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:
- To assist those who are serving or who have served in the British Armed Forces and auxiliary services ("the Services") to make a successful transition to civilian life by helping them to find and prepare for employment, by providing or assisting with the provision of education and training, and by providing assistance, guidance, and access to suitable employment opportunities.
- To assist those who have served in the Services and are in financial need by helping them to find, secure and retain employment, in particular by helping them to overcome social and economic obstacles, or by providing or assisting in the provision of advice, training, skills and access to suitable employment opportunities, and subject thereto.
- To assist those spouses, partners, and dependants of those who are serving or who have served in the Services who are in need by reason of financial hardship to find, secure and retain employment, in particular by helping them to overcome social and economic obstacles, or by providing or assisting in the provision of advice, training, skills and access to suitable employment opportunities.
## 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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- As a charity, the Forces Employment Charity offers free life-long employment case-working support and job-finding advice and guidance to Service Leavers, Reservists and ex-Servicemen and women regardless of length of service, circumstances of leaving, youth, age, ill-health, disability, race, ethnicity, faith, sexual orientation, financial hardship or other disadvantage.
- By doing so, the Forces Employment Charity successfully promotes the efficiency of the Armed Forces of the Crown, by promoting the qualities, competencies, qualifications and experience of Servicemen and women to the public. This directly improves public support.
## 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:
- a) The Finance Committee which has responsibilities for budget development and oversight of financial performance, commercial, audit and investments.
- b) The Nominations Committee which has responsibilities for succession planning and the selection of Trustees and senior management appointments.
- c) The Remunerations Committee which is responsible for recommending the pay and remuneration of all the Charity’s staff including senior management appointments.
Trustees are responsible for all policy decisions on the running and future direction of the Forces Employment Charity. Specifically, they are responsible for:
- Ensuring that the Charity has a vision, mission and strategic direction, and is focused on achieving these.
- The performance of the Charity and for its corporate behaviour.
- Ensuring that the Charity complies with all statutory and regulatory requirements.
- Acting as guardian of the Charity’s assets, both tangible and intangible, taking due care over their security, deployment and proper application.
- Ensuring that the Charity’s governance is of the highest possible standard.
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:
- CTP Employment Services;
- Our Ex-Forces and Veterans Support Employment Service for veterans;
- Our specialist services, including our Families Programme, Military Women, Executive, Young People, TechVets and Heropreneurs;
- Our NHS justice programme, Op NOVA, as well as NOVA Scotland and NOVA Wales and NOVA Northern Ireland.
## 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:
- a) An exceptional surge in resettlement demands or the employment needs of vulnerable veterans.
- b) The need to invest in improving and making more efficient our structure for providing services to Service Leavers and veterans.
- c) The non-continuation or the significant reduction in scope of either the CTP contract or the Op NOVA contract, under which the Forces Employment Charity currently derives the largest discrete parts of its operating income, which is including potential closure costs.
- d) Loss or significant reduction in charitable grant income.
- e) To meet planned capital expenditure to further the objectives of the Forces Employment Charity.
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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:
- A failure of effective governance and operational management. This is mitigated by: Board competency; succession planning and training; the regular review of governance processes and statutory requirements; a rigorous evaluation of service delivery and quality assurance; and regular reviews of financial policies.
- The loss of major funding streams including under the CTP and Op NOVA contracts and grants from Service charities. This is mitigated by: confirmation that the Forces Employment Charity
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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.
- Risks to the Charity’s reputation and profile as a leading service employment charity. This risk is managed by a continuing focus on delivery of the highest quality employment services; careful relationship management with key stakeholders; together with an increased emphasis on communications and marketing.
- Risk to the Charity’s reserves which are primarily supported by our Investment Portfolio, with its value linked to stock market performance. This is mitigated by investing in funds which have a moderate risk profile and retaining a substantial portion of our funds in cash.
## 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:
- a) Increasing effectiveness and efficiency to deliver future long-term sustainability
- b) Meeting the employment needs of Service Leavers by delivering in full the requirements of the CTP contract and, where appropriate, further enhancing the quality of the services we provide.
- c) Enhance the employment services we provide to veterans by:
- Enhancing access to all veterans to support them to achieve their employment potential.
- Further developing the reach and quality of our Ex-Forces Employment Service, increasing the number of our beneficiaries.
- Enhance our programmes for partner employment and Military Women Programme for female veterans.
- Enhance our programme to support young people in the Armed Forces community to meet their aspirations and goals.
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- Strengthening our Forces Employment Pathways programme with the Office for Veterans Affairs to further strengthen and develop career pathways into key employment sectors.
- d) Consolidate our delivery of justice services in the devolved nations to ensure that veterans in the whole of the UK have access to the specialist life-changing and life-saving support delivered by Op NOVA for veterans in the justice system in England.
- e) Build an innovative, world-class working environment with sufficient, capable and motivated people with best practice processes and access to modern IT, considering appropriate, responsible use of AI to support clients and staff alike.
- f) Continue to develop our mentoring programme to provide an increased level of up-to-date industry-specific information from volunteer mentors. This will build on our existing support and help to create employment pathways in developing employment sectors.
- g) Fully integrate our Heropreneurs programme to be able to facilitate mentoring support to Service Leavers, veterans and their families for those seeking mentoring support for their entrepreneurial ambitions.
20. Statement of Trustees’ and Directors’ Responsibilities
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:
- Select suitable accounting policies and apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- There is no relevant audit information of which the charity’s auditor is unaware.
- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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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Page 19
## 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:
- Give a true and fair view of the state of the charitable company’s affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Companies Act 2006
## 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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Page 20
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:
- The information given in the trustees’ annual report, including the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- The trustees’ annual report, including the strategic report, been prepared in accordance with applicable legal requirements.
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:
- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- The financial statements are not in agreement with the accounting records and returns; or
- Certain disclosures of trustees’ remuneration specified by law are not made; or
- We have not received all the information and explanations we require for our audit.
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:
- We enquired of management, and the finance committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
-
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
-
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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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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Page 23
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.
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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**
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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)**|
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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.
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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|
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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|
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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**
- **Army Benevolent Fund** provides Regional Employment Advisors in our nationwide Ex-Forces programme.
- The **RAF Benevolent Fund** provides employment support to RAF veterans nationwide.
- **Call of Duty Endowment** contributes to our nationwide Ex-Forces and Military Women programmes.
- **Charities Aid Foundation** funds one SEC in the North of England.
- **Amazon UK Services Ltd** provides funds for our Specialist Employment Projects.
- **Lloyd’s Patriotic Fund (now Lloyds Veterans Charity)** provide funds for our Families staff.
- **Barclays** contributes towards the Families Employment Programme in Scotland and 2x 0.5 in England. We run Empowering You workshops in partnership with Barclays at Barclays campuses.
- **Army Central Fund** contributes towards nationwide delivery of Families Programme, supporting spouses and partners of current serving Army personnel.
- **Royal Navy & Royal Marines Charity** provides employment support to RNRM veterans.
- **Scottish Veterans Fund** contributes towards the West Scotland Employment Advisor.
- **Royal British Legion** grant for veterans with employment support who have been referred by the RBL.
- **Julia and Hans Rausing Trust** supports veterans to gain fulfilled employment after service.
## **Greenwich Hospital**
- **Greenwich Hospital ExForces** supports RN/RM veterans into employment.
- **Greenwich Hospital NOVA** supports Royal Navy and Royal Marine veterans within the criminal justice system through Project Nova.
**Armed Forces Covenant Fund Trust** grants
- **Families** supports military spouses and partners to gain fulfilling employment as part of the AFCFT Supporting Partners Programme.
- **Women: Seen & Heard** supports female reservists to maintain fulfilled employment alongside their Reservist positions.
- **NOVA Wales** supports veterans in contact with the Justice System in Wales to rehabilitate and live crime-free lives.
- **OVA** supports Op ASCEND and veterans Employment Pathways
- **Sustaining Communities** provides employment support to veterans within Scotland and Wales.
**Heropreneurs** empowers new entrepreneurs from the extended military community to achieve their business ambitions.
## **TechVets**
- **The Cognizant Foundation** partners with organisations to identify workforce needs and develop actionable solutions so that all individuals can benefit from the global digital economy, supporting the military community in careers in Information Technology.
- **Splunk Inc.** funds TechVets to aid the military community to find sustainable employment in information technology careers.
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