2021-03-31-accounts

THE VJUORYISEAVICESI ASSO¢IATI¢XI IA ¢omp3ny Ilmltod by guaiani•¢l ¢OMSOUDATED REPORT AND FINANc￿L STATEMENTS YEAR ENDED 31 IIARCH 2021 RWJ￿kndcWty No. 261307 "AAGIIH3V* 0411112021 COMPANIES HOUSE

THE VICTORY ¢SER￿CES1 ASsOC￿TION REPOR7 AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 2021 CONTENTS Pau Relererte ￿09￿¥￿traIlW detals CtyJnal'$ Rfjport 4.10 Ind8￿￿￿entAurfIItys' rwt cOr￿￿￿a18d ststwnwloffvwKi* a(h￿l8S C(ffis£lidaied Wanc8 theet 16 Cr￿s￿Id1￿j cash g¢aianMt 17 Nrrt•s tothe finaTrrial stat￿9rd￿ 18-28

THE MCTORY ISERVICESIAsS(￿IATION REFERENCE AND ADMINISTRA7bVE DETA PATRON4N.CHIEF Her Royal Hi9hnÈss Tre DLthss alCorrMaM GCVO PRESIDÉNT G￿ra[ Sir RKhard Brn KCB C8E. C+IAIRIIAN Rear Adffiral M lQ"nMM(ts CB (until 8th 20201 majorGene￿ J S Kery CBE (fram 8h ￿lY 20201 VICE-CHAIRMAN Cdonel P R Rfjsy￿r ONORARY TREASURER Lleutenanl Cc4onel R Wald COUNCIL mEM￿R3 Warrant Otficer J A arrant Oth￿rIc[3$S 11 ICRSMI R AngM Iwrrt•J 31X￿ %r201 General Sir R¢chArd 6artois KCB C8E Mr P Blath￿y rVKfrMathl S clu￿11 CB Klrs P Clayton12Kwknted 2 Marth 20211 C8plain R Harris RN M Hidfsu ir Commodore P Hvjg MajDr General J S Kery CBE ReaiAdnwral M Kimmons CB I￿1ell8. 2020) MrCNBL Major C Marrnenl FCSI W8r¥anl Offi￿r ICk55 11 Dean Mcfw18wrffjl•Y 1V ￿ 20201 Warianl OfkwlCla55 11 ICRSMI O Mason RM (retired 31':Juty203 Lieutenant Colond A NKourt M&E TD Irètirtsj 2W Marth Mrs C N￿¥11-Ca￿Jar ommand Cotpxal MaiLK S Parkw irnOr8d 2tr401 iwJMantCdwd O Pealn ng Command•-T pl￿￿1¢n MBE Mr G Roberts Cobnel P R Rossitqr Warwl Offi(r ICk5s 11 C Sleedm L￿tenant color￿ R W￿d SECRETARY rC0rnrn£rfJ￿e N P Be8icBE BANKERS N2iWkst POBoxNo2 69 8aker Stre8t Londm VV1U 6AT AtIDWCftS H4ysmarintyre LLP 10 Streel PLxe Luthi EC4R 1AG SOLICITORS 8alosWe15 LLP 10 Queen$ Slreel Pe Lond￿ EC4R 18E REGISTERED AODRESS 6>79 Stynour str¢et LL*WJL￿ W2 2HF Ch&1es Rv5sel Sr￿￿¥s 5 Fleol PlaL¥ LwthJn EC41A 7tIo

THE VICTORY ISERIJCESIA5S0CIATIOM CH￿I￿lAN's STATEMENT AND TrIE STItITEGIC REPORT F(￿ THE YEAR ENDED 31 IfjARCH 2021 l ￿￿ much pwure WbsthrthJ rny"repNt fyi siat•rrts fr)rtr fo￿al>￿e￿jgd 31st M8r( 2021. The D￿tOrS oflhtr Vthry ISBr%tsSI Assoaatth. c(•lrdsth8V¢tco Club. ha1o rnaThy othar Lyrating model tr) C￿na￿nts. trxwjhl 8bwl gnftycJ c4osure$ Cwty kng ￿rbY15 lor the maiortty ofour merth&7. TPUS ¢xJrfKMmal SOLKce5 afRvenw. ￿￿￿r&"lI1￿gth dpligmed lo be to keep the drjors open io the VKory SerwKe5 Clyb fN e55enli aThJkey th&rs throl￿￿tthe IhrEe lo¢kdthm% In tha Cour￿ of11￿ year to 31¥ Marth 2021. atbjkn ￿yor¥j. W&a¢cOTrn￿dIled Fsorwl theAtmed Forcos (who augNnhd the Ministy otDelent, Oih8r Go￿n￿t Departrnenls c¢y1st￿ Ihe L￿dOn ￿￿t￿918 Hospitall. NHS slaif, CMI and constructw)nthws. Tr Stsff 0)rDMwdab￿ sp¥rt by UviThJ4n toprovKle Iha key workBts Wilh na15 Ma re￿ sewKo. m >Jp￿rtOrihO$e who 8Xtremety bng hours on corona￿rtL% aut￿￿. Th• ts￿tt enswed that fully Cthid ¢￿￿an( vthlch was by anurt5t8nthr¥J ￿an. the tim acq(#&bon of PPE ￿￿or￿71h martdlg• ¢l•a￿d rnateA34 arKI an exten¥No Irwwg prDaramme IAIth FY 2019.20prd) the Thitsisu¢ce$5ful y•aFinlhb C￿1)¥ hi5W. Lr I￿paL￿OfCoron¥thS on theA￿tIl￿on'$ finarrt was swift and the tr•rth8 yearto 31 kl8rr 2021 wassith. Thè C￿ty has dways prNJ•Y dselfon offemg Vu8. Ser¥icoand CtyJn8Sy. had thankhjly rthFMon was a roseFve fot lorqor c8ryto1 propcts luThts. ac¢¥ff￿￿71ed Ihrw prBvKus yews ofhard ¥wJs to s￿tain the Club Ihe slaftuntl the G￿￿nMent'S 5Wmeaswe5 de¥Awd. Tho ASS￿l3ti￿ oratefiAty ad(nowle($3estha suppryt woknided by the G¢)v8mmgnt and also ￿trn￿￿tel City council. Tho Chjb iiselfoflho Corona￿r￿S 8usirss Intèmipl￿rt Loan Sthemo ICBILSI ty bLYrowv)g £1.&ll. th)58 10 dekr OLV Marth 2020VAT ￿"11. Tha JobReterti)n SthBme was also ubli8ed and lh$ in tEtsiniro many1￿, ich otheMis• h8¥% bBw Tho èxtsnstsi ol cou￿1 Tam City Courol Ir the ASSOC￿110￿ YA5 4$0 inv4uabie. As tsi Ihe pre￿u% finaroal year. Ihe men)er5 01th8 knices Ckjb re5wrthl Magnifi￿nNY donalions aml ¥Yhon the aw811 lorsupwtwas finalycb)sed in Juty 2020a of£237.875 had been rsed. 01wh￿h £76.148 was Irum the Start oflhe year It(yn IXWI 2020. bSThrf9 kntsse s(¥rtets offvndu¥J were the statf diSpla￿d cOmmeThjab￿ fo￿￿nI and rwjguf expenditui•across an t￿0991 oreas. p)tsntkil thilracLs bwng 519ned lespec4alty fo( krg.planneO infr8stru¢tW8 Lwks). aTrJ eit￿ te1rTrina￿. rx fferred'. some olour contra¢W5 ￿ excwtsonaty uTrYerstarkl a￿ementioned extemal and Internal $uppJ¢ cost oJtttiVJ 8nd sbKlc&sh 8 reslwctunng ograrnme Y4as rcesw Tl ChJbsawa in ￿rffla￿L * part stsff. toggl￿r￿11h ovr&75ual workers fr￿1 146 10 66. This ten I￿a￿Ywe ¥bil rÈ.hKe slaff •3a¢n the recovery18kes hold. Thg (ki8clor$eww6d Ihal 51aff r￿￿d months ol W topp￿ up wag25 and 531aries and (8rewere Iwoirnnlh5 th IW¢JwJ notrpcw 1(AN ofthEysl￿rdp•Y. Dwin9 tl year, the aubwas lo futy delhw owGharitsbb ot¥ect￿￿ as as nom)J a5 wewere onty upened fr(th 4th ju￿ 2020 to 5th No¥%rnier and for￿￿kS 2020 7hp Clth atso faced a nLvnbÈr ol 5th6quwl ￿ra￿)g restr￿￿￿)$ CO￿ Tws. Ihts ffe8nl thal the opwrtunTrlie5 torfomial and infomal espnttye cryp5 acts¥i1s wer&rnuth uunUe5s it￿M)n$. Assor)abondinners and tha￿￿Y meelwos were ry5tyoned beythid the reporbTrJ p￿. Th&cI￿sp[￿￿l￿ offree Respite 8reaks (RWBI Trthch ￿ a key uynwnani of our sec¢MtrJ cairl18 i¥e¢b¥tWds a150 Jwsely by the¢vronavKus. in the PmiOU5 yè8r 157 RWB wreyovK1￿. ￿ Ihe ￿•110 31° 20210Ny 10 pmvKJed, ￿ 51 pos1[￿￿ into the f￿l￿n9 year. Many ofthose r8 lo us I￿OUr Sftheff We￿ medKatywlnerdble. hEn￿ it was noipo%sth fty ikn lo tfa¥al. e4Yn ￿t￿n ￿ ynfid The Club'5 promsiw offlee Reward and Rewritim Brthsto pbrstsrrf￿ recommetvjed by Servty Wa￿atrtOIle8r rius￿5 was ￿Sts nnpaKed as brgak took pl￿ O￿OfPOlenIk1I zdkxabJn of xi cksuies ld ￿ uTrYEf51arKlab CovwJ.19 neNoLtsn85s 8mory$i parther$ imp9￿d tha o1rdai￿ns￿wlth ts kKal Th¥Jry neWuMg sthc4. th Ihe atheni mary ¢Jd to ki in Ihe previr￿S SLY yew5 tre ath's rnembwshw) h•J ￿￿￿&Se0Year-￿Y￿l1Wj to 65,049 M 31st March 2020, CovK&19 lèd many memtts to tynecl for rnntfsh1p and payTW s￿5￿1p110ns lor a yeuto the ChJt• they trJuld nOt.tra￿ ￿ LcrfNJon Ihe UK. oroNYseas. ImFywnty. th&CkA)'s V￿re unatAa tr attend the many extem81 mi1#8ry ctsrty con1eren￿. 9attiSffi arxy m"iary tsainiry cd18cb￿Y s•v OWOVoraTr nmtrship nLThbw tsu lo 59.482 by 31 •A7Tth X121 Of ihat nuTntrw. the Chrt) stAI prtivtrtsj fro mwnbelship to 29.091 seNng mernl￿N$ ol IhgArmed FLYc8s*TrJ Club no￿￿lY 8ttends miitary e4Brt¥ Ihe F￿¢85 b8en pos1wn￿ in 202Q In

1. the Uub re($￿e¢ 1.292 frryn FwlA8. k)rwd to rewmiTYJ our waJkn'cfial m8mbershwFecnJktmenl SDlhat thè Cki)'s C4M￿llen1 to th&de￿YrV8k￿. se￿￿ Crthesy uThJerstor## by 811 polenb mrterJ. After an excep1l￿ty￿aUen1ry￿[. rewred many Ihe Cl￿),5 Po￿lon ¢hrovghoLrt the year remair& arNJ endedknryth £2.205.99) v) on 2￿21, of￿•¥th £1.5m wa$ the dra￿ tJDwn. bul urtouchtrd CB4LS. olour scld in Ihp cwrsg olthe year. Ton bJelhw thi5 has createK8m8rvJ ¢halwrwxThrhrt membèW$ and stari VAII see tFtÈ rècAwety olthtr Chth)'s le% In sthnmary, thi5 has t1 an excep1K￿* year fw il% <Ser%1￿} ard Ihe VIW Club. O aNlity lo adaptto Ihe eWerchWgi￿ rJrciJms7anc95 was very ¥ryotydue lo tho unlail¥wJ support ofour memt4rs. Ihe ener9y atKtdeterminabon 01lhesta1farvjU￿c¥)rnM)￿￿entOfL￿ Ekr8¢10rs. kyxibvety towards restrK1K￿5. Maity General Seurn05 Kwr Ch8irman

THE VICTORV ISERVICESI ASSOCIATrON CCMJNCIL'S REPORT FOR THE YEAR ENDED 31 hlARCH 2021 Slratesic Repo¢ for IheyEaierNbJ 3fliMarth 2021. STRUCTURE, GOVERP14NCE AND IfjANAGEIIEF R•f•r•nce and Admlnl$tratiw hlormollon ThÈ V￿l￿ry StTfft5 thbwa5 low11￿ iTr1SY)7 IhEth8rty aryjwths 261307. The Tru5W. Stcrnw. ¥]￿￿5 al￿ aSqssè5 are Won pag85 1 ￿ 2. Vicicry Isefyiesl Ass(4atiLn ￿￿thr42929a. WB5 ￿L￿￿K￿ated on the 7h Fthary 1947 a￿j rtrAs the lfic¥Jry SeNces Chjb. On 5" •Aay 2020. ts ¢)xthp•ry ¢h8W nrt kn Thè {ServrEsl Assoaatsw Ltd to The VKtory ISenKesl ASW18t￿n. The Y￿{5¢￿￿$) Assciatson Is a Lryany limited by guaiartee Bnd doe5 not have a 5harfj Ch￿ty is gty4errBd Memorar￿￿ 8Tr1 Atiicles ofAsso¢éiion lThits the ha￿lty rrf each thr￿tOr ofth• As5oUa￿ to £1. The oflhe Cwncal are £hi&dors olthe ￿MpanY fr)r th8 Purk￿e8 oflhe Cryns Act ano seth as TTLtse$0f￿ c￿rit￿b￿ rompJry. Coun¢ll m¢mbw5 The Council detoffty￿ Ihe Fxjky of the T￿lee5 are reswnsb fu the ovwal managemani. finances arKfj eerfrtTd olthe Club. The recnAtineth ard se￿C￿￿ offiew T￿￿letst0 ser¥e on Ihe CO￿¢4 8rKI ihe AssociatyoTh's sUW￿ltte8S 15 first wnsthred ty Ihe NtrminalK￿S CtymnNtteo. ptior lo ihe subm￿51Dn r recornmend0b.(￿ to the C(xkiul arKI r￿eSSary ¥pprovaT. Pwi491 now TfUSt8, an aFwwil￿$ to su￿rn￿le85 and senior Trustee rokn. ar8 assessed for Ihew ￿mI￿bIlitY wi ieims of knrthlethao. skdts, exper￿￿ and avaitsbiiity. Nay Tiusiees are inducbj uit¢ thevthN¥Js ofthe Chariiy by ￿ChaIrMan aThl ChEf ExewtNelClub Seu8tsry. wth thfr18ttar prowhYirrtJ 8 Path iT￿￿￿￿¥j Ihe ChantyccMMSSN)n'swd¢el£Tntskes C￿￿.$ &JsifSS Ran. Cojncil up lo 8pJhl y8w al mèmbe￿ reci% Ihe M￿>￿0$ ofeath ffteetii Chaw to the coUrKlith￿ts ￿ra￿ Tru￿da5 W￿￿n10f1￿ Class 1 RSMI R Aw RM iomd on 31•Jul¥ 2020. Mrs Peira thè 2V•Aarth 2WII Wwranl¢)ffter1¢1ts5 11 O Ihe CoL¥KS rn 1Y ￿ 2020. rr8nt ofic¥fICl￿ 11(CRSMI D mas￿ RM fr¢Jn c￿j￿ M 31 W203Q. Lwjlonanl Crknd A No￿￿t M8E TD tgknJ fr(ffj 2Y Morch 2021. CTrTm3r￿ Maiws Parkwretirgj frrm b)8 on 2020. omemEwollhè Clmmcil has any tharK4alitere5lin 1heAss￿￿. anYb￿fits. TheA¥S0￿￿￿ r•pMbJtS¢¢ tr¥vdling ÈN4)ertsesOf£￿{Zo2O." £2,5WI lo certain tnembws ofCwnLiI at meel¥w>. developneniofll WKtory SenA($ Club. Extrth C￿￿￿¥llee is resp￿￿? fw PTepariryJ the annuaf Bu$￿eSS Piqn ludirvj and wtAn1tt￿Q il w4y4al by the CA￿/1. The ExeeJJtr Comrnit￿ subswuuy 0￿￿te5 the d81ivery ol Ihe Bu51ness Flan an￿ Chtiitm•￿ (Vowsees Ihe ol CE01Cl￿> Sotretary aThJ Senkir k4tha9*nenl Team.

TME VICTORY i$eRVICESI A$$O¢IATK) COUNCILPS REPCXIT Iconunuodl FOR TrIE YÉAR ENDED 31 IiARCH 2021 The fdltr•Mg Cound U￿berS $8ThvJ OD ts E¥eth Cfymmrft thts >ar. Mapjr J S Kerr CBE a$ ¢￿￿ry￿an 2020. Colond P R Ac&￿r as t￿lm￿l. Li6unant CdL)el R ward. a5 Hon TreasLWPr. AwWK&Mar5hal S Clmsnall C8. r Ccmmojue P M8JLYC m8rn￿. C NeW￿l-¢•3e￿. tonwniiie 8NJ Wo￿N9 g¢¢Jup." NrJminalion5 Crynm&lee ICh8Yed by ￿ SrRKhard Bar￿￿$ KCB CBEI R8MUrrn￿n Ccrtmite ICha&l tsy Rw Pthial M CB ￿JUty 2020 •KI thereafterby Mw GeneralJ S tsrCBE> Iwe51wenl CL¥Tunitte8 IChred by M4LYChars MmwD. Tradif¥J Comrnittee (Chaved by Lu￿ant Cow R W¥dl. The day4trday ManageMeTrtof￿ AsswaliNt 1$ degated to the CW Ex&xthlClub Seueiary. is suppYJrtad ty IIE Opwati0￿ Dw8Ctor and thè Fiflar￿ aThJ HR LirectN, t09B￿ cornpw tho Sew Ttram. Tho Chief ExecutiIcIL￿ Soufjtary att￿S OD cour￿￿1 meebrws and meetrgs offv Assocththi's cthmmittees. Revant membets oflhe S8nior Managtrnwi T&am attendmeetThJ5 of5￿rtIeeS rwL¥red VS¢ ITradln91 LlmM•d A5$￿ation hokts 11Mfh oftha shara VSC (Trafiwl L17Ml&4. rwst8rwJ nwer03532e41. Thi$ Company 15 responsible tr u5hw th Lsswation 18Jlityes and resour￿5 whth fal outsKle the cFritaN& thiectives ol thè A5SOCi3bon by gengraluw irKYJnP loswwt thecharit8L4è AJI Ir•Jiro SU￿ aredisbbuted by GiftNid b) the As50¢i4twJn. AsurywrBryofthe rESth r¢%r4Hry 11 ol the fin￿1&$ stsiwnents. InvoslffloTrt pow•r8 nd p￿IeY theASSOC48bon not Immediat lorlls pwt#)se5 if• or urthi in￿$￿1￿ts. ￿ur11s or as rw be I￿v9h1 fiL 51A)ied nevert￿ts$ los￿h lil any) 85 may lorfv twg, be wyyosed or wuired by law. The

THE VICTORY ISERMCESI AS$OCIAT1014 COUNCIL% RE￿T Iconiirwed FOR THE YEAR ENOED 31 MARGH 2021 PO￿¢V It is the ￿.￿/ Dt the Ih8 Chjb ard onty to in%Ystmbni rtservw 0$5enlial forcaprtal Imkyowients. FcthE present ils •Asx%¥aiitri'$ ioathve M￿muM grovAh 81lhesame lineprotecmg Ihe re8lvth ory1￿￿nerrts. Tr IrNeslThwt ¢oTh￿it18e ¢y￿py8￿JS ￿ the value or the ASs￿la￿0n￿ knry.terrn in¥p5trnerts b2 rethKe¢J ljebx t1.iX)O.(W at m8rknt unknS excepts.rffi ryrcumstsrtes are Èppmved ty the Cou￿J1. RiBk man•gwnenl The Council B requiTed lo incille 8 Stalen%n¢ th81 th8 mai(w risks tho Assttta￿D are exposed. 35 K1eniified Counol. hAve t)een reviewed and that th¢ $y51Bms Wte those The Counil formal rd Thanagemwit p￿￿0$$ to a55E55 bu￿r￿S ll5ks aTrJ Tnp￿t risk ffiana9eP￿ThI stralegEs. Ths In¥dTrR5 ¥Jgnlifying types of rbsks th•ity lace& I￿1 in tem c¥poni￿ ullpa( and IIE6blKKyJ ofoLwrrtnc. and IdeThbfying mèan5 ol Mill9ati￿ ti5ks. Th8 Counol lulty rwii5es tha ole￿Ne iniptThal corytro& M eXp￿￿jrt d ptyMentH￿ lakeseyery tOnMrffj￿eIhIS Fiisk Rwli¥ler￿ ateach Bo8id meeliw and one risk 15 Considered in dalail. mar03M￿nt Te￿ are for d3yknd￿ moThtorir¥J ofau risks on behalf ol the Council y1h￿h ¥bill b8 an thfowout rmy ytsr 31 2￿21. ThB pinc4pa4 Rl8k Failu￿ ￿ re¢thw the a 1￿￿1￿ agik manner. Miti ation ¢ontroI8 ovbyry a￿)￿￿8h0n f(Y key wothars Provide ￿drtionJ techrnloJy rescu￿S in wr ary C{x¢&ra￿e Rooms i￿0￿Jh ellh￿￿dVrc ity ar￿ ￿fi. Create a sw81 di5tsnting r￿rn wthin Ihe C￿. whrh meets ￿1 r￿￿e￿nts Rtrk¥Ofi￿ ¢ashfirnv ￿[￿aTrI ￿ase al W￿sent Jre. A4ot¥lLY $iaff iurnobw. Ir￿￿￿e￿allY uplift pay. tnth $faft baWtsit￿n3W￿1ng. Lrmth)n hospiwity Faiknie to recru8Th1 a waity. motrd8bJ t¥kfr)r¢e reuuthni p￿¥￿Se$. Arvly fjth1iNJ$ from th•AMu￿ Slalf Prov3n effidert raE81 S tem. MonI￿r •llnlion a￿110￿)e[S r818s ar￿ th8 gSSWted IAeffJers decide nol ¢0 cl￿ Crf renw their mernbership and the ¢￿b fal$ 10 a JndYvJ or 1¥9hernumbqrolmernbets. MonitN numbeTsofSAF and payrq merrtjers trmhwneni th￿r￿arKI￿OI￿t0r thè SAF T(ack d05ety ts M￿be￿$ ag? wofiig 8At Beek youryermemtr Fotyjs teiffl maEkgtr19 pkn Offwias 8ThY e¥8Nsbolh 7trMn the Club arxl Lajrth Arnba55ador arkl Inveslrture sthpmes SuPpl￿r Pr￿ knuèayes. lubsthotd$. eru%)n ol prth5 ¥KI inlèticfi SeniorPthawnertTearn fsmfi eekly owewof sa￿$ pOrf¢vm￿0. FreqLWA ber)thn*thhig with H￿S￿ltyA$sUr&￿. Vthiw ol EX¢d￿￿A6PC0, eDO Asswation of L(￿￿on Clth. ulaff teyerfrfof Ik9r coroaEtcosts.

Cybèr.(me tyinadequate tT Fimyai, bad(￿P$. aniFWtus $OTra￿, paswt) 0)ntr￿ 8￿j mail ser¥Ke wovvjed Res L¥)nthJckny ty extem￿ IT supptsrt c￿nY. IT Polryand aK¢r¢wale insL¥8rte ID pLxe. Fm8rK41 emtrc4s in pL%e ¢owe*rt FraLHI lfjsur8fLce in . Q￿bha$ C Essenlk41s cficalA)n. Remungratlon of senior stsff The Council. supported by thè Sai9￿ sen￿ mar0Jem￿ITèaM, key marwmert p8rsoMel ol ts dHrity in ¢hargt oFdirect¢rKJ. ILmf•r¥ ¥J OFernb"ng the A5SC¢i8bon ffi a d8¥-toay bass trustees I￿1r time Ireely and truste& rec8tyed rernunera￿n in the ￿r. DetaiL8 ol trusrees. expenses and rdaled paty Ira￿S8¢ho￿5 are d￿￿OSed in note 8 10 Ihe 8ccour4s The p of the Senhy M•74w￿l Team 8TrJ al staft is roth¥ed by tt RwfWJrraI￿ Committee wich rerA)rt5 to Ihe Cwx4. c￿￿111e8 tLN)sthrs compar8lNe data IrL¥ 8evgTrl external soUKesind￿1rvj the Assouath ofLoThkn Cmth. and the Inslitule ol Witalty. GHARITABLE OBJE¢TIVES. visi¢yI IASSIC4 A¢TIVITIE5 farwhKh Ihg Chtyare' To pr¢mob ￿￿￿￿ry￿08rKVand espitdè CYXPSby ￿1r￿d￿t￿￿thermÈ￿b￿s0f￿ATrnd Forces ofthe Crw. 1ormermembws￿tr Amed Fc¥tss ollF Crtrmand mwthr&ol1￿ ArmEd Fr￿￿5 oftha Commonw&aRh arKI FoiÈvJn C￿leS wth whonthty we fAJrrorfy inpthirvj cCtsJth￿$ of &f8 of$uchwsons. Told￿ve need. hard5hp ¥1 Ihe Ami•J F￿¢8$ c4tbe aTrJ IhEir d￿T￿ants. Club's Wsion i8 to be the m￿tary tsdWiSW. ar>Y tArtstanthTYJ &rand¥ds 015ervice5 arg the Aorm. The CbJb's MIS￿0￿18 to dthr LNJtstarKlrs VatL. se￿￿￿1 Cwbsy. Public Benefit The Courol has I￿1 dug rwaard io ChaiityC<rnwi￿ to inWnth• Ch8ntrs t)￿1 lh8 benefit ol lh8 PUblL. The wc¥rt camJ 0sJl by Ihe Clwity to hJthF lthe thantaiit rt48#wes aTÈ h#JhlWèJ in Chaimi's 51alemei)l. ￿lIst G￿rnmen1 dosJ muth of rwlality a5 a delen￿ rnea5L¥B 4a11￿1 C￿d-19, Chjb By way of expansion ¢n Ih)se sxMn15 Ihe T1￿1é85 and slaff habE been Irotsed on wr t￿0 rtiecbve$ ts ensu￿ that nue la prom4• a benefit to owmwnbers 0￿j thg ider mlitary'fwrty. To meet IIE chari￿$ fus1 rt4"eCtive prwde a wnart, confortatSÈ. 'MI modetn venu9 for d'corps ath¥iiies. srrAf￿￿ty. Ih80 ¥￿Ude mfDTm and foffnal meebn95, Shi￿. Regirnenl aThJ Swalrm dinners. ￿ ¢onknn￿. Orthn3r. the C￿b hosts a range ol mllilary ASSOC￿l￿Ne¥enis due ￿ a mcrf8 tfftNe marf(eiiNJ w0yraft￿. vJ a mL¥Jd thai taik)re($ 10 pro¥kYe an •nioyabPe event Ihal ¢ afToréable. irLvwJua& frm) al Mks to par￿apate bg corruT￿al￿d ai vgry reasonabia pr￿65. IrwtaL4y, to me8f thi8 OtB￿"Ve ￿ th8 has by rea50nS Ow RW8 scheme. a5 Then11￿rt by Ihp ChaiJrn¥ garkni w Pa¥ 3. 15 a offer 47 LtThkn wovides Ir88 aco)mmtsJatw al meaLs slay to a tsm DI two usu8ly up to three xhoc4 4e tiKlren". lths offer extended to an ar£ornpanying carer if IhE last fi¥ years we h&ve h05ted 1.434 di¥4uas under this s¢hÉrne U￿[stand3￿. IhE JMrtrs foi Fin￿1 Year 2020r21 havg btsn rfjthJc8d as thè Clubwa5very largdy do$8d. to8$S￿tial and kOyK￿￿&￿t0r8 partollhe year. Our Trustees Bre commilled, VI￿Th alkyrt￿. to amudty vJEa5E¥J It ￿t￿lIr Irom this offÈr. The c￿￿'S ff kequendy ewe 4th tt)e ￿athr￿ mih"tW Lari&es wJ Ihtrsins4E Se￿e Del￿￿ med￿ Re￿a￿lItatIOn Stam￿ seek nominaiims. The C￿b also contnws to olter Iree %ekerrtl R￿8￿1 and Aewjnition breaks to mnters of Ihe s8Triny Armed Forces af8rec￿Me￿fj8d 10 u$. This sckne L% 9errW funLW by the Nutfigkl Tmsl fyjr Ihe Forces oftt Cro¥Trn. Nolaw. theClub¥sosupwrtsthèwtyofotrwmfitarytharthsby rxov¢irvJdi8¢WThted ch•rg8s forme614)9 tvent rooms. Io SkW)rt th8 bjcal xlmmuntykn FY 2021Q2 ha5bow smiLgrly efjnsvn*J ¢Juè 10 Cwd.19

THE VICTORY ISEftVICESIASSOUATION COUNCiL'S REPORT Icothllftuedl FOR THE YEAR ENDED 31 MARCH 2Q31 Capltal and Works lo exptsnditure. The pknned le￿￿$h￿￿11 ol oltakc￿s in the m￿¢￿181 Wnos wa$defefredto FY 2022123. MinoTpK¢ect$ to re￿￿ Olfi¢tè￿lw. wothsLfffa￿s fJLJ'S Lourye Bar and upgrades 10 bedrr)m air condiliwing contrds. amtNWSI ￿ers. %real$odgf8ry￿. Th8 Club ￿ ¢x¥npk a nunbeiol fT stopping ths incknJirrtJ t￿ in5181￿bOn ornewm￿￿)rn(￿￿ f¥e dorKs IkKffs ofthe arKJ alsDfjths in ihe Int•r-lo rvitts c￿03rd￿. wa$ al atost 01£71.110. In CovKY-19 Th Club wt £14.467 on L￿rOres00Th Slaffand ¢ontraLots al ￿entrar￿. In topatwj luT hwMs(xeen5 inaU•Y in Club's R8c8piic area. Dir¥ty Rty)m. E¥eDt Ltythge 8araTrJ 8 th￿nb￿rof0￿￿ts lfi akn, the Club wntt39.418on PPE. Plan5 forth? Futurn. From ihfr re￿n￿￿ tom•nt￿on 17th PAay 2021. h35seen inryew ol usagg Olttsc￿b by its member5 a sman nLrt¢rofE¥ents ￿ me6tyng5 h8%t ta￿ Fle. Th8 eoard bcyates eonsiderabty groater rorffi oteuparw ar￿ Ma￿ e¥wts I￿rI quartOfthe￿3r, so thal by 314 March 2022 the C￿b¥￿Il be Dperatin9 ate0% ofts tapacy. In Finanoal Year 2021r22 the C￿b.S planwd Capti￿ andwths expeThth wil again ip red￿d louneertainty associated c￿￿￿193nd redur£d us38. the rebww8 we¢¥Js yo8r. The Club ha5 &ensN8 alrconthii(￿vj in our b8dr4)uo$. Evenl Rooms afyJ'puL' aréa5. vhlh a 01 Élm. Wlh a Wel of£25k Ih& cl￿>￿¥ ¢£¥ltrxlwth a Me¢hanits1 £￿1 Crrfnpany to carry L¥Jt an eqtnkThnlcon&¢lirffi 5ur¥ey. IILxn whth have a lo marhage a Teplacwl prf4rrn¢ a period to 4 yeats. Tho Club delNer upgra￿$ to our W-FI syslems lo Imy0￿ our free serv￿ ￿ our riKms. bedrotsms aThY conkrence rows lo meet thè inGreasing demand lorlasbrspead arHI morec¥paaty. Certhl F￿dWI1 g￿roUS￿ donata E40.OW in August 2021 lo this prr4ecL conirtwting £1(Ir. Hanrd to lurtPwupytade the Club's fireprOtec1￿ 5ysiem$ W￿11 bg cfynpkted w Financd Y&ar 2021Q2 progranme * a CO￿ of£3(Xs, as lh8 Bo4￿ ts C￿￿mIlt8￿ ID comty￿5 with all HSAwle￿￿a￿￿ r￿1￿￿%. ￿￿rksto ywtwaterww95s fw roolcwopy LNtrour $th. Is wll ¢ost £20,(Kk). The Cl￿).5 Iki5to IheAnned Fortts crffinTh￿ty. ser%rg and rew, Wil t)NIIiiug b) bè de%kJ)ed th￿9h grealerimks wlh mwnber5hy ¢jryan￿￿KUts and trwJse¥thO are t￿￿Dn1rO frm Servre lo ciwlkgn Ife. ourw￿￿1tsn or eur free Respite and Wf¥e Breaks ViN ba( w foloFAINJ ￿ rwniny ffi 17th Moy 2021. ar￿ the sthequent ¥ftir@ ol r8sindois. ￿ l¢xk fm¥8rd at4e lo u￿ Chity [￿rE￿r￿ aThl AGM s to r5ewr rAesence again. in >Jth"on ki r￿on￿3 markthry aciMbè5. so thal r￿mt)erS aTrJ makè ouroffetmortr FINANCIAL REwew The Con501daled Stat&mentol Fin•￿1 •nel4WM)tof£1.764.884 P020.' Notsu￿￿ £4tY.5241. The defial i4 afteran unreaisgd gn in QLY oi£e81.225 (2020.. 1(555£414,9591. Asthg IrhEstrrtents ate h8tdfor the lang temi. tho In¥estmÈntCommitt thJes nDtpropose a thange inin¥esbmenl 5traieyy. As a r¥thl of Cohid 19 arnj exienylo ￿l￿J$ ol¢k6ute, (knyeaJ fr4>m £9.319.421 10 £2.705.969. Exw)dthJro ￿ ai 8rea5 ofoptrrydtions wore ¢areltrly Mana￿ arKI ￿ve been ¢¥hterd in the Cow¥J 19 arewtirknry to rthe ¢xJr aryn￿ expenditure on caw lwrks. thus iÈwknJ tr•I￿rder￿e￿￿0Ver t￿￿. ThB act￿uleIed fimds atlhe antè sl6t dottrtows £13.985,07713)20". £15.748,4191 Ftx•d In tha opinw ofll COU￿ Mathe1¥a￿ c4the knasehokj s￿l￿ty I￿hOr￿an thebook Yaue. detaiL4 ofwhth aregNen in note5 lo fwoal stslernents. t¢¢￿0f1￿ w*)us (a)venanis in Ihe kna%o. il" Mambers

THE VICTORY ISERMCESI ASS¢XIATION COUN¢IL'S REPORT Icontinuedl FOR THE YEAR ENPED 31 UARCH 20 Fundr•l8lb¥ The As8cOabondc￿n¢18cl￿tsJTrti￿ fr(¥n ¢heww￿￿Jwhgran￿eSwht1f0m0r•ttm￿rvj IvJs. Ho¥￿Ver. fy7 1 March 2020 ￿ ap￿al w85 to the mernbers of SwvKes Cbjb 10 rase rrthey lo Club and lis stslf IhrcAuh the Coron3¥ifLE P8rKO. The arval has rak%gJ £212.940 tsfh￿h £161,527 Pbjs gift was in the year io 31" MarGh2020 £51.413 the ywlo 314t•larth 2021. In addtsw. some #idMd￿I5 have ft beq￿$15 lo IhB A55ou&tim. and Vol￿taTI￿ scme donal￿5, W￿ are very m51 gRtEfvI. have That JK¢W wrycomplntsin re5r￿￿off￿nLai4￿￿ KliiAty. In 2￿41 Ih2rewere aL50 no R•5&r¥es poll¢y In th8 y•arto ts 31 Marth 2020 thE Tn￿tea$ cied of R9¥8Ths Pdw. ¢ti￿ty Cann¥ss guidan￿. the Trustee$ aetKd that the Chanty needed to better vmsure the [L￿9-1érrTr nleresls of Ihe Charty and ts beneficiais werÈ sXOte(ied. Hertè. thè ￿da￿d Reseths Pow was 3pwty¥J in Octoter 2019 and ttrts15t5 of the rol￿%¥1￿ elrnts.. Ch8nVs uNts8tri(tsd ieserye to cw b￿re$S ¢JrA¥n￿. prr4wty ￿ staff risk wtyJhYbè buitt wto mot)Ihs ol OF4iabr¥ costs loJir8th tah%led 81 E6.17ml". Tr¢ d&svJngtod fi￿85￿1 iurKI at fv rwt aw15 £9.9$7.3￿(2020.' £11.114.5271,' The tye8lkin d a ¢J&5gn3d cd thè'SWi￿¢ Cwl Pr(1￿1 Furkf a fiJTrl mi wcpct Asar25uttofty CrcrfHvirus. thech￿tY￿Sl￿ unabknto•jd•ryn￿r￿E5 iollw5 lrKe IhpbaLAr on 3111 March 2021 Is £rMI1202tr. £nill". On 31°Marth 2021. the Charity IWJ tol4 te5eNe50f £14.201.1Y12020". £15.￿.0381 01 lh8 total. £216.077 relates lor￿￿￿￿ed •Jnd512020." £217.6191 £9.957.369 deS￿nated fund refleds the nEI br￿th orthNJb￿ Fued a5sels (2020." £11.114.52n. Th? Trtiées furt￿r￿8(•sed thatfv Ex8oJtN0 C£￿¥ttee re¥ivtht Rt5ttss g(Mng I0￿¥¥d 45 Part ofttre ￿n￿al budgetirvj prctes& orwhen Charity's strategy ts re%ved anttvjhenthe mks faced bythè Charity ￿gnIfi¢an1ychan9e. A8 of 31 Maith 2ff21. tro C￿rity h•J wrfeskncknJ r￿%$. excart1YvJ ￿tr￿j d¢spJnal8d resaffts of £4.Q27.7Cg (2020." £4,6￿.B9?1 In￿stMen{Perfonna￿ During the year c￿ntrAl. re4w51Ed Ihattho tn¥e51mertt Con￿￿tee in1￿￿[1)￿11al Investwl Marwrs wlh a view lo buikling a kiry.term fund as oulhned the Re5w¥es PdKy. In￿stment Committee ffjquested inA)rmalb)n Ir￿￿ a selecl&l llLwrber ol inves1￿ managers aThJ ￿￿j 8 ¢evM¥ of three iiYe5knerbl rnaiwr$. In 2019. Ihe Tr￿1885, &$ ￿￿sed by Ihe InvÉslfflenl C(xllrnitl88. arotynbj In￿t& lo ￿[￿J4errn fvryl. Althe 8Tr1 ofihe fin￿181 y8¥ 315tM¥th 2021 InvEsirrfil bakn YerE". M&G Ch8tthJTrl.. £1.777.110. t1.370.36n. M&G Chanb)TrJ." É301.82& 12020.. £2e7.Wfjl. Conwnm Fund" £592.8X) (202tr. É494.8291 lrw0s*￿h & In¥oStsMrt ManwJws". £1.24B.036 (2tr￿tr. £9f2.$851

THE V￿ToRy ISERVICESI ASSOCIATION COUNCIL'S REPORTl¢ondnu•dl FOR niE YEAR ENDED 31 MAFICH 2021 The vnie81ised1108sygaiThon in¥wtrnerts 1014bJ gail￿ of£881.22512020." b55 01q423'.￿l). At ontloflhe finartlal ar, Ih8 Charity¥ total ￿￿s1Ments$1o0d 8t E3.919.824 (￿tr. £ 3.02811. STATEMENTOF ¢OU14CIL MEMBERS. RESPOIISIBIUTIES applicab￿ thv and r8gulaiths. Cornp￿ law reqvires Ihe CowKiI 10 wepare f•￿181 stèlements loy firk7nciJl Ufidef thal18w the CoJrKil Member5 bave ekn18tl to prewe finèntsal st8¢emenls ￿ %￿VrjanCe %%ith United ￿rI￿lDrn Generalty Accemed A¢counlirrtJ Practi￿ Ivriled Stsrnl8rds apr4K8ble lawl Tr Mat¥ial S￿￿ments required by law lo give a Irue and fair ol the state ol Ihe affa¥s ol cl0ri18ble comparry ol th2 gioup of Ihe S￿￿V5 or dÉfKitofthe tharitab￿ corDPaV lorlhat pertLwJ. In rKep8tirvJ lh￿ finarwxal slalernnts the Cwncil Membefs are wuwed make1￿￿9￿M￿lS ard e$tim8te5 Ihal We r0asryw)￿ d dirydtssèd andexp￿n9d ￿ Ihe stsiwwls. Prepare the fmarxial slainBrt8 ￿ tho gcty Caxem basts it is inaJ>wr¢¥bth lo a￿UMe that lh8 Tho C￿jnu1 Members I￿ also re¥onsR fDr keew"rJ that thgdo$8 V4ith r8asÉwJ 8cwr ai any iinE the finan￿￿ p05itr•￿ ofthedHrii8ble cL¥npaTry a￿1 er￿ Ih&m to e￿￿[elhal stslements CoM￿Y h Ihe Compart￿$ Aci 2r￿. They ar8 aso &)rs8le9uarfADy Ih 3s5ets ofthe tharitatrAe company ano h8r for taking roa50robl• 519ps for Ihg rK¢¥enb￿ ¥d ol fra￿J and C4Jr irre9tharthES. The CoLWKiI Members a150 confitm that W have rnade ￿1 rnCes5aryry￿ am w suth 4eps thai they(whl 10. to ￿guIt th81 Ihey becrffie 3w4¥e ofany relvAaThi au&iinIDm￿￿￿ and thatbcrthlhatfvAs5C#is •ktors h8%bw m•Je ￿re ofstsch inlomwbon. ¢ompany direciots. Y OROER OF THE BOARD 63n9 Seymour Slregt LoTr)n. 2HF Air Commortfe Pl P W CBE Date.. 7 July 2021 10

INDEPENDEMT AUDITOR'S REPORT ro IEMBERS 7RUSTEES OF THE VICT¢)ftY ISERVICESI ASSOCIATION Independen¢ audttor's report to the membws of The Wictory ISert7ices} AssoE•ation Llmited OpSnlon We have audtted the ￿anc￿ slalewts of The Viclory {Se￿￿eS) Aswi8tM Lnxiled ts the year ended 31 March 2021 which ¢<mprise Ihe Conthidateé Statement of FinaKi81 ActNities. Ihe ConsolK4aled and Association balarKe Sheet. Ihe Consolvjaled Cash Statement and notes lo the finallual stalem8nt5, Induding a summary o15uniftsni &cwnting PJ1￿es. The finarrjal rep)rting framewcqk that has beeTh applied Iheir p￿parat￿)n Is ￿)pl￿ble Lw and Unrted KirvJd(MnA¢cOunl￿9 siar¥Jards, ￿dUding Financkgl Reporting Standard 1Wd The Fin8rtcialReporting Stand8rd8ppl¢aNe n Ihe UKand RepublF¢ ￿1￿land (unit￿ Ktngdom Gen&ially Ac£epled At£ount￿g Prxtrel. In our opin￿n. Ihe finaroal stslements.. give a true wd fail viv olthe slate clthe grnups and ofthe parwtchthab18 t￿1panY'S affaiws as al 31 Mar¢h 2021 athj ofthe group's )d parent chitabkuThpwty's nei mo¥emert in lund8, ind￿d￿9 thè in¢m and expenditure. lor the year then ended., have been propwty prepareA in acrotdance with Untrj Generalty Accepted Accounling PrxtKe'. aThJ have been prepaFed n accord￿ the rw4uwnenl8ofthg Corrpaft￿ Act 21JC6. Basls foroplnton We conducted ouraudit in a¢cordan¢èwilh lniem￿￿TraI Standards onAudrtfflg IUKI DSAS IUIQI and applicable law. OUT responsibilit￿S underthose standards arÈfurthèrdescnbed inthe Audrtorfs Fewn$ibiMies f￿the audit oflhe financkgl $talements sects.on olour reptsrt Wg8r8 independentof Ihegroup in ￿dan￿ with Ihe eth￿1 requirements Ihzt are re￿ant lo our aLxIrt of the financ￿1 stat￿e￿5 in the UK. fftduding Iho FRC'5 EthKal Stsndard. and we have our other eihtal Tesponwblrties in ￿)rdance wth these requ1￿Ments. Vve believe that the audrt evitsrtewe have obtaingJ s suffKenl and appropf&4le to a basis for ouropinion. ¢oncluslon$ relating to 9olng conrAm In 8udrtiThJ Ihe financial statemerts, have concluded thai the frust¢88' use of th¢ going C4yKem basi$ of accounliThJ m the pfeparali)n of the finawal Slaten￿lS ts appropriate. gased (li the work we have performed, we he not pJentikd any material u￿ertain￿$ TeLqiing to e￿￿15 Cf condition5 th8t. individually or colknlNety. may cast S9n￿nI dwtl on the group's ability lo LY)nlinue a$ a 90ing wncern for a perKxJ olat ast t￿fve rn(Mh5 fiDm vjhen the fjnanctal siatemenls are aulhorised for i$$ue. Oui re¥￿)n￿l%111￿s and thè ￿sponSIb￿leS of the trU￿ee$ re5pe¢t lo tr)iThJ con¢em ar8 de6￿ted in the rdevanl wbon5 dthis report. Olhor Infotmation The trustees e re5ponsibleknthe Ot￿r￿f0￿￿t￿ffi. The other Mr￿M4￿COrt￿lri$eSthe infomiation included the Counul's Report. incorrxyating the strateg￿ Rewt, and the Chaim)an's Statemeni. Our optrswjn on the financial statements does not cover the olh8F information and, except lo the eX￿t oltr￿se eXpl￿tilY slated in our report. we do not ey4)ress any form ol assuraKe cothion IhereC￿. In connection wrth our audit of the fr￿￿la1 statements. our re5F￿nSI￿"Irty bs to ￿ad the other in1ormali￿ and. in doing so. considerwheiberthe (Ah8rinformation is mat￿81￿1r￿nsth1wth the frnwcial Siatement$ orour knOw￿￿ge c&tsined in the aud¢ or olheTh¥i5e appears to be mater￿ty rr4sslaled. 11 we alentify sueh material inconsisierts or apparent M￿e￿al missialeftnts, we e requ¥ed to deterrnl￿ whether there is & material misstatemenl in the fi'nancial 51alemerts or a nwleri￿ misstatement ol Ihe other rfOrmat￿n. If, based on Ihe work we have perf￿rned. we cO￿lUde Ihat Ihefe 15 a materk31 nw5$tat￿ent of thi¥ olhar nfomiats"w, we are reguired to report Ihat f￿. ha%e ￿thry to Yeptri in thi% OpFn•ons on other matters pwexribed by tho Conyanles Act 2008 In ow cyinion, based C￿ the7hty undwtthen in the course ofthe

INDEPENDENT AUDifoR'$ REPORT TO THE MEIIBERS APKI TRUSTEES OF THE WCTORY ISERVICESI ASSOCIATION the informalw)n gNeD in the Counca's (wh￿h ￿CIL￿￿e5 the stralegic rekK>t and the Ek'reclors, rerx)rt prepared for the ￿￿OSe$ of ¢(xnpany tswl fwthe 14iancial ye¥ lor whKth the financol $tate¥rtnts are prEpared i% ¢on5i%lenl ilh the finan¢￿21 statements". ar¥J Ihe Strateg￿ rewt 8nd the direejors, report Wuded ¥￿In the Cwnuf$ Rewt have prepared in accordance wilh appkabie k9al reg￿re￿Ents. matte￿ on vthich we are requir¢d to report by ex¢gpIAon Ill IhÈ li9ht ol Ihe kn(rled￿ understanding of the group and the pent Ch￿tab￿ cuwny and its enviFonmenl obtained ￿ the cour$e of the audrt, WÈ have nol kJenlW malerkql misslalements in the Council's Report (which ￿¢t￿por￿8$ the 51rattyr rwt and ihe diredor5' re￿11. We have nolhing lo report in ￿Pect cl th8 fokwiry matters to whKh th? Conv8￿ Act 2 require5 US to rewi to you If. in our opinion.. adequate aC￿UntiNj records hav8 nl￿ been kepl l)y the p3reN ccffipany.. or Ihe parenl Charitable cwrty sto1￿18 are ￿ in wth the acCo￿tr9 records and r8turn5,' Crf certain dI￿10$￿re& ol I￿￿t••s. rrnrol￿ $ptrif￿d by1¥4V made", or we have nel rec￿ved ￿1 Ihe inlormation explBnatHXts req￿re forour a￿￿rt. Responsilxlities oltru$te¢s forthe financial staiement$ As expLained m¢we fulty in the trustees. reSp￿￿￿￿tieS st81ement set Olrt S. Ihe tNstees Iwho are also Ihe dI￿¢t{￿S of Ihe Charitable (tsnpany lortr purposes ol c(xmpary lawl e re5ponskn lor the preparation ol the financial sl8lernen15 aad for being satisfied Ihat they g4¥e a true and faw view. and for such inletnal corttr as the tru$te85 de18rmin? is nwsary to enable of financi4 stalemwts that ar8 free from rnat8ri& misstat£Yiieni, whetherdue 10 fr#ud or errcr. In ￿paring th8 fin￿401 ststem&its. the Iwstee5 are resr#Mibk ftr a5se55ilVJ the group's and the went Ch￿table company's 8bilily to continue as a conceffl. disdosiThJ. as appluble. matters Telaied io going c¢)n¢ern and using the going concem basis ofattrKJnI￿9 unless trLf3tfje5 Wther intend lo INju￿ale the group or the pa￿nI eharitab ¢¢mwy crfto ¢ease operatp)rts, cf hav8 no reaIrSt￿ alemth but to do so. Aud5tor's responsibllilies forlhe audit of the financial siatemen15 Our objectives are to (&tain r8asonaN8 assurance about whether the financk?I stat￿)en18 as a free frc¥iTr material Misslat￿ent. whether tlue lo fraud or ewror. and to i55ue an aLwJitorfs report that I￿lL￿￿e$ our cyn¥Jn. Reasonable assurance is a hpah lewel of assurance, blrt ts nci a guarantee that an al￿11 conducted acco￿lanCe with ISAS IUKI wll detect a Materi￿ mis$tatemenl when rt exi$t$ Misstaternenls can ar frcrfn fraud C￿ effor and * c¢nshdwed materral if, Indivbyualty or in the 4gregale. Ihey could reasonabty be expected to ￿tluenCe the ecorrtyn￿ decIs￿jns of Ltsers laken on fv bask8 ol Ihe8e frnarKk21 $taiemu)ts. Ir￿g￿laritIe$. including IrJd, ar8insiancesof noTr-compthancewilh lawsand wU￿bon$. IAÈ de5iAn Pr￿￿￿￿re$ in line with our responsibiliis. r¥Jtlined above. to delect matertal n45slate￿nts in ol irregubrils. cluding fraud. The extent Ig whrh our prcKedurgs are Ca￿18 ol delecting ￿egULaritieS, Including Ifaud is detaibd belw". Based on our understandin9 of 9ioup ar the envir(￿ment f( (yrales, we hdentif￿ that the pr￿)cIpal risks of non-¢oM￿￿9r￿e wAh laws and regulat￿$ relared lo charity and ¢orryany law appficabk8 ir¢ En9bnd andWaLes and Scotland. CC￿S￿red theextenttowhtch non4uM￿8n￿MvJhI haveam3terial ellect on the finw¢k4 5talerrt￿$. We a50 con$Kl*e£l th(tse lav5 and regulabons that have a direct nnpad lh8 p￿pa￿lton c4 IhÈ finwal SlateM￿ S￿h as fv CryahE5 Act 2CK)6 arKI thtt th¥rt￿SA¢1 2011. 12

INOEPENDENT AUDThOR% REPORT TO ￿ IIEMBEHS AND TRiBTEE3 OF THE VICTORY ISERVICESI ASSOCIATION We evaluated Manage￿￿n1'S wthntNes artd c)wrtunitse5 for fraudujenf maniputat￿n cl the financial statemenls linctuding the risk of ovwrhle (I contro151,. and d81etmir¥ed thal the prinrypd rTrsks ￿re r8Lgted lo incfft recognltion. Audit perfryme(I by Ihe engagement team included. 'scussv)ns w•ith manage￿￿1 Kluding C(¥)SiLlerdtiC￿ 5U5pecbJ ￿sta￿ of eomplian¢e wrth laws arvj regUL8ts.¢￿ wd frw¢J'. Rev￿vig the controls and pr¢xedures ofthe group rekwant to the preparab.on clthe finarKial statements lo ensure these were in place Ihrtwholrt Ihe year. in¢kliThJ dunrvJ the Cowd-19 remote rking FerK#J: Evaluating m)agemenfs Ce￿¢v0b desb)ned to prevent and det￿1 iryevu￿nt￿s. Identifying and tesb.ng frxmaL%. in partKuiar joumal entries po$led with wustjaf ¥counl c¥xnbinalMs. postings by unusual uw$ ¢x wAth unusual descript￿$", and Challenging assury>tKJns KI ju(￿entS m ty managemerl in their¢ritt4 aCc￿nting estirn8s, partKular ¢JOnati￿ aThJ legxy rwthn. A tlesGTVtion tsl our responybilrties for Ihe 0th1il of the finwial statements is ￿￿ted on the F￿aDrial report. U$t ofour report This report is made solety to Ihe cfvaitab￿ companls members. a5 a bcrtty, in accordance with Chapter 3 of Part 16 ofthe Companie$A¢t2￿. 0vr8uthtw￿K has been v￿rtaken $0 th81 we M￿ht$late lothe ¢harilalAe ¢ompany'5 member5 those rjwtters we a￿ to state lo thern in an Audsto¢s repxt for r¢0 olher purwse. To thts fulle$t ￿ent permrtted by law. we do nrt a¢¢eplor asstjme resjxjwbth'ty to anyone otherthan the charrtable conwany and the ¢hiW c<xnpanys mNnber5. as a body. lor ouraLKht work, for this repcrt, or for the opinions have fomd G8reth ￿en (Sen￿¥ SiatuWAudior) For and on behaifof Haysmacintyre LLP. StsI￿NyAUdrt0r 10 Queen, Slreel p￿e, Lonts)n EC4R 1AG Date". 7 July 2021 13

YHE V￿ToRy ¢SÈRVKES)AS50cfi4TKJN COIISOUJATEDSTATEWITOF FWCIAL ACTIVITIES lkncludfno In￿mi Exp•ndMur••G¢O￿nt FOR THE YEAR EXOED JI WACH 2￿1 7¥ts1 Fupd 20 Fun05 Futhth 2020 INCOME PRO￿". 555.5 814.112 672.gS3 042.017 6.827.49) Tr•Jhw actl¥its 14A21 14.821 i.os4. 4.7fj7 239.773 TOTALINCOME 2.705.9 319A21 EXPENDITURE OM.. FUnth3￿ pA4dty ChariLth a¢tvih•s 1W75 1W75 1.412.615 3J07.107 1.181.t47 3.W7.1QY 1.85B.6 .391.416 679.839 TOTAL EXPENLimJRE 1315.049 5.352.078 8.483.WO 1.22S 891225 142J.9 IIET{EXPEND1TVRE￿NQOA1E (1.757.ISSJ (1.7fj4BB4) 11.524 Yr5tttbRMEn I (S.4a7) 5.487 lIEfMOVEI￿mTlII FLIID$ 11.70342) 11.54 411.524 R•eonGlllèlknnof fund5'. 15.748.419 217.619 15.554.514 TOTALFUNDSCAWED FORWARD 13.98s.on 216.077 14201,154 1$.￿.038 rmnlandp1trdtyJ5￿145sh￿ biDolel Ttr•EtJ¥• r￿th21 31 Mwth2021. 14

CONSOLIDATED8MIAMCE SHÉÉT AT31 MARCM 2021 202D FIXEDASSSYS Tangib Ke15 4.957.9 3.019.IZ4 13.877.1 10 3.D36.281 14.150.8Q8 CUAÉNT ASSETS siocs 12 27.527 312.435 2J)5.980 2.575.912 47.$9D 371.$37 2,340.624 2,759.751 (lebinri 13 Cath Aibarth CRE05TORS'. ts11th9 J• on•y••r 14 1gM.9611 NETCURRWASSETS 1x961 1.61S.231 TOTALASSET3 LESS CURRENT UA8ILrnES 1S.4n.154 15.5fj8.038 eREr￿)￿s.. &frnorrlhJn 1 y•r 14 {1275.1 TOTAL NET ASSETS OA U4blUTJES 14.&11.1 15.96B.Ib38 FiINOS Rest￿1¢0 UNesirkted I￿r￿S.. Dp$w•lEd 216.077 217ffj19 9.9$7.￿9 4.027.7Q8 13.9US.07? 11.114￿27 4.633.891 1S.74•,419 14.2Ql.154 15.886.OJU L¥)i18 bBWby'. ma￿rGen￿lse￿sK￿r 15

THEMCTOftY ISERVICES)ASSOUAIIOM CornpAny N￿ber.. 42•2•B A3SOCIArnOII BAL4JICE SHEET T 31 f•ARCN 2•21 FIXEOASSETS Taiit4eas5ers Irt•exbn¢n 9.9S7. 3.919.822 11.114.$27 3.￿.279 10 13.877.193 14.150.W8 CURRENT AsseTS SkKk5 12 27.$27 349.585 2.140.47S 2.517.587 47.$90 628.181 2,OJS.0 2.711.453 13 C•¥h atDorth9Th1 Fl CRED)TCII&" 14 18.8161 (W222) ETCUFtREItT ASSETS 1.598.1 1.015.231 TOTAL ASSEYS LESS CIIRREPIT LJABILMES 15.47&151 1S.98e.038 14 (127&ry NEfA¥S 14201.154 15.966.036 FlJllOS 15 211077 217.61 Oeslw*d 9.957. I￿27.70& 13.985.077 4M33.892 15.718,419 14J)1.154 IS.9￿.038 lthJrnlL8 bBhoflty. 10

TrIENICTORY ISERVKESI A&WCIAT ¢01&8OLIDATEDSTATEIAEIITOF CASHFLOW3 FOII IHEYEARENOEO 31 IiARCH 2121 C•Jh Flow1r(￿0p•rnll141e￿¥1N 21 1.715.1 R4nt& le￿wablE 718 .148 Paywi$ * A¢•￿e i• fygd ass4 p¢o¢eeds frrffi ol i•Wè fixed assql¥ {IfA.$5• (71Qa7J) 17.335 11.w.rfj9) B7.1)J3 294.6n IIBt¢dsh provW by luiod h}In¥•Minllxltr¥Mo5 1.4¢4.12 Co$h In1￿ ftom ¢hwgv In •nd tb• (134.574 251.036 c•&ha￿L￿e￿ivO￿￿ts tv 2.0￿.1$ Tolwl and rh •qLA¥akni••tthp•DO althy• 2.2￿950 2.34Om4 Analysis ol¢hange• (nftel debt 34.OT4 (131M741 pz&(rt LLW¢ (22S.¥•X Lrtw>s lllrsduR atsTrJrethanc¥ 2.J40.624 (1.631.074 705.9XS ty¥l#ol andca5h4quTr4ats 2U2 1.7ts. 1340m4 bhtiti( dap)SilY ilwlhaD3 2Xffj. 1340N4 17

THEWCYORYPERVICE4ASSOCIATThI IIOIES TOIHÉFII&4J4CIAL STATWIEPIT$ FOR ThEYEAAENDEOJ1 IA•ACH 2Q21 ACCOUNTI+4G POLKIES l•) ol A¢¢ounting 4i¥tye Ll( ￿ Re￿￿¢1￿￿￿¥ Oth•f 5nctlm• 111 Allocation 1 EXPgrta4Ur• Tinglbi•llK•d

THÉ VJCTORYIYERVIC£3IASSOtsAllON tIOTESTQT+IE MNNJICIALSTAIÈIIE￿IStp FOR ThE Y£A EIIOED 31 1021 UiSto¢hs DDbtor6 Bmowl wepapl rtof•ry ii•Je cakLlgtsd ba¥¢d 111 at kn hlffld ssfrrrn thEd4t¢ ImlFund lTrll L•asln¥ andhlr• pwthAs• cornmitnntg lo> PToyr4tlon olatcwnts carK•rn wfryrwj matwe nc4 re• apparth and U￿B￿y￿ (ro￿lhe$¢anllQs. bi ts pedod InwhKn Ir eswnawts rebistd r¢¥45￿ firtur¢ 1g)PBnsloh rw•m￿l$ b)

VICTORY ISERVICESI A5SOCiITION 140TES TO THE FINAIICIAL3TATEAIENTSIc•nihw•O) FOR THE Y£AREt4DED31 AIARCII 2021 INC¢)IAE GRANTS. LEGACIE& DOIIATIONS ￿lD FLIIIDRIWMG 20X) 7S,LDJ Gran 12. f31m4 76.148 181.782 1fj1.527 4.056 $55.S*J 999,X 4VESTI￿T￿￿oIlE Ren15 re￿￿8 191.321 12.108 221JC8 9.317 9.117 2￿7￿ NET IEXPEWDIIUREYIIICOME FOR TNEYEAR 1021 202Q ThrJ ￿ slsted alter th￿119]hÈ 12.654 1,214. 12.051 1.210.322 18. 16. 3.15D

THE VICTORY I$ERVICES}ASSQaATION NOTÉ$TO ￿FINA￿lAL$TAT￿MTslU￿1ITrWl FOR THEYEAREIIOE031 IAARCH EXPEKDITLIRÉ FOR THE YEAR EfioED31 2021 ANALYSIS OF ÉXPEI>IT RaL%lng Fun4$ Fwdiaisbry 21,SYJ 117,717 16. 15B.274 Bn. 2.136.186 657.381 2.91ir154 J.a07.107 Membersbw and (¢rr4lalocak• YOTAL EXP8NDITURE 47.002 256275 7.183.749 S.3S2.On 12020.'£￿.￿)o). bl ANALYSIS OF SUPPORTWSTS FOR ThEYEAREIIDED 11 1I4RCM OMc• . Pmp•rty Olhor ¥vpport Gov•mon¢e Totsl Ral3lNf Funtt¥ 1.581 1a.128 •12 11.5 QZ3.116 995. 1.8J7.ts02 .851 44.510 4e.717 971.405 klembeishio Jr•J TOT￿ SVPPORTCOSTS.. 86.161 16D.24) 101281 2.18&749 gOVERNNCÉC0$78 2021 IQ424 10&942 94.411 05

THEWCTORYISERWCESI AssocirvJii NOTESTOThE RIIAFIC￿LSTA7E￿EXlS leOhtsWd> FOR THE YÉAR EN{￿ 31 IIARCH 2011 EXPEP4DillMIE Icary•r•b¥•l FCThe YEA ENOED 31 I￿0 Tot•1 AHALY$18 Of EXPEMDITURE Rahing Funds 420.0 620ATg 1.412 ExptfvJllLYoon<artMbk 2.639. 33S.367 3.39S.ts37 1770.862 172.113 3.5S3.494 9KS.911 172. IA25.370 391.417 679.839 &483,Wl Meffltethp and certral TOTAL EXPEIIDITLIRE e} AMALYStSOF WPPORTCOSTS FOR TME YEAREIIOEO )1 MARCH 2Q20 f4J¥t• Totsl R•I￿n9 Furdia0ln9￿￿￿k ExpBndltumon ehvtsts￿ a¢￿+￿￿. 24.7& 420.016 155. 19.751 199.91$ 1.794. 228.031 3.3￿￿•3 S.185 75.618 765.507 .107 11.907 2.6.654 335.367. 3.395.OJ7 Alen*ershp TOTAL SUPPORTCOSTS..

TIIEVKYORY ISEIIVICES)ASSOelAIIOM NOTES TO THE FIIIAtKiALSYATEIIEiifs FOR THE YEAII ENDED 31 WIRCH 2021 STAFFNiWBERSAMD COSTS lo 2.599,440 201.386 3.4e4.93S 271.126 t49.089 secwtycos tg12.(65 E49.434 (Z020. £0) exc4ss ofUO.WO%rw. 2421 2020 E80.QCQ. £69. È70.1K￿.t75.99g £W.lJ(V). E89.999 ¢1fKI.(h))-£105.9 COUNC￿ IIÉIIBERS'IIEMUNERATIOF4AND REIIIBURSED EXPEIISES

7HEVlCTCf(YISERV￿ESll$SC￿AT￿N NOyE$701MEFW￿LILSTATE￿EKT$ TWAI8LE A55ET5 Buldhwj T 19.170.42 1r•.•5• 97 18.tsè1 Ad&Wr 11526D AIIAPpi2 1J44.3 1.25>.rtXt At31 e07r trl•tBotskV•• AISI M¥(2020 tT￿¥1 W12020 2gB.9•7 rts4.0711 alJl 14th*2Q21 hll Gthathr 201.8

THEV￿TORYl¥ep¥iCESl￿￿DcL4TK￿I NOYÉS TO FN4F4C1AL8TAT￿EwTS<¢mwrnm FOStVIE YEIRENDEO31 11A￿ >)21 INVESTMENYIN TrI￿NG COWPX and LtssAeeow 37.om i.W.550 1a.518 ¢fSag& Cr05s ￿￿011 .911 76.01 {7112 117. 5$5 DaL•nc*$ME¢ 244,35 1244.3e61 (SB,325) 12. STOCX 20 CoTrsolldaDd .420 44483 2f,527 47

7HEincTCIIYiSEftVKESIASSOCL•IIO IIOTU TOThE NNAPKIIL STATEIAÉml<o￿ft￿1l FOR7HEY£&R￿￿Efj1 IIIKH I•)• 13. CE8TOR fAJ45 12.DlO )J.Dll 314.431 •P74 J4143S 1.$37 319.535 2715 CHIL Lo•n C8KL¢•I 1.Z7S.tyKJ Tot 2.251.951 IIAJ. OlsW•￿dF￿ld 11.1$7.1SB 9A¥T.JSB ¢th￿￿Pur 1&744.41• IS.J45.0 en.73• 1J.ts5.077 ThpNLAk1Ttu 24.61• iC4SO 75.CffjD 140n $417 21*071 152.47

THE MeTORY IseRV1CESIASSOC￿lI0tr1 NOTÈS Yts THE FINANUAL sfAYÉivfJitafftllh FOR ThE YEAR ENDED 51 I1￿H 2021 I& PUNDS Irofflp4rth•l At l Awl 2019 gah7pI At 31 N4rch Unr•slrf¢i•d 0￿￿dn#t&￿ FLWWJS Genw F￿d$ 11.02Y.W {513.432) 11.114.527 15.420.852 9244.421 I8.393.￿lI 1S22.9531 15.748.419 The￿j￿￿1d fnJ51 (4W3) 24.619 ABF SolfwJ' GWIIIS Respl¢ &WeNwe Orea&Re¥¥h 3.957) 7S,IX 1(ffj.CO) OthrspKin4dont< 217 423 11. ANthLVSiSOF FUIIO 8AL•JICÉS BETVIEÉN NUASSÉTS AT 31 IIARCM ￿2 Fknndj 9￿57. 9.957.>9 3.919.824 323.1 14.201.154 1919,824 Net£urrenlassels 216.077 .027.7ce 9.957. ATIt ILIRCH 202D ngr Furd Fund¥ 11.114A27 1?.1t4.527 3.OJ6283 ￿n￿$1￿￿nE% 3.038.283 Not￿7￿1 •S5Éts 217819 217619 11 114527 1$.￿6038

F0RMYE•AENr￿lI IMR¢111•21 17. GIPlfAL COln41ElnS Jty Lwds Oth•r 631.SNI 71S74 . PENSK)NGOklMtTp%•nJ £149.0891. 4 Ji Id•tch2ty21.corffjknd(4£IIL1 ￿0￿.£17.191 .76YI rA•.nJ 1.721976 {leJ.5m .102 IlQ55S 2 IiELATED P￿TKIN5AC￿0r1s 1.012.7T1 129M