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2020-09-30-accounts

CONTENTS Page
Legal and administrative information 1 —2
Chairman's
report on activity
Chief executive's
report		 4-5
Report ofthe trustees 6 —23
Independent
auditor's		 report 24- 26
Statement
of financial		 activities 27
Balance sheet 28
Statement ofcash flows 29
Notes to the accounts 30 —45

The Trustees
who ser
Trustees
was signed
ved during
the financial year and to the date
were as follows:		 that the R eport ofthe
Trustees A G Wallis MBE OL DL (Chairman)
Dr P Dyer BA (Hons)
MA DUniv (Kent)		 FBIPP FIOD ACII
(Deputy
Chairman,
Chairman
ofthe Business Strategy
Committee)
R P Clinton
BEM FCSI FCT (Honorary
Treasurer),
Member of
the Business Strategy Committee
(passed away on 6'" May
2020)
Colonel
Chffistopher
MacKenzie-Beevor
Treasurer,
appointed
on 7'" May 2020)		 CBE LVO (Honorary
Field Marshal The Lord Walker of Aldringham
GCB, CMG,
CBE, DL
G J Holbourn
FCA FCCA DChA (Member		 ofthe Business
Strategy Committee)
Air Chief Marshal
Sir Stephen
John
Hillier GCB CBE DFC MA
Management Wg Cdr Dr Hugh
Milroy OBE BTh MA PhD DCL (h.c.) (Chief
Executive,
Member ofthe Business Strategy Committee)
Natalia
Dabrowska
BA PgDip (Company		 Secretary and Head
ofAdministration)
Richard Greenhough
BCom ACMA (Head of Financial
Services)
Pat O'Connor
MBE (NBH Manager)
Dorothy Jones Dip Eng Law (Open)
MCIM MCIOF		 (Head of
Fundraising)
Advisors Lt Col Ian Palmer,
Professor of Military		 Psychiatry (Honorary
Psychiatric
Advisor)
Robert Emmet
FCA (Honorary
Compliance
Advisor)
Amanda
Lennon, Solicitor (England
S.Wales) FCIPD
LLB (Hons) (Principal
HR Advisor)
Legal Advisers Dentons
1 Fleet Place
London
EC4M 7WS
Auditors Saffery Champness
LLP
Chartered
Accountants
71Queen Victoria Street
London
EC4V 4BE

Investment
Managers
LStockbrokers		 Investment
Managers
LStockbrokers		 Investment
Managers
LStockbrokers		 Investment
Managers
LStockbrokers		 S lk TAsset Management
42-45 Market Street,		 LLP
Stockport,
Cheshire
SK6		 7AA
Bankers HSBC Bank
60 Queen Victoria Street
London
EC4N 4TR
Lloyds TSB
1 Butler Place
London SW1H OPR
Clydesdale
Bank PLC
35 Regent Street
London SWly 4ND
Registered Office 27 Victoria Square
London SW1W ORB
Company No 04544532
Charity No 1095308
Constitution Veterans
Aid is a registered		 charity and a company limited by
guarantee,
registered
in		 England. It is governed by its
Memorandum
and Articles of Association
which
were
and adopted
by Special Resolution
on 3"April 2014.		 revised
Subsidiaries Veterans
Aid
(Services)
Ltd,
company
06096959,is a wholly-owned
subsidiary,		 registration
number
currently
dormant.
It
has not traded
during
the		 year.
Hollenden
House,
charity		 number 1095308-1, and New
Belvedere
House,
charity		 number 1095308-2, are wholly
owned
subsidiary
charities,		 currently dormant. Neither has
traded
during
the year nor		 holds any assets at the year-end.
Under
a uniting
direction
issued
by the
dated
3"' June
2003, these
subsidiary		 Charity
Commission
charities
are
not
required
to prepare
a separate
Annual		 Report and Financial
Statements.
Registered Social Veterans
Aid is registered		 as a Social Landlord
under		 the
Landlord reference
LH0674.

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Note 2020 2019
E E
Fixed assets
Tangible fixed assets
Investments		 78 7,748,930
913,429		 7,897,703
939,079
8,662,359 8,836,782
Current assets
Stock
Debtors		 9
10		 5,984
90,449		 6,851
90,758
Cash at bank and in hand 172,962 57,603
269,395 155,212
Current liabilities
Creditors:
Amounts		 falling due
in less than one year 11 (99,112) (93,979)
Net current assets 170,283 61,233
Less: Pension deficit provision 26 (35,556) (42,553)
Net assets 8,797,086 8,855,462
Funds
Property Funds:
Permanent
Endowment
Restricted
funds		 12
13		 2,512,053
5,191,629		 2,512,053
5,299,788
Revenue Funds:
Restricted
funds		 13 2,703
General
funds		 1,093,404 1,040,918
Totalfunds 14 8,797,086 8,855,462

2020 2019
Note
Net cash provided
by operating		 activities 22 100,070 126,947
Cash flows from investin
activities
Dividends,
interest and rents from		 investments 22,511 25,691
Purchase of property,
plant and equipment		 (12,177) (35,835)
Proceeds from sale of investments 244,108 231,208
Purchase of investments (256,391) (250,208)
Net cash used in investing
activities		 (1,949) (29,144)
Net (decrease)/increase
in cash &		 cash equivalents 98,122 97,803
Cash and cash equivalents
at the beginning		 ofthe year 147,307 49,504
Cash and cash equivalents
at end ofthe		 year 23,24 245,429 147,307

Direct expenses Direct expenses Support costs Support costs Total
Staff Other Staff Other 2020
E E E E
Raising Funds
Fundraising costs 9,541 94,619 27,243 131,403
Investment management costs 5,749 5,749
Cost of goods sold 1,038 1,038
Charitable Activities
Accommodation
and support
for homeless veterans 320,489 199,925 113,426 184,874 818,714
Rehabilitation
and
care for homeless		 emergency
veterans		 339 604 456 346 136 141 932091
320 489 554 819 664391 349 296 1 888995
Direct expenses Support costs Total
Staff Other Staff Other 2019
E E E
Raising Funds
Fundraising costs 10,802 94,456 32,155 137,413
Investment management costs 4,718 4,718
Cost of goods sold 1,571 1,571
Charitable Activities
Accommodation
and support
for homeless veterans 294,256 260,210 109,382 203,229 867,077
Rehabilitation and emergency
care for homeless veterans 326 256 439686 153 417 919359
294 256 601 986 643 524 390 372 1930 138
Total resources expended are stated after charging:
2020 2019
E
Depreciation (see note 1.8 and 7) 160,950 167,008
Auditors
remuneration		 16,320 16,860
Amounts
payable		 under operating leases 104,599 104,316
governance (included in Support Costs above)
Audit fees 16,320 16,860
Trustee expenses 63 298
Staff Costs allocation 24,611 22,524
Office Costs allocation 5,980 6,522
Other 790 875
47,764 47,079

Staff costs
2020 2019
E E
Wages and salaries 848,931 809,654
Social security 77,251 66,638
Pension costs 40,003 36,370
Pension deficit contributions
966,185 912,662
Other staff costs 18695 25 118
984 880 937 780
One member
of staff		 (2019:1) was provided on full-time secondment. This donation in kind has
been valued
based
on the costs of a staff
(2019:E30,800) and social security costs		 member
undertaking
the same role. Salaries
of E3,150(2019:f3,200) for this secondee		 of E31,300
are included
in the above figures.
Average
number ofstaff:
2020 2019
The average
number		 ofstaff, based on average head count, Number Number
working
during
the		 year was
NBH staff and care workers 14 13
Administration 10 11
The number of employees whose emoluments (salaries,
wages and benefits in kind) fell within the following bands:
E60,000 to E69,999
E90,000 to f99,999
During the year the pension
(2019:E12,196).		 contributions on behalf ofthese members ofstaff amounted to f12,270
2020 2019
E
The total remuneration
of key management		 personnel, who
comprise the CEO and the NBH Manager, was 168712 167573
Donations
in Kind
2020 2019
E E
Donations
in Kind		 55 274 34 994
55,274 34,994

angible fixed asse ts
Freehold Fittings and Total
land Equipment
and
buildings
E
Cost
At 1October 2019 7,920,000 667,653 8,587,653
Additions 12,177 12,177
Transfers
Revaluations
At 30September 2020 7 92D DQD 679030 8 59903D
Depreciation
At 1October 2019 108,159 581,791 689,950
Charge for the year 108,159 52,791 160,950
Write-back
on		 revaluation
At 300 Dt I 2020 216318 634 582 050 90Q
Net Bookvalue
At 30S Dt 1 2020 7 703682 45 248 7 740 930
At 3D 5 91 I 2019 7 811041 85 862 7 897 703

The charity
h		 ad the follow ing
capital com		 mitments
at 30		 September 2020:
2020 2019
E 6
Authorised, contracted but not provided for Nil Nil
8 Investments
2020 2019
E 6
Quoted securities —UK 426,610 500,050
Quoted securities —Overseas 4147349 3497324
840,959 849,374
Investment in subsidiary 2 2
Cash balances 72,468 89,703
Total 913429 939079

vestments
(continued)
Subsidiary Listed Total Total
undertakingsf investmentsf 2020f 2019f
Quoted/unquoted securities:
Market value at 1 October 2019 849,374 849,376 788,410
Additions
at cost		 256,391 256,391 250,208
Disposal at market value (256,454) (256,454) (221,462)
brought
forward
Unrealised
(losses)/gains		 (8,352) (8,352) 32,220
Market value at
30September 2020 2 840,959 840,961 849,376
Historic cost ofsecurities 640,101 618,673
2020 2019f
Investment
income is made up of-
Bank interest 318 395
Dividends 22,193 24,166
22,511 24,561

Stock
2020f 2019f
Clothing stock 5,984 6,444
Christmas cards stock 407
5,984 6,851
10 Debtors
2020 2019f
Rent and housing benefits 18,918 16,149
Prepayments 42,133 16,534
Other debtors 29,398 58,075
90,449 90,758

11 Creditors falling due in less than one year 2020 2019
E E
Trade creditors 28,733 52,045
Accruals 42,672 27,106
Other creditors 27,707 14,828
99,112 93,979

At 1 At 30
October
2019f		 Income
E		 Expenditure September
2020
E
N
8
I
d
H
Property Funds		 D I p tf d 5 299 788
5 299788		 ~208 159
~IDS 159		 5 191629
5 191629
b
c
d
e
f		 Outreach
workers
(donation
in kind)
Not Forgotten
Association
(donation
in
Grants for individuals
Substance
Misuse
Other donations
in kind		 kind) 2,703 34,450
158
54,534
50,000
20,666		 (34,450)
(158)
(57,237)
(50,000)
(20,666)
Revenue Funds 2 7D3 159808 ~162511
5,302,491 159,808 (270,670) 5,191,629
At 1 At 30
October
2018		 Income Expenditure September
2019
E E E E
N
~
I
4
H
Property Funds		 ~ I p tf d 54D7 947
5407 947		 ~208 159
~208 159		 5 299788
5 299 788
b Outreach
workers		 (donation in kind) 40,228 (40,228)
c Not Forgotten
Association		 (donation in kind) 155 (155)
d
e
f		 Grants for individuals
Substance
Misuse
Other donations
in kind		 8,580 68,396
50,000
3,839		 (65,693)
(50,000)
(12,419)		 2,703
Tax advice 14,000 (14,000)
Revenue Funds 8580 176618 ~282 495 2 7D3
5,416,527 176,618 (290,654) 5,302,491

Analy sis of net asse ts between funds
New
Belvedere
House Hollenden
Unrestricted Development
Endowment
funds Fund Reserve 2020
E E E E
Tangible fixed assets
Investments
Pension
deficit provision
Net current assets		 45,248
913,429
(35,556)
170,283		 5,191,629 2,512,053 7,748,930
913,429
(35,556)
170,283
1,093,404 5,191,629 2,512,053 8,797,086
New
Belvedere
Grants for House Hollenden
Unrestricted individuals Development Endowment
funds Fund Reserve 2019
E E
Tangible fixed
Investments		 assets 85,862
939,079		 5,299,788 2,512,053 7,897,703
939,079
Pension deficit
provision
Net current assets		 (42,553)
58,530		 2,703 (42,553)
61,233
1,040,918 2,703 5,299,788 2,512,053 8,855,462
Revaluation reserves
2020 2019
E E
Quoted securities 200,858 230,701
200,858 230,701

Land and Other Total
buildings 2020
E E
Due within one year
Between 2 and 5 years		 15,402 3,892
4 033		 19,294
4 033
15402 7 925 23 327
Land and Other Total
buildings 2019
F. E
Due within one year
Between 2 and 5 years		 98,794
15428		 5,580
7 772		 104,374
23 200
114222 13352 127574

23 Analysis ofcash and cash equivalents
2020 2019
E E
Cash in hand and at bank 172,737 57,274
Cash with investment
managers		 72,467 89,703
Cash equivalents
-vouchers		 225 330
Total cash and cash equivalents 245 425 147 357
24 Analysis ofchanges
in net debt
At 1October
2019		 Cashflowe At 30September
2020
Cash at bank and in hand 57,274 115,463 172,737
Cash with investment managers 89,703 (17,236) 72,467
Cash equivalents - vouchers 330 (105) 225
Total 147307 98 122 245 429
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ontribu
tions
to the scheme as follows:		 p
Deficit contributions
From
2025:		 1 April 2016 to 30 September E12,945,440
annum		 per (payable
3%each		 monthly
on 1st A		 and increasing
ril		 by
From
2028:		 1 April 2016 to 30 September E54,560
annum		 per (payable
3%each		 monthly
on 1st A		 and increasing
ril		 by

2020 2019
E E
Provision at start
Unwinding
ofthe		 of period
discount factor		 (interest expense) 42,553
377		 59,644
981
Deficit contribution
Remeasurements		 paid by Veterans
Aid
- impact of any change		 dudng
the year
in assumptions		 (7,677)
303		 (7,861)
863
Remeasurements - amendments to the contribution schedule (11,074)
Provision at end of period 35,556 42,553