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$S 11 ICRSMI R AngM Iwrrt•J 31X￿ %r201
General Sir R¢chArd 6artois KCB C8E
Mr P Blath￿y
rVKfrMathl S clu￿11 CB
Klrs P Clayton12Kwknted 2* Marth 20211
C8plain R Harris RN
M Hidfsu
ir Commodore P Hvjg
MajDr General J S Kery CBE
ReaiAdnwral M Kimmons CB I￿1*ell8. 2020)
MrCNBL
Major C Marrnenl FCSI
W8r¥anl Offi￿r ICk55 11 Dean Mcfw18wrffjl•Y 1V ￿ 20201
Warianl OfkwlCla55 11 ICRSMI O Mason RM (retired 31':Juty203
Lieutenant Colond A N*Kourt M&E TD Irètirtsj 2W Marth
Mrs C N￿¥11-Ca￿Jar
ommand Cotpxal MaiLK S Parkw irnOr8d 2tr401
iwJMantCdwd O Pealn
ng Command•-T pl￿￿1¢n MBE
Mr G Roberts
Cobnel P R Rossitqr
Warwl Offi(*r ICk5s 11 C Sleedm
L￿tenant color￿ R W￿d
SECRETARY
rC0rnrn£rfJ￿e N P Be8icBE
BANKERS
N2iWkst
POBoxNo2
69 8aker Stre8t
Londm VV1U 6AT
AtIDWCftS
H4ysmarintyre LLP
10 Streel PLxe
Luthi EC4R 1AG
SOLICITORS
8alosWe15 LLP
10 Queen$ Slreel P*e
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 ISER*IJCESIA5S0CIATIOM
CH￿I￿lAN's STATEMENT AND TrIE STItITEGIC REPORT
F(￿ THE YEAR ENDED 31 IfjARCH 2021
l ￿￿* much pwure WbsthrthJ rny"repNt fyi siat•rr*ts fr)rtr* fo*￿al>*￿e￿jgd 31st M8r(* 2021.
The D￿tOrS oflhtr Vthry ISBr%tsSI Assoaatth. c(•lrdsth8V¢tco Club. ha*1*o rnaThy othar
Lyrating model tr) C￿na￿nts. trxwjhl 8bwl gnftyc*J 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 VK*ory 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 F*sorw*l theAtmed Forcos (who
augN*nhd 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 n*a15 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 V*u8. 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($3estha
suppryt woknided by the G¢)v8mmgnt and also ￿trn￿￿tel City council. Tho Chjb iiselfoflho Corona￿r￿S
8usir*ss Intèmipl￿rt Loan Sthemo ICBILSI ty bLYrowv)g £1.&ll. th)58 10 dekr OLV Marth 2020VAT ￿"11. Tha
JobReterti)n SthBme was also ubli8ed and lh$ 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 r*sed. 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 f*ferred'.
some olour contra¢W5 ￿ excwtsonaty uTrYerstarkl
a￿ementioned extemal and Internal $uppJ¢ cost oJtttiVJ 8nd sbKlc&sh 8 reslwctunng
ograrnme Y4as r*cesw Tl* ChJbsawa in ￿rffla￿L * part stsff. toggl￿r￿11h ovr&75ual workers
fr￿1 146 10 66. This t*en I￿a￿Ywe ¥bil rÈ.hKe slaff •3a¢n the recovery18kes hold. Thg
(ki8clor$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¥i1*s wer&rnuth uunUe5s it￿M)n$. Assor)abondinners and tha￿￿Y
meelwos were r*y5tyoned beythid the reporbTrJ p￿. Th&cI￿sp[￿￿l￿ offree Respite 8reaks (RWBI
Trthch ￿ a key uynwnani of our sec¢MtrJ c*airl*18 i*¥e¢b¥tWds a150 *Jwsely by the¢vronavKus. in the
PmiOU5 yè8r 157 RWB w*reyovK1￿. ￿ Ihe ￿•110 31° 20210Ny 10 pmvKJed, ￿ 51 pos1[￿￿ into the
f￿l￿n9 year. Many ofthose **r8 lo us I￿OUr Sftheff* We￿ medKatywlnerdble. hEn￿ it
was noipo%sth fty ikn lo tfa¥al. e4Yn ￿t￿n ￿ ynfid The Club'5 promsiw offlee Reward and
Rewritim Brthsto pbrstsrrf￿ recommetvjed by Servty Wa￿atrtOIle8r rius￿5 was ￿Sts nnpaKed as
brgak took pl￿ O￿OfPOlenIk1I zdkxabJn of xi cksuies *ld ￿ uTrYEf51arKlab* CovwJ.19 neNoLtsn85s 8mory$i
parther$ imp9￿d tha o1rdai￿ns￿wlth ts kKal Th*¥Jry neWuMg sthc*4.
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 memt*ts to tynecl for rn*nt*fsh1p and payTW s￿5￿1p110ns lor a yeuto the ChJt•
they trJuld nOt.tra￿ ￿ LcrfNJon Ihe UK. oroNYseas. ImF*ywnty. 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 n*mt*rship 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

2019. the Uub re($￿e¢ 1.292 frryn FwlA8. k)rw*d to rewmiTYJ our waJkn'cfial
m8mbershwFecnJktmenl SDlhat thè Cki)'s C4M￿llen1 to th&de￿Y*rV8k￿. se￿￿ Crthesy
uThJerstor## by 811 polenb* mrterJ.
After an excep1l￿ty￿aUen1ry￿[. rewred many Ihe Cl￿),5 Po￿lon
¢hrovghoLrt the year remair& arNJ *endedknryth £2.205.99) v) on 2￿21, of￿•¥th £1.5m wa$
the dra￿ tJDwn. bul urtouchtrd CB4LS. olour scld in Ihp cwrsg olthe year. T*on bJelhw thi5
has create<l a pLkn fr(wn thalervJÈ$ aThJ L￿1￿5 in Fwnck41 Year 21r21.22. The
Board 1$ confident thal ASSOLialw)nwl O>K8m8rvJ ¢halwrwxTh*rhrt membèW$ and stari
VAII see tFtÈ rècAwety olthtr Chth)'s le%*
In sthnmary, thi5 has t*1 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$tratiw hlormollon
ThÈ V￿l￿ry StTfft5 thbwa5 low11￿ iTr1SY)7 IhEth8rty aryjwths
261307. The Tru5W. Stcrnw. ¥]￿￿5 al￿ aS*qssè5 are Won pag85 1 ￿ 2.
Vicicry Isefyiesl Ass(*4atiLn ￿￿thr42929a. WB5 ￿L￿￿K￿ated on the 7h Fthary 1947 a￿j
rtrAs the lfic¥Jry SeNces Chjb. On 5" •Aay 2020. ts ¢)xthp•ry ¢h8W n*rt kn Thè {ServrEsl
Assoaatsw Ltd to The VKtory ISenKesl ASW18t￿n. The Y￿{5¢￿￿$) Assc*iatson 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 Cryn*s Act ano seth as TTLts*e$0f￿ c￿rit￿b￿ rompJry.
Coun¢ll m¢mbw5
The Council detoffty￿ Ihe Fxjky of the T￿lee5 are reswnsb* fu the ovwal
managemani. finances arKfj eerfrtTd olthe Club. The recnAtineth ard se￿C￿￿ offiew T￿￿letst0 ser¥e on Ihe CO￿¢4 8rKI
ihe AssociatyoTh's sUW￿ltte8S 15 first wnsthred ty Ihe NtrminalK￿S CtymnNtteo. ptior lo ihe subm￿51Dn r*
recornmend0b.(￿ to the C(xkiul arKI r￿eSSary ¥pprovaT. Pwi491 now TfUSt*8, an aFwwil￿$ 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 Chantycc*MMSSN)n'swd*¢el£*Tntskes C￿￿.$ &Jsif*SS Ran. Cojncil
up lo 8pJhl y8w al mèmbe￿ rec*i%* Ihe M￿>￿0$ ofeath ffteetii
Chaw to the coUrKl*ith￿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￿ subswu*uy 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.
Li6u*nant 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
R8MUr*rn￿n Ccrtmit*e ICha*&l tsy Rw Pth*ial M CB ￿JUty 2020 •KI thereafterby
Mw GeneralJ S tsrCBE>
Iwe51wenl CL¥Tunitte8 ICh*red by M4LYChar*s M*mwD.
Tradif¥J Comrnittee (Chaved by L*u￿ant Cow R W¥dl.
The day4trday ManageMeTrtof￿ AsswaliNt 1$ de*gated to the CW Ex&xth*lClub Seueiary. is suppYJrtad ty
IIE Opwati0￿ Dw8Ctor and thè Fiflar￿ aThJ HR LirectN, t09B￿ cornpw tho Sew Ttram. Tho
Chief Executi*IcIL￿ Soufjtary att￿S OD cour￿￿1 meebrws and meetrgs offv Assocththi's cthmmittees. Re*vant
membets oflhe S8nior Managtrnwi T&am attendmeetThJ5 of5￿rtIeeS rwL¥red
VS¢ ITradln91 LlmM•d
A5$￿ation hokts 11Mfh oftha shara VSC (Trafiwl L17Ml&4. rwst8rwJ nw*er03532e41. Thi$ Company 15
responsible tr u5hw th Lsswation* 18Jlityes and resour￿5 whth fal outsKle the cF*ritaN& 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￿$￿1*￿ts. ￿ur11*s or as rw be
I￿v9h1 fiL 51A)ied nevert￿ts$ 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$5enlial forcaprtal Imkyowients. Fc*thE present ils •*Asx%¥aiitri'$ ioath*ve 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 unkn*S 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¥po*ni￿ 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. t*nth $faft
baWtsit￿n3W￿1ng. Lrmth)n hospiwity
Faiknie to recru*8Th1 a waity. motrd8bJ *t¥kfr)r¢e
reuuthni p￿¥￿Se$.
Arvly fjth1iNJ$ from th•AMu￿ Slalf
Prov**3n effidert
raE81 S tem.
MonI￿r •llnlion a￿110￿)e[S r818s ar￿ th8 gSSWted
IAeff*Jers decide nol ¢0 cl￿ Crf renw their
mernbership and the ¢￿b fal$ 10 a Jn*dYvJ 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
Offwia*s 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 $OTr*a￿, paswt)
0)ntr￿ 8￿j mail ser¥Ke wovvjed
Re**s L¥)nthJckny ty extem￿ IT supptsrt c￿nY.
IT Polryand aK¢r¢wale insL¥8rte ID pLxe.
Fm8rK41 emtrc4s in pL%e ¢owe*rt
FraLHI lfjsur8fLce in
. Q￿bha$ C
Essenlk41s c**ficalA)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¥-to*ay 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
RwfWJr*raI￿ Committee w*ich 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 IASSIC*4 A¢TIVITIE5
farwhKh Ihg Ch*tyare'
To pr¢mob ￿￿￿￿ry*￿08rKVand espitdè CYXPSby ￿1r￿d￿t￿￿thermÈ￿b￿s0f￿ATrn*d 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 dth*r LNJtstarKlrs VatL*. se￿*￿￿1 Cwbsy.
Public Benefit
The Courol has I￿1 dug rwaard io ChaiityC<rnwi￿ to inWn**th• Ch8ntrs t*)￿1
lh8 benefit ol lh8 PUblL. The wc¥rt cam*J 0sJl by Ihe Clwity to hJthF lthe thantaiit rt48#wes aTÈ h#JhlWèJ in
Chaimi*'s 51alemei)l. ￿lIst G￿rnmen1 dos*J 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. sr*rAf￿￿ty. Ih80 ¥￿Ude mfDTm* and foffnal
meebn95, Shi￿. Regirnen*l aThJ Swalrm dinners. ￿ ¢onknn￿. Orthn3r*. the C￿b hosts a range ol
mllilary ASSOC￿l￿Ne¥enis due ￿ a mcrf8 tff*tNe marf(eiiNJ w0yraft￿. *vJ a mL¥Jd thai taik)re($ 10 pro¥kYe an
•nioyabPe event Ihal ¢ afToréable. irL*vwJua& frm) al Mks to par￿apate bg *corruT￿al￿d ai vgry
reasonabia pr￿65. Ir*wtaL4y, 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
t*iKlren". 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 JMrt*rs 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 4*th tt)e ￿athr￿ mih"tW L*ari&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 m*nters of Ihe
s8Triny Armed Forces af8rec￿Me￿fj8d 10 u$. This sckne L% 9er*rW funLW by the Nutfigkl Tmsl fyjr Ihe Forces
oftt* Cro¥Trn. Nolaw. theClub¥sosupwrtsthèwty*ofotrwmfitarytharthsby rxov¢irvJdi8¢WThted ch•rg8s forme614)9
tvent rooms. Io SkW)rt th8 bjcal xlmmuntykn FY 2021Q2 ha5bow smiLgrly efjnsv*n*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 fJL*J'S Lourye Bar and upgrades 10 bedrr*)m air
condiliwing contrds. amtNWSI ￿ers. %*real$odgf8ry￿. Th8 Club ￿ ¢x¥np*k a nunbeiol f*T stopping ths
incknJirrtJ t￿ in5181￿bOn ornewm￿￿)rn(￿￿ f¥e dorKs IkKffs ofthe arKJ alsD*fjths in ihe Int•r-lo
rvitts c￿03rd￿. wa$ al atost 01£71.110. In CovKY-19 Th Club wt £14.467 on L￿rOres00Th
Slaffand ¢ontraL*ots al ￿entrar￿. In topatwj luT hwMs(xeen5 in*aU•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￿ Fl*e. Th8 eoard *bcyates eonsiderabty groater
rorffi oteuparw ar￿ Ma￿ e¥wts I￿rI quar*tOfthe￿3r, so thal by 314 March 2022 the C￿b¥￿Il be Dperatin9
ate0% ofts tapac*y.
In Finanoal Year 2021r22 the C￿b.S planwd Capti￿ andwths expeTh*th wil again ip red￿d louneertainty
associated c￿￿￿193nd redur£d us*38. the rebww8 we*¢¥Js yo8r. The Club ha5
&*ensN8 alrconthii(￿*vj in our b8dr4)uo$. Evenl Rooms afyJ'puL*' aréa5. vhlh a 01 Élm. Wlh a Wel
of£25k Ih& cl￿>￿¥ ¢£¥ltrxlwth a Me¢hanits1 £￿1 Crrfnpany to carry L¥Jt an eqtnkThnlcon&¢lirffi 5ur¥ey. IILxn
whth have a lo marhage a Teplacwl prf4r*rn¢ a period to 4 yeats. Tho Club delNer
upgra￿$ 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. Hanr*d 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 $th.
Is wll ¢ost £20,(Kk).
The Cl￿).5 Iki*5to IheAnned Fortts crffinTh￿ty. ser%*rg and rew, Wil t)NIIiiug b) bè de%*kJ)ed th￿9h
grealerimks wlh mwnber5hy ¢jryan￿￿KUts and trwJse¥thO are t￿￿Dn1rO frm Servre lo ciwlkgn Ife. ourw￿￿1tsn or
eur free Respite and Wf¥e Breaks V*iN ba(* w foloFAINJ ￿ rwniny ffi 17th Moy 2021. ar￿ the sthequent
¥ftir@ ol r8sindois. ￿ l¢xk fm¥8rd at4e lo u￿* Ch*ity [￿rE￿r￿ aThl AGM s to r*5ewr
rAesence again. in >Jth"on ki r￿on￿3 markthry aciMbè5. so thal r￿mt)erS aTrJ makè ouroffetmortr
FINANCIAL REwew
The Con501daled Stat&mentol Fin•￿1 •nel4WM)tof£1.764.884 P020.' Notsu￿￿ £4tY.5241. The
defial i4 afteran unreaisgd g*n in QLY oi£e81.225 (2020.. 1(555£414,9591. Asthg IrhEstrrtents ate h8tdfor
the lang temi. tho In¥estmÈntCommitt* thJes nDtpropose a thange inin¥esbmenl 5traieyy. As a r¥thl of Cohid 19 arnj
exienylo ￿l￿*J$ ol¢k6ute, (knyea*J fr4>m £9.319.421 10 £2.705.969. Exw)dthJro ￿ ai 8rea5 ofoptrrydtions
wore ¢areltrly Mana￿ arKI ￿ve been ¢¥hter*d 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 sl*6t 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 IvJ*s. 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 tsf*h￿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￿$15 lo IhB A55ou&tim. and Vol￿taTI￿ scme donal￿5,
W￿ are very m51 gRtEfvI. have That JK¢W wrycompl*ntsin re5r￿￿off￿nL*ai4￿￿ KliiAty. In 2￿41 Ih2rewere aL50
no
R•5&r¥es poll¢y
In th8 y•arto ts 31 Marth 2020 thE Tn￿tea$ c*ied of R9¥8Th*s Pdw. ¢ti￿ty Cann¥ss
guidan￿. the Trustee$ aetK*d that the Chanty needed to better vmsure the [L￿9-1érrTr nleresls of Ihe Charty and ts
beneficiai*s 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%l*ed 81 E6.17ml".
Tr¢ d&svJngtod fi￿85￿1 iurKI at fv rwt aw15 £9.9$7.3￿(2020.' £11.114.5271,'
The tye8lkin d a ¢J&5gn3*d c*d thè'SWi￿¢ Cwl Pr(1￿1 Furkf a fiJTrl *mi wcpct
Asar25uttofty* C*rcrfHvirus. thech￿tY￿*Sl￿ unabknto•jd•ryn￿r￿E5 iollw5 l*rKe IhpbaLAr
on 3111 March 2021 Is £rMI1202tr. £nill".
On 31°Marth 2021. the Charity IWJ tol4 te5eNe50f £14.201.1Y12020". £15.￿.0381 01 lh8 total. £216.077
relates lor￿￿￿￿ed •Jnd512020." £217.6191 £9.957.369 deS￿nated fund refleds the
nEI br￿th orthNJb￿ Fued a5sels (2020." £11.114.52n.
Th? Trt*iées furt￿r￿8(•sed thatfv Ex8oJtN0 C£￿¥ttee re¥i*vtht Rt5tts*s g(Mng I0￿¥¥d 45 Part ofttre ￿n￿al
budgetirvj prctes& orwhen Charity's strategy ts re%v*ed anttvjhenthe mks faced bythè Charity ￿gnIfi¢an1ychan9e.
A8 of 31* Maith 2ff21. tro C￿rity h•J wrfeskncknJ r￿%$. 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 InvEsirr*fil 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$1o0d 8t E3.919.824 (￿tr. £ 3.0*2811.
STATEMENTOF ¢OU14CIL MEMBERS. RESPOIISIBIUTIES
applicab￿ thv and r8gulaiths.
Cornp￿ law reqvires Ihe CowKiI 10 wepare f•￿181 stèlements loy firk7nciJl Ufidef thal18w the
CoJrKil Member5 bave ekn18tl to prewe finèntsal st8¢emenls ￿ %￿VrjanCe %%ith United ￿rI￿lDrn Generalty Accemed
A¢counlirrtJ Practi￿ Ivriled Stsrnl8rds apr4K8ble lawl Tr Mat¥ial S￿￿ments required by
law lo give a Irue and fair ol the state ol Ihe affa¥s ol cl0ri18ble comparry ol th2 gioup of Ihe S￿￿V5 or
dÉfKitofthe tharitab￿ corDPaV lorlhat pertLwJ. In rKep8tirvJ lh￿ finarwxal slalern*nts the Cwncil Membefs are wuwed
make1￿￿9￿M￿lS ard e$tim8te5 Ihal We r0asryw)￿ *d
dirydtssèd andexp￿n9d ￿ Ihe stsiwwls.
Prepare the fmarxial slai*nBrt8 ￿ tho gcty Caxem basts it is inaJ>wr¢¥bth lo a￿UMe that lh8
Tho C￿jnu1 Members I￿ also re¥onsR* fDr keew"r*J that thgdo$8 V4ith r8asÉw*J* 8cwr
ai any iinE the finan￿￿ p05itr•￿ ofthedHrii8ble cL¥npaTry a￿1 er￿ Ih&m to e￿￿[elhal stslements CoM￿Y
h Ihe Compart￿$ 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 C4J*r 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 thatb*crthlhatfvAs5C#i*s •k*tors 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 ch*itabkuThpwty'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 h*e 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(M*h5 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
inconsisiert*s or apparent M￿e￿al missialeft*nts, 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(r*led￿ understanding of the group and the p*ent 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 Ir*Jd, ar8insiancesof noTr-compthancewilh lawsand wU￿bon$. IAÈ de5iAn Pr￿￿￿￿re$
in line with our responsibilii*s. r¥Jtlined above. to delect matertal n45slate￿nts in ol irregubril*s.
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¢k*liThJ 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￿$", and
Challenging assury>tKJns *KI ju(*￿entS m* ty managemerl in their¢ritt4 aCc￿nting estirn*8s,
partKular ¢JOnati￿ aThJ legxy rwthn.
A tlesGTVtion tsl our responybilrties for Ihe 0th1il of the finwial statements is ￿￿ted on the F￿aDrial
report.
U$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 ¢h*iW c<xnpanys mNnber5. as a body. lor ouraLKht work, for this repcrt, or
for the opinions have fom*d
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¥it*s
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
Yr*5tttbRM*En 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
CU*AÉNT ASSETS
sioc*s
12
27.527
312.435
2J)5.980
2.575.912
47.$9D
371.$37
2,340.624
2,759.751
(lebinri
13
Cath Aibarth
CRE05TORS'. ts11th9 **J•
on•y••r
14
1gM.9611
NETCURRWASSETS
1x961
1.61S.231
TOTALASSET3 LESS CURRENT UA8ILrnES
1S.4n.154
15.5fj8.038
eREr￿)￿s.. &f*rnorrlhJn 1 y*•r
14
{1275.1
TOTAL NET ASSETS OA U4blUTJES
14.&11.1
15.96B.Ib38
FiINOS
Rest￿1¢0
UNesirkted I￿r￿S..
Dp$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
Taii*t4eas5ers
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 r**h •qLA¥akni••tthp•DO alth*y•
2.2￿950
2.34Om4
Analysis ol¢hange• (nftel debt
34.OT4
(131M741
pz&(rt
LLW¢
(22S.¥•X
Lrtw>s l*llrsduR atsTrJrethanc¥*
2.J40.624
(1.631.074
705.9XS
*ty¥l#ol andca5h4quTr4a*ts
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￿￿￿¥<FRs 102J 1 JWvJ*y2QI9). ￿RP(FR5 102)}. **
{¢) Gran*B,
l•> 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 r*tof•ry ii•Je
cakLlgtsd ba¥¢d
111 at kn hlffld
ssfrrrn thEd4t¢
ImlFund
lTrll L•asln¥ andhlr• pwthAs• cornmitn*ntg
lo> PToyr4tlon olatcwnts carK•rn
wfryrwj matwe nc4 re• apparth* and U￿B￿y￿
(ro￿lhe$¢*a*nllQs.
bi ts pedod InwhKn Ir* eswnawts rebistd r¢¥45￿ firtur¢
1g)PBnsloh *rw•m￿l$
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 (¢r*r4lalocak•
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
gOVERN*NCÉC0$78
2021
IQ424
10&942
94.411
05

THEWCTORYISERWCESI Associ*rvJii
NOTESTOThE RIIAFIC￿LSTA7E￿EXlS leOhtsWd>
FOR THE YÉAR EN{￿ 31 IIARCH 2011
EXPEP4DillMIE Icary•r•b¥•l
FC*The YE*A ENOED 31 I￿0
Tot•1
AHALY$18 Of EXPEMDITURE
Rahing Funds
420.0
620ATg
1.412
ExptfvJllLYoon<*artMbk
2.639.
33S.367
3.39S.ts37
1770.862
172.113
3.5S3.494
9KS.911
172.
IA25.370
391.417
679.839
&483,Wl
Meffltethp and certral
TOTAL EXPEIIDITLIRE
e} AMALYStSOF WPPORTCOSTS
FOR TME YEAREIIOEO )1 MARCH 2Q20
f4J¥t•
Totsl
R•I￿n9
Furdia0ln9￿￿￿k
ExpBndltumon eh*vtsts￿ a¢￿+￿￿**.
24.7&
420.016
155.
19.751
199.91$
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￿￿Ef*j1 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
ThpNL*Ak1Ttu
24.61•
iC4SO
75.CffjD
1*40n
$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)
Oth*rspKin4don*t<
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 CO*ln41ElnS
Jty
Lwds
Oth•r
631.SNI
71S74
. PENSK)NGOklMtTp%•nJ
£149.0891. *4 Ji Id•tch2ty21.corffjknd(4£IIL*1 ￿0￿.£17.191
.76YI
rA•.nJ
1.721976
{leJ.5m
.102
IlQ55S
2* IiELATED P￿TKIN5AC￿0r1s
1.012.7T1
129M