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2025-09-30-accounts

Forces Employment 140 Charity 1885-2025 Annual report and accounts 2024-25

Contents

Thank you .......................................................................................................................... 4 Governance and Management ........................................................................................... 5 Vice-Patron ........................................................................................................................ 5 Presidents .......................................................................................................................... 5 Trustees of the Charity ....................................................................................................... 6 Senior Management Team ................................................................................................. 7 Reference and Administrative Information ........................................................................ 8 Trustees’ Report 2024 – 2025 ............................................................................................. 9 1. Introduction ............................................................................................................................ 9 2. Corporate Structure ................................................................................................................. 9 3. Mission Statement ................................................................................................................... 9 4. Charitable Objectives ............................................................................................................... 9 5. Public Benefit .......................................................................................................................... 9 6. Governance ........................................................................................................................... 10 Strategic Report ........................................................................................................................ 10 7. Funding the Charitable Work ................................................................................................. 10 8. Delivering our Charitable Services .......................................................................................... 11 9. Our People ............................................................................................................................ 11 10. Operations ........................................................................................................................... 12 11. Introduction to the Financial Review ................................................................................... 15 12. Our Funds ............................................................................................................................ 15 13. Fundraising .......................................................................................................................... 15 14. Our Reserves ....................................................................................................................... 15 15. Investment Policy and Performance ..................................................................................... 16 16. Remuneration ...................................................................................................................... 16 17. Risk Management ................................................................................................................ 16 18. Review of the Financial Position .......................................................................................... 17 19. Future Plans ......................................................................................................................... 17 20. Statement of Trustees’ and Directors’ Responsibilities ......................................................... 18 21. Auditor ................................................................................................................................ 19 Independent Auditor’s Report to the Trustees and Members of Forces Employment Charity ............................................................................................................................. 20

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Opinion ..................................................................................................................................... 20
Basis for opinion ........................................................................................................................ 20
Conclusions relating to going concern ........................................................................................ 20
Other Information ..................................................................................................................... 20
Opinions on other matters prescribed by the Companies Act 2006 ............................................ 21
Matters on which we are required to report by exception ......................................................... 21
Responsibilities of trustees ........................................................................................................ 21
Auditor’s responsibilities for the audit of the financial statements ............................................ 22
Capability of the audit in detecting irregularities ....................................................................... 22
Use of our report ....................................................................................................................... 23
Statement of Financial Activities (including an income and expenditure account) for the
year ended 30 September 2025 ........................................................................................ 24
Balance Sheet as at 30 September 2025 ........................................................................... 25
Cash Flow Statement for the year ended 30 September 2025 .......................................... 26
Notes to the Financial Statements for the year ended 30 September 2025 ....................... 27
1
Accounting Policies ............................................................................................................. 27
2
Judgements in applying accounting policies and key sources of estimation uncertainty ...... 27
3
Income from Donations ...................................................................................................... 28
4
Income from Charitable Activities ....................................................................................... 28
5
Total Resources Expended .................................................................................................. 30
7
Staff Costs .......................................................................................................................... 32
8
Non-current Asset Investments .......................................................................................... 33
9
Tangible Fixed Assets .......................................................................................................... 33
10 Debtors .............................................................................................................................. 33
11 Creditors ............................................................................................................................. 34
11a Deferred income ................................................................................................................. 34
12 Funds .................................................................................................................................. 35
13 Trustees .............................................................................................................................. 38
14 Financial Commitments ...................................................................................................... 38
15 Financial Instruments ......................................................................................................... 38

Front cover image: Royal Marine Commandos using a Commando Raiding Craft (CRC) in the Norwegian Fjords, during Exercise Tarasiss, taken in October 2025 by LPhot Stainer- Hutchins. UK MOD © Crown copyright 2025.

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Thank you

I am proud to present the Forces Employment Charity’s 2025 annual report and accounts during our 140th anniversary year, a milestone for our commitment to the Armed Forces community.

This year, we provided strong employment support for Service Leavers and managed growing numbers in our veterans’ and families’ programmes. We worked with the Ministry of Defence, the Office for Veterans’ Affairs, and Cobseo to improve employment opportunities. By linking CTP and Op ASCEND, we help businesses access talent and ensure veterans and families receive ongoing support in their civilian careers.

Also in 2025, our Op NOVA programme continued to deliver vital support to veterans across England, while we expanded our Justice Services into Scotland and gained funding for Wales, allowing us to reach even more veterans in need. Our work with police, probation, the NHS, Op COURAGE, and prisons helps prevent reoffending and build long-term stability.

These achievements were only possible thanks to our dedicated staff, generous supporters, and committed funders. Thank you for helping us make a lasting difference.

Alistair Halliday, Chief Executive

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Governance and Management

The Forces Employment Charity is honoured to have HRH The Princess Royal as its Patron.

Vice-Patron

Air Chief Marshal Sir Andrew PULFORD GCB CBE

Presidents

Lt General Andrew FIGGURES CB CBE

Vice Admiral Sir Peter HUDSON CB CBE

Air Marshal Sir Baz NORTH KCB OBE MA FRAES

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Trustees of the Charity

The following were Trustees of the Charity and Directors under the Companies Act during the period under review and/or to the date of this Annual Report, unless otherwise noted:

Chair

Mr Ben FARRELL MBE

Trustees

Mr Peter CONNOLLY

Ms Susan JOHNSON OBE

Chair of the Remunerations Committee

Surgeon Rear Admiral Calum McARTHUR

Lieutenant Colonel R A ‘Mac’ McPHERSON MBE

Chair of the Nominations Committee (retired as a trustee 13 January 2025)

Mr Nick MILLER

Chair of Nominations Committee (from 14 November 2025)

Mr Alan PEPPER

Mr Ian RAND

(retired as a trustee 6 December 2024)

Mr Ramnik SAUND Mr Ryan SINCLAIR

Mrs Diana STEPHENSON

Chair of the Nominations Committee (from 13 January 2025; retired as a trustee 4 November 2025)

Mr Ian WEBBER

Vice-Chair and Chair of the Finance Committee

Mr Sid WELHAM MBE

Air Commodore Malcolm WHITE OBE

Associate Trustee

Nia-Wyn EVANS

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Senior Management Team
Commodore Alistair HALLIDAY Chief Executive and Company Secretary
Chris ADCOCK Director of Finance and Resources
(joined 15 September 2025)
Lauren BLAKE Director of Marketing, Communications
and Fundraising
Lorraine CADLE Director of Employment
John CUNNINGHAM Director of Justice Services (from 1
September 2025)
(Director of Justice and Executive
Services until 1 September 2025)
Iain DOWNIE Director of Resources (left 30 May 2025)
James MURPHY Director of Veterans and Families
Employment

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Reference and Administrative Information

Full name Forces Employment Charity Nature of governing document Articles of Association (updated September 2024) How constituted Company limited by guarantee, incorporated 29 October 1996 Company Registered Number 03270369 Charity Registration Number 1061212 Scottish Charity Registration SC039262 Address of Head Office First Floor, Mountbarrow House, and Registered Office 12 Elizabeth Street, London SW1W 9RB Telephone Number 020 7808 4184 Website www.forcesemployment.org.uk Email headoffice@forcesemployment.org.uk

Organisations and Memberships

The Forces Employment Charity is a key deliverer of Employment Support to the three Services, the Ministry of Defence, the Department for Work and Pensions and NHS England. The Forces Employment Charity is a member of Cobseo and Veterans’ Scotland, and its representatives chair the Cobseo Employment Cluster and the Cobseo Justice Cluster.

Solicitors

Bates Wells: 10 Queen Street Place, London, EC4R 1BE

Auditor

Sayer Vincent LLP: Invicta House, 110 Golden Lane, London, EC1Y 0TL

Bankers

Messrs Coutts & Co: St Martin’s Office, 440 Strand, London, WC1B 6QB

Investment Managers

CCLA Fund Managers Ltd: 85 Queen Victoria Street, London, EC4V 4ET

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Trustees’ Report 2024 – 2025

1. Introduction

This Report is by the Trustees of the Forces Employment Charity. The Report covers the period 1 October 2024 to 30 September 2025. The Report has been prepared in accordance with the Forces Employment Charity governing document, The Charities’ Statement of Recommended Practice (FRS 102), The Companies Act 2006, and applicable accounting standards.

2. Corporate Structure

The Forces Employment Charity traces its history back to 1885. It is registered as Charity Number 1061212 in England and Wales and Charity Number SC039262 in Scotland. The Forces Employment Charity was incorporated as a company limited by guarantee, number 3270369, on 29 October 1996.

3. Mission Statement

To provide life-long, life-changing support across employment to all members of the armed forces community, and veterans in the justice system, providing tailored advice and assistance, regardless of circumstances, rank, length of service, or reason for leaving.

Founded in 1885 and operating across the UK, we have the specialist knowledge and understanding to bridge the gap between military and civilian life. We work in partnership with other organisations and employers who, like us, respect and value the unique qualities and abilities of all those who have served and the wider armed forces community.

4. Charitable Objectives

The charitable objectives of the Forces Employment Charity are:

5. Public Benefit

By successfully delivering its objects, the Forces Employment Charity also meets the Charity Commission’s two key principles of public benefit: first, that there must be identifiable benefit or benefits, and second, there must be benefit to the public or a section of the public.

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6. Governance

The Forces Employment Charity has no members or guarantors other than the Trustees. The Board has a balanced composition of ex-Service people and business executives. Trustees are selected in accordance with Trustee competency requirements, which includes previous experience at Board level in a charity or other organisation. All new Trustees receive extensive induction training and further training to remain up to date with statute and best practice affecting charities.

The Board has three Committees:

Trustees are responsible for all policy decisions on the running and future direction of the Forces Employment Charity. Specifically, they are responsible for:

The Board delegates responsibility for day-to-day management of the Charity’s operations to the Chief Executive and Senior Management Team. They are responsible for delivering the Board directed charitable services in accordance with the agreed Budget. Detailed operational and budget reports are made to each quarterly Board Meeting.

Strategic Report

7. Funding the Charitable Work

The delivery of our charitable objects is funded in two ways: through grants from Service charities and other trusts, foundations and organisations and through contracted services, including the MOD’s Career Transition Partnership (CTP) and the NHS’s Op NOVA.

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Grant Funding

The Forces Employment Charity receives funds from generous donations made by Service charities and other organisations.

We are enormously grateful for our funders' continued support, which enables us to deliver employment support and job-finding services to our clients.

Contract Funding

The MOD delivers resettlement support to Service Leavers through the CTP Contract. The contract was re-let in October 2024 with Reed in Partnership as the prime contractor. The Forces Employment Charity was selected as the principal sub-contractor to deliver the CTP’s Employment Service. The contract includes the provision of specialist case-working support to Personnel on Recovery Duty through the CTP Assist Programme and support for Early Service Leavers through the Future Horizons Programme. The Client Support Team in Birmingham and the Employer Engagement Team are also delivered by the Forces Employment Charity. All these programmes have been delivered by the Forces Employment Charity since before they were brought into the contracted provision in 2015. The CTP contract will run initially for six years from 1 October 2024, with the potential for extension to 2034.

Op NOVA was commissioned by NHS England in April 2023 following the success of Project NOVA and the ReGroup pathfinder programme. The Forces Employment Charity is contracted to provide Op NOVA support to veterans who are in contact with the justice system throughout all regions of England. This contract is for seven years and is delivered in conjunction with Op COURAGE. In 2024, the NHS further commissioned the Forces Employment Charity to deliver phase two to include inprison provision, which has been sub-contracted to Care after Combat to deliver under FEC direction. The success of the contract across England has been the driver to establish NOVA support into the devolved nations which are all funded separately.

8. Delivering our Charitable Services

By combining our grant income with that from the CTP and other contracts to ensure maximum synergy and efficiencies, we can provide fully integrated employment and job-finding help to all our beneficiaries through the following programmes:

9. Our People

The Forces Employment Charity’s operations are managed by the Chief Executive, Director of Employment, Director of Justice Services, Director of Finance and Resources, Director of Marketing, Communications and Fundraising, and Director of Veterans and Families Employment.

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Effectively delivering the Charity’s mission requires dedicated, motivated and highly trained staff of the highest quality. All our staff receive comprehensive induction training, continuation training, annual performance reviews and further support when required.

Our principal deliverers of job-finding advice and guidance are Employment Advisors, Specialist Employment Consultants and Client Advisors. They are employed for their knowledge and skill in providing tailored employment support to clients. The majority have experience of working in the welfare to work and career advisory sectors, and many have also served in the Armed Forces. All are qualified or trained to a minimum of NVQ Level 4 in Advice and Guidance.

Our Op NOVA caseworkers are selected for their expertise in navigating the justice system and provide tailored advice to help clients live a crime-free life. Most of our caseworkers have experience in the justice sector, with many also having served in the Armed Forces. All of them are qualified or trained to at least NVQ Level 4 in Advice and Guidance.

Our Key Account Managers and Employer Relationship Managers are responsible for working with employers to generate job vacancies and other vocational opportunities which are suitable for our Service leaver, veteran, reservist and spousal clients. They are employed for their knowledge of business, recruitment and marketing. Many have also served in the Armed Forces. All have the Recruitment and Employment Confederation Certificate in Recruitment Practice.

10. Operations

Veteran pathways to employment success

In 2025, we directly supported 6,557 veterans, helping thousands secure meaningful employment and rebuild confidence. From our veterans’ employment services to specialist support for complex needs, executive coaching, and initiatives for women and Gurkha communities, as well as TechVets opening doors to high-growth tech careers, our impact was life-changing. Every success reflects resilience, confidence restored, and futures rebuilt.

If you feel like you’ve got nobody to turn to, just drop an email to the Forces Employment Charity, and they will certainly help you.

David Hirons, RAF veteran

Read more >>

Watch David’s story

This year:

832 new people joined our TechVets community

55% increase in mentoring applications

84% of veteran clients reported an improvement in their motivation to find employment

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Helping Service Leavers succeed beyond the military

Our teams within the Career Transition Partnership achieved remarkable results for those transitioning from military to civilian life this year. From CTP Assist’s 95% success rate in achieving vocational outcomes to Future Horizons supporting 2,707 Early Service Leavers, the impact is evident. Behind the figures are stories of resilience and hope; clients securing careers, education, and confidence thanks to dedicated teams who adapt to make every transition successful.

I don’t think I would have survived as well as I have without the assistance of CTP and Clive.

Luisa, Army veteran

Read more >>

Watch Luisa’s story

This year:

95% of CTP Assist clients achieved their preferred vocational outcome within six months

2,707 Early Service Leavers were assessed by our Future Horizons team

264 bespoke employer events delivered by our Employer Engagement team

Creating opportunities for military families

This year, even more military spouses, partners and young people turned to us to achieve their career goals. Ninetythree per cent of attendees reported that their job search skills improved through our Empowering You workshops, delivered in partnership with Barclays. Meanwhile, 246 young people gained confidence and valuable career insights through school sessions and work experience placements with employers such as Sky and Amazon. These programmes are helping service families turn challenges into opportunities and thrive beyond military life.

When Sarah called, it made my day. I felt like I’m not alone.

Sera Laliqavoka Koroi, Military spouse

Read more >>

Watch Sera’s story

This year:

921 military spouses, partners and young people supported in 2025

82% of young people improved their job search skills

88% of Families programme clients improved their confidence

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Transforming justice support for veterans

Op NOVA achieved full national coverage in England during 2025, NOVA Scotland established a formal referral pathway with Police Scotland, and we secured funding for NOVA Wales. Our Justice Services team broadened partnerships in prisons, including a pioneering contract at the UK’s first all-electric green prison and together they promoted practical skills, improved mental health, and reduced reoffending, creating safer communities and brighter futures for veterans.

NOVA made me realise I wasn’t a lost cause; there was light at the end of the tunnel.

Mark Reeves, Royal Navy veteran

Read more >>

Watch Mark’s story

This year:

1,172 veterans received direct support from our justice teams

90% of clients found Op NOVA’s advice to be helpful or extremely helpful

100% of NOVA Scotland clients improved their mental health

Supporting employers to unlock military talent

This year, we worked with even more employers to open doors for the Armed Forces community. From 297 tailored events and 12 national Employment Fairs to sourcing 23,389 job vacancies, our efforts connected companies with thousands of Service Leavers, veterans, and military family members, providing vital networking opportunities. Through innovations like Op ASCEND, we’ve supported businesses in adopting inclusive recruitment practices and enabled veterans and their families to succeed in meaningful careers.

“[FEC] has put veteran recruitment on the map for our internal stakeholders and hiring managers. They are now more aware of the benefits of hiring veterans.”

Tom Glennie, Close Brothers

Read more >>

426 employers supported by Op ASCEND to improve their military recruitment pathways

1,963 employers partnered with us to recruit from the Armed Forces community

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11. Introduction to the Financial Review

By careful management of financial resources, together with operating efficiencies and salary restraint, the Forces Employment Charity aims to achieve a modest operating surplus over the long term to (a) ensure a small positive annual cash flow, (b) fund the modest levels of capital expenditure needed (mainly IT equipment) and (c) add to our reserves which are currently below the desired level.

12. Our Funds

The total incoming resources for the year ended 30 September 2025 was £9,119,653 compared to £8,709,366 in the previous year. Expenditure in 2025 was £9,883,528 compared to £9,380,911 in the previous year. As a result, net expenditure before the revaluation of investments was a deficit of £763,875, which comprised a deficit of £473,713 on restricted activities and £290,162 on unrestricted activities. The unrestricted deficit included £328,667 spend under our designated business development and improvement funds to provide additional support to our staff and to develop the quality of our services and our outreach. Of the restricted deficit, £526,152 was against the Executive Programme to deliver, improve, and enhance our Executive and Career Services.

After an unrealised loss on investments of £56,596, the net movement in funds was a deficit of £820,471. This was in line with budget as we invested in our staff and services, including the £328,667 spend of our designated funds. We plan to eliminate the deficit which arises from our combination with the employment services of the Officers’ Association over three years.

At 30 September 2025, our investments stood at £3,647,149. The performance against certain comparators was not competitive. We will review our investments in 2026.

Our Funds at 30 September 2025 totalled £7,417,779 of which £3,881,154 was restricted, £300,000 was designated in the improvement fund, and £3,236,625 was general.

13. Fundraising

A range of funders support the Forces Employment Charity programmes. The Charity applies for grants, donations and contracts directly from charitable trusts, charities, companies, other organisations and government sources.

14. Our Reserves

The policy for our reserves was reviewed by the Trustees in December 2024, where it was confirmed that reserves should be held to ensure continuity of services under our charitable purposes in the event of any or all of the following:

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The Board has considered the objectives reflected above and concluded that the general reserve fund for programmes, other than the Executive Service Programme for which a specific designated reserve is held, should represent approximately six months of operating costs, equivalent in 2025 to £4,600,000.

As at 30 September 2025, our General Fund stood at £3,236,625 or 70% of the targeted reserve. The Trustees have agreed an objective of reaching the required level of reserves over the next three years, including through growth in the value of investments, to safeguard the Forces Employment Charity’s ongoing work.

15. Investment Policy and Performance

The Trustees of the Forces Employment Charity have wide powers of investment, governed by the Charities Act. The Forces Employment Charity has an investment policy that is approved by the Board, based on current market conditions and with a recommendation from the Finance Committee. Following a selection process at its November 2015 meeting, the Board agreed that our investments should be transferred to CCLA Fund Managers Ltd, an FCA-regulated firm of Fund Managers. The investment assets are invested in the CCLA COIF Charities Investment Fund Accumulation Units. This large-pooled fund is designed to enhance real value over a three to fiveyear period. It adopts a moderate investment risk which means some volatility in asset values should be expected. The Fund's performance is measured against three specific benchmarks which have been agreed with CCLA. The value of investments at the start of the financial year on the 1 October 2024 was £3,703,745. During the financial year, the fund made an unrealised loss of £56,596, closing on 30 September 2025 with a valuation of £3,647,149.

Following the liquidation of the investments received by the Charity following the combination of employment services with the Officers’ Association the receipts have been held as cash in a deposit account with CCLA. At 30 September 2025 the balance of this account stood at £3,570,991.

16. Remuneration

Making effective decisions in relation to staff remuneration is considered central to the continued successful delivery of the Charity’s overall aims. The Board’s Remunerations Committee is responsible for evaluating and benchmarking salaries against the sector and wider comparators to ensure the Charity attracts, rewards and retains appropriately skilled and motivated staff. The Committee also considers and submits to the Board of Trustees for approval recommendations for any general annual salary increase, including changes to the remuneration of the Senior Management Team.

17. Risk Management

The Board has reviewed the major risks to which the Charity is exposed and has established systems and procedures to manage them as follows:

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will play a major role in delivery of the new CTP contract to at least 2030; the NHS England Op NOVA contract to 2029; regular dialogue with the grant giving charities; diversification of funding sources and the holding of funds in reserve to act as a buffer in case of a significant reduction of income.

18. Review of the Financial Position

The Forces Employment Charity’s financial position remains sound. With confirmation that the Charity will form a major part of the CTP contract to at least 2030, including delivery of an enhanced range of services; the NHS England commissioning of Op NOVA to 2029; development of additional programmes to support veterans and their families; and the continued support of Service charities and other funders, the Forces Employment Charity continues to provide high quality employment help to Service Leavers, veterans and their partners as required by its charitable objectives.

The Trustees consider that the Forces Employment Charity is a going concern and that there are no material uncertainties to cast doubt on the organisation’s ability to continue operating for the foreseeable future.

19. Future Plans

The Forces Employment Charity vision is: A UK where all members of the Armed Forces community can lead fulfilling working lives, and our mission is to provide life-long, life-changing support across employment to all members of the Armed Forces community and veterans in the justice system, providing tailored advice and assistance, regardless of circumstances, rank, length of service, or reason for leaving.

To achieve this, the principal objectives for future years are:

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The Trustees (who are also Directors of the Forces Employment Charity for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

21. Auditor

Sayer Vincent LLP was re-appointed as the Company’s auditor during the year and has expressed its willingness to continue in that capacity.

The Trustees’ annual report, which includes the strategic report, was approved by the Trustees on 12 March 2026 and signed on their behalf by:

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Mr Ben Farrell MBE Chairman

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Independent Auditor’s Report to the Trustees and Members of Forces Employment Charity

Opinion

We have audited the financial statements of Forces Employment Charity (the ‘charitable company’) for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Forces Employment Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not

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cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

..................................................................................................................................................................

Joanna Pittman (Senior statutory auditor)

Date ..........................................................................................................................................................

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 110 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Forces Employment Charity

Company registration number 03270369

Statement of Financial Activities (including an income and expenditure account) for the year ended 30 September 2025

Notes
Incoming resources
Income and endowments from:
Donations
3
Charitable activities
4
Investments
Total incoming resources
Resources expended
Charitable activities:
Employment Support Programmes
Total resources expended
5
Net (expenditure) income before
investment gains
6
Gains / (losses) on investments
8
Transfers between Funds
12
Net movement in funds
Fund balances brought forward
Fund balances carried forward
12		 Restricted funds
2025
Unrestricted
funds 2025
Total funds 2025
Restricted funds
2024
Unrestricted
funds 2024
Total funds 2024
£
£
£
32,479
95,435
127,914
119,033
83,369
202,402
3,374,890
5,438,311
8,813,201
3,112,849
5,164,054
8,276,903
173,224
5,314
178,538
197,078
32,983
230,061
3,580,593
5,539,060
9,119,653
3,428,960
5,280,406
8,709,366
4,054,306
5,829,222
9,883,528
4,119,938
5,260,973
9,380,911
4,054,306
5,829,222
9,883,528
4,119,938
5,260,973
9,380,911
(473,713)
(290,162)
(763,875)
(690,978)
19,433
(671,545)
-
(56,596)
(56,596)
-
413,388
413,388
1,544
(1,544)
-
16,513
(16,513)
-
(472,169)
(348,302)
(820,471)
(674,465)
416,308
(258,157)
4,353,323
3,884,927
8,238,250
5,027,788
3,468,619
8,496,407
3,881,154
3,536,625
7,417,779
4,353,323
3,884,927
8,238,250

All recognised gains and losses for year ended 30 September 2025 are included above and derive from continuing activities.

www.forcesemployment.org.uk

Page 24

Forces Employment Charity

Company registration number 03270369

Balance Sheet as at 30 September 2025

Notes
Non-current Assets
Investments
8
Tangible fixed assets
9
Lease deposit
14
Current Assets
Debtors
10
Cash at bank and in hand
Creditors
Amounts falling due within one year
11
Net current assets
Total assets
Represented by:
General Fund
Designated Fund
Total unrestricted funds
Restricted funds
Total funds
12		 2025 2025
£
3,647,149
50,468
21,395
3,719,012
3,698,767
7,417,779
3,536,625
3,881,154
7,417,779		 2024 2024
£
498,447
4,303,504		 £
970,146
4,844,635		 £
3,703,745
86,181
21,395
3,811,321
4,426,929
4,801,951
1,103,184
3,236,625
300,000		 5,814,781
1,387,852
3,484,927
400,000
8,238,250
3,884,927
4,353,323
8,238,250

The financial statements were approved by the Trustees (Directors) and authorised for issue on 12 March 2026 and are signed on their behalf by:

..........................................................................................................................................................................................

Mr Ian Webber, Chairman Finance Committee

..........................................................................................................................................................................................

Commodore D A Halliday, Chief Executive

www.forcesemployment.org.uk

Page 25

Forces Employment Charity

Company registration number 03270369

Cash Flow Statement for the year ended 30 September 2025

Cash flow from operating activities:
Net cash used in operating activities below
Cash flows from investing activities:
Income from investments
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Notes 2025
£
(704,829)
178,538
(14,840)
163,698
(541,131)
4,844,635
4,303,504		 2024
9 £
(726,555)
230,061
(51,966)
178,095
(548,459)
5,393,094
4,844,635

Reconciliation of net income to net cash flow from operating activities

Net expenditure for the reporting period
Adjustments for:
Depreciation charges
Loss on disposal of equipment
Loss on revaluation of investments
Income from investments
Lease deposit
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating activities		 Notes 2025
£
(820,471)
50,005
548
56,596
(178,538)
-
471,699
(284,668)
(704,829)		 2024
9
8
14
10
11		 £
(258,157)
45,692
-
(413,388)
(230,061)
(21,395)
63,319
87,436
(726,555)

www.forcesemployment.org.uk

Page 26

Forces Employment Charity

Company registration number 03270369

Notes to the Financial Statements for the year ended 30 September 2025

1 Accounting Policies

Forces Employment Charity is a company limited by guarantee not having a share capital. The Company registered number is 03270369. The liability of members is limited to £1 each. The Company is a registered Charity. It is incorporated in England and Wales and the registered office is located at 1st Floor, Mountbarrow House, 12 Elizabeth Street, London SW1W 9RB.

The Charity’s principal activity is to provide life-long, life-changing employability support, jobs and training opportunities to all Service Leavers and veterans, including reservists and their families, irrespective of circumstances, rank, length of service, or reason for leaving.

a The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102.

Having assessed the Charity’s financial position and plans for the foreseeable future, the Trustees are satisfied that, as there are no material uncertainties, it remains appropriate to prepare the financial statements on a going concern basis.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies (see note 2).

b All incoming resources becoming available to the company are recognised in the Statement of Financial Activities when there is entitlement, measurement and probability of receipt. Grants given to finance activities over a specified period of time are recognised over that period.

c Resources expended on Charitable Activities comprise all expenditure directly relating to the objects of the Charity, specifically the costs of operating employment branches. Governance costs include compliance with constitutional and statutory requirements, including audit fees and Trustee costs.

Staff costs and overhead expenses are allocated to activities on the basis described in note 5.

d Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

e Tangible fixed assets above £700 are stated at cost less depreciation, which is provided in annual instalments over the estimated useful lives of the assets. The rates of depreciation applied to the assets are:

Computer equipment – three years straight line

f The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents the contribution payable by the Company under the scheme.

g Rentals payable under operating leases are charged to the Statement of Financial Activities in the year in which they fall due.

h Funds held by the charity are either:

Unrestricted general funds – these are funds that can be used in accordance with the charitable objects of the Company at the discretion of the Trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds – these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

i Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j Short term deposits includes cash balances that are invested in accounts with a maturity date of between three and 12 months.

k Cash at bank and cash 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.

l Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m 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.

n Grants payable are made to third parties in furtherance of the Charity’s objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Charity.

2 Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities and disclosure of any contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustments in the next financial year.

www.forcesemployment.org.uk

Page 27

Forces Employment Charity

Company registration number 03270369

3 Income from Donations


Income from Donations
Royal Air Force Benevolent Fund
Donations from other sources
Royal Navy & Royal Marines Charity		 Restricted 2025
Unrestricted 2025
Total
2025		 Restricted 2024
Unrestricted 2024
Total
2024
£
£
£
32,479
-
32,479
-
95,435
95,435
-
-
-		 £
£
£
55,283
-
55,283
15,000
83,369
98,369
48,750
-
48,750
32,479
95,435
127,914		 119,033
83,369
202,402

4 Income from Charitable Activities

Career Transition Partnership
NHS England
Mitie
Ingeus UK Ltd
The Forward Trust
Officers’ Association (SLA)
Executive Commercial Income
Reed in Partnership
Armed Forces Covenant Fund OVA
PCC Derbyshire (Restricted)
PCC South Yorkshire (Restricted)
Colyer Fergusson Charitable Trust
Greenwich Hospital (Restricted)
Veterans’ Foundation – NOVA
RBL NOVA Scotland
Armed Forces Covenant Fund (NOVA)
Army Benevolent Fund
Call of Duty Endowment
Charities Aid Foundation
Royal British Legion
Veterans’ Foundation
Lloyd’s Patriotic Fund
Barclays
Armed Forces Educational Trust
Sir Robert McAlpine
The Scottish Government
Armed Forces Covenant Trust – Families &
Women
Greenwich Hospital (ExForces programme)
Heropreneurs
Julia and Hans Rausing Trust
Cognizant Inc.
Splunk Inc.
TechVets: other donations
Army Central Fund		 Restricted
2025
Unrestricted
2025
Total
2025		 Restricted
2024
Unrestricted
2024
Total
2024
£
£
£
-
2,541,700
2,541,700
-
2,624,343
2,624,343
-
17,460
17,460
-
50,626
50,626
-
24,334
24,334
-
6,972
6,972
-
6,667
6,667
-
-
-
205,833
-
205,833
18,000
-
18,000
2,500
-
2,500
37,500
-
37,500
98,907
-
98,907
25,000
-
25,000
25,000
-
25,000
93,750
-
93,750
295,000
-
295,000
746,744
-
746,744
60,000
-
60,000
749,045
-
749,045
25,000
-
25,000
126,250
-
126,250
99,000
1,000
100,000
25,000
-
25,000
-
50,000
50,000
43,750
-
43,750
130,000
-
130,000
100,000
-
100,000
62,240
110,980
173,184
120,000
-
120,000
231,431
-
231,431
54,976
-
54,976
-
4,229
4,229
-
-
-		 £
£
£
-
2,597,410
2,597,410
-
2,206,910
2,206,910
-
-
-
-
79,658
79,658
-
24,209
24,209
-
24,127
24,127
-
47,917
47,917
-
58,823
58,823
205,833
-
205,833
18,000
-
18,000
7,500
-
7,500
37,500
-
37,500
136,667
-
136,667
-
-
-
-
-
-
-
-
-
295,000
-
295,000
711,986
-
711,986
60,000
-
60,000
718,686
-
718,686
25,000
-
25,000
100,000
-
100,000
80,000
-
80,000
-
-
-
-
-
-
62,500
-
62,500
-
-
-
-
-
-
-
-
-
-
-
-
288,802
-
288,802
74,157
-
74,157
-
-
-
50,000
-
50,000

www.forcesemployment.org.uk

Page 28

Forces Employment Charity

Company registration number 03270369

4 Income from Charitable Activities (continued)

Amazon UK Services Limited
Wells Fargo
Naval Children’s Charity
Veterans’ Foundation – Youth
Roger Raymond Charitable Trust
Department for Work & Pensions
Armed Forces Covenant Fund
PCC Humberside
PCC North Yorkshire		 Restricted
2025
Unrestricted
2025
Total
2025		 Restricted
2024
Unrestricted
2024
Total
2024
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
100,000
100,000
19,032
-
19,032
20,000
-
20,000
25,000
-
25,000
-
25,000
25,000
64,890
-
64,890
80,000
-
80,000
12,296
-
12,296
20,000
-
20,000
3,374,890
5,438,311
8,813,201		 3,112,849
5,164,054
8,276,903

www.forcesemployment.org.uk

Page 29

Forces Employment Charity

Company registration number 03270369

5 Total Resources Expended

2025 resources expended:

Notes
Cost directly allocated to
activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and marketing
Training and development
Auditor’s Remuneration
6
Subcontractors
Grants payable
Support costs allocated to
activities
Communications
Conferences and Meetings
Office Sundries
IT Equipment
Recruitment
Legal and professional
General Insurance
Bank Charges
Sub-total of Resources
Expended
Governance
Total Resources Expended		 Designated Funds
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2025
Total 2024
£
£
£
£
£
£
-
3,358,082
4,008,463
73,470
7,440,015
7,100,698
237
138,681
126,627
-
265,545
256,101
1,082
122,330
140,411
1,128
264,951
265,132
211,001
52,070
16,077
-
279,148
333,442
12,480
86,339
54,298
2,392
155,509
129,687
-
1,575
126
14,067
15,768
16,567
-
-
691,434
-
691,434
501,653
-
-
11,600
-
11,600
-
224,800
3,759,077
5,049,036
91,057
9,123,970
8,603,280
118
49,349
67,881
-
117,348
117,852
4,899
53,092
50,292
270
108,553
127,736
6,875
3,606
21,747
328
32,556
44,276
68,904
105,873
190,448
18
365,243
304,653
500
3,397
9,947
-
13,844
33,085
22,571
900
30,485
-
53,956
88,131
-
33,613
32,753
-
66,366
59,022
-
3
323
1,366
1,692
2,876
103,867
249,833
403,876
1,982
759,558
777,631
328,667
4,008,910
5,452,912
93,039
9,883,528
9,380,911
-
45,396
47,643
(93,039)
-
-
328,667
4,054,306
5,500,555
-
9,883,528
9,380,911

www.forcesemployment.org.uk

Page 30

Forces Employment Charity

Company registration number 03270369

2024 resources expended:

Notes
Cost directly allocated to
activities
Staff costs
7
Property running costs
Travel and subsistence
Advertising and marketing
Training and development
Auditor’s Remuneration
6
Grants payable
Subcontractors
Support costs allocated to
activities
Communications
Conferences and Meetings
Office Sundries
IT Equipment
Recruitment
Legal & professional
General insurance
Bank Charges
Investment Management Fees
Sub-total of Resources
Expended
Governance
Total Resources Expended		 Designated Funds
Restricted
Employment
Support
General
Employment
Support
Governance
Total 2024
£
£
£
£
£
-
3,372,282
3,666,240
62,176
7,100,698
-
143,572
112,529
-
256,101
364
131,429
130,932
2,407
265,132
241,272
60,888
31,282
-
333,442
13,867
67,044
47,810
966
129,687
-
-
3,363
13,204
16,567
-
-
-
-
-
-
6,501
495,152
-
501,653
255,503
3,781,716
4,487,308
78,753
8,603,280
278
52,806
64,768
-
117,852
357
71,898
54,814
667
127,736
7,243
22,636
14,397
-
44,276
65,617
118,916
120,120
-
304,653
-
10,847
22,238
-
33,085
57,698
2,400
28,033
-
88,131
-
31,650
27,372
-
59,022
-
-
-
2,876
2,876
-
-
-
-
-
131,193
311,153
331,742
3,543
777,631
386,696
4,092,869
4,819,050
82,296
9,380,911
-
27,069
55,227
(82,296)
-
386,696
4,119,938
4,874,277
-
9,380,911

www.forcesemployment.org.uk

Page 31

Forces Employment Charity

Company registration number 03270369

6 Net Incoming Resources

Stated after charging:
Property Leases
Equipment Hire
Depreciation
Auditor’s Remuneration
Audit
Other accounting services		 Total
2025
Total
2024
£
£
194,533
197,824
23,237
15,868
50,005
45,692
14,067
13,204
1,701
3,363

7 Staff Costs


Staff Costs
Wages and salaries
Social security costs
Employer pension costs
Redundancy and termination costs
Bank Staff		 Total
2025
Total
2024
£
£
6,440,253
6,220,191
725,187
614,347
253,532
241,685
16,368
13,082
4,675
11,393
7,440,015
7,100,698

There were three redundancies/terminations in the year (2024: two)

The average monthly number of employees during the year was as follows:

Employment Support
Restricted
Unrestricted
Head Office staff		 2025
2024
68
67
95
94
28
28
191
189

The number of employees whose employee benefits exceeded £60,000 (excluding employer pension costs and employer’s national insurance) were:

£60,000-£69,999
£70,000-£79,999
£80,000-£89,999
£120,000-£129,999
£130,000-£140,000
Total staff earning above £60,000		 2025
2024
2
3
2
2
2
1
-
1
1
-
7
7

www.forcesemployment.org.uk

Page 32

Forces Employment Charity

Company registration number 03270369

KMP

The key management personnel (“KMP”) comprise the Chief Executive and the Senior Management team as explained on page 7.

Total KMP remuneration for the year ended 30 September 2025 (including pension contributions and employer’s national insurance) was £588,201 (2024: £657,415).

8 Non-current Asset Investments

The investments below are held in the CCLA COIF Charities Investment Fund:

Market Value at 30 September 2024
Net unrealised loss on revaluation
Market Value at 30 September 2025		 2025
£
3,703,745
(56,596)
3,647,149		 2024
£
3,290,357
413,388
3,703,745

9 Tangible Fixed Assets

Cost
At 30 September 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 30 September 2024
Charge
Disposals
At 30 September 2025
NBV at 30 September 2025
NBV at 30 September 2024		 IT equipment
£
344,782
14,840
(62,547)
297,075
258,601
50,005
(61,999)
246,607
50,468
86,181

All of the above assets are used for charitable purposes.

10 Debtors

0 Debtors
Prepayments
Debtors
Staff Loans		 2025
£
162,599
333,368
2,480
498,447		 2024
£
230,072
724,545
15,529
970,146

www.forcesemployment.org.uk

Page 33

Forces Employment Charity

Company registration number 03270369

11 Creditors

1 Creditors
Deferred Income
Creditors
Social Security
Pension
VAT
Accruals		 2025
£
365,231
144,699
170,333
45,082
285,653
92,186
1,103,184		 2024
£
640,523
207,993
151,874
41,939
251,824
93,699
1,387,852

11a Deferred income

Deferred income arises from income received in advance of the period being funded and which is being performance measured by the funder.

In 2025
Army Benevolent Fund
Greenwich Hospital (NOVA)
Lloyd’s Patriotic Fund
Greenwich Hospital – ExForces
Call of Duty Endowment
Royal Air Force Benevolent Fund
Julia & Hans Rausing Trust
In 2024
Army Benevolent Fund
Cognizant Inc.
Call of Duty Endowment
Royal Air Force Benevolent Fund
Lloyd’s Patriotic Fund
Greenwich Hospital – ExForces
Julia & Hans Rausing Trust		 At 1 Oct 2024
Released into
Year
Deferred out
of Year
At 30 Sept
2025
£
£
£
£
202,500
(202,500)
202,500
202,500
-
-
70,648
70,648
25,000
(25,000)
8,750
8,750
83,333
(83,333)
83,333
83,333
177,211
(177,211)
-
-
32,479
(32,479)
-
-
120,000
(120,000)
-
-
640,523
(640,523)
365,231
365,231
At 1 Oct 2023
Released into
Year
Deferred out
of Year
At 30 Sept
2024
£
£
£
£
202,500
(202,500)
202,500
202,500
44,859
(44,859)
-
-
180,352
(180,352)
177,211
177,211
-
-
32,479
32,479
-
-
25,000
25,000
-
-
83,333
83,333
-
-
120,000
120,000
427,711
(427,711)
640,523
640,523

www.forcesemployment.org.uk

Page 34

Forces Employment Charity

Company registration number 03270369

12 Funds

At 30 September 2025
Fixed Assets
Current Assets
Current Liabilities
At 30 September 2024
Fixed Assets
Current Assets
Current Liabilities
Funds in 2025
Restricted funds
Army Benevolent Fund
Royal British Legion
Call of Duty Endowment
Charities Aid Foundation
Greenwich Hospital Naval Veterans
Greenwich Hospital Nova
Lloyd’s Patriotic Fund
Barclays
Armed Forces Covenant Fund
Families
Women: Seen & Heard
NOVA Wales
Office of Veterans’ Affairs
Cognizant Foundation
Splunk Inc
Heropreneurs
Julia and Hans Rausing Trust
Executive Programme
Other
Total Restricted Funds		 General
Restricted
Designated
Total
£
£
£
£
3,719,012
-
-
3,719,012
620,797
3,881,154
300,000
4,801,951
(1,103,184)
-
-
(1,103,184)
3,236,625
3,881,154
300,000
7,417,779
General
Restricted
Designated
Total
£
£
£
£
3,811,321
-
-
3,811,321
1,061,458
4,353,323
400,000
5,814,781
(1,387,852)
-
-
(1,387,852)
3,484,927
4,338,323
400,000
8,238,250
At 30 Sept 2024
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2025
£
£
£
£
£
£
7,060
295,000
(274,026)
-
-
28,034
56,786
749,045
(796,055)
-
-
9,776
-
746,744
(764,744)
-
-
-
17,106
60,000
(60,806)
-
-
16,300
11,160
100,000
(111,215)
-
55
-
11,146
98,907
(107,392)
-
-
2,661
-
126,250
(126,256)
-
6
-
7,489
99,000
(63,270)
-
-
43,219
15,448
70,000
(66,158)
-
-
19,290
-
60,000
(36,951)
-
-
23,049
-
50,000
(6,403)
-
-
43,597
-
205,833
(205,833)
-
-
-
20,228
231,431
(212,057)
-
-
39,602
58,437
54,976
(72,133)
-
-
41,280
-
62,204
(62,204)
-
-
-
-
120,000
(120,000)
-
-
-
4,072,100
173,224
(699,376)
-
-
3,545,948
76,363
277,979
(287,427)
-
1,483
68,398
4,353,323
3,580,593
(4,054,306)
-
1,544
3,881,154

www.forcesemployment.org.uk

Page 35

Forces Employment Charity

Company registration number 03270369

Funds in 2024
Restricted funds
Army Benevolent Fund
Royal Air Force Benevolent Fund
Call of Duty Endowment
Charities Aid Foundation
Amazon UK Services Limited
Department for Work & Pensions
Lloyd’s Patriotic Fund
Barclays
Army Central Fund
Scottish Veterans Fund
Greenwich Hospital Nova
Royal British Legion
Armed Forces Covenant Fund
Afghan
Sustaining Communities
Cognizant Foundation
Splunk Inc
Executive Programme
Other
Total Restricted Funds
Funds in 2025 (continued)
Unrestricted funds
Designated Funds:
Improvement Fund
Business Development Fund
Total Designated Funds
Total General Funds
Total Unrestricted Funds
Total funds		 At 30 Sept 2024
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2025
250,000
-
(268,064)
-
318,064
300,000
150,000
-
(60,603)
-
(89,397)
-
400,000
-
(328,667)
-
228,667
300,000
3,484,927
5,539,060
(5,500,555)
(56,596)
(230,211)
3,236,625
3,884,927
5,539,060
(5,829,222)
(56,596)
(1,544)
3,536,625
8,238,250
9,119,653
(9,883,528)
(56,596)
-
7,417,779
At 30 Sept 2023
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2024
£
£
£
£
£
£
224
295,000
(288,164)
-
-
7,060
-
55,283
(54,938)
-
-
345
-
711,986
(711,986)
-
-
-
-
60,000
(42,894)
-
-
17,106
10,226
-
(10,226)
-
-
-
-
64,890
(73,346)
-
8,456
-
-
100,000
(100,000)
-
-
-
-
80,000
(72,511)
-
-
7,489
-
50,000
(13,114)
-
-
36,886
-
62,500
(58,003)
-
-
4,497
12,921
120,000
(121,775)
-
-
11,146
154,401
718,686
(816,301)
-
-
56,786
(3,750)
3,750
-
-
-
-
-
76,250
(60,802)
-
-
15,448
3,452
288,802
(272,026)
-
-
20,228
-
74,157
(15,720)
-
-
58,437
4,722,907
417,911
(1,068,718)
-
-
4,072,100
127,407
249,745
(339,414)
-
8,057
45,795
5,027,788
3,428,960
(4,119,938)
-
16,513
4,353,323

www.forcesemployment.org.uk

Page 36

Forces Employment Charity

Company registration number 03270369

Funds in 2024 (continued)
Unrestricted funds
Designated Funds:
Improvement Fund
Business Development Fund
Total Designated Funds
Total General Funds
Total Unrestricted Funds
Total funds		 At 30 Sept 2023
Incoming
resources
Outgoing
resources
Investment gain
Transfers
At 30 Sept
2024
250,000
-
(283,080)
-
283,080
250,000
150,000
-
(103,616)
-
103,616
150,000
400,000
-
(386,696)
-
386,696
400,000
3,068,619
5,280,406
(4,874,277)
413,388
(403,209)
3,484, 927
3,468,619
5,280,406
(5,260,973)
413,388
(16,513)
3,884,927
8,496,407
8,709,366
(9,380,911)
413,388
-
8,238,250

Funders providing more than £50,000 of restricted funds are listed. Restricted funds below £50,000 are included in Other.

Transfers are made from unrestricted funds when the Charity overspends on a restricted fund.

The restricted fund closing balances reflect differences between the period being funded and the Charity’s reporting period. The Charity expects to utilise these balances in accordance with the agreements with funders.

Veterans Employment Programmes

Greenwich Hospital

Armed Forces Covenant Fund Trust grants

Heropreneurs empowers new entrepreneurs from the extended military community to achieve their business ambitions.

TechVets

The Executive Programme supports the military community into executive roles.

Designated Funds

As at 30 September 2025, the Charity had one designated improvement fund totalling £300,000 (2024: £250,000) to invest in the digitisation of services and enhanced outreach to our beneficiaries so that we are able to reach more Service Leavers, veterans and families who need our support.

In 2024, the Charity also had a £150,000 Business Development Fund for the growth of the Charity.

www.forcesemployment.org.uk

Page 37

Forces Employment Charity

Company registration number 03270369

13 Trustees

Trustees received no remuneration (2024: nil).

Out of pocket expenses amounting to £1,128 (2024: £1,300) were reimbursed to three Trustees for travel and meeting expenses (2024: four Trustees).

There were no donations from Trustees or other transactions with Trustees in the year.

The Company had no related party transactions in 2025 (2024: nil).

14 Financial Commitments

The company has future minimum lease payments under non-cancellable operating leases, as follows:

Property leases
Amounts due within 1 year
Amounts due within 2-5 years
Amounts due over 5 years
Equipment leases
Amounts due within 1 year
Amounts due within 2-5 years		 2025
2024
£
£
116,416
126,906
515,405
348,264
121,799
199,687
753,620
674,857
16,656
16,128
3,432
5,720
20,088
21,848

The lease payments recognised as an expense in the year were £194,533 (2024: £197,824) for leases of Land and Buildings and £23,237 (2024: £26,736) for equipment leases.

The Charity has a lease deposit of £21,395 as a security on rent.

15 Financial Instruments

Financial assets measured at fair value
Financial assets measured at amortised cost		 2025
2024
£
£
4,303,504
4,844,635
335,848
740,074

Financial assets measured at fair value comprise cash held at bank and in hand.

Financial assets measured at amortised cost comprise debtors and staff loans.

Financial liabilities measured at amortised cost £737,953 £747,329

Financial liabilities measured at amortised cost comprise creditors, and amounts due for social security, pension, VAT and accruals.

www.forcesemployment.org.uk

Page 38

Forces Employment Charity Mountbarrow House 12 Elizabeth Street London SW1W 9RB

E info@forcesemployment.org.uk T 0121 262 3058

www.forcesemployment.org.uk

© Forces Employment Charity Ltd 2026 Registered charity 1061212 and SCO39262