2025-12-31-accounts

Charity number: 305152

Surrey Army Cadet Force Association

Unaudited

Trustees' report and financial statements

For the year ended 31 December 2025

Surrey Army Cadet Force Association

Contents

	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 13

Surrey Army Cadet Force Association

Reference and administrative details of the charity, its Trustees and advisers For the year ended 31 December 2025

Trustees	Rev. Canon N P Nicholson DL
	Colonel (Ret'd) D K G Cox OBE
	M J Gerrard MBE QPM DL
	Brigadier (Ret'd) P A D Evans OBE DL
	Colonel (Ret'd) P T Crowley MBE DL
	N F Harnby
Charity registered number 305152 Principal office 3rd Floor, Afon Building Worthing Road Horsham West Sussex RH12 1TL Independent Examiners Graham Hunt FCA Kreston Reeves LLP 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 Army Cadet Force Association

Trustees' report For the year ended 31 December 2025

The Trustees present their annual report together with the financial statements for the year 1 January 2025 to 31 December 2025. 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 (FRS 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 reference and administrative details information 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 (retired 19/11/2025) M J Gerrard MBE QPM DL Brigadier (Ret'd) P A D Evans OBE DL Colonel (Ret'd) P T Crowley MBE DL N F Harnby

The administration of the trust is controlled by the trustees.

Colonel (ret’d) D Cox acts as the Administrating Trustee, co-ordinating matters between 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 /or 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 2025 the fund balance stood at £2,362,186 of which £1,937,436 is a permanent endowment.

Grants to cadets and for their associated activities amounted to £26,268.

Page 2

RESERVES Th018vel of unrgslrhed furJs of lh• w48 £424,750 as al 31 t)ecmber 2025 ofth GOING C&YCERN PUBLIC BENEFrr REPO￿llNG tINs reporL RISK ASSESSMEP Brlgath IR•fd) P A fi Evm• OBE I /S- ft*AIL

Surrey Army Cadet Force Association

Independent examiner's report

For the year ended 31 December 2025

Independent examiner's report to the Trustees of Surrey Army 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 2025.

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)(b) of the 2011 Act.

Independent examiner'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:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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 concerns 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 Springfield House Springfield Road Horsham West Sussex RH12 2RG

Date: 20 April 2026

Page 4

Surrey Army Cadet Force Association

Statement of financial activities For the year ended 31 December 2025

Note Income and endowments from: Donations and legacies 2 Investments Other income Total income and endowments Expenditure on: Raising funds 3 Charitable activities: Grants payable to SACF 4 Other grants payable 4 Support and governance costs 3 Total expenditure Net expenditure before net gains on investments Net gains on investments 5 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 9	Unrestricted funds 2025 £ 500 43,594 1,081 45,175 17,888 26,268 4,234 5,539 53,929 (8,754) 61,308 52,554 372,196 52,554 424,750	Permanent endowment funds 2025 £ - - - - - - - - - - 194,287 194,287 1,743,149 194,287 1,937,436	Total funds 2025 £ 500 43,594 1,081 45,175 17,888 26,268 4,234 5,539 53,929 (8,754) 255,595 246,841 2,115,345 246,841 2,362,186	Total funds 2024 £ - 43,257 1,269
				44,526 17,395 19,807 3,331 6,002
				46,535 (2,009) 119,990
				117,981 1,997,364 117,981
				2,115,345

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 7 to 13 form part of these financial statements.

Page 5

8alanc• •h8•t As at 31 D•c•fflbv 2025 Inv8strMnts 1171J 2.046.432 8.877 Cth at ba￿ arKI In harKI 191.n8 200.1 Tl.213 Creditm.. am￿nts fthg duts w6th1n (m Xi) (8.31x1) N•t ¢unnt a•••ts 190.758 68.913 1362.1 2.115.345 Chartty fvnd• lJ37.438 424.750 1.743.149 371196 Unr8strict8d funds Totsl fund• 1361186 2.115.345 Itsvd) P AD Evm• DL (rntstsel

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) 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 otherwise stated in the relevant notes to these accounts. The financial statements have been prepared 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 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities 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 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.3 Expenditure

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 between 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 payment 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 service 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 compliance with constitutional and statutory requirements.

Page 7

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

1. 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 normally 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 a 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 anticipates 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 Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

1. 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 an unrestricted capital reserve fund that has been set aside by the Trustees. 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 charity’s rules.

Income from the permanent endowment is available for use at the discretion of the Trustees 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-term capital value.

2. Income from donations and legacies

	Unrestricted	Total	Total
	funds	funds	funds
	2025	2025	2024
	£	£	£
Donations	500	500	-

3. Other costs

Bank charges and sundry Accountancy fees (governance cost) Investment management fee Independent examiner's fee (governance cost)	Cost of raising funds 2025 £ - - 17,888 - 17,888	Support and governance costs 2025 £ 469 4,270 - 800 5,539	Total funds 2025 £ 469 4,270 17,888 800
			23,427

Page 9

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

Other costs (continued)

Bank charges and sundry Accountancy fees (governance cost) Investment management fees Independent examiner's fee (governance cost)	Cost of raising funds 2024 £ - - 17,395 - 17,395	Support and governance costs 2024 £ 482 4,870 - 650 6,002	Total funds 2024 £ 482 4,870 17,395 650
			23,397

Total governance costs for the year amounted to £5,070 (2024: £5,520). Total remuneration paid to the independent examiner relates to independent examination fees of £800 (2024: £650) and other accountancy services fees of £4,270 (2024: £4,870).

4. Analysis of grants

The Charity has made the following material grants to institutions during the year:

Surrey Army Cadet Force Association Other Grants	2025 £ 26,268 4,234 30,502	2024 £ 19,807 3,331
		23,138

Other grants are made up of 4 (2024: 6) grants to local charities.

5. Fixed asset investments

Cost or valuation At 1 January 2025 Additions Disposals Revaluations At 31 December 2025	Fixed Asset Investment £ 2,046,432 265,452 (396,051) 255,595
	2,171,428

Page 10

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

6. Taxation

The charity is a registered charity and its income falls under the various exemptions available to registered charities.

7. Other debtors and accrued income

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	8,400	8,877

8. Creditors

	2025	2024
	£	£
Accruals	9,380	8,300

9. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Capital reserve General funds General Reserve Funds Total Unrestricted funds Endowment funds Permanent Endowment funds Total of funds	Balance at 1 January 2025 £ 326,892 45,304 372,196 1,743,149 2,115,345	Income £ - 45,175 45,175 - 45,175	Expenditure £ - (53,929) (53,929) - (53,929)	Gains/ (Losses) £ 42,693 18,615 61,308 194,287 255,595	Balance at 31 December 2025 £ 369,585
					55,165
					424,750
					1,937,436
					2,362,186

Page 11

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

9. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Capital reserve General funds General Reserve Funds Total Unrestricted funds Endowment funds Permanent Endowment funds Total of funds	Balance at 1 January 2024 £ 311,595 31,720 343,315 1,654,049 1,997,364	Income £ - 44,526 44,526 - 44,526	Expenditure £ - (46,535) (46,535) - (46,535)	Transfers in/out £ (945) 945 - - -	Gains/ (Losses) £ 16,242 14,648 30,890 89,100 119,990	Balance at 31 December 2024 £ 326,892
						45,304
						372,196
						1,743,149
						2,115,345

Page 12

Surrey Army Cadet Force Association

Notes to the financial statements For the year ended 31 December 2025

10. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2025 £ 347,863 86,267 (9,380) 424,750	Endowment funds 2025 £ 1,823,565 113,871 - 1,937,436	Total funds 2025 £ 2,171,428 200,138 (9,380)
			2,362,186

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2024 £ 303,283 77,213 (8,300) 372,196	Endowment funds 2024 £ 1,743,149 - - 1,743,149	Total funds 2024 £ 2,046,432 77,213 (8,300)
			2,115,345

11. Trustees' remuneration and expenses, employees and related party transactions

One trustee received reimbursed expenses of £459 (2024: one trustee - £434). No trustees received any remuneration in the year (2024 - £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