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. oBJE￿IVEs 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 eX￿dItiOn 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 ..lA￿g￿t2Q2￿..................-. and signed on its behalf by.. Brlgadier Tim Seal TD D Chair- Trustee Page 4 Independent examlner's report to the tr￿￿ee5 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$ 2￿8 other than any requirement that the accounts live a true and fair view which Is not a matter consldered as part of an independent e￿MInatiOn. 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 reac￿d. 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 Page 6 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• lINnE￿I it4t•rnènlsw•r• ipwo¥Ydtsyth• knrdof 7rwl••s•ndwthtykndlrythw*rob l August I025•r￿￿1* 8r*4l•rTlmJ S•al TDDi- Ch*-11￿M$ 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. continued...... Page 8 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**| |---|---|---| continued...... Page 9 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| |---|---| continued...... Page 10 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| |---|---|---| ## **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**| |---|---|---|---| continued...... Page 11 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| |---|---| continued..... Page 12 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| |---|---| continued...... Page 13 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| |---|---| continued...... Page 14 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 continued...... Page 15 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**| |---|---|---| This page does not form part of the statutory financial statements continued...... Page 16