Charfty rewsirafjon number 1162122 LEST WE FORGET AS%XIATION ANNUAL REPORT ANO FINANCIAL sfATEMEpirs FOR THE PERIOD ENDED 31 MAACM 2025 L￿WE FoRG￿ASSOCIATIoN LEfjAL ANO ADMINISTRATIVE INFORMAnoN Trustees Mr. Stephen Justin Boynton M￿. Bèrbarh &-vce IApwinted 12 April 202J IAppolnted 12 AprS120251 Mr. Mlchael Haths Mf. Nicolas Peter Karoni4s MrSWPascoe (Appolnted 28 November 20241 (Appointed 12 Aprll 20251 Mr. Stephen RKhards Charlry number 1162IZ2 PrSn¢lpal •ddress TreetOP5 Mylor L)owns Féliwwulli Comwall TRII 5VL Audltor TC Group Vfvlan House Newham Road Truro Cornwall TRI 2DP 94nkors $8C 17 Boscawen Street Truro Cornwall Tri zoz Inv••tm•nl •dvl•or• Ralhbon? Inv¢strn•nt Mana9em•nl 30 Grosh•m Str*t Londtsn EC2V 7QN LEST WE FoR6￿A550aATI0N CONTENTS Trustees. report Independent audltorfs report 7-10 ststement of flnanclal athvltl li ¥alance sheet 12 Notes to the Ilnanclal statements 13-23 LESTWE FORGEfASSOCIATION TRUSTEES, REPORT FOR THEPERIOD ENDED31 MARCH2025 The trustees present thelrannual rèport and finandal slat@m@nts forthts ￿rIn￿ pntlpd 41 hAArrth ?.n25. The linanclal statements have been prePa￿d in accordante with the accounting policies Set out in note I to the flnancial staternent5 and comply with the charity'5 t80verning documentl, the Charities Art 2011 aftd 'Accountin8 and Repo￿n8 by Charfties.. Statement of Recommended Practice applicable to Charf￿e$ prepartng thelr accounts In accordancè with the Flnancial ReF*Ntin8 5tsndar(l applicable In th* UK and Rèwblic of Irèland IFf6 1021" leffethve l January 20191. Oblecllves •nd •ctlvltles To relieve sèrvin8 and fomer membets ofthe Armed Forces. the Merchant Navy. and thelr dependents who are In need by feason of age. 111-heatth, dlsabllity. finanelal hardship or other dlsadvantage, by provSdin8 or a5slstln8 In the provlsion of care, support serviw and opportuoides aimed at Improving their condityons of Ilft. To promote the efflelency of the Armed Forces and Merchant Na￿ by supportln8 the welfare and morale of 5ervln8 peisonnel and thelr famille5 through ¢haritsble a¢i(vllfes. To advance such charStablè purp95t5 laccordin8 to the ￿pe(￿ve laws of En8land & Wales. Scotland and Northefn Irelandl for the benelt ol seryin8 and former members of the Armed Forces, the Merchanl Navy, and thelr famllie5 as the trustees may Irom t5me to time determine. In pardcular by pro¥ldl+w support to or worklng In partnershlp with, ￿her ¢hJriti'es or ovpnlsadons wlth slmllar purposes. Afhlevements •nd p•rfomi•n Sl¢nlfitont oclivltles •ndachlevements ogolnst objecii M•ln •cllvftles In 2024 (Jan to O•cl Lest We Forget Asso¢laOon ILWFAI dlstrlbuted Wlmbledon ttckets to veterèns donated by the Lawn Tennis Associadon, funded entertsinment such as numerous concerts to nursin8 homes thrvu8hout the ¢ountry lat a C05t of £118kl, and awarded £121k of Krants to the oryani5atlons below.. Rlver Thames aoat Prolect Royal Star and Garter Turn to Starbgard Naval Children's Charlty SBS Assocladon Reèdlng Force Open University lveteran stholarshlpl Scottys Little Soldier5 PTS0 R¢5olullon LEST WE FORGET ASSOCIATION TRU5fEES' REPORT ICONTINUEOI FOR ThIEPERIOD ENDED31 MAffCH 2025 Publk aenefft The trustees have re8ard to the 8uidance Issued by the Charity Comrni5$1on on Publlc benefit. In January 2025 Shayn Pascoe was Invfted to bè Chalr of Trustèes lo LWFA. Thls reportin8 perlod covers 12 months before that appolntment and the three months of his tenure. As such it ha5 only beèn possible to quote Irom 2024 handover as many of the prewous trustees. having seThed lon8 terms Stepped down dirertly after thls appolntment. LWFA recelved the flnèl ¢ontrIbU￿On of a 5bgnificant legacy donatlon from the e5tat* of Charbes L)avld Yeat•s. The prevlous irustees were fru8al and carehjl whh thls responslblltty whllst they decided the beg course of actlon for IWFA and the slgnifit¥nt funds. Their decision was to appoint a new group of trustees with approprlate skills nd bKk8round5 to take LWFA forward. In January 2025, after a detslled re¥lew, new trustees were appolnted and • plan made to honour th15 le8acv which was threefold.. To support veteran actfvity ihrouth ifonts on a laryer Scale than Pr￿l0u$￿. based on a sudden healthv return on Investments. To deliver and make plans to dlversify the fund Indudlng a property pordollo. To secure the future of LWFA throu8h Careful collabor•tlon wlth the investmeni manager. LEST WE FORGEf AssoaATION TRUSTEES, REK)RT {CONTINUEDI FOR THEPERIODEIIDED 31 P•lARCM2025 Maln athlè¥*mtnts LWFA has extenstvely reviewed ihe in¥estment fund whith now sees satisfyin8 8rowth and return. Gr￿1$ were awarded to the followin8 or8anisation5 between January- Marth 2025 to better reflect our investment return- Mlssion Motor5POrt Rèading Force Turn to Starboard Fares 4 Free Woodland Warrlor Thames River Projert MERT Club GD Media Royal Stsr & Garter Naval Children's Charity PTSD Resolutlon Total awarded In thls short pedod was £211k. The feedback we are now receivln8 on these Intdatlves Is In some Instances Ilfe chan8ln8 and serves tg horthir the IWLY vf Ciidil¥s Dév1￿ Yeaies. In order to divefslfy Our porrfolio and to dlrertty del1￿ to veternns ènd Servln8 personnel In need, LWFA has purchased two 8uest houses and rertovated them for the specifi¢ purpose of resplte and recovery. These provlde 17 double ensulte rooms, and 4 ¥partmtnts speclficallyfor rewte breaks for ser￿n1 3nd Veterans. F•r th• flrrt tlm• In Its hi￿ory LWFA appolnt•d ￿rn• k•y •mpl•y•d st•ff to •n£ur• •ff•ctfv• en￿M*hr•. rnodernlse processes, ensure an approprlate response to veterans in diftet need, extend our reach 150 that Servln8 and vetsran5 are aware of both our direct support and 8rant makin8 abilityl and to apply apyoprlate due di158ence to grant appl[ca￿an5. LWFA have also constructed a plan to bulld slx ¥ffordable houses for 4*tsran famllles, wlth grateful th•nks to ihe Armed Force5 Covenartt Trust Fund who awarded a £SCQ.CW grant. These houses will be ¢ompl•ted In 20￿ and will be offered to six mllltary families on housin8 waitlng lists on an affordable rent basis. The Lawn Tennls Club provlded Wlmbledon tickets for veterans a8aln thls year, the administratlon for thls was updated to embrace technoloty. This was huge￿ succe$5ful with all ttcktts belni utlli5ed by veterans In what was a once In a lifedme experiente. It also ser¥ed to increase our awareness wlth over 120 new benefiaaries aware of us. LWFA has a more fornial process in place for appliotlons to our 8rnnt 8lwn8 p￿ramme and have introduced a feedback and impatt prtte55 for fubjre reciwents. These de¢Ssions have not only created a robust portlolio fpr the charlty's future, they have also increased our proflle to ensure Ihose in need know we are the￿. on top of our grant pro8rnmme. we are now a15v directly #elsvertng to those In neea. LEST WE FORGET AssoaATION TRUSTEES, REPORT (CONTINUED) FOR fHEPERIOD £PIDED 31 MARCM2025 Flnanclal r•¥lew LWFA work Is almost entSrety reliant on Income from investment returns but15 now xtl¥ely enabllr£ a strdte8y for community fundrai5in8 and donations to reinforce this. The relatlonship with our Snvestment manager, Rathbones, has now been reinforced with mgdern systems Ineludln8 formal revlew5. regular onllne znd face to face meetfn8s, applied stnrtlny to the lund and Èmbracln8 technoloAv Includin% portal and apo access. The portfollo ha5 been exten5i¥ely re¥lewed on orofesslonal adylce nd now hold5 a mixed portfolio of equities, bond5. tash and other investments designed to provlde a level of stable income weighted with a medium appetite for investment risk and the main expgsure to Investmerts In lead5ng advanced Industrial economles wlth a h5story of paylng dlvld*nds. Our Investment fund has seen an Increase of 8% in 2024 and 7.7% in 202S surpassin8 previous fetums. This helped form the dec151on to both dlversify the fund and an uplift lfi erant awards. an awaid programme that was slgnificantly more than in prevlous vears. The value of the ¢harlty's assets Includlrq the e5Vm*ed value of Its propertfes, Investment fund lsublttt to fluctuatlonl and cash holdin8, stands at lusl undef £IIM Icompared to lust (Ner £9M In the Investment fund In late 20241. It Is In a robyst P051tlon able to do more for those ln need. LWFA has been In exlstence for over l(Kl yeats, a 8uidin8 principle Is io be here io support veterans for the next IUU years. I he current trustees are mindtul ot the balance l)etween htlwn8 an(J ensuring lon8evlty. A such we are rb¢*w adopttng a more balanced approach to spending and are developing a flve-year stratebry to both dellver and be effethve custodlans of the Investment lund. ITr terms of reserves currently LWFA hold a iesefve capabllltv whlch Is higher than Is needed based on h+storical graffl awards and outgoirt8s. As such a reserve pollcy wlll form an Smportant part of th15 future strate8y to tonttnue to honour the Veates lelaty and wlll be a mlnbnum of 3 monih5. Thls strategy wlll be lrnplemtntéd In 2026. At the end of the perlod the charlty had unrestrirted reser￿ of £9,712.67912023: £9.S47,6771. The robustne55 of our poytlon mean$ th•t the Irustee5 have no uncertalnties al)out the charlty ¢ont6nuing as 8olng concern. Structure. ￿¥eManCe Ind manwment Lest We Forget Aswdation Is a Charitable In¢orporntÈd Oryantsatlon ICIOI charlty numbtr 1162122 8o¥erned bv Constltutlon. The trustees who served durln8 the perlod and up to the date of signature of the financlal statements wer•.. Mr. Stephen Justin Boynton Mr5. Barbara Bruce Mr. Michael Harrls MT. Nicola5 Peter Karonlas Mr S W Pascoe Mr. Stephen Richards Mr. Ll Gannon Mr. Alan Lenton Mr. N Cslmmons Mr. Byron Michael Turner IAppolnted 12 Aprll 20251 IAppolnted 12 Aprfl 20251 IAppointed 28 November 20241 (Appolnted 12 April 202SI (Resigned 31 Oecember 20241 (Resianed 31 December 20241 (Resigned 31 Detember 20241 (ReS￿ned 31 January 20261 LEST WE FORGEf ASSOOATION TRUSTEES, REPORT {CONTINIIEDI FOR THEPERIOD ENDED 31 MARCH2025 Recrultment ondappdlrttrnpnt nAtrvttp New trustees are appointed by the exlstlng trustees and serNe for 3 years after whlch they may put themselves forward ftsr reappointment. Minimum of three tfustees. maxlmum of twelve. At the quartedy trustèes, mtetlngs, the tru5tses agree the broad strate8y and areas of acttvity for the CIO, includin8 consideration of grant makln8, Investment, reserve5 and r15k mana8ement polkles and perfomance. On appolntment new trustees $58n a declar*lon, there Is an Infomial Induction based on pr¢viou5 eKperlenee and need with a hand<)ver offered by the Chair includin8 policy, Investment, the grant making process p0￿er5 of the tTUStee boord and they are glven a copy of the ¢onstytuti0n and a copy of the Charity Commis5ion'5 8uidance 'The Essen￿81 Trustee.. What You Need to Kn￿ and 'Publlc eenefit.. runnlng a tharfv. The trustèes conslder the boanl of trustees and the core emplo￿d staff as ¢omprlsln8 the key mani8ement personnel of the chaflty In tharge ol dirtctin8 and contmllin8 the charity and runnlng and operating the eharlty on a day-t￿daY basls. All trustees 8lve of thèir tlnR freely ¥nd no trustee remurffits'on was paid in the yea¥. The prevlou5 trustees are to be congratulated for thelr lon8 5eryice to an or8anlsation whlch has b•en operadng for over IW years, Ihty have acted as custodians and guardians of the fvnd always wlth the best Interests of veterans at heart. In pardcular we WOU￿ xknowled8e the contributlon of Alan Lenton 08E and Byron Turner who have teen champions for veterans and have beèn the conslstency for manY￿ats. LWFA now enters ¥ new future and It Is Intymbent on us to ensure thls work not only secure5 LWFA for the next 100 years. but larg￿5 those m05t In need and dellvers a stntegy whlch holds the veterans and Seryln8 personnel at the very corè of wh* we do. LEsfwE FORGEf ASSOCIATION TRUSTEES, REPORT ICONTlf4UEDI FOR THEPERIOD ENDED 31 MAROI 2025 Stat•m•nt of trust••s' re5ponslblltdes The trustee5 are responslble for preparing the Tru5tees' Report and the finandal statements IA at£ordance with applicable law and Unit*d Kingdom A(￿nting stsndards (United Ki￿d0M Generally A¢¢epted ACCOUn￿n8 Practytel. The law appllcable to charities In England and Wales r*qulres the trusttes to prepare financlal tstem•nts for each financlal year whlth Éfve a true and fair view of the state of affairs of the charity and of the In(Dmin¥ rè50urces and appllcatlon of resouros of the thailty for that period. In prep?rin8 these financlal statements, the trustees are ￿qUIred to- - 5elert sultable accourtfng pollcfies and then appty them conslstentty: . observe the methods and prln¢iples In the Charllfes SORP. . make Judgements and estbmatès that are r*•wnable and prudenL' - state whether applScabl* a¢¢ountlw48 Stand•rds been followed, suble¢t to any mateflal departyres dls¢losed and explalned In the financlal swements,. arrfl prepare the Ilnancial statements on thè goini concem ba￿$ unless It Is Inapproprlate to presume that the ¢harltv wlll COn￿nYt in operaycffj. The trustees are responslble for k*epin8 sufficlent accouniing records that dlsclose wlth reasonatle accuraty at any tlme the flnan¢5al p05Mon ol the tharity and enable them io ensure that the Inanclal statemerts comply wlth the Charltles Act 2011, the Charity IAecount5 and Reportsl Re8ul8tlon$ 2(M)8 and the provlsions of the trust deed. They are also responslble for safeguardln8 the assets of the tharlty and hence for tskln8 reasonable steps for the prevention and detethon of fraud and other Irre8ularitie5. The tru5tees' re Ort wis approved by the Board gf Trusttts. Mr S W Pascoe Date.. LEsf WE FORGET ASSOCIATION INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES OF LEsfwE FORGET ASSOCIATION OplTrlon We have audtted the financial statements of Lest We For8et Aswciation Ithe charlVI for the perfod ended 31 March 2025 which comprise the 5tstement of financial athvities. the balance sheet and notes to the financial statements. includln8 5ignlflcant accounting policies. The financial reportfng framework that has been applied In thelr preparatlon 15 applltable law and United Kin8dom Accountsn8 Standards, Includlno Flnanclal Re￿IrtIng Stsndaid 102 The Flnonciol RepDrtlng 5tandrJrd oppllcable In rhe UK and Republlc ol Ireland Iunited Kingdom G•nerally Attepted Accountin8 Prathcel. In our oplnlon. the ftnanoal 5tstements: glve a true and fair wew of the swe of the Cha￿ty,$ affaifs as at 31 March 2025 and of its Incomln8 resources and aPp1ka￿On of resoufces. fof the perlod then ended- hove been proper￿ prepared In aCCordar￿e with United Kin8dom Generalty Accepted Accoundng Practlce,. end have been prepared In ac¢ortlance with the requlrements of the tharitles Act 2011. B•sls for oplnlon We coDducled our audlt In accordance wlth Internattonal Stsndard5 on Auditin8 IUKI11&4s IUKII and appllcable law. Our responsibllitles under th05e standards arè further described in thè Audttors responslbllltres for the OL*dlt ol theflnanciolstotements 5ectlon of our report. We are independent of the charity In accordatxe wlth the ethlcal requlrements that are relevant to our audit of the financlal statements in the UL inclvdin8 the FACS Ethlcal Stsndard, and we have fulfilled our other ethical responsibili￿e$ In aCCQTdan¢è wlth these requlrtff*fits. We belleve that the audit evldence we have obtalned Is sufficient and approprlate to provide a basis for o¢Jr opinion. Concluslons rel•tlni to concern In audi￿n9 the f5nantlal staternents, we cortluded that the tNstèes' use of the 8olng concem bas15 01 accountfjn8 in the preparatton ofthe financ1￿ statements ￿ appropriate. 8ased on the work we have perfornied. we not idenylled any material untertalntles relaUn8 to èvents or conditions that, indivldually or collertlvely, may tsst signlflcant doubt on the tharlvs abllity to contlnue as a 8oln8 concein for a perlod of at least twelve months from when the rtnJncial statements are authorlsed for issue. Our responslbllltles and the responslbllltles of the trustees wlth respert to ￿1Th& concern are destr1￿ In the relevant section5 of this report. Other Snforniatlon The other Inlom)a￿oTr comprtw the infomatlon Included in the annual report other than the fina￿ lal ststements and our auditor's report thereon. The trustees are responslble for the other informatlon contsined wlihln the annual report. Our oplnlon on the linancial ststements does not cover the other Informatign and we do rnot express any form of assurante tondusion thereon. Our responsiblltty is to read the other infornmtion and. In doln8 so. consider whether the other information is matérially inconsistent with the Ilnantial 5tatanents or our knowled8e obtalned in the coutse of the audit, or othenwise appear5 to be materially misstated. If %* ￿dentIfy such material incon5iStencles or apparent material mi55¢atements. we are required to determine whether thSs i￿> Ilx Iv a tndterial Till￿101¥1¥1¥1II iii illy fiil0lKFal staiements then)sel¥e5. If, based on the work we have performed, we conclude that there is a material misststeff*nt of thi5 Other information. we are requrèd to report that fact. We h•4e nothing to report In thls regard. WE FORGEF ASSOCIATION INDEPENDENT AUOITOR'S REPORT ICONnNUED) TO THE TRUSTEES OF LEST WE FORG￿A$SOCIATIoN Mattw5 on whlch we ar• rÉqulrod to rnporthy We have nothinz to report In respect of the following matters In relatfjon to whlch the Charftles (Accounts and Re[￿rts) Ilegulattons 2008 require us to report to you if, in our opinlon.. the information 8iven in the financial statements is incon5iStent In any material ￿Spect with the trustees, r¢port.' or sufflclent accounttn8 records have not been kÈpt.' or th¢ fln•r*¢lol 5w¢ment3 are not in 4sreement with th• acrountini recordJ- or have not fecelved all the information and explanation5 we requlre for our audlt. R•sponslb511tl•s ol trustees As explalned more fully in the ststement of tru5tees' re5pon51bllltie$, the trustees are responslble for the prepaTrtion of the finandal statements and for being satisfied that they give a trne and fair view, and for such Internal control a5 the trusiees determlne Is necessary to enable the preparatfon of financlal Statements that are free from material misstatement, whether due to fraud or error. In preparin6 the finanaal ststements, the trustees are responsSble ft>r ?$5¢55ing the ¢haritV5 ability to tontinue as a 8oing concem. disdosSn8, a5 appll¢èble. Matters relattd to goin8 concern and uslng the 8oln8 concern basis of accountln8 unless the trustees either Intend to cease Opera￿on$, or have no reallsdc aliemadve but to do so. Audltor's r•spon51bllltl•s for the wdft ol the IlTh•￿Ill stal•monts We have been appolnted as auditor under sectfon 144 of the Charltt•s Art 2011 and report In èccorthnce with the Art and relevart re8ulations made or havln8 effert thereunder. Our oblectbves are to othaln I￿Sonable a￿uranCe about whether the flnancoal statements as a Who￿ are free from materlal mlsstatement, whether due to ￿u￿ or error, and to Issue an audltoes report that Indudes our opinlon. Reasonable è5surance Ss a hlgh level of assurance but 15 not a 8uarantee that an audit conthrted In •C¢0rdan¢e wkh ISAS IUKI will always detect a material misstatement when li exists. Misstatement5 gn arise from fraud or ermr and are considered matèrlal rf. indfvSdually or in the ag8re8ate, they could reasonatly be expected to influence the economlc declslons of Ltsers taken on the basls of these financlal Statements. The extent to whlch our procedures are capable of detethno irregulariife5, In¢ludln8 frnud. Is detailed below. LWWE FoRG￿ASS0cIATIoN INDEPENDENfAUDrroR'S REPORT IcoKllNUEDI TO ThE YRUStEES OF LESTWE FORGEfA550CIATIOP4 Obtsin an understandln6 of the Icrdl ènd r¢8ulatory frdffieworks applicable to th¢ ¢harity and the sector in whi¢h It operates- Review of the disclosures In the financial statem￿ and tes1in8 to support documenta￿On to asse55 compliance with provislons of relevant laws and re8ulaYon5 descrlbed as havin8 a dlrect effect on the financial ststements- Discussion wlth marta8•m•nt as to how eompli4nc• wlth th•6• laws and r•8ulations is monitor•d: Enquiries of management concernlng actual and potential liti83￿on and claim5,' Performbng analyts'cal procedures to Identlfy any unusual or unexpected felation5hlps that may Indkate risks of materlal mSs$tstem•nt due to fraud.. Reviewln8 mlnLrte5 of trustee meeYn8s and ¢orrespondeneè with regulators; Perlormin6 audlt work In connection with the risk of mana8ement override of contro15. Indudln8 te5ttng loumal èntrit5 for fea50nablene5s and evaluthng thè I)u￿ne$S raotsnalè of $18nificant transa¢tions outsldè the normal course of business. Wo also communifate r•lpvant IdoThdrtp.d and rteulayons and yttpnrfal fraud rSsk to all engavrnent team members and remaSn alert to any 1ndka￿on$ of fraud or norFcompllan¢e wlth laws and re8ulattons throughout the audlt. Our audlt approa¢h also con51d*rtd the opportunlbes and Incentl¥e5 that may exlst wlthln th* chartty for fraud and Identyfled the Kreatest po￿1￿41 lor fraud belng In resPECt ol off and completton rlsk around revenue re¢o#nltyon. Under ISA IUKI we are also require(J io underta* procedure5 ¢0 resFwd ¢0 the rlsk of mana¥e¥D¥iit IWEsrldt or corstro15. Our procedure5 Included the followlnR'. Performlng completeness t*s￿nI on a sample of ￿￿n￿CInt projects undertaken during the year Performing cut off tes￿n8 on Income Auditin8 the rlsk of management overrlde of Controls, Includln8 throu8h testlng journal entrles and othèr adlustments for approprlateness, and evaluaYn8 the business rattonale for sl8nlflcant transathons outside the normal ¢our5e of business Revi*wini tjtimotea and jydBwnents made In the •r tharrtles not to prepare a Statsment of C4sh Flows. The financlal statements have departed from the Charltles IAccounts and fteportsl Regulations 2W8 only to the extent requlred to pnjvlde a true and falr view. This departure has Involved followlng the Statement of Aecommended Practtce for tharfiles applyin8 FRS 102 rather than the verslon of the Ststemènt ol Recommended praC￿ce whlch i5 referred to in the Re8ulatk)ns but which ha5 slnce been withdrawn. The flnan¢lal ststement5 are prtpared in sterlin& whlch Is the functlonal currency of the tharfty. Monetary amounts In these financial statements are n)unded to the nearest £. The financial *atefflents have been pre￿Trd under the hSstorical cost convention, modif5ed to include the revaluatlon of the charlty's Investment portfolio. The principal accounttn8 polides adopted are set out below. 1.3 fjolng concern At the Jme of appI￿An8 the finanoal ststements. the trustees have a reasonable expectation that the harity has adÈquate resources to conttnue in operatfonal exlstence for the foreseeable fvture. Thus the trustees continue to adopt the 80in8 ￿ncern basis of accounifn8 in preparin8 the financlal statements. 1.4 Charftable funds Unrestrlcted funds are available for use at the dlscretlon of the trustee5 In furtherance of thelr charltable objeulves. 13- LEST WE FI)RGET AssoaAfioN NOTES TO THE FINANCIAL STATEMEpifs IcopillNUEDI FOR THE PERIOD END£D31 MAftal 2025 A(￿UntI￿ polldes Iconiinuedl Restrfcted funds are subjert to spKifk condition5 by don0￿ or Brdntors as to how they may be used. The purp05e5 and uses of the restricted funds are set out In the notes to the financial statements. Endowment funds are subject to spec6fic conditlon5 ￿ donors that the capltsl must be malntained by the charitv. l.S Incom• Income Is recognlsed when the charity Is le8ally entltled to It after any perfornunce condstlon5 hwe been met, the amounts can be measured reliabty. and it is probab￿ that Income wlll be received. sh donaiions are recognlsed on rncelpL thher donauons ar¢ ￿08A]Sed once Ihe charlry has bee not6fled of the donadon, unles5 performance conditions require deferral of the amount. Ineome tax recoverable in rela￿on to don•t10￿ re¢elwd underGIft Ald or deeds of ctrrtnant Is recognlsed at the time of the dOna￿on. Le8acles are recognised on receipt or otherwise if the charity has been notified of an impendln8 dIstribu￿on, rhe amount Is krth¥n. and receipt Is expected. N the amount Is noi known. the legacy Is t￿¥tea as a contlngent asset. 1.6 Exp•ndltur• Expendlture Is recc£nlsed once there Is a ￿&al or construthve obli84llon to trdnsfer economlc bfflefit to third party. It Is probable that a transfer ol economlc beneffts wlll be requlred In settlement, aAdthe amount of the obligaifon can be measured reliably. ExpendItU￿ Is cla5s1fled by actlvity- The costs of each actlvlty are made up of the total of dlr¥t costs and shared cost5, includlng support costs Invofved in undertaklng each actfvlty. Dlrect Costs attributat4e to a ngle athvlty are allocated directly to that a¢iSvity. Shared costs whlch contributè to more thanone activrty nd support costs whlch are not attrtbutable to a slngle acdvity are apporfoned between those att￿￿e$ on ba515 cons151ent wlth the ust of ie5oufces. cencrnl 5raff c0515 are allocated on Ihe basis of Ilm* 5peni, and depreclatlon charges ère allo¢ated on th* poryon of the asseys use. 1.7 Th￿￿ble Ilxd •ss•ts Tangible fixed assets are initially measured at cort and Subsequent￿ measured at COSt or valuafjon, net of depfeclatton and any impairment lo55es. Depreciatlon Is recogni*d $0 as to wrlte off the ¢0st or valuatton of as*ts less thèir residual values over their useful Ilve5 on the followlng bases: Freehold land and buildinRs Not depreaated Frtehold land and assets that had not been brought into Use by the year end art not depreclated. The 8aln or loss arisin8 on the disposal of an asset is determtned as the difference betV4een the sale procèeds and the carrying value of the asseL and is reco8nised in the Statement of financial aclivitie 14- LESf WE FoRG￿ASsoCIATIoN NOTES TO THE FINANaALSTATEMEt4TS IcoMniKJED) FOR ThTEPEAIOD ENDED31 MAR012025 Actountlne polkles Icontlrnuedl 1.8 Flxed asw In¥estm•nts Flxed a55et investments are Inlifjally measured at transacifjon price exdudlng tftnsa¢tion costs, and are subsequently measured at fair value at each reportino date. Changes in fair value are reco8nSsed In net Income/l￿PendItUTe} forthe ￿al. Transaction costs are exptnsed as incurred. 1.9 Imp•lmwnt •lfixed ￿ets At each reportlng end date. the charity reviews the carryln8 amounts of its tanglble assets to determlne whether there Is any Indlcatlon that those assets have suffered an impairment 105$. If any such Ind￿3￿On exists, the recoverable amtsunt of the assetls esiimated In onler to d￿errn1ne the extent of the ImFeirment loss Ilf any). 1.10 C•sh arml cash equlvalents Cash and cash e4uivalent5 include cash in hand, deposits held at tall wlth banks, other short-term liquid Investments wlth orlglnal maturftles of three months or less, and bank ovefdrdfts. Bank overdrafts are shown wrthln borrowlngs In current Ilablllfjes. LII FIMncl•l Imtruments The charlty has ele¢ted to appty the provlsions of Sethon 11 'Ba54c Flnancial Instruments. and Sethon 12 'Other Flnancial InslTum•nts Issues. of FRS 102 to Ill of its hnanclal Instruments. FlnancSal Instruments are recognlsed In the charfty's ba￿nce sheet when the tharlty becomes party to the ¢ontractual provlslons of the Instrument. Flnancial a55ets and Ilabllldes are offset. wtth the net amounts presented in the ftnantial statements, when there Is a legally enfof¢eable right to Set off the ret¢8nlsed amgunts and there Is an intentlon to settle on net basis or to reallse the asset and settle the Ilabilty simultaneously. Ooskflnandol assets Basic financlal assets, which Indude debtors and cash Jnd bank balan¢es. are Initlally meèsured tron5actron price inclvdln8 transaulon costs and are subsequently carried at amortised cost using the effectfve Inte￿$t method unless the arrangement ton5titute5 3 financing transac￿0￿. where the transacyon is measured at the present value of the future recelpts dIs￿nted at a market fate of Interest. Flnanclal a$5et5 cla5silled as recelvable wlthln one year are not amortlsed. 8aJlcJlnondal Ilabilltie5 Baslc flnaA¢ial liabil￿e$, Including creditors are initlalty recognised at transathon wice unless the arrangement conthtute5 a fln?ncing tran5athon. where the debt instrument Is measured at the present value trf thè future payments dlscounted at a market rate of interest. FSnanclal liabllltles cla55ified as payable wfthln one year a￿ not amortlsed. elx Instruments are subsequenily camed ￿ amornsed cost, uyn8 the effecllve Inierest rdte method. Trade creditors are obli8aYons to pay Ivr goods or seNces that have been acquired in thè ordlnwy course of pera￿0Th$ from suppliers. Am(MJnts payable a￿ dassified as current liabiltties if payment is due withln one year or less. If nth. they are presented as noTrturrent liabilities. Trade creditors are recognlsed initially at transathtsn prite and subsequently measured at amortised cost using the effethve Interest method. 15- LEST WE FORGEfASSOCIATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THEPERIQD ENDED 31 MARCM 2025 A¢￿UntI￿ polkle5 {Contlnuedl Derecoqnlth offlnandolllabllftlej Flnancial liabilities are dereco8nised when the tharitvs contractual obl1p￿On5 expire or are di5charKtd or cancelled. 1.12 Employ•• b•bMIIts The c95t of ary unused holId￿ entstlement Is reciylsed In the period In whlch the employee'5 5ervlte5 are received. Terminatton benefits are recognised immediately as an expenst when the charity 15 demonstrjblv commrtted to tem)Inaie the emp￿YMent of an employee or to provide terminatlon benefits. Crftlcal *(￿UntIng •sdmaw •nd ludymertts In the appllcatlon of the ¢hariiVs ac¢ount6n8 pollcles, the trustees are requlred to make judgements, estlmates and assumptions about the carryin8 amount of assets and liabiliyes that are ftot readily apparent Irorn other sources. The esdmates and assoclated asSuMp￿0n$ are based on historical experience other factors that are consldered to be relevant. Actual rtsults may differ from these esttmate5. The thmates and undertylng assumptlons are ￿leWed on an ongolng bas15. Revlsions to accountlng •stfmates are reco8nlsed In the period In whlch the esfjmate ts revised where the revlslon affects cnly that period. or In the perlod of the revwon •nd tuture perlods where the I￿$10ft affetts both current and future perfods. Flxed a$s•t Inwstments Investments are measured at fair value based on the external ad¥l¢e from Investment mana8er> A(cry•ls The charlty makns an estlmats of accruals at the year end based on Involces recelved after the year end and V40rk undertaken which has been Invoiced based on quotattons or estlrnate5 of am¢)unts that may b* due for payment. Incom• from don•tlons and lop&s Unrestrlcted Unwestrlrted tundi fv#dJ 2025 2023 Donatlons and glfts Le8acles receivable 9,929 75,LK)O 3.225 115,080 84,929 118,305 16- LESTWE FORGET ASSOCIA710hl NOTES TO THE FINANCIAL STATEMENTS ICOllllNUEDI FOR THEPERIOD ENDED 31 MAftCM2025 Income fyom In¥•stments Unrestrfcted un￿Strfrted lunds lunds 2025 2023 Dlvldends and Interest on mark£t 5ecurltle5 Interest recelvable on dep051ts hehl 267,379 1,162 241,371 7,819 268,541 249,190 Oth•r Incom• UrKestrltted Unrertrlrted fvnds funds 2025 2023 Royèlfjes 1,014 3.752 fxp•ndltUrn On T•151n8 fund5 Unrestrkt•d Unve5trl¢t lunds fvnd5 2025 2023 Investment mana8ement 72,242 53,371 17- LESTWE FORGET AssoaATION NOTES TO THE FINANCIAL STATEMENTS ICONnNUEDI FOR ni£pERIOO ENDED 31 MARCH2025 Exp•ndltur• on tharltsble acll¥ltles Supportlng Supportlng ¥eterans veteran5 2025 2023 DIT￿1 costs Or8anlsed concerts at yarfous re55dentfjal faCIl￿OeS RiverThames Boat Proj*rt- rlver trlps 131,128 41.341 81.9LKI 15.503 172.469 97,403 GTrnt fundln8 of athvlt6es (see note 81 298,113 81,983 s￿re ol support and <05ts {see nots g) Support overnan 8,596 20,356 2,677 14,518 499.534 196.S81 Analysls ty fund U￿reSt￿Cted funds 499.534 196,S81 18- (Esf WE FORGET ASSOCIAnoN NOTESTO THf FINANCIAL sfATEMEpifs Icop4n14UED) FOR THEPERIOD£NDED31 MAR012025 Grants Pafdb Supportlni 5upporfng vettrans 2025 2023 Grants to Instltutyons: rrso Re501utyoii Rèadlng For¢e Forgotten VeiÈran5 UK The Open Univer51ty scotty's Little SoldSers Naval Chlldren's Charlty Servlce Dogs Rpyal Star & Garter Spe¢lal Btsat Servlce ASsoda￿on Turn to Starboard MSsslon Motorsport V¢¢tor24 IFore4freel Woodland Warrlor The MERTClub GD Media Other Z6,860 30,0 7,170 io,c#Jo 17,4001 22,(X)O 18,97S 14,100 2S.OLWJ 21.446 38.854 21,198 1,288 38,0 20,000 20,000 20,OLXI 20,LKQ io,TrJo 1,755 10,8SO 298,113 81,983 19- LEsf WE FORG￿ASSIxlATION NOTESTO THE FINANCIAL STATEMENTS ICOt4TINUEDJ FOR THEPERIOD ENDED 31 MARCH 2025 2025 1023 Staff costs Other admln expenses Bank chafges Webslte and computert05t5 Travel and subsSstence Equipment expenses Prlntrng, posta8e and stèdonery Govern8nee cojt) 6,432 622 145 360 1,140 92 874 299 92 14,518 343 20,356 28.952 17.195 An4lys•d bgts¥••n: Supporknn8 ¥eterons 28,952 17,195 2025 ?o?y fjov•rn•nc• costs wmprfse: Audit fees Legal and professlon?I Trustee Indemnlty Insurance 17,940 13,8 350 368 416 20,3S6 14,518 10 Nel mo%Yment Sn funds 2025 2023 The net movement In fvnds Is stated after chargln811cTeditin81: Fees pa￿01e for the audlt ol the tharW5 ststements 11.94Q 13,8CIJ 11 Trusto•s None of the trustees lor any persons connected with them) received any remu￿rAtIon or benefits frcm th• charlty durin8 the period. LEST WE FORGET ASSOCIATION NOTESTO THE FINANCIALsfAIEMEt4TS {CONTINUED) FOR THE PERIODEIIDED31 MARCH2025 The average monthly number of employees durlng the perlod was: 2025 Number 202a Numb•r Total EmployThwnt costs 2025 2023 Wages and salartes 6,432 There were no employees whose annu41 remunerat5on was more than £￿,th￿). JJ adln• •nd Iil>w> gn lrnmtm•nts Unrestrlrt•d Unr•strlrt•d fvnds funds 2025 2023 Galnslllossesl ad51n8 on.. Revalu•tton of Investments Sale of Investments 74.2￿) 308,094 285,973 382.294 285,973 14 T•x•tton The charity15 exempt from taxatlon on Its actkntles because all Its Income Is applled for charitable purposes. IS T•n8lbl• Ilx•d assèts Fr•thddlind Addl￿On5 911,170 At 31 March 2025 911,170 C•rry1￿ •rnount At 31 March 2025 911,170 21- LEsfwE FORGEf ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONnNUEDI FOR THEPERIOD ENDED 31 MARCH2Q25 LEsted Cash In lthystmnts portfollo Cost or ￿l￿alIan AL i J4riu¥ry 2024 Addl￿On$ Valuatlon thanges Investmeni Income net ol fees Withdrawals Dlsposals 8,937.739 2,937,931 382.294 566.439 12,937,931) 9,504,178 382.294 197,569 197.569 11.775,LKK)I 11,775,OWI 4,185,781 14,185,781) At 31 March 2025 8,072,183 236,858 8,309,041 Carrylni amount At 31 March 2025 8.072,183 236.858 ,309,041 At 31 December 2023 8,937,739 S66,439 9.504,178 Flx•d asset In￿￿1n￿ rw•lu•d Flxed asset Investments comprlsin8 of UK and overseas securI￿e$ are revalued at the end of each reporting perlod by the Investmènt managèrs at market value. The histork cost ol the 5ecuriYes In the portfdio excludin4 cash at the perlod end was E7,225,79312023: £8.141,1371. UnTea115ed ylns on ievaluatlon are Induded WFthln the unre#rlcted funds ofthe charfty. 17 Debto 2025 2023 Am¢)ynts f•llhw due wlthln one year: Prepayments and accrued Income 3,188 11,964 18 Credltors: amounts due wlthln om y￿r 2025 2023 Other taxatlon and soclal 5ecurlty Accruals and d￿erred income 1.201 36,399 31,919 37,600 31,919 LESTWE FORG￿ ASSOCIATION NOTES TO THE FINANCIAL STATEMENIS {COPrnNUED) FOR THEPERIOD ENDED 31 MAR012025 19 Unrestrlrted funds The unrettrlctèd funds of the charity comprlse the ur*expended balantes of donatlons and grants which are not subject to specific coDdition5 by donor5 and grantors a5 to how ihey may be used. These include deslBnated funds which have been sèt aslde out of unrestricted fund5 by thè trustses fof 4)eciflc purposes. At l Jalm￿ry Aesource# G•lfvs and At YI M4rth 2025 General fvnds 9,547.677 354,484 1571.7761 382,294 9,712.679 Pvevloys ￿*r. At lJ•nu•ry 2023 Incom1￿ Il•sourc •xpended G•lns and At31 December 2023 General funds 9,140.409 371.247 1249,9521 285.973 9,547,677 20 E¥•nts •ft•rth• rnp0rt1￿ d•ts After the end of the perw, the chartty acqulred a freehold property for the value of £lm and a 4ot of land fr*r th• valu4 of £ll1,C￿. Furth•r d•t•lls #r• 8WI In th• Tru£t••s' Anny¥l A•port. 21 Rel•t•d p•rtytransactlons Transathons wlth related partl•s Durlng the peflod the tharity made a grant of £20,C(KJ to the MERT Club CIC. Shaun Pascoe Is a trustee of Lesi we porgei A5so¢iatton and a direttor and member of Ihe MEFtI Liub CIL. There were no dlsc105able related party transact￿n$ in the year ended 31 December 2023.