Trustees. Annual Report for the period Period start dale Period end date 20?.3 From Section A Reference and administration details Charity name THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST Other names charity Is known by R6glstered charlty number (If any) 229144 Charity's princlpal addross COMBERMERE BARRACKS, WINDSOR, BERKSHIRE Postcoda SL4 3DN Namos of the charlty trustees who manago tho charlty Trn¥t09 namo Offl¢• Ilf any) Dat•J o¢t?d If not for wholo *ar Nam• ol p•r8on lor body) •ntW•d toa Int trufjt•o If In TheTru51eesof The Lbfe Guards Assoclatlon ColoMlJ•me5 DAGas¢l•e Ch41irnan Ltcol (Rrfdl Harry5J Scott Milor (Rpldl lefts HdlJroDk Resl8ned 51￿ December Z023 Mr Byron K Glb$on Capialq IR Dove Mr Alan G Slowev Mr lan M Fcarnley Paulj Rlchards MBE OBE io li Mr Danlel DStoHord 12 Mr IACMI Daniel DSno*Èll Mrsi Lmerryhousè 13 Appalnted Izlbmarch 2024 14 15 16 17 19 20 Narnes of tho trustees for the ¢harlty, if any, (for •xample, any custodlan trustèes) Name Dates acted if not for whole Names and addresses of adviser6 (Optional information) TAR October 2019 e of advls•r Namè Addres$ Namè ol chlof executlvo or names of sonlor staff members {Optional Infomiatton) Section B Structure, overnance and management D￿clIptIon of th• charfty'i trust• CHARITABLE SCHEME DATED 25TH OCTOBER 2010 Typ8 of gov6ming documenl How the Charity is constituted CHARrrA8LE TRUST Trustee selection methods IB?. ai),DOliilél'l by, 8l*rla(1 115,1 APPOINTED BY THE TRUSTEES Addlllonal govomanco Issue• (Optlonal Inlomiatlon) The Llfe Guards AssoclaUon Charltable Trust contlnues to work very closely wSth The Llfe Guards Association In idenlfying polentlal bèneficiaries. Th8 Trust also works wllh thé Household Cavalry Foundation and The Blues and Roy818 A8sodatlon In meellng Its overall charltable obleotlves. You may choose lo Include addSUonal Infonnatlon, where r8levanl, aboLrt: poIIci88 and procedure8 adopted for the Induction and tr8lning of trust888. the charity's organlsatlonal structure and any wlder nelwork with whlch the charity works: relationship wlth any r8lated parti8S,' trustee5' con8id8ration of malor risks and the system and procedures to manage them. In furtheran¢g of these oblécllves there Is a close relatlonship ABF, The Soldlers. Chartty, Th& Royal Brftlsh Leglon and SSAFA Forces Help Section C Ob"ectives and activities To relleve members, or fomier members, oflhe Regiment, or their dep8nd8nts who are In need by virtue of financial hardship, sicknèss, dS88bility, or Ihe effects of old age. Summary of the objects of the charity set oul In Its gov•mlng document To promote tho efflclency of the Reglmenl in any charltable way as the Trustees from time to time may declde. TAR OCto￿r 2019 The charity makes grants to a wid8 group of people in sUPPOrt of weMar8 and hardship. In addition. the Scheme that governs the operation of the charity specifically allows for th8 promotion of the efficiency of the Amied Forces. The charity therefo￿ is able to award initial've, support 8dventurous training, sport and oth6r welfare activities which are not adequately, or diredy, provid8d for from Public Funds. Thus the Govemmonys prime responsibility of providing Defence of tha Raalth Is enhanced, resulting in a direct benefit to the public. Th8 Trustees Consider, thèrefore, that The Life Guards Association Charflable Trust fully meets the requir8m8nt to provide Public Benefit under the approprlate charilable purpose of promoting of th8 8ffiaency of the Arm8d Forces of the Crown In addition to Its exl8tlng welfare oblectlves. Summary ofthe maln activltles undertaken for tho public boneflt In rolatlon to those objects (Include wllhln thls s6ctlon tho statutory declaratlon that tru$ts•s hav• had regard to the guldance 188ued by tho Charlty Commls8lon on publlc beneflt) Addltlonal d•tall$ of obJecllve8 and actlvltlo• (Optlonal Inforniallon) The Trustees follow an approv8d policy In making grants to both retired and serving Lifeguardsmen and their dependents for the relief of need. Priority 18 given to: Vetèrans of conflicts and thelr d8pend8nts. The sp8clal nééds of the dlsabled who may not be abl8 to benefit from support from th8 Statutory benefrt system. Consideration In respect of their dlgnlty. encouraglng Indep8nd8nc8 and welfare to work are important factor8. Supportlng the coheslon of the famlly Supportlng the unemployed and homeless, where 8pproprfat&. You may Choo80 to indude fvrther statements, where rel6vant, about: policy on grantmaking. poIiGy programme related investmenl., • o)ntribution made by voluni8ers. Each ¢a8e18 looked at on Its own merit and 8valualed in relationship other grants 8vailable. TAR Octob•r 2019 Section D Achievements and performance 37 cases were considered during th8 year and grants totalling £29,583. were made in th8 'Raligf of Need. cat8gory. Summary ofthe maln achlev•ments of the charlty durlng the year TAR Octob•r 2019 Section E Financial review Brl6f statement of the charlty's pollcy on reservos The reseNes policy of the Trusl88s is thal the charity shall have adequate reseN8s to ensure that, when invested by the appolnted investment manager, they shall produce sufflcSent income to fund Ihe bLSdgeted costs or grants of the charity and, over the long tsmi. maintsin their effective v81ue. The re5erve15 reviewed on an annual basis. Datal￿ of any fund• rnalorlally In doficlt NONE Furth8r financial r•viow dotalls (Optlonal Inforniatlon) The Life Guards Assoclatlon Charitable Trust Is primartly a grant making charity- It relies on inGome from its inv8stments, an annual grant from servin9 Household Cavalry soldiers (Days Pay Schem8), donations and other fundraislng events to Support the annual level of grant making. You may choose to include additional infomiation, where relevant about: the ¢harfty's principal source8 of funds (Including any fvndraising)., how expenditure has supported the key obl8Ctives of the charlty., nvestmenl pollcy and objecuves IncludSng any ethical Investment policy adopted. ection F other optional information Section G Declaration The tru6t•es d8Glaro that they have approvod the trusteos, report above. Slgnod on béhalf of tho charity's trustees Signaturn(s) Full namels) Position (eg Socretaryi Chair, étc) KENNETH WILLIAM ROBERTSON SECRETARY Dats 29 Aug 2024 TAR October 2019 th•rfty rrylrtrnllon th￿n￿rI19144 THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE LIFE GUARDS A550CIATION CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste Colonel (Retdl J D A Gaselee Lt ColonÈl (Retdl H S J kott Mr 8 K Glbson Captaln J R Dove Mr l M FearThley Mr P J Rkhards MBE Lt Colonel (Retdl W R Undsay OBE Mr CJ Thetllne Mr D D 5tsffDrd Mr D D Snoxell Mrsj Dwerryhouse C¥ptaln E Godwln IAppolnted 12 March 20241 IAppolnted 9 May 20241 Ch•rlty nymb•r 229144 Pdndp•l ￿dr Cornbermtrè Barrlcks Wlndsor Berkshlre SL4 3DN Ind•p•nd•nt •xamlTr•r Stiles & Company 2 Lake End Court Trplow Road Trplow Maldenhead Berkshl SL6 OJQ THE UFE GUARDS ASSOCIATION CHARITABLE TRusr coKrENTS Trustee5' repDrt Independent examlner's ￿pOrt 5tat•m•nt of flnandal •ctl¥St1•5 8alan¢e sheet Note5 toth•flnindal statoments THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustèes presentthelrannual report and financSal ststernents forthe yearended 31 March 2024. The financlal ststements have been prepared In accordance wlth the accountln8 polkles set out In note I to the financl*l statements and compty with the charity's governin8 document. the Charities Act 2011 and Accountin8 and Reporting bv Charities.. Ststement of Recommended Practice ap￿1£¥ble to charities preparing their ac¢ounts in accordance with the Flnanclal Reportln£ Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021" leffectlve I january 20191. ObJ•ctl¥es and 4ctfvfth5 To relleve members, or fomler mernbers, ol the Re4lmenL or thelr dependants who are In n•ed by vlrtue of fln8nclal hardshlp. slckne5s. dlsablllty. or the effect5 of old age. To promote the effide￿V of the Reglment In any charltsble way a$the Trustees from tlme to tlme may declde. Publicbenefit The trustees have pald due re8ard to 8uldance Issued by the Charlty Commlsslon In decldln8 what actlvltles the chailty should undertake. Activths The charlty rnake5 8rants to a w5de group of people In support of welfare and hardshlp. In 3ddltlon. the Scheme that governs the operatlon of the the charlty speclflcally allows for the promotlon of the elflclency of the Armed Fofces. The ch8rtty therefore Ss able to award Inltlatlve, support adventurous tr31nln& 5POrt and other welfare actlvltSe5 whlch are not adequately* or dSrectly. provided lor from Publlc Funds. Thus the Government's prfme respons5bilty ol proYldin8 Defence of the Realm Is enhanced, resultlng In a dlrect beneflt to the publlc. The Trustees conslder, therefo￿, that The Llle Guards A5$0clatlon Charltable Trust fully meets the regulrement to provlde Publlc Benefit under the appropdaie chèrltable purpose of promotin8 of the èffltlenty of the Armed Forces of the Crown In addltlon to Its exlstln8 welfare oblecllve5. The Trustees follow an approved poliLy In makln¥ 8rants to both retlred and 5erviTh8 Llfe8uardsmen and thèir dependents for the rellef of need. Prforltyls 8lven to.. Veterans ol confllcts and thelr dependents The speclal needs ¢Jf the disabled who may not bè able to bentflt from support from the statutory bentfit system. Conslderatlon In respect of thelr dl8nlty. encoura8lng Independence and welfare to work are Important factor5 Supportlngthe coheslon of the faml Supportln8 the unemployed and homeless, where approprlate. Each case Is looked at on ￿$ own merlt and eyaluated In relatlonshlp wlth other grants avallable. Athlevement$ •nd perfomian¢• Slgnlfleont Qttlvlties ond ochlevements ogolnstobjettives 37 cases were consldered durlngthe year and grants totallinE £29,583 were made In the'Rellel of Need" category. The Llfe Guards Assoclatlon char￿ble Trust contlnues to work very closely wSth The Llfe Guard5 A5s0clatlon In Ident￿1￿8 potentlal beneflclarles. The Trust also works wlth the Househgld Cavalry Foundatlon arbd The Blues and Royals A550clatlon In meetin8 it5 overoll charitable objectives. In furtherance of these oblectlves there Is a close relationshlp wlth ABF The Soldlers. Charhy. The Royal 8rft15h Legion and FA Forces Help THE LIFE GUARDS ASSOCIATION CHARITABLE TRU5r TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 FIMn¢ial rtvitw The Lffe Guards Assoclatlon Charltsble Trust Is prlmartly a grant maklnR charlty. It relles on Income from Investrnents, an annual 8rant from servin8 Household Cavalry soldiers (Dtys Pay Schtrnel, donations and other fundraislng events to support the annual le¥el of 8fdnt making. Reservespoll The reserves pollcy of the Trustees Is that the charity shall have adequate reserves to ensure that, when Invested by the Jppointed investrnent man?ger, they shall produce Sufficient income to fvnd the budgeted c05t5 or grqnt5 of the charlty and. ¢)ver the lon8tem, malntaln thelr effectfve value. The reserve Is reviewed on an annual basss. Strurtur•i governanc• and mana8•rn•nt The charlty Is an unlncorporaied entitywhlch Is lovemed by th• assoclatlon's constltutlon. Colonel IRetdl J D A Ga5elee Lt Colonel IRetdl Fl SJ Stott Mr B K Glb50n Captsln J 11 Dove Mr l M Feamlev Mr PJ Rlchards MBE Lt Colonel IReidl W R Llndsay OBE Mr CJ Trletllne Mr O D Stafford Mr D D Snoxell Mrs I tfv4erryhou5e Captaln E Godwln Major (Retdl Jeff Holbrook IAppointed 12 March 20241 (Appolnted 9 May 20241 IRe51gned 31 December 20231 Recrultmenrondoppolntment oftrustees The charlty'5 trustee$ serve In 4 year tems aDd each tn15tee Is able to serve a maxlrnum of I￿0 ternis New trustees Ire elected as and when tnjstees complete thelr tErm or In the evene of a reslinatlon. None of the irustees has any beneflclal Interest In the Company. ￿1 of the trustees are rn•mbers of th• cornpany and 8uarantee t¢ ttjntribute El In the event of a windln8 up. The tru5tee5' report wasapproved by the Board of Trustee5. olonel (Reidl J D A fjaselee Trustee 29 Aug 2024 THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE UFE GUARDS ASSOCIATION CHARITABLE TRUST I report to the trustee5 on my examination of the finandal ststements of The Ufe Guards Assoclatlon Charfiable TTUSt IthE charttyl for the year ended 31 March 2024 Ruponslblllllqs ènd ba515 olr•port As the trustees of the charfty you are re5ponslble for the preparation of the financlal statements In accordance wfjth the r•qulrements of the Charltle5 Act 2011 (the 2011 Act). I report In respeci of my examinatlon of the charlty's financial statements carrled out under settlon 14S of the 2011 Acl. In carrying out my examination I have followed all the 8pplicable Dlrethions 8lven by the Charity Commission under 5ectlon 1451sllbl of the 2011 Act. Ihd•p•nd•nt oxamlrMrf$ ststernent 51nce the charlty's gr055 incgme exceeded £250.000 your examlner must be h member of a body Ilsted in sectlon 145 of the 2011 Act. I conflrm that l am quallfled to undertake ihe examlnatlon b￿aUSe l arn a member ot ACCA, whlch Is one of the Ilsted bodle$. Your attentlon Is drnwn to the fact that the charlty ha5 prepared financlal statement? In accordance wlth Accountln8 and Reportin8 by Charltles preparing thelr accounts In accordance wlth the Financlal Reportln8 Standard appllcablè ln tht UK ind Republic of Ireland IFRS 1021 In preference to the Atcountin6 and ReportlnB by Charitie5.' Statement of Retomrnended Practlce Issued on l Aprll 2(N)5 whlth Is rèferred to In tht extant regulatlon5 but has now been wlthdrawn. l unilerstand that thls has been done In order for fftnanclal statemen15 to prgvlde a true and fvlr vlew In aC￿rdance wlth Generally Accepted Accountlng Practlce effectlve for reportlng perlods be8lnnln8 on or after l January 2015. I have completed my exarnlnatlon. I confirrn that no matters hwe come to my attentlon In connectlon wlth the examlnatlon 81vlng me cause to belleve that In any rnaterlal ￿Spe￿.. accountlng record5 were not kept In respecl of the charlty as requlred by sectlon 130 of the 2011 Art,. or the financlal statements do not accord wlth those fecords,. or the flnancial Statements do not comply wlth the app15cable ￿quIrem•nts concernln8 th• form and content of accounts set out In the Charlt1es IAc¢ounts and Reports) ReKulatl¢ns 2008 other than any requlrement that the a￿o￿nts glve true and falr vlew whlch15 not a matter con51dered a5 part of an Independent examlnatlon. I have no concerns and have corne acr0s5 DO other matter5 In connectlon with the exarnlnatSon to whlch attentSon should be drawn in thls report in order to enable a proper understanding ol the flnancial statements to be reached. D3nlel Roblns FCCA Stlle5 & Companv 2 Lake End Court Taplow Road Taplow MaSdenhead Berkshl SL6 OJQ 29 Aug 2024 Dated.. THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDffURE ACCOUNT FOR THE YEAR ENDED 31 MARCH2024 Unr*strkt•d Re>trbrted funds fvnd5 2024 2024 Totsl Unyestrl¢ted R•strfrt•d nds lund5 2023 2023 Yotsl 2024 No lftcome from: Donation5 and legacle5 Other trad5ng actlvltles Investments 206.893 19,501 32,623 4.654 21L547 19.609 59,973 77.558 24,967 21,478 99,036 24,967 50,324 27,350 50,324 Totsl In¢om• 2S9.017 32,112 291.129 102,525 71,802 174,327 Expendlture on: Ra151n8 funds Charltsble actlvlties Other expendlture 57,C4B 30,583 12Ats) 258 87,592 12,40) 4,490 57,667 35,S20 20.363 1,080 93.187 20.363 6,626 4,232 5,546 Totsl •xpefidftur• 6L241 43.241 104,482 63,213 56,963 120,176 N•1 Incom•ll•xp•ndltur•l and rnov•ment In fvnd$ 197.776 111.1291 186,647 39,312 14,839 54,151 ReumclllBtlon of funds: Fund balance5 at l Aprll 2023 98,103 1,657,177 1,755,280 58,791 1,642,338 1,701,129 Fund b•lancts •t31 M•v¢h 2024 295,879 1.646,048 1,941,927 98,103 1,657,177 L755,280 Th• $t•i•ment ol fflnancl•l •thivltl•s Includes all 6alns ind loss•s r•co8nls•d In the year. All I￿oMe •nd expendjture derlve from contlnulrng actlvlties. THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST BALANCE SHEET ASAT31 MARCH2024 2023 Notes Flx•d Investments 1,833,390 1,702,640 current •5sets Debtors Cash at bank and In hand 14 9.014 104,344 15,262 41,130 113,358 14,B211 56,392 13,7521 Credltoys; •mountshlllrrf due wlthln one y￿r Is NetwrrnTht asiets lo8￿37 52,640 Totsl iiy•ts lesi£urrent Nablttl 1,941,927 1,755,280 Th• lunds olth• charlty Rtstrlcted Income funds Vnrestrl¢ted fvnds 16 17 1.646,048 295.879 1,657,177 98.103 1,941,927 1,755,280 29 Aug 2024 The Nnanclal 5tatemerts were approved by the trurte•5 On.......,....,,........... Colonel (Retdlj D A Gaselee THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ourrtlni policies Ch4rfty Inlomi•tlon The Ufe Guards Assoclatlon Charltable Trust 15 an unincorporaied as50ciatlon ￿Verrted by Its constttutlon.. 1.1 A¢¢ounOni wnventlon The financlal #atements have been Pfepared In auordance with the tharity's tonstStutlon, the Chafltle5 Act 2011. FRS 102 "The Financial ReportinB Standard appllcable In the VK and Republ1¢ of Ireland- I-FRS 102.1 and the Charltle5 SORP Accountln8 and Fleporting by Charhles.. Statement DI Recornmended Prattice applScable to (harltles preparln8 their accounts accordance wlth the Flnanclal Aeportlnu Stsndard appllcab1e In the UK and R•pub15c ol Ireland IFRS IOZI. leffectlve l January 20191. The charfty15 4 Publ1¢ Benellt Entky as deflned by FRS 102. The Charlty has takèn advantsqe of the provlslons In the SORP for charltles not to pr*paré a Statement of Cash Flows. The financlal staternersts have departed from the Charftles (Accounts and Reports) Re8ulatbn5 2CQ8 only to thè extènt requSred to Pra￿de a true and falr vlew. Thls departure ha5 Involved follDwln8 the Statement of Recommended Practl¢e for charlties appl¥lng FRS 102 rathef than the version of the statement of Recommended Practice whlch Is referred to In the Relulatlons whlch ha5 slnce been wlthdrawn. The financlal 5tèttrnertts are prepared In sterlln& whlchls the functlonal currency of the charSty. Monetary amounts In these fin?nclal statern¢nts ?re rounded to the nearest £. The financlal statements have been prepared under the hlstorfcal c05t conventSon. The pdnclpal ac(ountln8 pollcles adopted are sel out below. 1.2 Golni COTr￿m At the tlme of approvlng the financlal statements, the trustees have a reasonable expectatSon that the charlty ha5 adequate resources to (ontlnue In operatlonal ex4stence for the foreseeable future. Thu5 the trust•es contlnue lo adopt the golng concern basls of accounlin8 In preparin8 the flnancial statements. 13 Ch•rlt•bl• fvnds Vnrestrlcted funds are avallable tor use at the discretion of the trustees in fvrthtrance of thelr charltable objertives. Restr5cted funds are 5ublÈct to specfflc tonditlons by donors or 8rantors as to how they May be used. The purpose5 and uses of the restrlcted lunds are set out In the notes to the flnanclal Statements. Endowment funds are sublertio speclflc conditlons by donors ihat the capltal must be malntalned by the charity. IA Intom• Income Is reco8nlsed when the chadty 15 legally entltled to It after any performance conditions have been rneL the arnounts can be measured rella￿vI and It Is probable that Income wlll be received. Cash are reEo8nlsed on recelpt. Other donation5 are recognised once thE charity has been notlfled of the donation, unless performance ¢ondftlons ￿quIre deferral of the amount. Income tsx recoverable In relatlon to donatlons recelved under Gift or deeds of menant Is recognlsed atthe tlme of the donatlon. Le8acles are reco8nlsed on re￿Ipt or otherwlse If the charlty has been notlfied of an impendln8 distrlbutlon, the amount Is known. and receipt is experted. If the amount is ntst known, the legacy Is treated as a contingent a55eL THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountln8 poll¢b•s IContlnu•dl 1.5 Expendltur• Expendllure Is reco8n15ed OTr￿ there Is a le8al or wn5tructive obll%atk)n to transfer economlc benefit to a thlrd party, It 15.probable that a transfer of economlc benefits wlll be requlred In settlement. and the amount of the obll8atlon tan bè rneasured rellablv. Expendrture is cla55ified by artivity. The c05t5 of each activity are made up of the total of direct £05t5 and shaod tosts. IncludSng support costs Involved In undertaklng each hctivlty. Dlrect costs attrlbutable to a slngle actlvlty are alloc*ed direttly to that artlvlty. Shared costs whlch iontrlbute to more than one artivSty and 5UPPOrt costs whlch are not attributsble to a sln8le actlvky are apporticned between those activlties on a basis conslstent wlth the use of resources. Central staff costs are allocated on the b351s of tlme spent, and depfeElatlon charges are allocated on the portlon of the •ssel'S Use. 1.6 FIMed 4Met In￿StMents Flxed asset Investrnents are Inltlally measured at tran￿CtIOn prlce excludln8 transactlon c05t5, and are subsequent measured at falr value at each reporting date. Change$ In falr value are rec¢gnlsed In net Inh •qulv•b•Thls Cash ènd cash equivalents Include cash In hand, deposhs held at call wlth bank5, Other short-term liquid Irwestments w5th orlBlnal maturltles of three months or less, and bank overdrafts. Bank oveidrafts are shown wlthln borrowings In l.B Hn•rKl•l bnstruments The charity has elected to apply the prO￿$l￿n$ of Sectlon Il'Baslc Flnanclal Instrurnent5' of FRS 102 to all of Its flnanclal Instruments. Flnanclal Instruments are recognlsed Sn the charlty's balance Sheet when the charfty become5 party to the contractual provlsloD$ ol the Instrument. Flnènclal a5set5 and Ilabllltles are offset, wlth the net amounts presented the tlnanclal statements, when there 5s legal￿ enforceable right to Set off the rpcDKnised amounts and there Is an lrttentlon to $ettle on a net bas15 or to reallse the asset and settle the Ilablllty slmultaneously. 8oskfvon¢loloJs¢ts Basic financlal assets, whlch Include debtors and cash and bank balances, are Snltlally measured at transactlon prlce Includlng transactlon costs and arè subsequently carrléd at amort15èd cost uslng the tffectl¥e Intèrest method unless the 3rran8ernent constltutes a flnanclng transactlon. where Ihe transactlon Is measured at the present value of the futu￿ receipts dlscounted at a market rate of Interest. Flnan¢l•l assets ¢la$$ified as recelvable wllhln one year are not amortised. 8oslcflntsndtslllubllltles Basic flnanclal Ilabllltles, Includlng credltors are Inltlalty re¢o8nlsed at transactlon prlce unless the arrangement constitutes a flnantlng transactlon, where ihe debt Instrument Is measuied at the present value of the future payments dls¢ounted at a market rate of Interest. Flnancial Ilabillties classwled as payable within one year are not arnortlsed. Debt Instruments are subsequently carrled at amortlsed co#, using ihe effective Interest rate method. Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course ol operatsons from suppliers. Amounts payable are classlfled as current Ilab115tSes If payment Is due wlthSn one year or less. If not. they a￿ presented a5 non-Eurrent Ilabilitie5. Trade creditors are recognlsed Snltlally at transaction prlce and SUbseq￿entlY moasured at amort15ed cost usln8 the effeLtive Interest method. THE LIFE GUARDS ASSOCIATION CHARITABLE TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR 7HE YEAR ENDED31 MARCH 2024 Ac¢owfflngpgll¢bes IContlnu•dl kkntognltlon olfvnelfflUoblHtle$ Financial Ilabllltles are dereco8nlsed when the charlvs tontrathual obll8atlons explre or are dlxharged or cancelled. Crltkal Hctountlni estlrnatss •ndlu*•m•nts In the applScation of the charlty's accountlns polldes, the trustees are requlred to make Judgements, estimates and assurnptions about the carrying amount ol 35sets and liabilities that are not read1￿ apparent from other sources. The estlmates and assoclated assumptlons a￿ based on hlstorical experience and other fartors that are consldered to be rÉl•vant. A£￿al r•sults may dlff•r from th•se •rtlmates. The estlmates and underfylng assumptlons are revlewed on an ongoins basss. Re¥lslons to accountlng estlmates are r¢coRn15èd In the peflod In whlch the •$tlmate Is rev15ed whtre the revSslon affects only thai period, or In the perlod ol the revision and firture period5 where the revis10Th affects both currert and future perlod5. The trustees do not COn51der there to be ary balance5 contslned In the flr*anclal statem•ffls wher• actual results would materlally d¢ffer to the estlrnates ond ludgement5. Incorn• from donatlonj #nd l•ytl•J Unrtttrlrt•d funds 2024 R•strlct•d fvnds 2024 Tot•1 UnMtrlrt•d lunds ioiJ Restrfrted fundi 2023 Totsl 2024 2023 Donatlons and glfts Grnnts 206,893 3,871 783 210,764 783 77,558 19,460 2,018 97,018 2,018 206,893 4,654 211,547 77,558 21,478 99,036 Income frorn <>ther tradlni actlvltles Unr•strlcted R•strlcMd fvnds funth 2024 2024 Totsl Unrestrlded funds Restrlrt•d funds 2023 T¢A•l 2024 2023 Fundralslng events Mlscellaneous Income 17,957 1.544 17,957 1.652 23,181 L786 23,181 1,786 108 Othertradln6 actlvltles 19,501 108 19,609 24,967 24.967 THE LIFE GUARDS ASSOCIATION CHARITABLE TRusr NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 In¢om• from Inv•stm•nts Totsl UnrestrEct•d AestrlL*ed lundg fvnd5 2025 2023 Totsl fund5 fund5 2024 2023 Incoffle from listed Investments 32,623 27,350 59,973 50.324 50,324 Exp•ndltur• on rnlslni fund Unr•strlrted lunth Restrlrt•d funds 20 Unrnstrfcthd Restrlded lunds fvnds 2023 2023 2014 2029 Fundr•lsln¢ ind publklty See*5ng donations, grants and le8acles Sts8ln8 fuThdralsing events Other fundralslng costs 28,039 20,893 8,077 30,583 58,622 20,893 8,077 26,378 22,980 8,309 35,520 61,898 22,980 8,309 57,fJ)9 30,583 87,592 57,667 35,520 93,187 Exptndltiire on ¢h*ritsble *¢tl¥ltl R•strlrt•d fund 2024 ttrf￿•d fund 2023 Dlrert C05t¥ Shar* olsupporr •nd 8w•m•n¢• cots IM• not• 81 Governance 12AOO 20,363 Anafys15 by lund Restricted funds 12,400 20.363 Suppon o)MS all)¢at￿ io arflvlllei 2024 2023 Governance costs 12.400 20.363 Analys•d b•twe•n: Restrfcted fund 12,400 20,363 THE LIFE GUARDS ASSOCIATION CHARITABLE TRusr NOTES TO THE FINANCIAL sfATEMEKfs (CONTINUED) FOR ThE YEAR ENDED 31 MARCH 2024 SupportCOs19 allocated to adMtI•s ICondN•dl 2024 2023 Independent ey2mlnatlon fee Honorarla 2.4LMJ io,orAJ 1,170 19,193 12,4CA) 20,363 N•t mmm•nt In lunds 2024 The net movement ITh funds15 Stated aftér ch*wn￿{Cr*dIt1m1j'. Fee5 PaV7ble for the Independent examinatlDn of the charlty'sffinancial staternents 1,170 IQ Trurte•s None of the tN51ees lor any pÈrsons connected wlth them) recelved any rèmuneratlon or benefits Irom the chartty durln8 the year. 11 Employ••s The avera8e momhty number of employees durlng the year was., 2024 Numb•r 2023 Numb•r Total There ￿re no employees whose annual remuneratlon was more than £60,Oc￿. 11 Tax•tlon The chaflty Is exempt from tsxatlon on Its aCtlv4tlès bècausè all Its Incom* Is appllèd for charftablè purposes. 10- THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed ass* In¥estm•n Ust•d I￿￿¥1m¢￿￿ Cost or￿1￿•1[￿n At l Aprll 2023 & 31 MaTch 2024 1,702,640 C•rryln8 •rnoirnt At 31 Mar1 March 20Z4 General funds 98.103 259,017 161,2411 295,879 Pr•vknii y•4r: At IAprll 2022 In¢oml r•50urus Resources e¥pendtd At 91 M•rth 2023 Genernl fundj 58,791 102,525 163,2131 98,103 An•lyJh of net iimts betwe￿ lunds Unr•strkt fvnds 2024 R•rtrlcl•d funds Total 2024 At 31 M•rth 2024: Investments CUr￿nt 0$5etsllllabllltles1 1,833,3 IIB7.3421 1.833,390 108,537 295.879 295,879 1.646.048 1,941,927 Unrestrldtd lundi ZOZS R•strlrt•d funds 2023 2023 At 31 M41ch 2025: Investments Current a$5etsllliabllltiesl 1.702,640 145,4631 1,702.640 52,640 98,103 98.103 1,657.177 1.755.280 Aelated PBrtytrans•¢tlons There were no disclosable related party transactlon5 during the year12023. Th)nel. 12- th•rfty rrylrtrnllon th￿n￿rI19144 THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE LIFE GUARDS A550CIATION CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste Colonel (Retdl J D A Gaselee Lt ColonÈl (Retdl H S J kott Mr 8 K Glbson Captaln J R Dove Mr l M FearThley Mr P J Rkhards MBE Lt Colonel (Retdl W R Undsay OBE Mr CJ Thetllne Mr D D 5tsffDrd Mr D D Snoxell Mrsj Dwerryhouse C¥ptaln E Godwln IAppolnted 12 March 20241 IAppolnted 9 May 20241 Ch•rlty nymb•r 229144 Pdndp•l ￿dr Cornbermtrè Barrlcks Wlndsor Berkshlre SL4 3DN Ind•p•nd•nt •xamlTr•r Stiles & Company 2 Lake End Court Trplow Road Trplow Maldenhead Berkshl SL6 OJQ THE UFE GUARDS ASSOCIATION CHARITABLE TRusr coKrENTS Trustee5' repDrt Independent examlner's ￿pOrt 5tat•m•nt of flnandal •ctl¥St1•5 8alan¢e sheet Note5 toth•flnindal statoments THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustèes presentthelrannual report and financSal ststernents forthe yearended 31 March 2024. The financlal ststements have been prepared In accordance wlth the accountln8 polkles set out In note I to the financl*l statements and compty with the charity's governin8 document. the Charities Act 2011 and Accountin8 and Reporting bv Charities.. Ststement of Recommended Practice ap￿1£¥ble to charities preparing their ac¢ounts in accordance with the Flnanclal Reportln£ Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021" leffectlve I january 20191. ObJ•ctl¥es and 4ctfvfth5 To relleve members, or fomler mernbers, ol the Re4lmenL or thelr dependants who are In n•ed by vlrtue of fln8nclal hardshlp. slckne5s. dlsablllty. or the effect5 of old age. To promote the effide￿V of the Reglment In any charltsble way a$the Trustees from tlme to tlme may declde. Publicbenefit The trustees have pald due re8ard to 8uldance Issued by the Charlty Commlsslon In decldln8 what actlvltles the chailty should undertake. Activths The charlty rnake5 8rants to a w5de group of people In support of welfare and hardshlp. In 3ddltlon. the Scheme that governs the operatlon of the the charlty speclflcally allows for the promotlon of the elflclency of the Armed Fofces. The ch8rtty therefore Ss able to award Inltlatlve, support adventurous tr31nln& 5POrt and other welfare actlvltSe5 whlch are not adequately* or dSrectly. provided lor from Publlc Funds. Thus the Government's prfme respons5bilty ol proYldin8 Defence of the Realm Is enhanced, resultlng In a dlrect beneflt to the publlc. The Trustees conslder, therefo￿, that The Llle Guards A5$0clatlon Charltable Trust fully meets the regulrement to provlde Publlc Benefit under the appropdaie chèrltable purpose of promotin8 of the èffltlenty of the Armed Forces of the Crown In addltlon to Its exlstln8 welfare oblecllve5. The Trustees follow an approved poliLy In makln¥ 8rants to both retlred and 5erviTh8 Llfe8uardsmen and thèir dependents for the rellef of need. Prforltyls 8lven to.. Veterans ol confllcts and thelr dependents The speclal needs ¢Jf the disabled who may not bè able to bentflt from support from the statutory bentfit system. Conslderatlon In respect of thelr dl8nlty. encoura8lng Independence and welfare to work are Important factor5 Supportlngthe coheslon of the faml Supportln8 the unemployed and homeless, where approprlate. Each case Is looked at on ￿$ own merlt and eyaluated In relatlonshlp wlth other grants avallable. Athlevement$ •nd perfomian¢• Slgnlfleont Qttlvlties ond ochlevements ogolnstobjettives 37 cases were consldered durlngthe year and grants totallinE £29,583 were made In the'Rellel of Need" category. The Llfe Guards Assoclatlon char￿ble Trust contlnues to work very closely wSth The Llfe Guard5 A5s0clatlon In Ident￿1￿8 potentlal beneflclarles. The Trust also works wlth the Househgld Cavalry Foundatlon arbd The Blues and Royals A550clatlon In meetin8 it5 overoll charitable objectives. In furtherance of these oblectlves there Is a close relationshlp wlth ABF The Soldlers. Charhy. The Royal 8rft15h Legion and FA Forces Help THE LIFE GUARDS ASSOCIATION CHARITABLE TRU5r TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 FIMn¢ial rtvitw The Lffe Guards Assoclatlon Charltsble Trust Is prlmartly a grant maklnR charlty. It relles on Income from Investrnents, an annual 8rant from servin8 Household Cavalry soldiers (Dtys Pay Schtrnel, donations and other fundraislng events to support the annual le¥el of 8fdnt making. Reservespoll The reserves pollcy of the Trustees Is that the charity shall have adequate reserves to ensure that, when Invested by the Jppointed investrnent man?ger, they shall produce Sufficient income to fvnd the budgeted c05t5 or grqnt5 of the charlty and. ¢)ver the lon8tem, malntaln thelr effectfve value. The reserve Is reviewed on an annual basss. Strurtur•i governanc• and mana8•rn•nt The charlty Is an unlncorporaied entitywhlch Is lovemed by th• assoclatlon's constltutlon. Colonel IRetdl J D A Ga5elee Lt Colonel IRetdl Fl SJ Stott Mr B K Glb50n Captsln J 11 Dove Mr l M Feamlev Mr PJ Rlchards MBE Lt Colonel IReidl W R Llndsay OBE Mr CJ Trletllne Mr O D Stafford Mr D D Snoxell Mrs I tfv4erryhou5e Captaln E Godwln Major (Retdl Jeff Holbrook IAppointed 12 March 20241 (Appolnted 9 May 20241 IRe51gned 31 December 20231 Recrultmenrondoppolntment oftrustees The charlty'5 trustee$ serve In 4 year tems aDd each tn15tee Is able to serve a maxlrnum of I￿0 ternis New trustees Ire elected as and when tnjstees complete thelr tErm or In the evene of a reslinatlon. None of the irustees has any beneflclal Interest In the Company. ￿1 of the trustees are rn•mbers of th• cornpany and 8uarantee t¢ ttjntribute El In the event of a windln8 up. The tru5tee5' report wasapproved by the Board of Trustee5. olonel (Reidl J D A fjaselee Trustee 29 Aug 2024 THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE UFE GUARDS ASSOCIATION CHARITABLE TRUST I report to the trustee5 on my examination of the finandal ststements of The Ufe Guards Assoclatlon Charfiable TTUSt IthE charttyl for the year ended 31 March 2024 Ruponslblllllqs ènd ba515 olr•port As the trustees of the charfty you are re5ponslble for the preparation of the financlal statements In accordance wfjth the r•qulrements of the Charltle5 Act 2011 (the 2011 Act). I report In respeci of my examinatlon of the charlty's financial statements carrled out under settlon 14S of the 2011 Acl. In carrying out my examination I have followed all the 8pplicable Dlrethions 8lven by the Charity Commission under 5ectlon 1451sllbl of the 2011 Act. Ihd•p•nd•nt oxamlrMrf$ ststernent 51nce the charlty's gr055 incgme exceeded £250.000 your examlner must be h member of a body Ilsted in sectlon 145 of the 2011 Act. I conflrm that l am quallfled to undertake ihe examlnatlon b￿aUSe l arn a member ot ACCA, whlch Is one of the Ilsted bodle$. Your attentlon Is drnwn to the fact that the charlty ha5 prepared financlal statement? In accordance wlth Accountln8 and Reportin8 by Charltles preparing thelr accounts In accordance wlth the Financlal Reportln8 Standard appllcablè ln tht UK ind Republic of Ireland IFRS 1021 In preference to the Atcountin6 and ReportlnB by Charitie5.' Statement of Retomrnended Practlce Issued on l Aprll 2(N)5 whlth Is rèferred to In tht extant regulatlon5 but has now been wlthdrawn. l unilerstand that thls has been done In order for fftnanclal statemen15 to prgvlde a true and fvlr vlew In aC￿rdance wlth Generally Accepted Accountlng Practlce effectlve for reportlng perlods be8lnnln8 on or after l January 2015. I have completed my exarnlnatlon. I confirrn that no matters hwe come to my attentlon In connectlon wlth the examlnatlon 81vlng me cause to belleve that In any rnaterlal ￿Spe￿.. accountlng record5 were not kept In respecl of the charlty as requlred by sectlon 130 of the 2011 Art,. or the financlal statements do not accord wlth those fecords,. or the flnancial Statements do not comply wlth the app15cable ￿quIrem•nts concernln8 th• form and content of accounts set out In the Charlt1es IAc¢ounts and Reports) ReKulatl¢ns 2008 other than any requlrement that the a￿o￿nts glve true and falr vlew whlch15 not a matter con51dered a5 part of an Independent examlnatlon. I have no concerns and have corne acr0s5 DO other matter5 In connectlon with the exarnlnatSon to whlch attentSon should be drawn in thls report in order to enable a proper understanding ol the flnancial statements to be reached. D3nlel Roblns FCCA Stlle5 & Companv 2 Lake End Court Taplow Road Taplow MaSdenhead Berkshl SL6 OJQ 29 Aug 2024 Dated.. THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDffURE ACCOUNT FOR THE YEAR ENDED 31 MARCH2024 Unr*strkt•d Re>trbrted funds fvnd5 2024 2024 Totsl Unyestrl¢ted R•strfrt•d nds lund5 2023 2023 Yotsl 2024 No lftcome from: Donation5 and legacle5 Other trad5ng actlvltles Investments 206.893 19,501 32,623 4.654 21L547 19.609 59,973 77.558 24,967 21,478 99,036 24,967 50,324 27,350 50,324 Totsl In¢om• 2S9.017 32,112 291.129 102,525 71,802 174,327 Expendlture on: Ra151n8 funds Charltsble actlvlties Other expendlture 57,C4B 30,583 12Ats) 258 87,592 12,40) 4,490 57,667 35,S20 20.363 1,080 93.187 20.363 6,626 4,232 5,546 Totsl •xpefidftur• 6L241 43.241 104,482 63,213 56,963 120,176 N•1 Incom•ll•xp•ndltur•l and rnov•ment In fvnd$ 197.776 111.1291 186,647 39,312 14,839 54,151 ReumclllBtlon of funds: Fund balance5 at l Aprll 2023 98,103 1,657,177 1,755,280 58,791 1,642,338 1,701,129 Fund b•lancts •t31 M•v¢h 2024 295,879 1.646,048 1,941,927 98,103 1,657,177 L755,280 Th• $t•i•ment ol fflnancl•l •thivltl•s Includes all 6alns ind loss•s r•co8nls•d In the year. All I￿oMe •nd expendjture derlve from contlnulrng actlvlties. THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST BALANCE SHEET ASAT31 MARCH2024 2023 Notes Flx•d Investments 1,833,390 1,702,640 current •5sets Debtors Cash at bank and In hand 14 9.014 104,344 15,262 41,130 113,358 14,B211 56,392 13,7521 Credltoys; •mountshlllrrf due wlthln one y￿r Is NetwrrnTht asiets lo8￿37 52,640 Totsl iiy•ts lesi£urrent Nablttl 1,941,927 1,755,280 Th• lunds olth• charlty Rtstrlcted Income funds Vnrestrl¢ted fvnds 16 17 1.646,048 295.879 1,657,177 98.103 1,941,927 1,755,280 29 Aug 2024 The Nnanclal 5tatemerts were approved by the trurte•5 On.......,....,,........... Colonel (Retdlj D A Gaselee THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ourrtlni policies Ch4rfty Inlomi•tlon The Ufe Guards Assoclatlon Charltable Trust 15 an unincorporaied as50ciatlon ￿Verrted by Its constttutlon.. 1.1 A¢¢ounOni wnventlon The financlal #atements have been Pfepared In auordance with the tharity's tonstStutlon, the Chafltle5 Act 2011. FRS 102 "The Financial ReportinB Standard appllcable In the VK and Republ1¢ of Ireland- I-FRS 102.1 and the Charltle5 SORP Accountln8 and Fleporting by Charhles.. Statement DI Recornmended Prattice applScable to (harltles preparln8 their accounts accordance wlth the Flnanclal Aeportlnu Stsndard appllcab1e In the UK and R•pub15c ol Ireland IFRS IOZI. leffectlve l January 20191. The charfty15 4 Publ1¢ Benellt Entky as deflned by FRS 102. The Charlty has takèn advantsqe of the provlslons In the SORP for charltles not to pr*paré a Statement of Cash Flows. The financlal staternersts have departed from the Charftles (Accounts and Reports) Re8ulatbn5 2CQ8 only to thè extènt requSred to Pra￿de a true and falr vlew. Thls departure ha5 Involved follDwln8 the Statement of Recommended Practl¢e for charlties appl¥lng FRS 102 rathef than the version of the statement of Recommended Practice whlch Is referred to In the Relulatlons whlch ha5 slnce been wlthdrawn. The financlal 5tèttrnertts are prepared In sterlln& whlchls the functlonal currency of the charSty. Monetary amounts In these fin?nclal statern¢nts ?re rounded to the nearest £. The financlal statements have been prepared under the hlstorfcal c05t conventSon. The pdnclpal ac(ountln8 pollcles adopted are sel out below. 1.2 Golni COTr￿m At the tlme of approvlng the financlal statements, the trustees have a reasonable expectatSon that the charlty ha5 adequate resources to (ontlnue In operatlonal ex4stence for the foreseeable future. Thu5 the trust•es contlnue lo adopt the golng concern basls of accounlin8 In preparin8 the flnancial statements. 13 Ch•rlt•bl• fvnds Vnrestrlcted funds are avallable tor use at the discretion of the trustees in fvrthtrance of thelr charltable objertives. Restr5cted funds are 5ublÈct to specfflc tonditlons by donors or 8rantors as to how they May be used. The purpose5 and uses of the restrlcted lunds are set out In the notes to the flnanclal Statements. Endowment funds are sublertio speclflc conditlons by donors ihat the capltal must be malntalned by the charity. IA Intom• Income Is reco8nlsed when the chadty 15 legally entltled to It after any performance conditions have been rneL the arnounts can be measured rella￿vI and It Is probable that Income wlll be received. Cash are reEo8nlsed on recelpt. Other donation5 are recognised once thE charity has been notlfled of the donation, unless performance ¢ondftlons ￿quIre deferral of the amount. Income tsx recoverable In relatlon to donatlons recelved under Gift or deeds of menant Is recognlsed atthe tlme of the donatlon. Le8acles are reco8nlsed on re￿Ipt or otherwlse If the charlty has been notlfied of an impendln8 distrlbutlon, the amount Is known. and receipt is experted. If the amount is ntst known, the legacy Is treated as a contingent a55eL THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountln8 poll¢b•s IContlnu•dl 1.5 Expendltur• Expendllure Is reco8n15ed OTr￿ there Is a le8al or wn5tructive obll%atk)n to transfer economlc benefit to a thlrd party, It 15.probable that a transfer of economlc benefits wlll be requlred In settlement. and the amount of the obll8atlon tan bè rneasured rellablv. Expendrture is cla55ified by artivity. The c05t5 of each activity are made up of the total of direct £05t5 and shaod tosts. IncludSng support costs Involved In undertaklng each hctivlty. Dlrect costs attrlbutable to a slngle actlvlty are alloc*ed direttly to that artlvlty. Shared costs whlch iontrlbute to more than one artivSty and 5UPPOrt costs whlch are not attributsble to a sln8le actlvky are apporticned between those activlties on a basis conslstent wlth the use of resources. Central staff costs are allocated on the b351s of tlme spent, and depfeElatlon charges are allocated on the portlon of the •ssel'S Use. 1.6 FIMed 4Met In￿StMents Flxed asset Investrnents are Inltlally measured at tran￿CtIOn prlce excludln8 transactlon c05t5, and are subsequent measured at falr value at each reporting date. Change$ In falr value are rec¢gnlsed In net Inh •qulv•b•Thls Cash ènd cash equivalents Include cash In hand, deposhs held at call wlth bank5, Other short-term liquid Irwestments w5th orlBlnal maturltles of three months or less, and bank overdrafts. Bank oveidrafts are shown wlthln borrowings In l.B Hn•rKl•l bnstruments The charity has elected to apply the prO￿$l￿n$ of Sectlon Il'Baslc Flnanclal Instrurnent5' of FRS 102 to all of Its flnanclal Instruments. Flnanclal Instruments are recognlsed Sn the charlty's balance Sheet when the charfty become5 party to the contractual provlsloD$ ol the Instrument. Flnènclal a5set5 and Ilabllltles are offset, wlth the net amounts presented the tlnanclal statements, when there 5s legal￿ enforceable right to Set off the rpcDKnised amounts and there Is an lrttentlon to $ettle on a net bas15 or to reallse the asset and settle the Ilablllty slmultaneously. 8oskfvon¢loloJs¢ts Basic financlal assets, whlch Include debtors and cash and bank balances, are Snltlally measured at transactlon prlce Includlng transactlon costs and arè subsequently carrléd at amort15èd cost uslng the tffectl¥e Intèrest method unless the 3rran8ernent constltutes a flnanclng transactlon. where Ihe transactlon Is measured at the present value of the futu￿ receipts dlscounted at a market rate of Interest. Flnan¢l•l assets ¢la$$ified as recelvable wllhln one year are not amortised. 8oslcflntsndtslllubllltles Basic flnanclal Ilabllltles, Includlng credltors are Inltlalty re¢o8nlsed at transactlon prlce unless the arrangement constitutes a flnantlng transactlon, where ihe debt Instrument Is measuied at the present value of the future payments dls¢ounted at a market rate of Interest. Flnancial Ilabillties classwled as payable within one year are not arnortlsed. Debt Instruments are subsequently carrled at amortlsed co#, using ihe effective Interest rate method. Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course ol operatsons from suppliers. Amounts payable are classlfled as current Ilab115tSes If payment Is due wlthSn one year or less. If not. they a￿ presented a5 non-Eurrent Ilabilitie5. Trade creditors are recognlsed Snltlally at transaction prlce and SUbseq￿entlY moasured at amort15ed cost usln8 the effeLtive Interest method. THE LIFE GUARDS ASSOCIATION CHARITABLE TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR 7HE YEAR ENDED31 MARCH 2024 Ac¢owfflngpgll¢bes IContlnu•dl kkntognltlon olfvnelfflUoblHtle$ Financial Ilabllltles are dereco8nlsed when the charlvs tontrathual obll8atlons explre or are dlxharged or cancelled. Crltkal Hctountlni estlrnatss •ndlu*•m•nts In the applScation of the charlty's accountlns polldes, the trustees are requlred to make Judgements, estimates and assurnptions about the carrying amount ol 35sets and liabilities that are not read1￿ apparent from other sources. The estlmates and assoclated assumptlons a￿ based on hlstorical experience and other fartors that are consldered to be rÉl•vant. A£￿al r•sults may dlff•r from th•se •rtlmates. The estlmates and underfylng assumptlons are revlewed on an ongoins basss. Re¥lslons to accountlng estlmates are r¢coRn15èd In the peflod In whlch the •$tlmate Is rev15ed whtre the revSslon affects only thai period, or In the perlod ol the revision and firture period5 where the revis10Th affects both currert and future perlod5. The trustees do not COn51der there to be ary balance5 contslned In the flr*anclal statem•ffls wher• actual results would materlally d¢ffer to the estlrnates ond ludgement5. Incorn• from donatlonj #nd l•ytl•J Unrtttrlrt•d funds 2024 R•strlct•d fvnds 2024 Tot•1 UnMtrlrt•d lunds ioiJ Restrfrted fundi 2023 Totsl 2024 2023 Donatlons and glfts Grnnts 206,893 3,871 783 210,764 783 77,558 19,460 2,018 97,018 2,018 206,893 4,654 211,547 77,558 21,478 99,036 Income frorn <>ther tradlni actlvltles Unr•strlcted R•strlcMd fvnds funth 2024 2024 Totsl Unrestrlded funds Restrlrt•d funds 2023 T¢A•l 2024 2023 Fundralslng events Mlscellaneous Income 17,957 1.544 17,957 1.652 23,181 L786 23,181 1,786 108 Othertradln6 actlvltles 19,501 108 19,609 24,967 24.967 THE LIFE GUARDS ASSOCIATION CHARITABLE TRusr NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 In¢om• from Inv•stm•nts Totsl UnrestrEct•d AestrlL*ed lundg fvnd5 2025 2023 Totsl fund5 fund5 2024 2023 Incoffle from listed Investments 32,623 27,350 59,973 50.324 50,324 Exp•ndltur• on rnlslni fund Unr•strlrted lunth Restrlrt•d funds 20 Unrnstrfcthd Restrlded lunds fvnds 2023 2023 2014 2029 Fundr•lsln¢ ind publklty See*5ng donations, grants and le8acles Sts8ln8 fuThdralsing events Other fundralslng costs 28,039 20,893 8,077 30,583 58,622 20,893 8,077 26,378 22,980 8,309 35,520 61,898 22,980 8,309 57,fJ)9 30,583 87,592 57,667 35,520 93,187 Exptndltiire on ¢h*ritsble *¢tl¥ltl R•strlrt•d fund 2024 ttrf￿•d fund 2023 Dlrert C05t¥ Shar* olsupporr •nd 8w•m•n¢• cots IM• not• 81 Governance 12AOO 20,363 Anafys15 by lund Restricted funds 12,400 20.363 Suppon o)MS all)¢at￿ io arflvlllei 2024 2023 Governance costs 12.400 20.363 Analys•d b•twe•n: Restrfcted fund 12,400 20,363 THE LIFE GUARDS ASSOCIATION CHARITABLE TRusr NOTES TO THE FINANCIAL sfATEMEKfs (CONTINUED) FOR ThE YEAR ENDED 31 MARCH 2024 SupportCOs19 allocated to adMtI•s ICondN•dl 2024 2023 Independent ey2mlnatlon fee Honorarla 2.4LMJ io,orAJ 1,170 19,193 12,4CA) 20,363 N•t mmm•nt In lunds 2024 The net movement ITh funds15 Stated aftér ch*wn￿{Cr*dIt1m1j'. Fee5 PaV7ble for the Independent examinatlDn of the charlty'sffinancial staternents 1,170 IQ Trurte•s None of the tN51ees lor any pÈrsons connected wlth them) recelved any rèmuneratlon or benefits Irom the chartty durln8 the year. 11 Employ••s The avera8e momhty number of employees durlng the year was., 2024 Numb•r 2023 Numb•r Total There ￿re no employees whose annual remuneratlon was more than £60,Oc￿. 11 Tax•tlon The chaflty Is exempt from tsxatlon on Its aCtlv4tlès bècausè all Its Incom* Is appllèd for charftablè purposes. 10- THE LIFE GUARDS ASSOCIATION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed ass* In¥estm•n Ust•d I￿￿¥1m¢￿￿ Cost or￿1￿•1[￿n At l Aprll 2023 & 31 MaTch 2024 1,702,640 C•rryln8 •rnoirnt At 31 Mar1 March 20Z4 General funds 98.103 259,017 161,2411 295,879 Pr•vknii y•4r: At IAprll 2022 In¢oml r•50urus Resources e¥pendtd At 91 M•rth 2023 Genernl fundj 58,791 102,525 163,2131 98,103 An•lyJh of net iimts betwe￿ lunds Unr•strkt fvnds 2024 R•rtrlcl•d funds Total 2024 At 31 M•rth 2024: Investments CUr￿nt 0$5etsllllabllltles1 1,833,3 IIB7.3421 1.833,390 108,537 295.879 295,879 1.646.048 1,941,927 Unrestrldtd lundi ZOZS R•strlrt•d funds 2023 2023 At 31 M41ch 2025: Investments Current a$5etsllliabllltiesl 1.702,640 145,4631 1,702.640 52,640 98,103 98.103 1,657.177 1.755.280 Aelated PBrtytrans•¢tlons There were no disclosable related party transactlon5 during the year12023. Th)nel. 12-