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← British Limbless Ex-Service Men's Association (Blesma)

2024-12-31-accounts

- BRITISH LIMBLESS EX SERVICEMEN’S ASSOCIATION

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR END 31 DECEMBER 2024

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REFERENCE AND ADMINISTRATION

Charity Number 1084189 Company Limited by Guarantee Number 4102768 Registered in Scotland SC010315

Head Office: 115 NEW LONDON ROAD, CHELMSFORD, ESSEX, CM2 0QT

Tel: 020 8590 1124 E-Mail: info@blesma.org Website: www.blesma.org

Patron: HRH The Duke of Gloucester KG GCVO Vice Patron: The Rt Hon the Baroness Willoughby de Eresby DL

The Board of Trustees

National Chairman: Gen Sir Adrian Bradshaw KCB OBE DL (until Jun 2024) Mr Ed Davis CB CBE (from Jun 2024) Vice Chairman: Mr S White Honorary Treasurer: Mr M Ambler Mr R Gilbert Ms A Grant Mr N Heritage Mr R Kerrigan Mr L Maguire Mr A Mistlin CBE Mr C Whitworth Mr C Rouse MBE (until Jun 2024) Ms Lisa Johnson (from Jun 2024)

Head Office Blesma :

Chief Executive: Miss V W Buck CBE Operations Director: Mr T R Bloomfield Director Independence and Wellbeing: Mr Ian Johnson (from May 2024) Acting Director independence and Wellbeing: Mr Colin Branch (from February 2024 to May 2024) Interim Director Independence and Wellbeing: Mr B Chenier MBE (until February 2024) Finance and Support Director: Mr B C Mwense

Solicitors: Forsters LLP, 31 Hill Street, London W1J 5LS Bankers: National Westminster Bank plc, Princes Street, London EC2R 8PA Auditors: Crowe U.K. LLP, Chartered Accountants, 2[nd] Floor, 55 Ludgate Hill, London, EC4M 7JW Investment Managers: Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU

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TRUSTEES’ REPORT 2024

CONTENTS

Subject Page
Strategic
Introduction 3
Objectives 4
Achievements and Performance 5
Plans for the Future 9
Financial Review 11
Governance & Administration Report 14
Independent Auditor’s Report 18
Financial Statements 22

THE BLESMA MISSION

To assist limbless veterans to lead independent and fulfilling lives

INTRODUCTION

Blesma is a specialist Service charity, an Association. Its Members are the war wounded, disabled veterans and their dependants. Blesma shall work tirelessly to meet the challenges of injury, to bring comfort, and to help its Members realise their fullest potential.

2024 was anticipated to be a challenging year due to the continued economic upheaval at home and the impact of conflict overseas. Fluctuating inflation and interest rates and increase in global energy prices had a major effect on household incomes, as did the loss of the winter fuel allowance for our elderly Members. Market uncertainty also impacted on investment performance, although 2024 did see a positive return on our investments. The fundraising environment has remained difficult but there was an uplift in non-legacy fundraising and legacy income in the latter part of 2024, resulting in a breakeven for the first time in five years. The Charity made a conscious decision to maintain existing levels of service by drawing on the reserves for the majority of 2024. It will continue to closely scrutinise and prioritise its spending in order to meet its commitment to provide life-long support.

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Throughout the year our Blesma Support Officers, Outreach Officers and volunteers maintained close contact with our Members, visiting in person and increasing the number and scope of regional and online outreach events that kept Members in touch with each other. With a full activities programme at home and overseas, Members have participated in skiing trips, golf, sailing, cycling events and fitness and lifestyle courses. Closer to home others took part in family glamping events, widows’ and seniors’ weeks and a wide range of group activities across the UK. Other Members were supported in their own personal challenges, including mountaineering, diving, power boat racing, endurance events and competitive sport.

During 2024 we welcomed 129 new Members into the Association, providing advice, assistance, friendship and support of others familiar with the experience of limb loss. Sadly, we also learned of the loss of 137 Blesma Members, widows and widowers over the year, including our final Normandy veteran Roy Haywood. Our sympathies go out to their families and friends. As at 31 December 2024 the Association stands strong at 2,627 Members and Beneficiaries.

This report summarises Blesma’s objectives, activities, and financial position for 2024. Financial results and considerations have been reflected in the Financial Review and Independent Auditors Report.

The Association remains steadfast in its determination to be there for its Members, through life.

OBJECTIVES FOR 2024

OUR CHARITABLE OBJECTS

Blesma is there:

To promote the welfare and wellbeing of all serving and Ex-Service men and women who have lost a limb or limbs or one or both eyes as a result of Service in any Branch of Her Majesty’s Regular or Auxiliary Forces as may from time to time be defined.

To promote the welfare and wellbeing of all those serving and Ex-Service men and women who suffer loss of a limb, permanent loss of speech, hearing; or the loss of sight in one or both eyes; or the loss of use of a limb.

To assist needy Widows, Widowers and dependants of the above.

LINES OF OPERATION

Blesma is not just a charity provider that has beneficiaries in the normal sense; it is an Association with the Membership (contributors and beneficiaries) central to all aspects of its existence and purpose. As a matter of principle and as far as practicable, Member is encouraged to help Member to overcome the challenges of serious injury.

The Membership’s interests are pursued in four principal ways, termed Lines of Operation, these being: Wellbeing, Activity, Connectivity and Resourcing . Within these lines in 2024 we sought to achieve the following:

WELLBEING (previously Security) - the physical and mental essentials .

Blesma continues to provide professional welfare and outreach services, backed up by a body of volunteers providing comradeship, advice and informed support to Members across the UK and overseas. This support includes securing proper provision

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of pensions and allowances, supporting and informing the delivery of statutory services, making grants to alleviate the effects of disability, professional counselling and a range of activity to connect Members in comradeship and reduce social isolation.

ACTIVITY (previously Identity) – respect and realisation of potential .

A broad range of activities, both face to face and virtual, range from challenging expeditions, playing sport at all levels, to online activities and local days out, all arranged within a social framework of Members working together and sharing their particular knowledge and experience. We hold to the belief that providing Members with a relevant and engaging range of activities contributes significantly to Member’s wellbeing, confidence and self-belief.

CONNECTIVITY – external outreach, and internal community communications .

Connectivity between Members is the foundation of Blesma’s proposition to its Members. It is why Blesma exists. The Association uses a variety of communications to foster close links between its Members and with other agencies.

RESOURCING – finance, people, knowledge and training .

Our capacity to support our Membership is enabled by Blesma’s ability to raise funds and its organisational efficiency. Our fundraising staff conduct a wide range of fundraising activities, while our Finance and Support Directorate manage the Charity’s resources from Head Office, keeping tight control, ensuring compliance and reducing costs. The Association is focussed on getting the most out of every pound raised.

OUR ACHIEVEMENTS AND PERFORMANCE IN 2024

The fundamental principles that guide Blesma’s operation remain unchanged year on year in that supporting our Members is undertaken on a daily basis, in person wherever possible, as it always has been. The vital support our Members themselves and their families provide each other comes from lived experience and first-hand knowledge, gained over decades. In this respect our perspective is unique. We know about living with limb loss in all stages of adult life. Members tell us their stories in their own homes and we strive to understand and to deliver appropriate and timely support. Our principal beneficiaries are also Members with a vote on how Blesma is run. Their guidance and scrutiny promotes genuine impact and efficiency, ensuring Blesma is responsive and relevant in what it does.

In 2024 we delivered in accordance with the Blesma Strategic Plan, the Charity’s Lines of Operation, Priorities and Outputs. Our performance within each Line of Operation included the following.

WELLBEING

In 2024 we had an increased focus on ensuring Members were able to have face to face contact with the Association. This resulted in 1,319 homes visits, an increase from 677 in 2023. Members were also supported virtually with 91 online meetings. Other contact with Members via telephone, email, text and letter totalled 11,222.

A key element of support is grant provision to ensure Member needs are met to ensure financial security, wellbeing and independence. 1,052 grants were provided to 674 individual Members. We also joined MOSAIC, the military charity sector grant

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almonisation system in 2024. This enables us to access additional funding and grant for members. 12 grants were almonised towards the end of the year with this expected to grow significantly in 2025 now the process is being refined. This has resulted in increased funding for members at a lower cost to the Association and access to grants not provided by our programme. We were also approached by other military charity caseworking organisations to join collaborative funding 16 times for members and in the process found new members who were not previously aware of the Association.

To ensure financial support was received from appropriate statutory sources BSOs assisted with the completion of benefit applications, PIP assessments and mandatory reconsiderations or DWP decisions. The team also support three War Pension/Armed Forces Compensation Scheme Tribunals to successful resolution.

We continued to support the Veteran’s Prosthetics Panel with 381 grants agreed in 2024 with a value of £2,089,345. Alongside this, 19 referrals were made to the Complex Prosthetics Assessment Clinic (CPAC) for the provision of prosthetic sockets.

During the year increasing issues with delays at limb centres were highlighted by members. In some areas the times for provision of suitable sockets is increasing well beyond statutory targets. We have engaged with the NHS and private providers to understand the challenges and have written to appropriate government departments to highlight the impact this is having on our Members.

Our counselling service continues to support Members with mental health and bereavement challenges. Often used to support Members while waiting for statutory provision to commence or due to a bereavement, the service provides quick access to counselling support. 40 Members used the service in 2024.

In 2024 a large amount of work was undertaken to underpin support for our volunteers and the activities they undertake to support the Association. This has resulted in new policies and code of conduct being created to roll out in 2025. Currently we have 209 volunteers undertaking a wide range of activities supporting wellbeing, activities and fundraising. Many volunteers are Blesma members and their families.

Other significant achievements in supporting our Members Wellbeing included:

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ACTIVITY

Blesma continued to provide a range of international, national and local activities and events whilst supporting individual Blesma Members in their sporting and adventurous endeavors. Activities included events such as skiing in Colorado and France, diving in Egypt, family glamping in Somerset, our annual Members Weekend in Shropshire and numerous smaller events across all of our regions.

In total for the year we delivered 46 live and 5 virtual activities, with 714 Members, family members and carers taking part. Twelve of these activities were led by Members. Of the 46 events, 40 of them were national with 436 Members, family and carers participating, and six were international with 75 Members taking part. Blesma once again had an amazing turn out at the Remembrance Parade in November.

For Blesma’s regional Outreach programme, we delivered 344 live Outreach activities involving 3,732 participants and 144 virtual Outreach activities involving 1381 participants.

2024 saw the first full year of the new Storytelling and Wellbeing programme with 25 workshops being delivered across the UK with 88 Members benefiting from this programme. It provided workshops to support social connection, build confidence and promote good mental health.

2024 also saw the delivery of activities under our Armed Forces Covenant Fund programme for Female Veterans. Three events took place with 26 Members actively engaged in the programme.

Our Venture Fund programme continued to support individuals in achieving sporting excellence or carrying on with their sporting pathway. A highlight was two Members supported by the Venture Fund that won Gold at the Paris Paralympics. In total we supported 56 Members with the venture pursuits throughout the year.

In 2024 our Members Weekend moved to a new location in the North of England which attracted a new cohort of Members, amounting to 40% first time attendees. The Weekend also included our Annual General Meeting.

CONNECTIVITY

For the first time in Blesma’s history the charity produced a television advertisement. The advert saw triple amputee Mark Ormrod changing a baby’s nappy as a way of highlighting that Blesma Members have a life outside of injury. The advertisement was aimed at generating legacy income whilst raising awareness.

Across social media Blesma continued to provide content for millions of people with 33 million people being reached. Our social media followers in 2024 were 75,150.

Alongside social media we continue to be featured in the press with Blesma being mentioned 614 times in national and local press articles. All of this activity ensured that we kept Blesma in the public consciousness, spreading the values and good news of the Association. Internally, four editions of the Blesma Magazine kept our Members and supporters fully informed of news across the Association.

Other significant achievements in the Connectivity Line of Operation included:

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The Association participated on many bodies of influence in 2024. These included:

In broader context we played a role and consulted widely with:

RESOURCING

In 2024 Blesma had a return on investment of 5 ( 2023: 4 ) with 15 pence of every pound of income in 2024 planned to be spent to raise funds in 2025 ( 2023: 17p ).

Our IT infrastructure facilitates connectivity and collaboration among employees, including those working remotely, supporting effective communication and productivity. Our advanced fundraising CRM system allows us to manage donor relationships effectively, track contributions, and analyse fundraising performance. Additionally, our financial reporting systems provide accurate and timely financial data, helping us make informed decisions and maintain transparency.

Our updated fundraising plan outlines strategic initiatives to engage donors, maximise contributions, and achieve our financial goals. The HR / People strategy focuses on recruitment, retention and development of talent, ensuring that we have the right people in place to drive our mission forward.

Our health and safety manual provides guidelines and procedures to ensure the wellbeing of our staff and stakeholders. Finally, our work environment is designed to be compliant with regulatory standards and conducive to productivity and morale, offering a supportive atmosphere where employees can thrive.

Significant achievements in the Resourcing Line of Operation included:

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BRANCH NETWORK

Blesma’s five remaining branches continued to support and connect our members through their local networks of Members and volunteers, supported by regional Blesma Support Officers and Outreach Officers.

Bournemouth and District Branch has had a productive year, including hosting a joint event with the Southampton branch. This collaborative event took place at the National Motor Museum and included a picnic lunch. The event was well attended, and future collaboration opportunities will be considered. Additionally, the branch supported the Armistice Day service at the Bournemouth War Memorial Home, where wreaths were laid by the local Member of Parliament and Zack, the four-year-old greatgrandson of Member ‘Jack’ Sweetzer, who lost a leg sustained an injury during World War II.

Merton Sutton and Districts Branch are delighted to report the Branch is financially sound. Lunches were enjoyed at the Morden Brook Hostelry following our Meetings which are spirited and well attended. In July 2024 Sutton, Merton and Districts celebrated their 75th Anniversary. The branch is looking to do more but recruiting Branch Volunteers has been a challenge and the branch is looking for more volunteers. The Branch is very grateful for its Branch Supporters, The Smedley Trust and Bowling Fraternity have financially and socially supported us since the Branch inception in 1949. Last year they increased their donations, which in today’s financial climate is welcome.

Nottingham Branch has had a strong year meeting regularly and welcoming new Members. The branch joined a “spirit of wartime” event at Thoresby Hall which raised funds through a cake sale and awareness of the incredible ways Blesma supports its Members. The summer dinner was held at Colwick Hall, the ancestral home of Lord Byron, with branch Members having a thoroughly enjoyable meal on the banks of the river Trent. The branch raised concerns about a local limb centre, leading to a visit from the Support Officer Prosthetics, which informed government consultation.

Great Yarmouth & Lowestoft Branch had a strong 2024 starting with the Committee being re-elected at the AGM. The branch has organised lots of events through the year, including a three-day trip to the National Arboretum, which was a resounding success. Other popular events were afternoon tea at The Cliff Hotel in Great Yarmouth and the Christmas lunch at the Burlington Palm Court Hotel. Fundraising has gone well for the Branch with special thanks to the Great Yarmouth Lions and The Norfolk Broads Lions who have been long term supporters. A successful year in the East with exciting plans for 2025.

Southampton Branch expanded in 2024, incorporating Members from the former Portsmouth branch. It meets every four weeks and organizes summer trips on the boat Alison MacGregor. The spring lunch honoured Sheila Rayner, the late social secretary

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who left a bequest to the branch. At the AGM, the committee was re-elected to continue supporting the membership.

PLANS FOR THE FUTURE

The Board of Trustees regularly review Blesma’s 5 year rolling Strategic Plan in step with the Board’s annual cycle of governance. In 2024 the Board endorsed the Strategic Plan for 2024-2029. The purpose of the Plan is to:

In five years’, Blesma should be in the following position:

HOW YOU CAN HELP BLESMA

We need to raise at least £5m in 2025 in order to continue our vital work.

Your support means we can ensure that our oldest Members can continue to live a dignified life and that our youngest Members can face the challenge of a lifetime dealing with disability. All those we support know that they can reach out to others in similar circumstances. Limb loss is for life - so Blesma is too.

If you would like to help or make a donation, please contact our Fundraising Team by telephone on 020 8548 7089 ; by email on fundraising@blesma.org ; through our website on www.blesma.org or write to us at the address below:

Fundraising Team Blesma – The Limbless Veterans 115 New London Road Chelmsford Essex CM2 0QT

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FINANCIAL REVIEW

GENERAL PERFORMANCE IN 2024

During the financial year ending 31 December 2024, the Association recorded an operating deficit of £2,588 (2023: operating loss of £717,697). The net income, after a gain on investment of £2,371,893, was £2,369,305 (2023: £609,473), mainly due to favourable macroeconomic conditions marked by falling inflation and interest rates. During the period, the Bank of England achieved its 2% inflation target from a high of 11% in 2022 thereby boosting disposable income for donors which alongside effective fundraising strategies resulted in strong financial performance.

Donations, legacies, grants, and other income totalled £6,537,390 ( 2023: £5,365,543 ), and included:

Total Incoming Resources, minus fundraising costs (including investment management fees), were £5,239,086 ( 2023: £4,202,842 ) including net Investment Income of £899,716 ( 2023: £816,701 ). Overall, income increased by 27% compared to the previous year.

Blesma's expenditure on charitable activities totalled £5,241,674 ( 2023: £4,920,539 ), reflecting a 7% increase corresponding to the rise in general income. This variation was primarily aimed at enhancing benefits for Members. Total charitable expenditure encompassed:

FUNDRAISING

Total fundraising income, including legacies, was £5,419,182 ( 2023: £4,110,227 ), representing a 32% increase compared to the previous year. The performance of selected individual income streams in 2024 is detailed below:

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Blesma complied with the requirements of the Fundraising Regulator and there were no complaints received in 2024 regarding fundraising practices.

INVESTMENT POLICY AND PERFORMANCE

The Association’s funds are managed by Cazenove Capital Management according to Trustee directions. Policy development and oversight are handled by the Finance and Investment Sub Committee, while daily management is delegated to the National Treasurer and the Finance and Support Director, who maintain regular contact with Fund Managers. The Investment Report is presented to the Sub Committee twice a year, and Trustees receive quarterly reports. An annual ethical review is conducted.

Portfolio Performance, Asset Allocation, and Benchmarks

In 2024, invested funds were £34m ( 2023: £33m ). The net income was £899,716 ( 2023: £816,701 ), resulting in a yield of 3% (2023: 2.5%). The asset allocation, portfolio and index performance are detailed in table 1 below.

Table 1 : Asset allocation and performance contribution (source: Cazenove capital)

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RISK MANAGEMENT

The Charity Commission's guidance on risk management is followed. The Risk Committee reviews strategic and operational risks quarterly and reports to the Board. The main strategic and operational risks are:

The Trustees believe the Association has the necessary resources and review systems to manage identified risks appropriately.

CHARITY RESERVES

Blesma’s Free Reserves (i.e., investment portfolio plus cash) at the balance sheet date were £38m ( 2023: £36m ), a 6% increase. The total Fund balance was £41,607,377 ( 2023: £39,238,072 ): Unrestricted Funds were £40,974,186 ( 2023: £38,692,580 ) and Restricted Funds were £633,191 ( 2023: £545,492 ). Blesma manages its resources sustainably to support its Members for life.

Blesma’s strategic allocation of its free reserves is as follows:

20% of Free Reserves is allocated to increasing spending on more comprehensive services to Members as outlined in the Strategic Plan.

20% of Free Reserves is allocated to funding care for the most infirm and elderly, under the Blesma grants scheme.

20% of Free Reserves is designated to provide immediate financial support for casualties in future conflicts and to offset increased service costs due to advancements in medical care and a comprehensive approach to treatment.

40% of Free Reserves will be maintained (approximately 28 months of operating costs) to ensure business continuity.

GOING CONCERN

Based on current financial performance, available free reserves, and strategic plans for the medium to long term, the Trustees have concluded that Blesma has sufficient free reserves to meet its future obligations and is therefore a going concern.

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GOVERNANCE AND ADMINISTRATIVE REPORT

CONSTITUTION

Charity Number 1084189 Company Limited by Guarantee Number 4102768 Registered in Scotland SC010315

Blesma The Limbless Veterans is a national charity for those who lose limbs or the permanent use of limbs, or lose the sight of eyes, or suffer permanent loss of speech or hearing, in Service or as a result of Service in Her Majesty’s Forces, or Auxiliary Forces, and for ex-Service men and women who lose limbs or sight of eyes, or in certain circumstances use of limbs, after Service. While the majority of its Members are ex-Service men and women, there are a number who are still serving. Membership is also open to all men and women of civilian status who lose a limb or an eye, or suffer the loss of use of limb as a result of War Service or enemy action, or terrorist action against His Majesty’s Forces with which those of civilian status are employed, or volunteer, to provide direct support, or in exceptional circumstances subject to the approval of Trustees.

The Association also accepts responsibility for the dependants of its Members and in particular their Widows as beneficiaries. The Association is governed by its most recent Articles of Association and Rules adopted at the Annual General Meeting on 25 June 2023.

ANNUAL GENERAL MEETING AND APPOINTMENT OF TRUSTEES

The Blesma AGM was held during the 2024 Members Weekend on 30[th] June 2024. A full report on proceedings was included in the Autumn Association Magazine .

The maximum number of elected Trustees is 11. One third of trustees are required to resign and stand for re-election, if they so wish, at each AGM. Additionally, any Trustee over the age of 70 must do likewise every year. The Board aims to achieve an appropriate balance of knowledge and experience; at least half the trustees should be full or associate Blesma Members while the remainder are granted honorary membership. This promotes connectivity across the Association and the right blend of experience, knowledge and expertise to fulfil all Board responsibilities. Blesma acknowledges the Charity Governance Code, abides by the Code’s principles and works to implement the recommended practice. Blesma is a full Member of the Confederation of Service Charities.

TRAINING OF TRUSTEES

Following election to the Board, each Trustee is provided with relevant Charity Commission publications covering responsibilities and essential knowledge, and these are updated when necessary. Trustees also receive regular briefings on issues affecting charities at their quarterly meetings. New Trustees receive a full induction

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programme covering both their generic and specific responsibilities and the spectrum of Blesma business, including externally provided training.

ORGANISATIONAL STRUCTURE

The Board. The Board of Trustees exercises supervision by holding four meetings each year. The agenda cycle is Fiduciary and Strategy (February), Performance and Risk (May), Strategy Review and Programme Proposal (August) and Programme Approval (November).

The Board of Trustees:

National Chairman: Mr Ed Davis CB CBE Vice Chairman: Mr S White Honorary Treasurer: Mr M Ambler Mr R Gilbert Ms A Grant Mr N Heritage Mr R Kerrigan Mr L Maguire Mr A Mistlin CBE Mr C Whitworth Ms L Johnson

The Finance & Investment Sub Committee (FISC). The FISC meets twice a year under the chairmanship of the Honorary Treasurer. Its terms of reference including delegated powers are laid down in an appropriate Blesma Governance Instruction. At each biannual meeting the FISC is briefed by the Association’s investment managers from Cazenove Capital Management Limited.

The Remuneration Sub Committee (RSC). The RSC meets once a year routinely, under the chairmanship of the Vice Chairman. It reports to the full Board to make recommendations upon the specific remuneration and terms and conditions of service for the Chief Executive and Senior Management Team, and remuneration policy in general for all staff.

The Governance Sub Committee (GSC). Governance matters and Blesma’s policies are reviewed on a regular basis by the GSC under the chairmanship of the Vice Chairman. Blesma’s Governance Standing Instructions are reviewed annually.

The Executive. The Chief Executive Ms V W Buck CBE runs the Association on a dayto-day basis from Chelmsford in Essex.

The key structure is:

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There are no trading subsidiaries of Blesma.

KEY MANAGEMENT – REMUNERATION

The remuneration of key management personnel is set by the Trustees, upon recommendation of the Remuneration Sub Committee, with the policy objective of ensuring that they are provided with appropriate incentives to encourage strong performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Charity’s success. The appropriateness and relevance of remuneration is reviewed annually, in particular noting role responsibilities and including reference to comparisons with sector and national statistics to ensure that Blesma remains sensitive to the broader issues of pay and employment conditions elsewhere. The key management are the Chief Executive, the Director of Operations, the Director of Independence and Wellbeing and the Finance and Support Director, collectively known as the Senior Management Team (SMT). The staff salary bands and sum of remuneration are noted in the Charity Accounts. The Chief Executive and SMT are employed on the same terms as all other staff and the Charity does not pay bonuses. Trustees normally receive no remuneration or benefits other than expenses incurred.

DATA PROTECTION

Trustees are briefed regularly on matters surrounding data protection and personal information, and ensure policies are appropriate and kept up to date. Blesma continues to closely monitor its compliance with General Data Protection Regulations and the Blesma Privacy policy is published on the Blesma website.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES AND CORPORATE GOVERNANCE

The trustees, who are also the directors under company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the Statement of Recommended Practice for Charities (SORP 2015) issued October 2019, Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the profit or loss of the charity for that period. In preparing these financial statements, the trustees are required to:

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The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the trustees of the company at the date of approval of this report is aware there is no relevant audit information (information needed by the company’s auditor in connection with preparing the audit report) of which the company’s auditor is unaware. Each trustee has taken all the steps that they should have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

This Report which incorporates the Strategic Report, was approved by the Trustees on 1[st] May 2025, and signed on their behalf.

Ed Davis CB CBE National Chairman

1 May 2025

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRITISH ’ - LIMBLESS EX SERVICE MEN S ASSOCIATION

OPINION ON THE FINANCIAL STATEMENTS

We have audited the financial statements of the British Limbless Ex-Service Men’s Association for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 December 2024 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; and

have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended).

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 trustee's 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 the charitable company'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.

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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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not 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 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 our audit the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept; 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 trustees’ responsibilities statement set out on page 30, 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

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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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and fundraising regulations, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were Charity Commission regulations, fundraising regulations,

20

taxation legislation, employment legislation, General Data Protection Regulation (GDPR) and Health and safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquire of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, including Serious Incidents reported, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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.

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date: 9 May 2025

21

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes FUNDS
UNRESTRICTED		 RESTRICTED
FUNDS		 2024
2023
TOTAL
TOTAL
Income
2
Expenditure on raising funds
Fundraising
5
Investment Management fees
Membership Services - Welfare
6
Membership Services - Activities
7
Awareness and Representation
8
Operating surplus /(loss)
12
Transfers between funds
Net movement in funds for the year
Balances brought forward 1 January 202
17/18
BALANCES CARRIED FORWARD 31 DECEMBER 2024
Wellbeing (previously Security)
Donations and Legacies
Investment Income
Total Income
Expenditure
Resourcing
Expenditure on charitable activities
Other Income
Grants
Investment Income - Other
Activity (previously Identity)
Connectivity
Total Expenditure
Net gain / (loss) on investments
Net income/(expenditure)		 £
4,806,523
1,013,804
73,882
-
16,522
1,104,208
5,910,731
1,180,316
114,088
1,294,404
3,361,231
778,587
566,796
4,706,614
6,001,018
(90,287)
2,371,893
2,281,606
-
2,281,606
38,692,580
40,974,186		 £
612,659
-
-
14,000
-
14,000
626,659
3,900
-
3,900
337,063
192,934
5,063
535,060
538,960
87,699
-
87,699
-
87,699
545,492
633,191		 £
£
5,419,182
4,110,227
1,013,804
936,451
73,882
67,133
14,000
230,180
16,522
21,552
1,118,208
1,255,316
6,537,390
5,365,543
1,184,216
1,042,951
114,088
119,750
1,298,304
1,162,701
3,698,294
3,716,911
971,521
896,153
571,860
307,475
5,241,674
4,920,539
6,539,978
6,083,240
(2,588)
(717,697)
2,371,893
1,327,170
2,369,305
609,473
-
-
2,369,305
609,473
39,238,072
38,628,599
41,607,377
39,238,072

The Notes on pages 25-38 form part of these financial statements.

22

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION BALANCE SHEET (Company number: 04102768) AS AT 31 DECEMBER 2024

2024 2023
TOTAL TOTAL
Notes £ £
Fixed assets
Tangible fixed assets 11 2,025,192 2,079,694
Intangible fixed assets 11(b) 70,102 8,951
Investment properties 11(a) 802,031 820,398
Investments 12 34,215,445 32,970,630
37,112,771 35,879,673
Current Assets
Stocks 29,588 22,310
Debtors 13 1,488,546 1,087,717
Balances at bank and in hand 3,466,217 2,771,802
Creditors: amounts falling due within one year
Provision for liabilities and charges
Net current assets		 14
14 (a)		 4,984,351
427,946
61,799
4,494,606		 3,881,828
466,616
56,812
3,358,399
Net Assets 41,607,377 39,238,072
FUNDS
Unrestricted funds
Restricted funds		 17
18		 40,974,186
633,191		 38,692,580
545,492
Total Funds 41,607,377 39,238,072

Approved by the Board of Trustees on 1 May 2025 and signed on its behalf by: Ed Davis CB CBE 29s— Miles Ambler or

The Notes on pages 25-38 form part of these financial statements.

23

2024
2024
2023
£
£
£
BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024		 2024
2024
2023
£
£
£
BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024		 2024
2024
2023
£
£
£
BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024		 2023
£
Investment income
Purchase of investments
Purchase of property, plant and equipment
Proceeds from the sale of investments
(Increase)/decrease in amounts aw aiting investment
(a)
Cash at bank and in hand
(b)
Adjustments for:
Net (gain)/loss on investments
Investment income
Depreciation and amortisation
(Increase) / decrease in stocks
(Increase) / decrease in debtors
Increase/(decrease) in creditors
Prior year adjustment
as per the Statement of Financial Activities
Net cash provided by (used in) operating activities
Net (expenditure)/ income
Net cash provided by (used in) investing activities
Cash flows from financial activities
Net cash provided in (used by) financial activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Analysis of cash and cash equivalents
Reconciliation of cash flows from operating activities
Cash flows from investing activities:
Cash flows from operating activities:
Net cash provided by (used in) operating activities		 1,087,686
(32,215,034)
(131,813)
34,770,983		 (1,388,537)
1,003,585
(9,438,050)
(9,209)
11,414,210
3,511,823
(850,565)
(1,428,871)
694,416
2,771,802
3,466,217
2024
£
3,466,217
3,466,217
2024
£
2,369,305
(2,371,893)
(1,087,686)
143,529
(7,279)
(400,829)
(33,684)
-
(1,388,537)		 (2,186,407)
2,970,537
(850,565)
(1,428,871)
(66,435)
2,838,237
2,771,802
2023
£
2,771,802
2,771,802
2023
£
609,473
(1,327,170)
(1,003,585)
100,591
(6,539)
(572,506)
12,631
697
(2,186,407)

The Notes on pages 25-38 form part of these financial statements.

24

BRITISH LIMBLESS EX-SERVICE MEN’S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. CHARITY INFORMATION AND ACCOUNTING POLICIES

British Limbless Ex-Service Men’s Association is a Member charity specialising in and helping limbless and loss of use of limbs veterans.

The charity is a private company limited by guarantee (registered number 4102768) and was established in 1932 (charity number 1084189) and incorporated in 2000. The charity is also registered in Scotland (registered number SC010315). The address of the registered office is 115 New London Road, Chelmsford, Essex, CM2 0QT.

Accounting policies

The following accounting policies have been applied consistently for all years in dealing with items that are considered material in relation to the financial statements of the Charity.

i) Basis of preparation. The financial statements have been prepared in accordance with Accounting and Reporting by Charities under the historic cost convention, as modified for the revaluation of certain investments and properties measured at fair value, and in accordance with the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities , 2[nd] edition, published in 2019, Financial Reporting Standard 102 ‘ The Financial Reporting Standard applicable in the UK and Republic of Ireland ’, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, and the Companies Act 2006.

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

ii) Going concern. As stated in the Trustee’s Report, Trustees believe there are no material uncertainties that call into doubt the Charity’s ability to continue as a going concern and the accounts have therefore been prepared on the basis that the Charity is a going concern. In the short term cash holdings are sufficient to ensure adequate cashflow for the foreseeable future. In the medium to long term plans for, and the structure of, Blesma remain extant and will continue to be reviewed regularly.

iii) Fund accounting. Donations for specific capital projects are transferred to the fixed asset fund. Income received for specific expenditure is restricted for that purpose, as analysed under Note 18. Capital expenditure not funded by donations is allocated from the general fund. Annual depreciation is transferred from the fixed asset fund to the general fund so that the fixed asset fund is always equal to the book value of the fixed assets.

iv) Income. All income is included in the Statement of Financial Activities when the Charity is entitled to it and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

25

v) Expenditure. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all the costs related to a category. Where costs cannot be directly attributed to particular category they have been allocated to activities based on staff head count full time equivalents (FTE), as shown in Note 10. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

vi) Estimates and judgements. Estimates and judgements are continually evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimations that have a significant effect on the amounts recognised in the financial statements are summarised below:

Depreciation – is calculated based on the useful life of the asset and written off accordingly.

Provision for Care Home Residents – is an estimate for third party assistance to care for Blesma Members resettled in care homes shown as part of Note 14(a).

vii) Governance Costs. Governance costs are those incurred in compliance with constitutional and statutory requirements and are shown as part of Note 10.

viii) Tangible Fixed Assets. Tangible Fixed Assets are stated at cost less depreciation and are capitalised at a value of £1,000 and above. They are depreciated at rates intended to reduce their cost to their residual value over their estimated useful life on a straight-line basis as detailed below:

o Freehold Property 2.0% on cost
o Furniture, Fittings and Equipment 10.0% on cost
o Computer Equipment
 33.3% on cost
o Motor Vehicles 25.0% on cost
o Coaches and Buses 12.5% on cost

ix) Intangible Fixed Assets. Intangible fixed assets are capitalised at a value of £1,000 and above and include software costs. They are amortised over 3 years i.e. 33.3% on cost over their estimated useful life on a straight-line basis.

x) Investment Properties. Investment properties are included in the accounts measured at fair value. The properties are reviewed annually for impairment. Any change in fair value is reflected through the Statement of Financial Activities.

xi) Investments. Fixed asset investments are stated in the Balance Sheet at market value. Realised gains and losses on disposal and unrealised gains on investments are shown in the statement of financial activities.

xii) Stocks. Stocks are valued at the lower of cost and net realisable value.

xiii) Pension Costs. The charity contributes to a Group Personal Pension scheme with AEGON which is a defined contribution scheme. The amounts charged in the accounts are the employer’s contributions payable in the financial year.

26

xiv) Operating Leases. Rentals applicable to operating leases are charged to the statement of financial activities in the period to which the cost relates. Operating lease commitments are highlighted under Note 20.

xv) Financial assets and liabilities. Financial assets and financial liabilities are recognised when BLESMA becomes a party to the contractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arrangements entered into. Financial assets and liabilities are initially measured at transaction price (including transaction costs) and are subsequently re-measured where applicable at amortised cost.

Financial assets held at amortised cost comprise of cash and bank, together with accrued interest and other debtors.

Financial liabilities held at amortised cost comprise of creditors and accruals.

==> picture [416 x 173] intentionally omitted <==

----- Start of picture text -----
BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£ £
2. Donations and legacies
Community and Lotteries 564,944 559,146
Corporate 103,485 156,507
Direct mail 348,133 362,788
Major donors 142,588 125,675
Organised events 77,670 54,316
Trusts and foundations 1,145,499 742,994
Legacies 3,036,862 2,108,801
5,419,182 4,110,227
----- End of picture text -----

Included in Trusts and foundations income is an amount of £350,000 (2023: £350,000) from the Antioch Settlement Trust; and £150,000 (2023: £0) from the Margaret Butters Reekie Charitable Trust.

Legacy Pipeline

The charity has been able to identify from incomplete bequests through pecuniary and residuary legacies confirmed and expect to receive approximately the sum of £207,599 (2023: £159,186). The bequests have not yet met all criteria for income recognition.

27

==> picture [416 x 217] intentionally omitted <==

----- Start of picture text -----
BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
TOTAL TOTAL
4. Total Staff Costs £ £
Salaries and wages 2,082,850 1,904,410
Social security 219,210 205,280
Pension and life cover 110,286 100,797
Other staff costs 44,411 57,210
2,456,757 2,267,698
Actual number of staff employed (headcount average over 12 months):
Membership Services 27.1 28.3
Activities and Events 3.0 3.0
Fundraising 13.0 12.0
Awareness and Representation 1.6 1.3
Support 8.0 8.1
52.7 52.7
----- End of picture text -----

==> picture [405 x 80] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |Key personnel| |The charity has four key personnel in the salary bands shown below (there are no bonus or benefit schemes).| |Staff salary bands:| |£60,000 - £70,000|-|-| |£70,000 - £80,000|-|2| |£80,000 - £90,000|2|1| |£90,000 - £100,000|-|1| |£100,000 - £110,000|1|-|

----- End of picture text -----

Total remuneration paid to key management personnel during the year is £379,620 (2023: £379,284).

BLESMA contributes to a Group Personal Pension scheme with AEGON and new employees are auto-enrolled upon joining.

Total reimbursement of travel and other expenses to members of the Board of Trustees was £3,214 (2023: £4,698.93).

Trustees are remunerated when they undertake paid work for Blesma approved by the Board of Trustees.

28

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £
2024
2023
£
£		 2024
2023
£
£
5. Fundraising Costs
Staff costs
Database costs
Advertising costs
Community
Challenge and Events
Direct Mail costs
Other related costs
Attributable support costs
6. Membership Services - Welfare
Staff costs
Welfare grants to members (all categories)
Continuing assistance to widows (all categories)
Chiropody
Welfare visiting
Other related costs
Members' annual conference
Special events
Research
Members' BLESMAG costs
Branch welfare activities		 424,692
54,208
15,492
7,986
19,341
313,016
81,389
268,091		 399,000
41,080
11,708
9,329
22,142
277,176
52,005
230,512
1,184,216 1,042,951
2024
£
1,320,741
924,349
2,080
1,795
25,949
458,894
121,004
17,537
-
202,303
10,645		 2023
£
1,208,107
1,174,623
2,080
1,945
23,063
399,514
86,078
9,443
15,300
197,645
13,223
Branch support costs 217 746
Attributable support costs
612,779
3,698,294
2024
7. Membership Services - Activities
£
Staff costs
179,861
Activities and Events
376,155
Venturers program
130,800
Inspiration and Individual Recovery (Includes MGR)
218,997
Other related costs
17,834
Attributable support costs
47,873
971,521		 612,779 585,145
3,698,294 3,716,911
2023
£
160,487
364,258
119,990
209,232
(2,143)
44,329
971,521 896,153

29

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

==> picture [96 x 23] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |2024|2023| |£|£|

----- End of picture text -----

==> picture [352 x 125] intentionally omitted <==

----- Start of picture text -----
8. Awareness and Representation
Staff costs 87,161 84,260
General media costs 434,384 180,158
Subscriptions and fees 15,592 9,998
Other related costs 5,998 6,461
Attributable support costs 28,724 26,597
571,860 307,475
----- End of picture text -----

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. SUPPORT COSTS

Expenditure recognised in notes 5 to 9 includes Support Costs apportioned by full time employee equivalents (FTE) and is detailed below.

==> picture [415 x 266] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |FUNDRAISING|[MEMBERSHI]|P SERVICES|[ACTIVITIES]|REPRESENTATIONAWARENESS &|2024|2023| |Basis of apportionment (FTE)|TOTAL|TOTAL| |£|£|£|£|£|£| |Salaries and related costs|129,898|296,910|23,196|13,918|463,922|446,067| |Travel and meetings|733|1,675|131|79|2,617|1,232| |Motor vehicle expenses|5,871|13,420|1,048|629|20,969|33,927| |Postage|2,186|4,997|390|234|7,808|7,436| |Telephone & office supplies|2,453|5,607|438|263|8,761|9,449| |Pensions to retired staff|266|608|47|28|950|896| |Headquarters premises cost|37,840|86,492|6,757|4,054|135,144|132,384| |Publications and subscriptions|2,265|5,178|404|243|8,090|8,494| |Office equipment maintenance|14,449|33,026|2,580|1,548|51,603|46,603| |Other professional fees|5,016|11,464|896|537|17,913|23,111| |Governance costs|14,409|32,935|2,573|1,544|51,461|65,764| |Bank charges|12,305|28,126|2,197|1,318|43,947|1,902| |Depreciation|37,610|85,966|6,716|4,030|134,321|101,316| |Sundries & Presentations|2,790|6,376|498|299|9,963|8,004| |268,091|612,779|47,873|28,724|957,468|886,583|

----- End of picture text -----

Governance costs include the gross annual audit fee of £25,000 excl. VAT (2023: £26,250).

30

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Tangible Fixed Assets

Cost or valuation:
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation:
At 1 January 2024
Charge for the year
Depreciation on disposal
At 31 December 2024
Net book value
At 31 December 2023		 Freehold
Premises
£
2,373,003
2,030
-
2,375,033
355,927
47,188
-
403,115
1,971,918
2,017,076		 Computer
Equipment
£
156,329
16,006
-
172,335
142,010
17,428
-
159,438
12,897
14,319		 Fittings &
Total
Equipment
£
£
147,239
2,676,571
1,418
19,454
-
-
148,657
2,696,025
98,940
596,877
9,340
73,956
-
-
108,280
670,833
40,377
2,025,192
48,299
2,079,694

11(a) The investment properties value of £802,031 is apportioned on the basis of floor space (sq ft).

Investment Property
Fair value at 1 January 2024
Loss during the period
Fair value at 31 December 2024		 £
820,398
(18,367)
802,031

11(b) Intangible Fixed Assets

Brought forward at 1 January 2024
Additions
At 31 December 2024
Amortisation:
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Computer
Software
£
211,476
112,360
323,836
202,525
51,209
253,734
70,102
-
8,951

31

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Investments 2024
£		 2023
£
Market Value
At 1 January 2024
Purchases
Sales
Net Investment gain/ (loss)
At 31 December 2024
Add: Cash awaiting investment
Market Value at 31 December 2024
Cost at 31 December 2024		 31,436,280
32,215,034
(34,770,983)
2,371,893
31,252,224
2,963,221
34,215,445
32,135,901		 32,085,271
9,438,050
(11,414,210)
1,327,170
31,436,280
1,534,350
32,970,630
27,860,684

Analysis of investments at 31 December 2024

UK Quoted investments

Equities:
United Kingdom
Europe / Asia
North America
Global
Total Equities
Bonds:
United Kingdom
Global
Total Bonds
Alternatives:
Multi-Asset
Hedge Funds
Property		 979,905
3,847,011
16,831,471
1,366,296
23,024,683
1,557,954
1,428,935
2,986,889
-
-
2,196,859		 1,178,100
3,498,626
6,547,334
10,560,182
21,784,242
1,529,349
2,124,396
3,653,745
401,620
507,935
2,302,255
Commodities & Others 3,043,793 2,786,483
Total Alternatives
Cash		 5,240,652
2,963,221		 5,998,293
1,534,350
34,215,445
32,970,630

32

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

==> picture [394 x 234] intentionally omitted <==

----- Start of picture text -----
2024 2023
£ £
13. Debtors
Rent incentive debtor - 2,813
Other debtors 1,150 -
Prepayments and accrued income 367,196 678,872
Accrued legacy income 1,120,200 406,033
1,488,546 1,087,717
2024 2023
14. Creditors due within one year £ £
Trade creditors 96,015 228,438
Accruals 304,026 231,076
Other creditors (incl pension scheme) 27,905 7,102
427,946 466,616
----- End of picture text -----

14 (a). Provision

The sum of £61,799 (2023: £56,812) is a provision for third party assistance to care for Blesm Members resettled in care homes as detailed below.

Carehome provision bal at 01.01.2024
Movement/ addition during the year
Carehome provision bal at 31.12.2024
15. Financial assets at fair value
Investments
Investment Property		 £
56,812
4,987
61,799
2024
2023
£
£
34,215,445
32,970,630
802,031
820,398

33

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Related party transactions

BLESMA had a 20% interest in WSY Holdings Limited (liquidated), a company that was established to distribute legacies arising from the Yeates estate. During the year BLESMA received £75,000 (2023: £150,000). WSY Holdings Limited was liquidated in 2023.

17. Unrestricted Funds
General Fund
Investment Properties
Intangible Fixed Assets
Fixed Asset Fund		 1 Jan 2024
£
35,783,538
820,398
8,951
2,079,694		 Income
£
5,910,731
-
-
-		 Expenditure
£
(6,001,018)
-
-
-		 Investment
Gain (loss)
£
2,371,893
-
-
-		 Transfers
11,717
(18,367)
61,151
(54,501)
0		 31 Dec 2024
£
38,076,861

802,031

70,102

2,025,192
38,692,581 5,910,731 (6,001,018) 2,371,893 40,974,186

The trustees have designated a fixed asset fund in order to represent funds for depreciating assets in the charity.

18. Restricted Funds
All restricted funds are held as part of bala
Welfare:-
Geographic specific
Specific restrictions - various individuals
Research
Chiropody Fund		 1 Jan 2024
£
nces at bank an
396,611

141,290		 Income
£
d in hand.
488,548
138,111		 Expenditure
31 Dec 2024
£
£
353,900
531,259
185,060
94,341
537,901
3,223

4,368		 626,659
-
-		 538,960
625,600
-
-
3,223
-
4,368
545,492
 626,659 538,960
633,191

34

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Net Assets
Unrestricted
£
The net assets of the charity are summarised below:
Fixed Assets
2,025,192

Intangible Fixed Assets
70,102

Investment Properties
802,031
Investments
34,215,445
Current Assets
4,351,160
Creditors
(489,745)
40,974,186		 19. Net Assets
Unrestricted
£
The net assets of the charity are summarised below:
Fixed Assets
2,025,192

Intangible Fixed Assets
70,102

Investment Properties
802,031
Investments
34,215,445
Current Assets
4,351,160
Creditors
(489,745)
40,974,186		 Restricted
£
-
-
-
633,191
-
633,191		 Total
2024
£
2,025,192
70,102
802,031
34,215,445
4,984,351
(489,745)
40,974,186 41,607,377

20. Operating lease commitments

As at 31 December 2024, the charity had annual commitments under non-cancellable operating leases of:

Within one year
Between two and five years		 Motor
Vehicles
£
255,266
172,222		 Office
Equipment
2024
£
£
31,971

287,237
76,225
248,447
108,196
535,684
427,488

35

21. COMPARATIVE NOTES 2023

(a) Comparative Statement of Activities

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [416 x 570] intentionally omitted <==

----- Start of picture text -----
UNRESTRICTED RESTRICTED 2023
Notes FUNDS FUNDS TOTAL
£ £ £
Income
Donations and Legacies 2 3,770,416 339,811 4,110,227
Investment Income 936,451 - 936,451
Investment Income - Other 67,133 - 67,133
Grants - 230,180 230,180
Other Income 21,552 - 21,552
1,025,136 230,180 1,255,316
Total Income 4,795,552 569,991 5,365,543
Expenditure
Expenditure on raising funds
Resourcing
Fundraising 5 1,039,601 3,350 1,042,951
Investment Management fees 119,750 - 119,750
1,159,351 3,350 1,162,701
Expenditure on charitable activities
Security
Membership Services - Welfare 6 3,253,386 463,525 3,716,911
Identity
Membership Services - Activities 7 796,749 99,404 896,153
Connectivity
Awareness and Representation 8 302,091 5,384 307,475
4,352,225 568,313 4,920,539
Total Expenditure 5,511,577 571,663 6,083,240
Operating (loss)/surplus (716,025) (1,672) (717,697)
Net gain / (loss) on investments 12 1,327,170 - 1,327,170
Net income/(expenditure) 611,145 (1,672) 609,473
Transfers between funds - - -
Net movement in funds for the year 611,145 (1,672) 609,473 -
Balances brought forward 1 January 2023 17/18 38,081,435 547,164 38,628,599
BALANCES CARRIED FORWARD 31 DECEMBER 202 38,692,580 545,492 39,238,072
----- End of picture text -----

36

21. COMPARATIVE NOTES 2023 (continued)

(b,c) Comparative Unrestricted Funds

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Unrestricted Funds
1 Jan 2023
Income
Expenditure
£
£
£
General Fund
35,080,313
4,795,552
(5,511,577)
Investment Properties
839,345
-
-
Intangible Fixed Assets
18,023
-
-
Fixed Asset Fund
2,143,755
-
-
38,081,436
4,795,552
(5,511,577)
The trustees have designated a fixed asset fund in order to represent funds for
18. Restricted Funds
1 Jan 2023
Income
£
£
All restricted funds are held as part of balances at bank and in hand.
Welfare:-
Geographic specific
436,170
229,476
Specific restrictions - various individuals
97,166
340,515
Wives and widows
(0)
-
Libor Funds
3,994
-
537,329
569,991
-
Research
3,523
-
Chiropody Fund
6,313
-
547,164
569,991		 1 Jan 2023
£
35,080,313
839,345
18,023
2,143,755		 Income
£
4,795,552
-
-
-		 Expenditure
£
(5,511,577)
-
-
-		 Investment
Gain (loss)
£
1,327,170
-
-
-		 Transfers
92,080
(18,947)
(9,072)
(64,061)
(0)
ets in the charity.
31 Dec 2023
£
396,611
141,292
(0)
(0)
537,902
-
3,223
4,368
545,492		 31 Dec 2023
£
35,783,538
820,398
8,951
2,079,694
38,081,436 4,795,552 (5,511,577) 1,327,170 38,692,580
depreciating ass
Expenditure
£
(269,035)
(296,389)
-
(3,994)
537,329
-
3,523
6,313		 569,991
-
-		 (569,418)
(300)
(1,945)
547,164 569,991 (571,663)

37

21. COMPARATIVE NOTES 2023 (continued)

(d) Comparative Net Assets

BRITISH LIMBLESS EX-SERVICE MEN'S ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [416 x 199] intentionally omitted <==

----- Start of picture text -----
19. Net Assets Unrestricted Restricted Total
2023
£ £ £
The net assets of the charity are summarised below:
Fixed Assets 2,079,694 - 2,079,694
Intangible Fixed Assets 8,951 8,951
-
Investment Properties 820,398 820,398
Investments 32,970,630 - 32,970,630
Current Assets 3,336,336 545,492 3,881,828
Creditors (523,428) - (523,428)
38,692,580 545,492 39,238,072
----- End of picture text -----

38