Charity registration number 1150541 Company registration number 083D2965 (England and Wales) THE NOT FORGOTTEN ASSOCIATION (NFA) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE NOT FORGOTTEN ASSOCIATION (NFA) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M W Nicholls Ichaimian) MrJ MArcher Colonel WJ Partridge Dr C M Goble Group Captain J L Gross Mr P Botterill MrSWGNeel MrSNPost Ms L J Gibbard MrTMRLong Mr F Roseman MrA J Slokes OBE Mr N J Sandall Mr R W L Cranfield (Appointed 1 November 2024) (Appointed 30 December 20241 (Appointed 30 December 20241 Charity number 1150541 Company number 08302965 Registered office 1 st Floor 14 Buckingham Palace Road London SW1W OQP Auditor Alliotts LLP 3 London Square Cross Lanes Guildford GU1 1UJ
THE NOT FORGOTTEN ASSOCIATION (NFA) CONTENTS Page Chairman's Statement Trustees, report Statement of Trustees, responsibilities IndependentAuditorfs Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-28
THE NOT FORGOTTEN ASSOCIATION (NFA) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Chairfs Report The year 2023-24 has been a remarkable period of delivery and change for our organisation, both across the UK and Northern Ireland, as well as through our continued overseas initiatives. These include respite breaks in Europe and assisled skiing in the USA, while refining Ihe regional delivery model in the UK using powerful lools including the accessible and inclusive drive-in concerts, regional funfests, and feskn've community events across the UK targeted on the areas of need. This year has been marked by fresh partnerships and shared endeavours. This approach is highlighted by our match- funded drive-in concerts delivered in partnership wrth Freemasonry, building upon the single partnered pilot conducted the previous year. Vvhile this is a relationship driven at both national and regional level, we continue to invest in our smaller and more local partnerships wtth regional charities. hubs and businesses to deliver local impact aligned with our Armed Forces Covenant commitments which we champion consistentty. Through our events and tours, alongside the provision of TVS. TV licences. and laptops (the Digital Inclusion Programmel lo those isolaled at home, we supported nearly 11,000 velerans this year. In addition, Ihere are a further 10-20,000 who care for or benefit in other ways from the improved wellbeing of those we support directly. Obsetving the progression from anxiety and fearto Camaraderie and joy in those we support and hearing their feedback best articulates the profound impacl we have on veterans. lives, especially those suffering from injury, illness, or disabilty- A key aspect of our work is overcoming the crushing isolation and loneliness faced by many of those we support. By providing a plattorm for community and camaraderie, which is arguably unique to those who have seed, we help foster connections and a sense of belonging amongst those we serve. Under the leadership of our new Chief Executive, Colonel (Retired) Richard Walker OBE, we have embarked on a programme of improvements and incremental modemisation to ensure performance, relevan, credibility and transparency. The initial emphasis has been on enhancing the business operalions behind the charity while mobilising a fresh approach to revenue diversification. This has seen a subtle reset to business operations, increased automation, and improvements to syslems and processes. These combine to enhance our impact. We have deliberalely drawn down on reserves in line wllh our Reserves Policy. increased partnered funding and exploited greater operational efficiencies; all essenb.al in a marketplace that has seen 2040010 increase in some of the core costs associated with delivering events, hospitality and entertainment. As aays, our gratilude goes lo the incredible team behind our work= our donors and supporlers. our volunteers, and our tireless Offi team who manage the astonishing planning. communication, and logistics that drive our impactful delivery. We also extend our heartfelt thanks to all our partners and suppliers, from entertainers and caterers to the hosts who generously lend us their beautiful venues. A special thank you goes to Annie Riley of Variety Enlertainment and all our third-paty suppliers, partners. and supporters who contribute so significantty to the impact of The Not Forgotten. The narrative behind these accounls reltects the very al difference we have made lo so many lives, direclly and indirectly. It also reinforces how we are leaming. improving. and partnering to ensure we continue to deliver our unique impact inlo Ihe future, but with sustsined focus upon the business of the charity which is so pivotal to success. Mark Nicholls Chair
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatemenls and comply with Ihe charity's Articles of Association, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordan with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 2019)" Objectives and activities The Not Forgotten Association {'The Not Forgotten.) was set up as a charity in 1920 and has the following objeclives, mission and vision.. Objectives. To act generalty for the benefit of service and ex-sep4ice personnel with disabilities or who are wounded, including ihe organisation or provision of ilems or faciltties for leisure and recrealv)nal activities, travel, holidays and outings. Mission. To deliver high quality and safe recreational and enlertainment aclivitie5 to mt the needs of our beneficiaries, and lo provide a caring and personal serviTr which is fvlty linked in with other recovery pathways and which is underpinned by an ethos where everyone counls and is valued. Vision. To be the trusted partner of choice for providing entertainment and recrealion opportunities for both beneficiaries and other service charities. To position ourselves to help more individuals who we are not yet reaching. To meel the high demand for activities and events, well supported by volunteers and with a strong financial base. The Not Forgotten Association has the following values {ExPECTI'. Excellence- we seek to achieve this in everylhing we do. Personal- our beneficiaries are at the heart of everything we do, we know them and they know us. Empathy- we listen to, respect and understsnd our beneficiaries and their needs. Comradeship - veteran supporting veteran- bringing different generations, campaigns and services together. Teamwork- we work with our beneficiaries and other military charities to meet the individual's needs. We will.. Support every eligible beneficiary who approaches us, irrespective of service, age, rank or injurylillness. Work closely with olher Service Charilies to meet the needs of our mutual beneficiaries.
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charity Activities- Combating loneliness and isolation within the context of a post*andemic and cost of living crisis. Emerging financial challenges have placed fresh demands on the charity and those we sUPPOrt. as well as those who support us. Throughout the year. these extemal factors have challenged us to remain agile to serve our beneficiaries and retain firm relationships with our supporters. The finanaal environmenl in the UK further impacted our beneficiaries who face increased loneliness and isolation. The Not Forgotten maintains effective partnerships with organisations like The Amiy Benevolent Fund, the Royal Navy and Royal Marines Charity, and the regional Armed Forces Covenant Fund officers. while our corporate support network grows loo. As a Silver award holder of the Armed Forces Covenant. we tsrget those in need. many of whom haven't accessed our seNices before. Working in partnership is crucial as these help us to reach new beneficiaries, allowing them to access our services. Through this year. we drew from previous years, lessons lo inform the continuous improvements to our programme. We retumed to a fuller programme of entertainment events. challenge events globally, as well as UK and overseas respite breaks, Christmas lunches, and our unique Royal events. This programme served 11,000 beneficiaries directy and their support network Ic20,0001 indirectly. The Breckenridge assisted skiing challenge event. funded by the Headley Court Charitable Trust. continued to cater for beneficiaries in a cenlre of excellence for assisled skiing. Respite was delivered through a diverse programme in the UK and overseas, providing environmenls for peer support and overcoming common challenges. An essential part of our delivery remains to facilitate the beneficiary support neOrk to recover and recharge. The legacies from Ihese trips are strong bonds and enduring friendships which contribule lo recovery pathways. The cost-of-living context continued to pla high demand on our Digital Inclusion Programme (providing TVS. TV Licences, laptops, and labletsl supporbng veterans who are housebound, isolated, or have limiled mobility- This provision serve5 to unlock those who are digitalty isolated, financialty limtted, and whose wellbeing, social engagement, and employment opportunities are impaded by their isolation. The delivery of drive-in concerts and other entertainment in communities across Ihe country remain core aspects of our outreach and align with our strategic ambition to engage meaningfully across the regions. These events demonstrated the agile deployment of 'outreach' capacity, reinforcing the existing core programme and bolstering the impact of our unique Royal events. To counter cost increases in the retail and hospitality sector. we have eMbrad fresh ways of thinking and working. By improving business perfornian and efficiency, we have maintsined the quality and reach of our services. This includes leveraging technology. optimising resource allocation. and fostering innovative partnerships to ensure sustainability and impact. Corporate sponsors are increasingly nurturing their relationships with us lo salisty their corporate social responsibilty mandates, many aligned to Iheir corporale commitments to the Amied FOrS Covenant. We are also evolving to address the differing needs of the generational changes in our beneficiaries. This involves lailoring our programmes to be more inclusive and relevant to newer veterans, while still honouring the traditions and preferences of older generations. As aays, the events were tailored to appeal to a wide range of attendees,. diversity and inclusivity being fundamental to year-round success and ensuring that The Not Forgotten continues to feel like a welcoming family environment for all in need of our unique servi$ lo counler the impact of illness, loneliness and isolation. Achievements and performance There have been many achievements over this year which included= Supported c11,000 individuals and with increased regional 'reach' to ensure a targeted engagement with beneficiaries. Delivered largeted and inclusive regional programme with new fomiats for cost effective inclusive events being piloted incorporating best practice drawn from previous leaming. Increased emphasis on partnerships (national and regionall- Improved business operations incorporating best practice lo increase controls. transparency and efficiency. Rapidly progressing through Amied Forces Covenant Employer Recognition Scheme working towards silver accreditation.
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In summary support was provided to beneficiaries in the following areas= 2022123 Concerts in Care Homes Activities & Visits Entertainment events Royal Events Outin Christmas Lunches TVS for Individuals TV Licences LaptopsabIetS Total Beneficiaries 2023124 Concerts in Care Homes Aclivilies & Visits Entertainment events Royal Evenls Oulin Chrislmas Lunches Individual Holidays ital Inclusion Pro 2,170 421 5,213 2,458 462 1,091 1,435 682 4,789 2,030 589 1,096 68 78 71 13 ramme Total Beneficiaries 10,767 Our Volunteers The Not Forgotten relies on the continued goodwill and support of our many volunleers. Past beneficiaries support the Charity in delivering our mission, and Ihis is seen as an important slep in an individual's recovery pathway,. receive help and then help others. Other volunteers support The Not Forgotten with fundraising activilies and acting in ambassadorial roles, which help promole the charity and allows us to reach more beneficiaries, and especialty those who are hard to reach. We greatty value this loyalty which is remarkable in a non-membership organisation. Focus for fvture years remains on how we better mobilise and support llis network so integral to the success and sustainment of the charity- Financial review Income in the year was £759.995 {2023 - £1,079.277 lincluding Restricted accrued income for 2023124 expenditurel & 2022- £987,198). Unrestricled grant income for the financial year 2023124 increased compared to previous years. We continue lo maintain a loyal Grant benefactor cohort. Fundraising income remained low when compared to pr&Covid levels, but the fundraising plan (including Ihe legacy programme) coupled with the steady increase in fundraising activities will serve to help mitigate this risk in future years. Most of the income is unrestricted except for the residual amounts Headley Court grant received in 2020 for skiing and challenge events, an annual grant that primarily funds our Christmas lunch programme, and a one off JTI Big Walk Campaign. The in-year draw down from deposil reserves was £300,0001£146,000 of whh was of Restricted income donated last year to meet current year expenditure)- Income from Donations and charitable activity (restrided & unrestricted) contributed £584,07212023 - £650,895), this includes the Restricted Funds Ceived from the JTI Big Walk Campaign. Legacies and in Memoriam donations contributed £114.70512023 £356.3881. Expenditure on charitable activities increased to £1,270,206 12023 £1.141,636)- Resources expended totalled £1,440,524 (2023- £1,367,112) in Ihe year {noling variance indudes the impact of gapping CEO in 2022123 and creating a fundraising capability in 20231241. The Operating Resutt for the year was a deficit of £680,529 {2023 - £287,835), before net gain on inveslmenls of £118,948 {2023 - £(79,347)I resulling in Net Movement in Funds of £561,581 {2023 - £1367,182)). Year*nd total reserves stood at £1.725,316 {2023 - £2,287,313). Free reserves, represented as unrestricted funds not designated for particular purposes. stood at £122,937 (2023 - £540,637)-
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserrfes Policy The Not Forgotten has no guaranteed income, no Servi contracts and no expectation of a guaranteed income from legacies. Although many donors continue to support the charity, they have also experienced inueased pressure on their own available reSoUrs. The Trustees of The Not Forgotten have confirmed their commitment to continue to provide support to our beneficiaries and has been operating at a deficit to meet the demand. The General Committee approved the following revised policy on reserves on 1 April 2023. This policy requires reserves be maintained at a level which ensures that The Not Forgotten's core activity could continue during a 12-month period of unforeseen difficulty where income vms significantty reduced. The charity's unrestricted funds will be kept in I0 distinct areas as follows.. Designated Investment Fund. As The Not Forgotten has no other pennanent endowment assets to generate regular income, the Truslees have decided to set aside monies as an investment fund. The required size of this has been estimated at approximatety £1.25m and Current stands at £1.4m Core Operating Cash Reserve. The Trustees aim to have a surn of £150.000 to set aside as operating cash reserves to manage cash flow, maintain financial flexibility and cover ongoing operating and programme cosls. This fund will be mainlained in liquid assets wilh inveslment managers CCLA. Access to these funds to be authorised by at least tsvo members of the Senior Management Team. The calculation of the required level of reserves is an integral part of the organisation'5 planning, budget and forecast cycle. It takes into account= Risks associated wrth income and expenditure being different to that budgeted. The charity's commitments and planned activity level. The policy will be reviewed every year by the Finance & Govemance Sub-committee or sooner rf warranted by inlernal or extemal events or changes. The enduring impact of Covid has caused a review of Ihe financial needs of the charity, but the Trustees believe that reserves are strong enough to meet those needs in the near term.
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments The charity's investments during the year saw recovery from the economic downtum seeing a valuation gain of £118,948 {2023 {£79,3471. Our inveslment advisors ensured the portfolio exceeded the performance of the financial markets in general as they responded to global and national crisis. The charity drew down listed investment disposals of £200,000 and cash in portfolio disposal of £300.000 {induding accrued Restricted income from previous years for in-year expenditure in 20231241 plus income eamed in-year in accordance wilh the reserves drawdown policy. Overall investments decreased in-year by £371,985. Plans for 2024125 The Not Forgotten will continue to refine its delivery with increased reach into the regions where our beneficiaries need us most. Emphasis continues to be on sustaining the legacy beneficiaries but also continuing to evolve a programme of events that remains relevant to the next generation of emergent beneficiaries with many similar needs, bul also very different ones loo. Criticalty this targeting and delivery is being done in partnership with those best placed in the regions to ensure maximum impact. Cost l Benefit analysis continues to inform the planning of our delivery schedule. Our KPIS for are listed separatety but the key plans for the year will include.. Deliver against Ihe strategy with business planning rigour, with key milestones and metrics driving efficient operations and maximising benefiaary impact. Drive partnerships and shared delivery I collaborative solutions. Secure the Armed Forces Covenant Employer Recognition Scheme 'Gold' Award. Remain a major contributor in the changing veteran charity sector. Introduce new activiiies which are safe (risk managed) and rewarding for our diverse beneficiary community. Find and support new beneficiaries- targets set at 70% of those attending our events are new to The Not Forgotten or have not attended a similar event for at least 2 years. Achieve an >80Yo positive feedback from our programme. Deliver transfomied approach to comms and engagement to ease access to our activities, reach more benefiuaries and raise awareness. Continue to enhance IT procedures (future proofing) with parlicular emphasis on data management and contemporary I modemised and autofflated systems. Continue staff CPD with emphasis sector specific training and development. Identfy and secure new sources of funding via a strategic fundraising and philanthropy campaign Risks The risks to The Not Forgotten are fomially reviewed every year by the Trustees. The three greatest risks lo the charity are 11 reputational risk, 21 diversity of revenue streams. 3) staff resilience I succession planning. The Trustees and Senior Management Team are constanty reviewing these and the perfomiance in mitigating them. Summary Wounded and injured setvice personnel and veterans are at the heart of everything we do. Remaining true to our original objectives of 1920. we are proud to be supporting over 10.000 individuals each year, along with a c20,000 indirect beneficiary communty, with our accessible and diverse programme. but we are modernising and evolving io remain relevanl, impactful and ever MO efficient. We consider it a huge privilege to be supporting so many individuals who have served their country and now suffer. The Not Forgotten will continue to learn and improve, such that we will serve the next generation of beneficiaries, as we have the current generation.
THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. (INCLUDING DIRECTORS.) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charity is a company limited by guarantee. The Truslees, who are also Ihe directors for the purpose of company law. and who seprfed during the year and up to the date of signature of the financial statements were.. Mr M W Nicholls {Chairman) Mr D J Cowley OBE Mr J M Archer Colonel W J Partridge Mr G C Hursffield Dr C M Goble Commodore S J Scorer Group Captain J L Gross Mr P Botterill MrSWGNeel MrSNPost Ms L J Gibbard MrTMRLong Mr F Roseman Mr D Mason MrAJ Stokes OBE Mr N J Sandall Mr R W L Cranfield {Resigned 21 February 20241 (Resigned 20 November 2023) (Resigned 14 April 2024) (Resigned 8 March 2024) {Appointed 1 November 20241 {Appoinled 30 December 2024) {Appointed 30 Dember 2024) Recruitment of Trustees As sel oul in Ihe Articles of Association any person who is willing to act as a Trustee, and is permitted by law to do so, may be appointed to be a Trustee by Ordinary Resolution- or by a simple majority of all the Trustees entitled to attend and vote at any meeting ofthe General Committee. New Trustees who are invited to join the Board by the Chairman, with the approval of Ihe Board. will nonnally serve for five years wilh an optional extension of five years if approved by the Board. Trustees who join the Board normally come with a specific skill or area of interest that will benefit Ihe organisation e.g. detailed understanding of the amied forces, inveslments, finance or the law, or corporate experience and knowledge. Trustee induction and training New Truslees are briefed on their legal obligations. During their period of induction, Ihey meet Ihe management team and review and discuss activities, rent financial statements and Committee minutes. Trustees are encouraged lo attend appropriate extemal training events where these will facililate the undertaking of their role. This report has been prepared in accordance with the special provisions for small companies under Part 15 of the CompaniesAct 2006. The Trustees, Report was approved by the Board of Trustees. rK1AILNictrLoILsJan29.292J 17.12 Gk'T'. Mr M W Nicholls Ichainnan Chairman Dated.. ..2910112045............
THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of The Not Forgotten Association INFA) for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which gNe a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charilable company for that year. In preparing Ihese financial statements, the Trustees are required to= select suitable accounting policies and then appty them consistenty.. observe the methods and principles in the Chartties SORP- make judgements and estimates that are reasonable and prudent- stale whether applicable UK Accounting Standards have been followed, subject to any malerial departures disclosed and explained in the financial statements.. and prepare the financial statements on the going cOnM basis unless tt is inappropriate to preSUn that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime Ihe financial position of the charity and enable them lo ensure that the financial slatemenls comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the chatity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities.
THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NOT FORGOThEN ASSOCIATION (NFA) Opinion We have audited Ihe financial statements of The Not Forgotten Association {NFA) {the 'chartty') for the year ended 31 March 2024 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and the notes to the financial statemenls, 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, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generalty Accepted Accounting Praclice). In our opinion, the finanual statements= give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year Ihen ended., have been property prepared in accordance with United Kingdom Generally ACpted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs {UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs sponSIbl11t1es for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial stalemenls in the UK, including Ihe FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance wrth 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 slatemenls, we have conduded that the Truslees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identtfied any material uncertainties relating to events or conditions that, individualty or collectivety, may cast significant doubt on the charity's abilty to continue as a going concern for a period of at least Iwelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the infonnation induded in the annual report other than the finala1 statements and our auditovs report Ihereon. The Trustees are responsible for Ihe olher information conlained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomiation is materialty 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 misstalements, we are reqUId lo determine whether this gives rise to a malerol misslatemenl in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misstalement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing io report in respect of Ihe following matlers in relalion to which the Chartlies (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the infomiation given in the financial statements is inconsistent in any material respect with Ihe Trustees. report., or sufficient accounting records have not been kepl., or the financial statements are not in agreement with the accounting records., or we have not received all the infomation and explanations we require for our audit.
THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGOThEN ASSOCIATION (NFA) Responsibilities of Trustees As explained more fully in the statement of Truslees, responsibiltties. the Trustees. who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and tsir view, and for such inlemal control as the Trustees delemine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible ft)r assessing the charity's ability to continue as a going concern, disdosing, as applicable. matters related to going concem 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 allemative but to do so. Audilor's responsibilities for the audit of the financial stalements We have been appointed as auditor under section 144 of the Chartties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whelher due lo fraud or error. and to issue an auditovs report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always delect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individualty 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-complian wrth lav and regulations. We design procedures in line with our responsibililies, outlined above, to detect malerial misstatements in respecl of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities. induding fraud, is detailed below. 10-
THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGOThEN ASSOCIATION (NFA) Extent to which the audit was considered capable of detecting irregularities, including fraud Our approach to identifying and assessing the risks of material misstalement in respecl of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that Ihe engagement team collectivety had Ihe appropriate cornpeten, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- ' we identified the laws and regulations applicable to the charitable company through discussions wilh Trustees and other management, and from our knowledge and experience ofthe sector- ' we focused on specific laws and regulations which we considered may have a direct malerial effect on the financial statements or the operations of the charitable company. including the Companies Act 2006, the Charities Act 2011, the Charities SORP. taxation legislation. data protection, anti-bribery, employment, environmental and health and safety legislation- ' we assessed the extent of compliance with the lav and regulations identified above through making enquiries of management and inspecling legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company s financial statements to material misslatemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to miiigate risks of fraud and non-complian with laws and regulations. Audit response to risks identified To address the risk of fraud through management bias and override of controls. we.. perfomed analytical procedures to identify any unusual or unexpected relationships.. reviewed all transactions listed- assessed whether judgements and assumptions made in detemiining the accounting eslimates were indicative of potential bias., and investigated the rationale behind significant or unusual transadions. In response lo the risk of irregularities and non-compliance wtlh laws and regulations. we designed prOdureS which included, but were not limited to.. agreeing financial stalemenl disclosures lo underlying supporting documentalion., and enquiring of management as to actual and potential litigation and claims. There a inherent limitations in our audil proCedUS described above. The MO removed Ihat laws and regulations are from financial transactions, the less likety it is that we would become aware of non-compliance. Auditing standards also limit the audil procedures required to idenlify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements Ihal arise due to fraud can be harder to detecl than those that arise from error as Ihey may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditols report. 11
THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGOThEN ASSOCIATION (NFA) Use of our report This report is made solely to the chartty's Truslees. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Truslees Ihose matters we are required lo state to them in an audito¢s report and for no olher purpose. To the fullest extent permitted by law, we do not aCpt or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Alliotts LLP 2910112025 Chartered Accountants Statutory Auditor 3 London Square Cross Lanes Guildford GU1 1UJ Alliotts LLP is eligible for appointment as audilor of the charity by virtue of its eligibilty for appointment as auditor of a company under section 1212 ofthe Companies Act 2006. 12-
THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 As restated As restated Total 2024 2023 Notes Income from: Donations and legacies Inveslments 630,428 53,218 76,349 7C6,777 53,218 739,942 67,194 272,141 1,012,083 67,194 Total income 683,646 76,349 759.995 807,136 272,141 1,079,277 Expendilure on- Raising funds Charilable activities 166,777 1,030,378 3,541 239,828 170,318 1,270,206 221,935 899,729 3,541 241,907 225,476 1,141,636 Tolal expenditure 1,197,155 243,369 1,440,524 1,121,664 245,448 1,367,112 Operating result (513,509) (167,020) (680,529) (314,528) 26,693 (287,835) Net gainslllosses) on investments 11 118,948 118,948 {79,347) {79,347) Net expenditure (394,561) (167,020) (561,581) (393,875) 26,693 {367,182) Transfers beeen funds {22,723) 22,723 Other recognised gains and losses: Olher losses 13 {416) {416) Net movement in funds (417,7001 (144,297) (561,997) (393,875) 26,693 (367,182) Reconciliation of funds: Fund balances at 1 April 2023 2,090,637 196,676 2,287,313 2,484,512 169,983 2,654,495 Fund balances at 31 March 2024 1.672,937 52,379 1.725,316 2.090,637 196,676 2,287,313 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 13-
THE NOT FORGOTTEN ASSOCIATION (NFA) BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Inveslments 14 1.542,936 1,914,921 Current assets Debtors Cash at bank and in hand 15 147.369 154.150 107,194 321,801 301,519 428,995 Creditors: amounts falling due within one year 16 (119,139) (56,6031 Net current assets 182,380 372,392 Tolal assets less current liabilities 1,725,316 2,287,313 The funds of the charity Restricted income funds Unrestricled funds 19 52,379 1.672,937 196,676 2,090,637 1.725,316 2,287,313 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, atthough an audit has been carried out under seclion 144 of the Charities Act2011. The directors acknowledge their responsibiif(ies for comptying wilh the requirements of Ihe Companies Acl 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audtt of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance wilh section 476. These financial slatements have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. The financial stalements were approved by the Trustees on ..2910112025...... Lw4 Mr M W Nicholls Chairnian Company registration number 08302965 (England and Wales) 14-
THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 25 {711.802) (389,166) Investing activities Purchase of investmenls Proceeds from disposal of investments Inveslment income received {9,067} 500.000 53,218 1248,1081 550.000 67,194 Net cash generated from investing activities 544,151 369,086 Net cash used in financing activities Net decrease in cash and cash equivalents (167,651) {20,080) Cash and cash equivalents at beginning of year 321,801 341,881 Cash and cash equivalents at end of year 154,150 321,801 15-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation The Not Forgotten Association {NFA) is a private company limited by guarantee incorporated in EngLand and Wales. The registered Offi is 1 st Floor. 14 Buckingham Palace Road. London. SW1 W OQP. 1.1 Accounting convention The financial stalemenls have been prepared in accordance with the charity's Articles of AssocialK)n, the Companies Acl 2006 and "Accounting and Reporting by Charities= Stalemenl of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102) {effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation inveslments and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the Trustees have 8 reasonable expectation that the charity has adequate resources lo continue in operalional exislence for the foreseeable fulure. Thus the Truslees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charilable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objeclives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds a set out in the notes to the financial statements. 1.4 Incorne Income is recognised when the charity is legalty entitled to it after any perf0mlan conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions requi deferral of the amount. Income tax recoverable in relation to donations received under Gnft Aid or deeds of covenant is recognised at the tirne of the donation. Legacies are recognised on receipt or olherwise if the charity has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Donaled services and facilities are recognised in the period of receipt at fair value.. a corresponding amount is also recognised in expenditure. 16-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, li is probable that settlement will be required and the amount of the obligation can be measured reliably. Costs of raising funds indudes all expenditure incurred by the charity to raise funds for its charitable purposes. This includes fundraising activities and events. Expenditure on charitable activities includes the costs of activities and their associaled support costs. As The Not Forgotten is not registered for VAT, all VAT incurred is charged as a cost against the activity for which the expenditure was incurred. Support costs include back office costs such as finance. personnel, events support and governance costs. These costs have been allocated beeen the costs of raising fijnds and charitable activities. The basis for allocation is percentage ol staff time. Digital Inclusion Programme Holidays Entertainments Outings Fundraising & Publicty 90A 31% 34% 9% 170 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposils held at call with banks, olher short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.8 Financial instruments The charity only has financial assets and liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are inilialty recognised at transaction value and subsequentty measured at their settlement value. 1.9 Employee benefits The cosl of any unused holiday entttlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediatety as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temination benefrts. 1.10 Retirement benefits Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. 17-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies. the Trustees are required to make judgements, eslimates and assumplions aboul the carying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resums may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where Ihe revision affecls cfftly thal period, or in the period of the revision and future periods where the revision affects both current and future periods. Pension provision The charity participates in the Royal London Group Personal Pension Plan and all employees are automatically enrolled into the pension plan with the statulory minimum employer contribution of 50/0 and employee of 30A. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies Donated goods and setvices 507,723 114,705 76,349 584,072 114,705 378,754 356,388 272,141 650,895 356,388 8,000 8,000 4,800 4,800 630,428 76,349 7C6,777 739,942 272,141 1,012,083 The charity has received tickels lo events and the use of facilities and services during the year for which the donors required no payment. An amount has been induded as gifts in kind as both income and expenditure to enable a better understanding of the funds. Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from unlisled investments Interest re1vable 44,778 8,440 52,922 14,272 53,218 67,194 18-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fundraising and publicity Seeking donalions, grants and legacies Advertising Other fundraising costs staff costs Support costs 2,819 4,782 32,717 95,835 30,624 2,819 4,782 32,717 95,835 34,165 6,383 1,204 16,690 137,991 59,667 6,383 1,204 16,690 137,991 63,208 3,541 3,541 166,777 3,541 170,318 221,935 3,541 225,476 Charitable activities Digital Inclusion Programme 2024 Holidays Entertain ment Outings Total 2024 Total 2023 2024 2024 2024 Staff costs Direct Costs 50,736 15,045 174,759 542,377 191,671 64,317 50.736 467.902 621,739 337,840 632,763 65,781 717,136 255,988 50,736 1,089,641 970,603 Share of support costs (see note 7) Share ofgoveman costs Isee note 71 18,087 62,300 68,329 18.088 166.804 154,752 1,492 5.140 5,637 1.492 13.761 16,281 85,360 784,576 329,954 70,316 1.270,206 1,141,636 Analysis by fund Unrestricted funds Restricled funds 78,671 6,689 577,015 207,561 317,755 12,199 56,937 13.379 1,030,378 239.828 899,729 241,907 85,360 784,576 329,954 70.316 1.270.206 1,141,636 19-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities (Continued) For the year ended 31 March 2023 Digital Inclusion Programme Holidays Entertain ment Outings Total 2023 Staff costs Direct Costs 66.616 23.253 104,683 266,869 90,408 328,288 76,133 14,353 337,840 632,763 89.869 371,552 418,696 90,486 970,603 Share of support costs (see nole 71 Share of governan costs (see note 7) 30,515 3.173 47,951 4,986 41,413 4,306 34,873 3,816 154,752 16,281 123.557 424,489 464,415 129,175 1,141,636 Analysis by fund Unrestricted funds Restricted funds 116,868 6.689 297,599 123,349 369,466 82,750 115,796 899,729 241,907 123.557 289,812 423,484 112,841 1,141,636 Support costs Support Govemance costs costs 2024 Support Govemance costs costs 2023 Office Expenses Rent Employee Related Insurance 84,916 89.936 9,642 16.475 84,916 89.936 9,642 16.475 95,700 67,753 39,103 15,404 95,700 67,753 39,103 15,404 Audit fee5 Governance Costs 16.580 16.580 14,017 8,647 14,017 8,647 200,969 16,580 217,549 217,960 22,664 240,624 Anatysed beeen Fundraising Charitable activities 34.165 166.804 2.819 13.761 36.984 180.565 63.208 154,752 6,383 16,281 69,591 171,033 200.969 16.580 217.549 217,960 22,664 240,624 Governance costs includes Ihe gross audit fee charges of £16.58012023'. £14.0171 which are partly covered by gift in kind donations back to the chartty- -20-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(creditr'ngl= Fees payable for the audit of the charity's financial statements 16,580 14,017 Trustees None of the Trustees (or any persons connected with them) received any remuneralion during the year and none were reimbursed meeting expenses {2023- £nil). 10 Employees Number of employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 480,307 43,566 39,864 408,528 36,465 30,838 563,737 475,831 The number of employees whose annual remuneration was £60.000 or more 2024 Number 2023 Number £85,00090,000 £100,000-£109,999 Remuneration consisls of gross salary, employeffs Nl and pension and beneffts in kind. 21
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainsl{lossesl arising on.. Revaluation of investments 118,948 {79,347) 12 Taxation The charity is exempt from taxation on its activtlies because all its income is applied for charitable purposes. 13 Other gains and losses Unrestricted Unrestricted funds funds 2024 2023 Gainsl{lossesl upon= Foreign exchange 416 -22-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation Al 1 April 2023 Additions Valuation changes Disposals 1.566.047 348,874 9,067 1,914,921 9,067 118,948 (500,000) 118,948 1200,000) (300,0001 At 31 March 2024 1.484.995 57,941 1,542,936 Carrying amount Al 31 March 2024 1,484,995 57,941 1,542,936 At 31 March 2023 1,566,047 348,874 1,914,921 -23-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 122,086 25,283 35,620 71,574 147,369 107,194 16 Creditor5: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade credilors Other creditors Accruals 9,212 62,198 29,694 5,870 12,165 11,940 12,289 5,198 17 27,176 119,139 56,603 17 Deferred income 2024 2023 Arising from rental income and events 62.198 12,289 Deferred income is included in the financial statements as follows.. 2024 2023 Deferred income is included within- Current liabilities 62.198 12,289 Movements in the year.. Deferred income at 1 April 2023 Released from previous periods Resources defeed in the year 12,289 (12,2891 62,198 18,535 {18,535) 12,289 Deferred income at 31 March 2024 62,198 12,289 The deferred income relate5 to an annual donation to cover rent, for the period starting 1 March each year. a grant from Suffolk Masonic for a drive-in event in September 2024, and tickets purchased for the April 2024 Spring Fundraiser event. -24-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to Statement orf Financial Activities in respect of defined contribution schemes 39,864 30,838 The charity operates a defined contribution pension scherne for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independentty administered fund. 19 Restricted funds The restricted funds of the charity comprise the unexpended balanS of donations and grants held on trust subjecl to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources expended Transfers At 31 Mar¢h 2024 NVVB Headley Court JTI Big Walk Challenge Other Rent contribution 46,634 130,042 20,000 (47,873) (97,663) (58,484) {39,349) 1,239 32,379 20,000 37.000 39,349 21,484 196,676 76,349 (243,369) 22,723 52,379 Previous year: At 1 April 2022 Incoming resources Resources expended As restated As restated Transfers At 31 March 2023 NWB Headley Court JTI Big Walk Challenge Other Rent contribution 169,983 (123,349) {15,000) (67,750) (39,349) 46,634 150,042 165.042 67.750 39.349 169,983 272.141 245,448 196,676 Headley Court Trust is for a three-year programme for adaptive skiinglchallenges. JTI Big Walk Challenge has raised monies to fund community concerts and activities {including respites) throughout the next financial year. The Other restricted funds are funds to support Christmas entertainment and meals, and £20,000 brght foNard from the previous year in relation to a one off event. The rent contribution represents a donation. providing 50¥0 of the rent and VAT for the propety that serves as Ihe charity's main office. -25-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subjecl to specific condilions by donors and grantors as lo how Ihey may be used. These include designated funds which have been set aside out of unrestricted funds by the truslees for specific purposes. At 1 April 2023 Incorning resources Resources expended Transfers Gains and At 31 March losses 2024 Investment Fund Core Operarting Cash Reserve General funds 1.400.000 1,400,000 150.000 540,637 150,000 122,937 683,646 (1,197,155) (22,723) 118,532 2,090,637 683,646 (1,197,155) (22,723) 118,532 1,672,937 Previous year- At 1 April 2022 Incoming resources Resources expended Transfers Gains and At 31 March losses 2023 Investment Fund Core Operarting Cash Reserve General funds 2.000.000 (600,000) 1,400,000 150,000 450,000 150,000 540,637 484.512 807,136 (1.121.664) {79,3471 2,484.512 807,136 1.121.664 {79,3471 2,090,637 The Investment Fund has been used as rf it were a captlal fund to generate an income stream to spend on Ihe charity's programmes. The Core Operating Cash Reserve is a sum set aside as operating cash reserves to manage cash flow, maintain financial flexibility and cover ongoing operating and programme costs. 21 Analysis of net assets between funds Unrestricted funds 2024 Reslri¢led funds 2024 Total 2024 At 31 March 2024: Investments Currenl assetsllliabililies) 1.542,936 130,001 1,542,936 182,380 52,379 1,672,937 52,379 1,725,316 -26-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Investments Currenl assetsllliabililies} 1,914,921 175,716 1,914,921 372,392 196.676 2.090,637 196.676 2,287,313 22 Operating lease commitments At the reporting end date the charity had outstanding commitments for fijture minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between and five years 84,108 147,189 84,108 164,789 231,297 248,897 23 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows and comprises Chief Executive, Head of Events, Head of Finance and tsyo Senior managers. 2024 2023 Aggregate compensation 439,082 313,616 24 Analysis of changes in net funds The charity had no material debt during the year. -27-
THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Cash generated from operations 2024 2023 Deficil for the year (561.581) {367,182) Adjuslments for.. Investment income recognised in staternent of finanaal activities Foreign exchange differences Fair value gains and losses on investments (53.218) {416) (118.948) {67,194) 79,347 Movements in working capital: (Increase} in debtors Increase in creditors Increasel{decreasel in deferred income {40,175) 12,627 49,909 {36,791) 8,900 (6,246) Cash absorbed by operations {711,802) {389,166) 26 Prior period adjustment During the currenl year, a review of the temis of the donation for rent from Weslminster Foundalion determined that the funds should be classified as restricted rather than unrestricted. as the donation is specifically for the payment of propety nt. This reclassffication, recorded as a prior period adjustment, did not result in any changes to the overall Balance Sheet or Statement of Financial Activilies but reflects a reallocation beeen restricted and unrestricted fijnds. -28-