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2024-12-31-accounts

CHARITY REGISTRATION NUMBER: 230090

Lord Kitchener Memorial Holiday Centre Unaudited financial statements

31 December 2024

Lord Kitchener Memorial Holiday Centre

Financial statements

Year ended 31 December 2024

Page
Trustees' annual report 1
Independent examiner's report to the trustees 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10

Lord Kitchener Memorial Holiday Centre

Trustees' annual report

Year ended 31 December 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and administrative details

Registered charity name

Lord Kitchener Memorial Holiday Centre

Charity registration number 230090 Principal office 10 Kirkley Cliff Lowestoft Suffolk NR33 0BY

The trustees

The trustees who served during the year and at the date of approval were as follows:

Mr J Stone (Chair) Mr T Byrne MBE (Vice Chair) Mr K Smith (Resigned) Mrs C Wall (Resigned) Mr A Jacobs (Resigned) Mrs M Pettinger (Resigned) Mr J Murphy Mr J Dexter (Appointed 13 January 2025) Mr S James (Appointed 13 January 2025) Mr H Brown-Sanyari (Appointed 13 January 2025)

General manager Mr D Ashworth Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

Bankers HSBC 34 London Road North Lowestoft Suffolk NR32 1EN

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Lord Kitchener Memorial Holiday Centre

Trustees' annual report (continued)

Year ended 31 December 2024

Objectives and activities

The Lord Kitchener's Memorial Holiday Centre exists to provide holidays, respite, and wellbeing support for veterans of the Armed Forces and their families. Our mission is to honour Lord Kitchener's legacy by offering a place of rest, recuperation, and fellowship in a supportive and welcoming environment.

As proud members of COBSEO and PIVS (Pride in Veterans Services), we ensure that our activities remain aligned with the wider veterans' welfare sector and that we contribute positively to the wellbeing of those who have served.

Achievements and performance

Beneficiaries

In 2024, the Centre welcomed 432 veterans and 380 family members, providing holidays and opportunities for companionship, reflection, and recovery.

Activities and Engagements

The Centre also represented veterans at major community and military events, including:

We were privileged to host guest speakers including Phil Campion (on the SAS in West Africa) and John Pettinger (on the Falklands War).

Our volunteers proudly took part in the Veterans Banger Rally around the UK, raising awareness of the Centre and the services we provide.

Ongoing Veteran Support

Awards and Recognition

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Lord Kitchener Memorial Holiday Centre

Trustees' annual report (continued)

Year ended 31 December 2024

Financial review

The charity's finances remained stable throughout 2024, enabling us to deliver our programme of holidays, welfare activities, and community events.

We are grateful for the generous support received during the year, including:

This external funding, alongside other income streams, allowed us to maintain operations and deliver support to hundreds of veterans and their families.

The Trustees are satisfied that the charity is in a sound financial position, with reserves sufficient to continue operations into 2025.

Income and surplus

The total net income for the year was £199,175 and expenses were £198,612. Total surplus for the year was £563. This was a reduction on the previous year 2023 which showed a greater surplus.

Further, individual donations received, and monies raised through fund raising events by the Volunteer Committee have increased on the previous year.

Events such as the veterans and blue lights breakfasts, comedy nights and the summer ball are well attended and continue to support the charity both with the funds raised at the events, and the PR gained as a result of them.

Expenditure

Cost of sales have decreased; however, this would be expected in line with decreased sales. Costs such as food and drink were monitored and managed carefully by the Managers, as were prudent purchases of sundry expenses. Laundry cleaning costs continue to be scrutinised and it is felt there are more efficient ways of managing these costs, so a new supplier is being sourced for the future. Utility costs continue to rise in line with room use and increases imposed by the utility companies.

Repairs and maintenance remain a major expense at £17,818.

Staff salaries remain the biggest costs at £88,338.

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Lord Kitchener Memorial Holiday Centre

Trustees' annual report (continued)

Year ended 31 December 2024

Financial review (continued)

Reserves policy

The Trustees aim to maintain unrestricted reserves equivalent to at least three months' operating costs to ensure the Centre's financial resilience and ability to continue delivering services during unforeseen events.

Free reserves as of 31 December 2024 amounted to £9,681 (2023: £11,346).

Restricted funds at the 31 December 2024 amounted to £3,324 (2023: £nil).

The Trustees continue to manage cashflow closely, with an emphasis on ensuring available funds to cover overheads during the quieter months from October to March.

The level of maintenance required year on year is variable and the Trustees and Managers endeavour to prioritise the work required (depending on health and safety, maintaining the building infrastructure, alongside that required to ensure minimum impact on income) in line with cash available.

When priority work, such as window replacement, has been completed it is hoped that reserves can be built up and restricted funds re-introduced for the future protection and investment of the charity.

Principal funding sources

The principal funding source of the charity is from providing accommodation to ex-servicemen as well as to the public. This is likely to remain the majority source of income moving forward.

Donations are gratefully received although the expectation is that some of the larger ones will no longer be made available in future years. The Trustees are endeavouring to replace these from other military charitable sources.

Funding from events such as the breakfasts and the summer ball remain an important income stream which help to cover overheads.

Investment policy

The Trustees consider that there are no funds available for long term investments and have decided to place available funds for replacement of windows.

Consideration is being given as to the possibilities of how we fund the renovations going forward which will include borrowings. There is a considerable value in the building, and it may be a possibility as some of the rooms also need renovation.

Plans for future periods

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Lord Kitchener Memorial Holiday Centre

Trustees' annual report (continued)

Year ended 31 December 2024

Structure, governance and management

Governing document

The charity is regulated by a Scheme of the Charity Commissioners dated 7th January 1919. Registered with the Charity Commissioners under number 230090.

Recruitment, appointment and training of Trustees

Trustees shall be persons who through occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity.

The Lord Kitchener's Memorial Holiday Centre is governed by a Board of Trustees. During 2024, several changes took place:

We record our gratitude to our retiring Trustees for their commitment and leadership, which have greatly contributed to the Centre's success.

It is a challenge recruiting trustee and volunteers in general. The search continues with a focus on an appropriate diversity of trustees.

Risk management

The Trustees review key risks annually, focusing on health and safety, data protection, and financial sustainability. Appropriate measures are in place to mitigate these, including comprehensive insurance, staff and volunteer training, and robust governance procedures.

Organisational structure

The trustees oversee the operations of the charity when deemed necessary, but the employment of the Centre manager and his wife who ensure that the centre continues to deliver the high standards previously set.

True and fair override

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Independent examiner

A resolution to reappoint Mark Proctor of Lovewell Blake LLP as independent examiner for the ensuing year will be proposed at the Annual General Meeting.

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Lord Kitchener Memorial Holiday Centre

Trustees' annual report (continued)

Year ended 31 December 2024

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr J Stone (Chair) Trustee

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Lord Kitchener Memorial Holiday Centre

Independent examiner's report to the trustees

Year ended 31 December 2024

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Mark Proctor FCA DChA Independent Examiner

Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

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Lord Kitchener Memorial Holiday Centre

Statement of financial activities

Year ended 31 December 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 32,703 30,000 62,703 64,511
Charitable activities 5 109,252 – 109,252 131,667
Other trading activities 6 26,909 – 26,909 13,619
Investment income 7 311 – 311 217
------------------------------- -------------------------- ------------------------------- -------------------------------
Total income 169,175 30,000 199,175 210,014
=============================== ========================== =============================== ===============================
Expenditure
Expenditure on raising funds:
Costs of other trading activities
8		 8,615 – 8,615 –
Expenditure on charitable activities 9 163,321 26,676 189,997 200,739
------------------------------- -------------------------- ------------------------------- -------------------------------
Total expenditure 171,936 26,676 198,612 200,739
=============================== ========================== =============================== ===============================
Net income and net movements in funds
before gains and losses on investments (2,761) 3,324 563 9,275
Net (losses)/gains on investments 10 85 – 85 (32)
------------------------------- -------------------------- ------------------------------- -------------------------------
Net income and net movement in funds (2,846) 3,324 478 9,307
=============================== ========================== =============================== ===============================
Reconciliation of funds
Total funds brought forward 129,293 – 129,293 119,986
------------------------------- -------------------------- ------------------------------- -------------------------------
Total funds carried forward 126,447 3,324 129,771 129,293
=============================== ========================== =============================== ===============================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form part of these financial statements.

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Lord Kitchener Memorial Holiday Centre

Balance sheet

31 December 2024

2024 2023
Note £ £
Fixed assets
Tangible fixed assets 15 114,928 116,024
Investments 16 1,838 1,923
------------------------------- -------------------------------
116,766 117,947
Current assets
Stocks 17 2,132 2,150
Cash at bank and in hand 16,743 14,733
-------------------------- --------------------------
18,875 16,883
Creditors: Amounts falling due within one year 18 5,870 5,537
-------------------------- --------------------------
Net current assets 13,005 11,346
------------------------------- -------------------------------
Total assets less current liabilities 129,771 129,293
------------------------------- -------------------------------
Net assets 129,771 129,293
=============================== ===============================
Funds of the charity
Restricted funds 3,324 –
Unrestricted funds 126,447 129,293
------------------------------- -------------------------------
Total charity funds 19 129,771
===============================		 129,293
===============================

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Mr J Stone (Chair) Trustee

The notes on pages 10 to 18 form part of these financial statements.

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements

Year ended 31 December 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 10 Kirkley Cliff, Lowestoft, Suffolk, NR33 0BY.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

(d) Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

(e) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture and fittings - 25% reducing balance Motor vehicles - 15% reducing balance Equipment - 15% reducing balance Lift - 20% reducing balance

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Depreciation (continued)

Freehold property is not depreciated because the Trustees consider that the estimated net realisable value is in excess of its current net book value.

(h) Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations (See below) 32,703 – 32,703
Grants
Grants – 30,000 30,000
-------------------------- -------------------------- --------------------------
32,703 30,000 62,703
========================== ========================== ==========================
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations (See below) 62,581 – 62,581
Grants
Grants 1,930 – 1,930
-------------------------- ------------- --------------------------
64,511 – 64,511
========================== ============= ==========================

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

4. Donations and legacies (continued)

Donations of £32,703 (2023: £62,581) have been broken down into the following:

2024 2023
£ £
Royal Air Force Benevolent Fund – 2,000
ABF The Soldiers – 10,000
Lowestoft Council 400 2,000
Ferrara Donations 4,000 –
Orient Lodge 1,250 –
Other Donations 27,053 48,581
-------------------------- --------------------------
32,703 62,581
========================== ==========================
5. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Room income 109,252 109,252 131,667 131,667
=============================== =============================== =============================== ===============================
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Fundraising events 20,437 20,437 11,594 11,594
Bar income 6,472 6,472 2,025 2,025
-------------------------- -------------------------- -------------------------- --------------------------
26,909 26,909 13,619 13,619
========================== ========================== ========================== ==========================
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Investment income 311 311 217 217
============= ============= ============= =============
8. Costs of other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Cost of fundraising events 8,615 8,615 – –
====================== ====================== ============= =============

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

9. Expenditure on charitable activities

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Provisions and overheads 63,550 – 63,550
Staff costs 63,338 25,000 88,338
Rates & water 2,660 – 2,660
Electricity, gas & fuel 17,631 – 17,631
Repairs & maintenance 16,142 1,676 17,818
------------------------------- -------------------------- -------------------------------
163,321 26,676 189,997
=============================== ========================== ===============================
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Provisions and overheads 78,368 – 78,368
Staff costs 88,497 – 88,497
Rates & water 3,845 – 3,845
Electricity, gas & fuel 13,092 – 13,092
Repairs & maintenance 16,937 – 16,937
------------------------------- ------------- -------------------------------
200,739 – 200,739
=============================== ============= ===============================
10. Net (losses)/gains on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Unrealised gain/(loss) on Investments (85) (85) 32 32
============= ============= ============= =============
11. Net income
Net income is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible fixed assets 2,066 2,422
====================== ======================
12. Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,340 1,215
====================== ======================
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024 2023
£ £
Wages and salaries 88,045 88,497
Social security costs 293 –
-------------------------- --------------------------
88,338 88,497
========================== ==========================

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

13. Staff costs (continued)

The average head count of employees during the year was 7 (2023: 7). The average number of full-time equivalent employees during the year is analysed as follows:

2024 2023
No. No.
Manager 1 1
Cook/Housekeeper 1 1
Cleaners 1 1
Assistant cook 1 1
Waitresses 3 3
------------- -------------
7 7
============= =============

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

14. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

15. Tangible fixed assets

Land and Fixtures and Motor
buildings fittings vehicles Equipment Lift Total
£ £ £ £ £ £
Cost
At 1 January 2024 108,948 90,493 2,500 34,580 5,896 242,417
Additions – – – 970 – 970
------------------------------- -------------------------- ---------------------- -------------------------- ---------------------- -------------------------------
At
31 December 2024 108,948 90,493 2,500 35,550 5,896 243,387
=============================== ========================== ====================== ========================== ====================== ===============================
Depreciation
At 1 January 2024 2,986 86,394 375 30,763 5,875 126,393
Charge for the year – 1,025 319 718 4 2,066
------------------------------- -------------------------- ---------------------- -------------------------- ---------------------- -------------------------------
At
31 December 2024 2,986 87,419 694 31,481 5,879 128,459
=============================== ========================== ====================== ========================== ====================== ===============================
Carrying amount
At
31 December 2024 105,962 3,074 1,806 4,069 17 114,928
=============================== ========================== ====================== ========================== ====================== ===============================
At
31 December 2023 105,962 4,099 2,125 3,817 21 116,024
=============================== ========================== ====================== ========================== ====================== ===============================

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

16. Investments

Other
investments
£
Cost or valuation
At 1 January 2024 1,923
Additions –
Fair value movements (85)
----------------------
At 31 December 2024 1,838
======================
Impairment
At 1 January 2024 and 31 December 2024 –
======================
Carrying amount
At 31 December 2024 1,838
======================
At 31 December 2023 1,923
======================
All investments shown above are held at valuation.
17. Stocks
2024 2023
£ £
Raw materials and consumables 2,132 2,150
====================== ======================
18. Creditors: Amounts falling due within one year
2024 2023
£ £
Trade creditors – 4,122
Accruals and deferred income 3,116 1,415
Social security and other taxes 2,754 –
---------------------- ----------------------
5,870 5,537
====================== ======================

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

19. Analysis of charitable funds

Unrestricted funds

Transfers,
At 1 Jan Gains and At 31 Dec
2024 Income Expenditure Losses 2024
£ £ £ £ £
Accumulated Fund 129,293 169,175 (171,936) (85) 126,447
=============================== =============================== =============================== ============= ===============================
Transfers,
At 1 Jan Gains and At 31 Dec
2023 Income Expenditure Losses 2023
£ £ £ £ £
Accumulated Fund 108,105 210,014 (200,739) 11,913 129,293
=============================== =============================== =============================== ========================== ===============================
Restricted funds
Transfers,
At 1 Jan Gains and At 31 Dec
2024 Income Expenditure Losses 2024
£ £ £ £ £
The Veterans Foundation – 25,000 (25,000) – –
Geoffrey Watling Charity – 5,000 (1,676) – 3,324
------------------------------- ------------------------------- ------------------------------- -------------------------- -------------------------------
– 30,000 (26,676) – 3,324
=============================== =============================== =============================== ========================== ===============================
Transfers,
At 1 Jan Gains and At 31 Dec
2023 Income Expenditure Losses 2023
£ £ £ £ £
Maintenance of Home Reserve 11,881 – – (11,881) –
------------------------------- ------------------------------- ------------------------------- -------------------------- -------------------------------
11,881
===============================		 –
===============================		 –
===============================		 (11,881)
==========================		 –
===============================

The Veterans Foundation represents funding towards the salary of the General Manager.

Geoffrey Watling Charity represents funding towards the upgrade of the heating system.

The Maintenance and Home Reserve related to past donations in respect of repairs. As these donations have all now been spent, the fund balance was transferred back to general funds in 2023.

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Lord Kitchener Memorial Holiday Centre

Notes to the financial statements (continued)

Year ended 31 December 2024

20. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tangible fixed assets 114,928 – 114,928
Investments 1,838 – 1,838
Current assets 16,190 3,324 19,514
Creditors less than 1 year (6,509) – (6,509)
------------------------------- ---------------------- -------------------------------
Net assets 126,447 3,324 129,771
=============================== ====================== ===============================
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Tangible fixed assets 116,024 – 116,024
Investments 1,923 – 1,923
Current assets 16,883 – 16,883
Creditors less than 1 year (5,537) – (5,537)
------------------------------- ------------- -------------------------------
Net assets 129,293 – 129,293
=============================== ============= ===============================

21. Related parties

Mrs C Ashworth, wife of Mr D Ashworth is employed by the charity. Mr D Ashworth was not part of the recruitment decision and remuneration is determined by the Trustees.

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