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2021-09-30-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- 27
Statement
of financial		 activities 28
Balance sheet 29
Statement
of cash flows		 30
Notes to the accounts 31 —47

Trustees
was signed
were as follows:
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)
Colonel Christopher
MacKenzie-Beevor
CBE LVO (Honorary
Treasurer)
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 MSc CG (Affiliated)
(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 5Wales) FCIPD
LLB (Hans) (Principa
I HR Advisor)
Legal Advisers Spencer West LLP
Longbow
House
20 Chiswell Street
London
EC1Y4TW
Auditors Saffery Champness
LLP
Chartered
Accountants
71 Queen Victoria Street
London
EC4V 4BE

Investment Investment Managers S ik TAsset Management LLP
8 Stockbrokers 42-45 Market Street,
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 (trading as Virgin		 Money)
35 Regent Street
London SW1Y 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 revised
and adopted
by Special Resolution
on		 3~ April 2014.
Subsidiaries Veterans
Aid
(Services)		 Ltd,
company		 registration number
06096959,is a wholly-owned
subsidiary,		 currently dormant. It
has not traded
during the		 year.
Hollenden
House,
charity
number
Belvedere
House,
charity
number		 1095308-1, and
New
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" 3une
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 2021 2020
E E
Fixed assets
Tangible
fixed assets
Investments		 7
8		 7,644,982
1 190212		 7,748,930
913,429
8,835,194 8,662,359
Current assets
Stock
Debtors		 9
10		 7,140
108,542		 5,984
90,449
Cash at bank and in hand 68,253 172,962
183,935 269,395
Current liabilities
Creditors:
Amounts
falling due
in less than one year		 11 (78,747) (99,112)
Net current assets 105,188 170,283
Less: Pension
deficit		 provision 26 (27,767) (35,556)
Net assets 8 912615 8797 086
Funds
Property Funds:
Permanent
Endowment
Restricted
funds		 12
13		 2,512,053
5,083,470		 2,512,053
5,191,629
Revenue
Funds:
Restricted
funds		 13 650
General funds 1,316,442 1,093,404
Totalfunds 8912615 8 797 086

gQ21
Note
Net cash provided
by operating		 activities 22 88,986 100,070
ash flows from
i
in
activities
Dividends, interest
and rents from		 investments 23,689 22,511
Purchase of property,
plant and equipment		 (42,189) (12,177)
Proceeds from sale of investments 189,862 244,108
Purchase of investments (366,498) (256,391)
Net cash used
in investing
activities		 (195,136) (1,949)
Net (decrease)/increase
in cash 5		 cash equivalents (106,150) 98,121
Cash and cash equivalents
at the beginning		 ofthe year 245,429 147,308
Cash and cash equivalents
at end ofthe		 year 23,24 139,279 245,429

Direct expenses Direct expenses Direct expenses Support costs Total
Staff Other Staff Other 2021
E E E E
Raising Funds
Fundraising
costs		 7,755 100,135 34,972 142,862
Investment
management
Cost ofgoods sold		 costs 5,330 2,256 5,330
2,256
Charitable
Activities
Accommodation
and support
for homeless veterans		 313,748 230,201 107,988 171,073 823,010
Rehabilitation
and emergency
care for homeless veterans		 231 268 436 427 166374 834 1169
313 748 474 554 644 550 374 675 1807 527
Direct expenses Support costs Total
Staff Other Staff Other 2020
E E E
Raising Funds
Fundraising
costs		 9,541 94,619 27,243 131,403
Investment
management
Cost ofgoods sold		 costs 5,749 1,038 5,749
1,038
Charitable
Activities
Accommodation
and support
for homeless veterans		 320,489 199,925 113,426 184,874 818,714
Rehabilitation
and emergency
care for homeless
veterans		 339 604 456 346 136 141 932 091
320 489 554 819 664 391 349 296 1888 995
Total resources
expended		 are stated after charging: 2021 2020
E E
Depreciation
(see note		 1.8 and 7) 146,137 160,950
Auditors
remuneration:		 For audit 17,480 16,320
Amounts
payable
under		 operating leases 102,839 104,599
Governance
(included		 in Support Costs above)
Audit fees 17,480 16,320
Trustee expenses 63
Staff Costs allocation 25,248 24,611
Office Costs allocation 8,248 5,980
Other 344 790
51320 47 764

Staff costs
2021 2020
E E
Wages and salaries
Social security
Pension costs		 808,638
80,418
42,915		 848,931
77,251
40,003
931,971 966,185
Other staff costs 26 327 18695
958 298 984 880
One member
of staff (2020: 1) was provided
on full-time
secondment.
These donations
been valued
based
on the costs of a staff member
undertaking
the same role. Salaries
(2020:f31,300) and social security costs of E3,200 (2020: E3,150)for this secondee		 in kind have
of E31,700
are included
in the above figures.
Average
number of staff:		 2021 2020
The average
number		 of staff, based on average head count, Number Number
working
during the year was
NBH staff and care workers 13 14
Administration 10 10
The number ofemployees whose emoluments (salaries,
wages and benefits
in		 kind) fell within the following bands:
f60,000 to E69,999
f90,000 to E99,999
During
the year the pension
(2020:E12,270)		 contributions on behalf ofthese members of staff amounted
2021		 to f12,715
2020
E E
The total remuneration
comprise the CEO and		 of key management
personnel,
the NBH Manager
was		 who 174310 168712
Donations
in Kind
2021 2020
E
Donations
in Kind		 38966 55 274
38,966 55,274

angible fixed assets
Freehold
land		 Fittings and
Equipment		 Total
6
and
buildings
Cost
At 1October 2020 7,920,000 679,830 8,599,830
Additions 42,189 42,189
Transfers
Revaluations
At 30September 2021 7 92D 000 722 D19 8 642 019
Depreciation
At 1 October 2020		 216,318 634,582 850,900
Charge for the year 108,159 37,978 146,137
Write-back
on revaluation
At 30September 2021 324477 672 560 997 037
Net Book value
At 30September 2021 7 595 523 49459 7 644 982
84308 01 I 2020 7 7D3 682 45 248 7 748 930

2021 2020
E
Authorised, contracted but not provided for Nil Nil

8 Investments
2021 2020
E E
Quoted securities
Quoted securities		 —UK
—Overseas		 482,522
636,662		 426,610
414,349
1,119,184 840,959
Investment
in subsidiary
Accrued investment income
Cash balances 71,026 72,468
Total 1 199212 913429
Listed Total Total
Subsidiary undertakings 2021 2020
E E E E
Quoted/unquoted
Market value at 1
Additions
at cost		 securities:
October 2020		 840,959
366,498		 840,961
366,498		 849,376
256,391
Disposal at market value
brought
forward
Unrealised
gains/(losses)		 (177,895)
89,622		 (177,895)
89,622		 (256,454)
(8,352)
Market value at
30September 2021 2 1,119,184 1,119,186 840,961
Historic cost of securities 828,846 640,101
2021 2020
E 6
Investment
income
Bank interest		 is made up of- 32 318
Dividends 23,657 22,193
Accrued interest on fixed-interest investments
23,689 22,511

9 Stock 2021 2020
E
Clothing
Christmas		 stock
cards		 stock 5(245
362		 5,984
Miscellaneous stock 1,533
7,140 5(984
10 Debtors
2021 2020
6
Rent and housing
Prepayments
Other debtors		 benefits 15,838
55,541
37,163		 18,918
42, 133
29,398
108,542 90,449
11 Creditors falling due in less than one year 2021 2020
6
Trade creditors 25,332 28,733
Accruals 17,026 42,672
Other creditors 36,389 27,707
78,747 99,112

3 Restricted funds
At 1 At 30
October September
2020 Income Expenditure 2021
E E E
a New Belvedere
House
Property Funds		 Development fund 5,191,629
5 191629		 ~208 159
~308 159		 5 083470
5 083470
b
c
d		 Outreach
workers
(donation
in kind)
Not Forgotten Association
(donation
in
Grants for individuals		 kind) 34,900
159
45,716		 (34,900)
(159)
(45,716)
e Substance
Misuse		 100,000 (100,000)
f
g		 Clothing
82 footwear
Other Donations
in kind
Revenue Funds		 4,500
3 907
189 182		 (3,850)
~3907
~188532		 650
650
5,191,629 189,182 (296,691) 5,084,120
At 1 At 30
October September
2019 Income Expenditure 2020
E F.
8
~
I
d
8
Property Funds		 ~ I 0 11 d 5299788
5 299788		 ~308 159
~108159		 5 191629
5 191629
b Outreach
workers (donation		 in kind) 34,450 (34,450)
c
d		 Not Forgotten
Association
Grants for individuals		 (donation in kind) 2,703 158
54,534		 (158)
(577237)
e Substance
Misuse		 50,000 (50,000)
f Other donations
in kind		 20,666 (20,666)
Revenue Funds 2 703 159808 ~362 511
5,302,491 159,808 (270,670) 5,191,629

Restricted Restricted
Unrestricted
funds		 Revenue
funds		 property
funds		 Permanent
Endowment		 2021
E E E
Tangible fixed
Investments		 assets 49,459
1,190,212		 5,083,470 2,512,053 7,644,982
1,190,212
Pension deficit
provision
Net current assets		 (27,767)
14,538		 650 (27,767)
105,188
1,316,442 650 5,083,470 2,512,053 8,912,615
Restricted
Unrestricted
funds		 property
funds		 Permanent
Endowment		 2020
E E E
Tangible
fixed
Investments		 assets 45,248
913,429		 5,191,629 2,512,053 7,748,930
913,429
Pension deficit
provision
Net current assets		 (35,556)
170,283		 (35,556)
170,283
1,093,404 5,191,629 2,512,053 8,797,086
Revaluation reserves
2021 2020
E E
Quoted securities 290,338 200,858
290,338 200,858

Land and Other Total
buildings 2021
E 6
Due within
Between 2		 one year
and 5 years		 24,698 2,963
1 222		 27,661
1 222
24 698 4 185 28 883
Land and Other Total
buildings 2020
E 6
Due within one year 15,402 3,892 19,294
Between 2 and 5 years 4 033 4 033
15402 7 925 23 327

23 Analysis ofcash Analysis ofcash and cash equivalents
2021 2020
Cash in hand and at bank 68,088 172,737
Cash with investment
managers		 71,026 72,467
Cash equivalents- vouchers 165 225
Total cash and cash equivalents 139 279 245 429
24 Analysis ofchanges
in net debt
At 1October At 30September
2020 Cashflovvs 2021
Cash at bank and in hand 172,737 (104,649) 68,088
Cash with investment
managers		 72,467 (1,441) 71,026
Cash equivalents - vouchers 225 (60) 165
Total 245 429 ~205 150 139279
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Deficit contributions
From
2025:		 1 April 2016 to 30 September 612,945,440
annum		 per (payable
3%each		 monthly
on 1st A		 and increasing
ril		 by
From
2028:		 1 April 2016 to 30 September 654,560
annum		 per (payable
3%each		 monthly
on 1st A		 and increasing
ril		 by

2021 2020
E
Provision at start of period 35,556 42,553
Unwinding
ofthe		 discount factor (interest expense) 182 377
Deficit contribution
Remeasurements		 paid by Veterans
Aid
- impact of any change		 during
the year
in assumptions		 (7,907)
(64)		 (7,677)
303
Remeasurements - amendments to the contribution schedule
Provision at end of period 27,767 35,556