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← Vector24

2025-05-31-accounts

REGISTERED CHARITY NUMBER: SC046606

Report of the Trustees and Financial Statements for the Year Ended 31 May 2025

for

Fares4Free (known as Vector24)

Brett Nicholls Associates Herbert House

24 Herbert Street Glasgow G20 6NB

Fares4Free (known as Vector24)

Contents of the Financial Statements for the Year Ended 31 May 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 21

Fares4Free (known as Vector24)

Reference and Administrative Details for the Year Ended 31 May 2025

TRUSTEES

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PRINCIPAL ADDRESS

PRINCIPAL ADDRESS New Haig House Logie Green Road Edinburgh EH7 4HQ REGISTERED CHARITY NUMBER SC046606 INDEPENDENT EXAMINER David Nicholls FCCA Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB BANKERS Barclays 12 Churchill Place Canary Wharf London E14 5HP

Page 1

Fares4Free (known as Vector24)

Report of the Trustees for the Year Ended 31 May 2025

The trustees present their report with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Chair’s Statement

This year has been transformative for Vector24 as we redefined our role as a barrier-free support service for the Armed Forces community and beyond. Our progress reflects the combined efforts of staff, volunteers, and partners who continue to innovate and adapt to meet the needs of those we serve.

Vector24 has evolved significantly from its early beginnings as a transport-only service. Today, we are a wellbeing focused organisation removing obstacles that prevent people from accessing healthcare, mental health support, community connection, and recovery services. This expansion of purpose has strengthened our strategic direction and reinforced our credibility as a trusted partner.

I would like to thank every person who has contributed to this year’s achievements. Together, we have laid strong foundations for the next phase of Vector24’s development.

Chief Executive’s Overview

This past year has been one of focused consolidation and meaningful progress for Vector24. Our efforts have been focused on strengthening the core elements of our wellbeing and transport support model, ensuring that the people who rely on us experience safe, dependable and compassionate support.

Over the year, demand for our services continued to grow, particularly from individuals facing multiple barriers to healthcare access, declining mental health, or isolation. In response, we enhanced our Wellbeing Pathway ensuring that Access, Support, Connection, and Independence are not just concepts, but active steps taken with each person we support.

One of our most significant developments this year has been the expansion of our REACH framework. We extended our presence in rural communities, deepened engagement with partner organisations, and invested further in the training and recognition of our volunteers. Their lived experience continues to be a powerful asset in building trust and supporting recovery.

Our partnerships also strengthened considerably. Through collaborative work with health, welfare, and community organisations including the continued success of Project Shield we ensured that individuals with complex needs were guided towards the right support at the right time.

Internally, we implemented improvements in safeguarding practice, staff development and data processes, enhancing our ability to monitor outcomes and respond confidently to emerging challenges.

I am proud of the resilience and determination shown by our staff, volunteers and partners throughout the year. Vector24’s work is often quiet and behind the scenes, but the impact is profound helping people regain stability, rebuild confidence and re-engage with life. As we move forward, we remain committed to delivering safe, person-centered support and expanding our reach where it is needed most.

Page 2

Fares4Free (known as Vector24)

Report of the Trustees for the Year Ended 31 May 2025

OBJECTIVES AND ACTIVITIES

Background and Purpose

Our purpose is the relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantages.

Vector24 was established to deliver targeted support services that address the wellbeing of individuals. Our organisational model is designed to balance robust governance with flexible delivery, enabling us to develop responsive solutions that align with our mission and values.

Operating as a Scottish Charitable Incorporated Organisation (SCIO), and received charitable status on the 6th June 2016 with the charity number SC046606. The Charity is governed by its Constitution and governance structure that emphasises transparency, accountability and strategic oversight.

Objectives and Activities

Vector24 exists to remove barriers to wellbeing for the Armed Forces community including veterans, serving personnel, seafarers, fishers, and their families as well as other communities experiencing isolation or limited access to support.

Our core purpose is to ensure no-one is prevented from reaching essential services, healthcare, mental health support, community engagement, recovery services because of transport limitations, confidence, or personal circumstance.

Our Work

Vector24 provides Specialist transport support to enable access to critical healthcare and recovery services. Wellbeing Pathway support, guiding individuals from initial access through to independence. Crisis recognition and referral, often identifying risks before other services can. Collaborative programmes with partners addressing mental health, addiction, isolation, and complex needs. Volunteer-led outreach, with lived experience at the core.

Our blended delivery model professional staff supported by trained volunteers ensures every interaction combines compassion, consistency, and genuine understanding.

ACHIEVEMENT AND PERFORMANCE

Reach, Development and Growth

This year brought significant development for Vector24 introducing our new model.

The Wellbeing Pathway

Using our structured approach of Access, Support, Connection, and Independence, we have helped individuals engage with healthcare, reduce loneliness, build confidence, strengthen mental wellbeing and move toward stability and independence.

Delivery Model

Our workforce includes trained wellbeing staff with backgrounds in counselling, welfare, trauma, and crisis response. Volunteers offering community insight and peer connection Outreach support officers delivering flexible, person-centered support.

This combined approach ensures we provide high-quality, professional care alongside authentic community-based support. Vector24 continued to expand its presence across different regions, extending both the scale and diversity of our work. We strengthened delivery within existing areas while piloting new initiatives that address emerging needs.

Growth this year was supported by enhanced partnership working, improved internal processes and a strategic approach to resource planning.

Page 3

Fares4Free (known as Vector24)

Report of the Trustees for the Year Ended 31 May 2025

Partnerships

Vector24 works alongside a strong network of partners to deliver seamless, end-to-end support. Our partnership network has grown in both depth and breadth over the past year. We are proud to recognise the organisations who work alongside us to ensure that no individual faces challenges alone.

Defence Medical Welfare Service (DMWS) : Our collaboration with DMWS has continued to support individuals navigating complex healthcare needs. By combining our transport and wellbeing support with their welfare expertise, we have created a seamless pathway that ensures people receive timely, compassionate and joined-up assistance during periods of medical vulnerability.

Veterans Housing Scotland (VHS) : Through ongoing partnership with VHS, we have strengthened our support for veterans facing challenges related to housing, wellbeing and community integration. Our joint working allows beneficiaries to access both stable accommodation and the wider emotional, practical and health-related support they may require.

Unforgotten Forces : As part of the Unforgotten Forces consortium, we have contributed to a sector-wide effort that brings together expertise from across Scotland’s veteran community. This collaboration enhances referral pathways, increases shared knowledge and helps ensure that older veterans receive the specialised support they deserve.

Lothians Veterans Centre (LVC) : Our relationship with LVC has grown this year, supporting veterans and their families across the region with a mix of wellbeing assistance, practical support and community connection. Together, we have helped individuals re-engage with services and rebuild independence.

Merchant Navy Welfare Board (MNWB) : Through our membership with the MNWB, Vector24 has strengthened its support for seafarers, fishers and their families. This partnership ensures that our services align with national welfare standards and benefit from sector-wide knowledge, resources and coordinated working.

Fife Alcohol Support Service (FASS) - Project Shield : We continued our impactful collaboration with FASS through Project Shield, supporting individuals whose needs overlap across mental health, addiction and social isolation. Our transport and outreach contribution ensures people can access essential counselling and recovery pathways.

Extra Mile Project - Personnel Recovery Unit & Personnel Recovery Centre (PRU/PRC) : This year we strengthened our support for serving personnel through the Extra Mile Project, delivered in collaboration with the Personnel Recovery Unit and Personnel Recovery Centre. This partnership enables us to provide tailored wellbeing transport and practical support to serving personnel navigating recovery, transition, or complex personal circumstances. By integrating our trusted transport solutions with the PRU/PRC’s specialist recovery programmes, we help ensure individuals can access medical, welfare and rehabilitative services consistently and without barrier.

These partnerships and projects, both new and established, reflect our commitment to working collaboratively to build stronger, safer and more connected support systems across the communities we support.

Funding

We continue to secure a blend of grant funding, and partnership-based support. These income streams allow us to deliver vital services while building financial sustainability. These funding streams enable us to sustain our work and invest in future development.

We maintain strong relationships with funders and delivery partners, ensuring that projects are designed, delivered and monitored in line with best practice and contractual requirements.

Public Benefit

As a not-for-profit organisation, Vector24 ensures that all activities contribute to the delivery of public benefit. Our services aim to reduce barriers, improve wellbeing and support individuals who may be at risk of adverse outcomes without timely intervention.

Our work is regularly reviewed to ensure alignment with our charitable purpose and the expectations of beneficiaries, funders and regulatory bodies.

Page 4

Fares4Free (known as Vector24)

Report of the Trustees for the Year Ended 31 May 2025

ACHIEVEMENT AND PERFORMANCE

Performance and Highlights

This year has been defined by meaningful progress across our wellbeing model, partnerships, workforce and community reach. Our impact reflects our commitment to barrier free support and person centred practice.

Our four stage Wellbeing Pathway Access, Support, Connection, Independence continued to guide the way we deliver support.

The REACH initiative strengthened our presence across communities:

Our blended workforce professional staff supported by skilled volunteers has grown in capability and confidence.

Service Impact

Our work this year delivered measurable, evidence-based outcomes that demonstrate both the operational reach and financial value of Vector24’s wellbeing transport model.

Operational Metrics and Impact

Vector24’s delivery activity over the past year reflects strong engagement, expanded reach and tangible financial.

Financial Efficiency and Social Value

Our transport and wellbeing model continues to provide significant cost efficiencies for partners, statutory services and beneficiaries:

These metrics show not only the scale of our work but also its effectiveness demonstrating that Vector24 delivers high-impact, socially valuable services while maintaining robust financial stewardship.

These achievements demonstrate Vector24’s continued commitment to delivering compassionate, safe and effective support that responds to real world challenges.

FINANCIAL REVIEW

Financial position

The Charity generate a net surplus of £142,811 for the year ended 31 May 2025 (2024: deficit of £19,281).

At 31 May 2025 reserves stood at £317,594 (2024: £174,783), with £61,098 being unrestricted (2024: £78,750) and £42,840 representing the book value of fixed assets (2024: £5,834)

Page 5

Fares4Free (known as Vector24)

Report of the Trustees for the Year Ended 31 May 2025

FINANCIAL REVIEW

Investment policy

Vector24 adopts a conservative approach to investment, prioritising the safeguarding of assets, ethical considerations and accessibility of funds for operational use. Decisions relating to investment are reviewed regularly by the Board.

Reserves policy

Vector24 maintains a reserves policy designed to support operational continuity and responsible financial planning. Reserves are held at a level of six months operational costs (£169k), which enables us to manage potential disruptions, invest in strategic priorities and ensure stable delivery.

Designated funds may be created for projects, development needs or specific organisational priorities, subject to Board approval.

At the end of the financial year the charity had reserves of £317,594 (2024: £174,783) which exceeds the target level of reserves but includes restricted funds of £213,656 (2024: £90,199) that have been earmarked for specific needs. The Board is satisfied that £61,098 (2024: £78,750) of unrestricted reserves is sufficient for our current needs. Funds held in excess of the target amount will be reinvested in the development of the charity.

PLANS FOR THE FUTURE

Looking ahead, our priorities include strengthening service delivery through improved data, systems and quality processes and broadening our regional and sector reach.

Developing new approaches to address complex or emerging needs while continuing to invest in workforce development and organisational capacity.

Building long-term sustainability through diverse and reliable funding sources.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Fares4Free is a Scottish Charitable Incorporated Organisation (SCIO) and received charitable status on the 6th June 2016 with the charity number SC046606. The Charity is governed by its Constitution.

Recruitment and appointment of new trustees

The trustees were elected unanimously at the AGM.

Governance and Leadership

The Board of Trustees and the Chief Executive Officer (CEO) provide strategic direction and ensure that Vector24 fulfils its legal and regulatory responsibilities cumulatively bringing diverse experience from Charity, public services, health, business leadership and community development.

The Director of Operations and the Senior Leadership Team oversee the operational, quality and development functions of the organisation, ensuring that activities meet strategic priorities and comply with relevant standards.

Regular governance reviews, committee oversight and trustee engagement activities help ensure that decision-making is well-informed and aligned with our objectives.

Key management remuneration

In the opinion of the trustees, the Charity is managed by the CEO. Total employer costs relating to this post for the year to 31 May 2025 were £52,196 (2024: £51,304).

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

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

Page 6

Independent Examiner's Report to the Trustees of Fares4Free (known as Vector24)

I report on the accounts for the year ended 31 May 2025 set out on pages eight to twenty one.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

have not been met; or

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Fellow of the Association of Chartered Certified Accountants Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB

Date: .............................................

Page 7

Fares4Free (known as Vector24)

Statement of Financial Activities for the Year Ended 31 May 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
41,428
Other trading activities
3
2,088
Investment income
4
3,730
Other income
5
6,721
Total
53,967
EXPENDITURE ON
Charitable activities
6
Supporting Veterans
88,776
NET INCOME/(EXPENDITURE)
(34,809)
Transfers between funds
16
54,163
Net movement in funds
19,354
RECONCILIATION OF FUNDS
Total funds brought forward
84,584
TOTAL FUNDS CARRIED FORWARD
103,938		 Restricted
funds
£
426,314
-
-
-
426,314
248,694
177,620
(54,163)
123,457
90,199
213,656		 2025
Total
funds
£
467,742
2,088
3,730
6,721
480,281
337,470
142,811
-
142,811
174,783
317,594		 2024
Total
funds
£
279,122
7,176
2,053
2,865
291,216
310,497
(19,281)
-
(19,281)
194,064
174,783

CONTINUING OPERATIONS

This statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities in both years. Comparative figures for the previous year by fund type are shown in Note 11.

The notes on pages 10 to 21 form part of these financial statements

Page 8

Fares4Free (known as Vector24)

Balance Sheet 31 May 2025

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds:
General fund
Designated Fixed Asset Fund
Veterans Foundation
Army Benevolent Fund
Windup Contingency
Mertball Res
TRBL - Cumbernauld Branch
Restricted funds
TOTAL FUNDS		 2025
£
42,840
377
284,484
284,861
(10,107)
274,754
317,594
317,594
44,009
42,840
559
-
15,886
2
642
103,938
213,656
317,594		 2024
£
5,834
-
173,730
173,730
(4,781)
168,949
174,783
174,783
15,361
5,834
9,772
37,000
15,886
27
704
84,584
90,199
174,783

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

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The notes on pages 10 to 20 form part of these financial statements

Page 9

Fares4Free (known as Vector24)

Notes to the Financial Statements for the Year Ended 31 May 2025

1. ACCOUNTING POLICIES

General information

Vector24 ("the charity") is a SCIO (Scottish Charitable Incorporated Organisation) and governed by its constitut number SC046606) on 6 June 2016. Its registered address i

Basis of preparing the financial

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are prepared on an accruals basis, and on a going concern basis, in accordance with: - the Charities and Trustee Investment (Scotland) Act 2005;

The charity meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.

The financial statements are presented in UK sterling, which is the charity's functional currency, and rounded to the nearest pound.

There have been no changes to the basis of preparation this financial year or to the previous financial year's financial statements.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Debtors

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.

Cash at bank and in hand

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.

Page 10

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

1. ACCOUNTING POLICIES - continued

Going concern

Creditors and provisions

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.

Financial instruments

The charity has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Taxation

Vector24 is a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds 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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

Donations
Grants		 2025
£
41,078
426,664
467,742		 2024
£
4,180
274,942
279,122

Page 11

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

RNRMC Greenwich
RAF Benevolent Fund
National Lottery
Robertson Trust
Age Scotland
Veterans Foundation
Officers Association Scotland
DMWS
Helen Bolland
Army Benevolent Fund
BFBS
The Seafarers' Charity
Edinburgh Legion
Queensberry Trust
South Ayrshire Health and Social Care
Armed Forces Covenant Fund
Army Central
The Prince of Wales
Greenwich Hospital
Kiltwalk Glasgow
SCHP Troon
Scottish Government
Veterans Foundation Extra Mile
Motability
Schroder Charity
3.
OTHER TRADING ACTIVITIES
Fundraising events
Earned Income - Invoiced Journeys
Other Income
4.
INVESTMENT INCOME
Deposit account interest		 2025
£
-
5,000
52,039
18,000
55,750
25,000
-
-
-
-
-
-
-
-
1,470
-
61,500
3,000
37,397
350
4,200
21,168
55,387
83,403
3,000
426,664
2025
£
-
2,050
38
2,088
2025
£
3,730		 2024
£
27,000
-
26,358
13,000
55,000
55,000
10,000
14,584
(625)
37,000
4,000
8,000
750
15,000
9,000
875
-
-
-
-
-
-
-
-
-
274,942
2024
£
4,677
2,499
-
7,176
2024
£
2,053

Page 12

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

5.
OTHER INCOME
2025
£
Employment Allowance
6,721
6.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 7)
note 8)
£
£
Supporting Veterans
322,158
15,312
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2025
£
Staff costs
231,884
Bank Charges
42
Vehicle Expenses & Maintenance
9,111
IT Services
7,050
Payroll Fees
-
Printing and stationary
553
Professional Fees
17,830
Sundry costs
1,817
Telephone
2,892
Transport
125
Project - Activities & Outings
(104)
Project - Accommodation & Food
1,303
Mileage & Expenses
14,634
Fuel & Oil
11,229
Fees & Subscriptions
4,303
Depreciation
17,156
(Gain)/Loss on sale of Asset
(9,500)
Insurance
1,037
Office overheads
774
Training
933
Software/Consumables
3,689
On Call Allowance
5,400
322,158		 2024
£
2,865
Totals
£
337,470
2024
£
194,562
45
6,651
9,630
296
229
7,409
357
3,626
6,561
1,269
1,642
30,013
12,000
1,912
14,598
-
3,200
1,694
1,042
-
-
296,736

Page 13

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

8. SUPPORT COSTS

Accountancy Support
Preparation & Independent Examination of
Accounts		 2025
£
13,032
2,280
15,312		 2024
£
11,661
2,100
13,761

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Project Staff
No employees received emoluments in excess of £60,000.		 2025
£
205,520
21,131
5,233
231,884
2025
6		 2024
£
179,380
12,625
2,557
194,562
2024
7

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
42,583
236,539
Other trading activities
7,176
-
Investment income
2,053
-
Other income
2,865
-
Total
54,677
236,539
EXPENDITURE ON
Charitable activities
Supporting Veterans
91,686
218,811
NET INCOME/(EXPENDITURE)
(37,009)
17,728		 Total
funds
£
279,122
7,176
2,053
2,865
291,216
310,497
(19,281)

Page 14

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
Transfers between funds
(15,119)
15,119
Net movement in funds
(52,128)
32,847
RECONCILIATION OF FUNDS
Total funds brought forward
136,712
57,352
TOTAL FUNDS CARRIED FORWARD
84,584
90,199
12.
TANGIBLE FIXED ASSETS
Motor
Computer
vehicles
equipment
£
£
COST
At 1 June 2024
56,821
2,477
Additions
54,163
-
At 31 May 2025
110,984
2,477

DEPRECIATION
At 1 June 2024
52,571
893
Charge for year
16,663
494
At 31 May 2025
69,234
1,387
NET BOOK VALUE
At 31 May 2025
41,750
1,090
At 31 May 2024
4,250
1,584
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
300
Refund Due
77
377		 Total
funds
£
-
(19,281)
194,064
174,783
Totals
£
59,298
54,163
113,461
53,464
17,157
70,621
42,840
5,834
2024
£
-
-
-

Page 15

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Pension Liability
Accrued expenses		 2025
£
2,064
4,676
1,087
2,280
10,107		 2024
£
2,681
-
-
2,100
4,781

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
funds
funds
£
£
Fixed assets
42,840
-
Current assets
71,205
213,656
Current liabilities
(10,107)
-
103,938
213,656		 2025
Total
funds
£
42,840
284,861
(10,107)
317,594		 2024
Total
funds
£
5,834
173,730
(4,781)
174,783

Comparatives for analysis of net assets between funds

Unrestricted
Restricted
funds
funds
£
£
Fixed assets
5,834
-
Current assets
83,531
90,199
Current liabilities
(4,781)
-
84,584
90,199		 2024
Total
funds
£
5,834
173,730
(4,781)
174,783		 2023
Total
funds
£
18,954
177,210
(2,100)
194,064

Page 16

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated Fixed Asset Fund
Veterans Foundation
Army Benevolent Fund
Windup Contingency
Mertball Res
TRBL - Cumbernauld Branch
Restricted funds
RAF Benevolent Fund
The National Lottery
Robertson Trust
Age Scotland
Veterans Foundation
Officers Association Scotland
Defence Medical Welfare Service
RNRMC Greenwich
South Ayrshire Health and Social Care
BFBS
The Seafarers' Charity
South Ayrshire
North Ayrshire
Veteran's Foundation - Engagement Support
Officer
Greenwich Hospital
SCHP Troon
The Prince of Wales
Motability
Schroder Charity
Army Central
Veterans Foundation Extra Mile
TOTAL FUNDS		 Net
movement
At 1/6/24
in funds
£
£
15,361
28,576
5,834
(17,083)
9,772
(9,213)
37,000
(37,000)
15,886
-
27
(27)
704
(62)
84,584
(34,809)
-
5,000
741
32,665
8,818
17,772
14,622
6,182
25,000
(2,312)
10,000
(4,865)
3,846
(3,846)
836
(836)
2,817
(2,817)
4,000
(627)
8,000
(7,890)
2,752
(2,752)
3,000
(3,000)
5,767
(5,767)
-
1,698
-
4,168
-
2,868
-
79,900
-
652
-
30,999
-
30,428
90,199
177,620
174,783
142,811		 Transfers
between
funds
£
74
54,089
-
-
-
-
-
54,163
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(54,163)
-
-
-
(54,163)
-		 At
31/5/25
£
44,011
42,840
559
-
15,886
-
642
103,938
5,000
33,406
26,590
20,804
22,688
5,135
-
-
-
3,373
110
-
-
-
1,698
4,168
2,868
25,737
652
30,999
30,428
213,656
317,594

Page 17

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated Fixed Asset Fund
Veterans Foundation
Army Benevolent Fund
Mertball Res
TRBL - Cumbernauld Branch
Restricted funds
RAF Benevolent Fund
The National Lottery
Robertson Trust
Age Scotland
Veterans Foundation
Officers Association Scotland
Defence Medical Welfare Service
RNRMC Greenwich
South Ayrshire Health and Social Care
BFBS
The Seafarers' Charity
South Ayrshire
North Ayrshire
Veteran's Foundation - Engagement Support
Officer
Greenwich Hospital
SCHP Troon
The Prince of Wales
Motability
Schroder Charity
Army Central
Veterans Foundation Extra Mile
Scottish Government
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
53,967
(25,391)
28,576
-
(17,083)
(17,083)
-
(9,213)
(9,213)
-
(37,000)
(37,000)
-
(27)
(27)
-
(62)
(62)
53,967
(88,776)
(34,809)
5,000
-
5,000
52,039
(19,374)
32,665
18,000
(228)
17,772
55,750
(49,568)
6,182
25,000
(27,312)
(2,312)
-
(4,865)
(4,865)
-
(3,846)
(3,846)
-
(836)
(836)
1,470
(4,287)
(2,817)
-
(627)
(627)
-
(7,890)
(7,890)
-
(2,752)
(2,752)
-
(3,000)
(3,000)
-
(5,767)
(5,767)
37,397
(35,699)
1,698
4,200
(32)
4,168
3,000
(132)
2,868
83,403
(3,503)
79,900
3,000
(2,348)
652
61,500
(30,501)
30,999
55,387
(24,959)
30,428
21,168
(21,168)
-
426,314
(248,694)
177,620
480,281
(337,470)
142,811

Page 18

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated Fixed Asset Fund
Veterans Foundation
Army Benevolent Fund
Windup Contingency
Mertball Res
TRBL - Cumbernauld Branch
Restricted funds
The National Lottery
Robertson Trust
Age Scotland
Life Changes Trust Glasgow
Life Changes Trust Shetland
Veterans Foundation
Officers Association Scotland
Defence Medical Welfare Service
Helen Bolland
RNRMC Greenwich
South Ayrshire Health and Social Care
BFBS
The Seafarers' Charity
South Ayrshire
North Ayrshire
Veteran's Foundation - Engagement Support
Officer
TOTAL FUNDS		 Net
movement
At 1/6/23
in funds
£
£
87,758
(9,914)
18,954
(14,598)
30,000
(20,228)
-
7,000
-
-
-
27
-
704
136,712
(37,009)
-
741
4,733
4,085
-
2,978
9,165
(9,165)
5,134
(5,130)
12,650
12,150
7,822
5,582
8,152
(10,989)
625
(625)
9,071
(8,235)
-
2,817
-
4,000
-
8,000
-
2,752
-
3,000
-
5,767
57,352
17,728
194,064
(19,281)		 Transfers
between
funds
£
(62,483)
1,478
-
30,000
15,886
-
-
(15,119)
-
-
11,644
-
(4)
200
(3,404)
6,683
-
-
-
-
-
-
-
-
15,119
-		 At
31/5/24
£
15,361
5,834
9,772
37,000
15,886
27
704
84,584
741
8,818
14,622
-
-
25,000
10,000
3,846
-
836
2,817
4,000
8,000
2,752
3,000
5,767
90,199
174,783

Page 19

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated Fixed Asset Fund
Veterans Foundation
Army Benevolent Fund
Mertball Res
TRBL - Cumbernauld Branch
Restricted funds
The National Lottery
Robertson Trust
Age Scotland
Life Changes Trust Glasgow
Life Changes Trust Shetland
Veterans Foundation
Officers Association Scotland
Defence Medical Welfare Service
RNRMC Greenwich
South Ayrshire Health and Social Care
BFBS
The Seafarers' Charity
Queensberry Trust
South Ayrshire
North Ayrshire
Veteran's Foundation - Engagement Support
Officer
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
10,469
(20,383)
(9,914)
-
(14,598)
(14,598)
-
(20,228)
(20,228)
37,000
(30,000)
7,000
6,458
(6,431)
27
750
(46)
704
54,677
(91,686)
(37,009)
26,358
(25,617)
741
13,000
(8,915)
4,085
55,000
(52,022)
2,978
222
(9,387)
(9,165)
-
(5,130)
(5,130)
25,000
(12,850)
12,150
10,000
(4,418)
5,582
14,584
(25,573)
(10,989)
(625)
-
(625)
27,000
(35,235)
(8,235)
3,000
(183)
2,817
4,000
-
4,000
8,000
-
8,000
15,000
(15,000)
-
3,000
(248)
2,752
3,000
-
3,000
30,000
(24,233)
5,767
236,539
(218,811)
17,728
291,216
(310,497)
(19,281)

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2025.

18. PURPOSE OF UNRESTRICTED FUNDS

General Fund - The unrestricted 'free reserves' of the Charity

Designated Fixed Asset Fund - Represents the net book value of the charity's tangible fixed assets

Veterans Foundation - Unrestricted funds for core costs

Windup Contingency - closing of the charity if funding was unsuccessful

Army Benevolent Fund - Unrestricted funds for core costs

Mertball Res - Fundraising for core costs

TRBL - Cumbernauld Branch - Donation

Page 20

continued...

Fares4Free (known as Vector24)

Notes to the Financial Statements - continued for the Year Ended 31 May 2025

19. PURPOSE OF RESTRICTED FUNDS

The Robertson Trust - Operations Manager Salary

National Lottery - Operations Manager, Administration Manager & Co-ordinator and core costs Age Scotland - Operations Manager & Vehicle Contribution

Life Changes Shetland - Staffing, Volunteer Costs, Operational Costs, Marketing & Evaluation Life Changes Glasgow - Staffing, Volunteer Costs, Operational Costs, Marketing & Evaluation Veterans Foundation - Salary Costs

Officers Association Scotland - Core Costs including salary

Armed Forces Positive Pathway - Driver Salary, Equipment, Transport, Accommodation, Training IT

Defence Medical Welfare Service - Salary, Operational Costs

rant award from RAFBF

RNRMC Greenwich - Volunteer Project, Salary, Operational Costs

Veteran's Foundation - Engagement Support Officer - Salary costs for engagement support officer South Ayrshire Health and Social Care - Volunteer project

BFBS - Volunteer Project

The Seafarers' Charity - CRM upgrade

South Ayrshire Council - Volunteer project

North Ayrshire Council - Volunteer project

Queensberry Trust - Salary, fuel and operational costs

RAF Benevolent Fund - Operational costs

Greenwich Hospital - Operational costs SCHP Troon - Volunteers Project

The Prince of Wales - Volunteers Project

Motability - Operational costs Schroder Charity - Volunteers Project Army Central - Salary, fuel and operational costs Veterans Foundation Extra Mile - Salary, fuel and operational costs

Page 21