Charity number: 305152
Surrey Army Cadet Force Association
Unaudited
Trustees. report and financial statements
For the year ended 31 December 2024

Surrey Am)y Cadet Force Association
Contents
Page
Reference and administrative details of the charity, its Trustees and advisers
Trustees. report
Independent examinerfs report
Statement of financial activities
Balance sheet
Notes to the financlal statements
7-13

Surrey Am)y Cadet Force Association
Reference and administrative details of the charity, its Trustees and advisers
For the year ended 31 December 2024
Trustees
Rev. Canon N P Nicholson DL
Colonel (Ret'd) D K G Cox OBE
Colonel (Ret'd) E A Mulder
M J Gerrard QPM DL
Brigadier (Ret'd) P A D Evans OBE DL
Colonel {Ret'd) P T Crowley MBE DL
N F Harnby (appointed 27 May 2024)
Charity registered
number
305152
Prlnclpal offlce
3rd Floor, Afon Building
Worthing Road
Horsham
West Sussex
RH12 1TL
Independent Examlners Graham Hunt FCA
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Bankers
Barclays Bank
2 Carfax
Horsham
West Sussex
RH12 1DN
Solicitors
DMH Stallard
3rd Floor, Afon Building
Worthing Road
Horsham
West Sussex
RH12 1TL
Investment Manager
Evelyn Partners
45 Gresham Street
London
EC2V 7BG
Page 1

Surrey Am)y Cadet Force Association
Trustees. report
For the year ended 31 December 2024
The Trustees present their annual report together with the financial statements for the year 1 January 2024 to 31
December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act
2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust was created by a Declaration of Trust dated 1 October 1971 as amended by the Resolutions of the
trustees dated 17 November 1986 and 21 April 1996.
The trustees are invited to join the Board of Trustees after appropriate consideration amongst existing trustees
and other interested parties.
The trustees at the year end are stated in the ￿ference and administrative details infomiation on page 1.
The trustees who acted during the year are below:
Rev. Canon N P Nicholson DL
Colonel {Ret'd) D K G Cox OBE
Colonel (Ret'd) E A Mulder
M J Gerrard QPM DL
Brigadier (Ret'd) P A D Evans OBE DL
Colonel (Ret'd) P T Crowley MBE DL
N F Harnby {appointed 27 May 2024)
The 8dministr8tion of the trust is controlled by the trustees.
Colonel (ret'd) D Cox acts as the Administrating Trustee, CO￿rdinatIng matters be￿een trustees, officers, third
parties, professional advisers and providers.
OBJECTIVES AND ACTIVITIES
The Trust was established for the furtherance of education and the training and development of young people
through their leisure-time activities so as to develop their physical, mental and spiritual capacities so that they
may grow to full maturity as individuals and members of society and that their conditions of life may be improved.
The trustees continue to apply the income derived from the invested funds to meet the objectives laid down in
the Declaration of Trust through the payment of grants. Preference is given to the cadets serving in the Surrey
Army Cadet Force and their associated activities but if funds are available the trustees will Consider applications
from other youth orientated organisations with similar aims.
The trustees provide Surrey Army Cadet Force {SACF) with an annual grant budget of £20k for which there are
pre-agreed expenditure headings and can be drawn down by application via Hon Treasurer. Any SACF
requirement outside of the budget headings and lor in excess of the £20k as well as any applications from other
organisations must be approved by the trustees.
ACHIEVEMENTS. PERFORMANCE AND FINANCIAL REVIEW
The accounting period of the Association ends on 31 December of each year. The Association continues to
maintain substantial funds mainly due to the generous bequest of the late Major Richard Maydwell.
At 31 December 2024 the fund balance stood at £2.115,345 of which £1,743,149 is a permanent endowment.
Grants to cadets and for their associated activities amounted to £19.807.
Page 2

Surrey Army Cadet Force Associatlon
Trustees, report (contlnued)
For the year ended 31 December 2024
The Association has expended a significant amount in the year out of unrestricted funds and intends to continue
doing this as long as funds are available. Govemance costs were £5,520.
During the year the Association had ￿alISed and unrealised gains of £119.990 on its investments.
The trustees will continue to make the adjustrnents necessary. whether to granl approvals or to investment
policy, to ensure that funds are sufficient to meet expenditure. They have reiterated their wish to see the
allocation of monies to assist as many cadets and cadet activits'es as possible whilst at the same time looking for
any other worthy organisalions to support where they fall within the objectives of the charity.
RESERVES
The trustees have r&solved upon a policy for dealing *ryth reserve funds as follows:_
The level of unrestricted funds of the Association was £372,196 as at 31 st December 2024 of which
£303.283 are represented by Fixed Asset Investments. The trustees policy is to retain the investment in
the long term with the income being utilised for grants. The level of reserves to meel the expenditure of
the Association was therefore £68.913.
The Association has a pemanent endowment. the income frorn whlch is used to meet general
unrestricted expenditure.
The trustees consicler it prudent to maintain sufficient available reserves to meet the objectives of the
Association for Ihe forthcoming year. The trustees review the level of reserves against potential demand
and, where appropriate, may reinvest a surplus into the investrnent portfolio.
Further details of the funds 8r8 sot out in note 8 of the financial statemants.
GOING CONCERN
After making appropnate enquines, the trustees have a reasonable expectation that the charity will continue in
operational existence for the foreseeable future. Therefore, they consider it appropriate to prepare the financial
statements on a going concem basis.
PUBLIC BENEFIT REPORTING
The trustees have had due regard to the Charity Commission guidance on public benefit whilst setting the
objects and activities of the charlty. Details of the public benefit provided by the Association are set out eartier in
this report.
RISK ASSESSMENT
The trustees review financial and other risks where appropriate and have established procedures to ensure that
all transactions. activities and projects are property authorised.
Approved by order of the members of the board of Trustees and signed on their beh81f by:
ier
A D Evans OBE DL
Date:
7A, £823
Page 3

Surrey Army Cadet Force Association
Independent examinerfs report
For the year ended 31 December 2024
Independent examinerfs report to the Trustees of Surrey Amiy Cadet Force Association ('the
charity.)
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December
2024.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ('the 2011 Act,).
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and
in carrying out my examination I have followed the applicable Directions given by the Charity Commission under
section 145(5)Ibl of the 2011 Act.
Independent examlner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the accounts do not accord with those records., or
the accounts do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fair, view which is not a matter considered as part of an independent
examination.
I have no concems and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Graham Hunt FCA
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Date.. 25 March 2025
Page 4

Surrey Am)y Cadet Force Association
Statement of financial activities
For the year ended 31 December 2024
Pemianent
endowment
funds
2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income and endowments from:
Investments
43,257
1,269
43,257
1,269
39,236
794
Other income
Total income and endowments
44,526
44,526
40,030
Expendlture on:
Raising funds
Charitable activities:
Grants payable to SACF
Other grants payable
Support and governance costs
17,395
17,395
16,814
19,807
3,331
6,002
19,807
3,331
6,002
29,347
3,710
3,973
Total expendlture
46,535
46,535
53,844
Net expendlture before net galns on
Investments
Net gains on investments
(2,009)
30,890
(2,009)
119,990
113,814)
72,217
89,100
Nat mov•m•nt in funds
28,881
89,100
117,981
58,403
Reconciliation of funds:
Total funds brought forward
Net movement in funds
343,315
28,881
1,654,049
89,100
1,997,364
117,981
1,938,961
58,403
Total funds carried forward
372,196
1,743,149
2,115,345
1,997,364
The notes on pages 7 to 13 form part of these financial statements.
Page 5

Surrey Amy Cadet Force Assoclatlon
Balance sheet
As at 31 December 2024
2024
2023
Note
Flxed assets
Investments
Current assets
2.046.432
1,952.675
Other debtors and accrued income
Cash at bank and in hand
8.877
68.336
52.149
77.213
52.149
Creditors: amounts falling due within one
year
18,3001
(7.460)
Net current assets
68,913
44,689
Total net assets
2,115,345
1,997,364
Charity funds
Permanent endowment funds
Unrestricted funds
1,743,149
372,196
1,654.049
343,315
Total funds
2.115.345
1,997,364
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
t'dj P A D Evans OBE DL
Date: //L MILTIL 2a23
The notes on pages 7 10 13 fomi part of these financial statements.
Colonel (Ret'd) D K G Cox OBE
(Twstee)
Page 6

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fairf view and have departed from
the Charities {Accounts and Reporlsl Regulations 2008 only to the extent required to provide a 'true
and fair, view. This departure has involved following the Charities SORP (FRS 102) (second edition
October 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otheNise stated in the relevant notes to these
accounts. The financial statements have been prepa￿d in accordance with the Statement of
Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102) (effective 1 January 20191, the Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland (FRS 102>, the Charilies Act 2011 and UK Generally Accepted Accounting
Practice.
The Charity does not include a cash flow statement on the grounds that it is a small charity.
Surrey Army Cadet Force Association constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in Sterling and rounded to the nearest £.
1.2 Incom•
All income is recognised once the charity has entitlement to the income, it is probable th8t the income
will be received and the amount of income receivable can be measured reliably.
1.3 Expenditurè
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned be￿een those activities on a basis consistent with
the use of resources.
Costs of Raising Funds are costs incurred in managing the fixed asset investment portfolio.
Grants payable are included in the Statement of Financial Activities when approved for paymenl by
the trustees. Grants payable are payments made to third parties in the furtherance of the charitable
objectives. Where the charity gives a grant with conditions for its payment being a specific level of
service or output to be provided. such grants are only recognised in the Statement of Financial
Activities once the recipient of the grant has provided the specific Se￿1￿ or output. Grants payable
without performance conditions are only recognised in the accounts when a commitment has been
made and there are no conditions to be met relating to the grant which remain in the control of the
charity. Provisions for grants are made when the intention to make a grant has been communicated
to the recipient but there is uncertainty about either the timing of the grant or the amount of grant
payable.
Governance costs are those incurred in connection with administration of the charity and complian
with constitutional and statutory requirements.
Page 7

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Accounting policies (continued)
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity- this is nonnally upon notification of the interest paid or payable by the Bank.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and shown in the heading 'Net gains on
investments, in the Statement of Financial Activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and In hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
The balance includes cash held by the investment managers.
1.8 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as 8 result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipales it will pay to settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value.
Page 8

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the charity and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial
statements.
Income from the pemanent endowment is available for use at the discretion of the Truslees in
furtherance of the general objectives of the charity. Investment gains and losses and changes in
market value of assets comprising the endowment are accumulated as part of the endowment to
maintain its long-tem capital value.
Further details of each fund are disclosed in note 8.
Other costs
Cost of Support and
raising governance
funds
costs
2024
2024
Total
funds
2024
Bank charges and sundry
Accountancy fees (governance cost)
Investment management fee
Independent examiner's fee (govemance cost)
482
4,870
482
4,870
17,395
650
17,395
650
17,395
6,002
23,397
Support and
Cost of governance
raising funds
costs
2023
2023
Total
funds
2023
Bank charges and sundry
Accountancy fees (governance cost)
Investment management fees
Independent examiner's fee (governan￿ cost)
333
333
3.040
3,040
16,814
600
16.814
600
16.814
3,973
20,787
Total governance costs for the year amounted to £5,520 (2023: £3,640). Total remuneration paid to the
independent examiner relates to independent examination fees of £650 (2023: £600} and other
accountancy services fees of £4,870 (2023: £3,040).
Page 9

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Analysis of grants
The Charity has made the following material grants to institutions during the year..
2024
2023
Surrey Army Cadet Force Association
Other grants
19,807
3,331
29,347
3,710
23,138
33,057
Other grants are made up of 6 (2023". 4) grants to local charities.
Flxed asset Investments
Flxed Asset
Investment
Cost or valuatlon
At 1 January 2024
Additions
Disposals
Revaluations
1,952,675
349,283
(375,516)
119,990
At 31 December 2024
2,046,432
Taxation
The charity is a registered charity and its income falls under the various exemptions available to registered
charities.
Other debtors and accrued Income
2024
2023
Due within one year
Prepayments and accrued income
8,877
Creditors
2024
2023
Accruals
8,300
7,460
Page 10

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Statement of funds
Statement of funds - current year
Balance at
31
Gainsl December
(Losses)
2024
Balance at 1
January
2024
Transfers
inlout
Income Expenditure
Unrestrlcted
funds
Deslgnated
funds
Capital reserve
311,595
(945)
16,242
326,892
General funds
General Reserve
Funds
31,720
44,526
(46,535)
945
14,648
45,304
Total
Unrestrlcted
funds
343,315
44,526
(46,535)
30,890
372,196
Endowment
funds
Permanent
Endowment
funds
1,654,049
89,100
1,743,149
Total of funds
1,997,364
44,526
(46,535)
119,990
2,115,345
Page11

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Statement of funds {continued)
Statement of funds - prior year
Balance at
31
December
2023
Balance at
1 January
2023
Transfers
inlout
Gainsl
(Losses)
Income Expenditure
Unrestrlcted
funds
Deslgnated
funds
Cadet 150
Capital reserve
173.642
(189,410)
311.595
15,768
311,595
173,642
122.185
15,768
311,595
General funds
General Reserve
Funds
161,589
40,030
{53,844)
(122,185)
6,130
31,720
Tolal
Unrestricted
funds
335,231
40,030
{53,844)
21,898
343,315
Endowment
funds
Permanent
Endowment
funds
1,603,730
50,319
1,654,049
Total of funds
1,938,961
40,030
(53,844)
72,217
1,997,364
Page 12

Surrey Am)y Cadet Force Association
Notes to the financial statements
For the year ended 31 December 2024
Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted Endowment
funds
funds
2024
2024
Total
funds
2024
Fixed asset investments
Current assets
Creditors due within one year
303,283
77,213
(8,300)
1.743.149
2,046,432
77,213
(8,300)
Total
372.196
1,743,149
2,115,345
Analysls of net assets between funds - prlor perlod
Unrestricted Endowment
funds
funds
2023
2023
Total
funds
2023
Fixed asset investments
312,819
37.956
(7,460)
1,639,856
14,193
1,952,675
52,149
(7,460)
Current assets
Creditors due within one year
Total
343,315
1,654,049
1,997,364
Following a Trustees, meeting on 15 November 2023, to preserve its capital, the charity reorganised its
reserves into three distinct funds.
There was no change to the permanent endowment fund which requires its cRpital to be maintained. The
income generated from the permanent endowment assets is available to fund the general objectives of
the charity.
The funds previously held in the Cadet 150 fund, a designated fund set up by the trustees for funds
donated, collected and promised to celebrate the 150th anniversary of the cadet forces, were transferred
to a newly established, designated, unrestricted, capital reserve fund. While income generated from the
capital reserve fund assets is available to fund the general objectives of the charity, the capital in the fund
can only be depleted with the unanimous support of the trustees and then only subject to meeting the
strict guidelines set out in the charitls wles.
The general reserve fund now represents the balance of funds held in the charity's bank current account.
10.
Trustees. remuneration and expenses. employees and related party transactions
One trustee received reimbursed expenses of £434 (2023.. £150). No trustees re￿iVed any remuneration
in the year (2023 - £Nil).
The charity had no employees in the year or prior year.
There have been no related party transactions in the current or prior year.
Page 13