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2023-03-31-accounts
Patron Her Majesty the Queen (Until 8 September 2022)
Honorary Vice Presidents Air Vice Marshal R Paterson CB, OBE,ADC, DL
Vice Presidents Lt Col A Middlemiss DL (retired April 2022)
Lt Col H. Cowan (retired April 2022)
Lt Gen SirAlistair Irwin KCB CBE(retired April 2022)
Mr I C Stewart Hunter
Mr D Keith Rabertson
Mr M Noble (appointed December 2022)
Chairman Ms S Wilson (appointed December 2022 and re'linquished rale
September 2023)
Mrs C Sutherland Hawes (appointed
co-Chair		 September 2023)
Mr G Gray (appointed co-Chair September 2023)
Deputy Chairmen Mr CCook (relinquished role September 2022)
Ms ICampbell-Lu pton (appointed December 2022)
Committee Of Directors And Sole Trustees Mr M Noble (Resigned December 2022)
Mr G Gray
Mr N McLennan
Ms S Wilson
Mr CCook
Ms ICampbell
Lupton
Ms C Grant
Mrs C Sutherland-Hewes
Mrs LHadley-Stove (Resigned December 2022)
Mr C Middleton (Resigned March 2023)
Mr M Young
Ms K Lindsay
Chief Executive Mrs Laura Falconer
Charity number (England and Wales) 310992
Charity number (Scotland) SC038722
Principal address The Melting
Pot
1SCelton Road
Edinburgh
Scotland
EHB BDL
Auditor Myers Clark
Egale 1
80StAlbans Road
Watford
Hertfordshire
WD17 1DL

Page
Committee OfDirectors And Sole Trustees' repart 1-9
Statement af committee
of directors and sole trustees'		 10
responsibilities
independent auditar's report 11 —14
Statement of financial actiufties 15 —16
Balance sheet 17
Notes to the financial statements 18-34

Unrestricted Restricted Endowment Total Total
funds funds funds 2023 2022
Notes 6 6 6
I cornea de owmentsfro
Donations
and
&vestments		 legacies 2
3		 23,087
255		 258,658 122,532 281,745
122,787		 288,805
126,506
Other income 4 450,000 2,213 (450,000) 2,213 73,940
Total income 473,342 260,871 (327,468) 406,745 489,251
Raising funds .5 119,512 23,237 142,749 122,692
Chadtable
activiges		 6 411„468 278,408 689,876 573,326
Total resources expended 530,980 301,645 832,625 696,018
Net gain/(loss) on investments 12 5,414 (274,455) (269,041) 341,553
Net movement in funds (52,224) (40,774) (601,923) (694,921) 134,786
Fund balances at 1April 2022 5,651 191,030 4,387,440 4,584,121 4449,335
Fund balances at 31March 2023 (46,573) 150,256 3,785,517 3,889,200 4,584,121

Unrestricted Restricted Endowment Total
funds funds funds 2022
I
o
e		 owments fr
Donations
and		 legacies 56,160 232.645 288,805
Investments 116 126,390 126,506
Other income 235,917 21,023 (183,000) 73,940
Total income 292,193 253,668 (56,610) 489,251
Exp~turir
oru
Raising funds 122,692 122,692
Charitable
activities		 363,351 2D9,975 573,326
Total resources expanded 486,043 209,975 696,018
Net gain/(loss) on investments (68) 341,621 341,553
Transfer between
funds		 313,236 (333,236)
Net movement in funds 119,318 43,693 (28,225) 134,786
Fund balances at1April 2021 (113,667) 147,337 4,415,665 4,449,335
Fund balances at 91sr(arch 2022 5,651 191,030 4,387,44D 4,584,121

2023 2022
6 f
Fbred assets
Investments 3,872,005 4,614,126
Current assets
Debtors 9,734 8,115
Cash at bank and in hand 93,263 79,398
102,997 87,513
Creditors: amounts falling due wfthin 16
one year (85,802) (117,518)
Net current assets/(liabg ines) 17,195 (30,005)
Total assets less current liabiTities 3,889,200 4,584,121
Capital funds
Endowment funds
Endowment funds - general 3,785,517 4,387,440
income funds
Restricted funds 150,256 191,030
Unrestricted funds (46,573) 5,651
3,889,200 4,584,121

Unrestricted Restricted Total Total
funds funds 2023 2022
Donations and gifts 23,087 258,658 281,745 288,805
Forthe year ended 31March 2022 56,160 232,645 288,805
Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
E E f f. E
Income fram listed
investments 122,532 122,532 126,390 126,390
Interest receivable 255 - 255 116 — 116
255 122,532 122,787 116 126,390 126,506
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Unrestricted }testricted Total Total
funds funds 2023 2I}22
6 6
Costs ofgenerating voluntary income
Direct costs 69,852 69,852 69,049
Support 8Igovernance costs 26,582 23,237 49,819 28,129
Costs ofgenerating voluntary income 96,434 23,237 119,671 97,178
investment management fees 23,078 23,I}78 25,514
119,512 23,237 142,749 122,692
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ZOZ3 2022
f f.
Grants to individuals 91,993 80,019
91,993 80,019
B Support Btgovernance costs
2023 2021f
SUPPORT COSTS
Staff costs 130,715 105,366
Recruitment
and staff development		 4,836 6,171
Premises expenses 8,240 24,483
PR, mariretfng
and Annual		 Review 1,640 13,835
Printing, stationery, postage and phone 1,518 2,189
Trave
Iling		 3,710 1,413
Other 8,546 4,437
Accountancy 3,888 4,626
Computer Br office equipment costs 6,402 5,523
GOVERNANCE
COSTS		 9,185 17,848
178,680 185,891
Analysed between
Fundraising 49,819 28,129
Charitable activities 128,861 157,762
178,680 185,891

The average
monthly
nu
year was:		 mber af employ ees
(he		 ad cou nt b ased on number
of staff employed)
du		 ring
the
2023 2022
Number Number
Raising funds
Charitable
activites
Support and Governance
13
Employment
costs		 2023 2022
f f
Wages and salaries 372,273 324,216
Sodal security casts 33,342 26,376
Other pension casts 13,652 12,838
419,267 363,430
There was one employee (2022- 1)whose annual emoluments were f60,000or more. one full time
employee
was on secondment		 in 2022 in furtherance of the education programme.
The number of employees whose annual remuneration was f60000 or more
were:
2023 2022
Number Number
f60,001tof70,000 1
f70,001ta f80,000

Vnrestricted Endowment Total Total
funds funds 2023 2022
f general
8
Revaluation of investments 5,414 (274,45S) (269,041) 341,553
Forthe year ended 31March 2022 (68) 341,621 341,553

13 Tangible grsed assets
Fixtures ssd Computers
nninsr
f
Cost
At1April 2022 869 2,976 3,845
At 31March 2023 869 2,976 3,845
(7epreciation
and impairment
At 1April 2022 2,976 3,845
At 31March 2023 869 2,976 3,845
Canying amount
At 31March 2023
At 31March 2022,
14 Fixed asset investments
2023
f		 2022f
Cost or valuation
At 31March 2022 4,614,126 4,414,791
Withdrawn
Valuation
changes		 (473,080)
(269,041)		 (142,218)
341,553
At31lviarch 2023 3,872,005 4,614,126
Inlpairment
At31March 2022
At 31March 2023
Canying amount
At 31March 2023 3,872,005 4,614,126
At 31March 2022 4,614,126 4,414,791
2023 2022
investments
at fair value comprise:
Investment
assets held		 in the VK 2,542,474 3,295,884
Investment
assets held outside the UK		 1,329,531 1,318,242
3,872,005 4,614,126

14 Fixed asset investments (Continued)
2023 2022
Investments
representing
aver 5%by value of portfolio comprise:		 6
JPMargan
Fund iCVC JPM US Equity Income C Net Ois		 224,974 235,654
FPWHES Asset Management
Funds Sustalnabifity		 Fund 8Acc (less than 596
this year) 290,457
Aberdeen
Asian income Fund Shares		 235,898 253,786
Natixis investment
Funds
UKICVC Laamis Sayles US Eqty Leaders)A		 USO Acc
(less than 5% in 2022) 194,766
655,638 779,897
Fixed asset investments
revalued
Fixed asset investment
are valued at market value at the year end.
The historical cost ofthe fixed asset investments
is 62,958,588(2022:E3,179,602).
Fixed asset investments
include cash held awaiting		 investment of f270,831(2022-f150,150).
15 tsebtors
2023 2022
Amounts
falling due within one year.		 6
Prepayments
and accrued income		 9,734 8,115
16 Creditors: amounts
falling due within one year
2023 2022
6 6
Other taxation and social security (381) 10,234
Accruals and deferred income 86,183 107,284
85,802 117,518

Movement Movement in funcls
Balance at1 incoming Resources Revaluations Release from Balance at31
April 2022 resources expended gains and unapplied March 2023
losses totalretum
fund /
Transfers
E E E f.
Permanent endowments
Sale ofthe school 4,387,44D 122,532 (274455) (450,DDD) 3,785,517
4,387,440 122,532 (274455) (450,DDD) 3,785,517
Balance at1 incoming Movement
in funds prior per'iod
Resources
Revaluations		 Release from Balance at31
April 2021 resources expended gains and unapplied March 2022
losses total return
fund /
Transfers
Permanent endowments
Sale ofthe school 4,124.922 126,390 319,128 (183,00D) 4,387,440
Expendable endowments
Legacy 290,743 22,493 (313,236)
4,415,665 126,390 341,621 (496,236) 4,387,440

Movement
in		 Movement
in		 funds current year
Balance at1 incoming Resources Balance at 31
April 2022 resources expended March 2023
6 6 6 6
ABFThe Soldiers Charity 24,973 26,000 (40,604) 10,369
Queen Victoria Sch QVS —Lighthouse 1,000 (1,000)
Scottish Children's Lottery 2,171 2,171
Paul Hamlyn 6,448 30,000 (36,448)
Board Game (967) [967)
The Veterans Foundation Grant 20,000 (20,000)
The D Oyle Carte 3,500 (3,500)
Veterans Scotland 62,416 (36,419) 25,997
Ground
Work		 1,000 1,000 (2,000)
Brit+ FGN 5,977 16,037 (9,335) 12,679
Armed Forces covenant Fund Trust Funding —YM)vi 109,381 72,720 907,094) 75,007
Armed
Forces Covenant		 42,047 28,198 (45,245) 25,000
191,G30 260,871 (301,645) 150,256

Movement
in		 Movement
in		 funds prior period funds prior period
Balance et1 Incoming Resources Balance et31
August2021 resources expended Marcf( 2022
E E E E
ABF The Soldiers Charity 24,973 24,973
Cash For Kids 1,820 (1,820)
Scottish Children's l.ottery 2,171 2,171
Persimmon
Homes		 1,000 (1,000)
Awards
For A!I		 5(736 (5,736)
Paul Hamlyn 30,000 (23,552) 6(448
Board Game 18,696 (19,663) (967)
The Veterans Foundat)on Grant 7,50D (7,5DD)
Veterans Scotland 5,960 14,798 (20,758)
Ciene BrTait (Tillyloss) 1,002 (L002)
Ground
Work		 1,000 1,000
Brit+ FGN 6,624 15,000 (15,647) 5,977
The National Lotte(y Community Fund - Young Start 20,400 (20,4DD)
Armed
Forces		 Covenant Fund Trust Funding - YMM 41,855 160,423 (92,897) 109,381
Armed
Forces		 Covenant 42,047 42,047
147(337 253,668 (209,975) 191,030
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FO R THE Y&lRBUON 31AfARCH R THE Y&lRBUON 31AfARCH R THE Y&lRBUON 31AfARCH R THE Y&lRBUON 31AfARCH 2D23
20 Analysis ofnet assets between funds
Unrestricted Restricted Endowment Total
funds funds funds
f f
Fund balances at 31March 2023 are
represented by;
Investments 86/88 3,785,517 3,872,005
Current assets/(liabilities) (133,D61) 150,256 - 17,195
(46,573) 150,256 3,785,517 3,889,200
Unrestricted Resbtcted Endowment Total
funds funds funds
f f f
Fund balances
at.		 31March 2022 are
represented by;
investments 226,686 4,387,440 4,614,126
Current assets/(liabilities) (221,035) 191,030 — (30,005)
5,651 191,030 4,387,440 4,584,121
21 Permanent Endowment
Endowment Unapplied Total
Fund Total Return Endowment
Fund
f f
At 1April2022
Sale ofschool 2,600,000 2,6D0,000
Unapplied total return 1,787,440 1,787,440
Total 2,600,000 1,787,440 4,387,440
Movements
to 31March 2023
investment return - dividends 122,532 122,532
!nvestrnent return —malised Bsunrealised gains (274,455) 274,455
(151,923) 151,923
Unapplied total return allocated to income in the year (450,000) (450,000)
Net movements in the year (601,923) 601,923
At 31March 2023
Sale ofschool 2,600,000 2,600,000
Unapplied total return 1,185,517 1,185,517
2,600,000 1,185,517 3,785,S17

2023 2022
6 6
Within one year 10,402

2023
6		 2022f
Aggregate compensation 73,557 69,676