SALISBURY DIOCESAN FORCES WELFARE FUND REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 COl￿ENTs Pa Trustees, Report Statement of Flnancial Activthes and Balance Sheot Notes to the AcLX)unts Independent Examlnerfs Report SAUSBURY DIOCESAN FORCES WELFARE FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL STATUS The Fund is a registered charity, number 250335. Its goveming instDJment is a Charity Commisslon Scheme dated 9th July 1985 as amended by a Schemé dat8d '.0 08cemb8r 1997. The Chgrivs official fjlJ813 the Church of England Board for th8 W81fa￿ of His Majèsvs Forces wilhin th6 Diocasa of SBfisbury. How8v8r tha trustèès use 'Sallsbury Diocesan Forces We￿are Fund. as the Charitls working tIt￿ as allowed under the Scheme. TRUSTEES The followlng s8rvod as the trustees during the year and to date.. Ex Offlcio truste Sqn A Reed Rsv P Carroll R&v G Birch Rev R Cannorb Fr(hr Apr 24 From Apr 24 Fmm.Yov 24 From May 24 R6v C Shlmman Sqn Ldr A Glasby Rev A Cobain ToNpr 24 ToN¥r 2d To Nov 24 Nomlnated trustees Commodorè R Jackman Ven S Robbins Ll Col M Nash Ll Col R MIl￿r Gp Capt M Oldham Charm3n Dr A Goodwn Lt COE D Rawjins Ll Col A Ledger Rev M Christian Brig P Alson Frorn ￿￿24 May25 Copopted trust&&s Dr L Brown Mrs J Guyer Mrs J Wright Frorn May 25 Fivg trustBes are ex-offido, hojding appointments within H M Forces.. three trustees are co-opI@d, appointed by the truste￿ and havlng special knowledge of Salisbury Diocese- the cha.￿,an is appolnted by tho Bishop of Sallsbury. The remaining trustees are nominated by th& Salisbury Diocesarb syr.od and a￿ appointed for a lemi of f¢JJr years. The Salisbury Diocesan 8oaYl of Flnance is custodian trustee of tho Chartty. CLERK TO THE TRUSTEES Lt Ctsl M But16r, Senlors Farmhouse. Semley. Shaft&8bury SP7 9AX ADVISERS Independent Examiner Investment Managers- Mrs N A Halls FCA, Fletcher & ParLvJèrs. Bridge Street. Salisbury SP12LZ CCLA Invesbnent Management Ltd, One Angel Lane, London, EC4R 3AB OBJECTS AND ACTniiTIES The Charlws purpose is lo promote the spiritual and moral wetfare of and provide such other charitable benefits as tha Irustges from dme to time decide for His Majesty's Forces Ibotq serving and veleransl wlhln the Diocose of Salisbury and Ihelr deperhdants. Thè managing tTUStees normally meet fvlice a year lo consider Ihe allocation tyf grants as follows.. {il lo Servioe Chaplalns, Emergency Funds- lil) lo Service units in response to applical'ons made through Servlc& h8adquarters and1Sill such other charitable grants as Ihe Iruslees may decide. Thè Clèrk lo the trustees ￿e￿VeS grant applications as well as dealing with all correspondencè. The Fund employs no staff bul relies on the staff of the Salisbury dlocesan office who mainlaln the accounting recoftls and prèpara the annual flnancsal stat8mgnts. Th8 tru51e88 havè comp]lad ￿th th&lr duty to have due regard to the guldane8 publie benefit published by the Charlty Commlssion in exercislng thelr powers of duties. SALISBURY DK)CESAN FORCES WELFARE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMEKfs AND PERFORMANCE Durfng th& year the Fund awarded grdnts totalling £33,803 spread batsveen the Servic93 and inltlallves In support of Mombers of HM Forces. their fam.'lies and Veterans. These granis are targeted to confor a beneflt on the personnal and tholr dependanls serving, or having served, In His Ma'8sty's Amied Forces. They support welfare iniliatlves at MOD establishments and their as5o￿alert famlty Wèlfa￿ faal t'es. and in Ve.erar￿ organlsatlons wlth',n the dloc8s6. The Trusl88s aswre to malth grant rn8￿ng to available income within the constralnts of receiving sufflciont bids that meet the requlred ¢rlt8rlon th8t aach will improve Ihe 'rnordl and spiri￿al we￿are, Df the recipients. The Trustees rovised approach to Work more closety with Ser￿￿ SupFort piowders suth as the WRVS, who ggt little or no dlrect funding trom the MOD yet provide outstanding service to servlcemen and serwce womèn, has continued lo be sueKessful. The Trustees also review and update both its Governan￿ and Fbsk d¢)cuments at its spring and aubjmn meetings respectively. FINANCIAL REWEW Investment Income lor thè yèar was £47,76312023 - £45.370). whilsl grants paid (including all¢eal$d support costs} were £33,803 12023- £16.7221- There was a surplus for the year of £13,959 12023 £28,648). The Fund's Invèstmènts have seèn an increase in the capital value perforrnance, vlth a nel galn of £28,20012023 - £90.5141. Ther6 was an overall increase in funds for the year (rf £42.15912023 - £119.1621 making total r8s@rves 81 the year er￿ £1.491,259 {2023 .£1,449,100). RESERVE POLICY The Trustees, aim is to presgtve the Invéstments and to allocal8 fund8 8$ grants to deserving blds solely from inco)rne wnt5nue$. Wlthln a financial year the alkncation is capped al the l&vel of the anticipated Income iut withln tha ctsnstrainl of retalning reserve of 5(b75% of the ItJllng &year average annual incomg. Where there is a mismatch resulting from the autumn meeting. the payments of grants may be deferred into the following year. INVESTMENT POLICY The Fund's inveslmenl policy is sel oui In Noto 4 to the a¢¢ounts. The investment poliry and prfolio remain under review lo ensure that, as far as possible ar￿ wthin the constraints of ESG Policy. the Investments prioritise income oiver capital growth and deliver an annual increase in income that as a minimum offsets the effects of inflation. RISKS REVIEW F￿'sk is considered annualty. At present the Iwstees consider that the Fund's only risk is a total collapse in stDd( markets which they have Mitigat￿ by plaang a woportion Df the Fund's Investrnènts in a property fund. DEVELOPMENTS A￿ER ThE YEAR END The iNstees conslder that there are no m8t8rial U[￿rta1ntieS about the Chariys ability lo continue as a going concern. In this asssssmenl the trus1985 hav6 ad(noI￿edged the Impact of current market uncertainties and whllst this does not r8pres8nt gn exlst6ntial threat it may lemporaqly reduce the Trust's abilty lo meet the demand, TRUSTEES. RESPONSIBILrriES IN RELATION TO THE FINANCiAL STATEMENTS The truste88 arè rÉspDnsible for preparing the Trustees. Annual Report and the financAal statements in a¢¢ordance vdth applicabla law and United Kingdom Accounling Standards Iunited tQngdom Generally Acctspl¢d Aeeoulting Practlcel. The law aF)plicable to charities in England ano Wales requires the Charity Iruslees to prepare financial statements for each ygar which give a true and lair view of the state of aff8ir3 of the Charity ano of the incoming resources and application of resaurc85, of the Charity for that Pgri¢xI. In wepariny the financial statements, th8 Trustegs are r8qulred to: $al8rt suitable accounting policies arKI thon apply ¢hem conslstenuy. observe the Meth￿IS and principles In tho ChariJes SORP., make judoemenls and estlmales that ar9 reasonable and prudent- stale whether applicable a￿n,.Ing sl8Trdèrds have been follow￿, subloct to Bny materfal departures that musl be disclosed and explained in the-.Inancial slalernents; prepare the linancial statgmonts ￿ the golr.g eop.cern basi5 unless it Is inappropriate lo pre15ume that the Char((y ￿1] conlinue in business. SALISBURY DIOCESAN FORCES WELFARE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2D24 TRUSTEES. RESPONSIBILITIES IM RELATION TO THE FINANCiAL STATEMENTS Icontlnuadl The Trustees are responsible for keeping proper ac(x)unting records that disclose wth reasonable accuracy al any lime the flnancial po$itir)n of the charity and en8ble them to &.Isuro that the finan¢ial $tatamenls comply with the Charitles Act 2Q11, the applicablo Chantses (Al￿O￿nts and Rg0(Ktsl Regulations, and the provisions of the Charivs schemes. They a￿ alsts responsible for safoguarding the assets of tho tharity 8nd taking fe8sonabl8 stsps for the prevention and detection of fraud and other Irregularibes. The trustees are responsible for the Mainter￿nce and integrity of the charity and flnancial infomiatlon Induded on the charitys wèbsitè In accordanc6 vlth lègislallon In th6 Unit8d Kingdom gov8rning the preparauon and dlss8mination of financlal stataments. Slgned on behalf of the Trustees Cdre R W Jad(man (Chairman) Approvod by Ihe Trustees on 14 Oclober 2025 SAUSBURY DIOCESAN FORCES WELFARE FUND IReglst*red Charlty No. 2503551 STATEMENT OF FINANCIAL ACTIV[￿% FOR THEYEIR ENDED 310ECEMBER 202 Total Unrèstrlcted Funds 2024 Total UnrB5MGted Funds 2023 INCOME FROM.. I￿￿$1M￿nts Dlvldends Interest on ¢a8h depasits 42.964 4,799 42,135 3,238 TOTAL INCOME 45,370 ExpEND￿￿RE ON.. Charltable a¢tlvitEeg Grants paYal￿e 33,803 16.722 TOTAL EXPENDITURE 33,803 16,722 NET INCOMEIEXPENDITURE BEFORE NET GAtNSIILOSSESI ON INVESTMENTS 13.959 28.848 Net g8lnslltos5851 on investrnents NEf MOVEMENT IN FUNDS 28.200 90,514 42,159 119,182 RECONCILIATION OF FVNDS Total funds brought forward 1.449.100 1.329,938 T¢>tal fund5 carried forward £ 1.491,259 £ 1,449,100 BALANCE SHEET AT31 DECEMBÉR 2D24 Total Unrestrfct8d Funds 2024 Total Unrestrlcted Fund 23 FIXED ASSETS: Listed Inve¥tmellts 1,394,299 1366,099 CVRRENTPSSETS.. Cash at bank and in hand CBF Deposit Fund Cash held by Sa115bury DBF 96.871 1,063 97.934 82,998 87 83,085 Debtor5 AccnJ8d IncornB 1.200 1,110 99,134 84,175 LIABILITIES.. Croditors.. amount5 falling due withln one year 12.1741 1fj,1741 NET CURRENT A55Efs OR LIABLrrtES 96,960 83,001 TOTAL NEf ASSETS OR LIABILITIES £ 1.491,259 £ 1,449,100 THE FUNDS OF THE CHARrrY: Unrestricted funds 1¢ £ 1,491.259 £ 1,449.100 14 October 2025 Th888 firna￿￿al state￿nIS were approved bythe Trustees on s5gned on Ihelr behalf by.. Cdre R W Ja¢kman (Chaimanl The nDles on pages 5 to 7 form part ol fh$se accounts SALISBURY D￿cESAN FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Poli¢ios A￿OUntIn canvènllon The accounts lflnan¢lal st8l&mèntsl arg prepared ur.dér th& hislorfcal cost ¢onv8ntlon wlh recognlsed al cost or transactlon valua unlèss Oth&￿S& statad in tha r8lev8nl notes to these ￿counts. Thè fln8n¢ial statements have been prÉpargd In accordance with the Statement of Recommended Practice.. Accounting and Rèporting by Charities pr@P8ring their accounts in aceordance wlth the Financial Reporting Standard applicable in thè UK and Repu￿10 of Ireland IFRS 1021 effective ftom 1 January 2019. the Financial Reporting Standard appllcablè in tha Unllèd Klngdorn and Rgpublic of Ireland IFRS 1021 and ¢hg Charibgs knt 2011. The Charity constliuLes a public benefft enttty as defined by FRS 102. The trustees consider tral there are no material uncertainties about Ihe Charils18 ability to continue as a golng concern. There are no signlficant areas of judgem8nt or kèy assumptions lh* Affacl st8ms In the accounts. With respect to thg next reportlng pertod, the year ended 31 De¢ern￿r 2025, thè most significant areas of uncertainty ihal affect th6 carrylng value of assets held by the Charity are thg level of inve5trnenl retum and the psrtormance of Invostrnanl markets. The acoounts dts not Includ& a cash flow statement because the Charrty, as a sm811 rep(*Ung entity, is exempl from the rèquiremenl to prepare such a statement cl Fund accounti Ganeral funds are unrestricted lunds which ￿e available for use al the discretion of the trustees in furtherance of the general ob eclives of the charity and which have not beèn dègignatsd for other purwws. 11 is the ch8rity'8 poliw to Ireal its invastm8nts 85 sf they were an end¢)wmenL as the income derived from th inve8tments is the only 50urcg of in(x)mfj. Income r nition All Incoming resourcos, including legacies, are r8cogn'.sed once Ihe charity has entitlement to the resources. 51 Is Cartain that the resourcès wlll bè recéivèd and monetary value of Incomlng resources can be measured with sufficient rèllablllty. Inc<>me from investments is included in the year In wthich it is receivabl8. Liabililles are recognised as resour¢es expended as Soon as there Is a leg81 or constructive obligation commllling the charity lo the expenditure, it 1$ probable that settlemefjt wll be required and the amour,t of the obligation ean bè measur¢d ￿lIablY. All expendllure Is accounted for on an accruals basis. Grant8 payablè are (*harged when tha offer is conv&yed to the redplent. except those cases where the offer Is conditlonal, In which case the grant would be recognised as expenditure wh&n the condklons attaching are fulfilled. Charilabfe Tho expenditur& on charitsble activities Includes grants made a￿1 support CA)sts. es gl Su ort cosis Support ctssts have been differentiated between governance o)sls and other support costs. Thi5 comprlses all costs Involving the public accountability of the tharity and ils compliance wlh reg￿lation and good practice. The tDlal support costs are allocated equally belw8en the grant recipienls forthe year. vestments Quoted and other Investments are slated al market value as al the balance sheet date. Thg Statgment of flnancial a¢t:'vitSes includes the nel gains and losses arising on revaluation and disposals throughout the year. Realised ains and losses All gains and losses are taken to the statement of finana81 activities as they arise. Realis8d gains and 10$sgs on investments are calculalgd as the dtfferenee behveen salgs proGg8ds and op8ning market value {purchase dale if latèr). Unre31i58d gains and losses aro calculatea as the diffe*nce between the markfjt value al the year end and opanlng market value lor purchase date if later). Realised and unrealised gains are not sep3rated in the Slalpm8nt of Financial Activities. kl Cash 21 bank or In hand Cash at bank and in hand Includ8s cash on daposit available on damand and he￿ by Salisbury Diocesan Board c>f Finance. SALISBURY DIOCESAN FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEM8ER 2D24 Creditor8 Creditors arè r8cognised where the charity has a present obligation resulting froTn a past event, that will probably rèsult In the transfer of funds lo a thiid paty and the amounl duè to settse the tsbligallon can be meaSu￿d reliably. ml Financial Instruments Fixed asset investsnents are a fomi of basic financial instDJment and are In￿allY recogni5od at Iheir transactlon cost and 8ubsequenUy mèasured at fair value at tho Balance sheet date. Investment g8ins and losses, whetfrier realised or unroalised, are combined ar.d 8h¢)wn In th& heading 'Net gafnslllossesl on investments. in the St8tèrr,ent of financial acllvltlas. Brèakdown of costs of charitsble actlvlty Su Gra Grdnts to organlsalions Army Navy and Royal Marlnes WRVS Senior Chaplair,s' FurKI and Chaplain RM 9,805 5,455 14.500 386 386 386 386 1,544 £ 10,191 5,841 14,886 2.886 33,803 1,819 2,828 9,258 £ 32.259 16,722 Support costs aTe allocated equally ba￿en the grant recipients IOT Ihe ygar. Other su Total Gov$mance costs su su Support costs compr5$*: costs costs 2024 ctssts 2023 Dlocèse's managernenl fee Intjependent 8xamlnerfs fees 454 820 1,274 1,000 544 1,044 Flxed a55et Investments - Listed inv•stm•nts- Unrestrlcted funds 2024 2023 Market value at 1 January Nel inveslmgnl gain i, (loss) on revaluation Markat value at 31 December 1.366,099 28,200 £ 1,394,299 1,275,585 90,514 £ 1.366,099 Original cost al 31 December £ 311,683 311,683 Unrealised gains at 31 D8¢amber £ 1,Q82,618 £ 1,054,416 The Charity's policy 1$ to hold all the cha￿￿S inv851ments in the CBF Chureh of England common investment funds wllh Ihg 8im of long tgmi capital and ineome growth. At 31 December 2024, tha value of the investments was represented by 830/0 in thé CBF Investment Fund. 3% In the CBF Short Duration Bond Fund and 14°/. sn the CBF Property Fur,d. Th6 main risk lo the Charity frorn financlal instruments lies in the combinatlon of uncertain investment markets and volatility Sn yiekl. Cush hold by Sallsbury Dlocesan Board ol Flnan¢e The Charity doo5 not hold a bank accourhl in its own name. Banking tsctlib8s are Opera￿ through B d&slgnat8d Trijsts Account held in the name of Salisbbry Diocesan Board of F".:nanc8. Credltor5: amounts falling du• wlthln one year 2024 023 A¢¢ruals and deferred In¢omo 2,173 2,173 1,174 1,174 SALISBURY DIOCESPtr4 FORCES WELFARE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. Movement In fundlng Commltmghts fgr grants during the y•ar 20 Grant commitrn8nts re￿nIs￿d as at 1 January New grant commllmenls ch8rged to SOFA18ee Nola 21 Grants paid during tho year Grant comnmimenls recognised as at 31 December Ise8 Note 61 32,259 32,259 £0 15,448 15,448 £0 8. Related party transactions, trustees. exp¢nsès and romuneratlon and key management p&rsonn&l The charity conside.'s Its key managèmont pèrsonnel eomprise the trustees and the Clerk. No trusleas received any rgrnunorallon durfng the year12C12& £nill. No trustee received relmbursement for exp6ns&s during the year12023 - £nlll. Mark Butler received an honorarium of £nll {2023 - £nill (￿ being Ihe Clerk. The oharity had nD other ralat6d paty transactions during the year12023- tnil} 9. Flnanclal Instruments Note 024 FinanGlal assats measured -t falr valua through rxofit and loss.. Inveslmenl8 held al lalr value 1,394,299 £ 1,394,299 1,366,099 £ 1,366,099 Income, expens8, gains or lossas. IndudSng changes in falr vaJu8. recognlsed on.. GainsllLossesl on Finanoal assets measured at fair value Interest on cash deposlts Income from Ilsled inv88tm8nts 28,200 4,799 42,964 £75.963 90,514 3,235 42,135 £135,884 SAUSBURY DIOCESAM FORCES WELFARE FUND INDEPENDEPU EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 I report to the trustees on rny eXarnin￿On of the accounls of the Salthury Di¢xesan For¢8s W8lfar8 FuNd Itha Trust) for the year ended 31 De¢pmbEr 2024, whlch are set oul on pages 4 to 7. R•sponslbllitlos and basis c+f report As th& charity trustees of the Twst you ale responsbte for the P￿paratIon of the accounts in accordance with the requlrements of the Charities Act 2011 ('the Acri. I report in respect ul my examinatK>n Df th9 Trust'8 a￿)Unts tzrried oul under section 145 of the 2011 Act and in Carrying out my examination I have followed all the a￿lCabI8 DirectiOll8 given by the Charity Commlsslon undgr S8don 14515llbl of the Act. Ind•pènd•nt •xamlnerfs stat•m•nt I h8va complet8d my examinatNM. I confirni thal no material matters have (x)me lo my attention In connectlon wlth tho examlnalon 9￿Ing m8 CAUS8 to b8118V8 that in any matsrial respect accounting records were rv)t kept in resped of the TNst as wuir8d by Section 130 of the Act.. or 2. the accounts do not accord with those records.. or 3. the accounts do nofi Comply wtth the appllcable raqulr8mants conc8miro th8 fomi and ojntent of accounts Set cwt In Charilles (Accounts and Reports) Regulations 2008 otherthan any requiram8nt that the accounts give a true and falr view which is not a matter considered as part ol an independent examination. I have no concerns and have comg across no other matter6 In ojnnection vrilh the examInatI￿ lo whlch att8nllon should be drawn In thi8 report in order to en8ble a proper unde￿￿nd1￿j of the accounts to be reached. Mrs N A Halls FCA Flel¢her & Partners Crown Chambers Bridge Street Salisbury Date: IStrDeloi>Lr