Charity registration number: 1210319 Company reglstration number: 15850680 INVICTUS UK 2027 LIMITED (A Company limited byguarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 1111 ¢AÉYBONIV' 21103r2W26 COMPANIÉS HOUSE A13 #139 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIREcfoRS' REPORT) FOR THE PERIOD ENDED 31 JULY2025 coKrENTS Page Trustees. report Statement of trustees, responsibilities 22 Independentauditors, report 23 Consolidated Statement of Financial Activities Consolidated and Charity Balance Sheet 30 Consolidated Statement of Cashllows 31 Notes to the Financial Statements 32 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY2025 REFERENCE AND ADMINISTRATIVE DEfAILS Charltyname Invictus UK 2027 Limited Charity registratlon number 1210319 Company registratlon number 15850680 Trustees JM Averty (appointed 1 December 2024} C Conneally (appointed 1 December 20241 KM Eccles (appointed 28 October 20251 VGosling-Evans OBE {appointed 1 December 2024) Prof. ML Levermore MBE (appointed 1 December 2024) P Mccrudden (appointed 1 December 20241 DA Noon {appointed 27 August 2024) LTGen R Nugee CB 010 CBE (appointed on 22 July2024} M Poole OBE (appointed on 22 July2024) Sir DThompson QPM DL (appointed 1 December20241 Swallace (appointed on 10 April 20251 Registered office Fourth Aoor. Haig House. 199 Borough High Street, London. SE11AA Chi•f Executive Officer Helen Heiiiweu Auditor Moore Kingston Smtth 6th Floor, 9 Appold Street. London EC2A 2AP Bankers HSBC 130 New Street, Birmingham. B24JU Solicitors Burges Salmon One Glasswharf Bristol, BS2 OZX INVICTUS UK 2027 LIMITEO TRUSTEES, REPORT {INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 Letter from Victoria Gosling OBE. Chair of Truslees Dear Friends, It is myprivilege to introduce ourtirst annual report, markingthe conclusion of an exciting inaugural year. This year has been about supporting Helen and herteam as they laythe foundations for a truly remarkable Invictus Games. just under two years away. OurTrustees have worked closelyto provide guidance and oversight, ensuringthat every decision reflects our core purpose: supporting the recovery and rehabilitation of our competitors. Together, as a dedicated team. we are focused on securingthe funding required to deliverthese Games. Working hand in hand with our commercial partners. we are attractingsponsorship and supportto reduce reliance on public resources 8nd ensure Birmingham 2027 delivers an extraordinary experience for everyone-competitors, families. volunteers. staff. and spectators alike. Having been part of the veryfirst Invictus Games in London eleven >ears ago, I have Seen firsthand the transformational impact these Games can have-not only on participants. but on theirfamilies. localcommunities. and the nation. l am proud, honoured. and genuinelyexcited to be part ofthis journeyagainfor Birmingham 2027. Mysincere thanks goto Helen and herteam. ourTrustees. volunteers, and supporters. Your dedication, energy, and belief in the Games have made ourfirstyear a remarkable success. With gratitude, Victoria Gosling 08E ChairofTrustees Page12 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY 2025 Letter from Helen HeLl1we￿ CEO Whata phenomenal firstyEar-since being awarded hostcity status ourgrowingteam and supporters have achieved so much and I'rn incredibly proud ofwhatwe've accomplished together Looking ahead. Invictus Games Birmingham 2027 promisesto be a truly spectacular event. It WILL bring together 550 competitors. their friends and families. from around 25 nations. and welcome over 20.000 spectators each day at the NEC- all to support the recovery and rehabilitation of Armed Forces personnel who have been injured, wounded. or fallen ill during their Sen4ice. It willaiso be an incredible opponunityto showcase Birmingham onthe globalstage. celebralingthe city, its world-ciass medical facilities. communtties. its resilient spirtt and connection to ourArmed Forces Community. To make this possible. we set up a specialpurpose vehicle (Invictus UK 2027 Ltd), now registered with Companies House and the Charitycommission. and received initial fundingfrom the Office ofVeterans'Affairs- a crucialstep in bringingthe Games to life. We have also set up the Tradingsubsidiary Ilniictus UK 2027Trading Limited) to ensure the most appropriate financialvehicle for contract management. We appointed our Chair, Victoria Gosling OBE. and an exceptional Board ofTrustees, whose expertise across military, business, sport. law, and public sarvice is guiding the Games and its mission to inspire recovery. foster reconnection. and build resilience uplifting communities Worldwide in the process. We are working closelywith the NEC and the Invictus Games Foundation to ensure every detail is on track. while stakeholders acioss Birmingham and the West Midlands have been overwhelmingly supportive ofour plans and the social impactwe airn to achieve. Our commercialteam is securingsponsorship and fundingacross the Midlands and the nation. looking to partner wth the Defence industry sector to deliverthe best possible Games with meaningful social impact, while minimising reliance on pubkn'c funding. Thisyearalso sawthe launch otthe Champions Programme. gmngsmall Medium Enterprises and leadersfrom sport. business. andthe communitythe chance to sponsorand be part ofthe Games. inspire participation, and help amplifyour mission nationwide. We have many exciting plans to Come.. as the Invictus Flag ¢ir¢umnavig8tes around th8 UK and then across all four home nations- we are excited to spread the unconquerable human spirit that is Invictus. Page13 INVICTUS UK2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 None ofthis would be possiblewthout the dedication ofourteam, Trustees. and supporters. l am excited to continuethis journeyand lookforward to seeingthe Games inspire. uplift. and transform so many lives. Page14 INVICTUS UK2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPOR FOR THE PERIOD ENDED 31 JULY 2025 The Trustees provide the annual report together wtth the audited financial statements of the charity and group for the period covering 22 July 2024 (date of incorporation) to 31 July 2025. Invictus UK 2027 Limited was incorporated as a company limited by guarantee on 22 July2024. The financial statements have been prepared in accordance with the CharitiesAct 2011, the CompaniesAct 2006, the Memorandum and Articles ofAssociation. FRS102 and Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparingtheir financial stalements in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1 January 2019). IntroduetSon In July2024, the UKwon the bid to hostthe next Invictus Games and the Charity together with its trading subsidiary. Invictus UK 2027 Trading Limited. was established to deliverthe Invictus Games in Birmingham in 2027. The Invictus Games. founded bythe Duke of Sussex. are an international biennial sporting eventforwounded. injured and sick (WIS) military personnel and veterans overseen by the Invictus Games Foundation (IGFI. an independent Charity. The inaugural Games were held in London in 2014, involving 14 nations and have since grown through Games in Orlando. Toronto. Sydney, the Hague. Dusseldorf and the most recenl in 2025. Vancouverlwhistler. The Games offer a recovery pathwayfor international WIS from around the globe. where nations come together to Compete and celebrate the resikn'ence of the Invictus Community. Forthose involved it offers an opportunityto reclaim their purpose, identity and future. beyond their injuryor iuness. The spirit of the Gafnes lies not in elite sport. but the delivery ol a high-profile. international. adaptive sports event where rehabilitation and recovery of the Competitor is at the core alongside recognttion of the role their families and friends play in their recoveryjourney. Page15 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 Bringing Invictus backtothe UK demonstrates a nationalcommitmentto supporting wounded, injured. and sick military personnel and veterans. But at a region81 and city level. this commitment is deeper-root8d. Birmingham. and the West Midlands, b08Sts a long-standingand unique connection ￿llth the militarycommunity. notablythrough the Queen Elizabeth Hospital (and the Royalcentre forDefence Medicine), which serves as a major trauma centre for armed forces personnel. This is where military patients receive worid-class treatment following aeromedical evacuation from anywh8re in the world. During conflicts such as those in Iraq and Afghanistan. the hospital played a vital role in saving lives through rapid, specialised treatment of complex battlef ield injuries. Co-located with the hospital, Fisher House offers the famikn'es of injured service personnel a free'home from home. sothatthey can be close to their loved ones whilst they are beingtreated at the Queen Elizabeth Hospital. Also within the region is the Defence Medical Rehabilitation Centre. Stanford Hall. a state-of-the-art rehabilitation facilitythat provides expertcare and supportforthe wounded. injured and sick of our Armed Forces. These connections. amongst many others. reinforce the city's role in supporting the recovery and rehabilitation of service members. "Whenever I think ofthis City. I think of the fantastic H05Pltal which was trulyamazin& and l am so gratefvl to it... This citygave me a life, andnow I have somethingto livt for- JJ Chalmers Ex Royal Marine. Invictus competitor and BBC Sports presenter The Invictus Games take place between 1 Oth to 17th July 2027 and will welcorne 550 competitors. togetherwith 1.100familyand friendsfrom over20 nations. The eventwill begin with an openingceremonytowelcome the participants. theirfamily and friends to Bimiingham and markthe start ofthe Games. The ceremonywill be broadcast internationally and will arTbplifyto the world the strength of the Invictus Spirit. Over the week of the Games. competition will be across the nine ¢or8 Invictus sports of archery. athletics. cycling. indoor rowing, powerlifting. sittingvo(leyball. swimming. wheelchair basketball and wheelchair rugby. Three additional sports have been chosen by the 2027 organising committee: pickleball. laser run and e-sports. The NEC in Birmingham has been selected as thevenue forthe G8rnes and enables us to host 811 sportingcompetitions. with the exception of swimming. as well as accommodate allthe competitors. familyand friends andteam staff on one campus. Takingthis venue approach enables usto deliverboth an accessible and sustainable Games. Page16 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY2025 Swimmingwill be held atSandwellAquatics Centre. a purpose-built swimmingvenue forthe Commonwealth Games in 2022. Prior to the sporting events. we will deliver an international Transfer of Knowledge Conference. This conference aims to Present. in an accessible way. academic research and best practice relatingto the Recovery. Resilience and Reconnection ofourArmed Forces. wounded. injured and sick community. We hope to encourage greater international collaboration and develop ideas to enact change and deliver meaningful impact. Our overriding objecttve when deliveringany part of the Games will be to keep the experience forthe participants and theirfamiiy and friends atthe heart ofthe decision- making process. In aliour planning, we will considerthe social impactthatwe can implement and leave both to the communityof Birmingham and the wider UKAmed Forcesveteran community. Our Strategic Framework 2024- 2028 and Theory of Change Strategic Framework As part of the setup ofthe Charity. we have focussed on our strategjc framework and developed this to ensure we deliver upon our Charttable objective: "ro promote the health. recoveryandrnhabilitation of WIS seryice personnel, both veteran andservin& with the objectof improving their conditions of life. including (but not exclusively) byhostingand delNery of the international sportingcompetition known as the Invictus Games in Binningham in 2027forparticipatingnations.° OUR VISION Through adaptive sport. inspire recovery and resilience OUR MISSION To celebrate the unconquered spirit of the Armed Forces, v￿unded, injured and sick ¢ommunity. To deliver a brilliant Invictus Games and an ambitious social impact programme Page17 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT (INCORPORATING THE DIRECTORS. REPORI) FOR THE PERIOD ENDED 31 JULY2025 OURVALUES Be open to innovative approaches Ensure sustainability and accessibility ara part of all that wedo 8e ethical and principled Be courageous and ambitious. unafraid to challenge Ensure ourwork is credible and evidence based. engaging experts and partners Promote inclusivity and embrace diversity OURSTRATEGIC GOALSTOACHIEVE OUR MISSION Inspire Recovery Influence Reconnection lrnprove Aesilience Theory of Change A"Theory of Change" is 8 model used to bring8bout socialchange and is good practice in developing impact lead approaches. It uses e systematic methodology to achieve our charitable aims. As part of the Strategic Fr8meworkwe ha%e as shown below. developed a Theory of Change to help understand the challenges faced byourwounded. injured and sick service personnel, and the opportunitieswe have to add value. We developed this Theory ofchange through manyconversations with past Invictus participants. Armed Forces Charities and wider Charities. and are grateful to everyone who helped us. Page18 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT{INCORPORATINGTHE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 Our Theory of Change is illustrated diagrammatically below: THEORY OF CHANGE INVICTUS GAMES OIftMINGHAM 2027 OUTCCWES iONGTERMlklPAcr .tOAL5 TAAGET GROUPS IHEME50F ACHVITY THEGAMÉS TYÉWVItrUS RÉSEArtcH wis ', & Faml AOAPTFVE SPORT AOVEfRE tDVC*T wis& Famlly & ,' Commyrytles The outcomes 8nd impactlead to ourthree goals to: Inspire Recoverythrough fosteringholistic pathways that empower and support participants to embrace a new reality. embarkon a recovery journey, and reach theirfuii potential through the transformative power of sport and communlty. Improve Resilience: enhance resilience ofthe Armed Forces'wounded injured and sick. and theirfriends and famiknes. by understsndingand overcomingbarriers. preparingfor the f uture. and successfully adapting to life after injury or illness. Influence Reconnection: positively influence reconnection and societal integration of the Armed Forces w￿Unded, injured and sick. realising mutual benetits and enabling communities to thrive. We willdeliver a comprehensive range of projects in the run uptothe Games which will contribute tothe outcomes within thi5 Theoryof Change. To help measure ourprogress and wider impact. wewill appoint an externalevaluator. Pubilc Beneflt The principal actNlties of Ihe charity are designed to deliverthe strategicframework as laid out above. TheTrustees have given due regard to the pubbc-benefitguidance published tythe Charitycomrnission. They believe thatthe extensive support provided Page19 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT {INCORPORATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY2025 to our beneficiaries via the Invictus Gameswhichwilltake place in 2027. alongwith the othercharitable activities undertaken as part of our socialimpact plan, satisfies the public-benefil requirements of the Charities Act 2011. Achievements in the period to 31 July 2025 Setup of the Charity Our earlyworkfocussed on the set up of the Chaiityand the tradingsubsidiary including the governance structure as detailed in the structure. governance and management section further down in this report. Appropriate financial and IT processes and controls were put in place at an early stage to create a robust control environmentforthe duration ofthe Charity. Office space has been provided tothe Charitybythe Royal British Legion forthreeyears forwhich we are most grateful. The current executive team is small and currently staffed with a mixture of employed staff and secondments from MOD and theATmed Forces. A fullworkforca Strategy has been developed and the team will build as we get closeT to the Games. Budgetrevi8W Afull review ofthe bid budget was pertormed to establish the Games Delivery Budgetto enable usio plan appropriatelyand setfundingiargets. When buildingthe delivery budget the following key principals have been used-. Value for moneyas a core prin¢iple To deliver a Games with the competitor and friends and family experience at its heart Deliverthe requirements that are part of hostingan Invictus Games An inn¢)vative and efficient approach to event delivery Cost sustainabilityfor future iterations of the Games Risk In the first period of operation significantwork has been undertaken to assess riskand build appropriate risk registers across work streams with risks assessed and reviewed by the executive on a regular basis. All risks have been reNllewed by the Audit and Risk Committee. The most significant risksare referred tothe Board. and reviewed via th8 Strategic Risk Register. which groups our highest priorty risk areas into key strategic risks. The risk reElSters are reviewed regularly by the senior leadership team. The Audit and Risk Committee review strategic risks at each rneeting. Additional risks are reviewed as appropriate. Risk management overall is viewed as a dynamic process which actively seeks to incorporate good practice. It is responsive and current and is managed through regular review of both internal developments and external factors including polttical. social. and economic factorsthatthat may influence our exposure to risks or opportunities. As the delivery team grows. risk will be considered at all levels within the staff structure. Pagel 10 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT {INCORPORATING THE DIRECTORS. REPORTJ FOR THE PERIOD ENDED 31 JULY 2025 There is planned work in the next financial period to reviewand develop the organisation's overall risk appetite as it develops key plans and strategies for the delivery of the Invictus Games in 2027. through the model in the diagram below. Board Risk Management ARC Risk Management Function Risk Management CWnraitK*MI Athk Rewtev ￿￿￿orn& É FSG RIskA4￿l￿r Aisk ReÉisiw BAU Principle risks for the organisation include income generation. impact of global disruption. failure to deliver against budgeted expenditure, reput8tional risks 8nd loss of confidence and engagementwith wider stakeholders. Wider structures and controls are in place to manage risks effectively, which will develop further as the organisation grows in size. Funding The G8me$ will be delivered using a multi-faceted funding approach with income expected from commercial sponsorship. donations. merchandise and ticket sales. Significant work has been undertaken to implement a commercial framework to encourage sponsorship from large organisations as well as the development of a Champions Prograrnme specrfically targeting small and medium sized enterprises. We will work with sponsors that align wr(h our vision and values. and where there is shared interest in 1mpactforv￿Unded. injured and si¢k serving personnel, veterans and their famiknes. Overthe period. discussions have beentaking piacewth both UK and international companies regarding sponsorship. To date. this workhas been delivered under contract by a specialist agency. At the twoyears to go date on July 11, 11 organisations have pledged over£4 million in support. This pointalso marked the launch otthe Champions Programme. Pagel 11 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT{INCORPORATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY2025 Communic8tions In July 2024. an eventwas held in Birminghamto announce the decision to award the Gamesto the UK. We w￿re privileged that the eventwas artended bythe Ministerfor Veterans and People and received national coverage. Early stage workfocussed on development of thev￿bslte aswell as social media channels which are activelyused with audiences growing. Cornmunications assets Iparticularlyvisual) have been developed overthe yearwhich include the Invictus flag handoverfrom Vancouverto Birmingham atthe end ofthe Games in Vancouver in February and thejourneytheflag is takingonthe HMS Prince ofwales before it returns to Birmingham, the announcement of the dates forthe Games as well as wider video footage to support future activity- Awider strategic communications and marketing plan is also under development. F18gjDumey The Inwctus Games flag has officially begun its journey around the world and will return b8ckto the UK forthe Invictus Games Birmingham 2027. First passedloTeam UK in Vancouver at the close ofthe 2025 Games, the flag has alreadytravelled across nations. seas. and milttarycommunities carried by aiiies and serving personnel committed to thevalues of Invictus. Its HU$Pri￿￿oIWa￿s¢￿ptsslèd Defenceoperations 0. 2d g passes InviCIu5 fla¢io 2R tyi kn)aid MSPWLS The flag is currently on board HMS Prince ofwales one of the Royal Navy's most advanced aircraft carriers. Asthe ship deploys as part ofthe UK Carrier Strike Group ICSG}. alongwith an internationaltaskgroup, manyfrom Invictus Games. countries. the flagwill travel alongside her crew. overthousands of nauticalmilesto serve as a dynamic ambassadorforthe Games. a symbol of unity. hope and unconquerable spiiit. Each stop will carrythe spiritofthe Games forging connections through shared experience and the strength of the Invictus community. Fryt1t￿e and deierrninationare hallmarks of both #lnv.clL￿ClOTe5 and #C5G25 WeAreInyicti.'s¢!¢016UKCSG INvicTUS In parallel. those onboard will take part in a range of actiwties. including mental health and wellbeingworkshops. team sportchallenges. and resilience-buildingexercises- all rooted inthe Games. core principles of recoverythrough sport and the strength found in shared experience. These engagements will connectthe military community on board with the ethos ofthe Invictus Games. aimingto build solidarityand understandingof the Games in the most ffftingof environments: amongthose who serve. When the Carrier Strike Group returnsto the UK. the Iniictus Gamesrtagwill continue its extraordinary journey across the country. carryingwith it stories and memories. Pagel 12 INVICTUS UK 2027 LIMITED TRUSTEES, REPORT (INCORPOIiATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY2025 evoking the Invictus Spirit. Its path will lead toward Birmingham. where tt will be proudly raised at the NEC duringthe official'oneyearto Go. ¢eremonyforthe Invictus Games Birmingham 2027. This momentwill rnarkan exciting milestone inthe flag's ongoing voyage- a powerful symbol ofwhat'sto come as it preparesto embark on a wider national adventure starting in July2026. building momentum toward what promises to be an unforgettable Games. IAM Signs from the Vancouver2025 Games transported to the UK The Invictus Games'l AM. signs have safely arrived in the UK after a journey that began in Vancouver. These unique signs. an integral part of the Invictus Games Vancouver Whistler 2025. were officially collected from the Canadian organising committee bythe British ArmyTraining Unit Suffield IBATUSI in Canada and transported backtothe UK on May 21. The'l AM. signs. a central partofthe Invictus Games. identity. are not just physicalitems butcarry deep emotional and symbolic significance. Drawn from the last iwo lines of the Invictus Poem bywilliam Henley:"l am the Master of my Fate, l am the Captain of my Soul". these signs represent the resilience of service members, their commitment to their recovery. and the strength of the wounded, injured. and sickseprficemen and v￿men who participate inthe Games. As part of 8 coordinated effort by the British Amiy. the signs were carefullytransported firstly trom Vancouver to Halifax CFB. where the signs were then loaded onboard a Royal Air Force C17 Globemaster IIIAircraftto begin theirjourney backtothe UK. Commenting on the event. Wing Commander Nicola Lofthouse. Officer Comm8nding 99 Squadron. said:"Itwas a huge priwlegefor 99 Squadron to be able to supportthe Invictus Games Birmingham 2027 by transporting these impressive signs from Canada. where theywere used earlierthis year. b8cktothe UK. The Games have a big impact on the Armed Forces community. and it's somethingthe crew of our C-17flyingthem home will have been proud to support. The C-17 play5 a significant role in strategic aeromedical evacuation and some ofthose competing may have started their recovery journeys on the aircraft. 99 Squadron and RAF Brize Norton were pleased to pL8y8 part in their journey.- Pagel 13 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORTI FOR THE PERIOD ENDED 31 JULY2025 EventDelivery The Event HostingAgreement with the Invictus Games Foundation was signed during the year which formally gtves the Charity the rights to deiiverthe Games. Significant contracts have been put in place to support the delivery of the Games and detailed work has been undertaken in colL8boraiion withthe NEC to pian lorthe deliveryotthe Games in 2027. Contracts have been signed with hotels to provide accommodation for the competitors. team staff and friends and tsmily. Detailed planning has been undertaken forthe event delivery, including consideration of options regarding swimmingand athletics: with considerable planning for the delivery of the nine core sports and three newsports includingworkon thewidersports schedule. The volunteering strategy is at an early stage of developrnent. with thousands of expressions of interest already received. The planning team have worked closelywith.the InNllctus Games Foundation, who are the international governing body for the Games. Focus groups have been developed with membership drawn from past Invictus Games participants to inform planning and development of key aspects of event delivery. To help deliver on our promise of 8 trulyaccessible Games. a specialist accessibility consultant has been engaged to support the initial development of the accessibility stT8tegy. An accessibility panel is in development to advise on how to make the Games a truly accessible experience for all participants. families and wider guests and spectators. Afulltender process forthe providers forthe ceremonies has been undertaken with a view to entering a contract with the preferred bidder during the first half of the next financial year. The Event and Sports deliveryfunctionwiiigrowwithin the nextfinancialyearto ensure that it has the required capacityto deliver an excellent Games experi8nce. Social value and sustainability Long after the medals are won and the last cheer fades, we hope people remain inspired bywhatwe have delivered. and we hope our impact endures. For us. impact includes both environmental and socialelements. It includes high impact. short-term activations and it includes enduring. sustainable and meaningful impact initiatives. Ourapproachto impact is toweave environmental stewardship and social impact into every stage of our planning. ensuring we contribute positivelyto our people and our planet. Through collaboration with key stakeholders. local authorities. Charities, local communities. and sustainabilityexperts. we hope to drive an impact agenda that will minimise ourenvironmenlal impact and maximise our socialvalue. We willoperate Page114 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING ThE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 responsibly and ethically. aligning with the UN Sustainable Developrnent Goals and ISO 20121 Standards for Sustainable Event Management. We are developing key strategies to guide Durv￿rk inthis area. Vancouver ObserverProgramme Ateam, notjustfrom the Charity. but aisofrom the NEC and our commercial partner attended the Vancouver Invictus Games in February 2025. The purpose of the visit was to learn from the 2025 Games deliveryteam as part of the official observer wogramme. but also to showcasethe Invictus Games Birmingham to the Invictus community. We took part in the flag handover at the closing ceremony as the flag was officially passed tothe Ministerfor Veterans and People markingthe end ofthe Games in V8ncouver and the start ofthejourneyto Invictus Games Birmingham 2027. We hosted a Teception kindly delivered bythe High Commissioner's Office invancouver end had a stand within the Exhibition area ofthe Games to engage with stakeholders including representatives from different Invictus Teams and enga8ed with potential sponsors linked to wider commercialwork. After the visit, a comprehensive learning and lessons approach has been conducted to build on the success ofthe Invictus Games 2025. Each Games is understandably different. and it is importantto take 8 more longitudinalthematicviewto identify trends, rather than just changing processes based on the last Games. Positive observations have been identified and noted as theyare as important as negative ones to continue to build on previous iterations ofthe Games. Workingwith others We are fortunate to have supporters in multiple sectors, including social impact partners, national grant delivery organisations. local authorities. government departments and the extensive Armed Forces Charitysector. These supporters will be keyto delivering our impact strategyand ¢ontributingtothewidersuc¢ess ofthe Games and we arevery gratefulfor their support. Wewillengage widely. across multiple sectors nationally, but ofsignrficant import8nce is our engagementwith thewest Midlands communities and embracing allthe opportunities this presents. We can utilise the experience and expertise in the Region. to build on successes and in turn. enhance reput8tions. The West Midlands has excellent research capabilities. and a proven reputation for delivering successful inteinational sporting events. The most prominentexample ofthis isthe 2022 Commonwealth Games, which left a significant legacy in the region. We willcontinue to actively engage with Birmingham slakeholders to learn from the CommonV￿alth Games, capitalisingon its achievements and strengtheninggains in certain areas. Birrningham is a wonderluiiy diverse citywhich will help to create a welcoming and inclusive environment for our international guests. This also presents us with the opportunttyto create a multilinguaL multicultural volunteer workforce that has local Page115 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE PERIOD ENDED 31 JULY 2025 interest and knowledge: and to develop a wider cultural strategy to support the delivery ofthe Games. We are very grateful for 811 of the support that we have had from both large and small organisations and indiwduaLs. Structure. Governance and Management The Charity is a company limited by guarantee V*llthout share capital and is governed by it5 Memorandum and Articles ofAssociation. TheTrustees, who are also directors ofthe charitable company for Ihe purposes of UK company law. and who served during the year and at the date of signingwere: V Gosling-Evans OBE (appointed 1 December 2024) JM Averty {appointed 1 December 20241 C Conneally (appointed 1 December 2024} KM Eccles {appointed 28 October 20251 Prof. ML Levermore MBE (appointed 1 December 2024) P Mccrudden {appointed 1 December 2024) DA Noon (appointed 27 August 2024) LTGen R Nugee C8 CVO CBE {appointed on 22July2024) M Poole OBE lappoinled on 22July 2024) Sir DThompson QPM DL{appointed 1 December 2024) Swallace {appointed on 10 Apri120251 None of the Trustees has any beneficial interest in the Charity. All of the Trustees are members otthe Company and guaranteeto contribute £10 in the event ofwinding up. Appointment of Trustees M Poole and R Nugee were appointed Directors of Invictus UK 2027 Ltd on 22 July and Iherefore becamethe firstTrustees. D Noon was appointed on 29 September 2024. Registration with the Charitycommission was obtained on 3 October2024. Following a recruitment process run byan independent search firm with the aim to build a Board with an appropriate balance of skills and experience. the remainingTrustees. with the exception of S. Wallace. V￿re appointed on l December2024. This processwas overseen by the People Committee chaired by R Nugee. New Twstees are appointed on recommendation by the existing Board with a view to maintaining or developing the appropriate skills and experience of the Board. Trustees have been appointed lor an initial term of two years and may be reappointed for a further term. Pagel 16 INVICTUS UK2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE PEFUOD ENDED 31 JULY 2025 The Boardand sub-committees The Board meets formaliyfour times peryear and informallyon 8 monthly basis. Board sub- committ8es have been established forAudit and Risk and People Committee with Trustees appointed to both committees for a period of up to three years. TheAudit and Risk Committee is chaired ty D Noon and is made up ofTrustee members, C Conneally, R Nugee. D Thompson and Swallace and in addition. C Brown independent Chair of Invictus UK2027Trading Limited. The committee meets formalty at least three times per year. and the purpose of the Committee is to: recommend to the Board forappiovalthe annualaudited accounts forthe Charity. provide assurancetothe Board that any publicfunds provided byHis Majesty's Government have been utilised appropriatelyand in accordance with the funding terms and conditions. recommend the appointment of externalauditors forthe Charityand to review the performance of external auditors. ensure that an appropriate risk management system is in place and to ensure that all risks and issues are property identffied and managedlmitigated bythe Executive staff. ensure that an appropriate system of internal control is in place and is functioning in an effective rnanner. monitorthat procedures are in placeto ensure that the Charityis compliantwith companyand charity lawin fespectto its financial statements and other legislative and reporting requirements. ensure that all required financial statements are prepared and submitted. receive reports into matters relevantto the remit ofthe Committee e.g. Whistleblowing Reports. review anydeclarations made by Charitystaff pursuanttothe Anti-Briberyand Cornjption Policy. The People Committee is made up Trustee"members J Averty. v Goslin8-Evans. M Levermore. P Mccrudden and M Poole and chaired by R Nugee. The committee meets formally at least twice per year. and the purpose of the Committee is to: assist the Board and Executiveteam to maintain an appropriate structure. size and balance of skills to support the strategic objectives and values of the Invictus Games Birmingham 2027. assist the Board in meeting its responsibilities regarding the setting of senior remuneration. overs88 arrangements for senior appointments and succession planning. assist the Board by reviewing and making recommendations in respect of the company's remuneration. people policies and overall executive structure. In addition to the sub committees. the Trustees can create w0￿1ng groups from time to time on areas of strategic importance to the Boawd". 01 where such a ￿lOrkInggroup Page117 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT {INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 would add value in the managementof risks. Each workinggroup will be comprised of Trustees with specific skill. experience, or interest in the topic in question. and members ofthe Executtve team. Workinggroups willset out summary terms of reference on creation to determine their Pufpose and function, which shall fitwithin the remit agreed at the Board meeting. or bythe Chair. Workinggroups aretime limited and should a working group need to existfor longerthan nine months. Trustees willdiscuss whether the activities of the working group could fall into an existing Board committee. or it a new Board commrttee is required at their next meeting. Trustees can also choose to extend the period of a working group. The Board ofTrustees is led bythe Chair. andthe day-to-day management ofthe Charity is delegated to the Chief Executive. Prlncipal Risks and Uncertainties The Trustees have overarching responsibilityfor managing risks faced by the Charity and have given careful consideration to the major risks that the Charttyfaces. As referenced earlier in this documentthe Charity has compiled a Risk Registervthich covers the core areas ol.. event delivery: governance: financial- geopolitical- reputation and brand. The risk register is reviewed ateach meeting by the Audit and Risk Committee and then presented tothe Board tor comment and challenge. Itfollows the Charity Commission's risk assessment and scoring system which takes account of both the likelihood and the impact of the risks. the controls in place to mitigate the risk and the remaining residual risk in addition to reviewing where the residual risk has increased or decreased since the previous review. The Trustees are satisfied th8t the appropriate steps have been taken to identifyand mitigatethe major risks towhich the Charity is exposed. Significant areas of risk include= 1. Income generation The Gameswill be funded primarilythrough sponsorshipwith additional income from ticketing, merchandise and chaiitable donations. Income is kept under close review. 2. Global disruption risks and wider geopolitical instability Wider external risks may make the external fundraising environment more challenging. These wider risks may also impact on the presènce of senrfingAm8d Forces personnel in supporting roles atthe Games. 3. Financial The delivery budget was approved in April 2025. These risks retatetothe abiiityto deliver against this budget. and control risks of cost escalation. 4. ITand Cyber These risks relate to ensuring an eff icientand secure ITenvironmentforthe delivery organisation. and planning activities to ensure cyber iesilience during the delivery of the Games. 5. Reputation and engagement with wider stakeholders Pagel 18 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORTI FOR THE PERIOD ENDED 31 JULY2025 These risks relate to the reputation of the Charity and the Invictus Games and our ability to maintain the confidence of the wider stakeholders. Controls to mitigate these risks include the appointment of experienced staff to key roles. the development ofa communications stfategyand internalfin8ncial controls. The internal control system is designed to manage risk to a reasonable level. rather than eradicate 811 risk of failure. In managing risk, we consider the inherent risks to us achieving our strategic objectives. evaluate the likelihood of those risks being r88lised. the impa¢t should they be realised and the controls in place to manage thern effectively. Fundralslng The Charity understands its dutyto protectthe public. includingvulnerable people, Irom unreasonably intrusive or persistentfundraisingapproaches and undue pressure to donate. The Charitydoes not proactrvelyfundraise from the pubknc usingdoorto door. cold lelephone calling or on-street fundraisingteams nordowe engage with professionalfundraisers whotake commission from donations tofundraise on our behalf. We strive for the highest possible standards in our fundraising and are registered with the Fundraising Regulator and are committed to complyingwith its Fundraising Promise and the Code of Fundraisingpractice. We are not aware of and nor have we been notified ofany breach. The Charity have not received anyfundraisingcompiaints in the period. The primary sourc8 of incorne is trom commercial sponsorship or corporate donations, donations via the website. individual gifts and grant funding from HM Government. Remuneratlon The Charity is committed to ensuringa proper balancè between paying employees fairly to attract and retain the best people for the job within the constraints of the overall financial management ofth8 Charity'sfunds. The CEO is under a secondment agreement with the Ministryof Defence. and her pay is set and borne bythem. An additional'step up. payment has been agreed bythe Ministryof Defence to reflectthe nature ofthis role and this'step up. payment is bome bythe Charty. The People committee delermines the satary of the remaining key management personnel (COO and Finance Director). We disclose all expenses payrnents to Trustees (Trustees are unremuneratedl and the numberof staff withtotal remuneration exceeding£60.001 in accordance with SORP. The Charity operates a defined contribution pension scheme. to which all eligible employees are enrolled. Financial Review As detailed above inthe Trustees. Report. this first period has been a period of set up and planning. Income to support this element of ourwork has been provided from HM government in theform ofa grant. Since the signingoflhè evenl hosting agreement at the end of May. significant pledges have been made from commercial entities to Page | 19 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORAnNG THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY 2025 sponsorthe event as wellas the Launch of the Champions Programme, our sponsorship programme for SMES. Acommercial agency has been used to supportthe commercial sponsorship efforts to dale. Their work has focussed on developing the commercial strategy, creating sponsorship collateral and significant outreach to commercial entities. To date costs for raisingfunds accounts for 12.5% oftotal spend. Ourworkto dwrfelop sponsorship and donation income streamswiiistep up in the nextfinancialyearso as to minimise the use of the gov8rnment grant. Expenditure on charitable activities has been incurred in the set up stage to facilitate pianningofthe Invictus Games a8V￿lI as to support upfrontwork in the areas of social impact. accessibility and sustainability. Cash deposits have been made to secure accommodation and subsistence plansfor competitors. friends and familyand team staff. These will be held as prepayments until Games time. Staff costs include the coreteam as well as avaLue in kind forthose seconded from the Armed Forces and the ministry of defence. Governance costs in this first yearwere higher as a percentage of total costs than is anticipated goingforward. These included costs to recruit a Board with the appropriate balance of required skills and experience as well as legal costs to establish a suite ot commercial contracts for use across the life ofthe Games for both sponsors and suppliers. The statement offinancial actNities shows a surplus of£1.645.648. however significant costs have been incurred and are held as p￿paYmentS {£691.4521- The cash balance of £929.363 reflects the funds on hand to support the ongoing operations ol the Charity. The reserves policy requires the Charity to hold reserves to support its commitments. As at 31 July 2025. the Charity holds surplus reser4es which will be carried forward to supportthe operations of the Charity in the planning ofthe Invictus Games Birmingham 2027. Reserve5 policy The Charity have a policy to hold a minimum level of reserves to fulfil its obligations. These obligations as at 31 July 2025 total £251,000. Any reserves above these levels will be held bythe Charityforthe sole purpose to deliverthe Games in 2027 and the associated Impact programmes. Ooing concern The Trustees have assessed whether the use of going concern is appropriate i.e. whether there are any material uncertainties fe18ted to events or conditions th8t may cast doubton the abilityof the Charityto continue as a goingconcern. The Trustees make this assessment in respect of a period of one year from the date of approval of the tinancial statements, by reviewing cash incomè and expenditure forecasts. The Trustees Page120 INVICTUS UK 2027 LIMITED TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 JULY2025 believe thatthe group and the charity are financiallysecure and thus continueto adopt the going concern basis of pr8paringth8 financial statements. Approved and 8Lrthorised for issue by the Board of Trustees on 24 November 2025 V Goslin8-Evans OBE Page | 21 INVICTUS UK 2027 LIMITED STATEMENT OF TRUSTEES RESPONSIBILMES FOR THE PERIOD ENDED 31 JULY 2025 The Trustees (who are also directors of Inwctus UK 2027 Limited for the purposes of company law) are responsible for preparing the Trustees, reportand financial statements in accordance with applicable lawand United Kingdom Accounting Standards (United Kingdom GenerallyAcceptedAccounting Practice). Company law reouirestheTrustees to prepare financial statements for each financial year which give 8 true andfairviewof the state of affairs ofthe charitable companyand the group and of the incoming resources and application of resources. including the income and expenditure. of the groupforthat period. In preparing these financial ststements, the Trustees are required to: select suitable accounting policies and then applythem consistently: obsep4ethe methods and principles inAccountingand Reporting by Ch8ritl8S: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportingstandard applicable to the United Kingdom and Republic of Ireland {FRS 102): makejudgements and estimates that are reasonable and prudent: state whether applicable United KingdomAccounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are r8sponsible for keeping proper accounting rècords that disclose with reasonable accuracyat anytime thefinancial position ofthe charitable companyand enable them to ensure thatthe financial statements complywith the Companies Act 2006. They are also responsible for safeguardingthe assets ofthe charitable company and the group and hence fortaking reasonable steps forthe prevention and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance and integrty of corporate and financial intormation included on the charity's webslte. Legislation in the United Kingdom governingthe preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Each of the Trustees confirms that= sofar as the Trustee is aware, there is no relevantaudit inft>rmation ofwhich the charitable company's auditor is unaware: and the Trustee hastaken allthe steps that helshe oughtto have taken as a Trustee in orderto make himselflherself aware otany relevant audit information and to eStab￿sh thatthe charitable companrfs auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the CompaniesAct2006. Page122 INVICTUS UK 2027 LIMITED INDEPENDENT AUDITOR'S REPORTTO THE TRusfEES OF INVICTUS UK 2027 LIMITED FOR THE PERIOD ENDED 31 JULY 2025 Oplnlon We have audited the financial statements of Invictus UK2027 Limited Ithe'parent charitable company'l and its subsidiaries (the'group'} for the period ended 31 July 2025 vthich comprise the Consolidated Statement otFinancialActivities. the Consolidated and Parent Charitable Company Ba(ance Sheets. the Consolidated Cash Flow Statement and notes to the financial statements. including significant accounting policies. Thefinancial reportingframeworkthat has been applied in their preparation is applicable law and United Kin8dom Accounting Standards. including FRS 102'The Financial Reportingstandard Applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fairview of the stste of the group's and the parent charitable company's affairs as at 31 July 2025 and ofthe group's incoming resources and application of resources, includingits income and expenditure, forthe period then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance withthe requirements ofthe Companies Act2006 and the CharttiesAct2011. asis for oplnion We Conducted our audit in accordance with International Standards on Auditing IUK) (ISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis forour opinion. Conclusions relating to golng concern In auéiting the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the fjnancial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may ¢ast significantdoubt on the group's and parent charitable company's abilityto continue 8S a going concern fora period of at least twelve monthsfrom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees ￿llth respect to going concern are described in the relevant sections of this report. Page123 INVICTUS UK 2027 LIMITED INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEES OF INVICTUS UK2027 UMITED FOR THE PERIOD ENDED 31 JULY 2025 Other information The other information comprises the information included in the annual report. other than the financialstatements and our auditor's reportthereon. The trustees are responsible for the other information contained within the annu81 report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express anyform of assurance ¢onclusion thereon. Our responsibility is to read the other information and. in doing so. considerwhethefthe other information is materially inconsistent with the firbancial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements themselves. If. based on the work we have performed. we concludethatthere is a material misstatement ofthis other information, we are required to report that fact. We have nothingto report in this regard. Oplnlons on other matters prescrSbed bythe Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audit: the information given in the trustees. annual report for the financial period for which the financialstatements are prepared is consistent with thé financial statements: and the trustees. annual report has been prepared in accordance with applicable legal requirements. Matters on whieh we are required to report by exceptlon In the light ofthe knowledge and understanding ofthe group and parent charitable companyand theirenvironmentobtained inthe course of the audit. we have not identified material misstatements in the trustees. annual report. We have nothingto report in respect of thefollowing matterswhere the Companies Act 2006 and the Charities Act2011 require us to reportto you if. in our opinion- the parentcharitsble company has not keptadequate and sufficient accounting records, or returns adequatefor ouraudit have rbot been received from branches notvisited by us" or the parentcharitable company'sfinancial statements are not in agreement with the accounting records and returns: or ertain disclosures oftrustees. remuneration specified bylaw are not made: or V￿ have not received allthe information and explanationswe require forour audit. or the trustees were not entitled to take advantage of the small companies exemption from preparing a strategic report. Page124 INVICTUS UK2027 LIMITED INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF INVICTUS UK 2027 LIMITED FOR THE PERIOD ENDED31 JULY2025 Re$F￿nSIbILitieS of trust¢es As explained more fully in the trustees, responsibilities statement. the trustees (who are alsothe directors ofthe charitable companyfor the purposes ofcompany18w} are responsible forthe preparation of the f inancial statements and for being satisfied th81 theygive a true and fairview. and forsuch internal control as thetrustees determine is necessary to enable the preparation of financial ststements that are free from material rnisstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessingthe group and parent charitable companVs abiiityto continue as a going concern. disclosing, as applicable. matters related togoingconcern and usingthe going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations. of have no realistic alternative but to do so. Audltor's Responsibilities forthe audlt of the linanclal statements We have been appointed as auditor underthe Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordancewith those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's reportthat includes our opinion. Reasonable 8ssurance is a high levelof assuiance. but is nota guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of thesefinancial**ements. As part of an audit in accordancewith ISAS (UK) we exercise professionaljudgement and maintain professional scepticism throughoutthe audit. W8 also: Identify and assess the risks of material misstatement of the financial statements, whether due totraud orerror. design and pertorm audit procedures responsNe to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions. mIs￿preSentatIOns. orthe override of intemalcontrol. Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances. but noi for the purposes of expres5ingan opinion on the effectiveness ofthegroup and parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness ot accounting estimates and related disclosures made by the trustees. Page125 INVICTUS UK 2027 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INVICTUS UK 2027 LIMITED FOR THE PERIOD ENDED 31 JULY2025 Conclude onthe appropriateness ofthe trustees. use ofthegoing concern basis of accounting and. based on the auditevidence obtained. whether8 material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's abilityto continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe auditevidence obtained up to the date of our auditor's report. However. future events or conditions may cause the group or parent charitable companyto cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves f8ir presentation. Obtain sufficient appropriate audtt evidence regardin8 the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible forthe direction. supervision and performance ofthe group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding. among other matters, the planned scope and timing ot the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Explanatlon as to what extentthe audit wa5 consldered capable of detectlng irregularitles, including traud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in knne with our responsibilities. outlined above. to detect material mi5Statements in respect of irregularitie5. including fraud. The extent to which our procedures are capable of detecting irregularities. inciudingfraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement ofthefinancial statements due tofraud: to obtain sufficient appropriate audtt evidence regardingthe assessed risks of material misstatement due tofraud. through designingand implementing appropriate responses toth05e assessed risks- and to respond appropriately to instances of f raud or suspected fraud identified duringthe audit. However. the primary responsibilityfor the prevention and detection of fraud rests with both management and those charged with governance otthe charitable company. Page126 INVICTUS UK 2027 LIMITED INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF INVICTUS UK 2027 LIMITED FOR THE PERIOD ENDED 31 JULY2025 Our8pproach was as follows: We obtained 8n understandingof the legal and regulatory requirements applicable to the charitable comp8ny and considered that the most signrficant are the CompaniesAct 2006. the Charities Act2011. the Charity SORP. and UKfinanciaL reportingstandards as issued bythe Financial Reporting Council. We obtained an understandingof howthe charitable cornpanycomplies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements. includingthe riskof material misstaiementdue tofraud and how it might occur. by holding discussions with management and those charged with governance. We inquired ol management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding. w8 designed specific appropriate audit procedures to identify instsnces of non-compliance with laws and regulations. This included makingenquiries of management and those charged with governance and obtainingadditionalcorroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likelyto become aware of instances of non-compliance with laws and regulationsthat are not closely related to events and transactions reflected in the financial statements. Also. the risk of not detecting a matefial misstatement dueto fraud is higherthan the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations. or through collusion. Use of our report This report is made solelyto the charitable company's members. as a t>ody, in accordancewith Chapter 3of Part 16 ofthe CompaniesAct 2006 and. in respectofthe consolidated financial statements. tothe charity's trustees. as a body, in accordance with Chapter 3 of Part 8 ofthe CharitiesAct2011. Our auditwork has been undertaken so that we might state to the charitable company's members and trustees those matters which we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilityto any party other than the charitable company, the charitable ¢ompany's P8ge127 INVICTUS UK 2027 LIMITED INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEES OF INVICTUS UK2027 LIMITED FOR THE PERIOD ENDED 31 JULY2025 members. as a body, and ihe Charity's trustees. as a body. for our audit work, for this report, orforthe opinionwe havefomied. Adam Fullerton {Senior StatutoryAuditorl tor and on behalf ot Moore Kingston Smith LLP. Statutory Auditor Floor 9Appold Street London EC2A 2AP Date: 15 January2026 Moore Kingston Smith LLP is eligible to act as auditor in temis of Section 1212 of the Companies Act 2006. Page128 INVICTUS UK 2027 LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ( Incorporating Income and Expenditure Account ) FOR THE PERIOD ENDED 31 JULY 2025 Total Fund Funds 2025 INCOME Donati¢ns 251.686 3.087.825 3.339.511 Other intome Totsl Incofflt 251,954 3.087.825 3.339.779 EXPENOITURE Raising Funds Funérai5ing T¢)tsl fostof raklnl fvnds 1209,6891 121P3,6891 1209.6891 1209,6891 Chadtsble Actl¥llles Delivery costs for the Invirtus Garne$ 8irmingham 2027 roul cwt ol ¢harltable athll•e5 1251.9541 1251.9541 11,2314881 IL232.4881 11,484,442> IL484,4421 Total ExpendI￿re 1251.9541 IL442.1771 11.694.131 Net Operatlni Intome 1,645.648 1,645.648 Net th¢ome 1.645,648 1,645,648 Net mO¥erne￿ in Fun 1.645.648 1.645.648 Fund balantss brow foywa 22 July 2024 Fund balances urrfjed fo￿r￿ 31 Jvty 2025 li 1.645.648 L645.648 The statement of financial acti4fities, whith iwporntes the income and expend1￿￿ account incl4Kles all gain5 and Ios5e5 recognlsed in the period. All incoming resources and resour￿ expended We derl¥ed from ￿ntInuIng arti¥it*5. Page.. 29 INVICTUS UK 2027 LIMITED BALANCE SHEEr AS AT 31 JULY 2025 fjr•up tharlty 2025 Fixed A$5ets Investments Debtors Cash at bank and in h3nd 857,f)01 929.364 1,038,592 910.7C6 1786.965 L949.298 Ilabllltles Creditor5: Amounts fallin8 due within one year 1133.316) 172.7571 Net Cury•ntAssets 1653,649 1,876,S41 Total Assets less Current Uabllitles 1.653,649 1.876.542 Credltors= Arnounts fallin8 due fter more than one year- 18.0011 Ilet Assets 1.645.648 1.876 542 Accumulated Funds Unrestricied Funds: General Fund li Restricted fund5 li 1.645.648 1.876.542 li 1.645.648 1.876.542 A5 permitted by S408 of the CompaniesAct 2tTh. the Cornpany has not presented its own statement of financial artivilies and related notes. Thè Charity surplus forthe pwiod was £1.876.542 The financial statements were appro¥ed aftd authorised for issue by theTrustees of InvirtU5 LIK 2027 ￿rnIted on 24 Novernber 2025 and were siBned below on its behalf by.. Trustee Victoria Goslin8-Evar Company No.. 15850680 Pa8e: 30 INvicfus UK 2027 LIMrrED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE PERIOD ENDED 31 JULY 2025 2015 Cash flow from Operati￿ adl¥ltle5 Net Movement in Funds 1.645,648 lustmthtsfor: Increasè in debtors Increase in creditor5 less than a year Increase in Creditors more than a year 1857,601) 133,316 8,001 Net pr￿Ided byoperatlw actl¥ftl•s 929,364 Net increase in cash and cash equivalents 929,364 Cash and c35h *(wi¥￿ents at l*ginningof year Cash and tash equl¥alerfs at end of ¥ Analy515 of ch4nBes Sn Thet debt A5 at the 22hh7 2024 Cath As atth• 31stJuly 2025 Cash £0 929.364 £929,364 Page: 31 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 COMPANY INFORMA71014 Invictus UK 2027 LimiteLI 15 3 pri¥ate company lirnited byguarantee incorpw*ed in England and Wales under the Cornp8nies Act 2006. The re8i5tered office isfourth fiL#w. Ha¢ 199 Borouth Hoh Street. London. SEI IAA AccoupillNG POLICIES The principal KcOUnti￿ polKies aresumm•ised below. The accounti￿ wlicies have l)een applied consistemly throughout the year. Basts of prwaratlDn The financia Slatements ha¥e been wepared underthe hisiorical (ost basis of arcvwtin6 in accoTd4nre wbth Acrountin8 and ReFortin8 by Charities.. Staement of Recommended PrattKe applIca￿et0 charitse5 preparing the finanaal staternents in accordance with the Financial Reming Standards applKable in the UK and RepuNic of I￿land IFPSIOZI- Icharities SORP IFR51021 effenNe l January 20191. Ihe Companies Aci 2(K16 and ihe Charitie5 Act 2011. In￿ctu5 UK 2027 Limited Meets ihe defifii¢W of a wblbc benefit entity under FRSIO2. The accounts are prepared in pounds stedini and are rwnded to the nearest pound. Group Flna*c+al Statements The financial statemeThts have been wepared for the ¢r(￿p of which lrrictus UK 2027 knmited is the ultlmate parent charitable company. The finantial smemenis consolidate the accounts of Inviclus UK 2027 limited and its subsidiary undertakin81'sub5tdiarfl on a line by line basi$. A separate 5tatemeni of Financial Acii¥ities ha5 not been presented because the Charity has taken advantage of the exemption afforded see￿￿ 408 of ihe Q)mpaThies Aci 2(￿. A wmmary of the finantial performance of ihesubsith.ary has been 1K1￿led in I￿e 6. Guin6 CoD¢em The trustees have assessed whethef the use of concem ￿ appropriate ie whether there a￿ arty rnoleiial ￿ncertaIntieS related to event5 or condit￿)￿$ that may cast doubt on the ability ol the tharrty to ￿ntInUe a5 a 80in8 concern. The trustee5 make this assessrnent in re5pett of a pU1￿j tsf one year from the date of Jpproval ol the financial statements. by reviewlng cash intome afid expendrture forecasts. The trustees belie4e that ihe group and the charity ale fin•ntially secure and thus continue to adopt the 8Thng concern basis of wep4rins the financial statements. Fund A¢(￿ntIng Unrestritted funds areihose which are avail*efor theBenefal purww of the Chèrity atthe dlscretKJn of the Trustees. Restricted funé5 are to be used in 4crordancewith Specif￿ restrictiofts imb￿Se￿ by donors The aim and use of each re51rirted fund is set out in the note5 to the finwKial staternen Re¥en¥e w0￿111•A Incorne is recognsed t*knen the tharity ha5 entitlemtyrt to the fvnds, any perftymapKe Conditi(￿5 attached to the items of income have been met. It is probable thai the income will be T￿e1Ved and the arnount can be rneasured reli•bly. Swnsorship income.. Re￿IUe frorn 5p)nsmhip Inco￿ in the fomi of cash is rKogfiised over the life of the relevant ¢ontrattual tem. The specrfie(I time rNer wh￿h the related seryice5 are perforrned 15 the sponsorship temi as set out in e￿ indi￿dual contratt. Whilrtthe supptyof cenain rights and perforrnanceobli6at￿n5 are weighted towards the InvictU5 Games Birmingham 2027. the benefit thatthe 5kKwor receNesfrom its asxKiation with the Charity is spread evenly overthe contract tem. Wheteihe Chanty has an olAiEation to delNer specrfic rights durin8 the J>eriod of the Inmttus Games BifrnsnBharn 2027 Or It an twent pm)r io ihefjomes. the In£¢￿Tre associated with these rights will be recognised in the month of the Garnes or in the mornth of the rde¥ant e4ent. It is a robust ¥$5umption. that all sponsorship incorne will have been retognised in full bythe end of the ac(ounting year In which the Games are held. Revenue received from sponsorship in ihefom of value in kind IVIKI is recognised overihe lrfe of the relevant contractual tErm on a straight line bas15. Where the VIK 15 directly rdated to the supptyol goods or 5eFvicÈs linked to the In￿rtu$ Games 8irrningharn 2027 or ¥t an event prior th theGames. the incorne associated with these rights will be recogni5ed aftEr the Games or at the point of con5timptK>n. Donations are recoinised when the Charity 15 ertitled to theknds, thry ￿ be rwsurtd rdia￿yafid vlhen it is probable that the funds will be rer•4*d. P•8e.' 32 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31JULY 2025 ACCOU14TING POUCIE5 lcon￿n￿ed) Re¥enwe let0￿1110￿ ￿ntInUed Grant income 15 recognised based on theterm5 of the grant agreement. The employee siaff on secondment from either the Ministry of DeferKe or the Arrned Forces at nll cost io the charity are recorded as incorne atthe c05t at which the CharttywDuld ordinarily have paid an employee at that Krdde. In accordance with the Chariiies SORP IFR51021. arry8enernl bYAuntttrtime is not retoEnised. Expenthture Expenditure 15 re￿InIsed once there 15 ¥ legal or constructr￿ 0Nyt￿n to make 4 p•yment to a third party, it is protsable that srfdement will be retyired and theamount ottheobl¥atMcan be measured reliably. The Inwctus Garnes 8irminEharn will be hdd in ju￿ 2027. for Games time expenses. in order to secure accommdation, venues and oiher serrices Cash de￿Sits hove bezn pad whirh will bt incluOEd a5 prepayments and chirBed 05 expen$e$ in f￿￿re accounting periods. Expenditure is cla$5rfied underthe follwng headings= Costs of rai5iDgfunds= comprise the appcwtionmeAt of staff costs and third partyfees ON the bè515 of time spent raisinglunds. Expenditure on charitable atti￿leS.. irKludes all costs which relate éireatyto fuffillin8 the charitable objettive5 of the Charity as outlined in the Trustees. ReporL All0(atl￿ otsuppurt (tssts Support costs areth¢)sefvn¢rionsthat assistthe th ofihe charity. but do not direthy undertakecharitable actiwties. They include back offi¢e costs such a5 fin¥te. IT. legal. HR andwwemarKe costs which suP￿rt the Charit(s act￿lI1e$. These Costs have been allocated between the tosts of taising fund5 4ntl expenditwe on charrtable èLtiwtie5. Staff Costs are apportioned on the basis of managernenys e5timatw of the time5pent on eath activity. Costs whxh do not directly ￿late toone a¢tivity and are ap￿t￿Ned On ihe sarr* bas￿. Govefnance costs ire ¢ncluded in supmjrt costs ortd relate to the dirert runniw of the Chwity, •lkJwing itt¢ Operate and generate the infonnation for public accountablity. include thecosts of extem•l I￿111 Investments are a form ol basic ffinanual instrumvts and in the current y relate to the Shares in the tradin8 subsidiary which is carried ai c05t. Tawlble Flxed Assets Tin8ible fixed assets with • ¢ost of £5.IXII or More •￿ (awal￿d. There are tah8ible ftted assets in the charty at e5ent. Oebtory and Cfedltar5 Ae¢el¥•ble/P•pl Debtors and creditors with rKJ stated interest rate receivable or pa￿le within one year are retorded at transattion prlte. Creditor5 ire rttogni5ed ￿en the Chirityha5 4 prwnt oblww re5Urtint from è past evenl that wll wobally result in the transfer of fund5to a third party and the amwnt due t05ettle thE ob&gatI¢￿ tan be rneasured or estimated reliatAy. Cath at bank and In hand Cash at bank and in hand Incl￿ cash held in bank%(wnts. Forei￿ Transxti￿s denon¥nated in forwgn currery are iranskted in fosterti￿ and recorded aithe rate of exchange prevailin8 at the date of the transattion. Monerary assets liabilitie5 den¢)mifiated in foreign currency aretranslated into sterllng at the d*e prevailing on the Balance Sheet date. Foreign exchange gains are recoeni5td as other income and foreign exchange ID55es are fecotnised as experKliturtwiihin Charl￿blO ￿t￿tres. Page-. 33 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31JULY 2025 ACCOUNllNG PQUQE5 IContSnued) The Charity prowde5 a defined contribution pension scheme, wherebythe charity and its staff each fund the scheme. The scheme is managed by a third party pr¢yrider. the assèts of which are held tythe pro¥ider separately from the assets of the Charity. The pefision charge in theffinancial 5taternents reP￿ent$the amounts payable by the Charityto the fund in the accountinK ye¥ Cllrpowatth iaz The Charity is exempt from taxat￿ in ¥espett of 1ft￿me and caprtal gains ￿ceIved within categories covered by 3 part 11 of the Corporation TaxAtt 2010 or Section 256 of the Taxation of cha￿e￿￿e Gain5 Act 1992. to theextertt that such income or gains are applied exclu5tvtlytocharitable purposes. eratkw kases Rentals paid underopwatlne leases a￿ pr(74ided as value in knnd. As s￿h ihe rental is chwged iothe Staterneht of Financial Activit￿$ on a 5tra¥ht lihe as b￿h 11K￿ and ewditureovwthe lease t Judgements and kry soU￿eS￿e#lrn1tIQn unrortalnty In the application of the Charitrf5 accountin6 p)lioes. which ire described al￿e, Ihe Tru5tee5 are required to rnake judgments. estim*es and assumoions abrMA the carrwn8 amunts of assets and Itabilities that are not readily appareni from other sour¢es. The e#imates and a$50tiated wumptws are based on theirexperien¢e. knowledge and otherla¢tors that are deemed relevant. Artu•l re5uh5 rna¥ differfrorn those estimates. The e5tirnate5 ond Under￿lIng assurnption5 ore ewed on an on80in8 basis. Rew5th5 to accountin8 e5timote5 are recognised in the year in which the estimate is revised if the revision affetts On￿that year. (K in the perp)d of the ￿lSion andfUtU￿ periods rf the revision affects both current and future periods. The Trustees do not con5iderth* there areanycriti(ab jud8emÈnts or sourtes ol estimation uncert•inty in the finanual statements. The key a5sumoion5 concerning ihefLrture and other key xwrce5 of estimation uncertainty at the reportin8 date that has 518nificani risk of tausing material adjLstment to £arrwn8 amtyjnts of liabilities within the next fsnancial year are prepayments and defwred income. •The Inviav5 Game5 8irrnin8ham will be held in Juty 2027. In fKdertO Secure accomrn&Jarion, VEnues èThd other ser¥ices tash deposiis ha¥e been paid whKh vrill be charged as expenses in future accounting period5. Thecarrying amouni at the year end for Pfepayrr*nts is £691.452. •Cash income 15 recEiSYtS in an agreed poyrnem schedulewtth swfisors. Income will be defts￿ UAIII the ￿teria for income recognitic￿ is rn*. The carrwng amount at the year end for deferred Inco￿ is £16.￿1. Page.. 34 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 DONATIONS. GIFt5 AND Uniestrlcthd Reslrkwd 2025 Individual Oon*ions Grants Value in Kind 134 134 3,087,825 2SI.552 3.087.825 251,552 251.686 3.087,825 3,339,511 OYHEA INCOME 2025 RecharKes 268 268 EXPENDITURE pport Cotts Z015 T•t•l al EXPENorniRE IIN R￿s111G FUP4DS Fundrai51ng 209.689 209.689 209,689 EXPENDrnJRE IJP4 CHARrrAXEAcfM Delivery costs forthe Invt¢tU5 Games BirmFWarn 2027 L051. 433.439 1,484,443 Total Ewnthr* L260.693 433.439 1.694.132 Pa8e- 35 INvicfus UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 bl ANALYSIS OF SUPPORTcosfs AND GOVERNA14CE cosrs 2025 Staff costs Le8al and othef professional Office expenses Other support costs 177,607 116.42S 32,130 13.526 Auditor's remuneratlon Board Expenses Board fecruirment Tax aO¥ice 28.188 14,181 46,200 5.182 433 439 ¢1 srAFF COSTS 2025 Wa8es and Salaries Employer's National Insurance Contribution5 Pension contributions Secondrnent costs in¢ludin6 value in knnd Total staff costs 138.847 9,395 5.556 264.750 1025 14 The numbèr ofemploffts receivi￿ emoluments of£60.(KX) or fflorewa5 as follows.. £70.001- £80,LThXI £120,0)i- £￿0.￿0 Pension costs accounted for the above employee5 totalled E12.918 in the period. Page.. 36 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 EXPENDITURE (con￿nUed1 d} TRUSfE£S AND KEY MANAGEMENT PERSONNEL 2025 The average monthly ftumbef ofemployee5 durin8 theyear was as follow5: Employees Secondees No Trustee recelved emoluments In the period. Total travel expense5 of £10.564 were paid lo 7 Trustee5 and the Independent Chair of InvirtU5 UK 2027 Trading Lirnited, the wholty owned subsidiary of the Charity during the period. Expenses indudÈd international tfa¥el for 2 of the Trustees to attend the observor programme for the Invictus Games Vancouvef Whistler. No eynses were paid to M. Poole and D. Noon. Key management pefsonnel includes thè Chief ExecutNe offi￿r. the Chief Opera￿n8 OffitÈr and the Finance Director. The Chief Executive Officer's salary is value in kind paid by the Ministry of Defence. The total emolurnents include the value in kind salary as well a5 the ernolurnents paid to all key management personnel by the tharily. The total emolurntnts of the Charity's kty management personnel wère £233,517. Page: 37 INvicfus UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 FIXED ASSEf INVESTMETirs 1025 Charity Investment in sub5idi¥y undertaking 5ubsidlary undertakn'ng5 The follo￿nI was a subsidlary undertaknng during the p￿￿6. Total fvnds 1230,8941 Shareholdi In7ittus UK 2027 Trading Limited1162825541 The wholly owned iradin8 subgdiary InvKtus UK 2027Trading ￿rnited 15 incorporated in En￿and Icornpany number 16282554.1 Ws prirnary purpose 45 to carry tsut the tommercial actsvities in order to raise the income required to deliver the Invirtus Games Birmi￿h8ffl 2027 and to plan and delNerthe Game5 on behalf of the Charity. The wmmary financial performance ofthe tr￿Ing subsidiary IAVKtus UK 2027 Trad￿￿ LFmited is shown bthm.. 20 Turnover Cost of sale5 40.290 loss Administration expense5 140.2901 1187.6301 Opefating b55 1227.9201 Interest on Inte￿OMPanY loan 12.9741 Loss on Ordlnary Artivit￿S before tayation 1230.8941 Tax (m10s$0ft ordinary arti¥itles R￿ained earnin8s brought forward Reuined earnin85 carrted forw¥d 1230.894 In line with the intercompany kian agreement, £2.974 in interest has been charged on the Wbtercompany loan with Charity. This 15 dirninated on consolidation. The symmary balance sheet of the tradin8su￿￿iary UK 2027 Tradi￿ ￿rntted t5 shown below: Curreni assets Creditor5 due in lessthan one Netufftnt Il•blMdes 793.073 11.015.9661 12ZZm31 Creditors due in more than oneyear 18,CQll Total1Sa&lll•Es Page: 38 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 7 DEJT Gff Trade debtors knount owed by s￿￿di￿ry VATdebtor Prepayments aecrned Inco 955,407 16A149 691.452 37J64 857.601 L038.592 The Inyictus Gaffjes Birmiryh•m *ill be hekl ￿ 2027. In rydErtOsethrÈ￿vQ> acCOrnti￿ *ftd othèr required 355etsto delNera SI￿55f1￿ Gam¥depoyts bEEn b¢h¢hl 8sprep*ments and expEn5ed in theyearofthe Garnes. CREDifoRS: Arnwnul4lllw&Je Trade£reditNs Other creditors T*Yes and sctial secyrity ueditor5 Attwals Delerred 5.857 3.041 11.611 4.192 3.041 11.611 53.913 113,316 72.757 CREDrroiik.Amountsf•l¥ni*Je Oeferred ifthme 8.LY*I 8.C¥)I Deferred intLxnÈidatssto reteib*OduriwJu￿ 20254fttrtr*lavftth Oft￿ ChampK)fvs Pioyamrne. IrKuve will be acU￿d *rWdrb*kndlirethse polKles I• PEII%(WI CQMMITMENT5 The Charityopeiatesa dEfined sthemeft*the benefitof èll itSem￿tyee5. Tréamrwht reco￿1$¢0 asanexpense in ihe WI￿1*4$£555& £L739wasowedtothestheme* ￿ pwiodthd, Ixryiho amount pa¥a￿t￿nderf￿eJuty 2025 payroll. Thisamourf W Paid rffi4Au8ust 2D2S. Al pen￿On cllstswuep•id uJirythe restriLted I￿¢sPr￿4￿ tyIImGry￿n￿. Pa8e.'39 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE PERIOD ENDED 31JULY 2025 11 MOVEMEP4TON RESERVES: GROUP UNRESTRKfED FU14DS At 31 July 2025 Eynthure Translers 2025 General Fund 251,954 1251.9541 151.954 The 8roup did not hold any designaied fvnds durire the year RESTrICTED FUND5 At 22 Julv 2024 A131Ju 2025 Trarthrs 2025 HM Government grant 3.087.825 11.442,1771 1.645,648 1,645.648 The restricted fund ha5 been pro￿ded under a grant agreement with HM G¢)vernrnent to enable plannlng and delivery activitie5 to be undertaken prior to commeroal sponsorship and donatitins being re￿ived. Pay". 40 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 JULY 2025 11 MOVEMENT ON RESERVES: UNftESTRicfED FUNDS At 22 Jyfv 2024 At 31 Julv 202S Income ENpendltsre 2025 General Fund 25L954 12SI,9541 251.954 The Chartty did not hold any designaied fund5 duri￿ theyear REsfRlCtED FUNDS At 22 July 2024 At 31 Julv 2025 Income Ewpenditure Tnn5fer5 2025 HM Government grant 3.087.825 11.211.283) 1,876.542 3,087*25 (1.211283 76.542 The restricted fund has been provrded undef a grant agreement with HM Government to enable planning and delivery adivities to be undertaken prior to cornmeraal Sponsorship and donations being reteNed. Pa8e= 41 INVICTUS UK 2027 LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2025 11 ANALYSIS OF PIET A55ETS BYWND Genernl Funds Fur Net current assets Creditors> ￿eYear 1.6S3.649 18.(rfJll 1.653.649 1.645.648 1.645.648 C