## ## |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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||SN
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8| ## ## ||||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| ## ## |8|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| |||||N
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I| ## ## ## ## ## ||||||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|ctivities for|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| ## ##