2024-04-05-accounts

1

MRS M H ALLEN TRUST

KNOWN AS

THE FORCES TRUST

(As approved by the Charity Commission)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Page 1

Page 2

Page 3 - 5

Index

Reference and Administration Information Trustees’ Report

Page 6 Independent Examiner’s Report

Page 7 Page 8

Page 9 – 12

Statement of Financial Activities

Balance Sheet

Notes to the Financial Statements

2

THE FORCES TRUST

Registered Charity No. 211529

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

Captain Andrew P.C Niekirk, R Yeo Lieutenant Colonel William D. Niekirk, R Sigs Lieutenant General Richard E. Nugee CB CVO CBE Mr Brooke E.V Bowater Mr Andrew Alderson

CORRESPONDENCE ADDRESS

Lieutenant General R E Nugee CB CVO CBE Drews Mill Devizes Wiltshire SN10 5LH

BANKERS

Rathbone Investment Management Ltd Port of Liverpool Building Pier Head, Liverpool L3 1NW

INVESTMENT MANAGERS

Rathbone Investment Management Ltd Port of Liverpool Building Pier Head Liverpool L3 1NW

INDEPENDENT EXAMINERS

Dunkley’s Chartered Accountants & Statutory Auditors Woodlands Grange Woodlands Lane Bradley Stoke, Bristol BS32 4JY

3

THE FORCES TRUST

TRUSTEES’ REPORT

The Trustees present their Report and Financial Statements for year ended 5 April 2024.

REFERENCE AND ADMINSTRATIVE INFORMATION

Details are shown on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The governing Document is the Will of Mrs Minnie Harriet Allen dated 22 February 1918. Mrs Allen died on 5 February 1924. The Trust is a registered Charity and is exempt from income tax and capital gains tax.

Working Name

The charity is registered as ‘The Mrs MH Allen Trust’; the working name of the charity is ‘The Forces Trust’.

Appointment of Trustees

The power of appointing new Trustees vests in the Trustees. The chair of trustees is responsible for the induction of any new trustee which involves a briefing on a trustee's responsibilities, the governing document, administrative procedures, the history of the trust and the philosophical approach of the charity. All trustees provide their services as trustees for free.

Key Management Personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The trustees receive no remuneration.

Related Party Transaction

There were no related party transactions during the period ending 5[th] April 2024 (2023: none).

Trustees Expenses

There were Trustee expenses of £332 in the year (2023: £310).

Risk Management

The trustees have considered the risks that the Charity is likely to face in the coming year and have identified two potential areas of risk which are mitigated as indicated:

Risk : Severely reduced income

Loss in value of investments

Key mitigating controls already in place:

If required, payments to grant recipients could be reduced or suspended

Risk: Reputation

Conflicts of interests Support to controversial causes Charges of discrimination, unfairness or breach of trust Failure to make awards in keeping with the ethos, values and objectives of the Trust

Key mitigating controls already in place:

Conflict of interest policy and meeting declarations by attendees Public statement of themes and guidelines accessible via the Trust’s website

4

THE FORCES TRUST TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES IN THE YEAR

Under the terms of the Will the Trustees shall stand possessed of the Trust Fund upon trust to pay or distribute the capital or income for such Naval and/or Military Charities or institutions and in such proportions as they may in their absolute discretion from time to time select.

The Trustees consider possible charitable beneficiaries subject to the restrictions imposed by Mrs M.H. Allen’s Will that only Naval and/or Military Charities are able to benefit from the Trust. Generally, the Trustees are more inclined, for the time being, to benefit Service Charities that assist the individual rather than those that support buildings and property.

ACHIEVEMENTS AND PERFORMANCE

The Trustees met in person in January 2024.

The funds to be distributed to mark The Forces Trust centenary were agreed to a total of £120,000. £30,000 each was awarded to Forces Wives Challenge, Forces High Ground, Walking With The Wounded and The Not Forgotten Association.

PUBLIC BENEFIT

In meeting the objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and consider that all grants made meet this guidance.

FINANCIAL REVIEW

The results for the year are shown on page 7. The charitable grants listed on page 12 were allocated during the year and were paid in the year to 5 April 2024. The total grant spend in the 2023/24 accounts is £120,000. As this is in line with the agreed annual distribution of income, the Trustees remain satisfied with the state of the Trust’s affairs. At 5[th] April 2024 the investment portfolio showed a decrease on the prior year of 4.3% (2023: decrease of 7.4%).

Reserves Policy

The Trustees have resolved that, since there was no provision made in the Will of Mrs M.H. Allen for a permanent endowment fund to be established, they are able to regard the whole of their investment portfolio together with divested Capital cash as expendable endowment for the purposes of the Trust. The Capital Fund disclosed in the Financial Statements has resulted from the original bequest together with reinvested gains and surpluses less capital costs. The Trustees usually expend the majority of the income arising year on year. The reserves policy was amended in January 2019 to increase the income available to be able to increase funds to be dispersed, to about a maximum of £50,000 a year. The unrestricted reserves held at year end are £1,608,706 (£1,562,298 in 2023).

5

THE FORCES TRUST TRUSTEES’ REPORT

Investment Policy

The investment policy had been reviewed and will be amended in line with a modified reserves policy and following advice from the Trust’s investment managers.

Professional Advisers and Bankers

Following the appointment of Rathbones Investment Management Ltd in June 2013, Rathbones continue to act as the trust’s investment managers and bankers.

FUTURE PLANS

In line with the Revised Investment Policy, the Trustees determined that if at all possible, the amounts given out to charities should remain a constant for the foreseeable future (a total of £50,000 a year), and that the funds under management should be grown as far as possible. An exception was made in 2024 with the paying out of the Centenary Fund where £60,000 was added to the £60,000 which had already accumulated in the Centenary Fund, to disperse £120,000 in grants this year.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which gives a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year. In preparing Financial Statements giving a true and fair view, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the policies are in accordance with applicable accounting standards;

• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust and which enable them to ensure that the Financial Statements comply with the applicable law. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.

R.E. Nugee (Trustee) A.P C Niekirk (Trustee) W. D Niekirk (Trustee) B.E.V Bowater (Trustee) A. Alderson B.E.V.Bowater Esq (Trustee) B.E.V.Bowater Esq (Jan 21, 2025 18:54 GMT)

Date: 17/01/2025

6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MRS M H ALLEN TRUST, OPERATION UNDER THE NAME “THE FORCES TRUST”

I report to the charity trustees on my examination of the accounts of Mrs M H Allen Trust, operating under the name ‘The Forces Trust’ (“the Trust”) for the year ended 5 April 2024.

RESPONSIBILITIES AND BASIS OF REPORT

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 Act and in carrying out my examination I have followed all 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:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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.

Matthew Dobbins FCA Dunkley’s Chartered Accountants & Statutory Auditors Woodlands Grange Woodlands Lane, Bradley Stoke Bristol, BS32 4JY

Date 2025 21/01/2025

Fu[thV￿aT•rthdSA￿￿l2D24 Fvilhvy•wvnthdSAprfl2024 ¢¢nc￿ry F￿d F￿d ¢otht Fur Fund Furtd Ntrtts Notes G¢JWtrmmeml5t¢¢s OtherFlxedlnteres15tocks 359 eTtsmeThtSiocks hherFiied1nie￿$tSlo¢k$ 19 J.109 I.WL 47A93 10.507 J,109 52¥9 9,362 62.749 1.109 52259 8362 6Z749 47.493 LknrtTrusL% 9,362 02.749 Deposttlnierest DewsltlThteiest Tot4lln¢ome 59.6EQ 62,749 Totillncom .749 62,749 ExpBndltute Experdltsrp Inwe5tm￿￿iManageThenlF￿e5 In%￿s￿enI￿anagerne￿tFe￿5 Charitab￿Grants Bankcharge elltirExpvn5•5 OthllTE¥pEndilure 120.0 o.mo 40,000 40.000 40,000 Bankchaig MlletingExplln5llS (hherExpvndiiui AccDUnlancYa￿1￿thPU￿&￿EXaTh￿atlO￿f 310 J55 155 310 I,Mo 1.0 2.￿0 2760 157.30BI 163,212 Is7,￿& P5.402J 178, RcabÈÈdlGaln5llL055ts0nIm￿￿￿￿5 12&402J 178,944 178. TD•1EAp￿dIturt i￿),0 13.252 211,029 TotilExprr￿l1UI 169.494 41.535 211,Q29 NetlhcOthtl(EKp¢ttdllu￿I 106.W5 ii>).ofy)I 40A06 1142801 Ntllrt¢me1lExpehd￿Uttl 11614941 2J.2X4 IXO2801 745 59.9 10.745 iio.woi Fuftds16Apr112423BrowthtFon¥4td Im4m4 117,844 1.7JQ.5T8 Fund5•16ApM12022BMyshtF¢r￿rd 48325 10&630 1.7Jg.578 ds•*OAprf12424CathedhrtY4Yd IA93.184 IW522 i.r•X.700 1.562.298 FuMth4t6WI2023&thedForwatd 1.384.384 070 IX7.8I4 1.562.298

8

17/01/

B.E.V.Bowater Esq B.E.V.Bowater Esq (Jan 21, 2025 18:54 GMT)

9

THE FORCES TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1. ACCOUNTING POLICIES Accounting convention

These accounts have been prepared for the year to 5[th] April 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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) (Charities SORP FRS 102) issued in 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees to make significant judgements and estimates. The principal item in the accounts where a judgement or an estimate has been made is in respect to estimating future income and expenditure flows to enable the Trustees to assess the impact of global events on the charity’s financial position and going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements and in light of the recent Covid-19 pandemic and subsequent global events. While the Trust’s income may be impacted, the Trust is able to exercise a significant degree of control over its expenditure. The Trustees will continue to keep both income and expenditure under review.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income, it is probable that it will be received and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Governance and administration costs are apportioned equally between the capital and income funds, investment management fees are allocated wholly to the capital fund and grants awarded are allocated wholly to income funds. Grant expenditure - a constructive obligation for grants payable exists once it has been communicated to the recipient. Upon the obligation existing, where payment is probable and can be measured reliably, the entire grant is accounted for in the Statement of

10

THE FORCES TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

Financial Activities, less any amounts that rely upon the recipient meeting performance-related conditions.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Investments

Quoted investments have been valued at market value at the Balance Sheet date. Unrealised and realised investment gains and losses are shown net in the Statement of Financial Activities. Realised gains and losses are calculated by reference to the original cost and the sale proceeds.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The Trustees have resolved that, since there was no provision made in the Will of Mrs M.H. Allen for a permanent endowment fund to be established, they are able to regard the whole of their investment portfolio together with divested Capital cash as expendable endowment for the purposes of the Trust. The Capital Fund disclosed in the Financial Statements has resulted from the original bequest together with reinvested gains and surpluses less capital costs. It was agreed in January 2019 that the Trust would set up a Designated Fund under the title of the Centenary Fund, to be invested and reported on as a separate part of the overall investments so that in 2024, the centenary of the death of Mrs M H Allen, a much larger than normal fund would be available to disperse.

Statement of cash flows

The financial statements do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a statement under the Charities SORP FRS 102.

li The ForcesTrust Note5tothe Financial StaterneThts AI 5AprlL2024 2. Investments 2024 2023 Marketvaiue 6AprilBrought Forward Cosiof Investments acquired Proceeds of Investments sold 1,546,489 1.677B17 147.902 1334.8811 81,T24 {59.510J 1186.9801 1.359.509 22214 1.700,031 Net cash investedlldisinvestedl Realised gainslllossesl in theyear UnreallsedEalnslllossesllntheyear 57,308 63.212 25,402 (178.944J 120.521 1153,542) Marketvalue 5Aprll2024 1,480,030 1,546,489 3. Cash Balances Capital Fund Income Fund 2024 Toial 2023 Brokers'Accounts 131.241 131,241 2.077 2,077 133,318 133,318 20,722 Brokers'Accounts 2023 17.326 3.396 20.722 4. Credltors Capltal Fund Income Fund 2024 Total 2023 Aetountancyand IndependentExaminers fee Investment Manager's Fee 1.000 1.321 2.321 1.000 1.321 2.321 2,000 2,130 2.783 4.913 Credltors 2023 2,457 2.456 4,913 5.Tru5tee5 Trustees relmbursementforoutol pocket expenseswas £33212023.. £3101. Notrustees were paid anyremufieration or recewe anybenefitfrom the charity. 6. Related PartyTr8iisactlons Therewere no related partytransactions duringthe ending 5thApril 202412023.. none). 7. StaflRemuneration No staffwere emplyed bythe Charltydurlngthe perlcd endlnE 5th Apr11202412023.' none).

12 The ForcesTwst Noiestoihe FlnanclalSi￿eMe￿lS AtSAprlL2024 8. CharitableGrants Charity Number 2024 2023 Forces Wiveschallenge CIC Care forveterans Houndsfor Heroe$ Forces High Ground w3lkingwiihTheWounded Scoty's Llttie Soldlers The Not Forgotten Associatlon INFAI 1197 1072334 1134359 30,000 8,OOQ 5,OOQ 7.OOQ 12.OOQ 30.000 30.000 115W7 1170528 1150541 8,000 30.000 0,000 40,000 9. Funds Capiial Fund Cefflenary Fund Income Fund 2024 T￿81 Funds at6ApriI2023BroughtFo￿2rd Incorne ExpendTLuTe Reaii5edlUnreaii5ed Gains onlnve5tments Transferbetween Funds 1.384.384 60,070 117,844 59,660 11,3071 1.562.2Ag 59.660 1133.7721 120.520 112.4651 120,520 745 1120,0001 59.930 180.8751 Funds ai 5Aprll 202d Carrled For¢4ard 1.493.184 115.522 1.fj08.706 10. NetAssetsofthe Funds Capital Fund Centenary Fund Income Fund 2024 Total Investments CurreniAssets 1.364.2 128.920 115.766 124dl 1.480.030 128.676 Funds at5Apr112024Carried Forward 1,493.184 115,522 1.60B,706 Capital Futhd Centenary Fund Income Fund 2023 T￿al Investments 1.369.515 14.869 60,070 116,904 94D 1,546,469 15.809 CurrentAsset5 Funds at6Apri12023BroughtFoThvard 1,384,384 60,070 117,844 1,562,298