**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 unrgslrh*ed fur*Js of lh• w48 £424,750 as al 31 t)ec*mber 2025 of*th 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