**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**
## **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.
- More service users progressed through every stage of the pathway.
- Increased early identification of crisis indicators, enabling timely intervention and referral.
- Improved continuity of support through consistent wellbeing check ins.
The REACH initiative strengthened our presence across communities:
- Rural Outreach: Provided greater support to individuals in geographically isolated areas.
- Engaging Businesses: Created new relationships that enhance stability, visibility and resources.
- Appreciating Volunteers: Invested in volunteer development, training and recognition.
- Creating Sustainable Services: Built support models designed for long term impact.
- Harnessing Lived Experience: Increased lived experience roles across outreach and wellbeing support.
Our blended workforce professional staff supported by skilled volunteers has grown in capability and confidence.
- Staff undertook training in trauma informed practice, welfare guidance and crisis response.
- Volunteers with lived experience excelled in their roles.
- Several individuals supported by us progressed into volunteering or employment, demonstrating the transformational impact of our model.
## **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.
- 1456 service entries recorded, demonstrating sustained demand and consistent engagement across our support pathways.
- 426 unique individuals supported, reflecting deep and personalised involvement with those who rely on our services.
- 2295 completed journey trips, ensuring that beneficiaries could access essential healthcare, mental health services, community programmes and recovery support.
- 35909 miles travelled in direct support of the Armed Forces community, ensuring no one was left without access due to geography or capability.
## **Financial Efficiency and Social Value**
Our transport and wellbeing model continues to provide significant cost efficiencies for partners, statutory services and beneficiaries:
- £49,722 in direct transport delivery costs, reflecting careful management of resources and responsible operational planning. - £125,680 in cost savings generated, evidencing substantial social and financial value for the Armed Forces community and wider support ecosystem.
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:
.......................
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 :
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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:
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;
- Regulation 8 (Statement of account - Fully accrued accounts) of The Charities Accounts (Scotland) Regulations 2006;
- the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in March 2018 ("FRS 102"), to the extent that it applies to small entities and public benefit entities;
- '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, published in October 2019 (FRS 102)' ("the Charities SORP");
- UK Generally Accepted Accounting Practice; and
- the historical cost convention.
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