Charlty reglstratlon number 1150541 (England and Wale5) Company reglslratlon number 08302965 THE NOT FORGOTTEN ASSOCIATION (NFA) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE NOT FORGOTTEN ASSOCIATION (NFA) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M W Nicholls {Chairl Mr J M Archer Dr C M Goble Group Caplain J L Gross Mr P Bot18rf11 MrSWGNeel MrSNPost Ms L J Glbbard Mr F Roseman MrA J Stokes OBE Mr N J Sandall Mr R W L cranf￿ld Mr R Leach (Appolnled 1 Nov8mber 20241 {Appoinled 30 D8cember 2024) (Appointed 30 December 2024) (Appointed 11 February 2025> Charlty numb8r 1150541 Company number 08302965 R8glstered office 1st Floor 14 Bucklngham Palace Road London SW1W OQP Audltor Alliotls LLP 3 London Square Cross Lanes Guildford GU11UJ THE NOT FORGOTTEN ASSOCIATION (NFA) CONTENTS Page Chalr & Trustees, Statemenl Trustees, report statement of Trustees, responslbililies Independent Audilorfs Report 8-11 Slalemenl of Flnancial Activities 12 Balance Sheet 13 stalemenl of Cash Flows 14 Notes to the Flnanclal Statements 15-26 THE NOT FORGOTTEN ASSOCIATION (NFA) CHAIR & TRUSTEES, (INCLUDING DIRECTORS,) STATEMENTIREPORT FOR THE YEAR ENDED 31 MARCH 2025 1. Stratoglc Overvlew and Publlc Beneflt Tha Not Forgotten Assoclatfon exlsts to bring joy. connection, and ￿Spite lo those who have seN8d and struggle because of their health and wellbeing often resulting in lon8lln8ss and Isolation. We do Ihls by delivering a unlque programm8 01 incluslve social 8V8nts, meaningful experiences, and tallored support that combats isolation and Improves wellb81ng among velerans and setwlce personnel. Our programme includes concerts, challenge activilies, short breaks, Royal events, digital Inclusion support, and commemorative gatherings. These are deslgn8d lo foster camaraderie, rebuild confidence, and creale lasting memorles. Every 8V8nl Is underpinned by our ethos of dignity. respecl, and belonging. W8 take pride in our establlshed and credibl8 role as a convenor wllhln the vet8r8ns' charlty sector and beyond brlnglng log6lh8r partners. supporters, and communitles lo deliver shared impact. Thls convening funcllon enables us lo ampllfy reach, reduce duplicatlon, and ensure that veterans across the UK beneflt from collaboratlv6, cost- effective support. Our commitment lo the Armed Forces Covenant Is not only operational bul strategic. We actively advocate for the value and impact of this national programme, and it remains one of our core drivers shaping our partnerships, guiding our delSvery, and reinforcing our belief that Ihose who serve should never be forgo116n. Thls year, we have focused on deepening our reglonal foolprint. dlversifylng Income, and modemlslng operatlons lo ensure long-lerm suslainablllty. As part of our refined reporting and govemance processes. we have produced a separate and more largeled Impact report lo be read In conjunctlon wllh Ihese audlled accounts. 2. Impact and Performanc6 In FY 2024-2025, The Not Forgollen Association dellv8red over 149 events. dlreclly supporllng more Ih8n 10,023 vèterans and Ihelr gu8sls. These Included,. 2,370 attendees al Royal parties 1750 community concert all8ndees 1665 care home concert allendaes 1606 entertainment evenl partlcipants 1169 attendees at Christmas & Newyear lunches 635 allendees al Day outings 286 short breaks and respites 206 afternoon leas attendees 69 challenge event partlclpanls 188 fundraising day partiClP2nls 55 beneficlaries of the Digllal Inclusion Programme 24 individual holiday grants These evenls fostered friendship. reduced lonellness. and created moments of loy and connectlon. Beneficiary feedback conslslently highlights the emollonal and psychologlcal Impacl of our work, with many describing our evenls as Ilfe-changing. We also conlinued our Remembrance programming, indudlng the Cenotaph Parade and Festlval ol Remembranc6, which were oversubscrlbed and recelved national coverage. THE NOT FORGOTTEN ASSOCIATION (NFA) CHAIR & TRUSTEES, (INCLUDING DIRECTORS,) STATEMENTIREPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3. Flnan¢ial Revlew We iemain commilled to delivering high-impacl programmes while malnlaining a strong financlal base. In FY 2024- 2025,. Total Income reached £1,285,461 up from £759,995 Ihe prevlous year Expendlture lolalled £1,442,352, reflectlng Increased delivery and Investment In organisatlonal resill@nce A planned and aulhorlsed drawdown of £200,000 Irom investment reserves supported programme conllnuity Legacies accounted for 40/r* of Income, followed by donatlons {210AI, grants {50%1, corporate support <22°/.12nd investment dlvidend {30A) We made further strides in diversitying income, particularly in the corporate sector Our cost base was well-managed. wlth key investments in outreach, digital inclusion, and regional dellvery Free reseNes. repre58nt8d as unrestrlcled funds not designated for partlcular purpos8S, stood at £42,799 (2024 £122,937). We are deeply grateful lo the many Irusls, foundations. and donors who supported us thls year - especlally those 8nabling partnered dellvery and digSlal transformation, Inoludlng Fre8masonry IMCF), The Forces Trust, The Seafarers, Charity, and Headley Court Charltable Trust. 4. Governance and Rlsk Management Governance remains 8 priorlty 8s we modernise and adapt. With a refresh in the boardroom bringing addlllonal experience lo the 18ble, and similar changes wllhin the operational staff, we are continually improving via.. A governance review is ongolng Core operallons have been de-rlsked MIS systems are being integrated and optimlsed Succession plannlng Is actively supportlng organisallonal resllience and conllnulty Safeguardlng and qu8lity assurance are actively managed Our Resery8s Policy has gulded the planned drawdown ol unr8slrlcled fvnds Our cyber and IM rlsks have been miligaled Ihrough changes lo servlce providers and Impl8menlation of a signlficanl modernisatlon and improvement programme 5. People and Organ15atlonal Development We are navigating a period of transition and gro￿. Our supporter network Is belng rnobillsed to add strateglc value New staff membeis are being onboarded and upskllled Team resilience and capaclty are belng slrenglhened Succession planning is embedded auoss leadership and delivery funcllons We are also improving engagement with younger beneficiarles and supporters, ensurfng our pmgramme remains relevant and inclusive. THE NOT FORGOTTEN ASSOCIATION (NFA) CHAIR & TRUSTEES, (INCLUDING DIRECTORS,) STATEMENT/REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 6. Looking Ahead,. 2025 and Beyond Our 2025 programme builds on our core strengths while introducing fresh ideas to expand reach and deepen impact,, Second World War Victory Commemoration5, including a Top 20 Chart Single'Not Forgotten, to ra15e awareness and diversify engagement Reglonallsation through 'Reglonal Connect, weeks and our proven 'Drive-In Concert'week, dellvered In partnershlp with local and natlonal Stakeholders Supporter moblllsation across the reglons to strengthen communlty engagement and fundralslng Imaximlsing the opportunlties afforded by the Regionalisation programmel Paitnered dellvery to reduce costs and Increase reach Continued Investment in dlgltal Sncluslon and onllne programme development to reach Isolated veterans wherever they are Thls approach wlll enhance Impact, energlse our reglonal partners, and ensure our programme remalns costeffective and misslon drlven, 7. Gratftude and Acknowledgements We extend our heartfelt thanks to: Our donors, volunteèrs, and supporters Our dedicated office team Entertalners, caterers, and venue hosts Annle Rlley of Varlety Entertainment and all thlrd-party suppllers Your support enables us to continue maklng a profound difference in the Ilves of those who have served. Mr M W Nicholls Chalr Dale: l December 2025 THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and financial slalemenls for the year ended 31 March 2025. Th8 finandal stalemenls have been prepared In accordance with ihe accounting policies s8t out in nol6 1 to Ihe financlal statemenls and comply wlth the charfly's Articles of Association. the Companies Act 2006 and °Accounllng and Reporting by Charities.. Slalement of Recommended Practice applicable to charitles preparing their accounls In accordance wlth the Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102) (effective 1 J2nuary 2019)" ObJectiv6s and activltlas The Not Forgotten Associallon ('The Nol Forgotten.) was set up as a charlty In 1920 and has th8 following obleclives, mission and vision.. Oblecllves. To acl generally for the benefit of service and ex-servlce personnel with dlsabllllles or who are wounded, Indudlng the organisation or provision of items or facilities for leisure and recreatlonal actlvltles, Iravel, holldays and outings. Mlsslon. To deliver hlgh quality and safe recreallonal and entertainmenl a¢tivllies to meet the needs of our beneficiaries, and to provlde a caring and personal s8rvlc8 whlch is fully Ilnked in with other recovery pathways and whlch Is underplnned by an ethos where everyone ￿UnIS and Is valued. Vision. To be the trusted partner of choice for providing antertainm6nt and r8cr8allon opportunllies for both beneficiaries and other service charities. To position ourselves to h81p mor8 individua15 who we are not yel reaching. To meet the high demand for activities and evenls, well supported by volunteers and wilh a strong financial base, The Nol Forgotten Assoclatlon h8s Ihe following values {ExPECT)'. Excellenco-we seek lo achleve Ihis In everylhlng we do. Personal - our beneflclaTles are al Ihe heart of everyihlng we do, we know them and they know us. Empathy~ we listen lo. respect and understand our beneficiaries and Ihelf needs. Comradeshlp veteran supporting veteran., bringing diff8r8nt genaratlons, campalgns and services together. Teamwork - w8 work wilh our beneficiarfes and other mllltary charitles to meet the Indlvldual's needs. We wilS', Support every eligible beneficiary who approaches us, ITrespeclive of servlce, age, rank or injuryl illne5S. Work closely with other Service Ch8ri1ies to meel the needs of our mutual beneficiarles. THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy The Not Forgolten has no gu8ranleed income. no seNtce contracts and no expectation of a guaranteed Income from legacies. Although many donors continue to support the chartty, they have also experienced Increased pressure on Ihelr own avallable resources. The Truslees of The Not Forgotten have confimied their commitment lo continue lo provlde support to our benefiGlaries and has been operating al a deficit to méet thè demand. The General Committee approv8d the following revised pollcy on res8￿e$ on 1 April 2023. Thls policy requlres reserves be malnlalned at a level which ensLFres that The Not Forgotten's core aclivtty could continue dLtrlng a 12- month period of unforeseen difficulty where Income was significantly reduced. The charlty's unreslrlcled funds wlll be kept In two dlstinct areas as follows: Deslgnated Investment Fund. As The Not Forgotten has no other permanent endowment assets lo generate regular income, the Trustees have decided lo set aslde monies as an Investment fund, The r8qulred slze of this has been eslimated al approxlmalely £1.25m and ¢urrenlty stands at £1.05m Core Operatlng Cash Reserve. The Tiuslees aim to have a sum of £150,IYJO lo set aslde as operallng cash roserves lo manage cash flow, maintain financial flexibllity and cover ongoing operating and programme costs. Thls fund will be mainlained in liquid assets with Investment managers CCLA. Access lo these funds lo be aulhorised by at least members of the Senior Management Team. The calcu1811on of the required level of reserves is 8n inlegral part of the organlsallon's planning, budget and lorecasl cycle. 11 lakes Into account., Rlsks assoclaled with income and expendilure being different lo that budgeted. The charills commitments and planned actlvSly level. The policy will be reviewed every year by the Finance & Govemance Sub-committee or sooner If warranted by Internal or exlemal events or changes. The enduring impact of Covld has caused a rev18w of Ihe flnanclal n8eds of Ihe charlly, bul the Trustees believe Ihal reserves ar8 strong enough lo meet those needs In Ihe near term, Investments The charity's Investment portfollo experienced a modest decline, reflecllng broader economic challenges, wlth a valuation loss of £58,357 {2024'. £118,948). Desplle this, our investment advisors ensured th8 Portfollo outperformed general market benchmarks by respondlng proactively to both global and nallonal crises. In line with the reseNes drawdown pollcy, the charily realised £200,000 from Ilsled Investment disposals and £181,789 from cash held wSlhln th8 portfollo. This included accrued restricted income earmarked for expenditure in 2024125, as well as Income generated durtng the year, Overall, Ihe total value of Investments decreased by £255,486 during the year. Structure J governance and management The charlty is a company limlled by guarantee. THE NOT FORGOTTEN ASSOCIATION (NFA) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINLIED) FOR THE YEAR ENDED JI MARCH 2025 The TN$te8s, who aro also Iho dlroclor3 for Iha PUIPOSE of company t8w, and s8Nod d￿r￿a tha year ard up to Ihe data ol slgnaluio of IhB Inanclal 51alornen15 ￿rn.. r M W Nl¢hDlls (Chalrl Mf J M Archer Colon81 W J Patsido• DrCMGobt GommdDre S J SGoier Group Capts]n J L Glos8 Mr P Bottorlll MISWGNe Mrs N Po81 Ms L J Glbb8rd MrTMRLon Mr F R03omÈn MrAJ Sioke9 OBE Mr N J 8$ndall Mr R W L Gi8nfield Mr R LB8ITh (R8s1gned Irf February20251 IReslgnad 14 Apill 20241 {Re&￿￿ed 11 Febw#ry 2026) (Appolnted 1 Novomber 2024) IAppolnt8d 30 Dac•mbtsr 2024) (Appolnled 30 December 2024) ppolnlgd 11 Febru8ry 2026) Rattrullm•nl of Trusteeg A6 8è1 oul In th8 Ardcie8 of AssodatloTr any person th4*)1s wllling lo aol a8 a Trusleg, and Is permltted bylow lo do 60. may be appolnted lo ba a Trusl8e by Ordlhary Rosolultoni oi by a 65mpie fnaJloTIty olall the Trusteag anNlled t atlend and Volo Bt 8hy m8eUng DI thè G8n8191 Cornmlllee. New Trustees who 8Te Invlted to loln tha Bo8rd by Ihe ChBlrma17, wllh the approval of IhFJ ao8r(I, wlll normBlly serv8 for Ilve years wllh an opllonal 8xtsn8lon of five y8or&11 approved by the 808rd. Trus18e5 who loln lh8 Board noTmally come Wlh a Spbclllc Skill or area of Ihi8r851 IhBI wlll benefll Iho org4nlsallon e.g. delaled und8iatondlng ol tha omiod IDfc•s, Iwasiments, financa or Iha law, or corpor81D exp8rlen¢e and knowledg8. Yrusteo Inducllon Ind tr4lnlng New rw51g￿ arg brl¥fed on ihglF IBgal obllgallons. Durfng Iholr perlod of fnducllon, Ihoy mèal Ihè managemanl I￿￿) r¥vloW anij dl¥¢uss a0￿￿e5. recent fthanGI81 slalemsnls And Commftltt mlnulag. Truslaas qTe gncouiaged lo gllohd Epwopri4lo oxtomal trBinlng evenl8 where Ih8s¥ wnl fadlllalè tho undeJlaklDg ol Ih•lT role. Audllor In accordanc6 ￿(h tt)e ¢ornpany'B brucles, a rosdulloh w01￿mIng Ih01 Alllolts LLP be reBppolnl4d gs audllor ol thè company ￿11 ba PUI al a Gèn8ts1 Mabung. Th18 report ha$ bggn ptspared wjlh thg apOGlal provlskms for smali ¢ompanl¢8 undw Part IS Df Ihe CoMpanle$ AGI 20D6. Th8 TtUsle8s' Re)ort Wag approv8d by the Board ofTru$leoS. Mr M W Nlcholls (Cholrj Chalr .1 Deeamber 2025 Dal8'. THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also the direclors of The Not Forgollen Association (NFA) for the purpose of company law, ale responsible for preparing the Trustees. Reporl and the financial slatements in accordance with 8pplicabl8 law and United Kingdom Accounting Slandards (United Kingdom Generally Accepled Accounting Practic8). Company law requires the Trustees lo prepare financial stalemenls for each financlal year whlch glve a true and fair vlew of the 51ale of affairs of the charity and of the incoming resources and applicatlon of resources, includlng the income and expendlture, of the charitable company for Ihal year. In preparing these financial slalemenls. Ihe Trustees are required lo.. se18cI suitable accounting policies and then apply Ihem consistently., observe the methods and principles in the Charities SORP- make judgements and eslim8les Ihal are reasonable and prudent., 51ale whelher applicable UK Accounting Standards have been followed, subject lo any materlal departures dlsolosed and explalned in the financial slalemenls: and prepare the flnancial slalemenls on the going concern b8sIs Ltnless il Is inapproprfate lo presume that the charlty will conllnue In operation. The Trustees are responsible for keeping adequate accounling records Ihal disclose with reasonable accuracy al any IIMB the financial posillon of the ch2iSty and enable them lo ensure Ihal the financial slalemenls comply wlth the Companles Act 2006. They are also responsible for safeguardlng the assets of the charity 2nd hence for laklng reasonable steps for the prevention and delecllon of fraud and other I￿egular1t0es. THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NOT FORGorrEN ASSOCIATION (NFA) Oplnion We have audlted the flnanclal statements of The Not Forgotlen Associalion (NFA) (the 'charlly') for Ihe year ended 31 March 2025 whlch comprise the statement of financlal activltles. the balan￿ sheel, the slalement of cash flows and the noles lo the financial slalements. induding a summary of slgnificanl accounting policles. The flnanclal reportlng fram8work that has been applled in their preparation is applicable law and United Kingdom Accountlng Slandards, Including Financial R8POrtSng Standard 102 The Finanual Reporting Slandard applicable in Ihe UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: glve a true and fair view of Ihe state of the charllable companWs affairs as at 31 March 2025 and of Its Incoming resources and application of resources. for the year then ended: have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounllng Pr8Gtice' and have been prepared in aCcordar￿￿ wlth the requirements of the Companles Act 2006. Basls lor opinion We conducted our audlt In accordance with Inlernalion21 Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responsibililies under those slandards are further described in the Audllor's ￿sponsIbl11116S for the audil of the fin8nclal stalamenls secllon of our report. We are independent of the charily in accordance with the elhic31 requirements that are relevanl to our audit of the financial slatemonls in the UK, Including th8 FRC'S Elhlcal Standard, and we have fulfilled our olher ethical responslbilllles In accordance with these requirements. We believe that the audlt evldence we have oblaSned is sufflcienl and appropriate to provld8 a basis for our oplnlon. Conclusions relatlng to golng concern In auditing Ihe flnanclal 51alemenls, we have concluded that the Trustees, use of the goSng concern b8sls of accounllng in the preparallon of the financlal statemenls is approprlale. Based on the work we have perfornied, we have not idenlified any materlal uncertalnlles relallng lo events or condltions that, Indlvidually or colleGlively, may casl slgnificant doubl on Ihe charity's abllily to conllnue as a golng concern for a perlod of at least tsyelve months from when Ihe financlal slaternents are aulhor158d for Issue. Our re8ponslbllS1ies and the responsibilities of the Trustees wllh r8specl to going concem are descrlbed in the relevant sections of thSs report. other Informatlon The other Informallon comprises the information Included In the annual report olher than the financlal statements and our audllols report Ihereon. The Trustees ar8 responslblo for the other information conlaln8d withln Ihe annual report. Our opinion on the financial slalements does not cover Ihe other information and we do not 8xpress any form of assurance conclusion Ihereon. Our responsibility is lo read Ihe other information and, In doing so, consider whether the other information is materially inconsistent with the financial stalem8nts or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we idenllfy such malerial inconslstencies or apparent malerlal misslalemenls, we are required lo delermine whether Ihls gives rise lo a material misslalement in the financial slalemenls themselves. If. based on the work we have perfom)ed, we conclude that Ihere is material misslatemenl of this other Infomialion, we ar8 required to report that fact. We have nolhlng lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following mallers In relatlon to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the informatlon glven in Ihe financial statements 15 inconsistenl in any material respecl with the Trustees. report., or sufriclent accounting records have nol been kept: or the flnanclal slatemenls are not In agreement with the accounting records; or we have not received all the infomiation and explanations we require for our audlt. THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGorrEN ASSOCIATION (NFA) Responsibilities of Trustees As explained more fully in the slalemenl of Truslees, responsibilllies, the Trustees. who are also the directors of the charlly lor the pury)ose of company law, are responsible for the preparation of the financial Statements and for being sallsfled that they give a true and fair view. and for such intemal control as the Trustees determine Is necessary lo enable the preparation of financial statements thal are free from malerial misslalemenl, whether due lo fraud or error. In preparing the flnancial slalemenls, the Trustees are responsible for assesslng the charity's abllity lo contlnue as a going concern, dlscloslng, as applicable, matters related to going concem and uslng the going concern basls of accountlng unless (he Trustees either intend to Ilquldale the charitable company or to cease operations, or have no realisllc alternative bul lo do so. Audltovs rosponslbllltles for the audlt of thè tlnanclal statemenls We have been appointed as audllor under section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our oblecllves are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo Issu8 an audllor's report that Includes our oplnlon. Reasonable assurance is a hlgh18vel of assurance bul is nol a guaranlee Ihal an audit conduclad In accordance wllh ISAS (UK) wlll always delecl a malerlal misstalemenl when it exlsls. Misslatemenls can arise from fraud or error and are consld8red malerlal If, Individually or in the aggregate. they could reasonably be expected lo influence the economlc declslons of users taken on the basls of these financial sla18menls. Irregu13rilies, includlng fraud, are instances of non-compliance with laws and regulations. We design procedures In Ilne with our responslbililies, outlined above, to del&ct material missta18menls In respect of Irregularllles, including fraud. Thg extent lo which our procedures are capable ol delecling irregularities, including fraud, is delalled below. THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGOTTEN ASSOCIATION (NFA) Extènt to whlch the audlt was consldered capable of detecting Irregularitles. Including fraud Our approach lo identifying and assessing the risks of malerial misstatement in respect of iiregularilies, including fr8ud and non-compliance with laws and regulations, was as follows= the engagement partner ensured Ihal Ihe engagement team collectively had the 8pproprial8 compe18nc8. capabililies and skills to identify or recognise non-compliance with applicab18 laws and regulations; we Identified the law5 and regulations applicable to the charllable company through discusslons wlth Trustees and other managemenl, and from our knowledge and experience of Ihe sector,. we focused on specific laws and regulations which we considered may have a dlrect material effect on the financial slatemenls or the oper21ions of the charitable company, including the Companies Act 2006, the Charities Act 2011. the Charities SORP. laxalion legislation, data protection, anli-bribery, employment, envlronmenlal and he8llh and safety legislation., we assessed the exlenl of compliance with the laws and regulations Idenllfied above through maklng enqulries of managemenl and Inspecllng legal correspondence-, and Idenllfied laws and regulations were communicated wllhin the audil team r8gularly and the team r8mained alert to Instances of non-compllance throughout lh8 audlt. We assessed the susceptibility of the charitable company's flnancial slatemenls to malerial mSsstalement, including obtaining an understanding of how fraud might occur. by.. making enquirles of management as lo where they considered there was SUSC8plibility lo fraud, Ihelr knowledge of actual. suspected and alleged fraud,. and considering the Intemal controls In place lo miligale risks of fraud and non-compllance wSlh laws and regulations. Audit response to rlsks Identlfied To address lh8 risk of fr8ud through management blas and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; revlewed all Iransactions listed: assessed whether judgemenls and assumptions made In determlning the accounllng estlmales were Indicalive of potenlial bias; and Investlgaled the rallonale behind s￿nIficant or unusual transacllons. In response lo the rlsk of Irregularllles and non-compliance with laws and regulalions. we designed procedures whlch included, bul were not Ilmlted to.. agreelng flnanclal slatement dIs¢losu￿S to underlylng Supportlng do¢umenlallon,' and enqulring of managemenl as lo actual and polenlial Illlgation and clalms. There are Inherent limllalions In our audll procedures described above. The more removed that laws and regulations are from flnancial transactions, the less likely il is Ihal we would become aware of non-compllance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the Trustees and other management and the inspection of regulatory and legal cDrrespondence, if any, Ma18rlal misslatemenls thal arise due lo fraud can be harder lo delect than those th81 arise from error 8S they may Involve d8liberalg concealment or collusion. A further descriplion of our responsibilities is availBble on the Financial Reporting Councll's website at.. hllps'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our audilorfs report. 10- THE NOT FORGOTTEN ASSOCIATION (NFA) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NOT FORGOTTEN ASSOCIATION (NFA) Use of our report Thls report is made solely lo the charlty's Trustees, as a body, In accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so Ihal we mlghl stale to the charity's Trustees those mallers we are required to slate to them In an auditorfs report and for no other purpose. To the fullest extent P8rmltted by law, we do not accept or assume responsibility lo anyone other Ih8n the charily and the charity's Trustees as a body, for our audit work, for Ihis repori, or for the opinions we have formed. 2211212025 Alllolts LLP Chartered Accountant8 Statutory Auditor 3 London Square Cross Lanes Guildford GU11UJ Alliolls LLP is eligible for appointment as audltor of Ihe charity by virtue of ils eligibility for appolnlmenl as auditor of a company under 8ecllon 1212 of Ihe Companies Ad 2006. 11 THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restricted funds funds 2025 2025 Total Unrestricted Restrlcted funds funds 2024 2024 Total 202S 2024 Notes Income from: Donallons and legacies Inv8slm8nls 782,343 43,269 459,849 1,242,192 43,269 630,428 53.218 76.349 706,777 53,218 Total Income 825,612 459,849 1,285,461 683,646 76,349 759,995 Expenditure on: Ralslng funds Charitable aclivltles 151,346 1,045,964 151,346 245.042 1.291,006 166,777 1,030,378 3,541 170,318 239,828 1,270,206 Total expendlture 1.197.310 245,042 1,442,352 1,197.155 243,369 1,440,524 Nel galnsl{losses) on inveslmenls 11 {58,357) {58,357) 118,948 118,948 Net incomel(expendlture} (430,055) 214.807 (215,248) (394,561 J {167,0201 1561,581) Transfers beiween funds (831 83 {22.723) 22,723 other recogn15ed galns and losses: Other Ioss8S 13 (416) (4161 Net movement In funds {430.138) 214,890 (215,248) (417.700) (144,297) (561,997) Recon¢lllation of funds: Fund balancès at 1 Aprll 2024 1,672.937 52,379 1,725,316 2,090,637 196,676 2,287,313 Fund balances at 31 March 2025 1,242,799 267,269 1,510,068 1,672,937 52,379 1,725,316 The slatemenl of financlal acllvilies includes all galns and losses recogn15ed In the year. All Income and 8xp8ndilure derive from continuing activities. 12 THE NOT FORGOTTEN ASSOCIATION INFA) BALANCE SHEET ASAY3Y MARCH 2025 2025 2024 Noles Flxed 0558t5 Inveslmenis 14 1287,428 1,542,936 Curtonl 4$5èt6 Debtors Gash al bank and In h￿d 58,686 244,927 147.389 164,160 303,613 301,5fg Crodllors: amounts fBlllng dutr wllhln ono yoar 16 (80,9781 1119,135) N+1 cwrrènt 8&B&ts 222,640 182,3È0 Total 158els loss current Ilabllllle4 1.510,068 1,72S,3f6 Th& funds of th8 charity Restrlcled Ihcome funds Unre61¥lcted funds 19 20 267.269 1,242,799 52,379 1,672,937 1.610,068 1,725,318 Thu compHny18 enlllled to Ihe 8xernptton 1￿M thé audl requlr8m8nl a)nlalTr8d In 88etlon 477 of th8 CompanlesAcl 2008, for the ye£r Bnded 31 Maich 2025, The dlreck)r5 8Gknovledgc Ih¥li i¢swnslbllNIB$ for ¢omplylng the raquFrnmenb DI Ctynpan188 Act 2006 wSlh re8pBcl to 8¢COLinllng f¢cwd3 #Thl lh8 pr•parollon olfb)anthg1 Blal8manl8. The mert)erE hav8 nol req￿red th8 company lo obldn an Budll ol Ils flhan¢tal 81atsments under Ihe r8qulr8meDIs ollha Companlès Aol 2006, h)r Iho ￿al In quo311¢)n haco)rdanca gaclknn 476. 7hese 17nanl8151Blements hav¢ boon prap8Md th *X*¥do￿ wtth Iha wovlslonB oppll¢ablg io oompanle4 Eubl801 ¢0 the slnal eompanleg reulme. l December 2025 The Ilnan(4al $181•monls wwe 8pprov8d by Ihg Trustees C￿........ Mr M W Nl¢holl8 Ch&lr Cotnp8ny Treglstralloh hun*Jer083029e5 (EnglaThl and Wales) 13- THE NOT FORGOTTEN ASSOCIATION (NFA) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating actlvltles Cash absorbed by operalions 25 (149,643) (711,802) Investlng actlvltles Purchase of investments Proceeds from disposal of Inv8slments Inveslment Income rec8iV8d (2.870) 200,000 43,290 (9,067) 500,000 53.218 Nat cash genèralad from Investlng actlvltles 240,420 544,151 Net cash g8n6rated from flnanclng actlvltlos Nel Increasel(decreas8) In cash and cash equlvalents 90.777 (167,651) Cash and cash equivglenls al beginnlng of year 154,150 321.801 Cash and cash oqulvalents at ènd of year 244,927 154,150 14- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charlty Informallon The Not Forgotten Association (NFA) is a PTivale company limlted by guarantee incorporated in England and Wales. The registered office is 181 Floor. 14 Buckingham Palace Road. London, SW1W OQP. 1.1 Accountlng conventlon The financial slalemenls have been pr6par8d In accordanc8 with the charit￿S Articles of Asso¢latlon, the Companies Act 2006 and "Accounting and Reporting by Charities: Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reportlng Standard appllcable in lh8 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The Lharily is a Publlc Benefit Enlily as defined by FRS 102. Thé flnanclal slalements are pr8pared In sterling. whlch 1$ the functional currency of the charity. Mon6tary amounts In these financlal slalemenls are rounded lo th6 nearest £. The financ181 slalements have been preparad under the hlstorical cost conventlon, modlfied to includ& the revaluallon Investments and certain financial Instruments al 18lr valu8. The piincipal accountlng policles adopl8d are set out b810w. 1.2 Golng concern Al the lim8 of approving the financial stslemenls. th8 Tnjstees hav8 a reasonable expectallon that th8 charlly has adequate resources lo continu8 in operational ex15tence for the foreseeable future. Thus the Trus168S continue lo adopt the golng concem basls of accounllng In préparlng the financlal stalem8nls. 1.3 Charltable funds Unreslricled funds are avallab18 for use at Iha discretion of tho Tmslees in furih8rance of their charitable objectives. Restrlcled funds are sublecl lo specific condilions by donors or grantors 88 to how they may be used. The purposes and uses of the restricted funds are sot out In the nol85 lo the financlal st8lemenls. 1.4 Income Income Is r8cognls8d when the charity Is legally enlilled lo11 after any perfomiance condltlons have been m81, th8 amounts can be measured rellably, and it Is probable that Income wlll be recelved. Cash donations are recognised on receipt. Olher donations are recognlsed once the charity has been nollfled of the donallon, unless perfom)ance conditions require deferral of the amount. Income tax recovarable in relatlon to donations recelved under Glft Ald or deeds of covenant is recognised al the time of the donallon, Legacles are recognlsed on receipt or olherwise If the charily has been notified of an Impending dlslrlbullon, the amount Is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conllngenl 2SS8t. Donated seNlces and facilities are recognised in the period of recelpt al fair value., a correspondlng amount is also recognised In expendlture. 15- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Continued) 1.5 Expenditure Expenditure Is recognised once there Is a legal or construclwe obligatlon to make a payment to a Ihlrd party, it Is probable that selllement will be required and Ihe amount of the obligallon can be measured r811ably. Costs of raislng funds includes all expendilure incurred by the charfty lo ralse funds for Ils charilable purposes. ThSs includes fundralsing acllvities and events. Expenditure on ch8ritab18 actlvilies indudes the cosls of 8clivitles and their assoclated support costs. As The Not Forgotten is not reglslgred for VAT, all VAT in(yJrred Is charged as a c081 against Ihe activity for which the 8xpendilur8 was incurred. Support costs include back office costs such as finance. personnel, events support and govemance costs. These costs have bean allocated belween th8 costs of raising funds and charitable activities. The basis for alloc81ion Is percenlage of slaff lime. Dlgllal Incluslon Progr8mme Hollday5 Enlertainmenls Outings Fundraislng & Publlclly 31% 340 90/. 17% 1.8 Flxed assat Investmenls Fixed asset investments are Inllially measured 81 Iransacllon prlce excluding transacllon costs, and are subsequently measured al fair value al each reporting date. Changes in fair value are recognlsed In net Incomellexpenditure) for the year. Tr8nsaclion cosls are expensed as Incurr8d. 1.7 Cash and cash equlvalents Cash and cash equivalents Includ8 cash In hand, deposlts h8ld al call with banks, other short-lerm liquk Investments with orlglnal maturill85 of three months or less, and bank overdrafts. Bank ov8rdrafts are shown within borrowlngs In current liabllllles. 1.8 Flnanclal Instruments The charily only has flnanclal assets and Ilabililies of a klnd that quallfy as baslc financlal Instruments, Baslc flnancial Instruments are inltialty recognlsed al transaction value and subsequènlly rneasu￿d at thelr settlement value. 1.9 Employee beneflts The cosl ol any unused holiday entitlement Is recognised in the perlod in which the employee's servlces are received. Termlnallon benefits are r8cognlsed Immediately as an expense when the charity is demonstrably commilled 1018rminale the employment of an employee or to provide lerminalion benefits. 1.10 Rellrement beneflts Paymenls to defined conlrlbullon retirement benefit schemes are charged as an expanse as they fall due. 16- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal accounting estlmates and Judgements In the application of the charlvs a¢￿untIng policies, the TnJsl8es are requlred lo make ludgemenls, esllmates and assumptions about the carying amount of assets and Ilabilities that are not readlly apparent from other sources. The eslimales and associated assumptions are based on historical experlence and other factors Ihal are consldered tc be relevant. Actual results may diffor from these eslimales, The esllmales and underlying assumplions are ravi8wed on an ongoing basls. Revlslons to accounting eslimales are recognlsed in Ihe period In which the estimate Is revised where the revislon affects only Ihal perlod, or in the period of the revision and future perfods where the revision affects bolh currenl and future periods. Penslon provlsion The charity participates In the Royal London Group Personal Penslon Plan and all employees aro aulomalically enrolled Into the penslon plan wilh the stalulory mlnimum employer ¢onlrlbullon of 50/0 and employee of 3%, Incoma from donatlons and legacles Unrestricted Restricted funds funds 2025 2025 Total Unrestrlcted Restricted funds funds 2024 2024 Total 2025 2024 Donallons and gifts Legacles Donated goods and services 728,733 53.610 459.849 1.188,582 53.610 507.723 114,705 76,349 584,072 114,705 8,000 8,000 782,343 45g,849 1,242,192 630,428 76,349 706,777 The charlty ha8 received lickets to events and Ihe use of f8cilities and servlces during the year for whlch the donor5 required no payment, but Ihese have not been reflecled in the financial slalemenls. Income from Invastments Unrestrlcted Unréstrict8d funds fund5 2025 2024 Income from unllsled Inveslmenls Interest receivable 40,400 2,869 44,778 8,440 43,269 53,218 17- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng funds Unreslrlcted Restrlcted fund5 funds 2025 2025 Total Unrestrlcted Restrl¢t8d funds funds 2024 2024 Total 2025 2024 Fundralslng and publlclty Seeking donations, grants and legacies Advertlsing Other fundraising costs Staff cosls Suppori costs 4,096 11,452 11,674 91,078 33,046 4,096 11,452 11,674 91,078 33,046 2,819 4.782 32,717 95,835 30,624 2,819 4,782 32,717 95,835 34,165 3,541 151.346 151.346 166,777 3,541 170,318 Charltable actlvltles Dlgltal Incluslon Programme 2025 Holldays Entertaln ment Outlngs Total 2025 Total 2024 2025 2025 2025 Staff costs Dir8cI Costs 48,218 166,083 593,256 182,156 71,725 48.218 444.675 664,981 467,902 621,739 48,218 759,339 253,881 48,218 1,109,656 1,089,641 Share of support costs (see note 7) Share of governance costs (see note 7) 17.495 60,260 66.092 17,495 161,342 166,804 2,170 7,472 8,196 2,170 20,008 13,761 67,883 827,071 328,169 67,883 1,291,006 1,270,206 Analy515 by fund Unreslrlcted funds Restricted funds 67,883 582,029 245,042 328,169 67,883 1,045,964 245,042 1,030,378 239,828 67,883 827,071 328,169 67.883 1,291.006 1,270,206 18- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activltles (Contlnued} For the year ended 31 March 2024 Digltal Inclusion Programme Holldays Entertaln ment Outlngs Total 2024 Staff costs Dlrecl Cosls 50,736 15,045 174,759 542,377 191,671 64,317 50,736 467,902 621,739 65.781 717,136 255,988 50,736 1.089.641 Share of support costs (see note 7) Share of governance costs (see note 7) 18,087 1,492 62,300 5,140 68,329 5,637 18,088 1,492 166,804 13,761 85,360 784,576 329,954 70,316 1,270,206 Analysls by fund Unr8slricled funds Restrlcled funds 78,671 6,689 577,015 123,349 317,755 82,750 56,937 1,030,378 239,828 85,360 289,812 423,484 112,841 1,270,206 Support costs Support Governance costs costs 2025 Support Governance costs costs 2024 Office Expenses Rent Ernployee Relaled Insuiance Audit & Accountancy fees- current year Audll & Accountancy fees - prfor yearlgift In klnd Taxation fees 78,313 89,615 7.520 18,940 78.313 89.615 7,520 18.940 84,916 89,936 9,642 16.475 84,916 8g,936 9,642 16,475 11.720 11.720 9,600 9,600 10,254 2,130 10,254 2,130 6,980 6,980 194,388 24,104 218,492 200,969 16,580 217,549 Analysed between FLJndraising Charllable aclivitles 33.046 161,342 4,096 20,008 37,142 181,350 34,165 166,804 2,819 13,761 36,984 160,565 194,388 24.104 218,492 200,969 16,580 217,549 19- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net movement In funds 2025 2024 The nel mov8ment in lunds is staled after chargingl{credlting)'. Fees payable for the audll of the charlty's financial statements 21,974 16,580 Trustees None of the Trustees (or any persons connected wilh them) received any remuneratlon durlng the year and none were relmbursed m88ting expenses (2024- £nll). 10 Employee5 Number of employees The average monthly number of employe88 durlng Ihe year was- 2025 Number 2024 Number Employment costs 2025 2024 Wages and salarfes Soclal securlty costs Olher pension costs 454,520 40,959 40,274 480,307 43,566 39,864 535,753 563,737 The number of employees whose annual remuneration was £60,000 or more were.. 2025 Number 2024 Number £60,000-£69,999 £80,000-£89,999 £100,000-£109,999 Remuneration consists of gross salary. employerfs Nl and p8nsion and benefits in kind. THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Gains and108ses on invèstments Unrestrlcted Unreslrlcted funds funds 2025 2024 GainsJ{losses) arislng on.. Revaluation of inveslm8nls {58,3571 118,948 42 Taxation The charlly is exempt from taxallon ¢)n its acllvi116s because all ils Incom8 Is applled for charllable purp058S. 13 Other galns and1058es Unrestrlcted Unrestrlcted funds funds 2025 2024 Gainsl(losses) upon: Foreign exchange 416 14 Fixed asset investments Listed investments Cash In Portfollo Total Cost or valuatlon Al 1 Aprll 2024 Additions Valuallon ch8nges 1,484.995 57,941 2,870 1,542,936 2,870 {58,3561 (58,356) Al 31 March 2025 1,426.639 60.811 1,487,450 Impalrment Al l April 2024 Disposals 200.000 200,000 Al 31 March 2025 200.000 200,000 Carrylng amount Al 31 March 2025 1.226,639 60,811 1,287,450 Al 31 March 2024 1,484,995 57,941 1,542,936 21 THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Debtors 2025 2024 Amounts falllng due wlthln one year: Other déblors Prepaymenls and accru8d income 29,647 29,039 122,086 25,283 58,686 147.369 16 Credltors,, amounts f8lllng due wlthln one year 2025 2024 Notes Other taxation and social security Deferred Income Trade credllors other credllors Accruals 4,669 37,312 20.430 4,814 13,748 9,212 62,198 29,694 5,870 12,165 17 80,973 119,139 17 Dèferred Incomé 2025 2024 Ar151ng from rental Income and events 37,312 62,198 Deferred In￿rne Is Included in the flnancial stslemenls as follows: 2025 2024 Deferred Income Is Included wllhln: Currenl liabllilles 37,312 62,198 Movements in the year: Deferred income a11 April 2024 Releas8d from previous peric#Js Resources deferred In the year 62,198 (62,198) 37,312 12,289 (12,2891 62,198 Deferred Income al 31 March 2025 37,312 62,198 The deferred Income relates to an annual donation to cover renl, for the period starting 1 March each year, a grant from Suffolk Masonlc for a drlve-in event in September 2024. and Ilckets purchased for the April 2024 Spring Fundraiser event. -22- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retlrement banefit schemes 2025 2024 Defined contributlon schemes Charge lo Statement of Financial Aclivili6s in respect of defined contrrbulion schemes 40,274 39,864 The charity operales a defined contributron pension scheme for all qualifylng employees. The assets of the schem8 ar6 held separalely from tho$8 of Ihe charily in an independèntly admlnlstered fund. 19 Rèstrlcted funds The reslricled funds of the charily comprise the unexpended balances of donallons and grants held on trust sublecl to speclfic ¢ondltions by donoFs as lo how they may be used. Al 1 Aprll 2024 Incomlng Resources re60urees expended Transfers At 31 March 2025 JTI UK NWB Headley Court JTI Blg Walk Challenge Other Rent contribution 20,000 51,000 363,000 (71,0001 (100,731) (32,379) (1,5831 (39,34g) 262,269 32.379 6.500 39,349 83 5,000 52.379 459.849 (245,042) 83 267,269 Prevlous year: At 1 Aprll 2023 Incomlng Resources resources expended Transfers At 31 March 2024 NWB Headley Court JTI Blg Walk Challenge Other Rent contribution 46,634 130,042 20.000 (47.8731 (97,663) (58,484) (39.349) 1,239 32,379 20,000 37.O¢JO 39,349 21,484 196.676 76,349 (243,369) 22,723 52,379 JTI UK supports the Chrislmas Lunches around the UK. This was included with Other reslricted funds in the prlor year. Headley Court Trust is fundlng for a Ihree-yeèr wogramme for adaptive skiinglchallenges. JTI Blg Walk Challenge raised monles from Ihe previous year to fund communlty concerts and aclivllles (including respi16s) throughout the 2024125 financi81 year. The Other reslricled funds are funds lo support on8 off event5. The renl contribullon represents a donatlon, providing 50¥0 of the rent and VAT for Ihe prop6rty that seNes as tha charity's maln office. -23- THE NOT FORGOTTEN ASSOCIATION (NFA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Unrestricted funds The unrestrioled funds of the ch2rlty comprise the unexpended balances of donatlons and granls which are not subject lo specific condilions by donors and grantors as to how they may be used. These Indude designaled funds whlch have been sel aside out of unreslrlcled funds by the truslees for specific purposes. At 1 April 2024 Incoming resources Resource5 expended Transfers Galns and At 31 March losses 2025 Investment Fund Core Operartlng Cash ReseNe General funds 1,400,000 (350,000) 1,050,000 150,000 122,937 150,000 42.799 825.612 (1,197,310) 349,917 (58,357) 1.672,937 825,612 <1,197,310) {83) (58,357) 1.242,799 Prevlous year: At l Aprll 2023 Incomlng resources Resources expended Transfers Gains and At 31 March losses 2024 Investment Fund Core Operartlng 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) (22,7231 118,532 1,672,937 The Investment Fund has been us8d as if il wer8 a capltal fund lo generate an Income stream to spend on th8 charity's programmes. The Core Op8raling Cash Reserve is a sum sel aside as operating cash res8Nes to manage cash flow, maintain financial flexibility and cover ongoing operating and programme cosls. 21 Analysls of nel asset5 belweèn funds Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 At 31 March 2025". Inveslmenls Current asselsl