Chairman’s Report 2021
During the year, Covid-19 took its toll on the Lest We Forget Association, causing many of its traditional events to be cancelled. One typical example concerned River Trips. In a normal year, we would provide some thirty-five trips, whereas in 2021 the number was just two.
In spite of Covid-19, which entailed the almost continual lockdown of most of the Care Homes that we support, our artistes still managed to overcome this obstacle by performing outside. Concerts were very much in demand by the Homes after such long periods of isolation.
During the year we continued our regular support of Turn to Starboard, who provide Yacht Master Training for disabled Veterans. We supported Scotty’s Little Soldiers, enabling bereaved service families’ children to spend Remembrance Weekend in London and then march in the Remembrance Parade. The Naval Children’s Charity also received our support. Our third Lest We Forget Scholarship for a Disabled Veteran was set up in April. The Western Front Way was given a donation to provide signage along the route and Jonathan Thomson was again sponsored as he cycled to raise funds for PTSD Resolution.
In spite of the problems caused by Covid-19, the Association was able to spend 76.8% of its income, supporting the Veteran Community.
Alan Lenton Chairman
LEST WE FORGET ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021
DHL Accountancy Services Limited Chartered Accountants 30 Willowbank Gardens Tadworth Surrey KT20 5DS
Page 1
LEST WE FORGET ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
The Trustees present their report and the financial statements for the year ended 31[st] December 2021.
REFERENCE AND ADMINISTRATIVE INFORMATION
REGISTERED CHARITY NO. 1162122
PRINCIPAL ADDRESS 5B Longdown Road Epsom Surrey KT17 3PT
The Trustees who served throughout the year were:-
Mr S.J. Boynton Mr J.F. Edwards Mr R. Hollier (died 25[th] July 2021) Mr L.J. Gannon Mr N. Karonias Mr A. Lenton Mr N.C. Simmons Mr B. Turner
PROFESSIONAL ADVISORS
Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4TA Independent examiner D.H. Lane FCA DHL Accountancy Services Limited Chartered Accountants 30 Willowbank Gardens Tadworth Surrey KT20 5DS Investment managers Rathbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ
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LEST WE FORGET ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021 (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Association is a Charitable Incorporated Organisation governed by a Constitution dated 28[th] May 2015. The Association was registered with the Charity Commission on 12[th] June 2015 and at that date took over the assets, liabilities and operation of the Lest We Forget Association (Epsom Branch), which was previously registered with the Charity Commission (No 200390), when that entity was dissolved.
All operational matters are handled by the Trustees, who do not receive any remuneration.
New Trustees are provided with a copy of the governing documents, copies of recent minutes and other documents which might be helpful as well as a preliminary briefing by the Chairman. At the first meeting attended by a new Trustee, an updated briefing is provided and there is an opportunity to ask questions about the Trust's activities. Charity Commission newsletters are available to all Trustees and the Chairman provides briefings from time to time on the responsibilities of Trustees.
RISK MANAGEMENT
The Trustees have reviewed the major operational risks which the charity faces and confirm that systems have been put into place to mitigate those risks.
INVESTMENT POWERS
The Constitution authorises the Trustees to make and hold investments using the funds of the Charity.
OBJECTS AND ACTIVITIES
To relieve the needs of disabled men and women in or out of hospitals and homes, who have served or who are serving in the Armed Forces or the Merchant Navy.
Our original remit, when the Association was formed in 1922, remains basically the same. We continue to entertain and support disabled ex-servicemen and women, as well as those from the Merchant Navy, as well as those currently serving.
However, over the years we find that we are supporting more and more Veterans with specific needs. These can be unemployment, homelessness and drug addiction. We, in turn, sponsor sister charities who also address these problems.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
During the year, Covid-19 took its toll on the Lest We Forget Association, causing many of its traditional events to be cancelled. One typical example concerned River Trips. In a normal year, we would provide some thirty-five trips, whereas in 2021 the number was just two.
In spite of Covid-19, which entailed the almost continual lockdown of most of the Care Homes that we support, our artistes still managed to overcome this obstacle by performing outside. Concerts were very much in demand by the Homes after such long periods of isolation.
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LEST WE FORGET ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
(continued)
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW (continued)
During the year we continued our regular support of Turn to Starboard, who provide Yacht Master Training for disabled Veterans. We supported Scotty’s Little Soldiers, enabling bereaved service families' children to spend Remembrance Weekend in London and then march in the Remembrance Parade. The Naval Children’s Charity also received our support. Our third Lest We Forget Scholarship for a Disabled Veteran was set up in April. The Western Front Way was given a donation to provide signage along the route and Jonathan Thomson was again sponsored as he cycled to raise funds for PTSD Resolution.
In spite of the problems caused by Covid-19, the Association was able to spend 76.8% of its income, supporting the Veteran Community.
RESERVES POLICY
We ensure that sufficient funds are held, and also invested, to guarantee the continuation of the Lest We Forget Association for many years to come, even if royalties, donations and legacies eventually cease.
PLANS FOR THE FUTURE
With the effects of Covid-19 still very much a part of daily life, it is difficult to determine exactly how the Association will be able to perform its traditional programme of support to the Veteran Community in the coming year. The results of our 2021 programme have shown that in spite of all the obstacles placed in our path, we were able to achieve more than we had hoped. Now, with the easing of restrictions, the prospects appear to be more positive.
It is this year, 2022, that we see the centenary of an Association that is still meeting the aims of the founder members in providing entertainment and support to the Veteran Community. Our financial position is such that we can assure this support for many years to come.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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LEST WE FORGET ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
(continued)
STATEMENT OF TRUSTEES' RESPONSIBILITIES (continued)
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PUBLIC BENEFIT REQUIREMENT
The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission concerning the public benefit requirement.
APPROVAL
The Report of the Trustees was approved by the Board of Trustees on 27[th] April 2022 and signed on its behalf by:-
A. Lenton Trustee
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LEST WE FORGET ASSOCIATION
I report to the Trustees on my examination of the accounts of the Lest We Forget Association ('the Charity') for the year ended 31[st] December 2021, which are set out on pages 6 to 10.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D.H. Lane FCA DHL Accountancy Services Limited Chartered Accountants 30 Willowbank Gardens Tadworth Surrey KT20 5DS
28[th] April 2022
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LEST WE FORGET ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| UNRESTRICTED FUND INCOME Donations and legacies Donations Legacies Other activities Royalties Investments Income from investment portfolio Bank interest TOTAL INCOME EXPENDITURE Investment management fees Charitable activities TOTAL EXPENDITURE NET INCOME Investment gains NET MOVEMENT IN FUND Fund balance brought forward FUND BALANCE CARRIED FORWARD |
Notes 2 |
2021 £ 34,903 31,500 3,663 176,201 - 246,267 53,483 152,375 205,858 40,409 1,338,240 1,378,649 9,316,360 10,695,009 ======== |
2020 £ 1,417 720,000 7,486 138,174 94 |
|
|---|---|---|---|---|
| 867,171 | ||||
43,876 129,612 |
||||
173,488 |
||||
693,683 434,851 |
||||
1,128,534 8,187,826 |
||||
9,316,360 ======= |
The notes on pages 8 to 10 form part of the financial statements.
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LEST WE FORGET ASSOCIATION
STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2021
| FIXED ASSETS Investments CURRENT ASSETS Debtors Cash at bank CREDITORS:amounts falling due within one year NET CURRENT ASSETS NET ASSETS ACCUMULATED FUND |
Notes 3 4 5 |
2021 10,623,357 50,204 36,696 86,900 15,248 71,652 10,695,009 ======== 10,695,009 ======== |
2020 | 2020 | ||
|---|---|---|---|---|---|---|
| 50,204 36,696 86,900 15,248 |
£ 1,608 192,500 194,108 17,309 |
£ 9,139,561 176,799 9,316,360 ======= 9,316,360 ======= |
The financial statements were approved by the Board of Trustees on 27[th] April 2022 and signed on its behalf by:-
A. Lenton - Trustee
The notes on pages 8 to 10 form part of the financial statements.
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LEST WE FORGET ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES
Accounting basis
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Statement of Financial Position date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
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LEST WE FORGET ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
(continued)
1. ACCOUNTING POLICIES (continued)
Income recognition
All incoming resources are recognised in the period in which the Charity is entitled to receipt thereof and the amount can be measured with reasonable certainty.
Royalty income represents the right to receive revenues from a number of unique commemorative products which have much valued by Association supporters and the wider public.
Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure on charitable activities includes grants made, governance costs and support costs as shown in note 2.
Fund structure
Unrestricted general funds are available to be used in accordance with the charitable objects at the discretion of the Trustees.
2. CHARITABLE EXPENDITURE
| CHARITABLE EXPENDITURE | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Direct costs | ||
| Activities and events | 148,621 | 124,529 |
| ====== | ====== | |
| Support costs | ||
| Printing, postage, stationery, etc. | 938 | 1,167 |
| ==== | ==== | |
| Governance costs | ||
| Audit Fee | - | 3,600 |
| Independent examiner's fee | 2,500 | - |
| Insurance - indemnity | 316 | 316 |
| 2,816 | 3,856 | |
| ==== | ==== | |
| Total charitable expenditure | 152,375 | 129,612 |
| ====== | ====== |
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LEST WE FORGET ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
(continued)
2. CHARITABLE EXPENDITURE (continued)
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2020 - £Nil).
Expenses paid to the Trustees in the year totalled £565 (2020 - £927). These expenses were paid to three (2020 – one) Trustees as reimbursement for expenses incurred.
3. FIXED ASSET INVESTMENTS
| Managed Funds Market value brought forward Additions to portfolio Portfolio charges Net gains for the period Market value carried forward |
2021 2020 £ £ 9,139,561 7,446,046 200,000 1,300,000 ( 54,444) ( 41,336) 1,338,240 434,851 10,623,357 9,139,561 ======== ======= |
|---|---|
The charity has invested £0.2m (2020 - £1.3m) with Rathbones during the year. Rathbones made purchases of £2,360,758 (2020 - £3,073,080) and sales of £2,277,055 (2020 - £1,727,527) within the managed portfolio during the year.
4. DEBTORS
| Legacy receivable Dividends receivable Accrued income |
2021 £ 30,000 19,546 658 50,204 ===== |
2020 £ - - 1,608 |
|
|---|---|---|---|
= |
1,608 ==== |
5. CREDITORS: amounts falling due within one year:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Sundry creditors and accruals | 15,248 | 17,309 |
| ===== | ==== |