The Armed Forces E4Ulnt Charity Prevlou51y knowo a5 Tedworth Equestrrart Annual Report and Consolidated Statements For the year ended 31 March 2025 Charity number: Its4971 C4)mp•ny number. 11843722 (Enartd and Wales) AEIIT4131Y 20112r2025 COMPAMES H(xJse A15
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Tht Arn Forces fquint Charity Forthè Year ended 31 Mar¢h 2025 Contents Page Tru5tees' report IndepeALlent Auditors. Report 10.12 Consolidated Statement of FinarKial Acti¥r(ies 13 Consolidated Batsnce Sheet 14-15 Charity 8alance Sheet Consolidated Cashflow Statement and Note5 17-18 Notes to the Financial Statements 19-31
Tbe Arnied Forces Equlne tharliy Report of the Trustee5 lorthe Year Ended 31 Marth 2015 REFERENCE ANO ADMINlSfRATIVE WAILS Company Number 11843722 Charity Number 1184971 Registered OffKe: 4, Cedar Park. Cobham Road. Ferndown Industrial Estate. Wimborne. Dorset. BH217SF Governing Docume. Memorandvm and Articles incorporated on 25 Febwary 2019 and amended byspecial Re501ution at Cornpanie5 house on 01 Au8USt 2019. Board of Trustees.. Makor General IRettredl Robert Talt Rice CBE- Board Chairman Air Marshal Oame Susan Gray. D8E. CB. FREn8 Colonel (Retired) France5 Castle MBE- 803rd Treasurer Captain IRN Retired) Allan Wilson Mr Edward Whittin8ton IRe518ned 03 April 20251 Mr Andrew Lord M8E Cornrnlttee Structures: Finance and Audit Committee Strategy Committee Risk Commitree Nominations ané Renumeration C¢)mmittee Key Management: Lieutenant Colonel IRetiredl James Balls, Chief Executive (le 01 December 20351 Mrs Louise Bowerman- Media. Marketing and HR Manaeer Mr5 Kathy Clarke- Grants Mana8er Mr Matt Ruddy- Health and Wellbein8 Officer Mrs Naiomi Harper- Finance Manager Mrs Jenny Upton- Firtante Controller Bankers Holt's Military Bankin& 2() FowlerAvenue, Fowler 8usiness Park. Farnlx)rough. Hampshire. GU14 7JP Solic5tors Wilsons 50licitors LLP Salisbury-. Alexandra House. Stjohns StreeL Salisbury SPI 25B Property #nd Estate Management Savills. Rolfes Housè. 60 Milford StrÈet. SalIstry. SPI 2BP Auditor5 TC Group of io Bridge Street. Chri5tchurth BH23 IEF
The ArTned Forces Eguine Charity Report of the Trustees for the Year Ended 31 March 2025 The Trustees present their report together with the finan(Rl statements of the Charity for the year ended 31 March 2025 which should be read in c0nluntti with the reference and administrative details set out below. ThÈ financial statements have been prepared based upon the accountine preparation policy shown in the accounting policies note on page 19. The Armed Forces Equine Charity is registered with the Charity Commission of Ergland and Wale5 and with Companies House as a Company lim&ted by Euarantee. OBJEcllvES ANO ACTivmES The Objects for which the Chaiity is established are tted to.. The promotion ol the efficiency of the aimed forces by providin8 Sport and recreational facilitie5 for serving and former servin8 membeis of the Armed Forces antl their deperidant5 in or¢Jer to intrease the physical fitness of serving member5. better prepare ihem lor active serwce and the performance ol their duties, promote e5prst de torp5. raise morale antl loster close latIonships, nd sublt ihereto, the encourn8emeN of participatton in amateur sport and recreation by all members of the tommvnity. including thildren and young people. the eldedy and the disabled. Our beneficiarie5 are the Serving Military and ih•r families- Miliiaryveterans and those that have been bereaved and the local community arovnd our equestrian centre5. The Trustees set the following Mission lor the Charity.. Empower the Armed Forces Communrty through sporL recreètK)n. and wellbeing initiatives-enhancing physical and mental resilience, fosierin8 camaraderie, and creatin8 meaningFul opportunities that enrich lives, strengthen commvnities. and transform lived experiwices. The Trustees agreed the following Str*eeic Objtttives and Elfects.. PEOPLE- Engage our People PLACE5- Enable our Places PERFORMANCE- Elevate our Performance PARTNERSHIPS- Expand our Partnerships PROFILE- Enhonce our Profile The Charity ha5 two trading sub5idiarie5.' Tedworth Park Polo timiied linattive- being closed) and Tedworth Equestrian Trading Limited ITETI that are wholOWned by the Charity. TET ho5 51¥ operating centre5'. Tedworth Eouestrian Centre, Tedworth Park Polo aub, Tedworth Park Community Hub. Sandhurst Eqvesirian Centre. Shrivenham Equestrian Centre and Catterick Garrison Saddle Club. The charity set the followin8 objertNes for each of ihese centres.. DELIVER Equine Sport, Aecreatiort and Adventurous Training that is affordable znd available for all. PROVIDÉ Equine Assisted Services ihat support ihe Aecovery, Reha"l1taE10n, Respite and Therapy of those fating physical and mental health challenBe5. ENABLE AND ASSURE Our Equine Firm Base from t•kni(h we can Contin to operate. FACILITATE Equine Assiste(l Leaming and support young people with a particular fu5 Qn the Neurodiverse and for those where the tradilional classroom is noi working. CONTRIBUTE and support the Military Civil Integration artivities of both the MOD and the local tommunity around our tentres.
The Arrned Forces Equine (harlty Report of the Trustees for the Year Ended 31 March 1025 The attlve Trading Cofflpany, TET. ha5 its own Non-Executive Direttors sUPPOrted by ihe Charity CEO and Charity Staff. 2024- 20Z5 INTO CONTExr The UK economic p$sre5 ffom 2023-4 continue and again the equestrian industry saw another reduction in riding establi5hrnents by a further 20%. What thi5 means 1$ 3.5 million individuals have losi the opportunity ro experiencethe profound benefits that Equine Spjrt and Rerreation and Equine Assisted Servites deliver. 8ritish Eque5trièn have worked with sheffield Hallam University and the Sport and Recreation Alliance to define the social value / benefit to the welfare and wellbeing of the population in monetary tem)s of both on-horse and off-horse attivities. Each riding centre provides an average of £292.CKY) worth of social value per year and are makin8 significant contribution to wider public health. With our five equestrian centres and utilising this metric we e5timare that the iradin8 subsidiarie5 alone deliver £l.S million of s131 value. On top of thi5 we estimate that the Charity delivers anoiher £0.5M of social Value. Wirh si8nificanily fewer equesirian rentre5 in ihe UK today than 24 rnonth5 the NHS now outsourcin8 UP to 38% of their health and wellbeing support to organisations like ours we simply have more demand than our current capacity. Frorn the MOD the ijemand for our 5er¥ices ha5 tripled and we have done all in our power to meet thai challenge. cognisant of what may lay ahead in terrns of gknbal challenges that the MOD will need be intimately involved with. None of our centre5 receive any $te funding or public financial support frorn the MiNstry of Defence. Our philosophy 15 to focus on current societal challenge5 and work back from that workin8 Out how eouestri8n attivity and horses can help meet those challenges. 2025 PWS The followin8 hi8hli8htS some of the progfammes and projects for 2025 Sport and Rttreation Programrnt. We will continueto ensure that equestrian activities remain affor¢Jable, acce55ible, and available to ALL in the Armed Forces Community. Our policy ensures that all equine actlvllies we deliver will rernain priced at least 25% below the I3[ market rate. A¢JditiOnal. we iontinue io wovide extra financial support on an individual basis when needed. The full range of equestrian cornpetitions and evEnts. including the Aimy versus Navy Polo match over the secTrid weekend in Juty 2026 will be susiained. Equine A55i5ted Ser¥ice5 Proyarnme. We will continue developing and 8fowing EAS partnerships with a range of providers. We iemain commbtted io weekly sessions for ihe serving Wounded. Injured. and Sick from both the Personnel Recovery Centre5 North Iphoenix Housel and South (Tedworth Housel. We will also continue 5uppof¢ing berween 51>1(X) highly VUlnerae veterans per annum ihroltgh our Veterans Active Recovery initiatives. working alon8side the NHS Op Coura8e and Op Restore. We will continue our 5UPPOrt to Veterans in the criminal justice 5VStem. both those in prison and prison Officer5. via Op Nova.
The Armed Forces Equine Charity Report of the TruMee5 for the Year Ended 31 Marth 2025 Equine Assirted Learning Programme. This programrne will continue to support young people and particularly those who are Neuro Diverse. have been excluded from education. or have disengaged themselves from sthool. This is espetialty supportive to 5eMce families. We win continue supporting Service Schools with SEND children ihrovgh weekly sessions. We have already extended our Riding lor Disabled support at Shrivenham and Sandhurst and will dLI more of the Same at Canerick and Tedworth. We are also looking at delivery of a Street Based Youth Work p¥ogramme supporting Wiltshire Covntil. This goe5 beyond the yard walls and reaches those who are not attendin8 school. are often in social care. are committing petty crime and at high risk of invofvemeni in or of Child/Youih exploitation. Building InieBrated Communities. Our centres will remain community hubs. embracin8 military and local civilian inregrarion. fostering a sense of -one Communi that supports a betrer-liwed experience for all. We will continue focusing on tacklint the challenges af loneliness and social isolation ihrough our fjet Out and Get Active iniiiative IGoGal. Our hubSIcaf and Heritage Trails will maIn haverts lor social interaction. continuing to or8anise wider welfare Inonouinel activities. Enablln8 and Aswrins our Equine fm Base IEFBI. Un5urprt5ingty. the equine estate has not been at the top of Mo$ prioritie5 for investment. we continue to make considerable efforts to ensure our equestrian centres ar safe, well-maintained. and developed. With each horse now cosring approximately £65( per annum for feedsn8, veterinary care. farrier 5ervice5. and 51abling the pressures to income generate is si8nificant. STRucfuRE AND GOVERNANCE Go¥erninz Documentk The Armed Forces Eovine Charity 15 a charitable company limited by &uarantee and was set up on 25 Feb 2019. The goveming documents a ihe Articles of Association which were agreeé on establishment of the charity irt AuKust 2019. Tratlin&5ubsidiaries have their own ArticFes of Association, Directors. and Managernent Boards. Trustee Board. All irustee appointments ère approved forrnally by the 8oard of Trustees. Applications for trusree5hip are encouraged from all $tionS of socrery. The Main Board of Trustee5 met four times in 2024-5.. the Finance and Audit met 12 times: The Risk tommittee rnet three times. the Strategy committee did not meet and the Nornination and Renumeraiions commitiee met four times. Armed Forces Covenant. The charity T$ SILVER level siEnatory to the Amied Forte5 Covenant. Veterans Mental Health AwareneM Standard IVMHASI. The Chariiv has the COBSEO assured VMHAS. Prlde in Veterans Standard IPIVSI. The Charity has the Piv5 assure(I by Fi8htin8 Wlth Pride Charity. The Confederaiion of Sew¥io Chaiities. CO8SEO. The Charity is a member olthe Confederation of Arnied Forces Charities. Armed For¢es Mental Heatth Clurter- Contatt Group. The Charity is an a5SOCiate member of the COB5EO Mental Health Cluster known as the CoThtact Group. Fundraising Regisief. The Charity is giStered Tmth the Funtlraising Register. Brltlsh Horse Society IBFISI. All our tentre5 are member50f the 8HS. A550dztlon of Britlsh Alding Schools IA8RS). The charity and its centres have corporate membership of the ABRS. Federation of Horses in Education and Therapy International IHEni. The tharity 15 a member ol the Federation of Horses in Education and Therapy International whose mission is to facilitate the worldwide collaborntion between organi53tion5 and individuals whose objettives are philanthropic. scientific, and edutational in the field of equine ssisted actiwties anLI theiapies.
The Arnd Forces Equine Charity Report of the Trustees forthe Year Ended 31 Marth 2025 As50clate Member5hlp of the Equlne Assted 5ervkes Partnershlp IEA5PI. This aims to ensure service providers and training orBanisations adherence to minimum 5tandard5 in the equine as515ted servKes sector for the benefit of service users. It supports ihe advance in education of the public regarding rhe benefiis of equine è5S15rEd service5 to physical ond rnental health and it maintains an acce55ible re815ter of organisat10Tr5 who have rnet the standards required. It also: Promotes collaboration and leamin8 In the fvrtherance of dtweloping best prartite and evidence-based research. Provides the names, details and localions of indiMduals and organi5ations who provide equine assisted orfacilrtated therapies includine physical therapies- psychotherapy- education.. learning.. coaching and activities who have éemonstraied that they have both human and equine welfare at ihe heart of what they do. Provide trust and confidente in the sector in orderto= Protect and promote providers. o Pfotect the participants of the servKe. o Protect equine5. urlingham Polo Association IHPAI. Our TedwNth Park Polo Club is a member of the Hurlingham Polo Association. Thi5 15 the 8overnin8 body for wlo in thÈ UK. Ireland. and rnany other countrie5 throughout the worfd. As such. it 15 re5wnsible fDrthe regulation5 and rule5 under which the game 15 played. This include5 the handicapping of anyone playing in the U.K. or Ireland. and the fixtures list. The object of the HPA is to lurther the interests of polo zeneralty and supwwt by all possible means the common interests of its affiliated clubs and associations. Local Authority Registraiioft and Inspectlon. Atl ourcentres are registered with their lo£al authorities who conduct annual inspection5 of them to certify that they are Safe. secure facilities. Key Standards ihat must be rnet for certification are Horse Welfare- Safeguarding.. Customer Care.. Facilitie5 and Faciliiies Mana8ernent.. Qualitv TeachinElciJachin& Gra551and and esiate management and le8islatrve compliance. that place people at the heart ol what they deliver and have a high stanrjartl of animal welfare. All ourcentres are at the Gold/5' Srandard. RISK MANAGEMENT O¥erall Risk Martagement Procedures. The Trusree5 have the overall responsibiliiy for ensvrin& the charity has appropriate 5VStems of control organisationally. They are re5pon5ible for.. Assuring that the charity is operatlTh8 efficientty and effeciivelv. Ensuring the as5et5 are safeBuartled against unauthorised use or disposition. Making sure that proper recoré5 are rnaintained. Assuring that the financial information used within ihe charity or for publication is reliable. En5urin8 that the charity complies With rdevant law5 and regulations. The systems of internal control are codified into charity pdicy and proteduies and are ¢Jesigned to provide reasonable but nor absolute assurance aKainst Misslement w knss. Soffle of the key iniernal control measure5 include-. Delivery of a Strategic Plan and an annual budget approved by Trusrees before the start ol the financial year. Re8ular consideration by theTiusiees of financial resvlts, variance to budget5. non-fthancial performance indicators and benchmarking reviews. Delegation of aurhoriiv and segregaiion of dutyes. Identification and managernent of risks.
The Amied Fortts Equine Charlty Report of the Trustees forthe Year Ended 31 Marth 2025 Identification and managernent of risks. and opportunities. is carried out via a risk sutKomrnittee consisting of the AFEC Chair. a NED aAd the CEO and meets regularly throughout the year. Key Rlsks In¢lude: Inabiliiy to cornply with all Regulatory and Charity Commi55ion reporting requirements. Inappropriate or10ss-makin8 non-chariiable tradin8 aCtltIeS. lrneffective or8anisational structure. Ineffective 5trate8Y. L05s ol Key Staff. In-sufficient Cash Flow. Chan8e ITr G¢)vemrnent PolKy. Flnance Risk Management Price Risk. The Charity 15 exposed to price risk due to norrnal inflatiDnary increases in the purchase price of the 8cx)ds and services purchased in the UK. Credit Risk. The Charity 15 working to minimise credit risk by implementing payrnent in advance rnechanisms. Liquidity Risk. The Charity is incrementally buildin8 Its financial erVeS in Ofder to InC3$e ovr resilience. Interest Rate R15k. The charity has interest-based liabil1eS which are ai a fixed rate under ihe Coronavirus Bu5ine55 Bounce Back Loan Scheme. The Charity is close to P3yin8 back our BB815 loans irt full. We confirm that the rnajor risks which ihe charity is exwsed. as identified by the Trustees. have been revwed and 5V5tem5 or procedures are established to manaÉe those ris. 2024. 25 ANANCiAL APrfIEW Financial and Reserves Review. The chariry plans to build and maifttain the level of unrestricted reserves to be at least three months operatifig expeniliture with one monihs Free Resef¥e. Pro&$5 against this was routinely reviewed by Trustee5 throu8h the Charity Finance and Audit Committee and at Main Board meetin8S. As of 31 March 2025. the Charity total reserves a(hed £692.945120234.. £573.8251 having achieved net incorning surplus for the year of £119.120 compared to a delitit in the prior year of £124,315_ The total re5erve5 include £5.946 of restricred reserves Followbng the rKeipt and spend on restrKted grants120234: £24,726). Incoming resource5 have been spent on tar8eted improvements to facilitie5 in the current and prior year leading to increased value in fixed assets. th a corresponding decrease in free re5eThes in the shorr temi. Although current liabilitie5 have improved considerably on 5a5t yearwith further debt repayment, there are Still improvernent5 tD be made in collecting cash from debior5 to increase liquidity. With the need for significant expenditure on fixed a$5ets coming to an end, the budReted Sn will be focussed on core artivities and de$@ng the charitable objectives, utilising the enhanced facility. The p13nnefJ 5urplu5 generated Irom improvement5 in activities in 20254 will therelorÈ contribute to higher level of free reserves and bring the charity closer to the targeted figure of at least two month5 operating expenditure.
The Armed Forces Eouine Ch¥lty Report of the Trustees for the Year Ended 31 March 25 F1¢ Iene plans. The Charity saw aga¢n an Increasing demand for its services in 2024-5 and continues to do so in 2025-6. The chariry rernoiTh5 agile and dynamic in tts income 8eneration ortryity. li aims to reduce its dependency on funder income and grow lis donor. purchèser, ond £u5tomei income 5tream5. In term5 of our fanCIal p051tioTh Lwjr overall financial positi¢bi continu• io bmprove. We have seen èn increase in fIrThd and +Yonor s¥pport over the last 12 rnoftlhs however the cuii¢>Tr£rin£ome remains challenEingEi¥en the £uNent economic climate on indmduais iDcLxmes. Complaints. We have received no cornplaints aboLrt fvndraisiry activities. other complaTnts weiÈ dealt with through the Charity's complaints process. Trustees Resportsibilitie> Company Law requires The Tru5tee5 (Jome off whom who are a150 DirecKxs olTedwonh Equestrian Limited for the purposes of company lawl to prepare financial statements for e3ch fin•oalyear rhat Eive a true and faw view of rhe situation of the Chority at the enLI of the incominKJnd resources for the year then ende¢J. In preparin8 those financial stètements, the Tiustees are required 10 Se suitable accouniinB potscie5 bnd Ehen apply (hern consistently. rnakinE iudgemenis and estimates that are reèsmaeand prudent. The Tiustee5 also rnU5t ptepaie the financtal 5taternents on the conrewn basis Un5% ¢ 15 inappropnate to we5ume ¢hatthe chority will continue Irs attiyities The Trustees are responsTble lor keeng proper accounting Tecord5. wh.th diSET05e ¥4ith reasonable accuracy at any tymE the finanual position gf the tharity and to enable them to en5vfE Ihat the financièl statements compty vjith the Companies Art 2LM)6. The trustees are also responsible lor safeKuatdini the asseis ol the Charity and hence ta& reasonable sieps ILY the preveniiw detettion of and other irre8ularilies. StatEment af Oi5d05ure5 to the Auditor Eoch Trustee of ihe company has CDnfJrmed in fulfillin8 hisfvr duiies os 3 TFusiee'. So for as eèch Trustee is aware. there is no relevani 3ud5t Inl(¢11On o(which the company 5 auditors are unaware. Each Trustee has takery all the steps th31 helshe ought lo he taken as a Trv5ree to make himselflher5elf aware of any rele¥anT audir Informatlon andi• esublish that the comp3n(s audiiors are aware of thai Informalic. The financial 5taLemenis were approved and authorised for i5suE by the eoard OF Tru51ee5 w 18 Dec 25 ond were SiBnEd on 115 behalf bv.. R H TALBOT RICE Maluf General (Reid) Robert falbot-Rire CO ChaSr gf Tru5teeslDlwtors. Signature.. Email: robert[bOtrICe@brMedff0rceSeqlne.corn
Report of the Independent Audltors to theTrustees of The Armed Force5 Equine Charlty Previously known •sTedworth Equestrran opinion We ha¥e audited the consolidated financial stattments of The Armed Forces Equine Charity Ithe'charitable parent company, and its trading subsidiarie5. rogether'the 8roup'l for ihe year ended 31 March 2025 which comprise the onsolidated statement of financial actNlt¢e5. the group and parent charitable company balance sheets and the consolidated statement of £ashflows and the notes to the financial 5tatement5. The fsnancial reporting Irarnework that ha5 been applied in rheir prepafation 15 applKable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Atcounting Practitel. In our opinion the linancial statements= give a true and fair view of ihe stateof the charitable group's and the parent chaTltable compaAIs affairs as at 31 March 2025 and of ihe Rroup's incoming resource5 and application of ¥e50urce5. including it5 income and expenditu. for the year then ended- have beEn property prepared in accordance with United Kingdom Generally Accepted Accounting Prattice.. and have been prepared in ateordarKe wilh the requirements of the Companies Art 2CQ6. 8asls for opinlon We conducted our audit in accordance with Inremational Standards on Auditing IUKI IISAS IUKII and applicable law. Our ie5ponsibilitie5 ullder those standards are further described in the Auditor5 respon5ibilitie5 lor the audit of the financial statement5 settion of our report. We are independent of ihe group and the charitable company in ac£ordance with the ethital requirement5 that are relevaTht to our audit ol the financial 5tatement5 in the UK. includtng rhe FRC'S Ethical Standard. and we have lulfilled our other ethical responsibilities in accordarte with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Ouf opinion. Conclusions relatint to eoing con¢tm We have nothing to report in respect of the followinB matter5 in relatkin to which tfve ISAS IUKI require us to report to you where.. the trustees, use of thegoinB concern basis of accounting in the preparation of the financial starements is noi aPPfopriate.' or Ihe trvsiees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Broup aThd pareni charitable company'5 ability to continue to adopt the going concern basis of accounting for a pefK)d of at least twelve months from ihe date whe Ihe financial siatements a authorisedfor issue. io
Report of ihe Independent Auditors ¢0 theTrustees of The Armed Fortes Equine Charity Previously known as Tedworth Equestrian oiher irtformatlon The trustees and direciws are responsible for ihe other information. The other information cornprise5 the nformation included in the annual report. other than the financial 5tatementS 3DLI our Report of the Independeni Auditors thereon. Our OnIOn on rhe financial statements doe5 cover the oiher inlorrnation and we do not express any form of assurance conclusion thereon. In connection with our aLJdit of the financial statements. our responsibility is to read the other information and, in oin8 so. consider whether the other infomlation is materially inconsistent with the financial siatements or our knowled8e obtained in the audit or otherwise appears to be materially misstated. If. based on the work we have performed. we conclude that the is a material mrsstaiement of this other information. we are required to report that fart. We have nothing io report in this regard. Mztter5 on which we are required to report by exception We have nothing io rermyt in respect ofthe folbwing matter5 where the Charities Att 2011 requires u5 to report to vou if. in our ownion.. rhe information given in the Report of the Trustees 15 inconslstent in any material respea with the financial Statements. or rhe group and parent charitable company have not kept adeouate accouniin8 records.. or the financ¢al siatements are noi In agreement with ihe accounting record5 and return5,' or we have not receNed all the information and exanationS we require for our audit. Responslbllltles of twstees As explained more lully in rhe Statement ol Trustees Responsibilities. the trustees (who are also the di¥ector5 of the charitable cornpany for the purposes of company lawl are ¥esponsible for the preparation of the financial statements and for bein8 Satisfied that they give a true and faic view. and for such iniernal control a5 Ihe t¥U5tees ¢Jetem)ine is necessaryio enable the preparation of financial statements that are flee from material mi5Statemenr. whether due to fraud or error. In preparing the financial staternents, the trustees ale responsible for assessing the group and parent charitable company's ability to Conlinue as a going concern. disc105in& a5 applicable. rnotter5 related to goinR contern and sing the going concem ba515 of 3ccoufitin8 unless the trustees eiiher intend to liquidate the gfovp and parent charitable company or to cease operatiTr)s. or have no realistic alternative but to do so. Our responsibillties for the audit of the financial statements We have been appointed as audiior5 under Sections 144 and 152 of the Charities Att 2011 and report in accordance with the Aci and rdevant regulations made or having effect thereunder. Our objectives are to obtain reaSonale assurance about whether the financial staternents as a whole are fe from material misstatement, whether due io fraud or error. and to issue a Report of the Independent Audiiofs that includes our opinion. ReasOnae assurance is a high level of assurance, but is not a guarantee that an audit conducte<J in accordance with ISAS IUKI will always detect a material missiatement when It exist5. Mi55tatements can arise from fraud or error and are considered mateiial if. individually or in the 0reare. they could reasonably be expected to influence the economic decisions OF users taken on the basis of ihese financial statements. li
Report ofthe Independent Auditors to theTrustees of The Arrned For$ Equine Charity Previousty known asTedworth Equestrian We obtained an understandin8 of the legal and regulatory frameworks applicable to the charitable 8roup and the sector in which ihey operate. We obrained an understanding of how the charitable group are COmptIng with those legal and teeulatory framework5 by makin8 enquiies of management We assessed the suscepiibility of the charitable group's financ1 statements to material rnisstatement, inclvding how fraud might occui. Audit procedures performetl bythe engagernent team included.. Identity"n8 and assessing the design effe(tNeness of controls mana8ement has in place to prevent and detect fraud Vn(Jersianding howthose charged wilh governance considered and addressed the potential lor override of tontrols or other inappropriate influence over the financial reporting proce55 Challenging assumptions and judgments rnade by management in it5 accounting estimates Identifying and testing journal entrie5. in particular anyiownal entries posted wtih unusual account tombin3tions- and Asses5in8 the extent of compliance with the relevant law and re8ulatiort5. A further descriptton of our responsibilities lor the audit of the financial statements is located on the Financial Reporting Counctl'5 web51te at www.frc.or8.uV&uditor5resPOnsibilitie5. This de51r¢pt¢on form5 part of our Report of the IndependeTht Auditors. Use of our report This report is made solely to the chariiable group's trvstees. as a body. in accordance with Part 4 of the Charities (Account5 and Report51 Regulations 21))8. Our audit work has been undertaken 50 that we might Stale to the charit3ble group's trustees those matters we are required to state to ihem in an auditorfs report ant1 for no other purpose. To the fullest extent perrnitted bylaw. we do not accept ora55ume responsibility to anyone other than the Charity and the charitable group's trustees as a body. for our audit worl lor this reF#)rt orfor the opinions we have forrned. l M Rodd Bsc FCA FCCA For ané on behalf of TC Group bmited Registered Auditor 10 Bridge Street Christchurch Oorset 8H23 IEF Oate..19 December 2025 12
The Amied Fortts Equine Charity Consolldated Statsment of Flnancial Activities IlncorpofatinK an Income and Expenditure A¢¢ountl for the Year Ended 31 March Z025 Period 01.01.2023 to 31.03.2024 Year ended 31.03.2025 Unre5trirted Restricted fvnd5 funds Total fvnds Total funds INCOME AND ENDOWMENT5 FROM Donations ènd legacies 35,796 26.525 62,321 208,803 Charitable activities Charitable activiiv 46.759 181,1 227.759 249,413 Subsidiary trading incorne Other tradiftg activr(ies lThvestment incomÈ .Other income 1.253.03S 6.135 372 1.253,035 70.020 372 1,243.192 35,494 393 63.885 Total 1.342,097 271,410 1,613,507 1,737,295 EXPENDITURE ON Raising funds Charitable artivilies Charitable activities 13.248 13,248 16.161 999.465 99.245 1,098.710 1,369,748 Subsidiary trading expenditure 382,429 382,429 475,701 Total 1,395,142 99.24S 1.494,387 1.861.610 NINCOmE 153.0451 172.165 119,120 1124.3151 Transfers between funds 153.385 1153.3851 Nei mo¥emeni In fvnd5 IC¥).340 18.780 119.120 1124,3151 RECONCIUATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 567.879 5.946 24.726 573,825 692,945 698,140 573.825 All actNitie5 relate ro continuing operaiion5. Yhe notes on pages 19 to 31 lorm part ol these financial statements 13
The Amitd Fortes Equine Charity Consolidaied Balante She At 31 March 2025 Company nurnber: 11843722 Charity number.. 1184971 2015 2024 FIXED ASSErs Intangible asset5 Tangible assets Investinent5 14 15 16 20.886 769,167 23,186 750.28S 790.053 773,471 CURRENT ASSErs Stock Debiors Cash at bank and in hand 17 18 3,557 70.872 39,710 114.139 1.915 36.963 44.810 83.688 CREDITORS Amounts fallirsg due wiihin one year 19 1201.8431 1255,6171 NEf CURRENT LIABILrriES 187.7041 1171,9291 TOTAL ASSÉTS LESS CURRENT LIABiimÉs 702.349 601.542 CREDITORS Amounts fallinR due after more than one year 20 19.4041 127.7171 NET ASSETS 692.945 573,825 FUNDS Unrestricted funds Restritted funds TOTAL FUNOS 22 22 668.219 24.726 692.945 567,879 5,946 573.825 The notes on pages 27 to 41 form part of thesefinancial statements continued... 14
Tht Afme¢J Forces Equine Charrty Conwlidaled Oalan¢t Sheetlcontinutdl At 31 M•r¢h 1015 Company nurnber.. 11843722 Cbafity numbef.. 1184971 The charitable 8roup is eniitled Lo e¥•npin from audii uoder Section 477 of the Companies Ait 2CI% lor the yeaf ended 31 March 2025. The members have noi deptssited noiiie, pursuèni to Sett 476 01 (he Companies 2[•)6 requirin8 an audsi ol these financial stateMt$. Thetrustees acknowledge their fe5ponsibi&tres lor ensurin8 that the chaTItabg[oup keep5 atcwn¢in6 retDrds thai ((MnV with S1105 386 and 387 of rhe Companies Act 2006 and Ibl prepariTh8 financial s¢atemeThts which eive a irue fair view of the siaie of &ffaif5 01 the chèritable 8roup as t the end of each Financ31 year and of Ils surplus and deftcil for each financial year in Atcordance wilh the requirernents of Sertion$ 394 and 395 and which otherwi5e£omply with the requirernenis of Lhe tsxpèrties Act 21K relatin8 tofi•antial statements, sofar as aOKable to the charitae group. These financial staiemeTrts have been audired unde( ihe reouiremenis of SeciK*n 144 of the Charities Aci 2011. These finotKial sleMentS have been wepared in affotdancewith ih¢ %lat provisions of Part 15 of the Companies Act 2C relatin8 io charitable small groups. These financial sioiernents we appro bythe 8oarl ol Trysiees ............_... behalf by.. Maj G 9 H Talbot Rice Cut - Twstee The notes on pages 19 to 31 form partol these finartial stateNIS 15
The Armed F•r¢ts Equine Charity th•iity 6•14nce Sheet Al 31 Morrh 1025 Company number= 11843722 Chority number". 1184971 1025 2024 Notes FIXED A55ETS Ini¥n8ible a5se15 Tan8ible assets Investmenis 14 15 16 20.886 569.817 i.c*)i 591.704 23.186 503.675 527.862 CURRE1 ASSETS Debtors Cash at bank and in h•n(I 18 40.381 13.71S 54.096 4.876 11.629 16.505 CREDITOAS A(rK)unis fallina due Wiihin one year 19 141.1051 147,4331 NET CURRENT A55Ef5 1 ILIA8IIITIE51 12.991 130,9281 TOTAL ASSETS LESS CURRENT LIALm£s 604.695 496,934 CREDITOR5 Amoun¢s fallin8 due afiw mrffe than one year 20 17,3751 116.7201 NET ASSEYS 597.320 480,214 FVNnS Unrestricted fun¢Js Resttitted funds TOTAL FUNOS 21 21 572.594 24.726 597.329 474.269 5.946 480,215 These accounts have been prepa in accordance wth the provisw)ns applicable w with the kwovisw)ns applicab to companies subject to srnall companies, re8ime. These finoncial 5r3ternenis were appro¥ed by the eoard of Trusiee$ 4)n... behalf bv". were signed on its Maj Gen R H Taltyo¢ Rice CBE- Trustee The notes on pages 19 to 31 forrn part of these finarKial 51atements 16
The Armed Forte5 Equine Charlty Consolidated Cashljow Statement for the Year Ended 31 Marth 2025 PEriod 01.01.2D23 to 31.03.2024 Year end 31.03.2025 Cash flows frèm operating adivIe Cash Beneraled from operations Net 5h provlded by lused In) operattni acty¥itie5 Note5 156.596 156,596 145.62S 145.62S Cash flows from rnvestint artivitoes: Pvrchose of tangible fixed assets Purchase of fixed a55et investments Sale of rangible fixed assets Sale of fixed a55et investments Interest rec*ved Dividends received 1139.2991 1132.7491 372 393 Net t35h provided by lused in) Invesbn£ aaivi 1138,9271 1132,3561 Cash flows from financing activibes: New loans in year Loan repayments in year 122,7691 139,0441 Net cash pro¥ided by Iused inl finan(ing acilvlt5es 122.7691 139,0441 Change in cash and £ash equivalents the reportint period Is.Ic#)I 125,7751 Cash and cash equNalents at the beonnini ofthe portIng period 44,810 70,585 Cash and Cash equr4alents at ihe end otthe reporting period 39,710 44,810 The note5 on pages 19 to 31 form rt of these financial siaiements 17
The Amied Fortes E4uint Charity Notes to the Consolldaied Cash Flow Statement forthe Year Ended 31 Marth 2025 I. RECONCILIATION OF NEf INCOME TO NEf CASH FLOW FR(IM OPERAllNG ACTNMES Period 01.01.2023 to 31.03.2024 Year end 31.03.2025 Net Income for the reportin8 period las per the statement of finantial attivitiesl Adjustments for. Oepreciation charges Amortisation L05s on disposal of fixed auets Interest received Dividends received Revaluation of listed investment 119,120 1124.3151 118,568 2.3(Kl 92.344 2.300 41,344 13931 13721 Ca5hflow5 belore movement in working capital 239.616 11.280 Decrease I lincrea5el in 5t(Kk Decrease I lincreasel in debtors Increase I Idecreasel in creditors 11,6411 133.9091 147.4701 122,4561 156,800 Net cash provided by (used ifil operating activities 156,596 145,625 The notes on paees 19 to 31 fomi part ofthese finantial statements 18
The Arnied Forces Equine Charity Notes to the financial 51atements forthe Year Ended 31 March 2025 I. LEGAL FORM The Armed Forces Equine Charity is a private company. Limited byGuorarttee. registered in England Wales. Thtcompany's registered number and registered address can be found on the Company Information Page. 2. ACCOUNTING POLiaES Basis of preparlng the financial statements The financial statements of the charitable compaThy. which is a public benefii ent¢ty under FRS 102. have beeft prepared in accordance with the Charities SORP IFRS 1021'Accounting and Reportin8 by Charitie5'. Staternent ol Recomrnended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UX and Republic of Ireland IFRS 1021 leffectt¥e l January 20191,. Financial Reportin Standard 102'The Financial Rekx)rting Standard applicable in the UK and Republic of Ireland. and the Cornpanies A(t 2006. The financial statemeTht5 have been prepared under the historical cost convention. with the exceprion of investments which are incIje at market value. Basi5 01 Consolidation The group financial statements tmsolidate ihe financial statements of The Armed Forces Equine Charity and it5 wholly owned subsidiaries- Tedworth Equestrian Tradin8 LimiEed and TeLlworth Park Polo Itd a5 if they forrnEIl single entity. Intercompany iransattions and balances have therefore been elimjnated in full. The Group has taken advantage of section AO8 ol the Companies Art ZIK)6 by r1 providiTr8 a separate statement of financial artivities forthe subsidiary. Incoffle All income is recoBni5ed in the Staternenr of Financial Activitie5 once the charity has entitlement io the funds. Ir Is probable that the income will be received and ihe amount can be measured reliably. Governrnent 8rants shall be reco8nised in the SOFA on a sysiematic ba515 over the periods in which the entity recognise5 a5 expenses the related t05ts for which the 8rants are intended ro compensare. Trade debtors Trade debtor5 are amounts due from cu5torrws for merchandise sold or serriies perfofmed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are 5ubsequenily rnea5ured at amortised c05t using the effective interest metho¢J, les5 provision for irnpèirmeni. A provision for the impairmeThr of trade debtors is established when rhefe is objective evidence ihat the charity will not be able to collect all arnovnt5 due accoiding to lh¢ original terms of the debt. Expenditure abilittes are recognised as expenditure as soon as ihere is a legal or constructive obli8ation cornrnittin8 the tharity to that expenditW4 It is probable that a transfer ol economic benefits will be required in settlement and Ihe amount of the obligarion can be measured rd10¥. Expendityre 15 accounted for on an accruals basi5 and has been classilsed under headings that aggregate 311 cost related to the cate80ry. Where costs cannot be direct artributerj 10 particular headirw they have been alkxated to activiries on a basis consistent with the use of resources. 19
The Armed F•rte5 Equine Charity Notes to the Financial StatÈments lor the Year Ended 31 Marth 2025 2. ACCOUNTING POUCIES Icontinuedl Trade treditors Tiade creditors are obligations to pay for goods or servites that have been acquired in the ordinary course of bu5ines5 from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right at the end ol the reporting pertod. to defer settlement of the credr(or for at least twelve months alter the reportlllB date. If there 15 an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented as non<urrent liabilities. Trade creditors are recogni5ed initially at the Iran5Ktion wce and subsequently measured at arnort15ed cost usin8 rhe effertive interest method. Goodwill Goodwill. being the amount paid in connection wirh the acquisilion of a business in 2019. is being amortised evenly over its estimated useful life DI fifteen year5. Tangibles fixed assets Oepreciation is provided at the following annual rates to wriie off each asset over it5 estimated useful lrfe. Arena5 and Fencing Horse5, Eouestrian Equiyfient. Motor Vehicles Computer Equiprnent. FixinBs and Equipment S% on cost - 20%on cost 33%on tost and 20% on cost Taxation The charify is exempt from corFrf)ration tax on its charitable artivities Fund accounting Vnrestricted luThd5 can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restAtted purposes within the objerts of the charity. Restriction5 arise when specified by the donor 01 when funtls are Taised fot particular restritted purposes. Further explanation ol the nature and purpose of each fvnd is intlutled in the notes to the financial staternent5. Pension costs and other post.retiremeni beneffi The chariiable company operates a defined coniritrAAion pension scheme. contributnS payable to the charitable tornpany's pension scheme are charged to the Statement of Financial Activilies in the period to which they relate. 20
Arnitd Forces Equlne Charlty Noies to the Flnancial Ststements for the Year Ended 31 Marth 2025 3 DONATION5 AND LEfjACIE5 Year ended 31.03.2025 Period 01.01.2023 to 31.03.2024 Donations Gift aid 62,321 208,803 62.321 208.803 4 OTHER TRADING AcnviTIES Year ended 31.03.20Z5 Period 01.01.2023 to 31.03.2024 Fundraisine events 70.020 70.020 3S,494 35,494 S INVESTMENT INCOME Year ended 31.03.2025 Perlod 01.01.2023 to 31.03.ZOZ4 Dep05il account interest 372 372 393 393 6 INCOME FROM OIARITABLE AcnvmES Period 01.01.2013 to 31AI3.20Z4 Year ended 31.03.20Z5 Aclivlty Charitable attNity Charitable auwiiv Grants Other Iome 224.500 3,259 227,759 244,963 4,450 249,413 21
Armed Forces Equine Charity Noies to the Finantial Statements lorthe Year ended 31 Matth 2025 6 INCOME FROM CHARITABLE AcnvmES contlnued Year ended Perlod 01.01.2023 to 31.03.2024 Grant feceived. included in the above are as fdlow5.' 31.03.2025 Armed Fortes Polo As5Lxiatiort Army Benevolent Fund Anonymous Grant Armed Forces Covenant Arrny Ceniral Fund Army Sport Control Bozrd Hurlingharn Polo Association Dumbreck Charitable Trust ESC Lottery Funt1 Greenwich Hospital InvictU5 Games Royal Artillery RNRM Sports Lottery Robert Clutterbuck SPAR Team Forces The Nuffield Trust The Personnel Recovery Centre VKAFPA Veterans Foundation Whitehill Chase Wiltshire CouThcil lo.0 20.CIJO 25.Lo 24.000 25,000 5CX) 25.000 10,000 2.640 3,000 Is.000 18,000 25.000 51.236 500 5.000 20.0 50.CQO 40,000 1,200 11.000 40,000 20.0(KJ 5,CKIO 5.000 224,500 13,887 244,963 7 RainE funds Year ended 31.03.2025 Period 01.01.2023 to 31.03.2024 RainE donations and legacies Fundraising 13,248 13,248 16,161 16.161 (HARJTABLÉ AcnviTIES COSTS Dlrecl Support costs costs Tota15 Charitable activities 1.028.046 70.664 1.098,710 22
Armed Forces Eq¥lne (harity Note5 to the financial Statements t¢r the Year Ended 31 Marth 2025 9 SUPPORT C05T5 Finantt Governance Tota15 Charitable a(tiVkties IS.739 54,925 70,664 10 INCOMEIIEXPENDITUREI Net incomellexpenditurel is Stated after charBinK/lcredttir61- Pertod Year ended 01.01.2023 to 31.03.2024 31.03.2025 Depreciation- owned assets Arnortisation Surplus I Idelicitl on disposal of fixed asset Auditors remuneration 118,S68 2.3 11.8491 11.585 92.344 2,300 15,8081 11,000 11 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remunerat or other benefits for the year ended 31 March 2025 nor lor the period ended 31 March 2024. Trustees. t¥ptnses There were no trusiees. expenses paid for the year ended 31 March 2025 nor for the period ended 31 March 2024. 12 Year ended 31.03.2025 Period 01.01.2023 to 31.03.2024 STAFF COSTS Wages and salaries Social security costs Other pension costs 577.084 36,204 9.7CfJ 622.997 695.078 43.266 11,459 749.803 The over88e Trumbef ol employees durin8 the year was as lojlows." Year ended 31.03.2025 Perlod 01.01.1023 to 31.03.Z024 Employees 34 29 No employees received emolument5 in excess of E60.CW. The total remuneration and benefits lor key moA4ement personnel in the period to 31 March 2025 amounted to £nil 12024: £nill. 23
Arnitd Fortes Equine Charlty Noies io the finantial Statements forthe YÈar Ended 31 March 2025 13 COMPARATIVES FOR THE STATEME OF RNANCIAL ACTMTrES Unleritted lunds Restritted funds Total funds INCOME AND ENDOWMEPUS FROM t)onations aAd legacies 208,803 208.803 Charitable activitie5 Charitable activity 98.702 150,711 249,413 Subsidiary trading income Other trading activities Investment income Other income 1,243.192 18.611 393 1,243,192 35.494 393 16.883 Total 1,569.701 167.S94 1.737.295 EXPENDITURE 014 Raising lund5 Chariiable attNlties Charitable activiries 16.161 16.161 1.151.(th) 218,748 1.369.748 Subsidiary tf8din8 expenditure 475,701 475,701 Taial 1.642.862 218.748 1,861,610 NET INCOME 173.1611 151,1541 1124,3151 Transfets betsveen funds Net movement In rtdS 173.1611 151.1541 1124,3151 RECONCILIATION OF FUNDS Total fvnds brought forward TOTAL FUNDS CAARIED FORWARD 641,040 567.879 57.100 5.946 698,140 573.825 24
Armed Forces Equine Charity Notes to the Flnancial Statements forthe Year Ended 31 March 2025 Id INTANGIBLE FIXED ASSflS Goodwill COST At l April 2024 and 31 Mafch 2025 32,386 AMORnSATION At l April 2024 Charge for period 9,200 2.300 11.500 NETBOOKVALUE At 31 M3rch 2025 At 31 March 2024 20,886 23.186 15 TANGIBLE FIXED Assrrs- Gwoup Arenas & Fen¢in£ Motor Computer ¥ehicles equipment Equestrian Equipment Furniture & Equlpment Horse5 Totals COST At l April 2024 Additions Disp053ls Reclassification At 31 March 2025 796.087 131.073 123.5CK) 106.560 11.478 416 78.044 2.810 94,558 1.210.227 139,299 117.0001 117.fA)01 927,160 111,5(Y) 106.560 11,894 80.854 94.558 1.33Z.5Z6 DEPRECIAMON Al l April 2024 Charge for year Elim on disposal Reclassification At 31 Marth 2025 333.086 39.769 41.831 21.037 115.1511 56.247 Z3.573 4.834 1.828 10.285 15.609 13.659 16.752 459,942 118.568 115,1511 372.855 47.717 79.820 6.662 25,894 30.411 563,359 NET BOOKVALUE At 31 March 2025 At 31 March 2024 554.305 463,001 63.783 81,669 26,740 50.313 5.232 6.6dd 54.960 67.759 64,147 80,899 769.167 750,285 25
Arnled Forces Equine Chartty Note5 to the Financial Statements for the Year Énded 31 March 2025 15 TANGIBLE FIXED ASSETS- Aed Forces Equine Chaiity Arenas artd Fencing Motor vehides equlpment Equestrian Equlpmènt Furntture & Equiprnent Horse5 Totals COST At l April 2024 Additions Disposals Reclassifitation At 31 March 2025 685.087 131.073 72.7CKI 5,000 117.LWI 61,348 3.869 35.174 40,232 2.810 898,410 138,883 117,0001 816.160 60.700 61.348 3.869 35.174 43.042 1,020,293 OÉPRÉCIATION At l April 2024 Charge for year Elim on disposal Reclassification At 31 March 2025 309.498 34.219 31,114 10.877 115,1511 2.177 606 46.732 12.270 2.439 7.034 2.775 5,886 394,735 70.892 115.1511 343.717 26.840 2.783 59.1x12 9.473 8.661 450,476 ET BOOK VALUE At 31 March 1025 At l April 2024 471,443 375.589 33,860 41.586 58.565 59.171 -55.133 42.863 25,701 32.735 34.381 37.457 569,817 503,675 16 FIXED ASSET INVESTMENTS- Armed Forces Eqe thèrity Unlisted investments Totals MARKETVALUE At l April and 31 March 2025 i.ooi i.ooi NET BOOKVALUÉ At 31 March Z025 At 31 March 2024 i.ooi I,ooi i.ooi I,ooi 17 STOCKS Group 2025 Charity 2015 2014 2024 Finished Goods 3.557 1,916 26
Arrned Force5 Equine Charity Note5 to the Finanual Statements lor the Year Ended 31 March 2025 18 DÉBTOAS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2025 Charlty 2025 2024 2024 Trade debtors Arnounts owed from group undertakings Other debtors VAT 2S.695 14.295 2.486 12,202 16.144 9.549 29.565 15.612 13511 13511 5,227 Prepayments and accrued income 23,019 36.963 70.872 40.380 4.876 19 CREDITORS: AMOUNTS FAILING OUE WITHIN ONE YEAR Group 2025 Charity 2025 2024 1014 Bank loan5 and overdrafts Trade creditors Social security and other taxes Other creditors VAT Accrued expenses 39.890 IIXJ.028 24.347 16.90S 44,346 116.254 57.603 13.154 6,813 17.447 2SS.617 10,205 10,537 6.968 6,469 34,674 8.409 350 20.673 201.843 6,925 41.104 4,350 47,783 20 CREDITORS.. AMOUNT5 FALUNG AFTER MORETHAN ONE YEAR Group 2025 Ch3rity 2025 2024 2024 8ank loans 27,717 7.375 16.720 21 LOANS ANO OVERt>RAFTS Group 2025 Chaflty Z025 2024 2024 Bank loans Overdrafts 32.909 16.385 49.294 49.148 22.915 72.063 17.580 16,720 17,580 16,720 Payable within one year Payable after one year 39.890 9.404 49.294 44.346 27.717 72,063 10,205 7,375 17.580 16,720 16,720 27
Armed Forces Equine Charity Noies io the Financial Statements for the Year Ended 31 Marth 2025 22 MoveMENT IN FUNDS Group At 01.04.24 Incomin resour£es Resourtes expended Transfers At 31.03.25 Unrestrirted funds Gener31 fund 567.879 1,342,097 567.879 1.342.097 11,395.1421 11.395.142) 153,385 153.385 668,219 668.219 Restric1 funds Invictus Games Team Forces Veterans Foundation Strategic Shippin8 Wiltshire Council Arena Floor Greenwich Hospital A8F Soldiers Charitv Whitehill Chase 25.000 125.0001 19731 116.1121 14,1601 iio.¢x)01 973 4.973 20.025 20,000 10.000 153,385 18.0(K) 20,0) s.ofKI 271.410 B,886 15.840 1153,3851 118,CX)01 I20,Cl 15.1)001 199.2451 5.946 1153.3851 24.726 TOTAL FUNDS 573.825 I.613.? 11.494.387) 692.945 At 01.0424 Intomthg resources Resources expended Charity Transfers At 31.03.25 Unrestrtrted funds General fund 474.269 474,269 186.113 186.113 1241.1731 1241.1731 153.385 153,385 572.594 572.594 Re5trirted funds InvictU5 Games Team Forces Veterans Foundation Strate8ic Shipping Wiltshire Counol Arena Floor Gieenwich Hoskwtal ABF Soldiers Charity Whitehill Chase 25,( 125,OfyJl 19731 116.1121 14.1601 iio.0001 973 4.973 20.025 20.C lo.*) 153.385 l8.r7 20.( 8.886 15,840 1153.38SI 118,0001 120.ocKII Is.o(x)I 5.946 271.410 199.2451 1153,3851 24.726 TOTAL FUND5 480,215 457.523 1340.4181 597,320 All restricted funds above are included in the cash at bank. 28
Armed Forces Equine Charity Notes to the Financial statements for the Year Ended 31 Marth 2025 12 MOVEMENT IN FUNDS. coniinutd Gioup. Comparathes At 01.0123 Incoffling resources Re50urres expended Transfers At 31.03.24 VnrestrJ¢ted funds General fund fAI.040 1.569.701 641.040 1.569.701 11.642,8621 11.642,8621 567.879 SS7,879 Restricted funds Al8han Pro8ramme Army Cenrfal Fund Equine Therapv Horsepower dinner Invictus Games Loo Block- Tidworth Affta Board saddlers Dinner Fundraiser SJP Grant for Equine Therapy Course Team Forces Veteran5 Foundati( Wiltshire Council Arena Lights Wiltshire Council- TEC S.024 15.0241 125.C(M)I 118,1171 17.2921 151,2361 118.S331 115.1771 11.9291 124.0271 141.0261 12,OODI 19.3871 1218.7481 25.(X)O 18.117 1.706 51.236 1.971 15.177 5.586 16.562 1,929 25.( 20.0 973 4.973 2S.999 9.387 167,594 57.100 5.946 TOTAL FUNDS 698.140 1.737.195 11.861.610) 573,825 Ch3rity- Comp3rilive5 At 01.01.13 Inmmlng resource5 Resources expended Translers At 31.03.24 Unrestricted funds General fund 434.616 434.616 221.367 221.367 1181.7141 1181.7141 474,269 474,269 Restrl¢tsd funds Afghan Prograrnme Army Central Fund Equine Therapv Horsepower dinner InvKtus Games Loo B1k-T*dw0rth Area Board saddlers Dinner Fundrai5ef SJP Grant for Equine Therapy Course Tearn Force5 Veterans Foundation Wiltshire Council- Arena Lights Wiltshire Council- TEC 5.024 15.0241 125,(X)01 118.1171 17,2921 151.2361 118.5331 115,1771 11.9291 124.0271 141.0261 12.0001 19.3871 1218.7481 25.000 18.117 1.706 51,236 1.971 15,177 5.586 16.%2 1.929 25.ClXI 20,CIXI 973 4.973 25.999 9.387 167,594 57.100 5,946 TOTAL FUNDS 491.716 388.961 1400.4621 480.115 29
Armed Fortes Equlne Charltv Nottt to the Finantial Ststements for the Year Ended 31 Marth 2025 22 MOVEMEfrIT IN FUNDS- <¥Milnued Armed Force5 Covenant Trust- Supporting veterarb5 and familie5 irnpacted by the Afghanlstan confllrt programme. This was a Grant thai SUPkM)rted out work to assist those who were impacted by the eveTht5 of Afghanistan drawdown through the provision of an Arrned Force5 Community Hub/Café thar acts as a Welfare centre. Arniy Central Fund- Grant funding allowed AFEC to coniinue io deliver EquineAssisted Support to those servin8 members of the Amed Forces who were on Recovery Duty- We provided support to the Personnel Recovery Centres in Catterick and fidworth. Equlne Therapy (Equine Assisiance Svpportl- Fundin8 toY•ards equine support. Horse Power dinner- This was a fundraising dinner help at Drapers Hall in London where ticket sales, auction lots and rallle prizes generate incorne to support our Equine A55i5te(I Services Programme. Invictus Game5 IVPPPI- Funding enabled the continued delivery of Equine SupFQrt SeThices to our veteran beneficiaries and enabled the Charity to provide a pilot Veterans Active Retovery Course at Guys Marsh pri50n. This took our equine recLSvery course Thehind the wre." in support of Op NOVA. to reach ¥ererans in the Criminal Justice System. Saddlers Dinner Foundation- This was a fundraising dinner help at The Saddlers Club Whe ticket sales, auttion lots and raffle prizes 8enerate income to support our Equine Assisted Servites Programme. SJP Grant-veterans Équine Assisted SeThI$ Projert. This grant supported ihe delivery of Equine Assisted Services to 10 military Veterans at hi8h risk through a one-week residential retovery course. Veierans Foundailon. This funding allowed ihe Charity to en£a£e a Grants Manager which has resulted in thè income detailed in this section of the report. Arena FloorinE- A major projett durin8 this year was the refurbishment of the Outdoor Arena at Tidworth Equestrian Centre. The surface of the Main. floodlit. Ouldr arena was vffjm out and without repair and resurfacin8 the an8 would have be unusable and closed from June 2024. The following Grant GNers helped to fund these vital. major works.. Nuffield Trust, Army Sport. Orvrnbreck Charirable Trv51. Army Sport. Amry Polo Association. RNIRM Srxirts Lottery. UK Armed Foices Polo Association, Team Forces and Sport England. Greenwith Hospital- RN and RM vetetans had not been included in the Veteran5 Active Recovery Pro8rarnme5 until this funding was rtteived. It allowed AFEC to prtr•ide ten RN and two RM place5 on our residential recovery courses. ABF SfAdiers Charity - Equine Assisted Services Projeci. Thi$ 8rant supported the delivery of Equine Assisted Services to serving personnel who are seriously wounded. injured and Sick and under the care ol the MODS permanent recovery centS in Yorkshire and Wiltshire.
Amitd Force5 Équine Charity Notes to the Financial Statements lorthe Year Ended 31 Marth 2025 22 MOVEMENT IN FUNDS- cgntinued Whltehlll Chase- This grani allowed the Sandhurst Eqvestrian Centre to run the Pe8asus Programme for youn8 people who have become disengaged with school and for SEND children who benefit from aliernate learninÈ emperierices. Wlhshire Coun¢il- This fuftdins allowed Tidworth Equesirian Centre to provide bespoke rn riéden sessions for the lonely and isolateLI from the local Armed Forces C(Mmmunity around the Cenire. Our beneficiaries of this Erant are elderly. some have dementia. and it allows them and their carers to acce55 the outdoor5. a sale space to 50cialise. experience the value of being close to horses and be physical and mentally active. strate81¢ 5hlpplni- This funding enabled the Charity. throu8h their fidwJorth bzsed Polo Cantre. to provide sgeciali5t equsne and polo trainin8 for severely injured and disabled veteran5. 21 RELATED PARTY TRANSACTIONS Theie were no disclosable rdate(I party tran5action5 during theyear12024- none). 31