Company Number 4544532 (England and Wales) Charity number 1095308 (England and Wales) VA transforms lives every day Veterans Ald Annual Report and Financial Statements For the year ended 30 September 2024 VETERANS AID ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CONTENTS Page Legal and administrative information Chairman's report on activity Chief executive's report Trustees, Report 5-23 Independent auditor's report 24-27 Statement of financial activities 28 Balance sheet 29 Statement of cash flows 30 Notes to the accounts 31-46 VETERANS AID LEGAL AND ADMINISTRATIVE INFORMATION Patron The Dowager Viscountess Rothermere Honorary Life President Brigadier J F Rickett CBE FinstD Honorary Vice President Field Marshal the Lord Walker of Aldringham GCB CMG CBE DL The Trustees who served during the financial year and to the date that the Report of the Trustees was signed were as follows: Trustees A G Wallis MBE OL DL Honorary Colonel for Beds & Herts ACF (Chairman) Dr P Dyer BA (Hons) MA Duniv (Kent) FBIPP FIOD ACII (Deputy Chairman, Chairman of the Business Strategy Committee) Colonel Christopher MacKenzie-Beevor CBE LVO (Honorary Treasurer) G J Holbourn FCA FCCA DChA (Member of the Business strategy Committee) Management Wing Commander Prof Hugh MilroyOBE BTh MA PhD DCL (h.c. ), Hon Prof of Social Work UEA, Prof (Social Work) Flinders University, Head of Wellbeing World Veterans Federation (Chief Executive, Member of the 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) John Boyle Dip SW (Head of Frontline Operations) Dorothy Jones Dip Eng Law (Open) MCIM MCIOF (Head of Fundraising) Advisors Lt Col Ian Palmer, Professor of Military Psychiatry (Honorary Psychiatric Advisor) Amanda Lennon, Solicitor (England & Wales) FCIPD LLB (Hons) (Principal HR Advisor) Legal Advisers Spencer West LLP Longbow House 20 Chiswell Street London ECIY 4TW Auditors Saffery LLP Chartered Accountants 71 Queen Victoria Street London EC4V 4BE Page I VETERANS AID LEGAL AND ADMINISTRATIVE INFORMATION Investment Managers S & T Asset Management LLP & stockbrokers 42-45 Market Street, Stockport, Cheshire SK6 7AA Bankers HSBC Bank 60 Queen Victoria Street London EC4N 4TR Lloyds TSB l Butler Place London SWIH OPR Clydesdale Bank PLC (trading as Virgin Money) 35 Regent Street London SWIY 4ND Registered Office 27 Victoria Square London SWIW 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 14th May 2025. 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 ha5 traded during the year nor holds any assets at the year-end. Under a uniting direction issued by the Charity Commission dated 3rd June 2003, these subsidiary charities are not required to prepare a separate Annual Report and Financial Statements. Registered Social Landlord Veterans Aid is registered as a Social Landlord under the reference LH0674 Page 2 VETERANS AID CHAIRMAN'S REPORT ON ACTIVITY FOR THE YEAR ENDED 30 SEPTEMBER 2024 I am delighted to report another twelve months of exemplary service delivered by the team here at Veterans Aid and urge you to look at the statistics that illustrate what we achieved last year. By any yardstick these are impressive results for a frontline charity. Maybe the most startling revelation is that 62 % of all the veterans we supported were driven to us through poverty - a situation we fear will only get worse in the short to medium-term future. Thi5 charity's achievements are only possible due to the generosity of donors and its Board regards transparency as being of paramount importance. We are proud of the fact that our supporters are able to track every penny from the point of donation to the point of delivery of effective, appropriate seniices to our clients. Of particular note last year was VA'S declsion to once again demonstrate its social value by inviting independent, external scrutiny of its attivities. A report illustrating how much our interventions save the taxpayer will soon be published in full. To those who are new to the work of VA, I commend this Report and urge you to read it carefully. It offers just a small snapshot of how hard the charity is working to support those servicemen and women who are in need. To our existing supporters, l urge you to see how your money was used last year and what we achieved through your generous donations. In closing, I offer my personal thanks and those of the entire Board of Trustees, to our advocates, to the agencies who work with us and, most importantly, to the hard-working team at H d Office and at New Belvedere House without whom we could not operate. An ew Wallis Chairman BE OL DL Honorary Colonel for Beds & Herts ACF 14th May 2025 Page 3 VETERANS AID CHIEF EXECUTIVE'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 When I took up the role of Chief Executive of Veterans Aid some 20 years ago, I had a very clear ambition, which was to make the charity so effective that, by the time I left, we had beaten the spectre of homelessness among veterans and there would be no need for its services. We have gone a long way towards achieving that goal and the number of genuine street homeless veterans across the country is low. However, the underlying cause of homelessness is both insidious and growing. Sadly, in any long-term way, it is almost unaddressed - by the military charity sector in particular and by the Government in general. Our data collection indicates that the almost singular toxic cause is poverty; that might sound obvious, but it is a complex issue which confronts the charity every single day. Unhappily, it throws up so many related problems for our clients that I think we are at a point where the sector and Government engagement with veterans needs to be reimagined. Acknowledgement that current systems are simply reactive would be a good start. The old methodology of top-down intervention is no longer adequate for a variety of reasons: speed of need, the constantly rising cost of doing charity business, the complex nature of people's problems and unwieldy delivery processes within the benevolent sector, to name a few. As our successes have demonstrated, effettive use of the internet has obviated the need for large organisations and Government schemes. Overwhelmingly, the system for veteran support seems to have ended up in firefighting mode with no eye to long-term prevention. Ironically, the military charity sertor is wealthy, but often so bogged down in obstructive and unhelpful delivery criteria that its outcomes are less about helping individuals than providing feedback for funders. I support the need to spend money wisely, but the processes for accessing funds, and the attendant reporting burdens, are often so onerous for medium-sized organisations like Veterans Aid that the diversion of effort to 'comply' simply can't be justified. It's much better to focus on finding unrestricted funds which allow us to intervene effectively and precisely in direct response to client needs. Dictating how monies are spent and slavishly supporting failed orthodoxy, simply doesn't address the needs of veterans in Britain today. In my two decades as CEO, despite all the projects, research papers and politics about helping the veteran community, nothing seems to have changed: indeed if anything it is worse, which is why we are getting busier by the day. The sector and Government need to accept that poverty among veterans and society is not going to go away and that invest in prevention is the only solution. Wing Com ander Dr Hugh MilroyOBE BTh MA PhD DCL (h.c.), Hon Prof of Social Work UEA, Professor of Social Work (Flinders University), Head of Wellbeing World Veterans Federation Chief Executive 14th May 2025 Page 4 VETERANS AID TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their Annual Report on the affairs of Veterans Aid, together with the Financial Statements and Auditor's Report for the year ended 30 September 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Principal objects and activities The objects of Veterans Aid, as stated in its Memorandum of Association, continue to be to offer support to vulnerable Veterans (ex-British Armed Forces or Merchant SeNice) who, through homelessness or other adverse circumstances, are in need and who require supported accommodation and skilled help in order to be able to achieve a settled way of life and their future well-being in society. Aim of Veterans Aid To help its clients achieve their own maximum potential to live and develop in the community by swift intervention and addressing their needs holistically. Mission of Veterans Aid The Charity's mission is to.. respond effertively to vulnerable Veterans by using best practice and providing quality care. make innovative approaches to the problem of homelessness among Veterans. recognise the dignity of each person whom we seek to help; and develop our staff team to their utmost potential. Overall statement of public benefit In setting the objects and activities of the charity, the Trustees have given careful consideration to the Charity Commission's general guidelines concerning public benefit. In particular the Charity has focused on ensuring that levels of recidivism among those who graduate from its facilities are minimised and that, through a policy of swift intervention, the numbers who require longer-term assistance are reduced before they become hardened street-dwellers. The Charity continues to place great emphasis on preventative work. The public benefits of VA'S work are multiple and demonstrable. They can be classed as direct (i.e. where the charity prevents or addresses homelessness, social isolation and its consequences for clients) and indirett (i.e. where interventions to restore an individual to health and independence result in a family being reunited and domestic support networks being restored). Below the line metrics such as 'Savings to society, can be calculated through referencing the lifetime distribution of care and support costs to the NHS, the Criminal Justice System, and the Department for Work and Pensions, as well as other charities and social enterprises - associated with social isolation. Page 5 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Overall statement of public benefit (continued) Building on the successful Pro Bono Economics Report, the Charity produced an enhanced economic impact evaluation through a prestigious collaboration with Cambridge Econometrics an award-winning economic research practice. Following the original methodology, we applied Unit Cost Database value estimates across seven metrics in housing, education, employment, health, and wellbeing. The analysis estimated that VA'S successfvl interventions generated a £2.6m annual net benefit from a sample of 246 veterans. Remarkably, the persistence rate which refers to sustainability and longevity of positive outcomes after intervention has ended, is on average eighteen (18) months, clearly demonstrating that impact of our work is transformative. This partnership, facilitated through PBE'S corporate partner matching scheme, further cements our position as a leading service charity. These findings also reaffirm the Welfare to Wellbeingo model as an exemplar of social care for the veteran community and beyond. Substance misuse During the reporting year 82 clients were placed in substance misuse programmes across the country, compared to 83 the previous year. This was frequently done at short notice in marked contrast to the norm within the current care system. The policy of swift interrfention recognises that with substance misuse, there is often a window of opportunity for those with addirtions and that failure to seize this opportunity and robustly address the addictions will ultlmately lead to failure and further financial burdens society-wide. Holistic approach Most clients who approach the Charity have dual or triple-diagnosis problems that overlap and add complexity to the intervention strategies. Few charities or Government agencies are structured to deal with such problems in a holistic manner. The Charity, by contrast, offers a powerhouse of diverse in-house expertise (social workers, substance misuse counsellor, military psychiatrist) that is augmented by access to an even wider network of extemal specialists (barristers, solicitors, academics etc.) who can be called upon to work in concert and minimise the prospect of VA "graduates, failing. This external network operates on a national basis and embraces all manner of agencies and support services. In 2024 the Charity placed 75 clients into some form of sustainable accommodation (2023: 118), very few of whom returned to their previous existence. Raising awareness and appreciation of the Charity's capability Transformative and life-saving services were delivered without interruption during the past year, allowing the Charity to effectively tackle clients, multiple problems, some of which had been exacerbated by the rising cost of living in the UK. Media and PR activities remained focused on promoting the Charity's leading role in keeping ex-service personnel and their families off the streets, protecting the wellbeing of those already in the Charity's care and putting ever-growing emphasis on prevention. Online editorials and news releases in Politics Home, continued to draw interest and are valuable assets for fundraising and media purposes, recording just under 6k page views and over 4k social media impressions. Page 6 VETERANS AID TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Raising awareness and appreciation of the Charity's capability (continued) Integral components of the Charity's efforts in raising awareness are longevity, a clear voice, consistent messaging underpinned by the Welfare to Wellbeingo model and data findings from our independent and custom-built database. The latter remains a valuable tool for demonstrating the efficacy of our pioneering methodology and captures compelling insights about trends and service users (for example, the fact that 62 % of clients contacted the Charity because of poverty and 23 % of those were in some form of employment). A major expansion of the database's reporting capabilities last year greatly refined our analytics infrastructure. This strategic investment directly supported our collaboration with Cambridge Econometrics, which resulted in a comprehensive cost-benefit analysis report that measures the economic value of our work. We hosted several international presentations for representatives of shared interest groups e.g. Emmanuel Jacob at Euromil, Oglaigh Naisiunta na hÉireann/Organisation of National Ex-service Personnel (ONE), the All Veterans and Martyrs, Families Association (Turkey) and Tramicia Garner from US veterans non-profit, Swords to Plowshares. They were briefed on VA'S effective care and recovery practices that combine swift intervention with long-term investment of time and resources. A notable visitor was Lieutenant Colonel Tomohiko Kimura of the Japan Ground Self-Defense Force who visited Veterans Aid while conducting research for his Master's degree at the National Defense Academy of Japan. His study on military command and leadership builds upon a decade-long academic collaboration between his supervisor, Professor Hitoshi Kawano, and VA'S CEO. This international dialogue reinforces Veterans Aid's contributions to military studies, leadership development, and veteran support across borders. Closer to home, our strategic partnership with Concerto, an independent consultancy firm, continues to grow from strength to strength. The CEO participated in several briefings and, most recently, served as keynote speaker at a management event organised by the company. The Charity also took an attive part in the Lloyd's Military Network events, raising awareness about our prevention-focused services. Two significant fact-finding visits have cemented Veterans Aid's international connections with Ukraine's veteran community. In April, MP Iryna Nykorak, Chair of the Ukrainian Parliament's Sub-committee on Veteran Rehabilitation and founder of 'Arm Women Now,, led a parliamentary delegation exploring VA'S approach to veteran care. This was followed by a Ukrainian psychologists. visit under the wider international military training initiative called OP INTERFLEX. Through detailed discussions, the visiting psychologists explored the charity's Welfare to Wellbeingo model, which led to valuable exchanges about both immediate intervention strategies and long-term recovery solutions. The visit involved a tour of VA'S Victoria HQ/Operations Centre and talks with our frontline staff about integrated approaches in addressing complex needs, including addiction, homelessness, social isolation, and trauma. Page 7 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Raising awareness and appreciation of the Charity's capability (continued) These visits underscored VA'S position as a global thought leader in veteran care practices and highlighted the universal nature of post-service challenges that transcend national boundaries and political ideologies. The academic weight of Veterans Aid's Welfare to Wellbeingo methodology has been further validated through Flinders University in Australia, where our CEO was awarded a professorship in recognition of his globally acknowledged expertise on veterans, wellbeing. Through collaborative research, the University's 'Open Door, initiative has embraced our transformative model, recognising its innovative approach that prioritises veteran resilience and strength over traditional deficit- based support prartices. The CEO'S advocacy and influence were welcorned as inspirational and paradigm-shifting. Our strategic ties with the GLA remain strong. The support from the Armed Forces Champion for London has been particularly important in reaffirming the Capital's commitment to the Armed Forces community. VA is a recognised provider of immediate routes off the streets as well as prevention sen4ices for veterans in crisis. Through cooperative efforts with the GLA, the Charity plays its part in making London a safer and better place for ex-servicemen and women. Facebook and Instagram remain effective social media tools for raising awareness, recording increases of 21 % and 170/0 content interactions respertively over the past year. The LinkedIn community (an international online platform used for professional networking and workplace development) remains our largest audience with 3,498 followers. Page 8 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 IMPACT 2023 TO 2024 V•t•rans CLIENTINTERACTIONS EMPLOYMENT ANDTRAINING IASON FOR (:ONfACT CLIENT INTERACTIONS INTOWORKORONTO TRAININGCLWRSES +62/ POVER 634 TOTALNVMBEROFCLIENTSAND THEIRFAMILIESSUPPORTED ACCOMMODATION WHO 20620 607 MALE 27 FEMALE NIGHTSOF ACCOMMODATION Isi 38 CLIENTSPUTINEMERGENCY ACCOMMODATIONWITHIN24HOF INITIALCONTACT. GENERATIONZ 75 19-82 LIENtAGE PANGE NVMBEROFCLIENTS APPROPRIATELY HOMED AVERAGE AGE45 YEARS REFERIiALS WELFARETOWELLBEINGQ 34% PEFFPAALFRiWA ￿￿T￿yC￿lTy 479 COUNSELUNGSESSIONSFUNDEO 6X IIEFERIiAi6R(MAP40NthIILrtARV CHl4RIIY 82 VETEPANSSUPPORTEDTHROVGH D￿0x/coUNsELL1NG 60% IlNTEXNEf.WORDOFMwfH.POUcE￿FÉAR SERVICE ARMY 81% ROYALNAVY 11% RAF TA Page g VETERANS AID TRusfEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Governance The Trustees are committed to strong governance and the importance of a robust regime is something that the Chairman regularly emphasises. The Charity is fortunate in that various of its Trustees are engaged on an almost daily basis with the Chief Executive, thus providing both oversight and expertise. The Trustees are able to offer a wealth of experience from the military, business and third sectors and collectively constitute a well-balanced board. Its focus is on doin rather than knowing as this is an action- orientated charity. The CEO is able to seek advice and decision-making contributions daily should it be required. In particular, the CEO has a very strong working relationship with the Deputy Chair, Dr Paul Dyer, who is responsible for governance. Organisational structure The Charity is exclusively UK-based. Its Head Office and Operations Centre is situated in Victoria, and its New Belvedere House residential facility is in Stepney, both in London. Although its geographical footprint is in the capital, the Charity supports UK Veterans in London and across the country, as well as providing advice to those living abroad. Trustees determine the general policy of the Charity. The day-to-day management is delegated to the Chief Executive, to whom report Chief of Staff, Head of Financial Services, NBH Manager, Head of Frontline Operations and Head of Fundraising. Strategic plan The Board agreed that there will be no changes to the business strategic plan. Our tried and tested W2WBO model demonstrates unparalleled versatility and effectiveness, as evidenced in the recent cost and benefit analysis. Our commitment lies in preserving the relevancy of our streamlined services, that are uniquely designed to address both - tackle immediate crises and inspire prevention. There are no plans for expansion and the Charity remains focused on marshalling its resources to deliver tangible benefits for clients while further cultivating our successful Welfare to Wellbeingo methodology. With its proven exportability and international recognition, we are dedicated to advancing our model as the gold standard in veteran care globally, empowering organisations worldwide to follow our evidence-based framework and transform lives through sustainable, impactful interventions. Recruitment, induction and training of trustees Veterans Aid seeks to have a Board of Trustees that reflects the community it works in and whose members have the necessary skills and commitment to provide the good governance to achieve its objectives. Trustees are provided with a handbook which outlines objectives, structure, responsibilities and governance, and which they are required to sign as having understood. Trustees are circulated with, and abide by, articles on good governance and updates on activities as appropriate. Appropriate training is provided where necessary to ensure that trustees are suitably skilled to support the Charity's objectives. Equallyi Trustees are actively encouraged to engage with the CEO on a regular basis to provide support when necessary and to increase understanding of the Charity's daily business. Page 10 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Review of activities Our operational activity, at both the HQ and NBH, remained high throughout the year, with comprehensive data findings confirming both the scale and complexity of our life- saving interventions. Our dedicated staff answered 3,908 calls for help, across all communication channels, marking a major increase (i.e. 2,858) from the previous year. The referral patterns were consistent with previous years, with 34 % of clients continuing to come through other service charities. The age of veterans seeking our help have remained consistent in recent years, with a steady number of Generation Z clients (individuals born between 1997-2012). The Charity's established multi-range support pathways for younger veterans continue to prove invaluable in addressing their needs. This demographic profile challenges a persistent misconception about ex-service personnel that they are predominantly represented by an elderly population. In reality, our client base spans multiple generations, with the average age continuing to be mid-forties, illustrative of the fatt that veterans requiring assistance represent a much broader demographic than one commonly portrayed in public discourse. In a significant post-election engagement, the Charity contested the above stated misconceptions with the Shadow Minister for Veterans Affairs, Andrew Bowie, Conservative MP for West Aberdeenshire and Kincardine. This timely briefing explored the shortfall of integrated veteran care that over the years has been driven by political ambition rather than actual need. The CEO shared his concerns about over- medicalisation of ex-seniice community problems while ignoring the underlying key issue, which is poverty. The importance of looking at outcomes when allocating funding was also discussed as a necessary shift from the sertor's current prattices, which often lack standardised and measurable methodology. A follow-up visit of the New Belvedere House is planned in 2025. The Charity recognises that homelessness and poverty affect populations beyond military communities and actively engages with strategic partners. This summer our staff attended key civic engagements raising the Armed Forces flag at City Hall and the Annual Civic Service at Westminster Abbey. Being part of the wider community of Westminster as well as London, remains a central VA commitment. Multi-agency collaborations expand our reach and eliminate replication of effort. VA played a small role in commemorating the 80th Anniversary of the D-Day landings by collaboration with 5.11 Tattical, an American apparel brand specialising in outdoor clothing and uniforms for military and safety personnel. In less than a week, 500 D-Day patches were successfully sold and processed from our HQ in Victoria, with orders from customers in Brazil, Canada, Mexico and Australia. All proceeds were donated to the Charity, including the added value of brand exposure to international stakeholders at no additional advertising cost. The Charity maintained its position as the knowledge hub of veteran care. A total of 550 enquiries were recorded (2023.421), from the UK and overseas, regarding partnership, information exchanges, research, media collaborations, volunteering and fundraising. Rernarkably, 75 % of these approaches (2023: 650/0) came from other social and health care organisations. Page 11 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Review of activities (continued) Over the past year, Veterans Aid has strengthened its initiatives with various police services both within and beyond the capital. Our close relationship with the City of London Police has continued to flourish, highlighted by the Commissioner's visit to VA HQ and the prestigious Commander's commendations awarded to the CEO and Criminal Justice Outreach Officer for establishing and maintaining this valuable partnership. Several presentations were delivered to City of London probationer and response officers. Looking ahead, VA plans to extend these educational efforts through further presentations to Metropolitan Police officers, reinforcing our commitment to informing and supporting police forces. Enhancing VA'S presence in the City is part of a broader strategy to build lasting and meaningful connections with established institutions. The Vintners, Company, The Worshipful Company of Founders and The Worshipful Company of Coopers are among those who take active interest in our history as well as our daily operations. We have welcomed their respective Masters to in-depth briefings on the most urgent issues among ex-military population and the value of providing high-quality care at point of need. The Charity hosted its annual Carol Service at St Botolph-without-Bishopsgate to usher in the festive season. Building on previous years, it was a particularly well-received Carol Service, creating a warm and welcoming atmosphere for all invited. Guests and supporters had a valuable opportunity to engage directly with our staff and hear compelling firsthand accounts of the Charity's lifesaving services. The strength and depth of the Welfare to Wellbeingo model and its universal application in alleviating poverty and homelessness were highlighted in two key annual lectures delivered by our CEO at King's College Institute of Psychiatry and the University of East Anglia. The purpose of those yearly presentations is to promote our evidence-based methodology as a sustainable framework for social support systems worldwide. Lastly, our partnership with GambleAware, now in its second year, has built on the first year's success. This collaboration with the independent charity, which commissions gambling education and treatment services across Great Britain, has provided funding that was crucial to the development of our sophisticated early intervention protocols and educational resources. Our staff also participated in numerous events, workshops, and learning exchanges focused on gambling, harm prevention and treatment. Performance The range of services provided by our substance misuse worker, military psychiatrist, social workers, outreach specialists and highly trained key-working staff, is enhanced by a mix of skilled volunteers and full-time professionals. New Belvedere House can accommodate up to 66 residents, with rooms prepared for re- occupancy as soon as they become vacant. Accommodation provision is augmented by the temporary use of hotels, B&Bs, small lodgings and, where appropriate, military clubs. Based on an average aggregate the Charity looks after 60-70 clients and their families each night. (NB - not all clients require accommodation). Page 12 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Performance (continued) New Belvedere House, our flagship residential facility, operates outstandingly well, with the quality of care provided remaining consistently high. The emergency plans and procedures that were formed and aligned with the successful modernisation of the facility. can be implemented rapidly and effectively. The experience of working with infettious diseases, and with the health and safety standards that the organisation is committed to, allow us to action changing protection measures at speed and in accordance with Government and NHS advice. Specifically, our policies are underpinned and reviewed in line with the Infection Prevention and Control (IPC) principles for Adult Social Care Settings in England. Safety protocols that include self-isolation, deep cleaning, handwashing, wearing of face-masks (if a resident tests positive), lateral testing before moving in, vaccination and boosters (for those who qualify) are observed in full. Advice and support continue to be sought from the NHS England and NHS Tower Hamlets Integrated Care Board. The HQ and Ops Centre have been operating as normal, within the parameters of the Charity's ongoing commitment to protecting the health and wellbeing of clients and staff against infectious diseases. Safety protocols are in place and are reviewed regularly and in keeping with the latest guidance from the Government and NHS. An internal immunisation programme for staff and volunteers was launched in autumn 2024, underpinned by the Green Book, the Government's offficial publication on immunisation. This in-house initiative directly responds to the Green Book's updated classification, which includes the homelessness workforce within the social care workers definition. This strategic approach reflects VA'S commitment to mitigating health risks while safeguarding the provision of our critical seniices. Income and investrnents The Board has considered its policy on income, investments, reserves and risk management. As in most organisations, with Veterans Aid's operations, these subjects are interdependent and are addressed as such within this report, which seeks to fulfil the requirements and deals with: analysis of the subjects in question and formulation of related policy; management and control systems. and reviews. Analysis Income Veterans Aid realises its income from rents and housing benefits, grants, donations, events, legacies and investment income. Sufficient income needs to be generated to cover the operating costs of the Charity which are: staff costs, property maintenance, utility charges, insurance, depreciation and other sundry costs. Page 13 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income and investments (continued) Analysis (continued) Investments Veterans Aid investments stand at £1,050k (2023: £965k), with a further £43k (2023: £34k) in accrued income and uncommitted cash deposits held in the portfolio. With an agreed investment policy and a continual dialogue with the Honorary Treasurer and Chief Executive, the Charity portfolio is managed on a discretionary management basis by S&T Asset Management LLP. Liquid assets The liquid assets of Veterans Aid are divided into: Unrestricted Funds. The bulk of the charity's net assets are unrestritted, as detailed in note 14 to the Accounts. Restrirted Funds. A proportion of the Charity's tangible fixed assets are apportioned to the restricted funds, as detailed in note 13 to the accounts. Permanent Endowment. The proceeds of the sale of the Hollenden House site in 2005 are held under permanent endowment and are represented by the value of the freehold land on which New Belvedere House stands. Freehold Land & Buildings Veterans Aid owns the freehold of the New Belvedere House premises in East London, which are an integral part of the Charity's operations. The value of the land is treated as part of the Permanent Endowment, while the value of the buildings is treated as Restricted Funds and depreciated over fifty years; together they are identified on the Balance Sheet as Property Funds. Every five years a professional valuation of the site is undertaken and the values adjusted accordingly. The 2023 valuation estimated the land value at £2.640,000 (an increase of £264,000) and the buildings at £6,160,000 (an increase of £616,000) and the total capital value in these accounts after depreciation is £8,676,800 (2023: £8,800,000). Income and expenditure balance The annual income of the charity is £2,236k (2023: £1,916k), excluding unrealised gains/(losses) on investments and premises. The intent is that expenditure should match this figure, with an aim to break even in its annual operation. In the year to September 2024, the unrestricted funds showed a surplus of £325k (2023: surplus of £125k) and the restritted funds showed a deficit of £120k (2023: deficit of £147k), which includes £123k depreciation charged on the buildings at New Belvedere House. The restricted revenue funds showed a surplus of £3k (2023: deficit of £39k). Income Policy General The overall policy regarding the income of the Charity is the generation - through the income it obtains via rent and housing benefit payments, grants, donations and legacies Page 14 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income Policy (continued) it receives of enough revenue to enable it, in conjunction with its income from investments, to maintain its charitable work without interruption. Investment income The aim of the investments of the Charity is to produce the income necessary to narrow any gap between annual incorne and expenditure that may arise. Investment Policy Discretionary management - overall guidelines: S&T Asset Management LLP has been given discretionary powers of management, with the following overall guidelines, over the portfolios of the Charity: 200/0 of the portfolio shall be invested in bank deposits, short-term money market instruments or investment grade fixed interest securities to enable the Trustees to have access to capital at short notice. 80 % of the fund shall be invested in high quality international equities of the first rank to produce a growlng income to protect the Trust against the long-term effects of inflation. The guideline is to achieve a balanced return to preserve and enhance the capital value whilst ensuring a reasonable level of income, as amended by the Trustees from time to time. The equity content of the portfolio shall be in S & T's classification of medium to low risk. There shall be no investments in any company the aims of which are contrary to the objectives of the Charity and the Trustees shall notify the managers of any specific exclusions which they might wish to apply from time to time. S&T is required to submit an investment report for each meeting of the Board of Trustees, usually held in April and October of every year. Reports are made regularly to the Honorary Treasurer, who presents each report to the Board of Trustees, together with any recommendations for review that may be considered appropriate. Reserves Pol icy The Charity needs to have in reserve sufficient capital to guard against an unforeseen reduction in income, taking account of its need to meet the continuing costs of operating the Charity's main roles in providing accommodation, rehabilitation and emergency care for homeless veterans. The historic consistency in both income streams and expenditure relating to that role, reflects the low risk which attaches to the Charity's income, much of it coming from rent and housing benefits and from its investments. The Trustees regularly review the Charity's reserves policy in relation to the current financial p051tion and degree of risk. Page 15 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reserves Policy (continued) Free reserves, as defined in the Charity SORP, exclude the value of permanent endowment, restricted funds and assets that are used in fulfilling the charity's purposes and therefore not available for spending. At 30 September 2024 the charity considers its free reserves to be as follows: 2024 2023 Total funds Less the value of property used for housing Less restricted funds not available for spending Less value of fixed assets used to carry out the charity's purpose Free reserves available for spending 10,223,372 (8,676,800) (16,432) 10,018,251 (8,800,000) (13,335) (126,073) (141,564) 1404,067 1,063,332 The actual value of unrestritted reserves of the Charity at 30 September 2024 is £1,530k (2023: £1,205k) which represents an estimated eight months operating costs. For this purpose, operating costs represent expenditure on both unrestricted and restricted funds. Going Concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. Remuneration Policy The remuneration of key management personnel is reviewed by the Remuneration Committee comprising the Honorary Treasurer, Deputy Chair and the Chairman. Their remuneration policy is set during the annual salary review for the whole team and it takes into account the following: Benchmarking with similar roles in the sector; The Charity's financial position; Changes to cost of living and inflation; and Changes in roles and responsibilities. Page 16 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fundraising To help guarantee the availability of ongoing funds to solely pay for its work, Veterans Aid seeks to maintain broad and diverse sources of funding. We aim to raise cash income, both restrirted and general, source support-in-kind and build strong local, national and international partnerships. Our fundraising prartices follow strictly the provisions of the Charities (Protection and Social Investment) Act 2016, other relevant legislation, and local government by-laws. Veterans Aid is a member of the Fundraising Regulator, which is an independent self- regulatory organisation. As a member Veterans Aid is committed to the highest standards in fundraising. We strictly adhere to the Fundraising Regulator's Code of Fundraising Practice. The Code is underpinned by the fundraising promise which stipulates that all fundraising must be legal, open, honest and respectful to the public. We use the Fundraising Regulator badge to publicly show that we are following these standards. We operate the Charity Commission's 'Know your Donor, principle and make reasonable and appropriate attempts to identify any individual or organisation that gives us financial support, especially where significant sums are being donated or the circumstances of the donation give cause for concern. Veterans Aid will not accept anonymous corporate donations. However, we may accept anonymous individual or trust donations where there has been a rigorous third-party due diligence process, to confirm that Veterans Aid's reputation is not potentially compromised. Should a supporter make themselves known to Veterans Aid, but wish to remain anonymous, we will honour these wishes, on the basis that the donation carries no reputational risk to the charity. Veterans Aid respects the privacy and contact preferences of all supporters and, in line with the GDPR regulations, responds promptly to complaints or requests to cease interaction. There have been no complaints received during the financial year. If any individual or organisation asks to be excluded from fundraising approaches, this is recorded on the database and acted upon immediately so that they are excluded from all forms of solicitation, or those forms from which they have asked to be excluded. Our in-house fundraising team does not engage in cold-calling, wealth-screening or buying/selling sensitive data. The Charity does not use other agencies in its fundraising activities. Veterans Aid believes and maintains the principles that, wherever possible: All gifts should be made without coercion and as a result of an Informed decision. All gifts should be made with full transparency and agreement regarding the use of the gift. In cases where donations are made at a time when the donor was not able to make an informed decision, donations will be returned. Donors will be acknowledged and recognised according to their wishes, as defined under the GDPR regulations. Page 17 VETERANS AID TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fundraising (continued) All relevant donor data is stored securely on our centralised fundraising database which is a web-integrated CRM (Customer Relationship Management) system. Use of this helps us to reduce duplication, minimise the risk of errors and provide an essential and accurate information hub for analysis and reporting. We are committed to safe data handling practices and have robust security measures in place to protect this highly sensitive information, namely.. The data is encrypted and stored on the VA Cloud, Daily online and offline back-ups are arranged, Access to the database is severely restricted (only members of fundraising staff are granted admission and the system cannot be accessed remotely). VA'S network and Pcs have firewalls, anti-virus and anti-malware software installed that monitor and immediately flag up potential and harmful activities 2417. Risk management Risk The diverse nature of our work naturally exposes us to many risks; some obvious and others less so. Our approach to risk over the last 10 years has been to go beyond a superficial reporting process and to concentrate on building strength and depth into our protective risk minimisation. In particular, the Board member for Governance is attively involved in this process. All standard workplace legislation is adhered to, but we are always seeking to go above and beyond statutory requirements. Over three years ago, to take risk management to the next level and mitigate vulnerability in a more intelligent way, we employed an online-based agency that is flexible and available 24/7. It provides tailored and needs-centred advice to the Administration team, who can rely on expert consultants. This practical and customised support guides us through ad-hoc / minor issues as well as helping us to maintain best prattice policies. In addition, we have deliberately focused on Governance to ensure a progressive reduction of risk. In essence, we have concentrated on 7 main areas: Damage to reputation A badly handled PR crisis involving a charity can seriously tarnish its reputation. To mitigate this, we have developed a sophisticated and effettive communications process that utilises the skills of a dedicated team that is supported by a professional and experienced Media and Communications Advisor. We utilise social media judiciously to optimum effect and have excellent working relationships with key media outlets to get our message across. As a result, we are regarded as a transparent, credible and trustworthy organisation. Our reputation-enhancing efforts are allied with major and relevant working agencies, whose operations direttly affect the lives of our clients, such as the Greater London Authority, Westminster Council and London Borough of Tower Hamlets. Of particular relevance, has been the exceptional and continued success of our work with Politics Home, which provides direct, timely access to senior policy makers and key Page 18 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Damage to reputation (continued) governmental influencers. Last year marked another outstanding period of engagement, significantly amplifying our advocacy voice and strengthening our position as a thought leader in the sector. Our Board Member for governance was very keen for us to enhance our reputation as a strong delivery-agency with organisations which were distinctively relevant to our future as opposed to courting popularity. We have chosen to work with agencies that have a common goa5 for the benefit of the Charity. Our growing profile in the City of London is an example of a broader strategy that emphasizes building valuable connections, instead of pursuing short-term transactional relationships that fail to yield sustainable support. If necessary, we seek professional legal services to protett our name, clients and staff. Robust insurance cover Accidents can happen, and our charitable status is not enough to stop someone from making a claim against the charity. An accident involving a member of the public at a fundraising event, or an employee injuring themselves at the charity's premises, could result in legal action being taken against the organisation. We have therefore ensured that our annual insurance review is thorough, far-reaching, comprehensive and reflective of all our activities. Our insurance extends beyond standard liability protection and includes policies addressing both traditional and emerging risks. Of particular note, is our enhanced cyber security cover, managed by specialised insurers and complemented by a purpose-built cyber security platform included as part of the digital cover. This comprehensive cyber protection provides staff trainingi threat monitoring, incident response protocols and preventative services-creating a robust digital defence perimeter. Health & Safety and HR & Employment Law A cost-effective and comprehensive training platform was introduced this year, offering invaluable cover across facilities management, health and safety, fire safety and human resources. Our infectious disease control policies, risk assessments and work plans are being regularly monitored and supported by an independent health and safety professional. As far as NBH is concerned, robust PPMS plans (planned preventative maintenance) are in place and reviewed on an annual basis, ensuring both safety of residents and staff and compliance with all relevant regulations. Our approach is pre-emptive, focusing on addressing potential issues before they arise in collaboration with other working agencies such as the London Borough of Tower Hamlets Public Health Team. As far as personnel matters are concerned, the charity is privileged to have received expert pro-bono support from a leading UK employment lawyer, who acts as our Principal HR Advisor. Page 19 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Cyber security & Data Protection Data security is now a significant risk for all organisations. We understand the importance of taking appropriate steps to safeguard information assets and are committed to protecting sensitive and personal information of all the data subjects. While we do not hold huge volumes of sensitive information, we have adopted sophisticated and proactive controls. Human error can of course be a great danger in respect of data loss but very few members of staff use portable data and all are trained on proper data handling protocols. Additionally, our systems feature limited accessibility with strict user rights management, ensuring sensitive information is only available to authorised personnel on a need-to-know basis. We have placed great emphasis on cyber security to minimise our risks using external experts as required. Our approach to information security does not rely merely upon written policies. We maintain the confidentialityi integrity and availability of information through the protection of our technology resources and assets. Encryption, keeping back-ups and installing all the latest protective measures helps us manage these risks. Cyber security and data protection are being closely monitored by the internal working group led by the Deputy Chair that consists of the CEO and Chief of Staff who report to the Board in detail on the current position and future plans. Our strategic move to appoint the Cyber Security and Data Protettion Advisor remains essential in maintaining high digital performance, meeting regulatory requirements, and preserving general security of our online systems. This engagement has allowed us to be in control and on top of fast-moving digital changes as well as enhancing the onsite and remote users experience. Additionally, it elevates cybersecurity from a technical function to a board-level priority where digital resilience is embedded in organisational culture. Our focus this year centred around training and education, with key staff responsible for this area attending certified courses. Introduction of a multi-layered cyber defence and interactive training platform allowed us to promote awareness and vigilance amongst staff, especially those in the most risk-exposed roles. We completed the upgrades to our IT estate, including reduction of on-premises infrastructure and replacement of network switches. As ever, we believe in pro-active measures that inspire tailored, relevant and cost-effertive solutions that minimise risks to our operations, clients and staff. In a world of competing demands, with the emphasis on costs and savings, Veterans Aid sees data protection and cyber security expenditure as essential. We will continue investing and reviewing our activities to make sure we have adequate layers of protection and safeguarding procedures. This will always be an ongoing task. Funding and donations The sector's ability to raise funds through voluntary income continues to be hampered by the economic uncertainty and cost of living crisis. Veterans Aid has always relied on Page 20 VETERANS AID TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Risk Management (continued) Funding and donations (continued) diversified income streams. our viable business model is largely supported by the housing benefit system and topped-up by our sound reputation. As mentioned earlier in the report, our successfully methodology has been validated through diligent economic study conducted by Cambridge Econometrics. The report objectively quantifies the impact and value of our work with veterans in crisis and reaffirms our global position as leaders in addressing both homelessness and poverty. A position which is direttly related to the credibility of our fundraising. This year's National Lottery Community Fund grant (£460k) represents another independent and external acknowledgement of our successful model. Beyond substantial fvnding, this multi-year award senies as a quality mark validating our credibility and trustworthiness through rigorous due diligence. Specifically, we were delighted with NLCF recognition of our pioneering work where speed of response to crisis is of essence. Similarly, other platinum givers such as The Michael Uren Foundation have increased their giving which clearly reflects their continued confidence in the charity's model and impact of our life-saving support services. Our fundraising efforts continue to be centred around effectiveness, transparency and sustainability and we carefully choose partners who can support our independent work. Fraud The Trustees and management are aware of the possibilities of fraud, both internally and externally. Strict controls are in place to ensure that no one individual is able to divert large sums via false invoicing or invoicing for works not undertaken, and there is a separation of responsibility between the incurring of expenditure and making payments. The Honorary Treasurer receives regular reports of all significant outgoings. Transparency is the key to our approach. Saffery LLP continue to be our auditors, a firm with a substantial reputation and knowledge of the charity sector, which enhances our credibility when prospective funders carry out due diligence. The value-added aspect of this relationship is that we are allowed significant interactivity with our auditors throughout the year thereby minimising risk. We have taken a deliberately controlled approach as we understand the impact not only of financial loss but also possible damage to our reputation and a lack of public confidence if fraud were to take place. Governance Interaction between the Chief Executive and the board is dynarnic, responsive, and constant. It has proved to be a highly effective working model referencing internal and external issues. The former includes HR, organisational structure, charity culture, management issues, oversight of assets and financial strength. The latter references economic conditions, market competition, legislative changes, media, politics, reputation Page 21 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Governance (continued) and demographics. The Deputy Chair is formally tasked with overseeing Governance; last year the Deputy Chair and the CEO had 29 interactions. Finance and accounting review The Charity has net assets of £10,223,372 (2023: £10,018,251), of which £8,802,873 (2023: £8,941,564) are tangible fixed assets. At the balance sheet date, the charity had £279,939 (2023: £32,064) of cash balances available at one month's notice or less. The majority of the cash balances are held in deposit accounts. Funds As detailed in notes 12 to 13 of the financial statements, the charity has reserrfes classified as follows: Permanent endowment (note 12) This represents the endowment of the former Hollenden House property in East Sussex. Hollenden House itself was sold in 2005, and the remaining proportion of the freehold land, on which Whitworth House stood, was sold in September 2009. Under the terms of the endowment, its primary purpose is for investment in real estate to be held and used by the Charity, and it is now represented by the freehold land at New Belvedere House. Restricted funds (note 13) Total restricted funds are £6,053,232 (2023: £6,173,335). Unrestricted Funds Unrestricted funds represent an estimated eight months operating costs of the Charity. Statement of Trustees. responsibilities The Trustees (who are also the Directors of Veterans Aid for the purposes of company law) are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgements and accounting estimates that are reasonable and prudent; Page 22 VETERANS AID TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 state whether applicable accounting standards have been followed, subjett to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was prepared under the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The trustees are closely involved and meet formally twice a year to review management accounts, fundraising forecasts and cashflow analyses. The trustees believe that the charity is a going concern and for this reason, the going concern basis of the preparation of the financial statements is considered valid. Auditors A resolution proposing the re-appointment of Saffery LLP will be put to the Annual General Meeting in May 2025. Approved by the Trustees on 14th May 2025 and signed on their behalf by rd allis MBE OL DL Honorary Colonel for Beds & Herts ACF Chair of Trustees 14th May 2025 G J Holbourn FCA FCCA DChA Trustee 14th May 2025 Page 23 VETERANS AID INDEPENDENT AUDITORS. REPORT TO THE MEMBERS Opinion We have audited the financial statements of Veterans Aid for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prattice). In our opinion the financial statements: give a true and fair view of the charitable company's state of affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice; and have been prepared in accordance with the Companies Art 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 24 VETERANS AID INDEPENDENT AUDITORS. REPORT TO THE MEMBERS (continued) Other information (continued) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report which includes the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report which includes the Dirertors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies. regime and to take advantage of the small companies exemption in preparing the Trustees, Report. Responsibilities of trustees As explained more fully in the Trustees. Responsibilities Statement, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Page 25 VETERANS AID INDEPENDENT AUDITORS. REPORT TO THE MEMBERS (continued) Responsibilities of trustees (continued) In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respert of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of deterting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosure5. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. Page 26 VETERANS AID INDEPENDENT AUDITORS. REPORT TO THE MEMBERS (continued) Auditor's responsibilities for the audit of the financial statements (continued) During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non- compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to Identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detetting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .uk auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtington (Senior Statutory Auditor) For and on behalf of Saffery LLP 71 Queen Victoria Street London EC4V 4BE Statutory Auditors ..2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Att 2006 Page 27 mmoo mo ioo)A Ln fJJ Tr4Lnm rfjmm Ln Lt* o)Nr DJtNo JLnLnm VETERANS AID BALANCE SHEET AS AT 30 SEPTEMBER 2024 Note 2024 2023 Flxed assets Tangible fixed assets Investments 8,802,873 1,093,027 8,941,564 999,231 9,895,900 9,940,795 Current assets stock Debtors Cash at bank and in hand 5,413 162,132 279,939 7,090 141,182 32,064 io 447,484 180,336 Current Ilabilities Credltors: Amounts falling due in less than one year li (120,012) (99,980) Net current assets 327,472 80,356 Less: Penslon deficit provision (2,900) Net assets 10 223 372 10 018 251 Funds Pmperty Funds.. Permanent Endowment Restrfcted funds 12 13 2,640,000 6,036,800 2,640,000 6,160,000 Revenue Funds.. Restricted funds General funds 13 16,432 1,530,140 13,335 1,204,916 Total lunds 14 10 223 372 10 018 251 The notes on pages 32 to 47 form part of these financial statements. The financial statements on pages 28 to 46 were approved by the trustees on 14th May 2025 and signed on their behalf by L41 G J Holboum Trustee Company Number 4544532 Page 29 VETERANS AID STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Note Net cash provlded by/{used in) operating actlvities 22 280,257 27,522 Cash flows from investin activities Dividends and interest from investments Purchase of property, plant and equipment Proceeds from sale of investments 26,589 (47,768) 354,913 (358,010) 28,002 (115,877) 142,343 { 136,406} Purchase of investments Net cash (used in)/provided by investlng activities Net increase (deC￿aSe) in cash & cash equivalents 255 981 Cash and cash equlvalents at the beglnnlng of the year Cash and cash equivalents at end of the year 120 790 66,374 23,24 322,355 The notes on pages 31 to 46 form part of these financial ststements. Page 30 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2024 Accounting policies Aecountlng convention These accounts have been prepared under the historical cost convention, as modlfled by the inclusion of fixed asset investments at market value, with items recognised at cost or transartion value unless otherwise stated In the relevant notes to these accounts. The accounts have been prepared in accordance wlth the Companles Art 2006 and the'statement of Recommended Practlce: Accounting and Reporting by Charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charltles Art 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 £. The Charity constitutes a public benefit entity as defined by FRS 102. Going concern At the tlme 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 fijture. Thus, the trustees continue to adopt the going concern basis of accounting In preparing the financial statements. Income All income is accounted for as soon as the charlty has entitlement to the income and there Is the probability of receipt and the amount is quantlfiable. All Incoming resources are recognised on a receivable basls and included in the financial statements gross, i.e. before taklng account of any associated expenditure. Allocatlon of costs Premises and assoclated costs relating to the runnlng of Head Office (whlch includes the London Relief Centre) are allocated between the various expenditure headings In the SOFA on the basis of the salarles of staff at head office and the estimated time spent by each member of head office staff under each heading. Costs of raislng funds Expenses are included as costs of raising funds if they can be directly related to a source of the charlty's income or are for publicity intended to raise the profile of the charity. Charltable actlvltles The charity has identified two charitable activltles 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 fvnding to assist the residents in turning their Ilves around. 1.6.2 Detox rehabilitation and emergency care for Veterans in crisls The charity's London Relief Centre in Victoria, Central London, provldes a drop-in centre where Veterans In Crisis are glven counselling and provided with short-term overnight accommodation whlle their needs are assessed. Governance costs Govemance costs include all costs of maintalning the charity as a legal entity including audit fees, Costs of trustees, meetings, costs of complying with statutory requirements, and staff costs incurred in connection with meeting these requirements. Page 31 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) AS AT 30 SEPTEMBER 2024 Accounting pollcles (continued) Tangible fixed assets and depreciation Tangible fixed assets, except freehold land, are stated at cost or valuation less accumulated dep￿Ciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: Freehold buildings Fittings and Equipment over fifty years straight-line over three years straight-line No depreciation is charged on land. Items purchased are capitalised where their cost is above £100 and they are experted to have an ongoing use in the charity's operations. Purchases Costing less than this are charged to expenditure in the Statement of Financial Activities in the year of purchase. A professional valuatlon of the freehold land and buildings was undertaken at 30th September 2023 and the accounts reflect this figure (see Note 7). It is intended that a valuation will take pla￿ every five years, the next valuation being due in September 2028. Investments Fixed asset investments are valued at the current market value at the balance sheet date. Any unrealised galns or losses are credited/charged to the Statement of Flnancial Activities. Realised gains or losses on disposal of investments are included in the Statement of Financial Activities as they arlse (see Note 8). 1.10 Stock Stock comprises goods for resale and Is valued at the lower of cost or net realisable value (see Note 9). 1.11 Pension costs The Charity contributes to a defined contribution scheme and The Penslons Trust Growth Plan, a defined benefit multi-employer scheme. The pension costs charged in the SOFA are determined as follows: (i) The costs relating to the defined contributlon scheme a￿ charged to the SOFA when they are incurred. The Pensions Trust Growth Plan is an occupational defined beneflt scheme. The current service costs are charged to the SOFA within staff costs. The expected retum on the scheme assets less the scheme interest costs are credited within other interest. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses. The defined benefit scheme assets are measured at fair value at the balance sheet date. The scheme liabilities are measured on an actual basis at the balance sheet date using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond equivalent temi to the scheme liabilities. The resulting defined benefit asset or liability ts presented separately after other net assets on the face of the balance sheet (see Note 26). 1.12 Pernianent Endowment The Permanent Endowment relates to the East Sussex property gifted to the charity. Part of this property. Hollenden House, was sold in 2005 and the proceeds invested. the remainder of the property, Whitworth House, was sold in 2009 and the funds pla￿d on deposit. Following a review of the terms of the endowment, the trustees have determined that its primary purpose was for investment in real estate to be held by the charity, and that this is represented by the freehold land at New Belvedere House (see Note 12). Page 32 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) AS AT 30 SEvfEMBER 2024 Accountlng pollcies (continued) 1.13 Restricted funds Restricted funds are those recelved which are eamiarked for a specific purpose by the donors. Expenditure which meets the crlteria specified is allocated d1￿CtlY to the fund. (see Note 13) 1.14 Unrestrlcted funds Funds received or generated for the objects of the charity without a further specified purpose are treated as unrestrirted funds. Trustees can designate a portion of the unrestricted funds to reflect their intention to invest strategically in futu￿ plans. The balance in the General Fund at 30 September 2024 represents an estimated eight Months operating costs (see Note 14). 1.15 Revaluations Investments are revalued to market value as at 30 September 2024 and the gain or loss is shown on the SOFA as a separate item not forming part of the incoming/(outgoing) resources as the trustees feel that including unrealised gains or losses would not show a true and fair view of the charity's activities during the year. 1.16 Flnancial instruments The charity has financial a55ets and liabilities of a kind that qualify as basic financial instruments. Basic financlal instruments are recognised inltially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method. 1.17 Critical estlmate and judgements and key sources of estlmatlon uncertainty In the application of the Charity's accountlng policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabllltles that are not readlly apparent from other sources. The estimates and associated assumptlons are based on historical experience and other factors that are considered to be relevant. Actual results may dlffer from these estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting estlmates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical Judgements in applylng the Charlty's accounting pollcles There are no critical accounting judgements in 2024 or 2023. Crltical accountlng estimates and assumptions (i) Defined benefit pension schemes The Charity has an obligation to pay pension benefits to certain employees and former employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectsncyi asset valuations and discount rate on corporate bond5. Management estimates these factors in determining the net pension liability in the Balan￿ Sheet. The assumptions reflect the historical experience and cUr￿nt trends. The valuation is particularly sensitive to the impact of the discount rate on the schemes, liabilitie5. See note 26 for the disclosures lating to the defined benefit scheme. 1.18 Comparative ststements Under charity accounting requirements, comparative statements for the preceding year are required for a number of the notes to the accounts, specifically notes 2, 13, 14 and 15, and these are shown below the information for 2024 in each note. Page 33 VETERANS AID NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Resources expended 2024 Dlrect Expenses Staff Other Support Costs Staff Total 2024 other Ralslng Funds Fundraising costs Investment management costs Cost of goods sold 9,481 12,383 86,072 27,727 123,280 12,383 4,221 4,221 Charltable Activities Accommodatlon and support for homeless veterans Rehabllltation and emergency care for homeless veterans 340,228 244,217 113,293 201,578 899.316 290,092 561,934 187,783 1,039,809 Other TPT {Penslons Trust) scheme withdrawal charge (see note 26) 33,378 33,378 340,228 556,173 761,299 454,687 112,387 2023 Direct Expenses Stsff Other Support Costs Staff Total 2023 Other Raising Funds Fundraising costs Investment management costs Cost of goods sold 10,688 10,562 97,673 32,366 140,727 10,562 1,995 1,995 Charitable Actlvltles Accommodation and support for homeless veterans Rehabllltation and emergency care for homeless veterans 337,082 225,350 115,372 165,377 843,181 272,010 528,417 196,974 997,401 337,082 518,610 741,462 396.712 1,993,866 2024 2023 Total resources expended are stated after charging Depreciatlon (see notes 1.8 and 7) Audltors remuneratlon Amounts payable under operating leases 186,459 22,385 102,378 149,194 21,420 102.378 Governance (Included in Support Costs above) Audit fees Trustee expenses staff Costs allocatlon Office Costs allocation Other 22,385 339 26,351 7,670 583 21,420 234 25,774 7,691 601 Page 34 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Staff costs 2024 2023 Wages and salaries Social security Pension costs 857,534 90,022 60,818 849,306 84,859 54,882 1,008,374 989,047 other staff costs 1 102 247 1 079 473 No members of staff (2023: 1) were made redundant during the year and no redundancy pay was paid out (2023 .£2,855). One member of staff was provided on full-time secondment untll July 2023. Thls donation in klnd has been valued based on the costs of a staff member undertaklng the same role. Salaries of £27,300 and social security Costs of £2,800 for this secondee a￿ Included in the above figures. (see Note 4). Average number of staff: 2024 Number 2023 Number The average number of staff, based on average head count, during the year was NBH staff and care workers Administration 16 15 io The number of employees whose emoluments (salaries, wages and benefits in kind) fell within the following bands: £60,000 to £69.999 £90,000 to £99,999 During the year the pension contributions on behalf of these th￿e (2023: three) members of staff amounted to £18,698 (2023 £18.472) 2023 2024 The total remuneration of key management personnel. who comprlse the CEO and the New Belvedere House Manager was 179 829 176 077 Donations in Kind 2024 2023 Donations in Kind 3,310 37,689 Organisatlons and individuals donated food and other items totalling £3,310 (2023:£7,589) during the year (note 13). In 2023, the seconded staff valued at £30.100 were included a5 a donatlon in kind, there was no similar donation in 2024 Page 35 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees No trustees re￿iVed any remuneration In the current or precedlng year. Expenses totslling £339 (2023: £24) were reimbursed to l {2023: 1) trustee in respect of travel and accommodation expenses when attendlng meetings and fundralsing events, and expenses of £nil (2023: £210) were Incurred in connection with a venue for a trustees, meeting. Donations of £3,000 (2023: £1,000) were received from trustees during the year. Corporatlon tax As a registered charity Veterans Aid is not subject to corporation tax on its wholly charitable activities. Tangible fixed assets Freehold land and bulldings Flttings and Equipment Total 2024 Cost At l October 2023 Additions Revaluations At 30 September 2024 8,800,000 890,671 47,768 9,690,671 47,768 8 800 000 938 439 9 738 439 Depreciation At i October 2023 Charge for the year Depreciation wrlte-back from revaluation At 30 September 2024 749,107 63,259 749,107 186,459 123,200 123 200 812 366 935 566 Net Book value At 30 September 2023 8 800 000 141 564 8 941 564 At 30 September 2024 8 676 800 126 073 8 802 873 All fixed assets are used for charitable purposes. In the year ended 30 September 2023 a professional valuation of the New Belvedere House/Old Rectory freehold premise5 in Stepney was carried out by Michael Rogers LLP, Chartered Surveyors. This placed an open market value on the premises of £8,800,000 which 15 reflected in these accounts. The historical cost of the land and buildings 15 £9,273,653. See Note 1.8. Capital commltments The charlty had the followlng capital commitments at 30 September 2024., 2024 2023 Authorised, contracted but not provlded for Nil Page 36 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investments 2024 2023 Quoted securities - UK Quoted securities - Overseas 365,060 684,759 456,028 508,892 1,049,819 964,920 Investment in subsidiary Accrued interest on fixed-interest investments Cash balances 790 42,416 97 34,212 Total 1 093 027 999 231 Listed undertakings Total 2024 Total 2023 Subsidiary Quoted/unquoted securities: Market value at i October 2023 Additions at cost Disposal at market value brought forward Unrealised galns/(losses) Market value at 30 September 2024 964,920 358,010 964,922 358,010 915,526 136,406 (344,873) 71,762 (344,873) 71,762 {140,083) 53,073 1,049,819 1,049,821 964,922 Historic cost of securities 754,415 708,093 2024 2023 Investment income is made up of- Bank interest Dividends Accrued interest on fixed-interest investments 6,094 20,496 790 2,650 25,255 97 27,380 28,002 The investment In subsidiary represents the charitable company's holding in its wholly-owned subsidiary, Veterans Aid {Services) Ltd, company registration number 06096959. The subsidiary company has not commenced trading and remained dormant throughout the year; It's aggregate capital and reserves at 30 September 2024 were £2. Veterans Aid also has two subsidiary charities, Hollenden House (charlty number 1095308-1) and New Belvedere House (1095308-2) which have remained domiant throughout the year and have no assets. Under a uniting dlrectlon issued by the Charity Cornmisslon dated 3 June 2003, these subsldiary charities are not required to prepare separate accounts. Page 37 VETERANS AID NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Stock 2024 2023 Clothing stock Christmas cards stock Miscellaneous stock 2,785 1,239 1,389 5,413 4,074 1,009 2.007 7,090 io Debtors 2024 2023 Rent and housing benefits Prepayments Other debtors 49,244 67,047 45,841 162,132 42,044 57,573 41,565 141.182 li Creditors falling due in less than one year 2024 2023 Trade creditors Accruals Other creditors TPT (Pensions Trust) scheme withdrawal charge (see note 26) 20,612 29.776 36,246 33,378 120,012 36,459 29,921 33,600 99,980 12 Pennanent Endowment This fund of £2,640,000 (2023: £2,640,000) is represented by the value of the freehold land in Stepney occupied by New Belvedere House. Page 38 VETERANS AID NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Restricted funds Reallsed and Unreallsed Gains (Losses) Atl October 2023 At30 September 2024 2024 Income Expenditure a New Belvedere House Development fund Property Funds 6 160 000 6 160 000 123 200 123 200 6 036 800 6 036 800 b Not Foryotten Association (donatlon in kind) c Grants for individuals d Move-on costs e NBH fixtures and fittings f Substance misuse 170 85,032 50,000 25,000 loo,000 {170) (85,032) (41,111) (25,000) (ioo,000) 8,889 g Other donatlons in kind h Employment Preparation & Tralning i Support for Westminster homeless 3,140 (3,140) 9,909 (6.055) 3,854 8,000 (4,311) 3,689 j Aftercare Funding Programme k National lottery cost of Ilving support l National Lottery Rapid Counselling Response Revenue Funds 3,426 49,500 (52,926) 75,000 (75,000) 470 697 467 600 6,173,335 470,697 (590,800) 6,053,232 Funds for the purchase and development of New Belvedere House (Property Funds): The New Belvedere House Development Fund represents monles raised for the purchase and refurbishment of New Belvedere House (NBH) between 1973 and 2018. NBH Is an integral part of the charlty's operation5 and long-term plans, and it is therefore felt that it is appropriate to show its value as a slngle consolidated fund Including the various phases of its purchase and development. In the event of NBH being sold, grants from the GLA (£155,865) and Housing Association (£400,000) may become repayable. See Note 19. Funds for operational expenses (Revenue Funds).. A donation in klnd from the Not Forgotten Associatlon of a TV licence for New Belvedere House Grants for Individuals represents monies provlded for assistance to indlvldual clients and spent by Veterans Aid on their needs during the year. Grant from the Natlonwide towards client move-on costs Grant from the Edward Gosling Foundation for NBH fixtures and fittings A grant from an anonymous charitable trust for the Substance Misuse programme Donatlons in kind food, clothing etc - from five donors Grants to help cllents with training leading to employment A grant from the City of Westminster Charitable Trust to help homeless in Westminster A grant from Gamble Aware to provide aftercare funding for cllents with gambling addictions A grant from the National Lottery to provide cost of living support A grant from the National Lottery to assist with rapid counselllng response Page 39 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Restrirted funds (continued) Realised and unrealised Galns (Losses) Atl October 2022 At30 September 2023 2023 Income Expenditure New Belvedere House Development fund Property Funds 4 975 311 4 975 311 108 159 108 159 1 292 848 1 292 848 6 160 000 6 160 000 Outreach workers (donation in kind) Not Forgotten A55OClation (donation in kind) Grants for individuals Substance Misuse Clothing & footwear other Donations in kind Employment Preparation & Training Grants for direct asslstan to clients Grant for NBH fire alarm replacement k Aftercare funding programme Revenue Funds 30.100 (30,100) 159 124,419 55.000 10,000 7,430 (159) (124,419) (55,000) (10,000) (7,430) 52,642 (42,733) 9,909 11,500 (11,500) 7,000 (7,000) 296 608 335 915 5,027,953 296,608 (444,074) 1,292,848 6,173,335 Funds for the purchase and development of New Befvedere House (Property Funds).. a. The New Belvedere House Development Fund represents monies ralsed for the purchase and refurbishment of New Belvedere House (NBH) between 1973 and 2018. NBH is an integral part of the charlty's operations and long-term plans, and it is therefore felt that it is appropriate to show its value as a single consolidated fund including the various phases of its purchase and development. In the event of NBH being sold, grants from the GLA (£155,865) and Housing Association {£400,000) may become repayable. See Note 19. Fund5 for operatlonal expenses (Revenue Funds): Support for the Outreach Workers posts has come from SSAFA A donation in kind from the Not Forgotten Association of a TV licence for New Belvedere House Grants for individuals represents monies provided for assistance to individual clients and spent by Veterans Aid on their needs during the year. A grant from an anonymous charitable trust for the Substance Misuse programme A grant from the Hedley Foundation for clothing & footwear Donations in kind food, clothing etc Grants to help client5 With training leading to employment Grants from four trust funds for client assistance A grant from the John Slater Foundation to contribute to cost of replacing NBH fire alarm system A grant from Gamble Aware to provide aftercare funding for client5 With gambling addictlons Page 40 VETERANS AID NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Analysis of net assets between funds New Belv•dere House Development Fund Restricted Revenue funds Hollenden Endowment Reserve Unrestrlcted funds Total 2024 2024 Tangible fixed assets Investments 126,073 1,093,027 6,036,800 2,640,000 8,802,873 1,093,027 Net current assets 311,040 16,432 327,472 1,530,140 16,432 6,036,800 2,640,000 10,223,372 New Belvedere House Development Fund Restricted Revenue funds Hollenden Endowment Reserve Total 2023 2023 Unrestricted funds Tangible fixed assets Investments Penslon deficit provlslon Net current assets 141,564 999,232 6,160,000 2,640,000 8,941,564 999,232 (2,900) 67,020 (2,900) 80,355 13,335 1,204,916 13,335 6,160,000 2,640,000 10,018,251 15 Revaluation reserves Included within the funds explained in notes 12 to 14 are ￿valUation reserves with the following values: 2024 2023 Quoted securities 295,403 256,829 295,403 256,829 The revaluation reserves form part of unrestricted funds in both years Page 41 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTE14BER 2024 16 Commitment under operating leases 2024 Land and bulldln9S Other Total 2024 Due wlthin one year Between 2 and 5 years 98,794 123 492 3,996 102,790 129 774 222 286 2023 Land and bulldlngs Other Total 2023 Due wlthin one year Between 2 and 5 years 98,794 222 286 3,814 102,608 232 200 321080 334 808 The premlses at 27 Vlctoria Square are leased at a cost of £24,698 (including irrecoverable VAT) per quarter. The lease was renewed on l January 2022 for a five year period. Photocopiers are leased from CF Corporate Finance (ending June 2027). A franking machine is leased from Pitney Bowes (ending November 2026). 17 Related party transactlons There were no other related party transaction other than those referred to in note 5. 18 Legal status The charity is a company limited by guarantee. In the event of a winding up each member has guaranteed to glve a guarantee of not more than £10. At 30 September 2024, the total of these guarantees was £40 (2023: £40). 19 Contingent liabllltles Several grants have been received In prior years to be used on the construction and maintenance of the charity's New Belvedere House freehold premises, including one from the former Greater London Councll (GLC). Full historlcal documentation of the terms of these grants does not exlst. If the charity was to cease using these premises for charltable purposes there is a possibillty these grants may become repayable. See Note 13. The effects of such a repayment cannot be quantified and the Trustees have no plans to change the use of these premises, and therefore they believe no further disclosure is needed in these financial statements. 20 Houslng Corporation disclosure The Charlty is a Registered Provider of Soclal Housing, registered wlth the Homes and Communities Agency in England (registration number LH0674). In preparing these accounts the Trustees have considered whether the charity ought to prepare Its financial statements in accordance with Housing SORP 2018: Statement of Recommended Practice for registered social housing provlders (RSL SORP). They conslder the activities of the charity to be much wider than the provision of social houslng and have considered the status of the occupants of New Belvedere House, who are beneficiaries of the charlty rather than tenants with rights under the Landlord and Tenant Act. They have therefore concluded that It is most appropriate for the charity to prepa￿ Its financial statements under the Charities SORP. Page 42 VETERANS AID NOTES TO THE FINANCIAL sfATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 In addition private registered providers of social housing a￿ required by Section 127 of the Housing and Regeneration Act 2008 to comply with a direction of the Regulator of Social Housing about the preparation of their accounts The Accounting Dirertion for registered providers of social housing. The Trustees have considered the information that is required by the Direction that is not already in the accounts and have concluded that further disclosure would not be useful to the users of the accounts and therefore these accounts do not comply with the Accountlng Direction for registered providers of social houslng. 21 Income from government grants The charity was in receipt of arnounts from national and local government sources as follows: 2024 2023 Revenue grants (credited to unrestricted funds) 84,983 68,962 22 Reconciliation of net movement in funds to net cash flow from operating activities Reconclllatlon of net movement in funds to net cash flow from operating actlvltles 2024 2023 Net income {expendlture) Depreciatlon charges Investment Income Galn on investments Decrease/(increase) in stocks (InC￿ase)1decrease in debtors Increase/(decrease) In creditors Movement in pension scheme provision 205.121 186,459 {27,380} {81,802) 1,677 (20,950} 20,032 {2,900) (22,447) 149,195 (28,002) (55,333) (89) (17,751) 4,202 {2,253) Net cash provided by operating activltles 280,257 27,522 23 Analysls of cash and cash equivalents 2024 2023 Cash in hand and at bank 279,609 31,820 Cash with investment managers 42.416 34,309 Cash equlvalents - vouchers 330 245 Total cash and cash equivalents 322 355 Page 43 VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 24 Analysls of changes in net debt At l October 2023 At 30 September 2024 Cashflows Cash at bank and in hand 31,820 247,789 279,609 Cash wlth investment managers 34,309 8,107 42,416 Cash equivalents - vouchers 245 85 330 Total 255 981 322 355 Page 44 mmoo Ln¢no i ow m Djoo rryo Ztt¢X VETERANS AID NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 26 Penslon Plans 26. 1 The Pensions Trust Veterans Aid participates in The Pension Trust (TPT)'s Growth Plan, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benef5t scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into for￿ on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, sets out the framework for funding defined benefit occupational pension schemes in the UK. The scheme Is classified as a 'last-man standing arrangement,. Therefore the Company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their Sha￿ of the scheme deficlt on an annuity purchase basis on withdrawal from the scheme. On 30 September 2024 the Company gave notice to TF￿ Retirement Solutions of its intention to withdraw from thls pension scheme. After the year end the Company was notified of the exlt charge (settion 75 debt on wlthdrawal), which totalled £33,378. The whole of this amount has been accrued and is included wlthln creditors (see note 11). The Company is aware of future legal Judgements that might lead to an additional charge being paid. At 30 September 2024 this could not be quantlfied and so no provlsion is made for that amount within the financial statements. 26.1.1 Members paid contributions at rates between 50/0 and 30% of gr055 salary during the accounting period. Veterans Aid matched the members contributions up to a maximum of IOO/o. Veterans Aid has closed the plan to new entrants. As at the balance sheet date there were 2 (2023 3) active members of the Plan employed by Veterans Aid. These two employees withdrew from the scheme as of 30 September 2024. 26.2 Royal London 26.2.1 Veterans Aid now offers a plan with Royal London to its employees. at the balance sheet date there were 16 active members (2023: 17). 26.2.2 Members paid contributions at rates between 50/0 and 15 % of gross salary durlng the accounting period. Veterans Ald matched the members contributions up to a maxlmum of 10 % . 26.3 other schemes 26.3.1 Veterans Aid permits its employees to contribute to altemative schemes If they opt to do so. As at the balance sheet date there was l (2023: 1) employee doing so. Page 46