Annual Report 2024
Includes Report and Accounts for year ended 31 July 2024
*. KEM
Contents
Trustees’ Report - 4
Independent Examination - 7
Receipt and Payment Account - 9
Balance Sheet - 10
Notes to the Accounts - 11
The Veterans Association | Page 3
Trustee Report
The Trustees of the Veterans Association are pleased to present their annual report for the year ended 31 July 2024. This year has been transformative for our charity, marked by significant growth in income and service delivery.
Achievements and Impact
This year has marked a major milestone in the Veterans Association’s journey. We proudly opened our first Community HUB, a welcoming space dedicated to supporting the wellbeing of local veterans. The HUB now offers in-house counselling services, providing vital mental health support in a safe and familiar environment. In addition, it serves as a vital point of contact for signposting and advice on issues such as employment, homelessness, and any other challenges that a veteran or their family member might face. We also launched our weekly coffee mornings, which have quickly become a cornerstone of our community outreach. Through these gatherings, veterans are able to enjoy free membership and complimentary coffee, fostering a sense of belonging and camaraderie. These initiatives reflect our growing capacity to deliver meaningful, person-centred support and build a stronger, more connected veteran community.
Fundraising and Financial Growth
Thanks to the extraordinary efforts of our fundraisers and the generosity of our donors, our income increased by 359% compared to the previous year. This success enabled us to scale up both our operations and support services. We are deeply grateful to everyone. Our fundraisers, staff, volunteers, and supporters, who contributed to making this such a successful year.
Page 4 | The Veterans Association
Looking Ahead
Looking to the future, we have ambitious plans to expand our impact and reach even more veterans across the UK. In the coming year, we aim to launch Emergency Grants to provide critical financial support to veterans in urgent need. We are also planning to open an accessible sensory garden, creating a therapeutic outdoor space that promotes wellbeing. As part of our national outreach, we will begin working directly in more communities, extending our support beyond the local area.
To sustain this growth, we intend to expand our online and regular giving programmes, and will be actively working to grow our team, which currently includes just two full-time staff members alongside our incredible volunteers, contractors, and trustees. Importantly, we recognise that the majority of this year’s income came from oneoff donations. This makes it essential that we renew our fundraising efforts to match or exceed this year’s financial success.
We are therefore committed to developing more sustainable, longterm income streams to secure the future of our services and allow for responsible growth. In support of these aims, we intend to engage extensively in fundraising, marketing, and advertising over the next five years to raise awareness of our mission and generate essential funds for our work. By investing in our people and infrastructure, we aim to offer greater, more consistent support to those who have served.
The Veterans Association | Page 5
Financial Report
The financial results for the year ended 31 July 2024 reflect a period of exceptional growth and expanding activity for the Veterans Association. Total income reached £920,113, a substantial increase from £199,232 in the previous year. This rise was driven by a successful combination of fundraising initiatives and increased public awareness.
Income Breakdown
Income was sourced from a diverse range of streams, including:
Face-to-Face Donations: £677,226 Cash Donations: £196,902 Café and Shop Sales: £6,134 Legacies and Donations: £18,590 Online Donations: £11,261 Grant Income: £10,000
While this diversity has strengthened the charity’s financial foundation, it is important to note that a significant portion of income this year—particularly face-to-face and cash donations—was one-off in nature. These generous but irregular contributions helped achieve a record-breaking year, yet they also underscore the need for more sustainable and recurring revenue streams.
Going forward, the Veterans Association will prioritise developing consistent sources of funding—such as regular giving programmes, grant partnerships, and digital fundraising—to build financial resilience and long-term impact.
Income Breakdown
Café Cash Donations Legacies and Donations Online Face to Face Donations Grants
Page 6 | The Veterans Association
Expenditure Overview
Total expenditure for the year was £873,600, comprising:
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Charitable and Support Services: £395,200
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Fundraising and Marketing: £345,176
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Administrative Expenses: £133,224
While expenditure increased in line with income, it reflects the charity’s strategic investment in frontline service delivery and infrastructure to support long-term sustainability.
Financial Position
The charity ended the year with a net surplus of £46,513, a significant improvement on the £17,326 surplus recorded in 2023. As of 31 July 2024, the Veterans Association held total reserves of £63,839, up from £17,326 the previous year, with no outstanding liabilities. This surplus and growth in reserves demonstrate prudent financial management and position the charity strongly for the year ahead.
Conclusion
The Trustees are satisfied with the charity’s financial performance in 2024. Income growth has been matched by the scaling of activities and strategic investment in services, all while maintaining a solid reserve base. The Veterans Association will continue to monitor expenditure closely and work to grow regular and online donations, ensuring long-term operational stability and increased impact. Looking ahead, the Trustees will also explore financial risk management strategies and remain committed to transparent reporting to stakeholders in order to maintain public confidence and trust.
Expense Breakdown
Charitable and Support Services Fundraising, Marketing and Advertising Administrative Expenses
The Veterans Association | Page 7
VETERANS ASSOCIATION
Independent Examiner’s Report
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 July 2024.
As the charity trustees of the Trust, 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 Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
WCK Accountancy 17 Edison Road Eastbourne BN23 6PT
12 March 2025
Page 8 | The Veterans Association
VETERANS ASSOCIATION
Receipt & Payment Account
for the year from 1 August 2023 to 31 July 2024
| Receipts Direct costs Gross excess of receipts over payments Administrative expenses Excess of payments over receipts |
2023 £ 2022 £ 920,113 199,232 (740,376) (141,143) |
|---|---|
| 174,598 58,089 (133,224) (40,763) |
|
| 46,513 17,326 |
The Veterans Association | Page 9
VETERANS ASSOCIATION
Balance Sheet as at
31 July 2024
| Assets Fixed Assets Current Assets Capital, Reserves and Liabilities Excess of receipts over payments Creditors amounts falling due within one year Creditors amounts falling due after one year |
2023 £ 2022 £ - - 63,839 17,326 |
|---|---|
| 63,839 17,326 |
|
| 63,839 17,326 - - - - |
|
| 63,839 17,326 |
The financial statements were approved and authorised for issue by the Trustees’ on 12 March 2025, and are signed on its behalf by:
Kris Williams Trustee
Page 10 | The Veterans Association
VETERANS ASSOCIATION
Notes to the Accounts
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
The Veterans Association | Page 11
VETERANS ASSOCIATION
Detailed Receipts and Payments Account for the year from 1 August 2023 to 31 July 2024
| Turnover Café and Shop Cash Donations Face to Face Donations Legacies and Donations Online Donations Grant Income Direct Costs Fundraising and Marketing Charitable and Support Services Administrative expenses Office Salaries Rent and Rates Printing and Stationery Travel and Subsistence Repairs and Maintenance IT Software and Consumables Accountancy Advertising and Marketing Bank Charges Running Costs Legal Fees Excess of receipts over payments Excess / (Deficit) |
2024 2023 £ £ 6,134 - 196,902 - 677,226 199,232 18,590 - 11,261 - 10,000 - |
|---|---|
| 920,113 - 345,176 141,143 395,200 |
|
| 740,376 141,143 29,498 - 26,856 15,933 8,939 6,781 20,531 2,080 5,479 7,503 2,063 2,095 2,460 2,005 2,989 107 1,102 84 29,031 4,175 4,276 - |
|
| 133,224 40,763 |
|
| 46,513 17,326 |
Page 12 | The Veterans Association
I happened to stumble across the Veterans Association, it took a lot for me to walk in as I wouldn’t normally consider doing this. I’m so glad I did as I was immediately welcomed. They listened, they empathised and they understood where I was coming from. They have done nothing but help me, as they would for any Veteran and I appreciate their support immensely.
www.theveteransassociation.org
Veterans Association: 0800 3 101044
Registered Charity No. 1199584