REGISTERED CHARITY NUMBER: 1170600 Trustees Annual Report and Financial Statements for the year ended 31 December 2024 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 2024 Page Report of the Trustees Ito4 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t015 Detailed Statement of Financial Activities 16
The Ulysses Trust Report of the Trustees For the year ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectt.ve I January 20191. oBJEIVEs AND ACTIVITIES Objectives and aims are:. Furthering the effi.ciency of the Volunteer Reserve Forces and the education of their personnel,. Promoting interest, morale, recruiting and retention in the Reserve Force5 of the United Kingdom~. Promots'ng the education of members of the Cadet Forces ènd 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. By encouraging expeditions for the purpose of scientific research or for such other purposes that further the objects of the Charity, as the Trustees may decide. The Trustees aim to meet these objectives by the delivery of a stable but growing programme of grants. Public benefit Trustees confirm compliance with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benetit guidance published by the Charity Commission when reviewing the Trust's aims and objectives and in planning future activities. Grant making policy The Trust invites applications for grants from the Reserve Forces and Cadets by adverhsing in MOD reference documents, the specialist press, on websites and on social media. Applicants submit a summary of their proposals on-line, in a specifi.c format, to the Trust's Grants Application Committee composed of members with extensive experience of conducting expeditions, MOD sponsored Adventurous Training and youth development through Outdoor Challenging Pursuits IOCPI. Applications made are reviewed against the criteria established by the Trust and the Trust's objectives. ACHIEVEMENT AND PERFORMANCE Charitable activities Eligible 8rants The Trust contr.nues to fund projects which meet its objectives and aims. Grant awards The number and total amount of grants of funds awarded were within budgets set annually at the Trustees, Meeting. The total value of grants to beneficiaries made in 2024 increased by 12% from £285,549 in 2023 to £320,808 in 2024 Isee Note 61. Cadet activity increased by 14% to £194.805 and was supported by the Trust's policy of raising the level of sUPPOrt for cadet expeditions in pursuit of our aim of ensuring no cadets should be denied access to these opportunities on grounds of affordability. We expect our support for cadets to continue to grow signilicantly and securing funding for this. particularly for cadets from deprived areas, is our priority. The cost-of-living crisis increasingly restricts the ability of families to contribute to the cost of their children participating in such opportunities, as evidenced by the fact that the proportion of secondary school students on Free khool Mea15 IFSMsl has increased to 24Y. from 12.4Yo in 2019. Meanwhile the mental health issues among young people following the pandemic, which outdoor activities have been shown to be particularly effectr.ve in addressing, are raising increasing concern. Grants to Reservist units also grew by an encouraging IO%. A specffic target for 2025 will be to encourage more Reservist units to apply for Erants to further increase the Trust's activities in this area of activity the cost of which is generously underwritten by The Nuffield Trust. Page I
The Ulysses Trust Report of the Trustees For the year ended 31 December 2024 Fundraising activities Donors can be assured that we comply with the regulatory standards for charitable fundraising. 2024 fundraising was undertaken by one paid officer IF.T.E. 0.61 and our volunteer officers. together with external consultants. Our policy is to use external consultants where in-house experhse is lacking. Safeguards are in place when working with suppliers to protect our supporters and the putatiOn of our charity and we require them to comply with the Code of Fundraising Practice. Donations to the Trust come predominantly from other trusts and foundations, but also from individuals and commercial organisations. Monitoring Performance, Outcomes, and Imparts Trustees continue to ensure projects funded are completed successfully. Any unexpended porknons of grants are returned as, for example, where number5 parkncipating are unexpectedly reduced owing to operational demand5 on Reserve Units. The Trust also conducts a post-expedition survey programme to monitor and measure not just activity, but outcomes from. and the social value of its grants and expeditions sUPPOrted. In particular the trustees track differences made in respect of individual development of the participants, benefits to Unit morale, recruitment and retention, benefit5 to communities generally and the quality of support provided by the Trust to its beneticiaries. Promotion of inclusivity is aided by identifying, in applications. the number of cadets who are in receipt of FSMS or equivalent indicators of hardship and by analysis of units receiving grants against Government Indices of Mean Deprivation. Trustees have adopted several Key Performance Indicators IKPlsl to monitor progress quarterly in these and other areas. FINANCIAL REVIEW Financial position 2024 continued to see a strong recovery despite MOD budgetary cuts at the end of 2023 leading to several expeditions being cancelled. These cuts to adventurous training were largely withdrawn in early 2024 allowing a number of these cancelled expeditions to proceed. This contributed to the number of expeditions and parkncipants being supported exceeding pre-pandemic levels. This wa5 reflected in the increased total value of grants awarded in 2024, a 32% increase on 2019 and 2023. This progress was seen by both volunteer reserves and cadets. The need for this support to cadets remains vital. with the Free School Meals IFSMI benchmark continuing to increase to 24.6% of students in Secondary education. The exce55 of our reach to these. above this benchmark. continued to grow. with the proportion of cadet5 on FSM benefiting from our grants, growing from 35% to 38.3%. A key ambition for the trust remains to provide increased support for cadet expeditions, with a particular focus on reducing the costs to the individual cadet participants. Donations income in 2024 declined by 17% Isee Note 21, underperforming expectations due to a delay to the £250,000 endowment from the Lloyd-lones Foundation. This has subsequently been gratefully received in 2025. We do, however enter 2025 with only £360,000 of further assured donatr"ons, £60,000 less than last year. As a counter to this, a renewed donatr.on of £5,000 was received from the Gosling Foundation, and a fLJrther commitment was pledged from Army Sports. increasing to £60,(M)O. The prospects therefore remain promising as our profile continue5 to grow. Total gross grants of £320,808 were up 12% on 2023, with support to volunteer reserves up by nearly IO%, and cadets up by 14% (see Note 61. Although running costs did increase over the prior year, this was still a reduthon to 32% of total expenditure. The return on investment for fundraising for every £1 spent, declined from £4.90, to £3.81, a reduction of 22.1% on the previous year. The above produced an operating deficit of-£42,560, decreasing operating reserves to just over £131,000, equating to 3.5 months of trailing. However, forecast cashflow into 2025 means no immediate measures to restore that to the policy 6 months are considered necessary. Our capital funds increased in value bv 4.3% in 2024, however investment income received from dividends and bank interest increased by IIYO to £26,994 (see Note 31. This resulted in total net assets reducing by 2.5Yo to £720,395. LOOKING TO 2025 Although our grant ambitions for 2024 were not fully achieved, our intent is to tsrget all available funds from the Nuffield Trust, (including prior year underspendl £159,000 for volunteer reserve expeditions, a focus for the trust activities in 2025. The target for cadet expeditions, £250,000, would also continue the aspiration that an average of 33% of eXdItiOn costs to be met by the Ulysses Trust. Page 2
The Ulysse5 Trust Report of the Trustees for the year ended 31 December 2024 Investment policy and objectives Investment policy is reviewed annually by Trustees. normally in Quarter l of each year. Any funds allocated by Trustees for investment are currently to be placed in the BlackRock BLK Armed Forces Charities Growth & Income A Inc, one of the funds designed for the use of Charitsble Trusts, to grow the capital as well to generate a consistent degree of income from the portfolio. Quarterly dividend payments support the Trust's cash-flow. Oividend income receipt5 in 2024 increased by 5.27% over that received in 2023 Isee Note 31. 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 TrustslFoundatr"ons who support other charities are reluctant for their distributed fund5 to be used for overhead purposes as opposed to operating cost5. one objective 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. Funding policy Funding policy is to seek to maintain readily available funds in the Cadet and General funds equivalent to four month5 of historical grants to Cadets and core running costs combined. as grants to the Volunteer Reserve are under-wrttten by the Nuffield Trust. The combined cadet grant5 and core running costs in 2024 amounted to £245,347. Total funds in the Cadet and General funds amounted to £91,755, represents'ng just over 4 months expenditure. This is a circumstance which the trustees will wish to improve upon in 2025 as the cash-flow, particularly to 5UPPOrt cadet grant activitr"es, tends to be spread-out irregularly across the fi.nancial year with a proportion being received in quarters 3 and 4. Cadet grant expenditure leaves our account largely in quarter 2 and early quarter 3. with many cadet expediti.ons taking place during the school summer holiday period. FUTURE PLANS The Trust intends to continue its activities to promote its aim and objectives and is actively seeking to improve the level of and expand 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 organisations, since these a fundamental to expanding expedition activities and the benefits that follow. The Trust works closely here with the respective Heads of Cadets in the three Services. This 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 across the country. The Trust continues to refine it5 grant management system. Minerva. the data analysis that it also enables. and its surveys and measurement of outcomes and Social value generated. STRucfuRE, GOVERNANCE AND MANAGEMENT The Trust is a Charitable Incorporated Organisation, constituted under a Foundation document dated 7 December 2016 and is a registered charity, number 1170600. Formerly. it had operated as a Charity (number 10123461 first registered on 6 June 1992. The Trustees are appointed by the Board of Trustees for a term of five years. A trustee whose term has expired is eligible for re-appointment. The Foundation document provides for a maximum of 10 Trustee5. At the periodic Tru5tees' meetings, trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, fLJnd-raising, investment, reserves, risk management policies and performance. The management of awarding grants, and the processing and handling of application5 prior to Consideration by the relevant committee. is delegated to the Hon. Operations Director. Execution of and accounting for grants approved by the committee is delegated to the Hon. Treasurer. The Board keeps the skill requirements for the Trustee board under review. When a Trustee should perrnanently retire, or additional new Trustees are required, the Board sets up a Nominations Committee to recruit the new Trusteelsl. The ultimate decision on selection is, however, a matter 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 donations year-to-year constitute some risk to the Trust'5 forward planning. The increase in termed commitments from donors and an income-generating capitsl fund now mitigate this risk. Another signih'cant risk was the dependence on single volunteers for the management of key processes and systems. Deputr"es have now been selected, trained and appointed to these positions. Page 3
The Ulysses Trust Report of the Trustees for the year ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1170600 Principal address for service The Honorary Secretary, The Ulysses Trust, c/0 David Evans & Company, Stowegate House, Lombard Street. Lichfield. Staffordshire, W513 6DP Trustees Brigadier Tim Seal TO, DL, VR (Chair of Trustee51 Lieutenant Colonel (Retdl Philip Neame MBE, FRGS (Vice Chairl Profe550r Rod Stable5 TD MA Icantabl DM (Oxonl BM BCH Ioxonl FRCP (London) Sophie Anne Fernandes M5 Honor Wilson-Fletcher MBE, FBES, FRGS james Wilson Colonel (Retdl Mark Siebenaller TO, VR, FRGS Air Commodore IRetdl Dawn McCaffertyCBE Independent Account Examlner john David Evans FCA David Evans & Co, Stowe8ate House. Lombard Street, Lichfield, stsffordshlre, WS13 6DP Advlsory Officers Colonel Murdo Urquhart OBE Colonel Sam Plant Colonel Bernard Cazenove TD Colonel Nigel Thursbv Colonel Rex Stephenson CBE Flight Lieutenant David Hill RAFAC Chlef Executlve Offlcer Polly Marsh DL Honorary Secretary Lieutenant Colonel lan Orr MBE Honorary Treasurer Major IRetdl james Stephen Wright TD Bankers Lloyds Bank plc, Warwick Branch130.99-151, 12 Swan Street, Warwick, CV34 4BJ Solicitors Charles Russell Speechlys LLP. 8-10 New fetter Lane, London. EC4A IRS Approved by order of the board of trustees on ..lAgt2Q2..................-. and signed on its behalf by.. Brlgadier Tim Seal TD D Chair- Trustee Page 4
Independent examlner's report to the tree5 of The Ulysse5 Trust I report to the charlty trustees on my examination of accounts of The Utysses Trust Ithe Trust) for the year ended 31 December 2024. Responslbilltles and bas15 of report As the charity trustees of the Trust, you are sPonsible for the preparation of the accounts in accoidance with the fequirement5 01 the Charlties Art 20111.the Act'l. I report in respect of my exarninatr.on of the Tfvst's accounts carried out under tion 145 of the Act and in carryin8 out my examination I have followed all applicable Directions 8Nen by the Charity Commission undef section 14SlSllbl of the Act. Independent examlnerfs statement I have completed my examlnarion. I confr'rm that no material matters have come to my attention in connectr.on with the examinatr'on gNln8 me cause to belleve that in any material respect- accountin8 records were not kept in resFert of the Trust as required by sects'on 130 of the Art: or the accounts do not accord with those records- or the accounts do not compty wrth the applicable requirements conceming the form and content of accounts set out in the Charitres (Accounts and Reports) Re8ulaD"on$ 28 other than any requirement that the accounts live a true and fair view which Is not a matter consldered as part of an independent eMInatiOn. I have no concerns and have come across IK) Other matters In connection with the eyaminaD"on io whKh attention should be drawn In thls report In order to enable a proper undeT5tandlng of the accounts io be reacd. Jo Davld Evans FCA David Evans & Co. Stowe8ate House. Lombard Steet, Lichfield, stsffordshire, WS13 6DP ?3..f¥Ly Page 5
The Ulysses Trust
Statement of Financial Activities
for the year ended 31 December 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Notes 2 131,430 237,000 3 15,942 11,052 4 9,443 23,005 Total 156,816 271,057 5 99,083 - Charitable activities Charitable activities 6 50,542 320,808 Total 149,625 320,808 12,833 11,387 20,024 (38,365) Unrestricted funds Restricted funds £ £ INCOME AND ENDOWMENTS FROM EXPENDITURE ON Raising funds Donations & Legacies Investment Income Other Income Net gains/losses on investments NET INCOME/EXPENDITURE |
2024 Total funds £ 368,430 26,994 32,448 427,873 99,083 371,350 470,433 24,220 (18,341) |
2023 Total funds £ 445,047 24,313 12,718 482,078 92,623 305,336 397,959 1,655 85,773 |
|---|---|---|
The notes form part of these financial statements
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UtyssesTru5t BaLifKeSheet 31 DètÈmbèY 3034 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 Total lund5 Unrestritted fvnds Restricted funds 2023 Total funds FIXED ASSETS Investrnenis io 3L2.3LKI 271 589.391 565.171 CURRENT A55EfS Oebtors and recewJble5 Cash at bènk and In hand li 3.114 47 2.763 177.956 5.877 225,844 5.61S 226,469 12 Ag).719 231.721 252.085 CREDITORSANO PAYABLE5 Amounts fallin{ due within one year 13 13.7011 197.0161 110).7171 158.5201 NET CURRENT ASSETS 47.301 83.703 131.004 173.565 TOTAL ASSETS LE55 CURRENT UAOIUTIE5 s59.1 Jf.7 720,395 758,735 NET ASSETS 359AII 710.395 738,735 FUNDS Unrestricted funds Restrlcted funds 14 3S9.601 360,794 720,1 339.577 399,IS8 731,735 Th• lINnEI it4t•rnènlsw•r• ipwo¥Ydtsyth• knrdof 7rwl••s•ndwthtykndlrythwrob l August I025•r1 8r4l•rTlmJ S•al TDDi- Ch-11M$
The Ulysses Trust
Notes to the Financial Statements for the year ended 31 December 2024
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. The charity’s investments are held in the BLK Armed Forces Charities Growth & Income Fund, a pooled investment vehicle managed by BlackRock. The charity does not operate a formal ethical, socially responsible, or mission-related investment policy, but reviews the performance and suitability of its investments annually.
Debtors and receivables
Debtors are recognised at the settlement amount due. Dividends receivable are recognised when the charity is legally entitled to the income, the amount can be measured reliably, and receipt is probable.
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
2. DONATIONS AND LEGACIES
Donations received comprise:
| Funding received from other charitable trusts and public entities: 3. INVESTMENT INCOME Dividends - BLK Armed Forces Charities Growth & Income Units 4. 5. Bank Deposit Account interest - General Fund (allocated) RAISING FUNDS Raising donations and legacies Staff costs Other fundraising costs OTHER Nuffield Trust. Prior Year Refunds Cadet Fund. Prior Year Refunds Gift Aid Receipts (HMRC) Total Consultancy Reserve Forces' and Cadets' Associations C3IA Total Other amounts received: (individual (private) and pledged donations ) The Lord Leigh Fund)/St. Paul's Lodge No.43 Transformation Leaders Earl of Dartmouth Lodge Chapman Ventilation St Batholomew's Lodge No. 5269 Martyn Bracegirdle Foundation Veterans Foundation London Freemasons' Charity Dyers Company 4 Bn Parachute Regiment Worshipful Company of Fletchers Fishmongers Company Westminster Foundation Team Foundation (Sponsorship) BMC Software. Staff Donation Mrs FB Lawrence Charitable Trust Armourers & Braziers Company Op. Corporate Committee Gosling Foundation BAE Systems Nuffield Trust for Forces of the Crown Army Sports Control Board Charity MacRoberts Trust Royal Air Force Charitable Trust Clive & Sylvia Richards Foundation Aviation Focus Group The Lord Farringdon Trust Team Army Foundation Cadogan Charity Sir John Knott Trust Gareth Neame Foundation |
2024 £ 120,000 50,000 25,000 30,000 28,000 15,000 12,000 10,000 10,000 8,000 5,000 5,000 5,000 3,000 3,000 2,000 2,000 1,367 1,000 1,000 1,000 500 500 500 300 - - - - - - - - 29,264 368,430 2024 £ 3,486 23,509 26,995 2024 16,361 6,644 9,443 32,448 2024 £ 26,534 5,565 66,984 99,083 |
2023 £ 120,000 50,000 50,000 45,000 25,000 15,000 - 10,000 - 400 5,000 - 5,000 - 2,000 - 2,000 - - 1,000 - 500 - - - 30,000 25,000 5,000 4,500 2,000 1,000 500 500 45,647 445,047 2023 £ 1,980 22,333 24,313 2023 1,750 2,400 8,568 12,718 2023 £ 25,029 3,998 63,597 92,623 |
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
6. CHARITABLE ACTIVITIES - COSTS
7.
| Charitable activities costs comprise: 2024 £ Restricted expenditure: Grants paid and payable (net of repayments) Reservists: Operational Units (Reservists) 68,456 University Units (OTCs,URNUs,UASqs) 57,547 Cadets: Sea Cadet Corps 30,130 Combined Cadet Force (Navy) 7,861 Combined Cadet Force (Army) 33,968 Combined Cadet Force (Air) 6,425 Army Cadet Force 71,428 Air Training Corps 44,993 Total Grants (Gross) 320,808 Refunds received in respect of prior year grants: Reservists (16,361) Cadets (6,644) 297,803 Unrestricted expenditure: Administrative expenditure: 36,120 Cost of meetings 1,506 Office costs & Admin T&S 8,296 IT and sundry expenses 292 Governance: Trustees' expenses 1,848 Independent examiner's fees 2,480 50,542 Total charitable expenditure 348,345 The net total of grants made above includes: Grants made 305,314 (7,511) 297,803 2024 1,848 Trustees' expenses Trustees' out of pocket expenses Total restricted - net outlay on grant making Total unrestricted Grants underspent/expeditions cancelled/grants returned, incl. prior years for the year ended 31 December 2024. TRUSTEES' REMUNERATION AND BENEFITS There was no trustees remuneration or other benefits Supplementary funding from prior financial-year Net in-year outlay on grant making Staff costs |
2023 £ 54,835 59,553 10,120 6,840 33,384 5,187 75,369 40,261 285,549 (12,530) (4,723) 268,296 23,555 1,526 5,911 534 2,204 3,310 37,040 305,336 285,549 (17,253) 268,296 2023 2,204 |
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
| 8 Salaries Social security costs Other pension costs STAFF COSTS No employee received emoluments in excess of £60,000 The average number of Full Time Equivalent staff was 1.2 (2023 = 1.2) |
2024 £ 60,543 295 1,816 62,654 |
2023 £ 46,967 - 1,617 48,584 |
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9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Total Raising funds Charitable activities Total Total funds brought forward Transfer between funds Net movement in funds RECONCILIATION OF FUNDS TOTAL FUNDS CARRIED FORWARD NET INCOME/(EXPENDITURE) INCOME AND ENDOWMENTS FROM Donations and legacies Investment income EXPENDITURE ON Charitable activities Net gains on investments Other Income |
Unrestricted funds £ 150,047 13,813 8,568 172,428 92,623 37,040 129,663 877 43,641 - 43,642 295,935 339,577 |
Restricted funds £ 295,000 10,500 4,150 309,650 0 268,296 268,296 778 42,132 - 42,131 357,027 399,158 |
Total funds £ 445,047 24,313 12,718 482,078 92,623 305,336 397,959 1,655 85,773 - 85,773 652,962 738,735 |
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | FIXED ASSET INVESTMENTS | |
|---|---|---|
| At 1 January 2024 Revaluations At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. Cost of valuation at 31 December 2024 is represented by: (at Bid Price) (at Bid Price) MARKET VALUE At 31 December 2024 NET BOOK VALUE (at Bid Price) (at Bid Price) |
Listed Investments £ 565,171 24,220 589,391 589,391 565,171 |
|
| Investments at end of year are attributed as follows: Future Development Fund (Designated) Army Cadet Long Term Fund (Restricted) |
Listed investment £ 589,391 2024 2023 £ £ 312,301 299,467 277,090 265,704 589,391 565,171 |
| Investments at end of year are attributed as follows: | Listed investment £ 589,391 |
|---|---|
| Future Development Fund (Designated) | 2024 2023 £ £ 312,301 299,467 |
| Army Cadet Long Term Fund (Restricted) | 277,090 265,704 |
| 589,391 565,171 |
11.
DEBTORS AND RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Debtors at the end of the year are attributable as follows: Restricted: (1) Cadets Total Debtors and receivables Prepayments and accrued income Unrestricted (2) Reservists |
2024 2023 £ £ - - 5,877 5,616 5,877 5,616 2024 2023 £ £ 3,114 2,976 2,763 2,640 - - 5,877 5,616 |
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The Ulysses Trust Notes to the Financial statements - continued for the year ended 31 December 2024
12. CASH AT BANK AND IN HAND
cash at bank and in hand at the end of the year is attributable as follows:
| 13. 14. |
2024 2023 £ £ Cadet Fund 44,454 100,438 39,249 28,891 0 4,125 94,253 53,120 177,956 186,574 47,301 40,110 587 (216) 47,888 39,894 225,844 226,469 CREDITORS AND PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £ £ 97,016 55,760 Accruals and deferred income 3,701 2,760 100,717 58,520 2024 2023 £ £ 3,701 2,760 64,726 43,060 32,290 12,700 97,016 55,760 Total 100,717 58,520 At 1.1.24 Net movement in funds Transfers between funds At 31.12.24 £ £ £ £ 40,110 (5,266) 12,457 47,301 299,467 25,290 (12,457) 312,300 339,577 20,024 0 359,601 265,704 11,387 0 277,090 100,438 (50,691) (5,293) 44,454 28,891 10,358 0 39,249 4,125 (9,418) 5,293 0 399,158 (38,365) 0 360,794 738,735 (18,341) 0 720,395 Restricted Funds: MOVEMENT IN FUNDS Unrestricted funds: General Reserve Fund Future Development Fund Nuffield Trust (Reservists) ULYSSES TRUST FUNDS Cadets Nuffield Trust Accruals for grants payable Creditors at the year-end are attributable as follows: Unrestricted Restricted: Air Cadet Fund Unrestricted Funds: Unrestricted Funds: Total Restricted Funds General Reserve Fund Net Unrestricted Creditors/Debtors Net Restricted Creditors/Debtors Total Cash & Bank in hand Total Unrestricted Funds TOTAL FUNDS Restricted funds Army Cadet Long-Term Fund Cadet Reserve Fund Air Cadet Fund Total Restricted Funds Nuffield Trust for Armed Forces of the Crown |
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
| Air Cadet Fund Comparitives 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 Air Cadet Fund Army Cadet Long-Term Fund Cadet Reserve Fund Nuffield Trust for Armed Forces of the Crown TOTAL FUNDS Unrestricted funds: General Reserve Fund Future Development Fund Restricted funds |
Incoming resources Resources expended Gains and losses Movement in funds £ £ £ £ 144,359 (149,625) 12,457 7,191 12,457 12,833 (12,457) 12,833 156,816 (136,792) 0 20,024 11,052 (11,052) 11,387 11,387 81,644 (137,628) 0 (55,984) 136,361 (126,003) 0 10,358 47,293 (51,418) 0 (4,125) 276,350 (326,101) 11,387 (38,365) 433,166 (462,893) 11,387 (18,341) At 1.1.23 Net movement in funds Transfers between At 31.12.23 £ £ £ £ (2,655) 30,931 11,834 40,110 298,590 12,710 (11,834) 299,467 295,935 43,642 0 339,577 264,926 778 0 265,704 83,102 17,337 0 100,438 8,999 19,892 0 28,891 0 4,125 0 4,125 357,027 42,131 0 399,158 652,962 85,773 0 738,735 |
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| 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 Air Cadet Fund TOTAL FUNDS |
Incoming resources Resources expended Gains and losses Movement in funds £ £ £ £ 172,428 (129,663) 0 42,765 11,834 (11,834) 877 877 0 (141,497) 877 43,642 10,500 (10,500) 778 778 132,400 (115,063) 0 17,337 121,750 (101,858) 0 19,892 45,000 (40,875) 0 4,125 309,650 (268,296) 778 42,131 309,650 (409,793) 1,655 85,773 |
|---|---|
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 2024 the fund value was £39,249 restricted cash at bank. Included in in-year expenditure was a total of £32,290 in respect of creditors for committed grants to be paid in 2025.
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.
Movements in the funds were as follows:
A transfer of £12,457 was made from the unrestricted Future Development Fund to the General Reserve Fund in accordance with the trustees’ policy that investment income arising from the endowment is to be used for general charitable purposes.
A transfer of £5,293 was made from the restricted Cadet Reserve Fund to the restricted Air Cadet Fund to cover a 2024 funding shortfall, in line with the permitted use of the Cadet Reserve Fund to support any cadet expedition grants.
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024
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The Ulysses Trust
Notes to the Financial Statements - continued for the year ended 31 December 2024
| Gift Aid Bank deposit interest - general fund (allocated) Prior f/y cash grant refunds for cancellations/underspends Social Security EXPENDITURE Raising donations and legacies Salaries Net expenditure before gains and losses Unrealised gains on fixed asset investments Net expenditure Support costs Governance costs Trustees' expenses Accountancy & legal fees Total resources expended Salaries Social Security Pensions 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 |
2024 £ 368,430 9,443 377,874 3,486 23,509 26,994 23,005 427,873 25,637 128 769 5,565 66,984 99,083 34,907 166 1,047 1,506 2,163 6,424 328,319 (7,511) 367,022 1,848 2,480 4,328 470,433 (42,560) 24,220 (18,341) |
2023 £ 445,047 8,568 453,615 1,980 22,333 24,313 4,150 482,078 24,300 0 729 3,997 63,597 92,623 22,667 - 888 1,526 3,558 2,888 285,549 (17,253) 299,822 2,204 3,310 5,514 397,959 84,119 1,655 85,773 |
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This page does not form part of the statutory financial statements
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