Charity registration number: 313525 ## Lord Kitchener National Memorial Fund Annual Report and Financial Statements for the Year Ended 31 March 2021 ## **Contents** |Reference and Administrative Details|1| |---|---| |Trustees Report|2 to 6| |Statement of Trustees' Responsibilities|7| |Statement of Financial Activities|8| |Balance Sheet|9| |Notes to the Financial Statements|10 to 17| |Independent Examiner's Report|18| ## **Reference and Administrative Details** |**Trustees**|Lieutenant General Sir David Bill KCB, BSc(Eng), MIinsRE| |---|---| ||Mr D E Coltman BA,ALAM| ||The Lady Emma Kitchener LVO| ||Mr C de Mattos MBA, Treasurer| ||Mr N Macfarlane BA| ||Mr P Skipworth MBA| ||Ms S. Saunders| |**Secretary**|Lieutenant Colonel M.R. Bassett BEM| |**Principal Office**|2 New Cottages| ||Old Chatham Road| ||Maidstone| ||Kent| ||ME14 3AJ| |**Charity Registration Number**|313525| |**Bankers**|National Westminster Bank Plc| ||36 Bridge Street| ||Pinner| ||Middlesex| ||HA5 HT| ||COIF Charity Funds| ||Senator House| ||85 Queen Victoria Street| ||London| ||EC4V 4ET| ||Barclays Wealth| ||Level 15| ||1 Churchill Place| ||London| ||E14 5HP| |**Independent Examiner**|Manningtons| ||8 High Street| ||Heathfield| ||East Sussex| ||TN21 8LS| Page 1 ## **Trustees Report** The Trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021. The Trustees who served during the year and up to the date of this report are set out on page 1. ## **Objectives and activities** ## **Objects and aims** The Lord Kitchener National Memorial Fund provides educational scholarships to former servicemen and women and to the sons and daughters of parents who have served in HM Armed Forces. Scholarships are currently offered to candidates who are expected to make a significant positive contribution to society and who are studying for a first degree at university in the UK. In the past, the Fund has also awarded European Scholarships to eligible candidates studying for a Master's Degree in Business Administration (MBA). Although limited funding caused such post-graduate scholarships to be suspended with effect from 2009, the Trustees aim to reinstate a limited number of post-graduate scholarships when funding permits.In the year ended 31st March 2021, there were 91 Kitchener University Scholars studying at 28 universities. ## **Public benefit** The Trustees confirm that they have referred to the guidance provided by the Charity Commission on public benefit when reviewing the Objectives and Activities of the Fund. They have further expanded the number of schools through which Scholarships are promoted in order to raise awareness of the Fund and its activities. The Trustees also aim to assist qualifying former service personnel with further education. The Trustees are satisfied that the award of scholarships to successful candidates from military backgrounds is in accordance with the objects of the Fund. Page 2 ## **Trustees Report** ## **Achievements and performance** The Trustees are delighted to report that, despite volatility in financial markets during the accounting year, the Fund was able to award 21 scholarships, three of which have been carried forward to the academic year starting in 2021. Of these scholarships, three were supported by a grant from Mid Kent College (specifically for successful applicants with a Royal Engineers parental background), one was supported by Holdfast Training Services, one was funded by BAE Systems and the final scholarship was sponsored by former scholars. The Trustees wish to record their sincere appreciation to the organisations and individual sponsors whose contributions have made a significant difference to the support that the Fund has been able to offer. ## Scholarships During much of the reporting period the country was under government lockdown restrictions as a result of the Covid-19 pandemic. These restrictions came into play prior to the exam season and understandably caused concern amongst current Kitchener scholars and candidates. The Executive Committee considered the potential impact of Covid-induced financial market volatility on scholarship funding and confirmed that the Fund could finance the planned number of scholarships without undue risk to its long-term health. However, it was decided that the normal procedure of face-to-face interviews should be replaced with online, Zoom meetings. Following tests with panel members and candidates, the feasibility of the online interview process was confirmed. Certain advantages stemmed from this process, including: - Interview panels became comfortable with the online process; - Candidates were comfortable to be interviewed from their homes and most were, by the interview dates, - familiar with using Zoom for their education; - Candidates were interviewed from their homes, saving on travel time; - The Fund’s traveling expenses were reduced; - Members of interview panels were not required to sacrifice a full working day and also did not have to travel; - Administration was reduced as a result of not having to book interview rooms and manage associated conflicts. This process enabled 52 candidates to be interviewed and, following reviews by the Scholarship Committee, 21 scholarships were awarded. Feedback from scholarship candidates was very positive and each successful candidate was awarded a scholarship of £1,500, to be used in the furtherance of their education. The Committee therefore agreed that the remote interview process should be adopted for 2021 and that it should be considered for further use in future. The Kitchener Prize, awarded to an outstanding candidate by the President, was presented to Hector Skipworth reading Earth Sciences at St Edmunds Hall Oxford. Page 3 ## **Trustees Report** ## **Financial review** Financial results for the year ended 31st March 2021 are set out on page 8 and show that as at 31st March 2021, the value of investments had increased to £2,311,580 (2020: £1,488,027). In addition, the Fund held cash of £238,071, much of which was subsequently invested in low risk, interest-bearing accounts as a reserve buffer against volatility in the Fund’s investment account. Net assets of the Fund on the 31st March 2021 amounted to £2,547,236, up 21.2% from £2,101,525 at the start of the year. Extreme volatility in financial markets during the early part of the accounting period led to a pause in investment activity. However, markets recovered strongly following a depressed start to the year, investment of the Fund’s cash resumed and the portfolio generated approximately £456,000 for the Fund, giving a return of 25.1% versus a benchmark of 24.0%. During the reporting period, the Finance Committee held three remote meetings at which the Fund’s investments were reviewed and a number of proposals were recommended to the Executive Committee. These included the adoption of a five-year budget designed to meet objectives set by the Executive Committee. The budget was presented to and approved by the Executive Committee on the 21st April 2020 and was agreed by the full Council at the Fund’s AGM on the 12th November 2020. ## **Plans for future periods** ## **Aims and key objectives for future periods** The Trustees expect to continue to rely principally on income from investments in order to cover the running costs of the Fund as well as the cost of scholarships. Although uncertainty in financial markets through 2020 led to a decline in the yield on the Fund’s investments, the reduction was not as severe as feared, with a yield of 3.2% against a long-term objective of 3.5%. Furthermore, it is envisaged that the increase in the value of the Fund will generate growth in income over time. The Executive Committee therefore elected to increase the value of each scholarship from £1,000 to £1,500 with effect from the 2020-21 financial year. Further consideration is also being given to the possibility of re-launching postgraduate scholarships within the next 36 months. The Trustees have carefully considered plans for the award of scholarships in 2021. They have concluded that the objective of awarding approximately 15 scholarships from the Fund, together with a further five from restricted funds should stand. This may result in a small drawdown of capital in the short term, but it is expected that the real capital value of the Fund’s assets will, over the longer term, be maintained. The Trustees have instructed the Chairman of the Scholarship Committee to undertake a strategic review of the process for awarding scholarships. The objectives of the review are to ensure that scholarships are available to a wide and representative range of eligible candidates and to optimise the selection process. A report was presented to the Trustees at a meeting in October 2020 and initiatives designed to meet these objectives are being pursued in collaboration with the Kitchener Scholars’ Association. The number of scholarships to be awarded will continue to be reviewed each year and external financial support for additional awards will be sought. The Trustees intend that the Fund should continue to provide appropriate support to the Kitchener Scholars’ Association and events to commemorate the first Lord Kitchener. Page 4 ## **Trustees Report** ## **Structure, governance and management** ## **Nature of governing document** The Charitable Trust was incorporated by Royal Charter dated 20th December 1919. The Trust is registered as an unincorporated charity with the Charity Commission, registered number 313525. ## Appointment of Trustees and Council A number of Council appointments are ex-officio and these are named in the Royal Charter. The remainder of the appointments to Council are by invitation. The Trustees are all members of the Council. Trustees and members of the Executive Committee may be selected from Council or from external sources in order to ensure that appropriate skill sets and experience are available to the fund. The Trustees intend to reflect society by maintaining membership principally from the Armed Services, former scholars, the legal profession and those with a specific interest in training and education. The President and Chairman are elected by the Council. There were no changes to the Trustees and Council during the reporting period. Due to Covid restrictions, no face-to-face trustee training took place during the year. However, all members of the Committee are up to date with regard to trustee training and have been guided to the HMRC and Charity Commission web sites for continuation training. Copies of the Charity Commission’s guidance on the “Duties of a Trustee” were also circulated to all Trustees electronically. Page 5 Trustees Report Re¢￿{t￿ent appoiMtn￿It of trustees A full list of Vi¢e PresidenK and Members as at the 31st March 2021 is: PRESIDEKf The Lady Emma Kitchener LVO* VICE PRESIDENTS His GTace The Lord Archbishop of CaDtetbllry His Grace th¢ ￿rd Arcbbishop of York His Eninence the Arcbbishop of Westtni The Flee Church¢s' ModeT*or The Very Rev the Chief Rabbi The Chainnan of the Baltic Excbange The Cbairman of Lloyds The Cbairrnall of the Stock Excballge MajoT General R L Peck CB. BSclEng). CEn& FICE. MIDstRE AIT Chi¢f Marshall Sir Andrew Wilson. KCB. AFC THE COUNCtL Chairnwi. The Lady Enm)a Kiiehener LVO* Treasurer. Mr Chn"stopher de Mattos MBA" Members: The Lord Provost of Aberdeen Mr R H C A5cott, MA Lieutenallt Generai SirDavid BilL KCB. BS¢(Eng)NIusiRE' Mr D E Coltw BN ALAM" The Lord Provosi of Dundee The Ri Hon the Lord Provost ofEknbwgh The Rt Hon the Lord Provosl of Gl&s8OW Lt Col David Hatoilton MBE FInsdtE Air Chief Marshal Sir Clive Loader KCB OBE Ar The Rt Hon The Lord Mayor of tA)ndon Mr N m￿farIatte. BA* Surgeon Command¢r Andrew mu￿]son RNR MP The Very Rev the Dean (Trf SL Paul's Sir Tom Phillips KCMG Mr S PiggotL MBA Ms V Provis MBA Ms S Saunders Mr P Skxpwortll MBA* * Deuotss T￿￿tee and member of the ExeeuLive comtnittee The annual rg￿rt￿&S approved by the TTUStets of the clwity on.. . 140(t 2021 . and signwj on its behalf by.. Mr C de Mattos MBA Trustee Statement of Tru5tees' Responsibilities The Trustces are resp)n5ible for prepaTing the fiDaAcial ststemthts in accordance wKth the Untted Kingdorn Accounting S¢alldards Iunifyj Killgd0￿ GeneT2lly Accq>ted Ac¢otsll¢iDg Practice) and applicable law aud reglllatiolls. The law applicable to ¢lMTities requires the TTU5tees to prtpare financial statements for each financial y& wbicb give a true atad fair view of the of affairs of the clw&ty and of the incoming resou￿e8 and application of resources of the clwity for that TKri￿. In thesc fiDan¢ial ststemenK the T￿￿teeS are requI￿d to: select suitable accountitig pTrlicies ar¥1 then apply thcm consistetitly" observe the meth(Mts and wlnciples in the CbaTities SORP. state whether applicable accountitig stalldar(Ls ha￿% follOw￿L sUbJ￿t ts) any materiol departures disclosed and explained in the fillallcial sta￿￿ents. aDd prep￿￿ the financtal statellThts on the going concern basis ullle&s it is irÈappr(wiate to presume that the charity will continue in busit The TLUStees are responsible for k¢epiDg proper acwunttng records that disclose with reasollable accw at auy lime the fllwicial position of the charsty and ellable thern to ¢Dsure ¢hat the fiDancial statetnents comply with the Charitt&% Act 2011, the applicable Charities (Accounts and RqM)rts) Regulations. alld the provisions of the ¢ollstitution. The Trustees are also responsible for ￿fegUardIng the assets of the chaTity and hence for taking TEasoDable steps for the PTEvention and d￿￿tiO￿ of fiaud and other TW￿ltieS. 14 (kt 2021 Approv¢d by the Trustees of the charity ¢)n.................... and sig￿1 on its ￿half ty. Tn￿Tte Mr C de M8ttos MBA Trustee Page 7 ## **Statement of Financial Activities for the Year Ended 31 March 2021** |**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
15
**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
15|**Unrestricted**
**funds**
**£**
17,401
58,559
75,960
(19,861)
(24,941)
(44,802)
403,553
434,711
434,711
2,077,900
2,512,611
**Unrestricted**
**funds**
**£**
802,941
35,978
100
839,019
(20,269)
(16,410)
(36,679)
(269,455)
532,885
532,885
1,545,015
2,077,900|**Restricted**
**funds**
**£**
18,500
-
18,500
-
(7,500)
(7,500)
-
11,000
11,000
23,625
34,625
**Restricted**
**funds**
**£**
11,000
-
-
11,000
-
(9,000)
(9,000)
-
2,000
2,000
21,625
23,625|**Total**
**2021**
**£**
35,901
58,559| |---|---|---|---| ||||94,460| ||||(19,861)
(32,441)| ||||(52,302)| ||||403,553| ||||445,711| ||||445,711
2,101,525| ||||2,547,236| ||||**Total**
**2020**
**£**
813,941
35,978
100| ||||850,019| ||||(20,269)
(25,410)| ||||(45,679)
(269,455)| ||||534,885| ||||534,885
1,566,640| ||||2,101,525| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 15. Page 8 (Registration number: 313525) Batance Sheet as at 31 March 2021 2021 2020 Notr Flxed assets Investrtlents 2,311.580 1.488.027 Current #Ssets Debtors Cash at bank and ill band 12 13 86 238,071 615.898 238,157 615,898 Credtthrs: Amounts fallillg due wfithiD otte ye*r Net eurreDt assets 14 2.5011 2,4001 235.656 613,498 Net 8ssets 2.547,236 2,101,525 Funds ofthe ebarity.. Restricted Income Restricted fund5 23,625 Unrestricted incon￿ funds UTJrestricted fimds Revaluation reserve 2245,050 267.561 2,213.892 135,9921 Total unrestric*d funds 2,512.611 2,077.q)O Totsl ￿￿d9 15 2,547236 2.101,525 The f￿anCIal statements on pages 8 to 17 were appmved by the TnLW and authori￿ for tssue on 14 oct 2021 . and signed on their behalf by.. Emma cheneT LVO Mr C de Mattos MBA Tn￿tte Pa8e 9 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **1 Accounting policies** ## **Statement of compliance** 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Basis of preparation** Lord Kitchener National Memorial Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ## **Exemption from preparing a cash flow statement** The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. ## **Going concern** The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Income and endowments** Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. ## **Donations and legacies** Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. ## **Investment income** Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. ## **Raising funds** These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 10 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **Charitable activities** Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## _**Grant provisions**_ Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. ## **Support costs** Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fixed asset investments** Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. ## **Debtors** Debtors are recognised initially at the transaction value. A provision for the impairment of the debtor is established when there is objective evidence that the fund will not be able to collect all amounts due according to the original terms of the receivables. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 11 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **2 Income from donations and legacies** |Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed
Regular giving and capital
donations|**Unrestricted**
**funds**
**General**
**£**
80
15,000
2,056
265
17,401|**Restricted**
**funds**
**£**
-
-
-
18,500
18,500|**Total**
**2021**
**£**
80
15,000
2,056
18,765
35,901|**Total**
**2020**
**£**
440
800,000
1
13,500| |---|---|---|---|---| |||||813,941| ## **3 Investment income** |Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments|**Unrestricted**
**funds**
**General**
**£**
763
57,796
58,559|**Total**
**2021**
**£**
763
57,796
58,559|**Total**
**2020**
**£**
3,026
32,952| |---|---|---|---| ||||35,978| ## **4 Expenditure on raising funds** ## **a) Investment management costs** |**Note**
Other investment management costs;
Administration of the investments
Allocated support costs
7|**Unrestricted**
**funds**
**General**
**£**
5,664
205
5,869|**Total**
**2021**
**£**
5,664
205
5,869|**Total**
**2020**
**£**
3,343
3,996| |---|---|---|---| ||||7,339| ## **5 Staff costs** The aggregate payroll costs were as follows: Page 12 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** |**Staff costs during the year were:**
Wages and salaries|**2021**
**£**
13,992|**2020**
**£**
12,930| |---|---|---| No employee received emoluments of more than £60,000 during the year ## **6 Expenditure on charitable activities** |**Note**
Grant funding of
activities
Allocated support
costs
Governance costs|**Unrestricted**
**funds**
**General**
**£**
20,500
300
4,141
24,941|**Restricted**
**funds**
**£**
7,500
-
-
7,500|**Total**
**2021**
**£**
28,000
300
4,141
32,441|**Total**
**2020**
**£**
19,000
500
5,910| |---|---|---|---|---| |||||25,410| ## **7 Analysis of governance and support costs** ## **Governance costs** |Independent examiner fees
Examination of the financial statements
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
2,500
1,641
4,141|**Total**
**2021**
**£**
2,500
1,641
4,141|**Total**
**2020**
**£**
2,190
3,720| |---|---|---|---| ||||5,910| ## **8 Trustees remuneration and expenses** No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses from the charity during the year. ## **9 Independent examiner's remuneration** |Examination of the financial statements|**2021**
**£**
2,500|**2020**
**£**
2,190| |---|---|---| Page 13 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **10 Taxation** The charity is a registered charity and is therefore exempt from taxation. Page 14 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **11 Fixed asset investments** ## **Other investments** |**Cost or Valuation**
At 1 April 2020
Revaluation
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Unlisted**
**investments**
**£**
1,488,027
823,553
2,311,580
2,311,580
1,488,027|**Total**
**£**
1,488,027
823,553| |---|---|---| |||2,311,580| |||2,311,580| |||1,488,027| ## **12 Debtors** |**12 Debtors**||| |---|---|---| |Trade debtors
**13 Cash and cash equivalents**
Cash at bank
Short-term deposits|**2021**
**£**
238,071
-
238,071|**2021**
**£**
86| |||**2020**
**£**
195,051
420,847| |||615,898| ## **14 Creditors: amounts falling due within one year** |ccruals
**Funds**
**nrestricted funds**
**_eneral_**
General Funds
Reserve fund|**Balance at 1**
**April 2020**
**£**
2,213,892
(135,992)
2,077,900|**Incoming**
**resources**
**£**
75,960
-
75,960|**2021**
**£**
2,501
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(44,802)
-
-
403,553
(44,802)
403,553||**2020**
**£**
2,400| |---|---|---|---|---|---| ||||||**Balance at**
**31 March**
**2021**
**£**
2,245,050
267,561| ||||||2,512,611| Accruals ## **15 Funds** ## **Unrestricted funds** ## _**General**_ Page 15 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** |**Restricted funds**
Mid Kent College
Derek Ridout
Blythe Sappers
BAE Systems
Holdfast
Individual Donations
**Total restricted funds**
**Total funds**
**Unrestricted funds**
**_General_**
General Funds
Reserve fund
**Restricted funds**
Mid Kent College
Derek Ridout
Blythe Sappers
Holdfast
Individual Donations
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2020**
**£**
8,750
1,000
875
-
7,000
6,000
23,625
2,101,525
**Balance at 1**
**April 2019**
**£**
1,411,552
133,463
1,545,015
11,750
-
875
9,000
-
21,625
1,566,640|**Incoming**
**resources**
**£**
15,000
1,000
-
1,500
-
1,000
18,500
94,460
**Incoming**
**resources**
**£**
839,019
-
839,019
-
1,000
-
-
10,000
11,000
850,019|**Resources**
**expended**
**£**
(3,000)
-
-
(1,500)
(1,500)
(1,500)
(7,500)
(52,302)
**Resources**
**expended**
**£**
(36,679)
-
(36,679)
(3,000)
-
-
(2,000)
(4,000)
(9,000)
(45,679)|**Other**
**recognised**
**gains/(losses)**
**£**
-
-
-
-
-
-
-
403,553
**Other**
**recognised**
**gains/(losses)**
**£**
-
(269,455)
(269,455)
-
-
-
-
-
-
(269,455)|**Balance at**
**31 March**
**2021**
**£**
20,750
2,000
875
-
5,500
5,500| |---|---|---|---|---|---| ||||||34,625| ||||||2,547,236| ||||||**Balance at**
**31 March**
**2020**
**£**
2,213,892
(135,992)| ||||||2,077,900| ||||||8,750
1,000
875
7,000
6,000| ||||||23,625| ||||||2,101,525| Page 16 ## **Notes to the Financial Statements for the Year Ended 31 March 2021** ## **16 Analysis of net assets between funds** |**16 Analysis of net assets between funds**|||| |---|---|---|---| |Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
2,311,580
203,532
(2,501)
2,512,611
**Unrestricted**
**funds**
**General**
**£**
1,488,027
592,273
(2,400)
2,077,900|**Restricted**
**funds**
**£**
-
34,625
-
34,625
**Restricted**
**funds**
**£**
-
23,625
-
23,625|**Total funds**
**2021**
**£**
2,311,580
238,157
(2,501)| ||||2,547,236| ||||**Total funds**
**2020**
**£**
1,488,027
615,898
(2,400)| ||||2,101,525| Page 17 Independent Examiner's Report to the trnstees of ￿rd Kitchener National Memorial Fund E reptsrt to the charity Trust¢es on my examination of the accouDts of the charity for the year ended 31 March 2021 whi¢h are set out oll pages 8 to 17. Respective respoDsibilitses tsf Trustees *nd ei•ml4er As the charity's Trustees of Lord Kitthener National McEnorial Fund you are resFKbnsible for the preparation of the accounts in accordance w¢th the requirements of the Charities A¢t 2011 ('the Act'l. J report Tn respect of my examination of the tA>rd KitcheneT National Memorial Futml's ac¢oEmts ¢aTried out UEMler s¢¢tion 145 of tbe 2011 Act and in caryl￿g out my exanjination I have followed all the appli¢able Directions given by the Charity ConLmissioD UtKlet 5ectioll 145(5Xb) of the ACL Independent exan￿er,9 statement I have Completed Tny examination. I confirn) thai no mat£rial T￿atterS have come to my attention iti cotjwtio with the exa￿l￿ation givillg ]ne (xuse to believe ally material restttt.. . accounting re¢ord5 were not kept in rcspect of KitC1M￿ National Menxorial Fund as required by section 130 of the Act- or 2. the accounts do not accord with those r￿Onts. or 3. the accounts do not comply with thE accoulltiDg requÉrements concetrrillg the forni a￿1 con*nt of accounts set out in the Charities (A¢counts aud Rewtts) Regulattons 2008 other than aDy reqllir¢m¢nt that the ac£outtts ￿ve a '¢rue and fair vic￿ wbieh is noi a matter consideffd as pan.of an independettt examination. I bave no concerns and have (x)me across no other mallets in couDection with the examiD#tion to whicb attention s]K)uld be thawll in this tr1￿ in orderto enable a proper Un(k[sts￿ of the accounts to be ￿a¢he AEJS ples BSC FCA CTA Manningtons 8 Higb Street Heathfield East Su&sex TN218LS Dat¢.. Page 18 ## **Statement of Financial Activities by fund for the Year Ended 31 March 2021** |**Income and Endowments from:**
Donations and legacies
Investment income
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**funds**
**2021**
**£**
17,401
58,559
-
75,960
(19,861)
(24,941)
(44,802)
403,553
434,711
434,711
2,213,892
2,648,603|**Unrestricted**
**funds**
**2020**
**£**
802,941
35,978
100| |---|---|---| |||839,019| |||(20,269)
(16,410)| |||(36,679)
(269,455)| |||532,885| |||532,885
1,411,552| |||1,944,437| Page 19 ## **Statement of Financial Activities by fund for the Year Ended 31 March 2021** |**Income and Endowments from:**
Donations and legacies
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Restricted**
**funds**
**2021**
**£**
18,500
18,500
(7,500)
(7,500)
11,000
11,000
23,625
34,625|**Restricted**
**funds**
**2020**
**£**
11,000| |---|---|---| |||11,000| |||(9,000)| |||(9,000)| |||2,000| |||2,000
21,625| |||23,625| Page 20 ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** |**Income and Endowments from:**
Donations and legacies (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
**Expenditure on:**
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Gains/losses on investment assets (analysed below)
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2021**
**£**
35,901
58,559
-
94,460
(19,861)
(32,441)
(52,302)
403,553
445,711
445,711
2,237,517
2,683,228|**Total**
**2020**
**£**
813,941
35,978
100| |---|---|---| |||850,019| |||(20,269)
(25,410)| |||(45,679)
(269,455)| |||534,885| |||534,885
1,433,177| |||1,968,062| Page 21 ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** |**_Donations and legacies_**
Committed giving
Committed giving
Committed giving
Committed giving
Committed giving
Legacies and bequests
Appeals and donations
Gift Aid tax reclaimed
**_Investment income_**
Income from other unlisted investments
Interest on cash deposits
**_Other income_**
Other income
**_Raising funds_**
Administration of investments
Wages and salaries
Office expenses
Printing, postage and stationery
Travel and subsistence
Scholars travelling
Scholars travelling
**_Charitable activities_**
Grants payable - individuals
Grants payable - individuals
Grants payable - individuals
Grants payable - individuals
Grants payable - individuals
Charitable donations
Insurance
Computer software and maintenance costs
Trade subscriptions
Sundry expenses
Cost of trustee meetings
Travel and subsistence|**Total**
**2021**
**£**
15,000
1,000
1,000
1,500
265
15,000
80
2,056
35,901
57,796
763
58,559
-
-
(5,664)
(13,992)
(67)
(93)
(45)
-
-
(19,861)
(3,000)
(1,500)
(1,500)
(1,500)
(20,500)
(300)
(258)
(1,278)
(65)
(40)
-
-|**Total**
**2020**
**£**
-
10,000
1,000
-
2,500
800,000
440
1| |---|---|---| |||813,941| |||32,952
3,026| |||35,978| |||100| |||100| |||(3,343)
(12,930)
(427)
(190)
(1,002)
10
(2,387)| |||(20,269)| |||(3,000)
(2,000)
(4,000)
-
(10,000)
(500)
(258)
(707)
(65)
(395)
(2,122)
(104)| Page 22 ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** |Accountancy fees
Bank charges
_Gains/losses on investment assets_
Reval reserve - Movement in value of investments|**Total**
**2021**
**£**
(2,500)
-
(32,441)
403,553|**Total**
**2020**
**£**
(2,190)
(69)| |---|---|---| |||(25,410)| |||(269,455)| Page 23