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 SucCe￿fully. 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 increa*d 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% l*e 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 shO￿ld 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
31DrtErnbEv2￿J
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
t*ih 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&d*rThxJ 5￿1TDDL-c￿IT-TrU1t1•*
Pw7
r￿Inu￿d......

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 MOd￿led 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.
InVe￿Ments= Bla£kRock Fund Managers
Inve￿mentS¥re initiallyrecogni5ed atthèirtransactionvalue and are subseguentlymeèsured 3tfairvalu&at
balance sheet date. Gain or10550n revaluation istaken to the Statement of financial act￿ltieS.
Page 8
continued......

TheUlyssesTrust
mDt￿tDth9Fin3n￿11￿￿￿￿9rtS-￿n￿N(￿
thvyfjarfjnd8d>J Dw￿￿bEr2023
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￿.￿
Av13t￿n Focu5Gro
Girtlh Ntathe Ffjvndal
TheGrDter5cDM￿nY
15(h)
F15hmDnBer51ompa
rmourer5&Èr311ersthYnpAnv
Dyeiscfjmwrtv
St Batholomew5 Lodge No 5269
Other¥moyntsrw￿Co..
45.fj47
4LO85
TDtsI
445.047
INVESTMENTINCOME
1,9BD
2431
ZL7g
1ry2Z
L750
Totsl
12.718
25,710
RalsK￿FUNr
Ra￿l￿gdOn￿t1D￿5I￿*
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
Re￿rIcted 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 Restri￿ed 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
resour￿5
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 resou￿e$
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 s￿Urty
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