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2022-09-30-accounts

CONTENTS Page
Legal and administrative information
Chairman's
report on activity
Chief executive's
report
Report ofthe trustees 6 —24
Independent
auditor's		 report 25- 28
Statement
offinancial		 activities 29
Balance sheet 30
Statement
of cash flows		 31
Notes to the accounts 32 —48

Honorary
Li		 Honorary
Li		 fe President Brigadier
3 F Rickett CBE FinstD		 Brigadier
3 F Rickett CBE FinstD
The Trustees who served during the financial year and to the date that the Report ofthe
Trustees was signed were as follows:
Trustees A G Wallis MBE OL DL Honorary
Colonel for Beds S.		 Herts
ACF (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 ofAldringham
GCB, CMG,
CBE, DL
G 3 Holbourn
FCA FCCA DChA (Member ofthe Business
Strategy Committee)
Air Chief Marshal
Sir Stephen
3ohn Hillier GCB CBE
(retired 27"" September 2022)		 DFC MA
Management Wing Commander
Dr Hugh
Milroy OBE BTh MA PhD		 DCL
(h.c.) Hon Prof of Social Work UEA (Chief Executive,
Member ofthe Business Strategy Committee)
Natalia
Dabrowska
BA MSc CG (Affiliated)
(Chief of		 Staff)
Richard Greenhough
BCom ACMA (Head of Financial
Services)
Pat O'Connor MBE (NBH Manager)
Dorothy 3ones 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)
9""February 2023)
Amanda
Lennon, Solicitor (England 5Wales) FCIPD		 (retired
LLB (Hons) (Principal
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 Investment Managers S5TAsset Management LLP
8.Stockbrokers 42-45 Market Street,
Stockport, Cheshire
SK6 7AA
Bankers HSBC Bank
60 Queen Victoria Street
London
EC4N 4TR
Lloyds Bank
1 Butler Place
London SW1H OPR
Clydesdale
Bank PLC (trading
as Virgin		 Money)
35 Regent Street
London SW1Y4ND
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		 registration number
06096959,is a wholly-owned
subsidiary,		 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 2022 2021f
Fixed assets
Tangible
fixed assets		 7,554,086 7,644,982
Investments 979,446 1,190,212
8,533,532 8,835,194
Current assets
Stock
Debtors		 9
10		 7,000
123,430		 7,140
108,542
Cash at bank and in hand 56,870 68,253
187,300 183,935
Current liabilities
Creditors:
Amounts		 falling due
in less than one year (95,778) (78,747)
Net current assets 91,522 105,188
Less: Pension deficit provision 26 (4,928) (27,767)
Net assets 8 620 126 8912615
Funds
Property Funds:
Permanent
Endowment
Restricted
funds		 12
13		 2,512,053
4,975,311		 2,512,053
5,083,470
Revenue
Funds:
Restricted
funds		 14 52,642 650
General
funds		 1,080,120 1,316,442
Total funds 8,620 126 8,912615

2022 2021
Note F F
Net cash (used in)/provided
by operating		 activities 22 144027 88986
Cash flows from investin
activities
Dividends
and interest
from investments		 27,565 23,689
Purchase of property,
plant and equipment		 (52,775) (42,189)
Proceeds from sale of investments 341,574 189,862
Purchase of investments (190,826) (366,498)
Net cash provided
by/(used
in) investing		 activities 125I538 (195~136)
Net (decrease)/increase
in cash S.cash equivalents		 18489 106150
Cash and cash equivalents
at the beginning		 of the year 139279 245 429
Cash and cash equivalents
at end ofthe		 year 23,24 120,790 139,279

Accounting
policies
Accounting
convention
These accounts have been prepared
under the historical cost convention,
as modified
by the inclusion
offixed asset investments
at market value, with items recognised
at cost or transaction
value unless
otherwise
stated
in the
relevant
notes to these accounts.
The accounts
have
been
prepared
in
accordance
with the Companies
Act 2006 and the 'Statement
of Recommended
Practice: Accounting
and
Reporting
by Charities
preparing
their accounts
in accordance
with
the
Financial
Reporting
Standard
applicable
in the UK and Republic of Ireland
(FRS 102)' and the Charities
Act 2011.
The accounts
are prepared
in sterling,
which
is the functional
currency
of the Charity.
Monetary
amounts
in these financial statements
are rounded
to the nearest E.
The Charity constitutes
a public benefit entity as defined
by FRS 102.
1.2 Going concern
At the time of approving
the financial
statements,
the trustees
have a reasonable
expectation
that
the Charity
has adequate
resources to continue
in operational
existence for the foreseeable
future.
Thus, the trustees continue to adopt the going concern basis ofaccounting
in preparing
the financial
statements.
1.3 Income
All income is accounted
for as soon as the charity has entitlement
to the income and there is the
probability
of receipt and the amount
is quantifiable.
All incoming
resources are recognised
on a receivable
basis and included
in the financial
statements
gross, i.e. before taking account of any associated
expenditure.
1.4 Allocation ofcosts
Premises
and associated
costs relating
to the running
of Head
Office (which
includes
the London
Relief Centre) are allocated
between
the various
expenditure
headings
in the SOFA on the basis of
the salaries ofstaff at head office and the estimated
time spent
by each member of head office staff
under each heading.
1.5 Costs ofraising funds
Expenses
are included
as costs of raising
funds
if they can be directly
related to a source of the
charity's
income or are for publicity
intended
to raise the profile ofthe charity.
1.6 Charitable
activities
The charity has identified
two charitable
activities through
which
it achieves its charitable objectives-
1.6.1 Accommodation
and support for Veterans
in crisis
The charity runs New Belvedere House for homeless Veterans
in the East End of London and provides
funding
to assist the residents
in turning
their lives around.
1.6.2 Detox rehabilitation
and emergency
care for Veterans
in crisis
The charity's
London
Relief Centre
in Victoria,
Central
London,
provides
a drop-in
centre
where
Veterans
in Crisis are given
counselling
and
provided
with
short-term
overnight
accommodation
while their needs are assessed.
1.7 Governance costs
Governance
costs include
all costs of maintaining
the charity as a legal entity
including
audit fees,
costs oftrustees
meetings,
costs of complying
with statutory
requirements,
and staff costs incurred
in connection
with meeting these requirements.

2022 Direct Expenses Direct Expenses Direct Expenses Support Costs Total 2022
Staff
f		 Other
f		 Staff Otherf
Raising Funds
Fundraising
costs		 11,392 101,081 32,150 144,623
Investment
management
Cost ofgoods sold		 costs 6,544 2,243 6,544
2,243
Charitable
Activities
Accommodation
and
homeless veterans		 support for 316,295 214,061 113,362 161,235 804,953
Rehabilitation
and
emergency
care for homeless
veterans		 251,423 497,513 164,033 912,969
316~295 483g420 711/956 359g661 1,871,332
2021 Direct Expenses Support Costs Total 2021
Staff Otherf Staff Other
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
homeless
veterans		 support for 313,748 230,201 107,988 171,073 823,010
Rehabilitation
and
emergency
care for homeless
veterans		 231,268 436,427 166,375 834,070
313g748 474/554 644J550 374~676 1g807g528
2022 2021
Total
resources
expended		 are stated after f
charging
Depreciation
(see notes 1.8		 and 7) 143,671 146,137
Auditors
remuneration		 19,175 17,480
Amounts
payable
under operating		 leases 102,485 102,839
Governance
(included
above)		 in Support Costs
Audit fees 19,175 17,480
Trustee expenses 55
Staff Costs allocation 25,585 25,248
Office Costs allocation 7,412 8,248
Other 502 344
52,729 51,320

taff costs
2022f 2021f
Wages and salaries 850,176 808,638
Social security 83,387 80,418
Pension costs 46,733 42,915
980,296 931,971
Other staff costs 47 955 26 327
1,028 251 958298
1,028 251 958298 958298
One member of staff (2021: 1)was provided on full-time secondment. These donations in kind have
been valued
based
on the costs of a staff member
(2021:f31,700) and social security costs off3,700		 undertaking
the same role. Salaries of f32,150
(2021:f3,200) for this secondee are included
in
the above figures.
Average
number
of staff:
2022 2021
The average
number		 of staff,
based		 on average head count, Number Number
during
the year was
NBH staff and care workers 14 13
Administration 10 10
The number
ofemployees		 whose emoluments (salaries,
wages and benefits
in		 kind) fell within the following bands:
f60,000tof69,999
f90,000 tof99,999
During
the year the pension
contributions
amounted
to f18,285 (2021:f12,715)		 on behalf of these three (2021: two) members of staff
2022f 2021f
The total remuneration of key management personnel, who
comprise the CEO and the New Belvedere House Manager was 171957 174310
Donations
in Kind
2022f 2021f
Donations
in Kind		 40 580 38966
40,580 38,966

gible fixed assets
Freehold Fittings and Total
land
encl		 Equipment 2022f
buildingsf
Cost
At 1October 2021 7,920,000 722,019 8,642,019
Additions 52 775 52 775
At 30September 2022
7 920 000 774 794 8 694 794
Depreciation
At 1October 2021
Charge for the year		 324,477
108 159		 672,560
35512		 997,037
143671
At 30September 2022 432 636 708 072 1 140708
Net Book value
At 30September 2021 7 595 523 49 459 7 644 982,
At 30September 2022 7 487 364 66 722 7 554 086
Capital commitments Capital commitments
The charity had the following capital commitments at 30 September 2022:
2022 2021f
Authorised, contracted but not provided for Nil Nil

2022
E		 2021f
Quoted securities —UK 461,608 482,522
Quoted securities —Overseas 453,916 636,662
915,524 1,119,184
Investment
in subsidiary		 2
Accrued interest on fixed-interest investments 82
Cash balances 63,838 71,026
Total 979446 1190212
Listed Total Total
Subsidiary E undertakings f 2022f 2021
E
Quoted/unquoted securities:
Market value at 1 October 2021 1,119,184 1,119,186 840,961
Additions at cost 190,826 190,826 366,498
Disposal at market value
brought forward (351,023) (351,023) (177,895)
Unrealised
(losses)/gains		 (43,463) (43,463) 89,622
Market value at
30September 2022 915,524 915g526 1g119g186
Historic cost of securities 699,077 828,846
2022 2021
E
Investment
income is made up of-
Bank interest 60 32
Dividends 27,423 23,657
Accrued interest on fixed-interest investments 82
27,565 23,689

g Stock
2022 2021
E
Clothing stock 4,379 5,245
Christmas cards stock 843 362
Miscellaneous stock 1,778 1,533
7,000 7,140
10 Debtors
2022 2021
E
Rent and housing benefits '25,539 15,838
Prepayments 57,551 55,541
Other debtors 40,340 37,163
123,430 108,542
11 Creditors falling due in less than one year
2022 2021
E
Trade creditors 42,116 25,332
Accruals 23,426 17,026
Other creditors 30,236 36,389
95,778 78,747

3 Restricted funds
At 1 At 30
October
2021f		 Incomef Expendituref September
2022f
New Belvedere
House Development		 fund 5,083,470 108159 4 975311
Property Funds 5 083470 108159 4 975311
b Outreach
workers
(donation		 in kind) 35,850 (35,850)
c Not Forgotten
Association		 (donation in kind) 159 (159)
d Grants for individuals 112,687 (112,687)
e
f		 Substance
Misuse
Clothing
&footwear		 650 50,000 (50,000)
(650)
g Other Donations
in kind		 4,571 (4,571)
h Employment
Preparation		 & Training 65,000 (12,358) 52,642
i Kettles 500 500
Revenue Funds 650 268 767 216775 52 642
5,084,120 268,767 (324,934) 5,027,953
At 1 At 30
October
2020f		 Incomef Expendituref September
2021f
a New Belvedere House Development fund 5 191629 108159 5 083470
Property Funds 5 191629 108159 5 083470
b
c
d		 Outreach
workers
(donation
in kind)
Not Forgotten
Association
(donation
Grants for individuals		 in kind) 34,900
159
45,716		 (34,900)
(159)
(45,716)
e
f
g		 Substance
Misuse
Clothing
&footwear
Other Donations
on kind
Revenue Funds		 100,000
4,500
3 907
189182		 (100,000)
(3,850)
3907
188532		 650
650
5,191,629 189,182 (296,691) 5,084,120

New
Belvedere
Restricted House Hollenden
Unrestricted Revenue Development Endowment
funds funds
E		 Fundf Reserve 2022
F
Tangible fixed assets 66,722 4,975,311 2,512,053 7,554,086
Investments 979,446 979,446
Pension deficit
provision
Net current assets		 (4,928)
38,880		 52,642 (4,928)
91,522
1,080,120 52,642 4,975,311 2,512,053 8,620,126
Unrestricted
funds New
Belvedere
Restricted House Hollenden
Revenue Development Endowment 2021
funds Fund
E		 Reservef
Tangible fixed
assets 49,459 5,083,470 2,512,053 7,644,982
Investments 1,190,212 1,190,212
Pension deficit
provision (27,767) (27,767)
Net current assets 104,538 650 105,188
1,316,442 650 5,083,470 2,512,053 8,912,615

ncluded within the funds explained
in notes 12to		 14are revaluation
reserves
with the following
v		 alues:
2022 2021
E
Quoted securities 216,446 290,338
216,446 290,338

Land and Other Total
buildingsf f 2022f
Due within one year 98,794 3,505 102,299
Between 2 and 5 years 321 079 12572 333651
419873 16077 435 950
Land and Other Total
buildingsf f 2021
f
Due within one year 24,698 2,963 27,661
Between 2 and 5 years 1 222 1 222
24 698 4 185 28 883

23 Analysis ofcash Analysis ofcash and cash equivalents
2022 2021
Cash in hand and at bank 56,597 68,088
Cash with investment
managers		 63,920 71,026
Cash equivalents —vouchers 273 165
Total cash and cash equivalents 120790 139279
24 Analysis ofchanges
in net debt
At 1October
2021		 Cashflows At 30September
2022
Cash at bank and in hand 68,088 (11,491) 56,597
Cash with investment
managers		 71,026 (7,106) 63,920
Cash equivalents —vouchers 165 108 273
Total 139279 18489 120790
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2022f 2021f
Present value of
rovision		 4 928 27 767
econciliation
of opening
and closing provisions
for		 Veterans Aid
2022f 2021f
Provision at start of period
Unwinding
ofthe discount factor		 (interest expense) 27,767
181		 35,556
183
Deficit contribution
paid
Remeasurements
- impact ofany
Remeasurements
- amendments		 change
in assumptions
to the contribution
schedule		 (5,139)
(288)
(17,593)		 (7,908)
(64)
Provision at end of period 4,928 27,767

cost off119)m ade
up as follow		 s:
Period Ending Period
Ending
2022 2021f
Interest expense 181 183
Remeasurements
Remeasurements		 —impact of any change
in assumptions
—amendments
to the contribution
schedule		 (288)
(17,593)		 (64)
Costs recognised in income and expenditure account (17,700) 119
ssumptions
2022 2021
% per annum % per
annum
Rate of discount 0.72