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2023-12-31-accounts

Page
Report ofthe Trustees t -6
Statement
of Trustees'		 Responsibilities
Independent
Auditors'		 Report 8 -11
Statement
of Financial		 Activities 12
Balance Sheet 13
Statement
of Cash Flows		 14
Notes to the Financial Statements 15-24

Unrestncted Unrestricted
Funds Funds
Note 2023 2022
6
INCOME
Investment
income		 1,121,177 621,538
Total income 1,121,177 621,538
EXPENDITURE
Costs of raising funds:
Investment
management		 rebates/costs (69,301) 28,768
Expenditure
on charitable		 activities:
Grants
made		 1,816,469 2,142,652
Total expenditure 1,747,168 2,171,420
Net (expenditure) before gains on investments (625,991) (1,549,882)
Net gain/(loss)
on		 investment assets 2662711 ~, 3, ,356,477
NET MOVEMENT IN FUNDS 1,976,720 (4,906,353)
Reconciliation
of		 funds
Total funds brought forward 44,492,262 49,398,615
Total funds carried forward 46,468,982 44,492,262
All amounts
relate		 to continuing operations.

Unrestricted Unrestncted
funds funds
Note 2023 2022
6 f
FIXEDASSETS
Tangible
fixed assets		 480 641
Investments 47,274,808 45,092,083
47,275,288 45,092,724
CURRENT ASSETS
Debtors 261,470 4,250
Cash at bank and in hand 619,089 1,465,278
TOTAL CURRENT ASSETS 880,559 1,469,528
LIABILITIES
Creditors
falling due within one year		 10 tt,686,8682 ~2,069990
NET CURRENT (LIABILITIES) (806,306) (600,462)
TOTAL ASSETS LESSCURRENT LIABILITIES 46,468,982 44,492,262
The funds ofthe charity
Unrestricted
income funds		 46,468,982 44,492,262
TOTAL CHARITY FUNDS 46,468,982 44,492,262

Unrestricted Unrestricted
funds funds
Note 2023 2022
E 6
Net cash used
in operating
activities		 13 (2,387,352) (3,475,320)
Cash flows from investing
acttwttes
Interest and dividends
received		 1,121,177 621,538
Proceeds from sales ofinvestments 68,686,957 14,923,417
Purchase ofinvestments (68,266,971) (14,118,700)
Net cash provided
by investing		 activities 1,541,163 1,426,255
Change
in		 cash and cash equivalents in the year (846,189) (2,049,065)
Cash and cash equivalent
brought		 forward 1,465,278 3,514,343
Cash and cash equivalents
carried		 forward 619,089 1,465,278

Invest ment
income, representing
income from		 UK and overseas assets, derive from:
2022 2022
Listed investments 1,040,791 604,850
Bank interest 80,386 16,688
1,121,177 621,538

Grants comprise of allocations, of allocations, of allocations, awarded awarded to the Services and other institutions,
and		 capital & special
grants (as described in the Grant Making Policy in the Report of the Trustees)
and		 are analysed
as
follows:
2023 2022
Allocations:
—Royal Navy 190,788 177,756
-Army 572,362 517,740
—Royal Air Force 186,040 167,404
—Reserve Forces 120,000 120,000
Capital Grants:
—Triservice 36,471
—Royal Navy (15,539)
—Royal Air Force 510,786 991,260
- Boleh Trust 30,000 30,000
- Operation
Christmas		 Box 50,000 50,000
- Royal Gibraltar Regiment Association 50,000
-Victory Services Club 33,250
1,743,226 2,075,092

2023 2022
No No
Boleh Trust
Op Christmas Box
Union Jack Club
Victory Services Club
Interservice 1
Capital grant - Royal Navy 2
Capital grant —Royal Air Force 2
Capital grant - Army 2
Royal Navy 37 36
Army 72 79
Royal Air Force 35 44
Ulysses Trust 49 70
197 239
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TANGIBLE FIXEDASSETS
Fixtures
and Fittings
Cost
At 1 January 2023 12,736
Additions
At 31 December 2023 12,736
Depreciation
At 1 January 2023 12,095
Depreciation
charge		 161
At 31 December 2023 12,256
Net book value
At 31 December 2023 480
At 31 December 2022 641

2023 2022
f
Market value at 1 January 2023 45,092,083 49,253,271
Acquisitions 68,266,971 14,118,700
Sale proceeds (68,686,957) (14,923,417)
Net change in market value 2,602,711 (3,356,471)
Market value at 31 December 2023 47,274,808 45,092,083
Investments are analysed as follows:
UK investments 47,274,808 30,449,919
Overseas
investments		 14,642,164
47,274,808 45,092,083

INVEST MENTS (Continued)
2023 2022
8 f
UK equities 17,077,421
Overseas equities 14,642,164
Other 47,274,808 6,721,932
UK fixed interest 6,650,566
47,274,808 45,092,083

DEBTORS
2023 2022
E f
Prepayments and accrued income 261,470 4,250
261,470 4,250

10 CREDITORS - amounts
falling		 CREDITORS - amounts
falling		 due within one year due within one year 2023 2022
f
Grants payable 1,679,976 2,062,900
Social security and other taxes 1,304 1,521
Accru ala 5,585 5,569
1,686,865 2,069,990
Charitable
Commitments
Accrued
Movements
in provisions		 and funding commitments
for grants during
the year
Grant commitments
at the start		 ofthe year 2,062,900
New grant commitments
charged to the		 SOFA in year 1,743,226
Grants
paid during the year		 (2,126,150)
Amount ofgrant commitments recognised 1,679,976
as at 31 December 2023

2023 2022
8
Net movement
in funds		 1,976,720 (4,906,353)
Add back depreciation
charge		 161 214
Deduct interest income shown in investing activities (1,121,177) (621,538)
(Gain)/Loss
on investments		 (2,602,71 1) 3,356,471
(Increase)/decrease
in debtors
(Decrease)
in creditors		 (257,220)
~393,323		 828
~1,394,942
Net cash used
in operating		 activities (2,387,352) (3,475,320)
14 CATEGORIES OF FINANCIAL ASSETS & LIABILITIES
2023 2022
8 8
Carrying
amount offinancial		 assets
Financial assets that are debt instruments measured
at amortised
cost
Financial assets that are equity instruments measured
at fair value through
the statement
offinancial		 activities 47,274,808 45,092,083
Carrying
amount of financial		 liabilities
Financial
liabilities
measured		 at amortised cost 1,686,865 2,069,990

UNIT PROJECT PROJECT PROJECT COST (Ej
0
Christmas
Box		 0
Christmas
Box 2022		 50,000.00
Victory Services Club Family Room Refurbishment 33,250.00
BOLEH Trust BOLEH Trust —2 grants 60,000.00
ROYAL NAVY
HMS Neptune FloatFit Boards x 10 2,495.00
Joint Services Signal Unit- Windmill
Hill Signal Station Gibraltar		 —Rest Room 700
Cheltenham Refurbishment
40 Commando
Royal
Marines		 Powerlifting
equipment
for 40 Commando
Marines
Powerlifting
Association		 RM/Royal 3,000.00
HMS Nelson Mess Audio Visual Upgrade t Victory Club 3,935.19
HMS Diamond Reinvigoration
ofJunior		 Rates Mess Deck 15,000.00
RAF Digby Communit
Centre
Im		 rovement 1,265.00
RN E uestrian
Association		 BoxTrailer 1,561.40
HMS Neptune FloatFit Boards x10 2,495.00
HMS Drake Wardroom
Bike Lockers		 3,000.00
HMS Mersey Mess Deck Improvements 2,685.65
Royal Navy Family & People
Support		 Communal
Room		 2,168.88
17Squadron Test and Evaluation
Squadron		 Entertainment Items 3,057.00
HMS Drake Cinema
Room		 2,803.50
RNAS Yeovilton CDO MAOT Crew Room Refurbishment 2,661.99
RNAS yeovilton Outdoor
im
rovements		 Area 10,000.00
RNAS Culdrose ATC Crew Room Refurbishment 1,907.95
HMN8 Clyde Televisions 479
Defence College of Logistics,
Policing and Administration		 Kestrel
Division Games		 Consoles 2,381.00
HMS Sultan Crew Room Refurbishment 3,288.00
MAB7- Special Forces
Support
Group		 Audio Visual System 1,410.00
HMNB Devonport Wyvern Centre Audio Upgrade 3,772.32
40 Commando
Royal
Marines		 Patio Revamp 3,650.00
824 Naval Air Squadron JRs Crew Room 2,493.00
HMS Middleton Wardroom
Re eneration		 589.82
30 Commando
Information
& Exploitation
Group		 Royal Exercise PHOENIX VENTURE —Deployment Welfare Items 1,674.97
Marines
Royal Navy Royal Marines
Motor Sports Association		 RNRM Motorsport
Storage Facility		 4,883.75
UNIT PROJECT PROJECT PROJECT PROJECT COST E
HMS Caledonia SR Mess Function Room 10,000.00
RAF Chicksands Refurbishment
of		 Trainee Crew Room 500.00
HMS Ralei
h		 MTU HQ New Staff Restroom 1,164.46
RNAS Yeovilton Qualit Su
ort Team		 Crew Room 1,269.70
HMS Caledonia Recreational
5 ace		 2,977.19
RNAS Culdrose Refurbishment
to		 Family Contact Houses 581.50
HMS Raider Mess Improvements 600.00
HMS Excellent Medical Centre Staff Room Refurbishment 1,202.50
HMS Ne tune Qua
side Cafe U		 rade 3,500.00
Royal Navy Senior Rugby XV Royal Navy Senior XV Habitability Improvements 3,401.96
Commando
Helicopter
Force		 MTU Communal
Area		 Refurb and Field Kit Uplift 3,375.00
Total: 37 Units
ARMY
REYC Purchase Yacht 15,000.00
AHPA Purchase Para
liders		 6,862.00
R MON RE Purchase MTBs 6,400.00
Combat Manoeuvre Centre Purchase MTBs 6,400.00
RAYC Re lacement
En
ine		 For BOMBARDIER III 9,280.00
2 YORKS Purchase MTBs 6,400.00
Catterick Gn Purchase Minibus 25,000.00
1SG Purchase MTBs 6,400.00
256 FH Purchase MTBs 6,400.00
RAF Di b Refurbish Communit Centre 3,163.00
3 SCOTS Purchase MTBs 6,400.00
39Si
Regt		 Purchase MTBs 6,400.00
BATSUB Purchase Bikes for Movement Around Cam 3,600.00
BATSUB Welfare E
ui
for		 Perm & Exercise Pers 1,620.00
BATUK Cricket Clothin 654.00
Dhekelia
Golf Club		 Fairway Mower 15,000.00
Akrotiri
An
ling Club		 Purchase Angling
Boat		 6,481.00
E iskopi Stn Purchase RHIB for MTW 11,156.00
1ANGLIAN De
lo ment AV Kits		 9,107.00
RE Motors
orts		 Tools and
E
ui
to		 Su ort RE Motors orts 11,413.00
Arm
5 orts Car Racin		 Outdoor Jackets 5,400.00
REME Kart Team Eqpt for Kart Team 9,824.00
AAC Kart Team E pt for Kart Team 3,663.00
AISTC Re lacement Safet Boats 7,723.00
AISTC RIB Refit 5,205.00
Dhekelia Services Sailing Clu Purchase RIB 15,000.00
RAC YC Purchase Mainsail and Liferaft for WHITE KNIGHT 4,347.00
AISTC Purchase Covers for RS 2000 Din hies 1,524.00
UNIT UNIT PROJECT PROJECT PROJECT COST (Ej
AISTC Refit Training
Dinghies		 2,939.00
Army Offshore Racin Team Purchase Replacement
Sail for		 BRITISH SOLDIER 3,979.00
AISTC Purchase Re lacement
Kitesurfin		 E t 7,333.00
REYC Purchase Foul Weather
Clothing		 7,496.00
AOSC Purchase Replacement
Headsail		 for GREBE 1,244.00
AAC SA Purchase Advanced
Kitesurfing		 Eqpt 8,028.00
RAYC Purchase Windsurfing
Eqpt		 7,500.00
RLCSA Purchase Windsurfing
Eqpt		 7,442.00
BATSUB Purchase Welfare Vehicle 23,400.00
167Regt RLC Purchase MTBs 6,400.00
71Engr Regt Purchase MTBs 6,400.00
AISTC Refurbish Washrooms
& Purchase		 Equipment 7,102.00
AHPA Purchase Wings and Equipment 9,959.00
BG Pokhara Purchase MTBs 6,400.00
AMS Snowboard Purchase Snowboards
for Male		 Cor s Team 3,500.00
AMS Snowboard Purchase Snowboards
for Female Corps Team		 3,500.00
Infant Snowboard Purchase Snowboards
for Corps		 Team 3,500.00
8 Bn REME Purchase MTBs 6,400.00
22 Engr Regt Purchase MTBs 6,400.00
22 Engr Regt Purchase Snowboards
and Eqpt		 3,500.00
17P&M Regt Purchase MTBs 6,400.00
BATSUB Purchase Boat trailer 7,140.00
BFC-EPI-WSC Purchase RHIB 20,000.00
RLC Climbing team Purchase climbing eqpt 4,600.00
Army Motocross Purchase Motocross safety Eqpt 9,180.00
AISTC Purchase radios 1,958.00
AISTC Purchase waters
ort PPE		 6,775.00
AISTC Purchase Windsurfing
Eqpt		 17,115.00
AISTC Purchase Kitesurfing
Eqpt		 5,825.00
AISTC Purchase Wingsurfmg
Eqpt		 12,119.00
purchase Wing Foiling Eqpt 8,154.00
RAYC Purchase Wing Foilin
E
t		 11,258.00
HDSA Navigation eqpt upgrade
—Gladeye		 IV 1,902.00
Infantry Sailing Association Upgrade to Maintain
eqpt
—Bayonet		 2,170.00
BATU K Panga bar refurbishment 6,778.00
REME Basketball Purchase Dr. Dish Tr
aid		 5,700.00
AHPA Purchase 3 X Para
liders		 8,679.00
APA Purchase of Freefall and Static line lumpsuits 3,749.00
RAF Wyton Contribution
to Kart club (24.3%)		 6,500.00
BATUK Purchase 4X4 - Rhino Charge 15,000.00
ASCR Purchase team trailer 13,500.00
ARCA Purchase coxless
air/sculling		 boat 13,125.00
ASA Purchase new sails
—British Soldier		 13,421.00
Army Motocross Purchase 4 XMotocross bikes 20,000.00

UNIT UNIT PROJECT COST E
RAF
RAF Coningsby RAF Coningsby
JRM refurbishment
-Approved
rant at Nov 22trustee meeting.		 as a major 26,580.97
RAF Akrotiri Akrotiri TV loan pool project - Jointly funded
Fund E2,000, BFBSf1500		 RAF Ben 1,500.00
RAF Wittering Aviators
Lounge JRM Ante Room refurbishment
'oint funding
RAF Ben Fund contributin
630K)		 project 8,500.00
1563 Fit Puma —Brunei Equipment
to establish
a crew room at Brunei
new posting for Puma Force		 garrison 4,766.25
RAF Digby Community
Centre refurbishment
project
TotalE12652. RAFE8224
Arm
63163		 Jointly funded
RN f1265		 8,224.00
RAF Lossiemouth E
ui
ment for station table to
ames club		 1,756.41
RAF Cosford Project Greenspaces
Community
a otment		 re ur is ment 1,893.99
54 Sqn Protector Fit USA Establish crew room at 54Sqn, Protector
Dakot		 Fit, North 2,686.00
RAF Lossiemouth Pool table for 24 hour manned
Typhoon
Alert crew		 Quick Reaction 1,274.25
90 SU RAF Leeming Pool table for 90 SU crew room 1,599.00
906 EAW Purchase of 4x road bikes for recreational
EAW Minhad		 use at 906 2,300.00
RAF Wittering RAF Wittering
Wellness garden/outdoor
E15,000-		 recreation space 15,000.00
RAF Brize Norton FLAP Brize Norton JRWF
—New Mini-Bus		 29,969.00
ASWC USA TT Team Crew Room Furniture
& Kitchen a
liances		 565.97
UKAF VA RAF element of Kit costs
—Australia tour and		 next season 643.50
RAF Waddin on 0 s/ATC crew room welfare
Pool Table Gaming consul		 2,109.34
RAF Leeming RAF Leemin
welfare room grant		 2,998.80
Sailin E
ui
ment re lacement		 7,600.00
Table Tennis Com
etition
la
ing table		 510.00
Motors
orts		 2x Branded 6M Hex
azebos for Rally		 3,750.00
Motorsports 2 x 6Mx3M gazebos for MC Road Racing 3,300.00
Motorsports 1x eMotorsports
rig		 3,750.00
Sea An
lin		 Purchase
rods & reels		 937.50
Sailing Offshore
—Teamwear		 187.50
Small Arms Purchase ofvarious
rifles &accessories		 6,390.00
Hang
Paraglidin		 Purchase of3xsolo paraglider
rigs		 6,975.00
RAF Cranwell Qaboos Pavilion
Refurbishment
costs		 5,000.00
Polo E ui
ment		 557.90
Fencin E
ui
ment		 1,875.00
Winter Sports Association Race mana
ement software
and instructor		 equipment 3,500.00
Ski Team Race suits 7,500.00
Telemark Ski re lacement 2,500.00
Snowboard Cold weather
clothin		 1,000.00
Netball Scoreboard 630.00
Gliding &Soaring FLARM linked variometer 3,750.00

YOTR 4,000.00
AUOTC, TUOTC, CEOTC/3 R.WELSH 5,000.00
BIRMINGHAM
UOTC		 3,500.00
BRISTOL UOTC 1,200.00
CAMBRIDGE
U AIR SQUADRON		 3,000.00
EXETER UOTC 6,000.00
DORSET COUNTY ACF 515.00
BIRMINGHAM
UOTC		 1,650.00
204 FD HOSP 1,400.00
YORKSHIRE TRG REGT 1,000.00
NORTHUMBRIAN
UAS		 450.00
OXFORD UOTC 706.00
4 BN YORKS 7,500.00
ARMY MOUNTAINEERING ASSOC 600.00
106 REGT RA 1,001.00
AT CENTRE. UK STRATCOM 750.00
BIRMINGHAM
UOTC		 2,250.00
CAMBRIDGE UOTC 4,000.00
WALES UOTC 2,400.00
37 SIGNAL REGIMENT 2,800.00
NORTH WEST OFFICER TRAINING REGIMENT 600.00
EAST MIDLAND
UOTC		 930.00
EAST MIDLAND
UOTC		 500.00
CAMBRIDGE UOTC 1,250.00
165 PORT 8E MARITIME REGT RLC 890.00
U LONDON
OTC		 300.00
NORTHUMBRIAN
UOTC		 450.00
CORPS OF ROYAL ENGINEERS 1,450.00
NORTHUMBRIAN
UOTC		 1,200.00
510STRE (AIR INFRASTRUCTURE) 510.00
212 FD HOSP 1,500.00
CAMBRIDGE UOTC 3,000.00
OXFORD UOTC 3,500.00
HONOURABLE
ARTILLERY		 COMPANY 1,863.00
ROYAL NAVAL RESERVE 1,000.00
MAS(A). HQ ARMY. 300.00
NORTHERN
UOTC		 1,557.00
YORKSHIRE TRAINING REGIMENT 1,500.00
SOUTHAMPTON
UOTC		 1,800.00
CAMBRIDGE UOTC 2,500.00
HQ CENTRE REGION (ARMY CADETS OFFICERS) 263.00
101ENGINEER REGIMENT (EOD&S) 600.00
206 MMR (incl 208 FD HOSP) 4,200.00
HC HOME COMMAND, SJC (UK) 1,750.00
OXFORD UOTC 10,000.00
CAMBRIDGE UOTC 3,000.00
3 ROYAL WELSH 700.00
GREAT BARR ACADEMY CCF 73.00
DEFENCE SERIOUS CRIMES UNIT 400.00