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 2025** **Index** **Page 1 Index Page 2 Reference and Administration Information Page 3 - 5 Trustees' Report Page 6 Independent Examiner's Report Page 7 Statement of Financial Activities Page 8 Balance Sheet Notes to the Financial Statements** **Page 9-12** THE FORCES TRUST Registered Charlty No. 211529 REFERENCE AND ADMINISTRATION 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- resigned 2110112025 CORRESPONDENCE ADDRESS Lieulenanl 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 1 NW INVESTMENT MANAGERS Rathbone Investment Management Ltd Port of Liverpool Building Pier Head Liverpool L3 1NW INDEPENDENT EXAMINERS Dunkley'¥ Chartered Accountants & Statutory Auditors Woodland5 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 2025. ## **REFERENCE AND ADMINISTRATION 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 2025 (2024: none). ## **Trustees Expenses** There were Trustee expenses of £398 in the year (2024: £613). ## **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 THE FORCES TRUST TRUSTEES, REPORT OBJECTIVES AND ACTIVITIES IN THE YEAR Under the lemis of the Will the Trustees shall 5tsnd poss8ss8d of the Trust Fund upon trust to pay or distribute the capital or Income for such Naval andlor Military Charities or Inslkulions and in such proportlons as they may in their absolute discretion from bme to lime select. The Trustees consider possible charitable beneficiaries subject to the Teslrictions irnposed by Mrs M.H. Allen's Will that only Naval andlor Military Charities are able to benefit from Ihe Trust. Generally. the Trustees are more inclined, for the time belng, to benefit Service Charities that assist the irsdividual rather than those that support buildings and propety. ACHIEVEMENTS AND PERFORMANCE Th8 Trustees mel in person in January 2025, where il was agreed that the Trust should target disbursement lo charity beneficiaries of £50,000 a year for the next 3 years. PUBLIC BENEFIT In meeting the objèctives, the Trustees have given careful consideration lo the Charity Commission's general guidance on public bgneh"t antt Consider that all grants made meet this guittance. FINANCIAL REVIEW The results for the year are shown on page 7. The charitable grants listed on page 12 were allocated during the year 8nd were paid in the year to S April 2025. Thc total grant=pend in the 2024125 a¢counts is £50,000. As this is in line with the agreed annual distribution of income, the Trustees remain satisfied with the stsle ol the Trust's affairs. At 5th April 2025 the investment portfolio showed a decrease on the prior year 01 a.9% (2024: decrease of 4.3%). Reservès Pollcy Thp TrustFes have resolved that. since there waj no provi8K)n made in the Vvill of Mr3 M.H. All¢n for a pemanenl endowment fund lo be established. they are able lo regard the whole of their Investment portfolio together with divested Capital cash as expendable endowment for the purposes of the Trust. Ihe iapiial Fund disclosed In the Financial Slatemenis fjas resulted from the orfglnal bequest togeiher with reinvested gains and s￿￿1￿seS 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 inwme available to be able lo increase funds to be dispersed. to about a maximum of £50,000 a year. The unrestricted reseNes held al year end are £1,372,4931£1,608,706 in 20241. Investrnent Policy The investment policy had been reviewed and will be amended in line wllh a modified TeseTves policy and followng advice from the Trust's investsnenl managers. Profe$slonal Advisers and Bankers Following the appoinlmont of Rathi)ones Investment Management Ltd in June 2013, Rathbones continue lo act as the trust's investment managers and bankers. THE FORCES TRUST TRUSTEES, REPORT FUTURE PLANS In line wtth the Revised Investment Policy. the Truslggs delemiined that if al all possible, Ihe amounts given out lo charities should remain a constsnt for thg for9segablg future la lolal of £50,000 a y&arl, and that the funds under rnanageFnenl should ba grown as far as po55iblo. An •xcgption was mad8 in 2024 wlh the paying out of the Centenary Fund where £60,000 added lo the £60,000 which had already accumulated in the Centenary Fund. to disp8rse £120,000 in grants this yeaf. STATEMENT OF TRUSTEES. RESPONSIBILITIES Tho trustees a￿ responsible for preparino the Irusleès. report and accounts in 8ccord8nce with applicable law and United Ksngdom Accounting St8nd8rds Iunlted KSngdom Generally Acc8pted Accountsng Practice). Law applicabl8 to charib.es in England and Wales requlres the Trustses lo prepar& Finanoal Statements lor èath financial year which gives a true and fair view of the Trust's financi81 activities during the year and of ils financial position al the end of ihe year. In preparing Financial Staterngnis giving a true and fair view, the Trustees are required lo.. Sol&ct su(Éabl8 accounting policies and then apply them consistently.. make judgements and estim8tes that are reaSona￿e and prudenl., state whether the policies are In accordance with applic8bl8 accounting Standards., prepare the Financial Statements on the going concern basis unlèss it ss inappropriate to presumè that thg Trust will contlnue in operation. Th8 T￿1$1￿9$ ara r&gpon$ible for ke•ping prop•r a¢¢ounting records which di8cIogo w4th r¥asonoblc accuracy the financial position ol the Trust and which enable Ihem lo &nsure that the Financial statements comply with thé appli¢ablg law. They are also responsiblg lor safeguarding the assets of the TTUSt and hence for iaking rea30nable 3teps for tha prov*ntK>n and doteGtion of fraud an irregularities. R.E. Nuye• A.P C Niekirk W. D NS•kirk .E.V B¢wai•r (Trustsel (Truste81 (Trustee) ITrust•8} /1 12J.i.¥¢SL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MRS M H ALLEN TRUST, OPERATION UNDER THE NAME'THE FORCES TRUST" I report lo the charity Iruslees on my examination of the accounts of Mrs M H Allen Trust. operating under the name 'The Forces Trust, I"Ihe Trusl'l for the year ended S April 2025. RESPONSIBILITIES AND BASIS OF REPORT A5 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 I'lhe Acfl. I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in caTrying out my examination I have followed all applicable Diieth'ons given by the Charity Commission under section 145151(b} of the Act. INDEPENDEKf EXAMINER'S STATEMENT I have complèted my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as requlrèd by sectlon 130 of the Act., or the accounts do not accord with those records.. or the accounts do not comply with the applicable requirements con¢ernlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a true and fair view which is not a matter ¢onsidertsd as part of an Independent examination. I have no concerns and h8ve come across no other matters in connection with the examination lo wnich attention should tre (Jrawn in ihis report in order to enaDie a proper understandlng of the accounts lo be reached. Matthew Dobblns FCA Dunkley's Chartered A¢¢ountants & Statutory Auditors Woodlands Grange Woodlands Lano. Bradley Stoke Bristol. BS32 4JY Dato 2025 2610112026 Ip o ¢¥ vi The F•￿esT￿51 Balonce Sheet At SAprll2028 Note Capltol Fund Incorne Fund 2025 2024 Iiwe5rnient5 1.348.165 1.848.185 l.t180.030 CurreniAsseis C3$1I at Bank 27.260 1.468 28.728 133.318 Creditors 3.538 882 4.420 NetCurreniAsseis 23,722 588 24.308 128.676 1,371.907 586 1.372.493 1,608, 706 Repfe$entlTh& Capital Fuiid IllvÈSln)entfuiid .371,90", 1.371.907 1,493.1&' lllcorne Funds Ceiiteiiary Incom* 586 115.522 Fund BaloAees 9,10 I.371.￿7 586 1.372.493 1,6Q8,7Q6 All Funds are unr**iiGted The Thote$ ofi pa￿3 9 to 12 form part ofthese FITh Istatements Approbed byTrLisrees 01) 2026 A.PC Niekirk W.D t4iekirk A.E Nugee B.E.V Bov4ater THE FORCES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ACCOUNTING POLICIES Accountlng convontlon These accounts have been prepared for the year to 5th April 2025. The accounts hav9 boen prepared under the historical cost convention with items recognised al cost or transaction value unlèss otherwise stated in the relevant accounting poll¢ies below or the notes to these accounts. The a¢¢ounts have begn prepared in accordance with Accounting and R8POrting by Charitiès.. Slalemenl of Recommerided Practice applicable lo charities preparing their accounts in accoidance with the Financial Reporting Standard appiicable in Ihg UK and Republic of Ireland (FRS 1021 (Charities SORP FRS 102} issued in 2019. the Financial Reporting Standard applicable in thg UK and Republic of Ireland {FRS 1021 and the Charities Acl 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. Critlcal accounting estimats$ and area$ of ludgomont Preparats"on of tho financial statements requires the trusiees io make signifjcantjudgements and estimates. The principal item in the accounts where a jud9eTnent or an e51imale has been made is in respect lo estimating future income and expenditure flows to enable the Trustees lo assess tho impact of global events on the charity's financsal position and going concern (see below). Assessrnent of going conctm The Iruslees have assessed whether the use of the going concem assumption is appropriat& in prèparing these financial statemftnts. The trustees have made this assessmanl in respect to a period of one year from tho date of approval of these financial ststemenls and in light of the rgcenl Covid-19 pandemic and subsequent global events. Whilg th8 Trust's income may be imp8Cted, the Tru3t 13 able to ex¢r¢i3$ a si9nifieant de9rec of control over its expendituro. Th Trustèes will eontinu8 to keep both income and expenditure undèr ￿vIeW. The trustees of the charlty have GonGluded that theTe are nu ttidleridl uiib¥itaiiitie$ Iglated (o events or conditions that m8y cast significant doubl on the abillty of the charity lo continue as going concern. The truste&s are of the opinion that the chaAty will have sufficient resources to meet ts liabilities as they fall du8. In￿me All income is included on the Slalement of Flnan¢Sal Activities when the charity is legally entitled lo the income, it is probable that it will be received and the amount can be quantified with reasonable accuracy. Exp•ndlturn Expendilure is recognised oncg there is a legal or constructive obligation lo transfer economic bengfit lo a third party, it is probable that a Iiansfer of economic benefi15 will be requlred in setuernent and the amount of the oblwJation can be measured reliably. Governance and administration costs are apporboned equally tse￿een the capital and income funds, invostment management fees are allocated wholly to the capital fund ar+d grants awarded are allocated wholly to income funds. Grant expenditu￿ - a constructive obligation for grants p8yable exists once it has been wmmunuted to the recipient. Upon the obligation existing, where payment Is probable and can be measured reliably, the entlre grant Is accounted for in the Statsmenl of io THE FORCE8 TRUBT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Financial Activities. less any amounts that rgly upon the recipignt meeting performancerfelated conditions. Taxatlon The charity is exempt from corporation lax on ils charitable activities. Invastm8nt$ Quoted investments have been valued at maTket value at thè Balance Sheet d8te. Unrealised and realised investment gains and losses are shown net in the Statement of Financial Activities. Reallsed gains and losses are calculate(J by reference to the original ¢o$t and the sale proceeds. Ca$h at bank and In hand Cash at bank and in hand represents such accounts and instruments that a￿ available on demand or have a maturity of less than three months from the date of acqulsillon. Credltors and provlslons Creditors and provisions are recognised when there Is an obligation al the balance sheet date as a result of a past event, il is probabl& that a transfer of economic benefit will be require¢J in settlement, and the amosjnt of the settlement can be estimat￿ reliably. Creditors and provisions are recognised al the amount the charity anticipates il will pay lo settle the debt. They have been discounted lo the present value of the fubJre cash paymeril where such discounting is material. Fund accountlng The TrLtslees have resolved that, since there was no promsion made in the Will of Mrs hA.H. Allen for a permanent endowment fund lo be established. they are able lo regard the whole of thelr investment portfolio together with dtvesled Capital cash as expendable gndowrnent for the purposes of the Trust. The Capital Fund disclosed in the Financial Slalements has resulted from thè origingl b•qu•st tog&th•r with r•inv•sted gains and surpluse$ less ¢spital costg. It was aor&•d in January 2019 that the Trust would set up a Designated Fund under the lille 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 Fl Allon. a much lar9•r thars normal fund would be available to disperse. ststèmènt of ea$h Ilow$ The financial statements do not Include a ststemenl of cash flows because the charity is exernpl from the requirement to prepare such a statement under the Charities SORP FRS 102. li NotNt•th• A TranGl•lSt•t•m•Nts AtSAprf12025 2. lTr¥estments Marketvalue 6A?rilBrou8htFoN4&rd Co$tof Inve$tmeTht$ acqulred PrDceedsol IrNestments sold 1.480.030 IN6,489 538,639 Id43,8051 I47.￿2 (334,881) Netcash in¥estEdlldisirfftstedl Aealised8ainsllioss8slintr*yeè¥ Unreallsed4ainsll105sesllntheyear 1,57Jl,864 1.359.509 25,311 1251.99Ql 57,308 63212 1226,6791 126.521 HO￿*tV•1U*sAPrfl202s 1,348,185 1,480,030 Cash BaianGes Capltal Fvnd n¢pm• 2025 2024 Fund Broker$'Accounis 27,260 27,2GO 28,728 28.728 J33,318 8rokers'Accounls2024 131242 2,077 1&9.318 4.CTedltOfS Capltal Fund Income Fund 2025 Total 2024 AccoUntancyandli￿epeThIeni Exarnintrrsleè im*simeni ManagerfsFee 882 2,656 3,S28 1,764 2,656 4.420 2.000 2.642 Ciedltor52024 2.321 2.321 4.6d2 &Trystees Trusttres reimbursementfortyjiof po¢ketexpenseswasÉ39812024.. £6131. Notrust¢e5WIEre ￿ldaNyrem￿￿¥atlon0r rece￿ arybei)efitfrom tt￿CharIty. l. Related P•rtyTraTr￿GlIo￿l Tl*iewere no reLitedpartytr4nsactlonsthwingtheendi￿sthApri12o2sI2o2a.' Th)nel- 7.StthRemuneratlon Nostaff WerteMp￿dbYthe C￿￿4tyL*j1IrfIheWd0dendEng5thApr1I2O2Sl2O24.' nl￿e1. 12 Th*F**r6•JTru•t Notejtothe Rnan¢lalStatqm?rts At5Aprf12025 8. Chafft•bleG*•nt* 2025 I*C•mp•nyl Numb•r ForcesWl¥esChallerfeCIC w1wf0rwarr￿r5 HouNJsforHeroe$ HighGroJndP¥oie¢ts Limited Walki￿W￿[hew0uThde￿ The PoppyF?¢tory TheNotFor8ottenAssociqibnlNFAI *11976449 1148093 1134359 1151225 1153497 25348 1150541 io,ooo 3Q,000 10,0 12,3C¥J 30.000 30,000 2,700 io,oTr) 30.0Tr) 120,000 O. Funds Caplt•l Fuad InG•rn• Fund 2025 Fund5at6ApK112024Brou8htFonvard Incorne Expendrtyre RealisedlUnrealssedGalnsl liosseslonlnvestmenrs Translerbetvleen FuThJ5 1,493.184 115.522 55,729 153,4821 1.608,7C 55,787 165,3211 1226,6791 111,839 1226,6791 L17,L83 1117.1831 Fu*xl$at5AplK¢2025Carr￿dFO*w￿rd 1.371,W7 [372.493 10. NetA$5etS0fihÈF￿Nd* Capital Fur*d In¢•me FuTrd 202S Tot•l Investments CurreritA5sets 1.348.185 23.722 1,348,185 24,308 Fund$ai5Apri12025 Carried Forn¥ard 1.371.907 L372,493 Capital Fund Income Fund 2024 T•t•l IrjYestr￿nts CurrentAsse¢s 115,7S6 441 IA80,030 128.676 128,920 Fund5ai6AptA20248roughiFo