REGISTERED CHlIty NUMBEIL. 1203149 REPORT OF THE TRusfEES AND FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 MARCH 2025 FOR AIR CADET SURREY EDUCATION TRUST Harw Fowr LLP Ch3rtered PLcwntsnts 4th Floor TUOn House 27-37 5t Georg's Road Wimbledon London SW19 4EU
AIR CADEf SURREY EDUCATION TRusr CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Tr Indep¢nd•nt Examln•rfi Report ststement of AnanCI A¢ll¥ttl•8 B•lan¢• 5h•rt Cash Flow Stotqment io Not•s to the Cajh Flow Ststem•nt Not•* to th• Flnwdal Statsm•nts 12 to 16 D•tsll•d Statsm•nt of Fln•nclJl Artlvltl 17
AIR CADET SURREY EDUCATION TRLsr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their re)rt wth the flnandal statements ¢1 charfty for the year ended 31 Maich 2025. The trustees have adopted the provlgons of Accounhng and Reporting by Charf(ies'. Strternent of Recornrnended Pracuce applicable to charitie5 pparIng their account5 in accordan with the Thnancial Rew)rting StaTrJard applicab in the UK and RepuL4ic Ireland IFRS 1021 leffectNe l January 2Q19). OBJEcfivES AND A[VITIEs ObJertiv and alms To advance the edwatlon of young and pOte the of the Armed For of the Crown, In partlcular but not exclusNety by maklng grant5 to 5UPPOrt the charltat4e aLO'vities of koyal "1 Force Alr Cadets In the Surrey WlThJ Ibelng the grouping of Air Cadets squadrons In Swreyl. Slgnlficant actlvltl•s The Cto was set up to take over the remainlng assets cl Trust S¥oFerty kn Qnnectlon Wlth Wlrntledon Alr TralnlThJ Corps HeauarterS (Charity nufflr.. 1072525}. The £2,000,ofN) donatic frorn the sale of the a55ets of Wlmt4ethsn Tralning Corps HeadqUartS has been Indthd In the flnanclal ststements. During the year the CIO recelved grant fundlng of £IOO,000 from Wlrnbledon A4r Tralnlng Corps Headquarters and mode grant of £61,000 to Surrey WSng Cadets. The grant from Wlmbledon ATC Trust was enabled by the sale of freehold property neCeStng the formatlon ol b new Trust IACSEf) to reflert the change In Oblectlves ActlvltÈ5 from property ownlng Trust to a grnnt maThJ Trust. Publ1< benefflt In planning the artivit$ ol the charity the twstees have had dve regard for the Charfty Cornrn154)n's gUIdan on publk benent. FINANCIAL REVIEW Financial position Total income for the year was £2,135,245 whlch IncleS £2,t(#J,000 donaOn from Wimbkdw Ajr Traknlng Corp5 He&uarters. Total exFendlture wa5 £68,278 whlth iludeS É61,000 gtBnt pald to Suw Wlng Alr Cadets. The iots19Jrplus for year and the net assets were £2,066,967. Inv•>tm•nt poll<y and obiortives Our IrNesbmert oblectlves are to malntaln the catytal value of the assets and to generate Income to support our charitable acthibe5,
AIR CAD SURREY EDUCATION TRUST REPORT OF THE TRusfEES FOR TME YeAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Reserve5 poIIcv The trustee5 of ACW have resofved that reserves will cornprise net capital received as an eThlowment Igranv legacy followng the merger wlth Wimbledon ATC {18F Squadron) Headquarters Trugc having allowed dl profeSSK)nal fees and expenthture Incurred In order to enable1c0rnle the merger aThJ fomiats'on ol ACSEt. Futu reserves will comprise catal held at bank invethent funds plus interesvdivldends on such funds less grnrts made to qualfying grantees and expenditure on running costs such as, but not Ilmlted to, profeslonal fees and inSUrar11dernnhty pMium5 provmded that such grant5 and costs shall not exceed the caWI reserves of the premous rinanaal year. Any surplus in excess of the prevlous yearfs caprtal reserve, not used for grants or expendlture Sn running the Trust, thal be added to the caJtal reseNe and become5 the catAtal reseNe for the current flMKLal year. The treS alm to malntsln free reseNes In unrestrirt£d funds at a level whlch equates to approximotely three months of unrestricted chamtsble expendrfture, plus Inveslments capoble of generatSng E80,000 of annual lrtome. The trustees consider that this level wlll provide sulfldent funds to resp)1 to applkatlons for grants and en9Jre that suppcfft and governance costs are covered. The trustees consider that a level of 3 rncrths is sufflclent glven the low level of ovthead expendf(ure and flexibillty of grant payments. The balan held as unrestricted lunds at 31 March 2025 was £2,066,697, of whlth £2,066,697 Is re9arded as free reseNes wlth m lunds tled up In tsnglble nxed assets ond the Investments belng acce551ble at short Tr)tlce. Overhead annual cash payrnents totalled £7,278 and an Investrnenl ptsrtfollo of around £2,DW,000 should generate the requlred income at a 4% return. The cvrrent level of reserves Is therefore hher Is nee(kd and can be adjusted Increaslng the arnount of grants made 2026. Rljks and Unurtalntle The tiustees have con51dered anEJ dlscussed potentlal d5ks. Due to the assets of the Trust sOty nnarKlal, name money Flad on desIt wlth bkS or Investment funds a5 pounds Sterling, prlmary risks are Lknryjes In Interest rates and fluctuations In the finandal equity, lyJThJ and gilt markets. These are outslde the control or the Trust or trustees but capital deposits are held In low sk lunds vla COIF ICCLAI or a Buslness Reserve account at Natwest Bank. The Trust has lormed an Investment Commlttee which comprises a minlmvm of the Iwstees PrOSe meet and dlscuss rlsk management at ast [ce per annum. The Trust hdds rKJ physlcal assets such as bldIngs. land, rnachlnwy or equlprnent. The Trust does Trjt employ any pald #aff and the trustees are all voluntsry and unpald. The onty financial outgolnys, other than grants, are fees lo pr¢lesslonal a¢fvlser5 and Inran premlurns for trustee lIatlIty, fraud aTrJ clalms by thlrd partle5. Insurance c¢ver Is also in pla io cover the risk d clairn5 )giinst the lormer WImbled( ATC118F Squadron Headquarters Trust). FWURE PLINS The Trust prcpJses to maintaln Il's p)lides as defined In 'S Objethves aThJ ¥Yill contlnue to provide 9rants for the toneflt of all C3det Squadrons in Surrey via Surrey wi. There are prcp)sa15 to expand geograpNcal coverage, wrthase physcal a55ets or empkny aff. The Trusi wll contynue to fund grants from Investrnent Income with a vlew to malnta1nl a A)stanbal catal base. STRUCTURI GOVERNANCE AND MANAGEMENT Goyernlng document The charlty is cOntrold by it5 goveming thxvment, a dEed ol trust and con5tKuEes an unlncorporaied charity. Charity con5titutlon The Trust Is a CharItsb IncorrK)rated Organlsation Ictol govemed by a wrltten Consty'tution document dated 19th May 2023 and approved, 5ubmiLted to and held by the Tharity CommIsOn.
AIR CAD SURREY EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AIID MANAGEMENT Recrultment and appointment of trustees The Charities Act 2011 defines charity trustees as the peOe who have general cortrd anL1 managernent of the adrniniStra0rn of a charty. The Code of cduCt for the Volurtary and Comrnunity Sector includes as part of thls prlnclples that liueS should have a diverse range of skills, experieKe and kTh)wledge needed to run an organlsati effeth.vell and that Irustees shoukj enwre that they received the nece55ary Indurtlon, training, and ong¥Jlng supwjrt they to dlscharge thar dubes.. In atJdltlon, Statement of Recommended Practlce 2fM)5 requires dlsclosure of the meth¢ds adopted for the recrultment and appolntrnent of trustees and the pollJe5 procedures adopted for the Inducuon and tralnlNJ of trustees. The Tru# recojnlses that an effectlve Board of Trustees Is Imperauve to ensure thot the charity is SuccesUl In achlevlng objectfve& The Board wants to er6ure that it engages effthly the peopk, oryanlsJtlon5, and comrnunltles It seNes. The role of the Board of Tru5ttes Is.. To work cdlertivety with fellow TreS to further rhe organlsation ty errIng the Trust has a ckar vlslon, rn10n and strategt direLtion and Is focused on athlevlng these, whllst onsurlng that all actSvbties are wlthin the chatable obj'ects. To rrK)nltor the dellvery of the annual work plan ensuring delivery of key projects and milestones. To ensure the ongolng flnaKI 3lIty of the Trust and feguard Its assets lor currert and future teneficlars of the Trust. The Trust's gDvemlng drKument does Th)t specKy the number of trustees to te aported. Trustees are usually appolnted for a flxed temi of 3 years and fcr a maxlrnurn contlnuDUS term of 9 years. It Is a crfmlnal offence for an indfvldual to 5etve as a Trustee If dtsquallfled from dolng so. Approprlate check5 Wtll tse carrd out to ensure that indfvldua15 who have been selecteil to become a Trustee a eligltrAe. These checks will Indude Jth erenCeS and scwnlng, Before any recruitment process Start5 the Board ol TnJth5 11 undertake an aLKlIt of exlslrrfJ mernbers to Identty what addltional skills and experlence are required. The Trust wlll seek to reach the wide# ptsjl of appllcants FQ551ble by uslng a mlx of different advertlslng approaches, As part of a fair recrullment those exprexslThJ an Inte& wlll be Invlted to let the Tru know W there Is anythl that we can do to make the process rrK)re stralghtlotward for thern. Thls might be pyovhling the recrultment pack or aFplicab'on form In a dffterent format, pro0 of BSL irterpreters for any rneetlry a5 Part of the recrultrnenf pr[S5 The reuultment pack I11 Include detailed background Informatlon about both the 015)tIOn end the ro, an Indfvlduals who are Interested in finding out more will be pro%Aded with contart deialls. The recrultment pack will a150 Set out the 'es5ents'al 5kllls or experience, required bad on the results of the skHls audtt. All applicants with a di5abllty or mental heaf(h chalnge or long-term heath condStlon who have these essentkl skills or expernce wlll be guaranteed an Interview. Ap[CantS will be asked to make a wrltten or videoed appllcation, seib'ng oui how they meet the requirements d the rde, why they would like to be a Trustee, what additlonal skills and exwience they would bring to the Trust, byhot cortfibubon they would Ilke to rnake arKJ whfjt 5UPP¢Jt they would like and need to te aue to make that contributK)n. AJI applica¥ons will be rthewed by a commbttee of the &)ard ol Trustees against the rDle requirernents. The committee wlll yodwe a short list and InvSte those on to submit their references ond attend an interwew. Interyiews wlll be condLKted by a panel of Trustee5, who will then make recornmendion5 for appK)lntntIs) to the
AIR CADEf SURREY EDUCATION TRusr REPORT OF THE TRusfEES FOR THE YEAR E14DED 31 MARCH 2025 STRucfuRE, GOVERNANCE AND MANAGEMENT Apptslntments will be subject to rderences and checks and tPE sueSul applkants w41 be asked to.. Complete and ggn a dec53rab.on of nteSt form, io be retalned by the Trust; &"9n a declaratlon that they are eligible to serve 35 a Trustee,. and Agr and slgn the code of conducL Trustee5 are excted to wor to the role descrlptlon and a code of conduct and attend all Boa meen9% If a Trustee is absent wlthoul the Femilssion of the Trustees from all rneetlngs held w6thin a 6 month perfod, the Tw5tee may be removed from office. There wlll be a I2-mth probatlonary petlod to ensure the fit cl the new Trustee to the 8oaTd, ènd the 8oard for the new Twstee. Trustees can clalm reasonaNe out of porket expenses that are incurred whllst fulfilling the rde of Trustee. Suth expenses mltht Indude travel and refreshments, childcare, a Fersonal asstst, a BSL Interpreter etc. An expew pjlity coverfng what can be dalmed Is avablae. In accordan¢e wlth the TS govemlng docunnt, Trustee5 wlll not be pald for Carr9 out thdr dWes on behalf of the Tru*. Xnductlon and tr•inlng of n•w trustee All Tru5rees wlll sup JSed with acces5 to the Trust's rnance Portal, whlch Indudes essentlal Infomiatlon abJu¢ Barnwood Trust and Minutes and papers from prevlous Board Jnd sub<ommth meetlng& For new Trustees there wll be a formal Lnductlon Prtsjramme which wlll cover all awects of the Trust's work and the legal re5ponsibllitie5 that corne wlth telng a Trustee. In addSllon TnjeeS are required to undertake additkjnol trnlning and d0pment as agreed by the Board. The wlll be an annual appralsal opwjrtunty wlth the Chalr to revlew kndfvldual perforrnance to con&der ony sF¢dfk trairmng needs. Rl•k manag•mert The trusiee5 have a diity to identSfy and revlew the rfsks to whlch t1 charty Is exposed and to ensure approprlate cortrols are In pla to proylde reasonable aran against fraud and error. REFERENCE AND ADMINIRATIVE DEfAZLS Regist4red Ch•rlty numb•r 1203149 Prlnclpal address 2 The Tlthe 8am Ripley Rood East Clandon Guildford GU4 7SE Nigel Slmpson Rthard Denn15 Ct)wel James Neil Morri5 VR JP Phllip Andrew Lucas WGCdr RAF Karen Parker Grenville Willian Steven lknchar(ts John Silver
AIR CADET SURREY EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADmINIRATIVE DEfAILS Independent Examlner Hartley Fov41er LLP Chortered Acctyjntsnts 4fh Fh)or TultKJn House 27-33 st Georye's Road Wimbledon London SWI9 4EU Sollcltors Russell Cooke 2 Putney Hlll, Putney, London, SWIS 6A8. Independ•nt examlne Hart Fowler LLP 4th FlcK)r Tuition House 27- 37 st George's Road Wimbkdon London SW19 4EU Bankers Nast Wertmlnster Bank Fk 250 Blshop9Jate LoTrJon EC2M 4A4 Invtrnent Advlsors CCLA Investment Managernenl l An9el Lone Lo$On EC4R 3A8 ATEMENT OF TRUSTEES, RESPONSIBiUTies The trustees are reSponsIle for preparlThJ the RepDrt of the Trustees and flnandal statements In acccfdèrKe wth pplkable law and Unlted Klngdom AcCong Standards {UnibJ Kjngdorn General ACpted kntIng Practlcel. Charty law requlres the trustees to prepore flnancial ststernents lor eKh financkl year. UTrJer that law. the trustees have elected to prepare the fina1)1 Sbltements In accordan vlth Unlted Kjngdom Generally Accepted Accounung praLfj Iunlted Klngdom Accountlng Standards and apF41catAe law). Under charlty law trustees must rK)t approve the flnanclal statements nsS they are &4tisfted that they gNe a true and fair view d the state of affairs of the charty and of the IornIng resources and appllutkjn of ie50urce5, Includlng inc¢yne aThJ expendlture, of the charlty for that per1. In preparirrfj Ih05e financlal statements, the trustees are required to select witsiAe acwunting pKJlicles and then appty them con5iStendy- observe the methods and prlncipks In the Charlties sorip; make judgement5 and estimates that are reasonaNe and prutlEnt' 5tste whether aprAicatAe Kcountlng stsThaards have been followéd, sUrt to any materfal departures dlsclosed Bnd explained in the financlal statements. prepare the financlal Staterrnts on the gdng conr unles8 It Ls Inappropriate to presume that the charity VAII contlnue In buslness. The trustee5 a resp&ble lor keeping proper accourtir4J records whith disclose with reasonable occuracy at awy time the financial tIOn of the charity and to enable them to ensure that the finanaal staterllents compty wh the Charities Act 2011 and The Charity (Accounts and Rep) Re9at)n5 2008. They are also reSpor1b for safeguardlng the a55et5 of ihe charity and hence fL taking reasonable steps for the prevenfjon and detection of fraud and other Irregularities.
AXKCADEfsiiRREYEDUCATION TRUST REPORT OFTIE TRLisfEF5 FOR THE YEAR EHDE• 31 MAACM 2025 PyJxDv& tytytsofthe on 23 2026 wvj *JneJ oft ts bthallty..
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AIR CADEf SURREY EDUCATION TRUST Ind•p¢ndeTht •xaminerfs report to the trustees of Air Cadet Surrey Education Trust J repKsrt to tharity trustees on my examlnaticffj of the accounts cl Alr Cadet rreY EdUCaon Tvust (the Tru) for the year endeij 31 Marth 2025. Responslbllltles and basls of report As the charity trustees of the T¢u5t you are rewn51ble ft>r the prepardtlon of the accounts In acovdance wth the r4uSrernents or the charle5 Art 20111'the ACVI. I report in respect of my exarn]naOn of the Trl'S accounts carrfed out under Section 145 of the kt and in carylng out my eXanatiOn I have folltswed all applKat4e DlrecUon5 given ty the Charty CommisJn under sertic 14515llb) of the Ind•pendert examlnerfs gtstsm¢nt Slnce your charitys grttss IKame exceeded £250,000 your examlner must te a mernbtr of a Ilsted I can connrm that l am quallfled to undertake the examlnalon because l arn a member of the Institute cl Chartered Acctyjntants in England and Wales, which15 or* of the Ilsred LYxlSes. I have completed my enminatlon. I confirm that no rnaterlal matters have come to My attentk)n In coMectlDn wlth the examinauon gIvi4 rause to beIve that in any materSal SPect.. accounting rdS were not kept in respett of the Trust Ls requlred by Sectkjn 130 of the Act,. or the accounts do not accord wlth those records; or the occount5 do not conwy wlth the appllcable requlrement5 concemlng the forrn arKJ content of accounts Set out In the Charities {kcounts and Reports) Regulatbns 2008 other than any requirem2nt that the accounts glve true and fair vlew ¥thith is a matter con5tsJered as part ol an Independent examlnallon. I have ntt concerns and have come iCT055 no other matters In connectlon hth the examlnatlon to Jitentlon should be drawn In thls report In order io enoiAe a proper understanding of the accounts to be reoched. Jonat an ew FCA Hartky FoWr LLP Chartered Accountants 4th Hoor Tuiuon House 27-37 St George's Road WIMbd0 London SW19 4EU
AIR CADET SURREY EDUCATION TRiJsr STATEMENf OF FINANCIAL ACTIVITIES FOR THE YEAR EI4DED 31 MARCH 2025 Period 1915123 to 3113124 Total lunds Year Ended 3113125 Unrestrfcted fund INCOME AND ENDOWMENTS FROM Donats"ons and legacie5 2,008,380 Charftable •¢tl¥ltles Surrey Wlng 104,322 Invethert Income 22,3 Totsl 2,135,245 EXPENDITURE OM Charit•ble activitlei Surrey Wlng 68,278 NEf INCIJME 2,066,967 RECONCILIATION OF FUNDS Totsl funds brought fard TOTAL FUNDS CARRIED FORWARD 2,C66,967 ThÈ notes f£*m wt of flnal statemaits
AIR CAD 5URREY EDUCAIION TRUST 31 14ARal 2025 2025 2024 rJFrt6J Tatal Jr ftsnds li 2,030,923 CuRRENrSErS 12 Cath at ba 166 41.998 41164 CREDrroR5 knounts falllng due wthln year 13 NQT CURREiifASSETS 2,066,967 1066,967 FUIIDS 14 2,066,967 TOTAL FUNDS lQ66,967 st4trntS ¥¥tr• OPPD¥J ty Ihe Btwd of Tn ar¥J wJtt)rW for Iwe on 23 WI 2026 %ve ned on ts bthoif by: 51rnps¢n. Tne fMn partrfthe¥effnaMa ¥atewts 11
AIR CAD SURREY EDUCATION TRU CASH FLOW STATEMErir FOR THE YEAR ENDED 31 MARC•1 2025 Period 1915123 Year Ended 3113125 3113124 Note5 C•sh flows fmm operatlng artmtleg Cash generated from eratIOnS 2,050J78 Net cash provlded by operating actIe$ 2,050,378 Cash flows fvom Investlng activitie Purcha of fixed asset Investrnents Olvidends recelved 12,030,923) 22,543 Net cash Iu5ed lnl1pded by Invesung activityes (2,IY)8,380) Change In cuh and calh •qulvalents In tho repDrtlng perlod Cash and cash equlvalents •tth• b•glnlling of the rqptytlnq perSod 41,998 Cash and cash equl¥alents Jtthe end of the r•portlng perlod 41,998 The note5 frjm? part of these flnanclal staterfftnts -io-
AIR CADET SURREY EDUCATION TRUST NOTES TO THE CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NEf IllCOME TO NEf CASH FLOW FROM OPERATING ACtivmES Perlod 1915123 Year Ended 3V3125 3113124 Plet income for the r•pNting perlod {a5 the Statement of FinY4nclJl Actlvltles) Adjuslments for.. Dfvidends receNed InCaSe In det*( InCaSe in ¢redf(ors 2,066,967 (22,543) 11661 6,120 Nrt cash provided by 01•toon% 2,050,378 ANALYSIS OF CHANfjES IN NEf FUMDS At 114124 Cash flow At 3113125 Nrt cash Cash at bar 41,998 41,998 41,998 41.998 Totsl 41,998 41,998 The note5 frjm) part of these flnarKlal statrnts -li-
AIR CADET SURREY EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTIt4G POLICIES Ba515 of prep8rrng the financial statements The financial ststements of the charity, which Is a publSc benefit entity under FRS 102, have been ppre In acCOrdae with the Charities SORP (FRS 1021 'Accounts'ng and Repotting by chat5.. Ststernenr of Recornmeryjed PractKe apFllcable to Charlties preparing thelr aCCots In accordance with the Financial Reporting standard applicatde in the UK and Republic of Ireland IFRS 1021 leffectlve I lanuary 20191,, Flnandal Reporti Stsndard 102 The Financlal Repong Standard appllcable in the UK and Republic cl Irelartd, and the Charlts'es Att 2011. The flnantJal statements have been prepared Uer the historkal cost convmtlon, with the excewc of investments whlch are included at rnarket value. Current period figures are for the 12 TrTh)nths from l Apyll 2024 to 31 March 2025. Girnpafatlve figure5 are for 10 months from 19 May 2023 to 31 March 2024. In¢om• All irKome Ts Cogn5$ed in the Siaternent of Flnanclal Athttes ontt the tharlty has entitlement to the fund5, It Is probable that the Income wlll be received and the amount can be measured lIab. Voluntsry Incorne Is recelved by way of grants and dwatlons and 15 Induded In full In the Statement of Financlal Act5vltles when r¢(efvab. oonath) are recogn15ed whEn the chadty hos been notyfied In wntsrg of both aMot al settlement éate. Expendltur• Llèbilities are recogn15ed a5 expendlture as soon as there Lg a legal or construthve obllgath)n commliilng the charty to thal expendlture, It Is probable that a transfer of economlc nefitS will be required In setdement aTrJ the amount of the oblIga0Th can be meaxjred rellav. Expendllure Is accounted for on an accruals bass and has been cii%slfied under headlrrfjs that aggregate all co relatsd to the category. Where costs cannot be élrectly ttrlbuted to parucular headings they have been anwated to attlvltles on a bal5 Constent wlth the use of resources. Gronts offered subject to condiJcfis whth have not been met al the year end d)te are noted a5 a commitrnent but not accrued 05 expendr(ure. Taxadon The d)arfty & exempt from tsx w ils chatable actlvitle5. Fund aoUntIng Unrestrlcted funds can be used In attordance th the tharf(a&k ObJeCteS at the dreon of the truste Restrlcted funds can only be used for PBrtlcular restrlcted purposes hvthin the objects of the charlty. Rethcfjms arlse when spe(lfled by the donor or when fu$ are ralsed fcK p1Cur restrkted purposes. Furtlw explanatk>n of the noture and purpose of each fund Is Induded In the notes to the financlal staternents. Flxed a55•t invo6tm•nts Invements are IncludLNJ In the Statement of Flnandal Poltlon at thelr falr valuE, All galns and Ios5e5 are taken to the Ststement of Flnanc+al Actfvities as they arise. Realised galns and losses on Investments are calculated as the dbfferentr befften sales proceeds and their openiTrJ carylng value cff thelr purchase value rf acqulred Subsequent to the flrst day of the NnancSal year. Unrealised galns and 1055es are calculared as the differen bet%veen the fair value at the year end ond their carrying value. Reallsed unreali5ed inve5trnent gains and losses are corntAned in the Statement of Rnancial Actmties. Cosh at bank Qsh at bank Includes cash and short-tem) highly liquld inve#nts wlth a 51KJrt matudty of three mnth5 or less from the date of acqUItion or opening ol the de>Sit or similar account. Debtors Prepayments are recognised at the Invot8J cost prepald. -J2-
AIR CADET SURREY EDUCATION TRusr NOTES TO THE FIf4ANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 AccourfriNG POLICIES- ¢ontinued Fixed asset innstments CredltOf5 CreditLYS are reco9nised when the charity has a pre*nt obllgatRin resultr'rg from a past event that wtll probaLIy re9Jlt in the transfer of funds to a third party and the amunt due to setde the obligation ctn measured or estlmated rdlably. CdItorS are norrnalty recognised at the settkmert amount. I)ONATEONS AND LEGACIES 1915123 Year EThJed 3113125 3113124 Donatlons 2,008,38D Included in donotbns is £2,OOD,000 from the sak ol the ossets of Wbmbledcn Ijr Tralnlng Corps Headquarter&. INVESTMENT INCOME Perk¥J 1915123 Year Ended 3113125 3113124 Other flxed as5e¢ Invest- Fri 22,543 INCOME FROM CHARThA8LE ACTivrriES Perbx 1915123 Year Ended 3113125 3113124 ACtIty 9Jrw Wlng Grants 104,322 Grants recelved, Included In the ab)ve, are as follow5: Perlfrj 1915123 lo 3113124 Year Ended 3113125 Wimt4edon Air Corps 104.322 -13-
AIR CADET SURREY EDUCATION TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR eNDeD 31 MARCH 2025 Grant funding of activifies (see note SuFyort co#s (see note 7) Dlrect Costs 61 Tots 5uNey Wino 138 61,U)O 7,140 68,278 GRApifs PAYABLE Perbjd 1915123 to 3113124 Year Ended 3113125 Surrey Wlng 61,lY)O SUPPORT COSTS GovernaKe costs Surrey Wlng 7.140 TRusfEES' REMUNERATION AND 8eMEFiTS There were no trustees, remuneratbn or other beneflts for the year ended 31 march 2025 nor for the pertod ended 31 March 2024. Trnrt¢u' •xpenM% There were no trustees, expenses pald for the year erKled 31 March 2025 w)r for the perlod e 31 March 2024, COMPARATIVES FOR THE ATEMENT OF FINAP4CIAL ACTMTies Totsl funds NEf INCOME TOTAL FU14DS CARRIED FORWARD -14.
AIR CADET SURREY EDUCATION TRusr NOTES TO THE FINANCIAL ATEmENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 10. INDEPENDENT EXAMINATION The independent examirobon fee ft)r the year was £5,100 plus VAT (2024 Énu). ii. FIXED ASSET INVESfMEPS sted Invethents MARKEf VALUE itions 2,030,923 NEf BOOK VALUE At 31 March 2025 2,030,923 At 31 March 2024 There wore no Investment assets outsble the UK. 12. DEBTORS: AMOUNTS FALLING DUE WrnIIM ONE YEAR 2025 2024 payrnents 166 13. CIiEDrroRS: AMOUNTS FALLIIIfj DUE WITHIN ONE YEAR 2025 2024 Other uedttors 6,120 14. MOVEMENT IN FUNDS Net movement In funds At 114124 3113125 UnMrtrlct•d fundj General fund 2,066,967 2,066,967 TOTAL FUNDS 2,066,967 2,066,967 Net moven*nt In funds, Included In the abLwe are as fc41ow5.' Incornl re50ur¢es Rwurces expended MINemLt In fuTxIs Unrestrfirted fund• General fund 2,135,245 168,278) 2,(156,967 TOTAL FUNDS 2,135,245 (68,276) 2,066,967 -15-
AIR CADEf SURREY EDUCATION TRUST NOTES TO THE FINANCIAL STATEMEfiTs- contlnued FOR THE YEAR E14DED 31 MARCH 2025 RELATED PARTY DISCLOSURES Trre were no reled party transartths the year ended 31 March 2025. -16-
AIR CADET SURREY EDUCATION TRUST DEfAILED sfATEMENf OF FINANCIAL AcrIvrriES FORTHE YEAR ENDED 31 MARCH 2025 Period 1915123 Year Erkd 3113125 3113124 114COME AND EMDOWMEIITS Donatlt)n8 and legaci Donatk)ns 2,008,380 Invostmerrt In¢ome Other flxed asset invest- FIE 22,543 Charltsjjle irtlvltl• Grants 104,322 Trtal Incoming reNre•S 2,135,245 EXPENDMIRE Charltsbl• acu11•8 Insurance Grants to 138 61.000 61,138 Support cortj Governance cojts Accountaw and legal fees Independent examlntrs fees 1,020 6,120 7,140 Total resource5 eApeTh*d 68,278 Net IKom• 2,066,967 This ptye doe5 not form pjrt of the statukny finanool statemwts -17-