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 (En￿artd and Wales) *AEIIT4131Y* 20112r2025 COMPAMES H(xJse A15 #136 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 Tal￿t 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 (￿l￿e￿ 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. SalIst￿ry. 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 ￿t￿ted 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 subl￿t 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 whol￿OWned 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 f￿u5 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￿$s￿re5 ffom 2023-4 continue and again the equestrian industry saw another reduction in riding establi5hrnents by a further 20%. What thi5 means 1$ 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 s￿131 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 I￿3[ 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 VUlnera￿e 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 Inon*ouinel activities. Enablln8 and Aswrins our Equine f*m 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 Arn*d Forces Equine Charity Report of the Trustees forthe Year Ended 31 Marth 2025 As50clate Member5hlp of the Equlne As￿sted 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 indi*Mduals 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 Miss￿lement 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 aCt￿ltIeS. 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 InC￿3$e ovr resilience. Interest Rate R15k. The charity has interest-based liabil￿*1eS 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 rev*wed 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$5ets coming to an end, the budReted S￿n￿ will be focussed on core artivities and de$￿@￿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 F￿￿1¢ I￿en￿e 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 f￿anCIal 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 reèsma￿eand prudent. The Tiustee5 also rnU5t ptepaie the financtal 5taternents on the conrewn basis Un￿5% ¢ 15 inappropnate to we5ume ¢hatthe chority will continue Irs attiyities The Trustees are responsTble lor kee￿ng 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 h*e 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@brMedff0rceSeq￿lne.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 O￿nIOn 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 ex￿anationS 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 reaSonal￿e assurance about whether the financial staternents as a whole are f￿e from material misstatement, whether due io fraud or error. and to issue a Report of the Independent Audiiofs that includes our opinion. ReasOna￿e assurance is a high level of assurance, but is not a guarantee that an audit conducteRAFTS 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 Restric￿1 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,C￿l 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.r￿7 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 B1￿k-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. Ould￿r arena was vffjm out and without repair and resurfacin8 the a￿n8 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 cent￿S 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 r￿n 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