Charity registration number: 313525 Lord Kitchener National Memorial Fund Annual Rew)rt and FinanciaI Statrments for the Year Ended 31 March 2024
CoDteDts Reference and Administrative Detsils Trustees, Report 2to5 ststement of Trnstses, Responsiblities Ststement of Financial Activftties Balance Shect Notes to the Financial Statements 9t015 Independent Examinees Report 16
Reference and Administrstive Details Trnste£s The Lady Emma Kitchener LVO, President Lieutenant General Sir David Bill KCB. BSc(Eng), MtinstRE Mr Christopher de Mattos Bsc(Eng), CED& MtMechE. MBA. Treasurer Mr Nicbolls Macfarlane BA Mr Simon C Piggott MA (Cantab), MBA. MSC Ms Victoria Provis BA. MBA Ms Susan Saunders BA (Hons) Mr Paul Skipworth MEng (Hons). ACGI. MBA Secretsry Lieutenant Colots¢l M R Bassett BEM Prineipal Office 2 New Cottages Old Chatham Road Maidstone Kent ME14 3AJ Chartty Registration Number 313525 Bankers and Investment Advisors National WestminsteT Bank PIC 250 Bishopsgate London EC2M 4AA COIF ChaTity Funds CCLA Investment Managcmeut Limited One Angel Lane Londo EC4R 3AB Barclays Invesiment Solutions Limited Level IS I Churchill Place London E14 5HP Independent Examiner Manningtons High Street Heathfield East Sussex TN218LS Page I
Trustees, Report The Trnstees present the annual report together wtth the financial statements of the charity for the year ended 31st March 2024. The TTUStees who served durlng the year and up to the date of this report are 5¢t out on page l. Structsre The Lord Kitchener National MemoriaI Fund (the -Fund-) operdtes as a Charitable Tnt which was ¢stablished by Royal Charter on the 20th December 1919. The Trust is registered as an unincorporated charity with the Charity Commission. registered number 313525. Appointment of Trustees and Countil A number of the Council appointments are ex-officio and these are named in the Royal Charter. The remaining apIntments to Council are by invitstion. The Trustees are all memlxt5 of the Council. Tn and members of the Executive Committee may be selected from Council or from externaI SOUTce5 in order to ensure that appropriate skill sets and experience are available to the Fund. The Trustees intend to reflect society by maintsining membership Principally from the Aryned Services. fijnner scholar4 the legal profession and those with a specific int¢rest in training and education. The President and Chairman are elted by the Council. There were no ¢hanges to the Tne¢S and Council during the reporting peri(. All members of the Committee are up to date with regard to trustee training and have been guided to the HFdRC and Charity Commission web sites for continuation training. Copies of the Charity Commission's guidance on the Thtie5 of a Trustee" have also been circulated to all TnteeS elethnically. Objectives and Aetivlties The Lord Kitchet]er National Memorial Fund provides educational scholarships to fonner servicemen and women and to the sons and daughters of parents tho have served in HM Amed For¢es. Scholarships are currently offered to candidates who are expected to make a sigmificant positive contribution to Society and who ar¢ studying at university in the UK. Following a period during which financial considerntions Testricted support to undergrdduate students onty. the Trustees are pleased to report the reintroduction of postgraduate awards during the 2023-24 financial year. Eligible candidates may now apply for awards to support undergraduate, postgraduate or doctoral studies. In the year ended 315t March 2024, there were 103 Kitchentr Scholars studying at 34 universities. Publie Benefit The Trustees ¢tsnf that thcy havc refeed to the guidance provided by the Charity comm10n on public benefit when reviewing the Objectives and Activiti&s of the Fund. The TTUStees aim to increase the number of schools at which Kitchener Scholarships are promoted and pupils from 130 schools were encouraged to apply in 2023. The Trustees also aim to assist qualifying fonner servi¢e personnel with further education. The Trustees are satisfied that the award of scholarships to suc£essful candidates from military backgrounds is in accordance with the objects of the Fund. Page 2
Trnstees, Report Achievements Th¢ Tnte¢S are deligbted to report thaL despite continued volatility in financial Maets durftng the accounting year, the Fund was able to award 35 scholat5hips. two of which were to gap year students whose award has been carried forward to the aemIC year starting in September 2024. Including one deferred award, payments were made to 34 scholaTS. 18 of whom were supported by the Fun( seven by Annington Homes Limited, three by Mid Kent College (specifically for guccessful applicants with a Royal Engineers parental background). two by Holdf&5t Training Services, thrce by formeT scholars and one by The Btythe Sappers Association. Eight undergraduate scholars had secured places at Oxbridge. The Trustees wish to record their sincere thanks to Amiington Homes Limited for their donation of £25,000 during the year, which allowed the Fwid to support the bulk of four postgraduate awards in addition to the seven undergraduate scholars mentioned above. The Fund would also like to show its appreciation to the organisations and Individual sponsors wbosc contributions have made a significatst difference to the support that the Fund h&s been able to offer. Scholarship Award Process Following the introduction of remotc, &$ opposed to face-trpface. Inte1¢WIng during the COVID pandemic. the Executive Comrnittee has now fulty embwed this approach. Interview timings can more easily be adjusted to meet the requirements of int¢rview panels and interviewe4 including pemiitting the interview of overseas candidates. There is evidence that the ¢ducation system is settling down after the disrnption occasioned by COVID and associated grade inflation. This return to a more 5tandardised grading regime helps the Scholarship Committee in the process of selecting candidates for interview. Following the de¢ision of the Executive Committee to increase the value of each scholarship from £1,500 to £2,000 for the 2023-24 financial year. the Fund also re-launched postgraduate scholarships during the year. Four postgraduate awards of varying amowits were granted to existing Kitchener Scholars. two pursuing doctorates and two pursuing M&8teTS qualifi¢*ions, tti¢urring totsl expenditure of £14.000. The Kitchener Priz4 awarded to an outstanding candidate shY]ng subjects relating to Science. Tccbnology, Engineering and Mathematics (SIEM) by the PresidenL w&g PTesented to Gemma Capps who is rdIng for a BA in Medicine at Keeble College. Oxford. Finance Financial results for the year ended 3 1st March 2024 are set out on page 8 and show that as at 31st March 2024. the value of investments had increased by 10.40/0, to £2.593,953 (2023: 2.350,292). In addition, the Fund beld cash of £173.556, much of which was invested in low-risL interest-bearing aOUnts as a buffer against volatility in the Fund's investment account. Net wets of the Fund on the 31st March 2024 amounted to £2,760,928. up 9.0 % from £2.533,180 at the start of the financial year, l)oosted by legacy Aftme of £74,187. UnceInty in financial markets contitiucd during the year. with the outhreak of hostilities in Gaza adding to concerns regarding the Ukraine conflicL However, after a 4.00/0 fall in the value of investtnents in the 2022-23 financiaI year, it was encouraging to see the 10.4QA reLx)very during the year to the 31 st March 2024. The Fund remains in a sound fmancial posÈtion and takes a long-tem) approach to investment. The TTUStees currently consider that the Fund has sufficient wh resources to continue awarding scholarships for the next two years without withdrawing money from invcstments. However, in order to gtwd against a material setback in the value of investments. some withdrawal from investments is likely in order to maintsin a healthy cash balance. During the reporting perio4 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. The Council agreed to the Finance Conllnittee's 5 year plan and approved the budget for 202415 at the Fund's AGM on the 14th November 2023. Page 3
Trustees, Report Investment Risk The Executive Committee monitOTS risks to the Fund at its biannual meetings. One of the principal risks faced by the Fund is poor investment perforniance, as this would duce the amoutrt of money available to invest in scholarships. The Committee believes thaL in order to gener8te acceptable long-tetm returns. it is necessary to take a ceIll amount of risk and a moderate investment risk profile has been adopted. The Fund's investments are held in the Barclays Charity Fund and the perfonnance benchmark is the ARC Steady Growth tndex. This implies that quity investtnents account for approxitnately 6(k80% of holdit)gs iti a diversified portfolio. In order to mitigate the risk of investment lo&ses in the sbort term, the Fund holds sufficient to cover expenses for approximately 18 months. There is also a risk of investment underperfornwice in the longer tern] and thi5 is monitored by the Finance Committee, with a full review of cxisting and potential investment managers undertaken approximately every five years. Such a review is expected to take place during the 202425 financial year, with a report to the Exe¢utTve Committee during 2025. PIAn5 for the Future The Trustees WAII continue to rely principally on the long-tenn apprxiation of invesknents and income therefrom in order to wver the nmning costs of the Fund and the cost of scholarships. Although the value of ¢quity inv¢stments can fluctuate stgnificantly in the short term. it is considered that the ¢uThen( moderate risk stance remains appropriate in meeting the Fund's long-temi objertives. In order to mitigate the risk of stock market volatility, it is planned that a c&sh buffer of approximately 18 months. expenditure will be maintained. The Tntee$ have carefi]Y Lx)nsidered plans for the award of scholarships ID 2024 and 2025. They have oncluded that the objective of awarding approximately 20 underZduate scholarships from the Fund each y¢aT. together with a further five from restricted funds, should stand. Furtherniore. the Fund will continue with postgraduate awards. Although this may result in a limited drawdown of capital in the short term. it is hoped that external fundin& such &$ Sponsorship from Annington Homes Limitr( will perniit the achievement of this aim. The Secretary, on behalf of the Srholarship Committee. will continue to poll membets of the Fund's Council and the Kitchener Scholars, Association regarding the most effective use of the Fund's resources. This ongoing review aims to ensure an appropriate balance between undergraduate and postgraduate scholarships. as well as appropriate support to the KSA, is a¢h1cd within budgetary constraints. The number of scholarships to be awarded will continue to be reviewed in fi]ture year5 and extern financial support for additional awards will be soughL 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. Page 4
Trustees, Report A thll list of Vice Presidents. 2nd CouncAI Members as at the 31st Mar¢h 2024 is: PRESIDETrrr The Lady Ernma Kitchener, LVO * VICE PRESIDEFUS His Grare the Lord Archbishop of Canterbury His Grace the Lord Archbishop of York His Eminence the Archbishop of Westhiins The Free Churches, Moderator The Very Rev the Chief Rabbi The Chainnan of the Baltic Exchange The ChaiThnan of Lloyds The Chairnlan of the Stock Exchallgc Major General R L Prtk, CB, BSc(Eng). n& FICE MlnstRE Air Chief Marshal Sir Andrew Wilson. KCB, AFC THE COUNaL Chaiman. The Lady Emma Kitchener. LVO • Treasurer. Mr Christopher de Mattos, BSdEng). CEng, MtMechE, MBA Members: The Lord Provost of Aberdeen Mr Robert A5COt¢ MA Lieutenant General Sir David Bill. KCB, BSc(EDg). MtnstRE * The Lord Provost of Dundee The Rt Hon the Lord Provost of Edinburgh The Rt Hon the Lord Provost of Glasgow Air Chief Mat5hal Sir Clive Load¢r. KCB. OBE, At The Rt Hon the Lord Mayor of London Mr Nicholas Macfarlane. BA Surgeon Commander Andrew Murrison, RNK MP The Very Rev the Dean of St.PauJ's Sir Tom Phillips. KCMG Mr Simon PiggotL MA (Cantab). MBA. MSC Ms Victoria Provis. BA, MBA Ms Susan Saunders BA (Hons) Mr Paul Skipworth hng (Hons), ACGI. MBA * Denotes Trustee and member of the Executive Committ¢¢. The amiual rert was approved by the Trustees, of the clwity on 15 October 2024 and signed on its behalf by: Emma Kttch er LVO TNstee Mr Christopher dc Mattos BsrfEng). CEng. MtMechE. MBA Trustee Page 5
Statement of Trnstees, Responsiblities The Trustees are resp)nsible for preparing the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generalty ACCted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a tnje and fair view of the State of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trjstees are required to: select suitable accounting ry)licies and then appty them consistentty" observe the methods and principles in the cPritieS SORP. make judgements and estirnates that are TOnable and prudenL stst¢ wheth¢r applicable accounting standards have been followed. sthject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unles5 it is Ènappmpriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records thai disclose with r¢asonable accuracy at any tim¢ the financial position of the charity and enable them to ensu that the financial statements comply with the Charities Act 2011, the applicable Charities {A¢Uts and Reports) Regulations, and the provisions of the constithtion. The Trustees are also resry)nsible for Safeguarding the &ssets of the chwity and hence frir tsking reasonable steps for the prevention and de*ction of fraud aud other irregularities. Approved by the TteeS ofthe charity on 15th October 2024 and signed on its behalf by: Trustee Mr Christopher de Mattos BsclEng). CEng, MtMechE, MBA Trustee Page 6
Statement of Financial Activities for the Year Ended 31 March 2024 Unrestritted Restricted funds Dds Total 2024 Note Income and Endowments from: Donations and legacies Investment income 77,492 6.515 24,000 101,492 6,515 Total income 84.007 24.000 108,007 Expenditure on: Raising fimds Charitable activities (24,429) (54.492) (24.429} (100,492) (46,000) Total expenditure Gains1105ses on investment assets (78,921) 243,662 (46,000) (124.921) 243.662 Net incomel(expenditure) Net movement in fimds 248,748 (22,000) 226.748 248.748 (22.000) 226,748 Reeonciliation of funds Totsl funds brought fonvard Totsl fimds carried forward 2.495,055 38.125 2,533,180 13 2,743.803 16,125 2.759.928 Unrestrirted funds Restricted funds Total 2023 Iyote Ineome and Endowments from: Donations and legacies Investment income Other income 460 2,708 300 22,500 22,960 2.708 300 Totsl Income 3,468 22,500 25.968 EJpenditure on: Raising fundg Charitsble activities {18,347) 42.067) (18,347) (57,067 (15,0130 Total expenditure GaInlOSseS on Trnvcslment assets (60.414) {97.465} {15,000) (75.414) 97.465) Net (¢xpenditur¢yincome 154.411) 7.500 (146,911) Net movement in fimds (154.411) 7.500 (146.911) Reconeili4tioa of Total funds brought forward 2.649.466 30.625 2,680,091 Totsl funds carried forward 13 2.495.055 38.125 2,533,180 All of the charity's activities derive from continuing operations during the aknve two periods. The fimds breakdown for 2023 is shown in note 13. The notes on pages 9 to 15 forni an integral part of these fm2n¢ial statements. Page 7
(Registration llvmber: 313525) Balauce Sheet as at 31 March 2024 2024 2023 Note Filed assets Investments 2.593,953 2,350,292 Current assets Debtors Cash at bank and in hand io 180 173,556 li 185,640 173,736 185,640 Crediton: Amollnts falling due within one year Net current assets 12 7.761) (2.752) 165.975 182.888 Net assets 2,759.928 2,533.180 Funds of th¢ charity: Restricted income ndS Restricted fuuds 16,125 38.125 Unrestricted income ndS Unrestricted funds Revaluation reserve 2,19),867 549,936 2,188,781 306,274 Totsl unrestricted funds 2,743.803 2,495.055 Total funds 13 2.759.928 2,533.180 The financial statements on pages 7 to 15 were approved by the Tntees, and authorised for issue on 15th (ktober 2024 and signed on their behalf by: ma Itchen LVO TS Mr Christopher de Mattos Bsc(Eng), CEn& M[mec MBA Trustee The notes on pag&$ 9 to 15 fornj an integral part of these financial statements. Page 8
Notes to the Financial Statements for the Year Ended 31 March 2024 l AceouDtRng policies Statement of Compliance The financial statements have been prepared in acwrdance with Accounting and Reporting by Charities." Statement of Recommended Practicc applicable to Charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) and the Charities Act 2011. Basls of preparation Lord Kitchener National Memorial Fund meets the definition of a public ben¢fit entity under FRS 102. Assets and liabilities initially rxognised at histOriC81 wst or ttwaction value unle&8 otherwise stated in th¢ relevant accounting policy notes. Exemption from preparing 4 cash flow statement The charity opted to early adopt Bulletin I published on 2 Febnwy 2016 and Iw therefore not included a cash flow statement in these financial statements. Going eontern The Trustees consider that there 15 no material uncertainties about the cbaritys ability to continue as a going oncern. Income 2nd endovrnieDts Voluntary income including donations. gifts, legacies and grants that provide ¢ore fidIng or are of a general nature is recogniscd when the charity has entitlement to the incA)me. it is pmbable that the income will be received and the amount can be me&8ured with sufficient reliabiiiry. Donations and leggcies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably me&8ured. Investment ineome Divid¢nd5 are recognised once th¢ dividend has been declared and notifiLxtion b&8 been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or co1ctIVe obligation to that expettdAture. it is probable settlement is required and the amount can be me&sur¢d reliably. All costs are alloc*d to the applicable expenditure heading that aggregat¢ Similar costs to that category. Where wsts catmot be direcdy attributed to particular headings they have b¢¢n allocated on a basis consistent with the use of r¢50urces. with ¢¢ntrnl staff costs allocated on the b&sis of lime spcnL and dreCIatIon charges all0d on th¢ portion of the asset's use. Other support wsts are allocated based on the spread of staff costs. Raising funds These are costs incutred in atlracting voluntary income. the management of inveslments and those incurred in trading actvvities that rdisc funds. Page 9
Notes to the Financial Statements for the Year Ended 31 March 2024 Charitable activities Charitsbl¢ expenditure comprises thos¢ costs incuTred by the charity in th¢ delivery of its activitie5 and services for its beneficiaries. It includes both costs that can be aIlocated directly to such activities and those costs of an indirect nature necessary to 5UPPOrt them. Grant provisions Provisions for grants are made when the ititention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the gTant or the amount of grant payable. Support costs Support costs include central fimctions and have been allocated to activity wst ca*gories on a basis consistent with the use of resources, for exarnple. allocating property by floor areas, or per ¢apit4 staff wsts by the time spent and other wsts by their usage. Governance costs These include the costs attributable to the charity's Compliance with constitutional and statutory requirements, including audiL strategic management and trustees meetings and reimbursed expenses. TaxatlOD Th¢ charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefoTe it meets the derltiOn of a charitable company for UK wrporation tsx purposes. Accordingty, the harity is N)tentialty exempt from taxation in resp#t of income or capital gains received within categories overed by Chapter 3 Part I l of the CoTpofdtion Tax Act 2010 or Section 256 of the Taxation of Chaeable Gain5 Act 1992. to the extent that such income or gain5 are applied exclusively to charitable purFN)ses. Fixed asset investments Fixed asset investments, other than pmgramme related inv¢slments, are included at market value at the balance sheet date. Realised gatns and lo&ses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cosL and are charged or credited to the Stat¢ment of Financial Activities in the period of disposal. Unrealised gains and losses represent the movernent in market value5 during the year and are credited or charged to the Statement of Financial Activities b&%ed on the market value at the end. Debtor5 Debtors are recognised initially at the transaction value. A PTovision for the impairment of the delrtor is established when there ts objective evidence that the fimd will not be able to collect all amounts due according to the original tenns of the receivables. Cash gnd eash equivalents Cash and cash equivalents u)mprise cash on hand and call deposits, and other short-tern) highly liquid investments that arc readily convertible to a known amount of cash and are subjert to an insignificant risk of hange in value. Fund structure Unrestricted income fimds are general funds that are available for use at the trths discretion in f(rtherdnce of the objectives of the charity. Restrithed 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 PUTPOSe. Page 10
Notes to the Financial Statements for the Year Ended 31 March 2024 2 Income from donxtlons •nd legaties Ullrestricted funds General Restricted fuDds Total funds Donations and legacies. Donations from it)dividuals Legacies R¢gular giving and capitsi donations 1.125 74.187 2,180 1.125 74,187 26.180 24,000 Total for 2024 77,492 24,000 101,492 Total for 2023 460 22.500 22,960 3 InvestmeDt income Unrestricted nds General Total fuDds Interest receivable and similar income. Interest reccivable on bank deposkts 6.515 6,515 Total for 2024 6.515 6.515 Totsl for 2023 2,708 2,708 4 EendI¢ll on tharitable activities Unrostricted funds General Restrictsd ds Total nds Grant fimding of activities Allocated support costs Governance costs 40.000 9,689 4.803 46.000 86,000 9,689 4,803 Total for 2024 54.492 46,000 100.492 Total for 2023 42.067 15.000 57.067 Pagell
Not£$ to tbe Finanei21 Statements for the Year Ended 31 March 2024 5 Anatysis of governance and support tosts Governance costs Unrestrieted nds General Totsl nds Independent examiner fees Examination of the financial statements Other governance costs 2.400 2.403 2.400 2,403 Totsl for 2024 4,803 4,803 Total for 2023 3.860 6 Trustees, remuneration and No Trte¢s, nor any persons connected with them. have received any remuneration from the charity during the year. No tnlstees have received any reimbursed expenses from the charity during the year. 7 Independent eumintr's remnnerAtion 2024 2023 Examination of the financial statements 2.400 2,400 8 Taxation The charity is a registered Charity and is th¢refor¢ rxempt fro taxation. Page 12
Notes to the Financial Statements for the Year Ended 31 March 2024 9 Filed $et investments Other investments Unlisted investmeDts Total Cost or Valuation At l April 2023 Revaluation 2,350,292 243,661 2J50292 At 31 Mwch 2024 2,593,953 2,593.953 Net book value At 31 March 2024 2.593.953 2,593,953 At 31 March 2023 2,350,292 2.350.292 111 Debtor5 2024 Other debtors 180 11 Cash and cash equivalents 2024 2023 Cash at bank 173.556 185,640 12 Creditors: amounts falling due Ivithin one year 2024 2023 Other creditors Accruals 5.262 2.499 252 2,500 7.761 1752 13 Funds Other Resources recognised expended gainsloosses) Balance at 31 March 2024 Balgnee at I Incoming April 2023 resourrn5 Unrestricted thnds General General Funds Reserve fund 2.188,781 306274 24.945 (78,921) 2.134.805 549,936 243.662 2.495.055 24.945 78,921) 243,662 2.684.741 Page 13
Not&8 to the Financial Statements for the Year Ended 31 March 2024 Otber Incoming Resources recognised resourees e4btnded gainsloosstt) Bal4nce at I April 2023 Balance at 31 March 2024 Restrlcted funds Mid Kent College Derek Ridout Blythe Sappers Holdfast Individual Donations Annington Homes 16250 2.000 2J75 5.500 7.000 5.000 (6,000) (2,000) (2.000) (4.000) (4.000) (28.000 10.250 375 1,500 3.000 1.000 24.000 38,125 24,000 (46,000 16,125 Totsl funds 2.533.180 48.945 (124.921) 243.662 2,700.866 Other reeognised gains/Ooss&8) Balance At 31 March 2023 Balance at I April 2022 Incoming rosoDrces Resources ptnded Unrestricted funds General GeneraI Funds Reserve fund 2245,727 403,739 3.468 (60,414) 2,188,781 306,274 (97,465) {97.465) 2.649,466 3,468 (60.414) 2.495,055 Restricted Mid Kent College Derek Ridout Blythe Sappers BAE Systems Holdf&st Individual Donations ADnin8ton Homes 16.250 2.000 875 16,250 2,000 2.375 7.500 1,500 (6,000) {1s00) 5,500 6.000 5,500 7.000 5,000 1.000 12,500 (7,500 30,625 22,500 (15,000) 38,125 Totsl lldS 2,680,091 75.414 25.%8 2,533.180 97.465 Pag¢ 14
Notes to the Financial Statements for the Year Ended 31 March 2024 14 Analysis of net assets between funds UDrestrict¢d Total funds at 31 March 2024 Restrieted General Fix¢d asset investments Current assets CuTrent liabilities 1593.953 116.611 (7,761) 2,702.803 2.593,953 143.736 (7.761) 27,125 Totsl net assets 27.125 2,729.928 Unrtstricted funds General Total fund5 at 31 March 2023 nds Fixed asset investments Current &ssets Current liabilities 1350.292 147.515 2.752 2.350.292 180,640 (2,752 33.125 Total net assets 2,495.055 33,125 2.528,180 15 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Stsff tosts during the year were: Wages and salaries 17,181 15.332 No employee received emoluments of more than £60,000 during the y. Page 15
Independent Examiner's Report to the Trnstees of rd Kitchener National Memorial Fund I report to the charity Tn]ste¢s. on my examination of the accounts of the charlty for the year ended 31st March 2024 which are set out on pages 7 kn 15. Respe¢tive respoDsibilities of Trustees, and euminer As TSteeS of Lord Kitchener NatIOt Memorial Fund you are reSnSIble for the pwaration of the accounts in accordance with the requirements of the Chariti&s Ad 2011 (Ihe Act,). I report in respert of my examin*ion of the Lord KitrheneT National Memorial Fund's accounts ¢wried 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(5Xb) of the ACL Independent examiner's statement I have ¢omplet¢d my examination. I confimi that no material matters have come lo my attention in connection with thc examination giving me cause to lieve that in any material respect. l. acwunting rcwrds were not kept in respert of Lord Kitchener National Memorial Fund as required by section 130 of the Ac¢ or 2. the acwunts do not accord with those records. or 3. the accounts do not ¢omply with the accounting requirements concerning the forni and ntent of accounts set out in the Charities (Acwunts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter wnsidered as part of an independent examination. I have no concerns and have come acr055 no other mattets in connection with the examination to which attention should be dra in this rert in order to enable a proper und¢TStandAng of the accounts to be reached. A E J Staples BSC FCA CTA ManningtODS 8 High Street Heathfield E&st Sussex TN21 8LS Page 16