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2023-12-31-accounts

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

REGISTERED CHARITY NUMBER: 1162122 (England and Wales)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEST WE FORGET ASSOCIATION

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Report of the trustees 1 to 3
Report of the independent auditors 4 to 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 to 15
Detailed statement of financial activities 16 to 17

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1162122

Registered office

5b Longdown Road Epsom KT17 3PT

Trustees

Mr S.J. Boynton Mr J.F. Edwards Mr L.J. Gannon Mr N. Karonias Mr A. Lenton Mr N.C. Simmons Mr B. Turner

Mr A Lenton serves as Chairman of Trustees and administrator of the Charity.

PROFESSIONAL ADVISORS

Auditors

Johnsons, Chartered Accountants Statutory Auditor 1-2 Craven Road Ealing London W5 2UA

Bankers

CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4TA

Investment managers

Rathbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ

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Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Association is a Charitable Incorporated Organisation governed by a Constitution dated 28th May 2015. The Association was registered with the Charity Commission on 12th 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.

The Trustees have appointed a firm of professional investment managers to manage the portfolio of investments with an agreed set of guidelines in terms of investment risk profile and investment return expectations. Regular meetings are hold between the Trustees and the investment managers.

OBJECTS AND ACTIVITIES

Since its formation in 1922, the Association has respected its original remit with regard to the Veteran community by offering support and entertainment. This has traditionally been for serving, or for those who have served in the Armed Forces and the Merchant Navy and, in particular, those who are disabled.

One category, not considered when the Association was formed, concerns the children of bereaved Service families, where the loss of a parent can have a devastating effect on a young life. We aim to offer support wherever we can, and our efforts during the year help many Veterans, as well as children.

It is pointed out that the Association is an entirely voluntary organisation, with no paid officials and with no premises.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Although the Covid Pandemic is now over, there are still lingering restrictions which make some Veteran organisations reluctant to benefit fully from all that we offer.

However, during the year we were able to organise 202 in-house concerts. These are very much in demand and from all the feedback we receive, they are so much appreciated.

We managed to provide 30 river trips during 2023.

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LEST WE FORGET ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW (continued)

The Wimbledon Championships were a nightmare, inasmuch that tickets were only received a few days (instead of weeks) beforehand. It was a thankless task to prepare and deliver them in such a rush.

Perhaps our most satisfying effort during the year was to provide funding for bereaved Service children to participate in the Remembrance Parade in November.

During the year we received income of £371,247 (2022 - 231,147 (unaudited)) and incurred expenses of £249,953 (2022 -£254,810 (unaudited)). At the end of the year, the Fund value was £9,547,677 (2022 - £9,140,409 (unaudited)).

Despite the volatility of investment markets, the investments generate sufficient income for our spending purposes without the need to drawdown on the capital which mitigates the investment risk.

RESERVES POLICY

We do not draw down on our capital, thus ensuring that the income generated is used to fund our Grants and Donations, as well as ensuring the financial stability and the continuation of the Association 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:

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

3 1/1 0 /2024

The Report of the Trustees was approved by the Board of Trustees on ____ and signed on its behalf by:-

A. Lenton Trustee

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Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEST WE FORGET ASSOCIATION

Opinion

We have audited the financial statements of Lest We Forget Association (the 'charity') for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of 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 statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEST WE FORGET ASSOCIATION

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities 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 misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identification and assessment of potential risks

In identifying and assessing potential risks related to irregularities and in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we conducted:

5

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEST WE FORGET ASSOCIATION

Risks arising from legal and regulatory frameworks

We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in which the charity operates, focusing on provisions of those areas that had a direct effect on the determination of material amounts and disclosures in the financial statements.

We did not identify any material audit matters related to the potential risk of fraud or non-compliance with laws and regulations from our work:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

We also communicated our assessment of the relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Use of our report

This report is made solely to the charitable company'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 that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Edmund Cartwright FCCA FMAAT (Senior Statutory Auditor) for and on behalf of Johnsons, Chartered Accountants Statutory Auditor, London 31 / 10 /2024 Date: .............................................

6

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Investments
Investment income
2
Bank interest
Other activities
Royalties
Total income
EXPENDITURE
Raising funds
Investment management fees
Charitable activities
3
Total expenditure
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
2022
Unrestricted Unrestricted
funds
funds
(unaudited
and restated)
£
£
3,225
11,213
115,080
-
248,159
218,243
1,031
20
3,752
1,671
371,247
231,147
53,371
54,424
196,582
200,386
249,953
254,810
285,973
(1,523,855)
407,267
(1,547,518)
9,140,409
10,687,927
9,547,676
9,140,409

7

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

BALANCE SHEET 31 DECEMBER 2023

Notes
FIXED ASSETS
Investments
4
CURRENT ASSETS
Debtors
Cash and cash equivalents
5
6
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
8
Unrestricted funds
TOTAL FUNDS		 2023
2022
Unrestricted Unrestricted
funds
funds
(unaudited
and restated)
£
£
9,156,658
8,934,198
136,964
285,974
23,450
198,957
422,938
222,407
(31,919)
(16,196)
391,019
206,211
9,547,677
9,140,409
9,547,677
9,140,409
9,547,677
9,140,409
9,547,677
9,140,409

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 31 / 10 /2024

............................................. Trustee

A. Lenton

8

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

LEGAL STATUS

Lest We Forget is registered with the Charity Commission for England & Wales with the registered charity number 1162122.

GOING CONCERN

The trustees have assessed that the use of the going concern basis is appropriate. As part of their assessment, no possible events or conditions have been identified that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements, with the trustees, in particular taking into consideration latest available investment assets, fixed commitments and any pressures on income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

As such the charity is expected to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. On this basis, the trustees have concluded that the charity is a going concern.

INCOME

All income is recognised in the Statement of Financial Activities (“SOFA”) once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from grants and donations

Donations and grants are recognised when they have been communicated and received in writing with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from legacies

Legacy income is recognised as soon as the Charity is entitled and that the income is probable and can be measured reliably. The charity confirms its entitlement with representatives of the estate.

Income from royalties

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

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 4.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust.

9

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

CASH FLOW STATEMENT

The charity is a small charity and has utilised the small entity exemption from producing a statement of cash flows.

CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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.

FIXED ASSETS 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 Balance Sheet date. 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.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not 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 results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Fixed asset investments

Investments are measured at fair value based on the external advice from investment managers.

Accruals

The charity makes an estimate of accruals at the yearend based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

10

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (Continued)

2. INVESTMENT INCOME

Dividends and interest on market securities
Interest on cash deposits held
CHARITABLE ACTIVITIES COST
Charitable activities
Organised concerts at various residential facilities
River Thames Boat Project – river trips
Grants to institutions and organisations
St David’s Home
HorseBack UK
Climb2Recovery
PTSD Resolution
Reading Force
Forgotten Veterans UK
The Open University
Scotty’s Little Soldiers
Naval Children’s Charity
Royal Star & Garter
Gill Harris
Service Dogs
Sundry Small Donations
Support costs
Other admin expenses
Bank charges
Website and computer cost
Travel and subsistence
Equipment expenses
Printing, postage, stationery etc.		 2023
£
241,371
6,788
248,159		 2022
(unaudited)
£
215,705
2,538
218,243
2022
(unaudited)
£
76,500
5,006
5,000
5,000
6,800
13,880
10,000
14,000
20,000
24,136
-
-
-
-
846
196,168
-
-
-
-
-
1,130
1,130
2023
£
81,900
15,503
-
-
-
7,170
10,000
(7,400)
22,000
18,975
14,100
1,288
500
5,000
600
179,386
1,141
92
180
874
299
92
2,678

3. CHARITABLE ACTIVITIES COST

11

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

3. CHARITABLE EXPENDITURE (Continued)

Governance costs
Independent examiner’s fee
Auditors’ remuneration for audit of financial statements and other
services
Legal fees
Insurance – trustee indemnity
Total charitable expenditure		 -
13,800
350
368
14,518
196,582		 2,750
-
-
338
3,088
200,386

The Trustees provided their time and expertise during the year without any form of remuneration or other benefit in cash or kind (2022 - £Nil).

Expenses paid to the Trustees in the year totalled £Nil (2022 - £585). These expenses were paid to no (2022 - one) Trustee as reimbursement for administration expenses incurred.

4.

FIXED ASSET INVESTMENTS

4.
FIXED ASSET INVESTMENTS
MANAGED PORTFOLIO
Market securities
Market value brought forward
Purchase of securities
Proceeds on disposal of securities
Net gains/(losses) for the year
Market value carried forward
Cash held in portfolio
Cash balance held by fund managers at year end
Market value carried forward		 2023
£
8,894,596
4,254,043
(4,496,875)
285,974
8,937,739
218,919
9,156,658		 2022
(unaudited)
£
10,503,399
4,146,157
(4,231,105)
(1,523,855)
8,894,596
39,602
8,934,198

12

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS
2023 2022
(unaudited
and restated)
£ £
Prepayments and accrued income 11,964 23,450
Other assets 125,000 -
136,964 23,450
Other assets represent fixed deposit balances with an original maturity of
of deposit is 5 March 2024.
6.
CURRENT ASSET INVESTMENTS
Cash held with investment manager
Cash at bank
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Expense accruals
8.
MOVEMENT IN FUNDS
At 1/1/23
(unaudited
and restated)
£
Unrestricted funds
General fund
9,140,409
TOTAL FUNDS
9,140,409
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
371,247
(249,953)
TOTAL FUNDS
371,247
(249,953)		 Other assets represent fixed deposit balances with an original maturity of
of deposit is 5 March 2024.
6.
CURRENT ASSET INVESTMENTS
Cash held with investment manager
Cash at bank
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Expense accruals
8.
MOVEMENT IN FUNDS
At 1/1/23
(unaudited
and restated)
£
Unrestricted funds
General fund
9,140,409
TOTAL FUNDS
9,140,409
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
371,247
(249,953)
TOTAL FUNDS
371,247
(249,953)		 6 months. The maturity date
2023
2022
(unaudited
and restated)
£
£
222,520
179,367
63,454
19,590
285,974
198,957
2023
2022
(unaudited)
£
£
31,919
16,196
31,919
16,196
Net
movement
At

in funds
31/12/23
£
£
407,268
9,547,677
407,268
9,547,677

Gains and
Movement

losses
in funds
£
£
285,974
407,268
285,974
407,268





13

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

8. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds


Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At
At 1/1/22
in funds
31/12/22
(unaudited and restated)
£
£
£
10,687,927
(1,547,518)
9,140,409
10,687,927
(1,547,518)
9,140,409

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
237,147
237,147
Resources

expended
£
(254,810)
(254,810)
Gains and

losses
£
(1,523,855)
(1,523,855)
Movement
in funds
£
(1,547,518)
(1,547,518)

A current year 12 months and prior year 12 months combined position is as follows:



Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At 1/1/22
in funds
(unaudited
and restated)
£
£
10,687,927
(1,140,250)
10,687,927
(1,140,250)
At

31/12/23
£
9,547,677
9,547,677

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
602,395
602,395		 Resources
Gains and
Movement
expended
losses
in funds
£
£
£
(504,763)
(1,237,882)
(1,140,250)
(504,763)
(1,237,882)
(1,140,250)

14

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

9. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

10. PRIOR YEAR RESTATEMENTS

The following table summarises the impact of restatement in the unaudited 2022 reported numbers:

----- Start of picture text -----
Financial line item 2022 Adjustment 2022 Note
Previously presented As restated
Income from legacies 15,000 (15,000) - 10.1
Income from royalties 1,448 232 1,671
Total funds brought 10,695,009 7,082 10,687,927 10.2
forward
Debtors 45,309 (21,859) 23,450 10.3
Investments (current 179,367 (179,367) - 10.4
assets)
Cash and cash 19,590 179,367 198,957 10.4
equivalents
Total funds 9,162,268 (21,859) 9,140,409 10.5
----- End of picture text -----

Note 10.1

The Charity in the prior year has incorrectly recognised income from legacy which is corrected in the year.

Note 10.2 Adjustment to total funds brought forwards represents net impact of correct adjustments made for under accrual recognition of royalty income amounting to £22,918 and over accrual of income from legacies amounting to £30,000 in earlier years.

Note 10.3

Adjustment to Debtors represents net impact of correct adjustments made for under accrual of royalty income amounting to £23,141 and over accrual of income from legacies amounting to £45,000 in earlier years.

Note 10.4

Adjustment to investments and cash and cash equivalents represents correction of reclassification error in prior year as the Charity has incorrectly reclassified cash balances with investment manager for noninvestment purposes under current asset investment.

Note 10.5

Adjustment to total funds at prior year-end represents the net impact of the adjustments explained above.

15

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Other trading activities
Royalties
Investment income
Deposit account interest
Dividends and interest on mark et securities
Interest on cash deposits held
Total incoming resources
EXPENDITURE
Investment management costs
Rathbones fees
Charitable activities
Grants to institutions
Support costs
Finance
Bank charges
Information technology
Office equipments
Human resources
Website and computer cost
Other
Postage and stationery
Other admin costs
Governance costs
Auditors' remuneration
Auditors' remuneration for non-audit work
Carried forward		 2023
2022
(unaudited
and restated)
£
£
3,225
11,213
115,080
-
118,305
11,213
3,752
1,671
1,031
20
241,371
215,705
6,788
2,538
249,190
218,263
371,247
231,147
53,371
54,424
179,386
196,168
92
-
299
-
180
-
92
1,130
2,015
-
2,107
1,130
10,800
-
3,000
2,750
13,800
2,750

16

Docusign Envelope ID: 714D27CF-8068-4D2E-A630-65A275EACADB

LEST WE FORGET ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Governance costs
Brought forward
Insurance
Legal fees
Total resources expended
Net income/(expenditure) before gains
and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income/(expenditure)		 2023
2022
(unaudited
and restated)
£
£
13,800
2,750
368
338
350
-
14,518
3,088
249,953
254,810
121,294
(23,663)
285,973
(1,523,855)
407,267
(1,547,518)

17