Charity registration number: 313525
## Lord Kitchener National Memorial Fund
Annual Report and Financial Statements for the Year Ended 31[st] March 2023
## **Contents**
|**Contents**||
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 15|
|Independent Examiner's Report|16|
## **Reference and Administrative Details**
**Trustees** The Lady Emma Kitchener LVO, President Lieutenant General Sir David Bill KCB, BSc(Eng), MIinsRE Mr Derek Coltman BA, ALAM † Mr Christopher de Mattos BSc(Eng), CEng, MIMechE, MBA, Treasurer Mr Nicholas Macfarlane BA Mr Simon Piggott MA (Cantab), MBA, MSc * Ms Victoria Provis BA, MBA * Mr Paul Skipworth MEng (Hons), ACGI, MBA Ms Susan Saunders BA (Hons) **Secretary** Lieutenant Colonel Mervyn Bassett BEM **Principal Office** 2 New Cottages Old Chatham Road Maidstone Kent ME14 3AJ **Charity Registration Number** 313525 **Bankers and Investment Advisors** National Westminster Bank Plc 250 Bishopsgate London EC2M 4AA COIF Charity Funds CCLA Fund Managers Limited 1 Angel Lane London EC4R 3AB Barclays Investment Solutions Limited Level 15 1 Churchill Place London E14 5HP **Independent Examiner** Manningtons 8 High Street Heathfield East Sussex TN21 8LS
† Mr Derek Coltman resigned as a Trustee and Member of the Executive Committee on the 4[th] November 2022.
* Mr Simon Piggott and Ms Victoria Provis were appointed Trustees and Members of the Executive Committee on the 26[th] April 2022.
Page 1
## **Trustees’ Report**
The Trustees present the annual report together with the financial statements of the charity for the year ended 31[st] March 2023. 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 (“LKNMF” or the “Fund”) provides educational scholarships to former servicemen and women and to the children 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 a university in the UK. In the past, the Fund also awarded European Scholarships to eligible candidates studying for a Master's Degree in Business Administration (MBA). Limited funding caused such post-graduate scholarships to be suspended with effect from 2009, so the Trustees are pleased to announce that a limited number of post-graduate scholarships are again being offered from the 2023-24 academic year. In the year ended 31st March 2023, there were 94 Kitchener Scholars studying at 32 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 continue to explore and expand 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.
## **Achievements**
The Trustees are delighted to report that, despite volatility in financial markets during the accounting year, the Fund was able to award 30 scholarships. Of these, 20 were funded by the Fund, five were paid by Annington Homes, four were supported by a grant from Blythe Sappers (specifically for successful applicants with a Royal Engineers parental background) and one was funded by BAE Systems. At the request of a scholar, one award was held over to the 2023-24 academic year to enable them to take a gap year. 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**
There was a decline in the number of applicants to the LKNMF this academic year compared to previous years, with 83 applicants registering an interest and applying for scholarships. The decline in numbers may have been due to the drag from COVID continuing. However, the Fund continues to attract very good quality candidates demonstrating strong academic records and breadth of extracurricular activities. Applications continued from across all three services and ranks, with two applications from serving soldiers. From those qualified to apply, 56 were short-listed for interviews.
The Executive Committee decided to cancel face to face interviews for the foreseeable future. As the last two years’ remote interviewing has been a complete success, it was decided to formally accept the newly established system. Following these changes, the Executive Committee directed that a full review of the overall selection process be conducted.
During the year, the Scholarship Policy was reviewed by the Chair of the Scholarship Committee and the Secretary and a revised Application Form was designed, to reflect more accurately qualifications such as Scottish exams and the International Baccalaureate and also to enable the capture of more information of a contextual, social mobility and diversity nature.
Page 2
## **Trustees’ Report**
The following documents were considered and approved under the review and accepted by Council:
- The LKNMF 2023 Scholarship Policy document;
- The revised Application Form; and
- The recommendation from the Secretary’s paper on Marketing and Advertising the scholarship.
## Furthermore, the Council approved:
- An increase in the Scholarship award from £1,500 to £2,000 from the 2023/24 academic year; and
- The implementation of post-graduate award in the 2022/23 academic year and thereafter.
It was encouraging that the remote system allowed candidates to be interviewed from across the globe as well as enabling Panel members to log in remotely. A higher proportion of candidates wished to pursue medical and biomedical degrees. Overall and very pleasingly, the Fund was in a position to award 30 Scholarships of £1,500. This compares to an average of 21 Scholarships annually for the period 2017 - 2021. Of these 30 Scholars, six were pursuing undergraduate studies at Oxbridge and four at Durham University. The Kitchener Prize, awarded by the President to the outstanding candidate studying a STEM subject, was presented to Cody Cochrane who is reading for an MEng in Aero-Mechanical Engineering at Strathclyde University.
## **Financial review**
Financial results for the year ended 31[st] March 2023 are set out on page 7 and show that the value of investments declined by 4.1% during the year, to £2,350,292 (2022: 2,447,756). In addition, the Fund held cash of £185,640, much of which was invested in low risk, interest-bearing accounts as a buffer against volatility in the Fund’s investment account. Net assets of the Fund on the 31[st] March 2023 amounted to £2,533,180 down 5.5% from £2,680,089 at the start of the financial year.
In setting its investment policy, the Charity aims to finance as much charitable activity as is consistent with the maintenance of the inflation-adjusted value of its investments over the long term. The Executive Committee has therefore adopted a moderate risk strategy and has placed the majority of its investments in the Barclays Charity Fund. The performance of these investments is measured against the Asset Risk Consultants (ARC) Steady Growth Charity Index. Over the five years to 31[st] March 2023, the Barclays fund has outperformed the index by 0.9% per annum. Although the Fund’s investments declined in value during the year, this run of positive relative performance was just maintained, with investments down 4.1% in the year to 31[st] March 2023, compared to -4.52% for the ARC index. Despite disappointing recent performance, it is expected that the Fund’s policy will enable investments to generate returns of RPI plus 3% to 3.5% over a period of ten or more years.
In last year’s report, we expressed the expectation that fragility in financial markets, largely caused by the Ukraine war, rising inflation and economic uncertainty, would have a negative impact on the Fund’s investments. Unfortunately, this was indeed the outcome, with a 5.5% fall in the Fund’s net assets. This decline was largely caused by negative investment performance, but more positively it also reflects payment of £30,000 in scholarship funding in addition to fund raising and administration costs of £30,414. Despite this, the Fund remains in a sound financial position and has sufficient cash reserves to maintain scholarship support at the planned level in 2023.
From the end of the financial year on 31[st] March 2023 to the 30[th] September 2023, investments increased in value by a marginal £31,988 or 1.5%. Although this was below the rise in prices over the period, falling inflation in the developed world and hopes of a recovery in economic activity should eventually put the Fund’s investments on a path to recovery. The Trustees will monitor investment performance closely and will, if necessary, adjust scholarship spending to protect the long-term health of the Fund.
During the reporting period, the Finance Committee held two meetings at which the Fund’s investments were reviewed and a number of proposals were recommended to the Executive Committee and Council. The Council agreed to the Finance Committee’s 5-year plan and approved the budget for 2023 at the Fund’s AGM on the 15[th] November 2022.
Page 3
## **Trustees’ Report**
## **Plans for future periods**
## **Aims and key objectives for future periods**
The Trustees will continue to rely principally on the long-term appreciation of investments and income therefrom in order to cover running costs and the cost of scholarships. Although the uncertainty in financial markets, which has continued into 2023, has led to a decline in the value of the Fund’s investments, it is envisaged that they will appreciate over the longer term.
Following the decision of the Executive Committee to increase the value of each scholarship from £1,500 to £2,000 with effect from the 2023-24 financial year, it has also been decided to re-launch postgraduate scholarships and applications have been solicited for awards of up to £5,000 for the 2023-24 academic year.
The Trustees have carefully considered plans for the award of scholarships over the coming years. They have concluded that the objective of funding approximately 20 undergraduate scholarships and providing £5,000 for postgraduate awards from the Fund each year should stand. This may result in a limited drawdown of capital in the short term.
Further awards are planned from restricted funds, which are provided by other organisations willing to support the work of the Lord Kitchener National Memorial Fund. As this funding is generally reviewed annually, the number of awards is variable, but it is expected that a further five undergraduate scholarships and at least one postgraduate award are likely to be available for each of the next two years.
The Secretary, on behalf of the Scholarship Committee, has continued to poll members of the LKNMF and Kitchener Scholars’ Association (KSA) regarding the nature of the current undergraduate and postgraduate awards. The review aims to ensure that an appropriate balance between undergraduate and post-graduate scholarships, as well as appropriate financial support to the KSA, is achieved within budgetary constraints. The Scholarship Committee and the Secretary continue to monitor and advise on the most appropriate use of the Fund’s resources.
The number of scholarships to be awarded will continue to be reviewed in future years and external financial support for additional awards will be sought. The Trustees intend that the Fund should continue to provide support to the Kitchener Scholars’ Association in line with the charitable objects of the Fund.
## **Structure, governance and management.**
## **Nature of governing document**
The Charitable Trust was established by Royal Charter dated 20[th] 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 the 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 support the objects of the Fund 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.
During the reporting period, Derek Coltman resigned as a Trustee and Council member on 4[th] November 2022. Simon Piggott and Victoria Provis were appointed as Trustees and Members of the Executive Committee on the 26[th] April 2022. 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 4
Truste&s' Report
A full Ihst of VIL% Presidtnts and CoLm¢il Membern as at the 31° March 2023 is:
PRESIDEKr
The tady Emma Kitrhencr. LVO *
VICE PRESIDENTS
His Grdee the Lord Atchbi5hop of CantertMJry
His Grdce Lord Ar¢hbi5hop of York
His Eminence the Archbish¢)p of Westsnsnster
The Fffe Cbur¢h¢s' Moderator
The Very Rev the Chief liabbi
The Chaimian of the Llaltic Exchan8e
The Ch2innan of Lloyds
Th¢ Chaimian ofthe Stk Exthange
Major Generd R L Peck. CB. BWEn8}, CFJTr8, FICE MlnstRE
Air Chief Marshal Sir An¢kn¥ WilsDft. KCB. AFC
THE COUNCIL
Chairman:
Th¢ Lady F,mma Kit¢henff LVO *
chrispher de Mallos BSdEng). CEn& MIM¢¢hF. MBA*
The Lord Provost of AIKrdetn
Mr Roben As¢ott MA
Lieutenant General Sir David Bill KCB. BS4Eng). Mlns¢RE *
Mr l)er¢k Coliman B& ALAM t
The I,ord Proyost of Dundee
The Ri Hon the Lord Pmvost of Edinburgh
The Rt Hon the Lord Provostof Glas8OW
Air Chief Marshal Sir Clive LoaLltr KCB. OBR At
The Rt Hon the Lord Mayorof Lonthn
Mr Ni¢hol&% Macfarlanc BA •
Surg Commander Anthew MLurig)n RNIL MP
The Very Rev the I) ofSLPaul's
SirTom Phillips KCMG
Mr Simon PiggoÉL MA {Cantsb), MBA, MSc*
Ms VicL(pria Provis BA. MBA*
Ms Susan Saundas BA Illon5)'
Mr Paul SkipTh'orth MEng (Honsl. ACGI. MBA*
* Denote5 Tru5ttt and tnetnber of the Exeojtsve Committee.
t Mr Derek G)Ittn resied as a Truate and member ofthe Executive Commitlee on 4th Novvnber 2022.
The annLLa] rerxTrrt wss approvtsl by th¢TruAS of the on the 14th N0v•nb2023 and signed on its bdmif by..
ek.a
Mr C de Mattos MBA
Trust
Page 5
Statemellt of Trnstets, R&%ponsibiliti&s
The Tr are resnSIble for prying the fjnanciaj sthtants in &thrdanL* with the Unitcd Kingih)m
Accounting Standards IUnÈted Kin8thm Getteraily Acceptfyl A¢abunting Pralet) and applicable law and
gulaiiotts.
The law applicable to clmriiies requirts the Tn]stees to prepar¢ firtan¢i statrfftents for exh financial Y which
give a true and fr view ol the state of aifaiFS of the charity atMI of the incthning rexTrurces and application of
resource5 of the charity for that rKriiyJ. In pryaTing these financial statements. the'l rustecs are reqlltred to..
5el¢ct sjitsble accountin8 lIcIeS and thaj apply ColS1¢n11y.
obrVe the tnethod5 and principles in the Ch8rities SORP.
rn8ke judgements 2nd e5timate5 that are reLg)nable and FthL
whetbeT app]i¢able aceounting stand2nJs hae followeiL subject to any material demres
disclosed and expl3inrd in the financia] staM)ents- and
prepare the financial statements on the going cOn(n b&sis unless li is inappropriate lo presume that th¢
Charity will continue in busints
The Trustees are rcsrK>nsible for keeping prop #x>UntIng rttords th8t dTs¢105e Tfa50nable accurdcy at any
time the fJnaRciaJ tX>5ition of the charity and enable theTh to ¢te the financial stateTnents L7>mply wTth the
Chariti¢s A¢t 2011, thr applicable Chartties (ACCthts and RqXtsl Regu[lOns. and the wvisions of the
¢onstiniiion. The Irusiees, are al re5tMTrnsible for safeguarding the of the charity and for taking
reawn8ble steps for the preveniion and deteL#ion of fraud 8nd othff iTregularttse
AprffovLYi by th¢ Trusm of th¢ ¢harity on the 14 Novcmt*r 2023 and signed on its behalf by:
'I'nJsice
Mr C d¢ Matio$ MBA
Trustee
Page 6
## **Statement of Financial Activities for the Year Ended 31 March 2023**
|**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 (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
13
**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/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
13|**Unrestricted**
**funds**
**£**
460
2,708
300
3,468
(18,347)
(42,067)
(60,414)
(97,465)
(154,411)
(154,411)
2,649,466
2,495,055
**Unrestricted**
**funds**
**£**
360
62,243
62,603
(21,003)
(40,924)
(61,927)
136,176
136,852
136,852
2,512,612
2,649,464|**Unrestricted**
**funds**
**£**
460
2,708
300||**Restricted**
**funds**
**£**
22,500
-
-||**Total**
**2023**
**£**
22,960
2,708
300|
|---|---|---|---|---|---|---|
|||3,468||22,500||25,968|
|||(18,347)
(42,067)||-
(15,000)||(18,347)
(57,067)|
|||(60,414)
(97,465)||(15,000)
-||(75,414)
(97,465)|
|||(154,411)||7,500||(146,911)|
|||(154,411)
2,649,466||7,500
30,625||(146,911)
2,680,091|
|||2,495,055||38,125||2,533,180|
|||||**Restricted**
**funds**
**£**
3,500
-
3,500
-
(7,500)
(7,500)
-
(4,000)
(4,000)
34,625
30,625||**Total**
**2022**
**£**
3,860
62,243|
|||||||66,103|
|||||||(21,003)
(48,424)|
|||||||(69,427)
136,176|
|||||||132,852|
|||||||132,852
2,547,237|
|||||||2,680,089|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 13.
The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
(Registration number: 313525)
Balance Sheet as at 31 March 2013
21123
2022
Note
Fised a55ets
Invesknents
2J50292
2.447.756
Cllrrent
Debtors
Cash at bank and in hand
10
li
86
234.997
185.640
185,640
235,083
Creditor5: Amounts fAUiDg due one year
12
12,752}
12,750
r4et curreDt assets
182,888
232.333
Net #ssets
2.533.180
2,680,089
FuThds of the ehlrlty".
Restrid¢d illcome funds
Restricted ndS
38,125
30,625
Unrestricted income fvnds
Unrestricted funds
Revaluaiion iesetve
2.188.781
306,274
1245.726
403,738
Total unrestricted funds
2.495.055
1649.464
Total fvDds
13
2.533.180
2,680,089
The financial statements on p8g¢s 7 15 4pwoved by the Trwtees.. and authori5ed for issue on 14
November 2023 and signed on thcir behalf by..
mma Kitchener LVO
Mr Christopher de Mattos BsLIEngl,CFngNIMe¢lQMBA
Tr1¢¢
The notes on pages 9 to 15 foTm an inte8r¥l part of these financial stateTuents.
Page 8
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **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 9
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **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 10
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed
Regular giving and capital donations
**Total for 2023**
**Total for 2022**
**3**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
**Total for 2023**
**Total for 2022**
**4**
**Expenditure on charitable activities**
**Note**
Grant funding of activities
Allocated support costs
Governance costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
190
90
180
460
360
**Unrestricted**
**funds**
**General**
**£**
30,000
8,207
3,860
42,067
40,924|**Restricted**
**funds**
**£**
-
-
22,500
22,500
3,500
**Unrestricted**
**funds**
**General**
**£**
2,708
2,708
62,243
**Restricted**
**funds**
**£**
15,000
-
-
15,000
7,500|**Total**
**funds**
**£**
190
90
22,680|
|---|---|---|---|
||||22,960|
||||3,860|
||||**Total**
**funds**
**£**
2,708|
||||2,708|
||||62,243|
||||**Total**
**funds**
**£**
45,000
8,207
3,860|
||||57,067|
||||48,424|
Page 11
**Notes to the Financial Statements for the Year Ended 31 March 2023**
## **5 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Other governance costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
2,400
1,460
3,860
3,972|**Total**
**funds**
**£**
2,400
1,460|
|---|---|---|
|||3,860|
|||3,972|
## **6 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.
## **7 Independent examiner's remuneration**
|**7**
**Independent examiner's remuneration**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Examination of the financial statements|2,400|2,400|
## **8 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
Page 12
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **9 Fixed asset investments**
## **Other investments**
|**Cost or Valuation**
At 1 April 2022
Revaluation
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022
**10 Debtors**
Trade debtors
**11 Cash and cash equivalents**
Cash at bank
**12 Creditors: amounts falling due within one year**
Other creditors
Accruals
**13 Funds**
**Balance at 1**
**April 2022**
**£**
**Incoming**
**resources**
**£**
**Unrestricted funds**
**_General_**
General Funds
2,245,727
3,468
Reserve fund
403,739
-
2,649,466
3,468|**Unlisted**
**investments**
**£**
2,447,756
(97,464)
2,350,292
2,350,292
2,447,756
**2023**
**£**
-
**2023**
**£**
185,640
**2023**
**£**
252
2,500
2,752
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(60,414)
-
-
(97,465)
(60,414)
(97,465)|**Unlisted**
**investments**
**£**
2,447,756
(97,464)
2,350,292
2,350,292
2,447,756
**2023**
**£**
-
**2023**
**£**
185,640
**2023**
**£**
252
2,500
2,752
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(60,414)
-
-
(97,465)
(60,414)
(97,465)||**Total**
**£**
2,447,756
(97,464)
2,350,292
2,350,292
2,447,756
**2022**
**£**
86|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
|||||**2022**
**£**
234,997|
|||||**2022**
**£**
249
2,501|
|||||2,750|
|||||**Balance at**
**31 March**
**2023**
**£**
2,188,781
306,274|
|||||2,495,055|
Page 13
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
|**Restricted funds**
Mid Kent College
Derek Ridout
Blythe Sappers
BAE Systems
Holdfast
Individual Donations
Annington Homes
**Total funds**
**Unrestricted funds**
**_General_**
General Funds
Reserve fund
**Restricted funds**
Mid Kent College
Derek Ridout
Blythe Sappers
BAE Systems
Holdfast
Individual Donations
**Total funds**|**Balance at 1**
**April 2022**
**£**
16,250
2,000
875
-
5,500
6,000
-
30,625
2,680,091
**Balance at 1**
**April 2021**
**£**
2,245,050
267,562
2,512,612
20,750
2,000
875
-
5,500
5,500
34,625
2,547,237|**Incoming**
**resources**
**£**
-
-
7,500
1,500
-
1,000
12,500
22,500
25,968
**Incoming**
**resources**
**£**
62,603
-
62,603
-
-
-
1,500
-
2,000
3,500
66,103|**Resources**
**expended**
**£**
-
-
(6,000)
(1,500)
-
-
(7,500)
(15,000)
(75,414)
**Resources**
**expended**
**£**
(61,927)
-
(61,927)
(4,500)
-
-
(1,500)
-
(1,500)
(7,500)
(69,427)|**Other**
**recognised**
**gains/(losses)**
**£**
-
-
-
-
-
-
-
-
(97,465)
**Other**
**recognised**
**gains/(losses)**
**£**
-
136,176
136,176
-
-
-
-
-
-
-
136,176|**Balance at**
**31 March**
**2023**
**£**
16,250
2,000
2,375
-
5,500
7,000
5,000|
|---|---|---|---|---|---|
||||||38,125|
||||||2,533,180|
||||||**Balance at**
**31 March**
**2022**
**£**
2,245,726
403,738|
||||||2,649,464|
||||||16,250
2,000
875
-
5,500
6,000|
||||||30,625|
||||||2,680,089|
Page 14
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **14 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
**15 Staff costs**
The aggregate payroll costs were as follows:
**Staff costs during the year were:**
Wages and salaries|**Unrestricted**
**funds**
**General**
**£**
2,350,292
147,515
(2,752)
2,495,055
**Unrestricted**
**funds**
**General**
**£**
2,447,756
204,458
(2,750)
2,649,464|**Restricted**
**funds**
**£**
-
33,125
-
33,125
**Restricted**
**funds**
**£**
-
30,625
-
30,625
**2023**
**£**
15,332|**Total funds at**
**31 March**
**2023**
**£**
2,350,292
180,640
(2,752)|
|---|---|---|---|
||||2,528,180|
||||**Total funds at**
**31 March**
**2022**
**£**
2,447,756
235,083
(2,750)|
||||2,680,089|
||||**2022**
**£**
14,412|
No employee received emoluments of more than £60,000 during the year.
Page 15
## **Independent Examiner's Report to the Trustees of Lord Kitchener National Memorial Fund**
I report to the charity Trustees' on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 7 to 15.
## **Respective responsibilities of Trustees' and examiner**
As Trustees' of Lord Kitchener National Memorial Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Lord Kitchener National Memorial Fund's accounts carried out under section 145 of the 2011 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 Lord Kitchener National Memorial Fund as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting 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.
...................................... A E J Staples BSC FCA CTA Manningtons
8 High Street Heathfield East Sussex TN21 8LS
14 November 2023
Page 16