lunds 8re raised for particular restricted purposes. Furtherexplanation of nature and purposeof each fund is Included Inthe note5tothefinancial staternent5 Penslon costs and other post-retlrement beneflts The ¢harltyoperatesa delined benelits¢Dntribufion pension scheme. Contributions payable rothe char¥,$ pen510n scheme are charged tothe Statement of Artivities in the period in which they relate. Irrecoverable VAT IrrecoverableVAT 15 charged against the cateBoryof expenditure forwhich Itwa5 incurred. Allocation of overheads and support costs Overheads and supportcostshave been allocated first beiween trust 2Ctivityand governance, overheads and 5UPPOrt C05t5 relatingtoTru5t activitie5 3re apportioned bythe Tru5tEe5 based their as5es5ment of Trust activitie5. The alloc3tion of overhead5 and 5UPPQrt costs 15analy5ed in the notestothefinancial 5tatetnent5. Charitable activities Costsof charitable 2Cti¥itie5 includegr3nt5 made, overhead5 and support costsa55hown in the notestothe Governance costs Governan costs comprise all costs Invofvin£ the public accountability of the charity and its compliance with regulations and good practice. Thèse costs include costs rèlating to Independent Examintrr's fees. financial advice in ¢onnecti¢n with CharityCommi5sioners' ¢ompli3n¢e requirements and legalfees. Togetherwith overheadsand 5UPPOrtcosts. InVeMents= Bla£kRock Fund Managers InvementS¥re initiallyrecogni5ed atthèirtransactionvalue and are subseguentlymeèsured 3tfairvalu&at balance sheet date. Gain or10550n revaluation istaken to the Statement of financial actltieS. Page 8 continued......
TheUlyssesTrust mDttDth9Fin3n119rtS-nN( thvyfjarfjnd8d>J DwbEr2023 DONAnONSAND LEGACIES NuffieldTrustforForLe5 DftheCtLAvn 120,¢ 50.L 50. 30,C 25,tAJD 25.W) 15,LIID 45,tAJD iO,L i1¢.¢ 5D.t 4D. BAE&45te 25.( M3cknbert5Tru5t 1467Q I. Av13tn Focu5Gro Girtlh Ntathe Ffjvndal TheGrDter5cDMnY 15(h) F15hmDnBer51ompa rmourer5&Èr311ersthYnpAnv Dyeiscfjmwrtv St Batholomew5 Lodge No 5269 Other¥moyntsrwCo.. 45.fj47 4LO85 TDtsI 445.047 INVESTMENTINCOME 1,9BD 2431 ZL7g 1ry2Z L750 Totsl 12.718 25,710 RalsKFUNr RalgdOnt1D5I* J23 102Z Staff cost5 63,597 g1,lQ4 120,$51 Pw9
The UlyssesTrust Notes tothe Flnanclal Statements- continued for the year ended 31 December 2023 CHARITABLE ACTIVITIES- COSTS Charitable activities costs comprise.. 2023 202Z Restricted expenditure.. Grant5 paid and payable (net of repayment51 Reservlsts.. University Units IOTCs.URNUs,UASqsl Operarional Units (Reservisrsl 59,553 54,835 62,893 66,194 Cadets: Sea Cadet Corps Cornbined Cadet Force (Navy) Cornbined Cadet Force (Army) Combined C3det Force (Airl Army Cadet Force AirTraining Corps 10,120 6,840 33,384 5.187 75,369 40,261 6,001 9,178 19,066 6,842 37,050 35,228 Total Grants (Grossl Supplementsry funding Irom prior financial-year Refunds received in respett of prior yeargrants- Re5ervi5tr5 Cadets 285,549 242,452 112,5301 17,7461 Total restricted- net outlay/lgainl on grant rnaking 268,296 227,206 Unrestrlcted expendlture.. Administrative expenditure.. Staff c05t5 23,555 C05t ol meetings Office costs & Admin T&S IT and sundry expenses 1,526 5,911 534 399 2,438 361 Governan. Trustees, expenses Independent examiner's fee5 Total unrestricted 2.204 2,432 37,040 7,844 Total charitable expenditure 305,336 235,050 The net total of grants made above includes.. Grants made Grant5 under5pent/expeditlOn5 cancelled/grants returned, incl. prior years Net in-year18aTr>I0UtIaY on grant rnaking 285,549 242,452 1172531 115,2461 268,296 227,206 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustee5 remuneration or other benefttr5 for the year ended 31 December 2023. Trustees, expense5 2023 2022 Trustees, expenses 2.204 2,432 Page 10 continued......
The UIy55e5 Trust Notes to the Fin8ncial St8tements- continued lor the ye4r ended 31 December 2023 STAFF COSTS 2023 2022 Salaries Social security costs other pension costs 46,967 22,500 675 48,584 23,175 No employeerecewed emolumentsin excess of £60.1 The average numberof Full Time Equivalentstaffwas 1.212022 0.61 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES UnrÈstrittÈd funds Restrirted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other Income Total 141,453 11,657 219,971 10.131 361,424 21,788 162,245 246,677 408,922 EXPENDITURE ON Raising funds 120,951 120,951 Charitable aclivities Charitable activities 7,844 227,206 235,050 Total 128,795 227,206 356,002 Net gains on investments 148,3961 142,9401 191,3361 NET INCOMEIIEXPENDITUREI 114,9461 123.4691 138.4151. Transfer between funds Net movement in funds 114,9461 123,4691 138.4151 RECONCILIATION OF FUNDS Total funds brought fonvard 310,882 380,496 691,377 TOTAL FUNDS CARRIED FORWARD 295,936 357.027 652.962 Page 11 continued......
The UIy55e5 Trust Notes to the Fin8ncial St8tements- continued lor the ye4r ended 31 December 2023 io. FIXED ASSET INVESTMENTS 5ted Investments MARKETVALUE At l January 2023 Revaluations 563,516 At 310ecember 2023 565 171 NET BOOK VALUE At 31 December 2023 565,171 At 31 Oecernber 2022 563 516 There were no investment assets outside the UK. Cost of valuation at 31 Oecember 2023 is represented by.. 5ted investment 565,171 Investments at end of year are attributed as follows.. 2023 2022 Future Oevelopment Fund (Designated) 299,467 298,590 Army Cadet Long Term Fund IRestrictedl 265 704 565.17 264 926 63.51fi ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Debtors Prepayments and accrued income Oebtors at the end of the year are attributable as follows-. 2023 2022 Unrestricted Restricted.. 111 Cadet5 2,976 5.744 2,640 5,096 121 Reservists Total 5,616 10,840 Page 12 continued.....
The UIy55e5 Trust for the year ended 31 December 2023 12. CASH AT BANKAND IN HAND cash at bank and in hand 2tthe end of theyear Is attributable as follows.. 2023 2022 Restricted Fund5'. Cadet Fund Nuffield Trust Air Cadet Fund Net Restricted CreditorslDebtors Total Restricted Funds 100,438 28,891 4,125 53,120 186,574 83,102 8,999 35.028 127,129 Unrestricted Funds= General Reserve Fund 40,110 Net Unrestritted Creditorsloebtors Unrestritted Funds.. 39,894 Total Cash & Bank In hand 226069 127,129 13. CREDITORS: AMOUNTS FALLING DLIE WITHIN ONE YEAR 2023 2022 Othercredttors 48,524 Creditors at the year-end are attributable as follows.. 2023 2022 UnrestrittÈd 2,760 8.399 Restricted.. Cadets Nuffield Trust (Reservlstsl 43,060 12,700 31,175 8,950 SS,760 40,125 Total 58,520 48,524 MOVEMENT IN FUNDS Net At At 311223 m•vtment between fuTrd5 ULYSSES TRUST FUNDS Unrestricted funds- General Reserve Fund Future Development Fund Total Unrestrlrted Funds 30,931 IL834 40.110 298,590 12,710 299.467 29S935 43A42 11034 339.577 RerIcted lunds Army Cadet LonE-Term Fund Cadet Reserve Fund Nuffield TrustforArmed Forces of the Crown Air Cadet Fund 264,926 778 26S.704 83,102 17.337 8,999 19.892 4.125 Total Restried Funds as7.? 4LIJI 399.158 65l%2 85,773 11,834 74735 TOTAL FUNDS Page 13 continued......
The UIy55e5 Trust Notes tothe FlnancSal Statements- contlnued for rhe year ended 31 Oecember 2023 14. MOVEMENT IN FUNDS continued Incoming resour5 Resources expended Soinsand Movementin 1055es fund5 Unrestrlcted funds: General Reserve Fund Future Development Fund 172.428 1129.6631 42,765 11.834 871 877 184,262 1141,4971 877 43,642 Restrlrted funds Army Cadet Long-Term Fund Cadet Reserve Fund Nuffield Trust for Armed Forces of the Crown 10.5 110.50DI 1115.0631 778 778 132,41X) 17,337 121,750 19,892 Air Cadet Fund 45,0 4,125 309,650 1268,296 778 42,131 TOTAL FUNDS 493.912 1409.7931 1.655 85,773 Comparitives for Movement in Funds At 1.1.22 Net movement Transfers in fund5 between 131.12.22 Unrestricted funds- General Resetve Fund 136.1051 22.031 11.419 Future Development Fund 346.985 198,590 310,882 114,9461 295,g35 Restrlrted fvnds Army Cadet Long-Term Fund Cadet Reserve Fund 307.866 142.9401 264.926 61.201 21.901 83,102 Nuffield Trust for Armed Forces of the Crown Air Cadet Fund 11,429 12,4301 8,999 380.495 123.4691 357,027 TOTAL FUNDS 691.378 652,962 Page 14 continued......
The UIy55e5 Trust Notes tothe FlnancSal Statements- contlnued for rhe year ended 31 Oecember 2023 14. MOVEMENT IN FUNDS continued Cornpar3tive net movement in funds, included in the Bbove are 35 follows.. GÈinS3nd Movementin losses funds resource5 expended Unrestricted funds: General Reserve Fund 162,245 1128,7961 33,450 Future Development Fund 11.419 111.4191 148.3961 148,3961 173.664 Restrirted funds Army Cadet Long-Term Fund Cadet Reserve Fund 10.131 142.9401 100.165 178.2641 21,901 Nuffield Trust for Armed Force5 of the Crown 118,911 1121,3411 12,4301 Air Cadet Fund 40.570 140.5701 269.7 1250.3ffi1 142.9401 TOTAL FUNDS 443.441 RÈstrittÉd funds are provided forthÈ purposÈS StatÈd.. Armycadet Long-Term Fund.. longer-term expeditlonfundingprogramme forArmyCadetForceand Combined Cadet Force (Armyl cadet expeditions (commenced 20151. This is linked to 3 progttmmed investment policy. Cadet Reserve Fund.- loranyventures undertaken bymembersof the Cadet Forces (Sea CadetslRoyal Marine Nuffield Trust forArmed Force5 of the Crown..forrnembersofthe Reserve Forceswith ac311-out liability.At 31 DEcernber 2023 the fund value was £28,891 restriciEd c35h at bank. Included in in-ye3r expEnditure was a total of £12,700 in rèspettof trÈditorsforgraThtsto be Paid in 2024. Alrcadet Fund..forAirTraining Corp53ndCoYnbinedCadet Force I4irl contingent expeditions. Some supportinggrant were received from111 Royal Air Force Charitable Trust. and121 Aviation Focus Group. Designated funds have been earmarked for the following purp05es'. Future Development Fund.. linked to 5pecrfic Investment. for longer-ierrn developfflem of the Trust. The unrestricted General Resetve Funds land any income derived thereonl is available to be spent on any purposes of the charity. 15. RELATED PARTY DISCLOSURES There were no related party tran5actlOll5 lor the year ended 31 December 2023 Page 15 continued......
The UIy55e5 Trust Note5 tothe Financial Statements- continued forthe year ended 31 Decernber 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacie5 Donation5 Gift Aid 445,047 370,334 453,615 379,470 Investment Income Bank deposit interest- general fund13llocatedl Dividends- BLK Armed Forces Charities Growth & 1,980 238 Income Units 24,313 21,788 Prior fly cash grant refunds for cancellations/underspends Totsl intoming resoue$ 4,150 7,665 482,078 408,922 EXPENDITURE Raising Ilonatlons and legacles salaries Social Securty Pensions Other fundraising c05tS Consultancy 24,300 22,500 729 3,997 675 5,672 92,623 120,951 Charltable a¢tlvltle$ Salaries Social sUrty Pensions Cost ol rneeting5 Office costs IT & sundry expenses Grants made Grants underspent/expeditions cancelled 22,667 888 1,526 3,558 2,888 285,549 399 1,249 1,550 242,452 299,822 230,403 Support costs Governance costs Trustees, expenses Accountancy & leg81 fee5 2,204 2,432 5,514 4,647 Total resources expended 397,959 356,CK12 Net Income before galns and losses 84,119 52.921 Unrealised gains on fixed asset inve5tmer Net lexpenditurel This page does not form part of the statutory financial statements Pa8e 16