2023-09-30-accounts - Veterans Aid

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CONTENTS		Page
Legal and administrative	information	1 —2
Chairman's report on activity
Chief executive's report		4 —5
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

Trustees was signed	were as follows:	were as follows:	were as follows:
Trustees	A G Wallis MBE OL DL Honorary Colonel for Beds 8.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 of Aldringham		GCB, CMG,
	CBE, DL (retired on 27'" April 2023)
	G J Holbourn FCA FCCA DChA (Member ofthe		Business
	Strategy Committee)
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 ofStaff)
	Richard Greenhough BCom ACMA (Head of Financial
	Services)
	Pat O'Connor MBE (NBH Manager)
	John Boyle Dip SW (Head of Frontline	Operations)
	Dorothy Jones Dip Eng Law (Open) MCIM MCIOF (Head of
	Fundra ising)
Advisors	Lt Col Ian Palmer, Professor of Military	Psychiatry (Honorary
	Psychiatric Advisor) Amanda Lennon, Solicitor (England 5	Wales)	FCIPD
	LLB (Hons) (Principal HR Advisor)
Legal Advisers	Spencer West LLP
	Longbow House
	20 Chiswell Street
	London ECly 4TW
Auditors	Saffery LLP
	Chartered Accountants
	71Queen Victoria Street
	London EC4V 4BE

Investment Managers &Stockbrokers	Investment Managers &Stockbrokers	Investment Managers &Stockbrokers	Investment Managers &Stockbrokers	S f4TAsset Management 42-45 Market Street,		LLP
				Stockpo*, 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 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			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	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

Reserves policy (continued)
		2023f	2022 E
Total funds		10,018,251	8,620,126
Less the value of property used for housing Less restricted funds not available for		(8,800,000) (13,335)	(7,487,364) (52,642)
spending Less value of fixed assets used to carry	out	(141,564)	(66,722)
the charity's purpose Free reserves available for spending		1063 332	1013398

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			Note		2023		2022
					E
Fixed assets
Tangible fixed assets Investments			7 8		8,941,564 999,231		7,554,086 979,446
					9,940,795		8,533,532
Current assets
Stock Debtors			9 10	7,090 141,182		7,000 123,430
Cash at bank and	in	hand		32,064		56,870
				180,336		187,300
Current liabilities
Creditors: Amounts falling due in less than one year			11	(99,980)		(95,778)
Net current assets					80,356		91,522
Less: Pension deficit		provision	26		(2,900)		(4,928)
Net assets					10018251		8 620 126
Funds
Property Funds: Permanent Endowment Restricted funds			12 13		2,640,000 6,160,000		2,512,053 4,975,311
Revenue Funds:
Restricted funds			13		13,335		52,642
General funds					1,204,916		1,080,120
Total funds					10018251		8 620 126

					~223	2022
				Note		6
Net cash provided by/(used	in) operating		activities	22	27 522	~244 027
	'
Cash flows from investin activ'
Dividends and interest from investments					28,002	27,565
Purchase of property, plant and equipment					(115,877)	(52,775)
Proceeds from sale of investments					142,343	341,574
Purchase of investments					(136,406)	(190,826)
Net cash (used in)/provided	by investing		activities		~52935125~3$
Net (decrease) in cash 62 cash	equivalents				~54 418	~18489
Cash and cash equivalents at	the beginning	ofthe year			120 790	139 279
Cash and cash equivalents	at end ofthe	year		23,24	66,374	120,790

2023					Direct	Direct	Expenses	Expenses	Support	Costs	Total 2023
						Staff		Other	Staff	Other
							E	6
Raising Funds Fundraising costs Investment management Cost ofgoods sold		costs						10,688 10,562	97,673	32,366 1,995	140,727 10,562 1,995
Charitable Activities
Accommodation and	support		for		337,082			225,350	115,372	165,377	843,181
homeless veterans
Rehabilitation and	emergency							272,010	528,417	196,974	997,401
care for homeless veterans
					337x082			518~610	741,462	396,712	1,993,866
2022					Direct		Expenses		Support	Costs	Total 2022
						Staff		Other	Staff	Other
							F.	6	6	6
Raising Funds Fundraising costs Investment management Cost ofgoods sold		costs						11,392 6,544	101,081	32,150 2,243	144,623 6,544 2,243
Charitable Activities
Accommodation and	support		for		316,295			214,061	113,362	161,235	804,953
homeless veterans Rehabilitation and	emergency							251,423	497,513	164,033	912,969
care for homeless veterans
					316,295			483,420	711956	359g661	1/87lg332
									2023		2022
Total resources expended			are		stated		aRer			E	6
charging
Depreciation (see notes 1.8			and	7)					149,194		143,671
Auditors remuneration									21,420		19,175
Amounts payable under operating					leases				102,378		102,485
Governance (included			in	Support		Costs
above) Audit fees									21,420		19,175
Trustee expenses									234		55
Staff Costs allocation									25,774		25,585
Office Costs allocation									7,691		7,412
Other									601		502
									55,720		52,729

taffcosts
	2023	2022
		E
Wages and salaries Social security Pension costs	849,306 84,859 54,882	850,176 83,387 46,733
	989,047	980,296
Other staff costs	9D 426	47 955
	1 079473	1 D28 251

included in	the above figures	the above figures	.
Average	number ofstaff:											2023		2022
The average number		of staff,		based		on	average		head		count,	Number		Number
during the year was
NBH staff and care workers												15		14
Administration												10		10
The number ofemployees			whose		emoluments			(salaries,
wages and benefits in kind) fell				within		the	following		bands:
E60,000	to E69,999
E90,000	to E99,999
During the amounted	year the pension contributions to E18,472 (2022: E18,285)						on	behalf	of	these three		(2022: three) 2023	members	of staff 2022
														E
The total 0 1	remuneration th 060	of d th	key management 8* ~ I d				~	personnel, M		who 8		176D77		171957
Donations	in Kind
												2023		2022
														E
Donations	in Kind											37 689	40 580
												37,689	40,580

Tangible fixed assets
		Freehold land and	Fittings and Equipmentf	Total 2023f
		buildingsf
Cost At 1 October 2022 Additions		7,920,000	774,794 115,877	8,694,794 115,877
Revaluations		OOD D00		880 ODD
At 30September	2023	8 ODD DQQ	89D 671	9 690 671
Depreciation At 1 October 2022 Charge for the year Depreciation write-back from revaluation At 30September 2023		4327636 108,159 ~540 795	708,072 41,035 749 1D7	1,140,708 149,194 ~540 795 749 107
Net Bookvalue At 30September	2022	7 487 364	66722	7 554 086
At 30September	2023	8 800 DOQ	141 564	8 941 564

						2023	2022f
Authorised,	contracted	but	not	provided	for	Nil	Nil

Investments
					2023	2022
					6	E
Quoted securities Quoted securities	—UK —Overseas				456,028 508,892	461,608 453,916
					964,920	915,524
Investment in subsidiary Accrued interest on fixed-interest		investments			2 97	2 82
Cash balances					34,212	63,838
Total					9II9 233	929449
				Listed	Total	Total
		Subsidiary	E	undertakings	2023 5	2022
Quoted/unquoted securities: Market value at 1October 2022				915,524	915,526	1,119,186
Additions at cost				136,406	136,406	190,826
Disposal at market value brought forward Unrealised (losses)/gains				(140,083) 53,073	(140,083) 53,073	(351,023) (43,463)
Market value at
30September	2023	2		964,920	964,922	915,526
Historic cost of	securities				708,093	699,077
					2023	2022
					6
Investment income is made up of- Bank interest					2,650	60
Dividends					25,255	27,423
Accrued interest	on fixed-interest	investments			97	82
					28,002	27,565

9	Stock				2023	2022
					E
	Clothing Christmas	stock cards		stock	4,074 1,009	4,379 843
	Miscellaneous		stock		2,007	1,778
					7,090	7,000
10	Debtors
					2023	2022
					E
	Rent and housing Prepayments Other debtors			benefits	42,044 57,573 41,565	25,539 57,551 40,340
					141,182	123,430
11	Creditors	falling		due in less than one year	2023	2022
					E	E
	Trade creditors				36,459	42,116
	Accruals				29,921	23,426
	Other creditors				33,600	30,236
					99,980	95,778

	13 Restricted funds	13 Restricted funds
			At 1			Realised	At 30
			October			and	September
			2022			Unrealised	2023
						Gains
				Income	Expenditure	(Losses)
				E	E	E
a	New Belvedere House Development fund Property Funds		4 975311 4 975311		~108159 ~108159	1 292 848 1 292 848	6 160000 6 160 DOD
	Outreach workers (donation
b	in kind)			30,100	(30,100)
	Not Forgotten Association
c	(donation in kind)			159	(159)
d	Grants for individuals			124,419	(124,419)
e	Substance Misuse			55,000	(55,000)
f	Clothing &footwear			10,000	(10,000)
g h	Other Donations in kind Employment Preparation	&	52,642	7,430	(7,430) (42,733)		9,909
	Training
j	Grant for direct assistance clients	to		11,500	(11,500)
k	Grant for NBH fire alarm
	replacement Aftercare Funding Programme Revenue Funds		52 642	7,000 51 DDO 296 6D8	(7,000) ~47 574 ~335915		3 426 13335
			5,027,953	296,608	(444,074)	1,292,848	6,173,335
			At 1			Realised	At 30
			October			and	September
			2021			unrealised	2022
						Gains
				Income	Expenditure	(Losses
				E		6
a	New Belvedere House
	Development fund Property Funds		5 083 47D 5 083470		108 159 ~308 159		4 975311 4 975 311
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	Substance Misuse			50,000	(50,000)
f	Clothing &footwear		650		(650)
g h	Other Donations in kind Employment Preparation Training Kettles Revenue Funds	8.	650	4,571 65,000 500 268 767	(4,571) (12,358) ~500 ~216775		52,642 52 642
			5,084,120	268,767	(324,934)		5,027,953

mmitment	under operating leases
		Land and	Other	Total
		buildings		2023
		6	E	6
Due within Between 2	one year and 5 years	98,794 222 286	3,814 9914	102,608 232 200
		321080	13728	334808
		Land and	Other	Total
		buildings		2022
		E
Due within	one year	98,794	3,505	102,299
Between 2	and 5 years	321079	12 572	333651
		419873	16077	435950

22	Reconciliation of net movement	Reconciliation of net movement	Reconciliation of net movement	Reconciliation of net movement	in funds to net cash flow	in funds to net cash flow	from operating	activities
	Reconciliation ofnet movement				in funds to net cash flow
	from operating activities						2023	2022
							E
	Net (expenditure)/income						(22,445)	(310,189)
	Depreciation charges						149,195	143,671
	Investment income						(28,002)	(27,565)
	Loss/(gain) on investments						(55,333)	52,912
	Decrease/(increase)	in stocks					(89)	140
	Decrease/(increase)	in debtors					(17,751)	(14,888)
	Increase/(decrease)	in creditors					4,202	17,031
	Movement in pension	scheme		provision			(2,251)	(5,139)
	Net cash (used in)/provided		by operating			activities	27,622	~144,027)
23	Analysis ofcash and cash		equivalents
							2023	2022
							E	E
	Cash in hand and at	bank					31,820	56,597
	Cash with investment	managers					34,309	63,920
	Cash equivalents - vouchers						245	273
	Total cash and cash	equivalents					66 374	120 790
24	Analysis ofchanges	in net	debt
						At 1October		At 30September
						2022	Cashflows	2023
	Cash at bank and in	hand				56,597	(24,777)	31,820
	Cash with investment	managers				63,920	(29,611)	34,309
	Cash equivalents - vouchers					273	(28)	245
	Total					120 790	54416	66 374

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			2023f	2022
Present value of rovision			2 900	4 928
econciliation of opening and closing provisions for Veterans		Aid
			2023f	2022f
Provision at start of period Unwinding ofthe discount factor Deficit contribution paid Remeasurements - impact of any Remeasurements - amendments	(interest expense) change in assumptions to the contribution schedule		4I928 223 (2,253) 2	27,767 181 (5,139) (288) (17,593)
Provision at end of period			2,900	4,928

The gain recogni (f17,700) made	sed in the Statement of Fin up as follows:	ancial A	the year was f225	(2022: cost
			Period Ending	Period
				Ending
			2023f	2022
Interest expense Remeasurements Remeasurements	—impact of any change in assumptions —amendments to the contribution schedule		223 2	181 (288) (17,593)
Costs recognised	in income and expenditure	account	225	(17,700)

		2023	2022
		%per annum	% per
			annum
Rate	ofdiscount	5.88	6