Registered Number: 210829 NUFFIELD TRUST FOR THE FORCES OF THE CROWN FINANCIAL STATEMENTS 31 DECEMBER 2024
NUFFIELD TRUST FOR THE FORCES OF THE CROWN FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Report of the Trustees Statement of Trustees, Responsibilities Independent Auditors, Report 8-11 Slatement of Financial Activities 12 Balance Sheet 13 Slalement of Cash Flows 14 Notes lo the Financial Statements 15-24
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE INFORMATION Trustees The Rt Hon Lord Arbuthnot of Edrom Vice Admiral Sir David Steel KBE DL Air Marshal Sir Baz North KCB 08E The Rl Hon Lord Geidl of Crobeg GCB GCVO OBE QSO John Chatfeild-Roberts Lieulenanl General Sir Tyrone Urch KBE General Secretaryloffice of the Charity Commander S E J David MBE RN (Rtdl Magdala Mill Lane Titchfield Hampshire P015 5RD Bankers Barclays Bank, Chellenham Branch. Cheltenham and North Cotswold Group, 128 High Street. Cheltenham, Gloucestershire GL50 1EL. Auditors Messrs Pitt Godden & Taylor LLP, Unit 3 Ambrose House, Meteor Court, 82rnett Way, Barnwood, Gloucester, GL4 3GG Sollcitorg Messrs Herbert Mallam Gowers, Solicitors of Oxford, 126 High Street, OX14DG. Investment Managers Bla¢kRock Inveslmenl Managemenl (UK) Ltd, 12 Throgmorton Avenue, London EC2N 2DL Jupiter Unil Trust Managers Ltd, The Zig Zag Building, 70 Wicloria Street, London, SW1 E 6SQ Evenlode Investment Management Ltd. IFSL, Marlborough House, 59 Chorley New Road, Bolton BL14QP.
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEE REPORT AND FINANCIAL STATEMENTS The Truslee Report and Financial Slalements for the year 151 January 2024 10 31st December 2024 have been prepared in accordance with the guidelines published by the Charity Commission. These guidelines are contained in the Slaletnenl of Recommended Practice.. Accounting and Reporting by Charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK ané Republic of Ireland (FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1Q21 and the Charities Act 2011. OBJECTIVES AND ACTtVlTIES FOR THE PUBLIC BENEFIT The objective of the Trust is to promote the welfare and efficiency of the Forces of the Crown either by the provision of facilities for recreation or by any other means The Trustees confirm that they comply with Ihe duly in the Charitses Act 2011 to have regard to Ihe Charily Commission's general guidance on public benefit when carrying out the Trusl's objective and aims and in grant making policy and awards. The Trust's primary aim is lo provide recreational and welfare amenities and facilities that are likely lo be of lasting benefit to the Armed Forces bul which are not provided by public funds and which are beyond the resources of other non-publiG funds The Trust further aims lo support units on operations and to benefit the maximum number of ServiGe personnel whilst being mirKJful of the needs of Smaller, less well-found sports asso¢ialions and isolated units. The Trust does not fundraise and, therefore, the Trustees aim for piudent stewardship of the Trusl's assets lo achieve Lord Nuffield's express wsh that the Trust be maintained for such lime as there is need. The Tiuslees judge that continuing restrictions on and shortfalls in the public funding of recreational facilities for the Am)ed Services mean that there will be 8 continuing, long-term need to meet. GRANT MAKING POLICY Under a Memorandum of Understanding beeen the Trust and the three Med SeNices, grant applicalions for non-public (charitable) funding are scrutinised by the Med Service%, who make the decision on which might be suitable for funding from the Services, own charitable funds or by the Trusl for the public benefit of promoling the welfare and efficiency ofthe FOrS of the Crown. At their November meeting the Trustees make a funding allocation to the Armed Services for the forthcoming year. That allocation is then sutkdivided and paid to the Royal Navy, Army and Royal Air Force on a proportional basis relative to the Regular and Operational Reserve personnel numbers in each Service. Each of Ihe Services then applies for Major Grants1£15,001 to £50,000) from within their allocation. These applications are considered at the March Trustee meeling where the Trustees are joined by the serving Piincipal Personnel Officers of the Royal Navy. Army and Royal Air Force who are best qualified to advise on the relalive priority of the various applicalions received. Approved Major Grants are paid by the individual Services from within their allocation. The balance of each Service's allocation is available for Minor Grants {up to £15,000 or £30,000 for mini-buses) which oan be approved and paid by the individual Services from their allocations subject to the grant criteria agreed between the Trust and the Armed Services.
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 GRANT MAKING POLICY (Continuedl Over and above the annual allocalions to the Armed Services, the Trustees are also willing to cnsIder Capital Grants (over £50,QOQI for projects from any Service. subject only to the project's suitability and the availability of funds. The Trust also makes speoial granls as circumstances require and gives Operational Welfare Grants wilh the object of providing a quick and flexible response to meet the particular needs of those serving in the Regular or Reserve forces deployed in an emergency lo areas of conflict or disaster. Additionally, the Trust makes an allocation to The Ulysses Trust which then considers and approves grants foi Reservists or Reserve formations undertaking acjventurous activity. Grants made and the annual allocations are one-off donations lo the applicants. all of which are charities in their own right. ACHIEVEMENTS AND PERFORMANCE The Charills Trustees have had due regard lo the Charity Commission's guidance on public benefil. In 2023 the Trustees allocated £1,679,976 for grants to be paid out in 202412023.. £2,126,150) and £71.424 for administration {2023'. £73,184). Since 1939, grants paid out by the Trust for the direct benefit of those seNing in the Armed Forces total some £74 million which would be valued al some £342 million at present day value. Two Special Grants (lo the Boleh Trust, Operation Christmas Box), one Capilal Grant, and 165 Major and Minor Grants were awarded from the Trust's allocations to the Services, and 55 Reservist grants were made by the UIy5ses Trust. For information, a full list of grants made by the Trust or from delegated allocations is appended to Ihis report. Grants were made to HM Ships and Naval E5tablishments- Royal Marine Units; Army Garri50ns and Units and RAF Stations an¢J Establishments {including Reserve Unilsl worldwide and to individual Sports Associations, SeNice Sports Clubs or teams from all three Services. All grants made were institutional and made to recipient formations with charitable stalus. The total number of unilslassociations supported in 20241220) was an increase from 2Q231196) reflecting Ihe increasing demand for Trust support within the Armed Forces. The Trust has achieved ils objective and m&asures its aims fLtrther by feedback from recipient units, their Commanding Officers and higher levels of the chain of command, including from the three servi Prinejpal Personnel Officers.
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Tnjsl receives its funding solely from its investrnent portfolio and bank interest. The Ttust monitors monthly reports from the Investment Managers and the Trustees meet fomally with the Fund Managers twice a year to review the pertormance of Ihe Trusl Funds and to ensure that investments held have been acquired in accordance wth the powers of the Tru51ees and any directions they have given. Investment policy is reviewed annually by the Trustees. In mid 2023 the Trustees appointed two new Fund Managers. splitting the portfolio evenly between the Iwo. The new Fund Managers are Evenlode Investment Management Ltd and Jupiter Asset Management Ltd. BlackRock. the previous Fund Managers, rctain a small investment portfolio for the Trust in their Property Management Fund Icirca £2.2MI. This could not be closed immeijiately due to financial regulatory reasons. It is anticipated this fund will not be closed before end_2025. The Trustees aulhorised the Fund Managers to hold any investment defined under the Financial SeNices Act 1986, subject only to the proviso that such investment and ils degree was permrtted by regulations or operational guidance given by the Charily Commission, within a prudent, widely diversified portfolio The Trust does not sel environmental, social or governance IESGI policies for its portlolio, bul adopts the overarching ESG poli¢ies set by its Investment Fund Managers The performance of the Trust's portfolio is evaluated against a bespoke composite index. In a period ol major global stock markel volatility across 2024 due to the continuing economic impact of volatile interest rates and inflation, US Elections and Gontinuing confiicts in easlein Europe and the Middle East, the porttol¢o's investments reluined as follows.. Individually. BlackRock Property Fund saw a return of 4.46%, Jupiter saw a negative return of -10/0 against the benchmark of 17.50A. Evenlode saw a return of 1.8% against the benGhmark of 19.1 %. The Twstees also benchmark the Trust's &year rolling average capital value against its 1998 capital value adjusted for CPI IRPI before 2018) and capital grant expenditure. On that basis, the Trust's average capital value was £1.86 million above the benchmark (2023.. £3.48 million). At 31 Dember 2024 the Trust's inveslments were valued at £46,029,015 {BlackRock £2111,714; Juprter £22.329,923-, Evenlode £21,587,378)12023= £47,274,808) arter the wrthdrawal of £670,000 for grants and administration. On a dividends receivable basis, as required by the SOFA, the Trust's income for the year was £1,076,20812023.' £1,121,177). This income comprised investment and propety income. The lolal investmenl management fees for 2024 were £265.48512023: £197,883) prior to the rebate. RESERVES In May 1997 the Charity Commission confirmed that both the capital and in¢ome of the fund could be expended on furthering the objects of the Charily. Given the slruGlured nature of the Trust's grant-making procedures ar¢d the ability of the Trust to apply both capital and income to meet need, the Trustees do not designate specific reserye funds. The total amount of reserves held at 31 December 2024 was £45.118.673 (2023: £46,468,982) as there is no restriction in pla. The amount of free cash resetves were £985,894 (2023.. £880,559).
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 RISK MANAGEMENT The Trustees at their meeting on 15th November 2024 reviewed Ihe major risks to which the Gharity was exposed and were satisfied that procedures had been established lo manage these risks. The major risk arising from the performance of the investment portfolio and manager has been mitigated by using hedging policies and diversification of asset classes. The Trust receives monthly reports from the inveslmenl manager and a regular review of investment policies and perfonmance is undertaken. This is underwritten by a written management agrèement. The Trust retains expert investment managers and the Trust's money is held separately from the Fund Manager's own, PLANS FOR FUTURE PERIODS As previously stated, the Trustees see a long-lerm need lo continue grant-making activity in support of the moraSe of the Armed Servicks in furtheran¢e of the late Lord Nuffield's endowment and express wishes. The Trustees seek the advice of the Principal Personnel Officers and the Central Funds of the Armed Services on the nature and extent of future grant requirements. For 2025 the Trustees approved grants of £1,890.407, which included the annual allocations lo the Services and Resetves of £1,087,790 as well as £802,617 for Capital and special projects. £72,220 was allocated for administrative costs (less than 4% of lotal expenditure). STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an unincorporated trust founded by the late Lord Nuffield in 1939 and originally operated under Ihe terms of a Trust Deed made on the 14th october 1939. This was superseded by a Charity Commissioners, Scheme that was sealed on 13th February 1997. The Trust Deed provides lor 6 Trustees, 3 Of whom should be officers or former officers of the Regular Armed Forces and 3 of whom should be persons who have a special knowledge of commerce, industry or rinance. This structure reflects the original wishes of the Trust's founder. Trustees are appointed by the Board of Trustees and normally may serve until the age of 70 but, exceptionally. may serve beyond that age by Special Resolution of the 8oard of Trustees. There are no sub-committees of the Board. From 19th March 2013, by Special Resolution of the Board, Trustees appointed in the Category of officers or former officers of the Regular Armed Force5 may setve only for a maximum of 10 years. No new Trustees were appointed In 2024. New Trustees receive an induction pack which outlines the history, structure, objects and prOdreS of the Charity. In addition, new Trustees receive copies of the previous yearfs Minutes of Meelings and Trustee Report and Financial Slalemenls plus Charily Commisslon publications relevar)I to their duties with Ihe Trust and their prior experien of Trustee duties. Trustees receive no remuneration and Trustee travel expenses are reported in the Notes to the Accounts. Potential conflicts of inlerest are declared at each Trustee meeting and where Trustees have an interest in or association with potential grant recipients Ihey lake no part in the grant decision.
NUFFIELD TRUST FOR THE FORCES OF THE CROWN REPORT OF THE TRUSTEES {Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT - (contlnued) The Trustee Board meets twice per year and all matters relatsng to the Trust's activities are decided by the Board, other than the following delegalions.. The day-to-day administralion of the Trust. the processing of grant applications and the administration of grants is delegated lo the General Secretary within a budget sel and monitored by the Board. The processing and approval ol Minor Grants and the payment of Major Grants approved by the Board are delegated to the Aimed Services (see Grant-making Policy). The General Secretary is the Trust's sole employee and the Trust is administered from the General Secretatys home. The General Secretary is employed under a contract benchmarked against the REWARD SuNey of Charitable Salanes and comparator military salaries and benefits. Triennial reviews are carried out with the remuneration benchmarked against charilable salary suNeys and comparator military salaries and benefits. The current General Secretary decided not lo lake a Defined Contribution Pension, but instead receives 12% Increase in salary in lieu. As part of ils Granl-making activity, the Trust cooperates with Armed Services, unit charities, the major Central Charitable Funds of the 3 Armed Services and olher rned Services-relaled charities.
NUFFIELD TRUST FOR THE FORCES OF THE CROWN STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing Ihe Report of Ihe TrLAslees and Ihe financial stalemenls in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdorn Generally ACpted Accounting Practice}. The law applicable to ¢harilies in England and Wales requires the Trustees to prepare financial statements for èach financial year which give a true and fair view of the slate of affairs of the Charity and cf ils incoming resour¢es and application of resources for that period. In preparing these financial statements, the Trustees are required to: select suitable a¢counting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP, make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial ststemenls; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chanly will continue in business. The Truslees are responsible for keeping accounting records which disclose with reasonable accuracy al any time the financial position of the Charily and enable them lo ensure that the financial statements comply 1th the Charilies Act 2011, the applicable Charities (Accounts and Reports) Regulalions. and the provisions of the trust deed. They are also responsible for safeguardin9 the assets of the Charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on Sl I.KArLk 2oLS and signed on their behalf by.. The Rl Hon Lord Arbuthnot of Edrom
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE NUFFIELD TRUST FOR THE FORCES OF THE CROWN FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnion We have audited the financial statements of The Nuffield Trust for the Forces of the Crown for the year ended 31 December 2024 which comprise the Statement ol Financial Activities. the Balance Sheet and the related notes. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportsng Standard 102 Tre Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gener211y Accepted Accounting Practice>, In our opinion, the financial stalemenls.. Give a Irue and fair view of the slate of Ihe chariws affairs as at 31 December 2024, and of its incoming resources and application of resources. for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practs'ce., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis of oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}i and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for Ihe audit of the accounts section of our report. We are independent of Ihe chanty in accordance wilh Ihe ethical requirements that are relevant to our audit of Ihe accounts in the UK, including the FRC'S Ethical standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Twstee's use of the going Concern basis of ac¢ounling in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not identified any matenal uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on Ihe charity's ability lo continue as a going concern for a period of at least hvelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect lo going concern are described in the relevant sections of this report. other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the Dther infonnalion. Our opinion on Ihe accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. In doing so, consider whether the other information is rnalerially inconsistent with the financial gtatements or our knowledge obtained in the course of the audit, or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work wè have perfomed, we Gonclude that there is a material misstalemenl of this other infomiation. we are requifed tD report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITORS. REPORT (Continued) TO THE TRUSTEES OF THE NUFFIELD TRUST FOR THE FORCES OF THE CROWN FOR THE YEAR ENDED 31 DECEMBER 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulalions 2008 requires us to report to you if. in our opinion: the inforrnation given in the finan¢ial statements is inconsistent in any material respect w7th the Trustees, Report: or sufficienl accounting records have not been kept. or the financial stalemenls are not in agreement with the accounting records and returns., or we have nol received all the information and explanation5 we require for our audit. Responsibilitie5 of the Trustees As explained more fully in the Slalemenl of Trustees, Responsibilities set out on page 7, the Trustees are responsible for the preparation of financial statements and for being satisfied Ihal they give a true and fair vlew, and lor such internal control as the Trustee's determine is necessary lo enable the preparallon of financlal statements that are free from material misstatemenl, whether due to fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Charitls ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to cease operalion8, or have no realislic allernative but to do so. Auditors, responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effecl thereundei. Our objectives are to obtain reasonable assurance about whether the financsal slalements as a vthole are free from material misslalemenl, whether due lo fraud or error. and to issue an auditor's report that includes our Opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac¢ordan¢e with ISAS {UKI will always delect a material misslatemenl when it exists. Misslalemenls Can arise from fraud or error and are ¢onsidered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect ol irregularities, including fraud. The exlent to our procedures are capable of detecting legUlarl11es, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud. and non-compliance with laws and regulations. was as follows= Wè Identified the laws and regulations relevant to the charty from discussions with Ihe secretary and from our knowlèdge of granl-making charities in similar sectors_ The laws that we consider may have a direct material effect on the financial slalements or the operation of the charity include the Charities Act 2011, employment. & data protection.
INDEPENDENT AUDITORS. REPORT <Continued) TO THE TRUSTEES OF THE NUFFIELD TRUST FOR THE FORCES OF THE CROWN FOR THE YEAR ENDED 31 DECEMBER 2024 We ensured that the audrt engagement team collectively has the appropriate competence, capabilities and skills lo identrfy non-compliance with Ihe applicable laws and regulations noted above. We assessed Ihe extent of compliance with these laws and regulations through enquiries with the secretary and inspecting legal cosls. We assessed the susceptibility of the charitys financial slatements lo material misstalemenl, including oblaining an understanding of how fraud may occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, and • considering the internal controls in place to mitigate fraud risks and non-compliance with laws and regulation. To address the risk of fraud through management bias and override of controls, we.. performed analtal procedures lo identrfy unusual or unexpected transactions. assessed whelher jLt(Jgemenls and assumptions made in determining the acrLJunting estimates were indicative of potential bias: • reviewed a sample of transactions from the clients records for aulhorisalion from the Truslees- reviewed the bank statements for evidence of review by the Trustees. In response to the risk of irregularities and non-cornpliance wilh laws and regulations, we designed procedures which included, but were not limited to.. • agreeing financial statement disclosures to the underlying supporting documentation., • reading the minules as lo actual and potential litigation and claims: checking lor correspondence from the Charily Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financia5 IransaGlions, the less likely it is that we would become aware of non- compliance. Auditing standards also limil Ihe audit procedures required lo identify non-compliance with laws and regulations to enquiry of the Iwstees and other management and the inspection of regulatory and legal correspondence, if any. Material rnisslatements thal arise due to fraud can be harder to éetecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.lthw.fr¢.org.uklauditorsresponsibiltties. This description form5 part of our auditor's report. other matters which we are required to address Your attention is drawn to the fact that the charily has prepared accounts in accordance with "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021" in preference to the Acmunling and Reporting by Charilies.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exiant regulations but has now been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance wth Generally Accepled Accounting Practice effective for reporting periods beginning on or after 1 January 2Q19. io-
INDEPENDENT AUDITQRS. REPORT (Continued) TO THE TRUSTEES OF THE NUFFIELD TRUST FOR THE FORCES OF THE CROWN FOR THE YEAR ENDED 31 DECEMBER 2024 This report is made solely lo the Charitys Trustees, as a body, in accordance with Part 4 of the (Charities Accounts and Reports) Regulations 2008. Our audit work has been Ltndertaken so that we might state lo the Charitys Trustees those matters we are required to slate lo them in an auditors, report and for no other purposes. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the Charity and ils TrLsslees as a body, for our audit work, for this report. or for the opinions we have formed. Pitt Godden a Taylor LLP Chartered Accountants statutory Auditor frL Unit 3 Ambrose House Meteor Court Barnett Way 8arnwood Gloucester GL4 3GG Pitt Godden & TaOor LLP is eligible to act as an auditor in lemis of section 1212 of the Cornpanies Act 2006. li
NUFFIELD TRUST FOR THE FORCES OF THE CROWN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestflcted Funds Unrestrlcted Funds Note 2024 2023 INCOME Investment income 1,076,208 1,121,177 Total income 1,076,208 1,121,177 EXPENDITURE Costs of raising funds.. Investment management rebates {125,1731 169,3011 Expendilure on charitable actlvitles: Grants and support costs 1,850,717 1,816,469 Total expenditure 1,725.544 1,747,168 Net (expenditure) before gains on investments (649,3361 1625,991) Net Ilossllgain on investment assets 700,973 2,602,711 NET MOVEMENT IN FUNDS (1,350,309) 1,976,720 Reconclllatlon of funds Total funds brought forward 46,468,982 44,492,262 Total funds carrled forward 45,118,673 46,468,982 All amounts relate to continuing operations. 12-
NUFFSELD TRUST FOR THE FORCES OF THE CROWN BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted funds Unrestricted funds Note 2024 2023 FIXED ASSETS Tangible fixed assets Investments 1,120 46,029,015 480 47,274,808 46.030.135 47,275,288 CURRENT ASSETS Oeblors Cash at bank and in hand 167,438 818,456 261.470 619,089 TOTAL CURRENT ASSETS 985.894 880,559 LIABILITIES Creditors falling due within one year 10 1.897.356 1,686,865 NET CURRENT ILIABILITIESI {911,462) 1806,3061 TOTAL ASSETS LESS CURRENT LIABILITIES 45.118,673 46,468,982 The funds of the charity Unrestricted income funds 45,118.673 46,468,982 TOTAL CHARITY FUNDS 45,118,673 46,468,982 Approved by the Board of Trustees for issue on31 IJI IS and signed on its behalf by.. The Rt Hon Lord Arbuthnot of Edrom Chairman 13-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 DECEMBER 2024 Unrestricted funds 2024 UnrÈstricled funds 2023 Note Net cash used in operating activities 13 {1,420,4171 12.387.352) Cash nows from inv&sting aGtivilie5.- Interest and dividends received Purchase of t2ngible fixed assets Proceeds from sales of investments Purchase of investments 1,076,208 {1,2441 670,OOD (125,1801 1,121,177 68,686.957 (68.266,971) Net cash provide(1 by investing activities 1,619,784 1,541,163 Change in cash and cash equivalents in the year 199,367 1846,1891 Cash and cash equivalent brought fOard 619.089 1,465.278 Cash and cash equivalents carrled forward 818,456 619,089 14-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basi5 of preparatlon The financial statements have been prepared under the hisloncal Cost convention. as modified by the inclusion of inveslments al market valuè, and in a¢¢ordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RÈpublic of Ire12nd (FRS 1021. thè Financial Reporting Standard applicable In the United Kingdom and Republic of Iland (FRS 1021 and the Charities Act 2011. The financial statements have been prepared in order lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent provided to provide a 'true and fair, view. The departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) The Gharity constilules a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The financial slatements are presenled in Sterling which Is the lunctional currency of the Charity, The figures are rounded lo the nearest £. The Charity is a Trust registered with the Charity Commission for England and Wales, The principal plats of buslness is Magdala, Mill Lane, Titchfield, Hampshire P015 5RD. Income recognition All income is recognised once the charty has entitlement to the income, Interest ¢n funds held on deposit is induded when receivable and the amount can be mea6ured reliably by the charity., Ihls is normally upon the notification of the interest paid gr payable by ihe bank, Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This 16 normally upon notification by our investment manager of the dividend yield of the inveslmenl portfolio, Expenditure recognltion Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Overheads and other costs not directly attributable to particular functional activity calegories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in Ihe year on a basis nsislent wilh use of the resources. The irrecoverable element of VAT is included with the ilem of expenses to which il relates. 15-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS {Contlnued} FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) Expendlture recognition Grants payable are payments to third parties in Ihe furtherance of the charitable objectives of the Charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipienl has a reasonable expectation that they will re1ve a grant and any condition attaching lo the grant is outside the ¢onlrol of the Chanty. Provision for grants are made when the intention to make a grant has been camTnunicaled lo the Tecipienl but there is uncertainly about either the timing of the grant or the amount of grant payable. Govemance cosls cornprise the costs of running the Charity, including stialegic planning for its future development, external audit and all costs of complwng with constitutional and statutory requiremènls. such as costs of Truslees, meetings and for preparing slatutory financial stalemenls and satisfying public accountabilily. Administrative costs have generally been split on a 50'.50 basis between support and governance costs to reflect Ihe tsme spent by the General Secretary on each activity. All support and governance costs have been allocated to the main grant giving activity. Charilable activities The expenditure on charitable activities Includes grants made, governance costs. and support Costs. Tangible tixed assets and depreciation All assets costing more than £100 are capitalised and valued at hlstorlcal cost. Depreciation is calculated to write off the cost less estimated residual value of tangible assets over their estimated useful lives at 25¥0 reducing balance. Investments Investments comprise listed inveslments and are a form of basic financial instrument and are initially recognised at Iheir transaction value and subsequently measured at their rllarket value as al the balance sheet date using the closino quoted market price. All gains or losses on investments sold during the year are taken to the stalemenl of financial activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or purchase value if acquiTed subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference beeen the fair value at Ihe year end and their carrying value. Realised and unrealised gains and1088es are combined in the Stalemenl of Financial Activities. The Charity does not acquire put options. derivakn'ves. or other complex financial instruments. The main form of financial risk faced by the charity is that of volatilty in equity markels and investment markets due to wider economic conditions. Cash he5d by the inveslmenl managers is disclosed within cash at bank and in hand. 16-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS {Continued} FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Foreign currency translation Monetary assets and liabilities denominated in foreign CuenCieS are translated into sterling at the rates of exchange ruling at the balance sheet dale, or if appropriate at the fotward contract rate. Non- monetary assets denominated in foreign currenctes are translated into sterling at Ihe rate of exchange ruling al the date of acquisition of the assets. TransaGts"ons denominated in foreign currencies are translated into sterling al the Tate of exchange ruling al the date of transaction, or at Ihe contracted rate if the transaction is coverèd by a forward exchange conlfact. AJI revaluation differences and realised foreign exchange dSfferences are taken to the SOFA. INVESTMENT INCOME Investment income, representing income from UK and overseas assets, derive from- 2024 2023 Listed investments Bank interest 1,069,512 6,696 1,040.791 80,386 1,076.208 1,121,177 All income relates to unrestricted funds. INVESTMENT MANAGEMENT REBATESICOSTS The investment management costs represent the fees chargeae lo the portfolio by the investment managers during the year. These fees are offset by rebates of the management charges made on Gertain Blackrock in-house funds in the year. The investm8nt management fee for certain BlackRock in-house funds are deducted internally on a daily basis within the price of the fund. These internal fees are offset against the Trust's Annual Management Fee cal¢ulalion. Rebates are also paid by Jupiter on the funds held by the Trust. These are used lo pur¢has8 further units in the fund ralher than being refunded to Ihe Trust. Consequently. the credit in the accounts represents the rebates received by Ihe Trust and also Ihe rebate5 used to purchase further units. Notional investment management Costs based on the percentage fee charges on the portfolio's average value in 2024 would amount to £265.485 (2023.. £197,683) before the rebated offsets described above. -17-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 4 ANALYSIS OF CHARITABLE EXPENDITURE The charity undertakes its charitable activilies through grant making to the armed services. Grants funded activitv Support and Governance C051s Total Total 2023 Armed services 1.772,607 78,110 1.850,717 1.816,469 All expendilure relates lo unreslricted funds.12023 analysis. Grant funded activity - £1.743,226, Support and Governance cosls- £73.243). GRANTS Grants comprise of allocations, awarded lo the Services and other in8tilulions. and capital & special grants (as described in the Grant Making Policy In the Report of the Tru5tee51 and are analysed as follows: 2024 2023 Allocatlons: Royal Navy - Army Royal Air Force (includes addition811 Owo) - Reserve Forces Capital Grants: Royal Air Force - Army Boleh Trust Operation Christmas Box Royal Gibrallar Regiment Association Victory Services Club Refunds: RAF Royal Navy 195,534 570,464 201.792 120,IXIO 190.788 572.362 186,040 120,000 521,367 211,250 30,000 40,000 510,786 30,000 50.000 50,000 33,250 (91,8001 26,000 1,772,607 1,743,226 Grants approved are included in the financial slalements. To the exlenl that such grants are nol fully expended, surpluses are credited to grant expenditure following completion or canlIation of the project which for the year amounted to £117,800 12023- £nill. The total number of capitsl and special grants actually paid during the year by the Trust and by each of the recipient seices or Inslibjtions from within their allocations, from the allocation made in November 2023 are surnmarised:_ -18-
NUFFIELD TRUST FOR THE FORCES OF THE CROVIN NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS - continued 2024 No 2023 No Boleh Trust Op Christmas Box Victory seices Club Capital grant- Royal Air Force Royal Navy Army Royal Air Force Ulysses Trust 60 67 38 55 37 72 35 49 223 197 The detailed informallon for 2024 is sel out in 'Speciallcapilal grants and grants awarded from seryices allocalions 2023,, attached to Ih&se financial slalements from page 25 onwards. -19-
O)- rf)¢yJ Qtr- rw o) O fo a) o o o o) co In O O O (D0? ¢D f Ln XJ (D Ir) cy - srrts Thi In ¢D O Inr)v oinrJDIThi £0 0)0 o o? co o) cs O [)} V)
NUFFIELD TRLIST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Fixtures and Fittings Cost At 1 January 2024 Adéitions Disposals Al 31 December 2024 12,736 1,244 1,315 12,665 Depreciation Al l January 2024 Depreciation charge Eliminaled on disposal At 31 December 2024 12,256 374 1,085 11,545 Net book value At 31 December 2C124 1,120 At 31 December 2023 480 INVESTMENTS Fixed assel investments, which are held to provide an investment return. represent securities listed on reGognised stock exchanges, with the exception of unit trust inveslmenls. All investments are carried at IheiT fair value,. The basis of fair value for quoted investments 15 equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the dale of trade al cost (that is their transaction value). 2024 2023 Market value at 1 January 2024 Acquisitions Sale proceeds Net change in market value 47,274.808 125,180 {670,000} 700.973 45,092,083 68.266,971 168,686,957) 2,602.711 Market value al 31 December 2024 46,029.015 47,274.808 Investments are analysed as follows. UK investments 46,029,015 47,274,808 -21-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENTS (Continued) 2024 2023 UK Unit Trusts UK - OEIC 24.441.637 21.587,378 25,821.824 21,452,984 46,029,015 47,274,808 The hislorical cosl of the investmenls al 31 December 2024 amounts to £44,953.937 {2023: £45,470,747). The main risk to the Trust from financial inslrumenls lies in Ihe combination of uncertain investment markets and volalilily in yield. The Trustees have inslwcled their inveslmenl managers to invest the portfolio tD maximise the long- temi total return, whilst having regard lo the level ot risk staled below. The Trustees have recogni5ed that investing funds for real, long-lerm relurns requires signilicant investment in equilies and other assets which may involve an element of risk and that the asset values can and will fall at times. The investment manager undertakes prudent investment suitable for a charitable trust in a broad investment portfolio lo spread risk. The investmenls made must only be In well-diversified readily-realizable investments lch fall within categories permitted by the charity commission regulations or operational guidance and lo such degree as is permitted by regulations. This will redu liquidity risk. The Trust does not hold investments in markets subject to exchange controls or trading restrictions. The Trustees have sel a Performance Objective and Composite Benchmark against which the investment managers will be compared. Additionally the Trustees Compare the performance over Tolling 3 year periods lo the ARC Charity Indices. The capital value Wfll be Gompared to a benchmark figure adjusted for inflation and any withdrawals. DEBTORS 2024 2023 Prepayments and accrued income 167,438 261,470 167,438 261,470 -22-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 10 CREDITORS - amounts falling due within one year 2024 2023 Grants payable Social se¢unly and othei taxes Accruals 1,890,407 1,909 5,040 1.679,976 1,304 5,585 1,897,3S6 1,686,865 Charitable Commltment5 Accrued Movements In provislons and funding commitments for grants during ihe year Grant commitments at Ihe start of the year New grant commitments Gharged lo the SOFA in year Net grants paid during the year 1,679.976 1,772.607 1,562,176 Amount of grant commltments recognlsed as at 31 December 2024 1,890,407 11 TAXATION The Trust is a registered charity and therefore is not subject to taxation. 12 RELATED PARTY TRANSACTIONS Sir Tyrone Urch is Vice Patron of Ulysses Trust, in 2024 this Trust was allocated a grant of £120.000 for 2025 {2023-. £120,000). Sir David Steel is Patron of The Boleh Trust, which was allocated a grant of £30,000 for 2024 and a further £30.000 for 2025. Sir David Steel was also Commander-in-chief of the Royal Gibraltar Regiment when the Regiment received a grant of £50,000 from the Trust in 2023. John Chatteild-Roberts is employed by Jupiter Asset Management and is also a minority shareholder of Jupiter Fund Managetnent plc - the ultimate parent. Jupiter Assel Management were joint investfflent managers of the Trust during 2024. -23-
NUFFIELD TRUST FOR THE FORCES OF THE CROWN NOTES TO THE FINANCIAL STATEMENTS {Contintsed) FOR THE YEAR ENDED 31 DECEMBER 2024 13 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel movement in funds Add back depreciation charge Deducl interest income shown in Investing activities Lossl{Gainl on investments (Increaselldecrease in debtors In¢reasel(Decreasel in creditors 11,350,309} 604 11,076,208) 7DO,973 94,032 210.491 1,976,720 161 (1.121.177) 12,6Q2.7111 1257,220} 383.125 Nel cash used in operating activities (1.420.417) {2.387.352} 14 CATEGORIES OF FINANCIAL ASSETS & LIABILITIES 2024 2023 Carrying amount of financial assets Financial assets that are equsty instruments measured at fair value through Ihe slalement of financial activitie5 48.029,015 47,274,808 Carrylns amount of financial liabllitle$ Financial liabilities measured al amortised cost 1,897,356 1,686.865 -24-
SPECIAUCAPITAL GFIANTS AND GRANTS AWARDED FROM SERVICES, ALLOCATIONS 2023 & PAID IN 2024 UNIT PROJECT COST (£) Op Christmas Box Op Christmas Box 2024 Refurbishment of Golden Lion Junior Ranks Social Facili BOLEH Trust 50,000.00 RAF Wittering 220,786.00 BOLEH Trust 30.000.00 ROYAL NAVY RM Paddlesports Association HMS Raleigh RM Cricket Association RMSA- 2024 BID 4,500.00 Replacement of Sauna RMSA- 2024 BID 1,915.00 1,409.75 HMS Dragon HMS DRAGON Post Upkeep Mess Deck & Ship Improvements Napier Building Welfare Room 13,368.70 HMS Sultan 382.00 HMNB Portsmouth Refurbishment of the Mountbatten House Staff Areas 708.99 HMS Ledburv HMS Temeraire HMN8 Portsmouth Recreational Items for Messes Renovation of Sportsman's Arms Royal Navy Counter Intelligence Furniture Update Tv for Wardroom Replace Haven Pool Table Recreational Space Upgrade~ for Divisional Staff Cases for Transportation of TRIM Course Material 1,490.00 5,OOQ.00 2,485.00 429.00 HMS Charger HMS Nelson HMS Collingwood HMS Temeraire 40 Commando Royal Marine5 DTXG - Bravo Squadron Recruitment and Attraction People & Train ing Directorate 846 Naval Air Squadron RAF St Mawgan HMSSultan HMS Nelson HMS Collingwood HMS Sutherland 2,000.00 510.62 839.96 Outdoor Seating 6,026.96 Refurbishment of Restroom 1,498.00 Refurbishment of Recruit a nd Attract Specialist Office 2,227.50 Junior Rate5 Crew Room Revamp Indoor Golf Training Facility CPC IS} Refurbishment for Crew Members Logistic Rest Room Wellness Suite Infrared Sauna and Ice Baths 2,625,90 3,180.00 705.98 802.79 2,200.00 15,000.00 2,625.00 2,574.00 HMS SUTHERLAND Mess AV Improvements New Sofas Mess update Wardroom Refresh - Refurbishment Mess Decks Alongside - Wardroom, senior Rates and Duty Watch TeabDat Facility HMS Protector HMS Caledonia HMS ABamemnon Submarine in Build HMS Collingwood 2,249.81 81.95 25
UNIT PROJEcr COST (£) UKMCC Bahrain UKNSF Green Room Improvement Project 4.000.00 DEMS Trg Regt St Georges Barracks HMSCaledonia COMUKMCMFOR Updating of Austin Element rest room living space I,000.oo CPC North Me55 COMUKMCMCFOR REC AREA 435.67 1,500.00 15,000.00 581.50 INM Refurbishment of the All Ranks Me55 Refurbishment to Family Contact Houses Mess Improvements Medical Centre Staff Room Refurbishment Quayside Cafe Upgrade RNAS Culdrose HMS Raider HMS Excellent 600.00 1,202.50 3,500.QO HMS Neptvne 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 HMS Vivid Replacement of Tub Chairs Regeneration of HMS Gannet JR Mess Refurbishment 659.94 3,281.28 3,865.98 HMS Gannet HMS Eaglet 47 Commando Raiding Group HMS Raleigh RNAS Yeovilton Mac Inn Renovation 2,547.98 Sports Bar Sofas Ph2B Trainee communal room refresh 4,050.00 5,159.16 Commando Training Centre Royal Marines HMS Sultan HMSTyne HMS Sutherland Welfare Space for AACCTeam & Students 913.94 Audio Upgrade Mess Improvements for JR, SR and Wardroom Refurbishment of Messe5 RNAS Yeovilton Met Office- Breakout Room Refurbishment Project Rest Room Refurbishment RN FPS Office Improvement 7,500.00 529.91 1,71a.00 RNAS Yeovilton 1,599.00 DTXG- Alpha Sqn HMS Raleigh 45 Commando Royal Marines HMSTamar 887.21 1,941.aO Refurbishment of Female Recreational Space 900.00 JR'S Me55 Game5TV 350.00 Northwood Headquarters Northwood HQ W0&5R Mess Upgrades 7,499.00 HMS Drake Restoration of HMS DRAKE Wardroom Chesterfield Sofa's 1,500.00 Commando Training Centre Roya5 Marines 814 Naval Air Squadron HMNBCI de Planning Craft Replacement 10,434.35 814 Mohawk Flight CETO Flight Tentbox XL 354.67 1,717.50 Institute of Naval Medicine Fixture5 and fittings for INM Mess 2,694.95 RN Motorsport Association RN MSA Car Racing Team ICRTI- Grass Roots Race Car Replacement Refurbishment of Neptune Sqn - Uplift 5.000.00 HMS Raleigh 5.785.60 Total." 60 Units 26
ARMY UNIT PROJECT COST (£) 15,000.00 6.400.00 3,500.00 15,000.00 4,500.00 9,719.00 AISTC 22 Engr Regt 22 Engr Regt BATUK Windsurfing Eqpt MTBS Snowboards and Eqpt 4x4 Welfare Vehicle Contribution to Kart club124.3°hl 3 X Paragliders RAF Wyton AHPA Infantry Sailing Association Upgrade to Maintain eqpt- Bayonet 2,170.00 Tidworth Equestrian RAYC Arena Resurfacing Wing Foiling Eqpt RIB Refit 50,000.00 11,258.00 5,025.00 13,421.00 5,606.80 2,939.00 8,467.50 14,238.00 7,604,10 7,960.80 12,000.00) 11,481.75 8,118.00 AISTC ASA New sai15 - British Soldier PPE Offshore and Upkeep Dinghy Refit AHPA - Paragliding Equipment Welfare Minibus Llpgrade of kitesurfing equipment standing rigging for yacht Gladeye Ref und from Minibus Sale Windsurfing Equipment Renew the rnain outboard motor Replacement 50 HP outboard Motor on the Club's safety boat Fit hydraulic steering to safety boat Coxless pairlsculling boat New engine for St Barbara V Welfare Minibu5 HQ 38X AISTCISI AHPA l Regt RLC RAYC HDSA l Regt RLC AGC YC AISTCIS) AISTCIS) 6,000.00 AISTCIS ARCA 846.00 13,125.00 11.025.90 29,472.60 RAYC WFS IIEOD (Hargreaves, Al istairl Climbing Team equipment 3,827.88 RAYC AISTCISI RACYC AISTCISI Replacement ofcomponents for RAYC Yachts Safety boat and Trailer Rudder repair and cruising Jib Purchase of a Seadoo GTX Pro 170PWC Replacement of Equipment at the Nuffield Centre Anglesey Episkopi Cinema Development Dhekelia Services Sailing Club Dinghies Dicby Kart Club equipment Panga bar refurbishment Watersports Equipment Motorglider IFalke} repair, which is used for towing Elider5 Royal Engineer telemarking ski equipment Replace Fencing a nd Lighti ng at RAC Saddle Club OinEhy Fleet Renewal Plan PPE for watersports 8,894.50 2,730.00 5.812.00 15,000.00 Adv Trg Grp (Army) 10,196.13 HQBFC QBFC Jnt 5rvs Sig U Dig BATUK HQ BFC 7,000.00 12,504.00 6.874.05 6,793.00 7,327.00 AGlidA 4,560.00 24 Cdo Engr Regt RACSC 7,545.44 15,000.00 5,870.00 5,582.00 AISTCISI AISTCISI 27
UNIT PROJECT COST (£) BAMA Overland Vehicle Preparation & Repairs Start Wingsurf ing Intermediate wingsurfing Start kitesurfing Intermediate and Development Kitesurfing RIB Retube Start Windsurfing Skiing Equipment DSPS - Project Proposal for Equipping the Multi-SurfacÈ AstroTurf Pitch with Portable Net5 for Hockey, Football, etc 4,000.00 6,582.00 6,966.00 6,630.00 5.975.00 5,896.00 5,877.00 9,304.47 AISTCISI AISTCISI AISTCISI AISTCISI AISTC{SI AISTCISI RL DCPG 9,768.00 7 Regt RLC Abingdon Station Contact Houses Refurbishment Upgrade 4,364.40 2 R YORKS 8 Seater Minibus for Sub Unit use. 30,000.00 RACYC Purchase of a new sail for the RACYC. 1,351.08 HQ BRITCON Ledra Palace Welfare facility 9,598.00 32 Engr Regt Welfare Grant for Minibuses 30,000.00 HAC Garmin Inreach Devices for Nepal Climbing Expeditions 4,679.27 REM E Sailing Club ASPT REME Sailing Club 2RGR REME Sailing Club Yacht Main Sails Golf Simulator Spinnaker Winches Rfn and Junior Mess and Welfare Area 4x4 Welfare Minibus New sails for Brit15h Soldier Unit Welfare Minibus WELFARE FUNDING - SOUTHWICK PARK JNCO WELFARE LOUNGE British Soldier Refit
WELFARE - BATUS- MINIBUS
Recapitalisation of G-WYVN Minibus 5,330.52 7,939.00 2.504.99 9,525.00 21,287.09 5,625.00 14,494.50 BATUK A1STCISI 9 TS Bn REME Spec Ops RMP 11,795.00 AISTCIS) Brit Trg Unit Isufl Army Gliding Assoc 26 Regt RA 10,000.00 1,401.74 9,450.00 29,449.00 Total: 67 Units RAF UNIT PROJECT COST (£) RAF Benson Puma Maintenance Flight crew room items table tennis table. refurb of pool table Station Community Benches project (RAF £6,697, RN £2.2301 £8,927 Competition clocks and chess sets Junior Ranks Welfare Room- Game5 for 24 Hour recreation area 993.00 RAF Marham 6,697.00 RAF Chess Association 660.00 RAF Leeming 1,057.48 28
UNIT PROJEcr COST (£1 MPC - Falkland Islands MPA Bowling Alley maintenance and spares bid (Joint project RAF 65% £4,5D2.31 Army 35% £2,416.25) 4,502.31 RAF Coningsbv 14 Sqn RAF Waddington RAF Mountaineering RAF Cosford Purchase of new mini bus for the IRWF 6 x 6ft picnic tables for new outdoor garden rest area at I Support to EX Alpine Venture RAFMA exped to Switzerlan Enabling works for relocation of Kart Club 29,504.00 1,485.00 388.00 6,815.00 RAF Syerston Installation of new sauna and refurb of RAF Syerston gym 2,847.42 Pogio NSE RAF Odiham RAF Waddington RAF 8oulmer 4 x leisure bikes for the UK community at Poggio Officers Mess Woodburner and chimney repairs TDF T-Bar refurbishment Pool Table for Duke5 Junior Ranks Facility SEF New Rest Area Tea Bar refurbishment Deployment welfare equipment BBCOffee maker/Coffee Flask/wheeled cool box rsw Motorhome mid life refurbishment to prolong life and improve facility Personal Recovery Centre Tedworth House Garden of growth 3 MCS Crew Room refurbishment New welfare mini-bu5 (jointly funded with Army LE Fund £8,864.00 contribution) Pool Table Stn Svcs Sqn Creation of JR Welfare Retreatlon Area ATC Satellite Gym equipment Archery - Replacement of worn out targets 621.52 4,500.00 942.24 1,234.00 435,23 RAF ConinEsby 31F) Sqn RAF Coningsby 795.00 TSW Stafford 2,672,13 Tedworth House 6,479.00 RAF WitteFing 2,8CIO.00 RAF Wyton 20,680.00 RAF Waddington RAF Coningsby RAF Waddington RAF Archery Association RAF Table Tennis Association RAF Hang and Paragliding Association RAF Weightlifting Association RAF Canoeing RAF Motorsports RAF Gliding & Soaring RAF Nordic Sports RAF Netball RAF Rugby Union RAF Winter Sport5 Association RAF PowerkitinE RAF Ice Hockey RAF Archery RAF Winter Sports AssociatiDn 1,255.50 9,244.00 14,456.44 473.00 Replacement ofworn out tables 510.00 3 x solo paraglider riES and competition paraglider 7,125.00 NGB Standard Competition Lifting Rig 12,000.00 Surf boats Racing vehicle trailer Parachutes Replament of barrel ski5 Gazebos and table coverings Scrum trailer 2,625.00 11,250.00 10.500.00 3,645.53 1.875.00 6,180.00 Ski Team.. Replacement skls 9,750.00 Llghl wind racin Kil to aid new member engagement 7 x target boss and stands ment 6,750.00 3,375.00 4,086.86 Committee,. Protective clothing 12,000.00 Total: 38 Units 29
RESERVES (ULYSSES TRUST)- ADVENTUROUS TRAINING & EXPEDITIONS 3 ROYAL WELSH 700.00 PAN-ARMY. MAB7 LEAD. 2,000.00 73.00 GREAT BARR ACADEMY CCF FIRST AID NURSING YEOMANY IPRVCI ARMY MOUNTAINEERING ASSOCIATION CAMBRIDGE UOTC 1,000.00 2.110.00 5.500.00 3,000.00 1,000.00 2,000.00 3,500.00 750.00 ARMY MOUNTAINEERING ASSOCIATION ILEADI 22 ENGINEERING REGIMENT RE: 3 x RESERVIST FIRST AIO NURSING YEOMANY IPRVCI U LONDON OTC 203 MULTI-ROLE MEDICAL REGIMENT DORSET ACF BIRMINGHAM UOTC 1,500.00 4,000.00 3,000.00 4,000.00 4,000.00 1,500.00 2,400.00 400.00 WALES UOTC EXETER UOTC CAMBRIDGE UOTC NORTHERN IRELAND UNIVIRSITY AIR SQN MANCHESTER & 5AI.r.ORD UASILIVERPOOL UAS NORT14UMBRIAN UOTC BifiMINGHAM UOTC 900.00 RAF MOUNTAINEERING ASSOCIATION U.BIRMINGHAM AIR SQN & EAST OF SCOTLAND U. AI NORTHUM8RIAN AND BRISTOL UAS 261.00 7,000.00 1.200.00 600.00 4 LANCS 100 REGT RA HONOURABLE ARTILLERY COMPANY UNIVERSTITY OF LONDON OTC 1,500.00 3,200.00 120.00 UNIVERSTITY OF LONDON OTC UNIVERSTITY OF LONDON OTC NORTHERN IRELAND UAS 4 PARA 120.00 450.00 1,500.00 2,227.00 1,120.00 1,500.00 1,500.00 600.00 HQCOY 6 RIFLES OXFORD UAS EXETER UOTC ISWOTRI RNR HMS VIVID LEADI SOUTHAMPTON UOTC 1,800.00 1.200.00 5,400.00 2,500.00 1,080.00 654.00 U LONDON OTC BIRMINGHAM/BRISTOL/WALES UAS EAST MIDLANDS UOTC Hq HOME COMMAND ISJCI 1st & 2nd Nl BN ACF 32 SIGNAL RGIMENT OXFORD UOTC HAC 7,000.00 10,000.00 5,000.00 2,500.00 104 REGIMENT RA 30
RESERVES (ULYSSES TRUSn_ ADVENTUROUS TRAINING & EXPEDITIONS U LONDON OTC U LONDON OTC 100 (YEOMANRYI REGT RA 135 GRO SQN RE/3 MI BN/144 PARA MED SQN/EAST M5DLAND UOTC CANFORD SCHOOL CCF ARMY MOUNTAINEERING ASSOCIATION ARMY-WIDE. {HQ FIELD ARMY LED) DORSET ACF SOUTH WEST REGION & WEST MERCIA WING RAFAC 120.00 500.00 500.00 900.00 182.00 3,400,00 7,000.00 290.00 957.00 RAUXAF INSPECTORATE 7,500.00 Total: 55 Units Grand Total: 223 Units 31