2024-12-31-accounts

ROYAL NAVY & . ROYAL MARINES CHARITY THE ROYAL NAVY & ROYAL MARINES CHARITY CONSOLIDATED ANNUAL REPORT AND Accoup¥fs 2024

CONTENTS OF THE FINANCIAL STATEMENTS FOR ThÉ YEAR ENDÉO 31 OÉCEMBEft 2024 Report of the Trustees and Strate8ic Report Chairman and CEO'S Report Structure, Govèrn8ntÈ and Management Strateglc Report Publlc Benefit Investment Report fteserves Acktlowledgements io 13 22 28 29 Report from Ihe Independent Audltor 30 Consolldated Statement of Flnanclal Actlvltles 34 Balan￿ Sheet- Group and Charlty 35 Consolldated Cash Flow statement 36 Note5 to the Flnanclal Statements 42

REPORT OF THE TRUSTEES LEGAL AND ADMINISTRATIVE INFORMATION Honorary Offl¢ers Palron Her Royal Hl8hne55 The Prlncess Royal Senlof Vlce Patran Honorary Captsln The Lord Hintze Kt. AM RNR Vlce Patrons Mr James Pltt Honorary Captaln Lance 8atthelor RNR Honorary Captaln Slr Bill Thomas RNR Mr Slmon Plllar PreJld•nt Admiral Slrjonathon &and GC8 DL Vl¢• Pr•sld•nts General Slr Gordon Messenger KCB DSO OBE ADC V•ce AdmSral Slr TIM Laurence KCVO C8 ADCIP) Honorary Commodofe The Honourable Stephen Watson RNR Honorary Colonel RM The Lord Sedwlll GCMG FRG5 Trustees. Members and Dlrertors Dr Brlan Gllvary Mrs Kate Phlpps.Wlltshlre Mrjohn Barthtt Chalr Vlce Chair Mr Slmon Black Lleutenant Commander Harrlet Delbrld8e Royal Na Wol Barry Flrth MBE RN Commodore Cather•nt Jordan LVO Royal Navy Surgeon Capiain lo Keoih OBE RN IRet'd} Dr Jo Pabar Mr Mark Robln50n Dr Mlchelle WestWODd Lleutenant Colonel Slmon Long RM Mr Brlan Duffln OBE Appolnled 171h Aprll 2024 Appolnled 17th Aprll 2024 Appoinled 4th October 2024 Appolnted 7th March 2025 Resi8ned Iph July 2024 Reslgned 4th October 2024 Resigned l￿b December 2024 Aesl8ned 12th December 2024 Wol Sl Han50n RN Vlce Admlral Peter Wllklnson CB CVO (Ret'dl Mr Aod Blrkett Wol JamSe Wright Royal Marines Brigadier Mike Tanner OBE Royal Marines Rear Admirjl Steve B Turiton CBE (Ret'dl

REPORT OF ThE TRUSTEES LEGALAND ADMINISTRATIVE INFORMATION Icontlnutdl Chlef Execullve Offlcer CommodoreAndrÈw jamèson OBÉ- retired Iothjune 2025 Interlm Chl•f Exetutlv4 OHtcerl Company S•tt•t•ry Mrs Samantha Nicolson M8E Comp¥Jny Re8lstratlon Ilumber 6047294 (England and Wales) RoilstÈred Charlty Numb* 1117794 (England and Wales) SC041898 (Scotland) Reglstered Olllce Bulldin8 37, HMS Excellent. Whale Island, Portsmouth, P02 8ER Audltor Moore Klngston Smlth LLP. Chartered Accountants 6th Floor, 9 Appold Street, London EC2A 2AP Legal Ad¥lsor$ Charles Russell Speechlys LLP S Fleet Place. London. EC4M 7RD 8ank•rs olt's Military 8ankln8 Royal Bank of Scotland plc. 200 Fowler Avenue, Fowler Buslne55 Park, Farnborou8h, GU14 7JP Inveslfflent Mana8•Ts 5arasln & Partners LLP Juxon House, 100 St, Paul'5 Churchyard, London, EC4M 8BU

THE ROYAL NAVY & ROYAL MARINES CHARITY REPORT OF THE TRUSTEES REPORT FROM THE CHAIR RNRMC Group of charities 15 focused on fulfillin8 its charitable purpose. Each or8anlsation wlthln the Group has unlque beneficlary objectives and together the group is united by a clear and shared misslon.. to support those who seNe, both durlng and after thelr tlme In the Royal Na￿ and Royal Marirles, A unlted approach between funders and dellvery partners remalns the most effective way to do this and the trustees of RNRMC are commltted to dellverln8 on thls mlsslon, and In todavs cllmate of 8rowln8 global uncertalnty, that commitment is more vltal than ever. The RNRMC group has a unlque ablllty, to work collaboratlvely and demonstrate the Impact of collaboratlon. Thls approach underpin5 the RNRMC commitment to advance meaningful collaboratlon acr055 the sector - an approach rl8htlv expected by our supporters, one that is essential in the interests ol those who Serve. deployed personnel. veteran5 and their familles. In the past year Royal Navy and Royal Marines Charity IRNRMC) has placed particular emphasls on supportln8 the servln8 naval communlty, thelr famllles, and veterans. The challen8es faced by those In servlce have contlnued to receive si8nlflcant media attentlon and our response has been comprehenslve. Thls has Included easlng flnanclal hardshlp. supportln8 health and wellbelnB, and helplng famllles, partlcularly around our neurodlverslty support. We contlnue to address these need$ primarily through our commlsslonlng model, worklng wlth speclallst partners to achleve tar8eted outcomes. Thls method remains agile, adaptable and cost-effective. RNRMC15 passlonately commltted to SUPPOrtlng those who have Ser￿1, partlcularly veterans faclng dlfflcultles transltSonln8 to ¢lvilian Ilfe or encounterlng hardship In latei yeafs. Over the past year, we have continued to provide meanlngful finaDclal support, offerlng 8uldance on employment and flnance5, fgSterln8 comradeshlp, and ensurlng care for older veterans alongside dlrect 8rants to those In need. RNRMC has contlnued to lead and foster collaboratlon, worklng closely wlth major funders- Includln8 Greenwlch Hospltal and the Armed Forces Covenant Fund Trust-to develop coordlnated responses to the key challenges facln8 our communSty. From servlni personnel who contrlbute monthly, to Indlvldual donors and corporale partners, thelr generoslty Is the foundatlon for our Impact. RMAMC Trustees are proud to host recognition events to honour ihls. Thls year these events took place In England In Portsmouth at the Royal Maritlme Club and in Scotland on Tall Ship Glenlee, Glasgow, giving Trustees and staff the opportunlty to thank our supporters in person and celebrate this vital role in strengthening the naval community, In 2025 and beyond we Intend to bulld on the work have already establlshed wlth our current partners, we VAIS pllot new areas that are currently unsupported, we wlll consolldate other support and we wlll strlve to ensure as many of Ouf beneficlarles are given the help and sUPPOrt they need, both dlrectly from our5elve5 as well as s18npostln8 to the wonderful charltles and fundefs which are vital to our vlslon. Followin8 an association of over 18 year5 the charlty, Andrew Jarne50n retired from h15 posltlon as CEO of RNRMC. Andr￿￿$ lon8 a550ciaiion with RNRMC ha5 seen the charity develop to become a key part of the wlder Naval communlty. The Trustee Board thank him for his service and wish him and his family well for the future. Thanks are extended both to the staff and trustees of RNRMC who devote consldernble tlme and work tlrelessly to support the beneficiaries of the Charity. Dr Brian Gil Chair of the Board

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 Trustee5' Report Structure, Governance and Management Coniext Royal Navy & Royal Marlnes Charlty IRNRMCI Is a charltable company, Ilmited by guarantee. incorporated on 10 January 2007 and re8lstered wlth the Charlty Commisslon on 2 February 2007. RNRMC was re8iStered with the Office of the Scctti5h Charity Regulator on 17 November 2010. Governance RNRMC is controlled solely by Its members, who are also Its Trustees and make up the Board of Trustees. The Charlty Is governed by its Memorandum and Articles of Association, initially dated 6 December 2006 (the Artlcles of Assoclatlon havlng been revlsèd and adopted by Speclal Resolution on 30 January 20201 and is subject to the fequlrements and the protectlon of both charlty and company law. The Trustees, all of whom are volunteers, represent a blend of competence and experlence and Include those wlth experlence of mllltary servlce alon8 wlth those wlth dlverse clvlllan back8rounds. They are selerted through a formal Intervlew proce$5 and appolnted for an Inltlal temi of three yeaTS. In accordance wlth good practlce, they would normally serve i rnaximum of three terms. Group Entltlei As at the 31" December 2024 there are nlne unincorporated charities, three charltable companles, and two charltles wlth a Royal Charter Inte8rared wlthln the Group structure. There are three tradln8 subsidiaries. The Royal Naval Benevolent Socletytor Offlcers, known as Th• Royal Navy Offlc•rg Charlty {RNOCI (Charlty No 2074051 Is a charlty wlth a Royal Charter and retalns Its own trustees, who are responsible for the administration of the charlty and the management of thelr own funds. RNRMC Is entltled to appolnt a trustee and as the corporate member It also has a legal power of veto In 8eneral meetln8s. RNRMC Is represented by Vlce Admlral Peter Wllkinson CB CVO {Ret'dl. The Naval Servlce Sports Charlty (NSSCI Is a charltable company, governed by a Board of Truslees. RNRMC Board has overall control, as sole member, slnce they may resolve by ordlnary resolutlon to amend the minimum and maximum numbers oftrustees, to appolnt or remove trustees and tochan8e the Memorandtsm and Artlcles ofAssoclatk)n. RNRMC Is represented on the NSSC board by Lt Col Slmon Lon8. Royal Marlnos Assoclatlon.The Royal Marlnes Charlty IRMA-TRMCI (Charlty No 11342051 is a charitable company, governed by a Board of Trustees. The RNRMC Board, undei Its authority as the sole member, may resolve by ordlnary resolution to amend the minimum and maxlmum numbers ol trustees and has the rl8ht to appolnt or remove trustees and to change the Memorandum and Articles of Assoclallon after prlor consultatlon wlth the RMA-TRMC Board. RNRMC is represented by Mr Mark Robinson. The Women's Royal Naval 5ervke Benevolent Trust IWRNS 8T) (Charlty No 206529) Is a charlty wlth a Royal Charter and retains its own Central Committee of Trustees, who are responslble for the management of the Trust. RNRMC Is the Sole Corporate Member and Is entitled to appolnt a trustee to represent them at the WRNS BT Central Committee meetings, Commodore Catherlne Jordan LVO Royal Navy Is the current repre5entatlve. As the sole corporate member, RNRMC also has a legal power of veto in general meetlngs. RNRMC Enterprlses Llmlted {Company number 07975823) Is the trading subsidiary for the Group, whlch Is used to conduct approprlate parts of the Group's merchandising and Royal Marine Band Service trading actlvltles. The Company was established by way of share capital from RNRMC, which is the sole shareholder. The directors of the company are trustee, Mr Mark Lewthwaite (Chairman) and Mr Matt Jackson, the Chief Executive Officer of the RMA.TRMC. TRMC Enterprlses Llmlted (Company Number l(X)206821 is the tradln8 Subsidiary for RMA-TRMC whlch was Inltlally established on 23 February 2016 to enable a single building prolect whlch was completed In 2017. It has slnce then completed several further project5 SUPPOrting beneficiaries across the RM famlly.

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 310ECEMBER 2024 Royal Marfnes Shop Llmlled (Company Number 080159011 Is the tradin8 subsidiary of RMA-TRMC. brought in as part of the RMA-TRMC merger on l AprS12019. Slnce September 2021 the RM Shop also fulfils online rnerchandise sales for RNRMC, Unlncorporated ¢hailtles - RNRMC Bo?Yd has overall responslbi1Sty for their mana8ement and administration and delegates day-to-day operations to mana8ement committees throu8h term5 of reference. nurnber of these management commlttees are chaired by an RNRMC TTu5tee. The role of the management commlttee Is to scrutlnlse and prloritlse 8rant appllcailons in line with their object5 and provide over5iBht to the mlnor grants programme. Commltte¢ M¢otlny The Board meets at least three limes a year. RNRMC has encoura8ed closer communlcatlon wlth Group charlties by taklng up Its optSon to nominate a trustee to the Boards of The Royal Navy Offlcers, Ch3rlty IRNOCI, Royal Marlnes Associatlon - The Royal Marines Charity IRMA-TRMCI, the Naval Servlce Sports Charlty INSSCI and The Women's Royal Naval Benevolent Trust IWRNS BTI. The Board delegates certaln powers In connection with the Charivs management and adrninlstratlon to formal committees. Thls delegatlon Ss controllÈd by requlrlng the commlttees to report back at the next Board meetlng. All commlttee5 provide meetln8 mlnutes whlch are kept as part of the statutory records. The current members of the commlttees and th05e wlthln the year are shown In the table below: Cornmlttee Finance Rlsk & Audlt Commlttee IFRAC) se To monltor and scrutinlse all financial, rlsk and 3udlt1ssues. Meets three times per year. Members Mr John Bartlett {Chairl Mr Rod Birkett Lt Cdr Harrlet Delbrldge RN Mr Brlan Ouffln OBE Independent Advlsor'.- Rear Admlral Steve Brunton CBE Mr John Bartlett Mr Brlan Duffln OBE (Chalrl Ms Allce Gardlner INSSCI Mr Mark Roblnson Independent advisors: Mr8 an Burrou h, Mr Kim Catechls Mr Slmon Black (Chair) Wol Barry Flrth M8E RN Or Jo Pabarl Independent Advlsor,. - Mrjohn Turner Mr lohn Bartlett Dr 8iian Gllvary Cdre Catherine Jordan LVO RN Mrs Kate Phlpps-Wilt5hlre (Chalr) Dr Michelle Westwood Lt Cdr Harrlet Delbrld8e RN Surg Capt Jo Keogh OBE RN (Retdl Mrs Kate Phlpps-wiltshlre (Chairl Dr Michelle Westwood Independent Advisor: Mr Richard Swarbrick Mrs Sarah Ayton Mr Jonathan Ball OBE Mr Chris Banks Mrs Sara Field Sur8 Capt Jo Keogh OBE RN IRetd) (Chair} Mr Duncan Lamb Mr Charles Stewart Ms Nicola Thompson Ret'd Investment Committee To scrutlnlse the Investment managers on8oln8 performance. Meets four tlmes per year. Fundraising & Marketln8 Commlttee IFMC) To oversee the expanslon of actlvltles In these areas and the executlon of the agreed management plan. Meets three times per year. People Comrnlttee (PCI To manage the Board and senlor staff successlon plan and oversee CEO remuneration. Meets three times per year Charity Commlttee ICCI To twersèe and set strate8y and pollcy for all grant making. Meets three tlmes per year. Through Life Commlttee {TLCI-5ub<ommlttee of cc To provlde overslght. scrutlny and approval of grants for Benevolence. Meets four tlmes per year.

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENOED 31 DECEMBER 2024 Commlttee auallty of Llfe Commlttee IQLCI - sub(ommittee ol cc Purpose To provlde overslght, scrutlny and approval of grants for Amenitles. Meets four times per year. Members M5 Rose Atkinson-Park Mr Jonathan Ball OBE Wol Robbie Buglass RM Wol lan Oavies MBE RM {Vice Chairl Lt Cdr Harrlet Delbridge RN {Chalrl LPT Amber Donaldson wol stephen Doyle Wol Paul Dun8ev WOI (CRSMI TIM Jukes RM Wol Samantha Martin f4RM Wol Neil Simpson RM LH {Pollcel Te8an Snell Lt Cdr Nlcolas Toms RN W02 Andrew Vercoe In addltlon to the commlttees above that hold dele8ated powers from the board, there are two advlsory commlttees, Includln8 the Comrnlttee Chalrs Advlsory Group ICGAG), whlch provSde5 a forum for dlscusslon and 8uldance lo the Commlttee chalrs, and the Group Tru5tee5 Adv150ry Group IGTAGI. These cornmittee5 are not Sub commlttees of the board, but rather a consultative body of members which provides a forum for all Trustees from the Group Charlties to share idea5 and information. Manai•m•nt Ind Admlnlstratlon The pollcles and prlnclples Included vAthln thls Trustees Annual Report are those belon8ln8 to the Group, however Indlvldual ¢harltles Can adopt l adapt these pollcles and prlnclples to sult thelr own clr¢umstances as dlsclosed wlthln thelr Indlvldual statutory a¢counts. Employ•es At the 31. December 2024 the RNRMC Group employed around 112 staff wlth 63 employed dlrectly by RNRMC. The day-to-dav control and adrnini5tration of the RNRMC is delegated to the Chief Executlve Offlcer, who's senlor staff mana8e functlonal departments. RNRMC Is eommltted to the tralnln& career and personal development of all employees. Each employee has an annual perforniance revlew where thelr performance Is assessed a8alnst the Charlt*s objectives alongside personal achievements wtthln thelf speclfic roles. A tralnln8 PfO8ramme Is devlsed that meets both the Charltls needs and also enhances the Indlvldual's potentlal toward5 thelr profe551onal development. We are proud to hold the Silver Award for the Ernployee Reco8nltlon kheme under the Anned Forces Covenant, whlch supports the transition of serving members of the Armed Forces into employment. Remunévitlon The Charity does not remunerate Its Trustees. The Tiustees are responslble for settSng the remuneration of the Charltys Chlef Executive and the remalnlng staff are pald vla an agreed remuneration framework that sits withln the overall reward policy that Is agreed annually. General Data Piotertlon Reiulatlon IGOPR) In 2018 RNRMC implemented a suite of too15 and Staff training packages to monitor and ensure ongoing compliance with GDPR, which was revlewed in 2022. Workin8 closely with our advisors Mooreclearcomm, we have now started the second phase of the GDPR project, which includes a full review of our policies as well as the renewal of our Cyber Essentials Accreditation together with further stsff tralnlng and updates. Thls work wlll be completed durlng 2025. Fundralslng Prlnelples RNRMC and RMA-TRMC both have established fundraising programmes across similar income streams.

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 RNRMC and RMA-TRMC are reglstered wlth the Fundralslng Regulator and adhere to the standards of the Fundraislng Codes ol Practlce and to Charlty Commlsslon guldelines, partlculafly CC20 (Charlty fundralslng.. a gulde to trustee dutlesl. The fundralsing teams are aware that the Fundraising Code of Practice has been updated and that the new code will come into effect from November 2025, they are already reviewing and updating the relevant areas in our policies and practices, ready for the new code. The RNOC'S income Is derived from investment income, active fundraisin8 via the Association of Royal Navy Officers, (ARNO) membership and other initlative5. NSSC'S income is derived lar8ely from Investment income and 8rants received lincludln8 from RNRMCI and there Is therefore no requlrement to fundralse. The income ofwomen's Royal Naval Service Benevolent Trust IWRNS Bll is derived from income from investment5, le8acy income. Regular and Individual donations incSudin8 Gift Aid. Active fundraising is via the WRNS Association through an annual dinner. No complaints about fundralslng actlvity were received by ANRMC or RMA-TRMC In 2024 and therefore there wa5 no requirement for escalatlon to the Re8ulator. We have our own procedures In place for dealln8 wlth complalnts. The complalnts process Is open and transpaient and easy to access from our respectlve websltes. Wlthln the process, we publlsh a dear procedure for escalatlon and tlmescales when supporters can expect a response. Anyone who Is klnd enough to conslder support for RNIIMC can be assured that".- we never sell personal data to other organlsatlons or charltles. We do sometlmes ask thlrd party organlsatlons to help process our data, but they wlll act under our Instructlon. We never allow these organlsallons to use RNRMC supporter data for thelr own purposes and the data remalns our legal fesponslblllty., we ensure that It Is treated wlth the same level of care as if we were handling It directly. It Is our pollcy never to undertake any telephone fundralslng or 'cold callln<. all our electronlc communlcatlons to supporters Indude Informatlon on how to opt out of fulure communlcatlons. we do not undertake door-to-door fundralsin8. We dlspl8V the Fundralslng Re8ulator badqe on our websltes and fundralsSn8 collateral to demonstrate our commltment to best practlce. We work wlth the Fundralsln8, M311 and Telephone Preference SeThlces to ensure that those who choose not to recelve speclflc types of communlcatlon do Dot have to. Volunteer fundraising is fundamental to the efforts of both RNRMC and RMA-TRMC and we would be unable to achleve the level of voluntary income we do without the support of Service and clviliaTh volunteers, We rely on a pool of people who glve thelr tlme freely to dlrectly collect money, ofganise and asslst at evenls, or make connectlons with local businesses. Those volunteers collectlng money 'on behalf of RNRMC and RMA-TRMC are doln8 50 wlth the prlor knowled8e of the charities and receive a volunteer Inductlon, have a dedlcated statt 'Llne Managerf and have a 5lqned Volunteer Agreement wlth the respectlve charity. Those volunteers who collert 'ln ald of RNRMC and RMA-TRMC are often artlng on thel¥ own Inltlative and we are consequently unaware unt51 we recelve the money that has been ralsed. Offlclal collec¢lons ale always made wlth sealed RNRMC and RMA- TRMC collectln8 blns. Collectors In publlc places requlre permlsslon from local authorltles or, If wlthln Its dlstrlct, the Metropolltan Pollce. These Ilcenses are applled for and recorded by the RNRMC and RMA-TRMC fundralslng teams. We regularly revlew and update our ¥olunteerlng pollcles. Volunteers and Relaled Partles All Tru5tee5 and member5 of the fflana8ement commlttees of the subsldiarle5 8lve thelr seprflces voluntarily and recelve no remuneratlon for thelr actlvltle5, Other than travel and Incidental expenses where clalmed. The 5ervln8 members of the Board undertake their RNRMC dutles as volunteers In addltion to thelr normal Ilne dutles. RNRMC contlnues to develop and expand Its group of volunteers to assist in all area5 of the Charity. These volunteers are supported by staff members as well as spedflc policles and procedures whlch Include5 a handbook for volunteers. In additlon to the volunteers above, we also have charlty Ambassadors. The Ambassador programme was offlclally launched In early 2024 and there are now over 34 volunteer Amba55adors acr055 the countryi includin8 the three fflain Naval Base areas. There are plans to continue to recruit more to support the charity in areas where the Royal Navy is historically actNe but today ha5 a very small footprlnt. The role of the Ambassador Is to provlde senlor representatlon of RNRMC promotln8 the work of the Charlty.

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Dl¥erslty. Equallty and In¢luslon Our exlstlng charlty values reflect the need for equallty, dlverslty and Incluslon IED&I}. We also recognlse that there wlll always be further Improvements or enhancements that we can make to maximlse ED&1 wlthin the Charlty. We aim to athleve the following key outcomes by worklng toward5 dellverln8 the Tecornmended best wartlre within the Charlty Governance Code whlch wlll help u5 to bulld a dlverse, equal and Incluslve culture w6thln the charbty'.- The prlnclples of equalltyi dlverslty and Snduslon are embedded In the or8anlsatlon and help to dellver the charltvs publlc bènefit. Obstacles to partlclpatlon are reduced, wlth the organlsatlon's work deslgned and open for everyone Included wlthln Its charltable purpose5. Th15 SUPPOrts the charlty to challenge Inequallty and achleve Improved equallty of outcomes. The Board 15 more effectlve because It reflect5 different perspectives. experlence5 and 5kllls. Includln& where appllcable, from current and future benelldarles. The objective$ of our Staff Rèferenee Group include Culture which ernbrate$ equallty. diverslty and Induslon and for those new to the SRG we have Set up speclflc ED&1 tTalnln8 COUT5es whlch help develop both thelr understandln8 as well as belng beneflclal for all of those who engage wlth them and the charlty, Objects, Vlslon and Strategy The objects of the charity are:. the reliel In Deed. hardship or dlstress of Benef iciarles and thelr Famllles and Dependant5: the a￿[StanCe wlth, provlslon of, or ¢ontrlbutlon to the educatlon and tralnlng of ¢hlldren of 8eneficlèrles; the promotlon of effklency of the Naval 5eNlce and ihe Auxlllarles bv way of the enhancement ol morale, the Improvement of recrultment and retentlon: and the further relief and encouragemènt, of men and womèn who arè servln8 In the Naval Servlce or the Auxlllarles. In 2020. the trustees developed a ¥lslon for the tharlty whlch Is as follows:. "A world In whl¢h our ¥allorJ. m•rlnw •nd th•lr l•mllhi •r• v•lu•d and support•d. for Ilh." The charlty seeks lo dellver these objectlves land meet the vlslon) In two prlnclpal ways. Flrstly, by provldlng grants to other charbtles and organlsatlons to dellver speclflc outcornes whlch address an Identlfied need ol our beneflclaile5. Typlcally, these arrangements wlth partlcularcharltlesore overa 3-year perlod, These commlsslonln8 PfO8rimme5 span 5ervln& famllles and veteran5. Secondly* we provlde 8rant$ direetly to Indivlduals, and to shlps and unlts, whlch seek to Improve the condltions of Service for those 5ervln8. We also support the next of kin of those who die whllst servSn& with an Immediate flnanclal grant. In addition to these dlrect foims of 5UPPOrt. we provlde bu51ne5s serylces 5UPPOrt at no cost to a number of charlties wlth the same cate8orles of beneficiaries a5 ours. This sUPPOrt IcoYerinE finance, HR, fundralsingi communlcatlons and grantrfnakln8 processes) allows those ¢harltles to dlrert thelr resources at meetlng the needs of theli beneflclarles. Our Purpose: Our purpose is to honour our vision by ensuring we:. Provlde the leadershlp and allgnment of cornmon purpose for our beneflclarles, needs,. Flnd those who need help. especially the hidden and lost, and ensure they ean find us: Respond approprlately through dlrect support wlth key partners from the naval and other charltles, the health and sodal care sector. and the benellts system; Wofk to develop an effectlve and 5U5talnable access and trSa8e 5YStem wlth approprlate level of case and care super¥lslon for the entlre naval faffllly. Our V•lue$:. Beneficlary Focused- We wlll use the best evldence to achleve the maxlmum Impact on the Ilves and morale or those tho seNe today, or have ever served. and thelr famllles. Commitment- We wlll demonstrate the hlghest ambltlon and commltment for our cause. 10

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Integrity- We wlll act wlth honesty and transparency In all of our actlvlties. Inclusivenes5- We will recognise and celebrate diversity in the sector. Teamwork- We wlll always behave In a way that stren8thens the sector. Our Strate8lc ObJKIIwJ:. We wlll work wlth other charltles operatlng In our sector to establlsh a confederatlon In order to provide those In need wlthin our beneficlary group wlth a slngle polnt of access to the totality of state and charltable support avallable, Actln8 vAth other naval charltles and key stakeholders. we wlll ensure that our potentlal beneficiarle5 are made aware of the support thal 15 avallable to those who need It. We wlll collaborate wlth Greenwlch hospltal to a8ree fundln8 prlorltles and secure a lon8-term financial commltment from Greenwlch to dellver RNRMC'S charltable objects. We wlll commlt to spendlng over SO% of our tharltablè èxpènditure on tollaborativè and long-term ¢ommisslonin8 prolerts wlth other charltle5 and organlsatlon5 whlch seek to addre55 underlyln8 cause5 of need. Reco8nlslnB the need to act de£lsively, we wlll undertake bold and far-reachln8 plans and prolects wlth our partners that wlll draw down substantlally on our total net assets. RNRMC alms to:. Allevlate con5equence5 of Ser¥lce Honour Service t¢ the Natlon We wlll do thls by our proartlve/pre-emptlve theme5:. Support to thè ￿rvIn8 and thelr famllles Ensure 5UPPOrt Is In place for Veterans In need. Combatting loneliness and isolation- buildln8 befriendin8 and support networks And r•gctl¥e themes:. Provldin8 a safety net for those in need Benevolence sUPPOrt- 6fants pro¥lded to naval benevolence charltles We contlnualty refresh our understandln¥ of need through our partfiershlp work and reqvlar quantltatlve and qualltatlve monltorln8 Infom)ation and data, At the centre of our practlce Is our engagement wlth beneficlarle5, usSn8 thelr needs and experlence to inform how to design and deliver projects. li

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 What We Do Improving the Quality of L•fe of Serving Personnel Providing Tailored Support to Individual Beneficiaries rov151on ol omenliie4 vAt(Wo sup￿￿ ¢thèr inllloti￿5 ￿th1£h swk to lryJro¥t mr*O￿and mllhory ¢ffklw MOIn￿ thr￿gh 9ranis 70 sp8elolisi benevdence choriiles ond Ihe pmlsbn ol o de07￿1n servi￿￿1Th1 10 nÈxf ol klN Supporting the Wider Naval Community Enhancing Lived Experi•nc•s of Naval Families IhrThKJh eng(4Emenl wlth oisociokns ond other offJoni￿1i￿S kn r•och ¢JJl lo am thDJe who •td sUP￿rt ￿t0￿Y th• hldd¢n, k)si ond I￿ Ttrwo￿h support lor lthlotlves Ihol wk ion4tlgoi• som• of lh• dlsoJv¢mioges of 5ervi¢e Ilfe lor knilp¢S The dellvory of the ChJrltJble Jrtlvlly of the RNRMC ¢Jn be categorlsed and Is Included In thls report, In the followln8 Benellclary Strands Quallty of Ilfe for Servlng Personnel Improvln8 the quallty of Ilfe of ser¥ln8 personnel . prfnclpally through the provlslon of amenltles. welfare support and other Initlallves whlch seek to Improvt morale and mllltary efficlency. Provldlng tlllored support t• Indl¥bdu•l benell¢lirks who have, or are Ilkely to develop, speclflc needs - malnly through 8rènts to speclalist benevolence charltles and the provislan ol a death.ln servlce grant to next of kln. Thls Indlvldual support Includes su ort to Veterans as well as the Servln and famllles. Enhanclng th• Ilv•d •xp•rl•nc4 ol naval f•mlll•s through support for Inltlatlve5 that seek to mltl ate some of the dSsadvanta es of seNl¢e Ilfe fof famllles. Supportlnl the wklef naval communlty. e5peclally veterans, thTou8h en8a8ement wlth assoclatlons l•Dd thelr network of branches} and other orianlsatlons to reach out to all those who ma need SU ort notabl the hldden,10st and lonely, Artlni a5 a convenor forthe naval communlty throu8h fundln& facllltatlon, research Into need. and the provlslon of professlonal organlsatlonal support laccountin& rant.makln , communlcatlons. HR to charltles within the sector. Indlvldual Support Naval Famllles Veterans Support to the naval tharlty sector Further informatM>n on our activities withln these areas can be found in ihe 8rant makln8 5ectlon. Effl¢lency throuihout the Charlty and the wlder Cofflmunlty Maintalnin8 a low overhead ratlols core to our bellef of dellverlng more to a wlder group of benefklarles throuih an effectlve mlddle and back offlce. We alm to play a full role In encoura8ln8 efflclendes and effe¢tlveness across the sertor Includln8 encoura8Sn8 dlscussions about how the naval charlty sector speclflcally. and the wlder mllltary charlty sector more generally. mSght galn from the beneflts of closer ¢onver8efl¢e, One of the ways this oblettive is •¢hleved Is through virtual grant making. namely by providing external charitable support servlces. These 5ervire51 provided at RNRMC c05ti provlde5 Naval Family charltie5 l>oth insideand outside olthe RNRMC8roup. with administrative support across finance, HR, communications, fundr3isinE and £rani making. allowing our partners to focus on our common beneficiarie5. These activities are included in Strand 5 of our Charitable Delivery. 12

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Public Benefit In shapin8 our objertives and plannin8 our artivltles, the trustees have ¢onsldered the Charlty Commissions guidance on public beneflt, includln8 the 8uld3nce 'publlc benefit.. runnlng a charlty IP821. The trustees conflrm that they have cornplled with the duty in section 17 of the Charltles Act 2011 to have due regard to public benefrt 8uldance publlshed by the Charlty Commlsslon. The trnstees have reco8nlsed the prlnclples of public benefit and belleve that RNRMC meets them, namety.. - that there must be an Identiflable benèfit or b8néfrts and they must be clear. related to the alms of RNRMC and be balanced agalnst any delriment OT harm; the obletts of RNRMC are to focus on thé rèlief in need. hardshlp or d15tress ol dlsadvanta8ed persons, provlde education and to Improve the efflclency of the Naval 5ervlce. The Tange of the beneflts derlvlng from benevolence actlvltles Includes the rellef of poverty and Improvlng the effklency of other tharltles through the 8rants made. RNRMC 1150 provlde5 It5 beneficlarles wlth fadlitie5 for sport and recreatlon. that the beneflt must be to the publlc or to a sectlon of the publlt. That the beneficiaries must be •pproprlate to the alms and. If to a sectlon of the publlc, must not be unreasonably re5trlrted and that those In poverty must not be exduded from the opportunlty to benefit., and the potentl81 beneficlary iroup of RNRMC Is wide and include5 not Just Current servlng personnel. but also the vast malorlty of our beneflclarles who are former Naval Servlce personnel, f•mllles and dependants. Benevolence grants are 311 based on need demonstrated by ihe charltles thal apply for grants and do not dupllcate state fundlng. In addition, RNRMC provldes public beneflt by enhancln8 •nd prornotln8 mllltary efflclencyl Stren8thenln8 the moral wmponent of the Royal Naws and the Royal Marines, esprlt de corps. Achlevements & Performance - Royal Navy & Royal Marlnes Charlty The 3chSevements and performance In thls sectlon relate to RNRMC Charity only rather than the whole Group, Reports for the other 8roup entities can be found in their individual Trustee Reports. Durln8 2024 the total charltable actlvlty of RNRMC was £6,4m. Thls Includes not only the 8rants awarded1£5.3ml but also Includes Grant makln8 delivery1£5.9m Includln8 Strand 51 and delivery of external ¢harltable support 5eThlces Included Str•nd S. The graph below shows how the total charltable output of £6.4m wa5 distributed by the charlty In 2024. Charitqblo A¢liviiy by Beneficiary Strand 2024 Key: Total: FOrfII £6.4M th￿11￿•1 Life lor $•rvthpP•rww £i.J42 +10￿ tbority Svpparl Ifvjivhlual rJebYery•tyJ MoniLYiry £$33 13

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Grant Makln8 Durln8 2024. £5.3m of Grant makin8 was awarded through a funding modÈl focused on idÈntifyinE nÈÈd, early intèrvention and prevention. Thls work focused on The SeTvln8 and thelr FamllSes, workln8 age and older Veterans. Thls Included strand S supportln8 the wider Naval CharSty Sector. whlch. whlk not applled for Sn the same way. Is the c05t of the support to RNRMC. RNRMC contlnues to work closely wlth Greenwlch hospltal IGHI to Ident5fy and addre55 need. and a5 suih 15 8rateful to recelve £1.375m to enable lolnt fundlng of 8rant awards. A total of 1,095 Grants were approved in 2024 wlth 95% of organisations supported reportlng that all outcomes were a¢hleved as expected. Grant5 awarded delivered significant outcornes lor our seTvlng personnel, their famllles and the veteran communlty. Collaboration and partnership workin8 With other funders has ensured ongolng support for all beneficlarles has been consistent and to its Usual high standard. RNRMC funding model drove continuous Improvements In respondln8 to need, as demonstrated In the following Strand actlvltles. Stmnd l- Quallty olufvfvrserylftq Personnel The Charlty contlnues to bulld on Its stion8 relatlonshlps wlth the Royal Navy enablln8 the Charlty to Identlfy need wlth re8ard to amenltles spend. Total Spend of £1.5m was awarded In the year, 77% of which was dlrectly for Sepling Personnel. Strand one grants are delivered throu8h a variety of grant types as detailed below: Malor Grants- The Chaflty awarded 13 Major Grants in 2024 totalling £570k from RNRMC funds with an additional £94k secured from externol funds to support these projects. Projects supported Included refurblshments of facllltles for Na¥al Personnel at the Institute of Naval Medlclne, HMS Sutherland and HMS Ora8on. a Resldentlal trlp for chlldren of Ser4ln8 Personnel and th Project Sapphlre- an oversea5 Vi51t for Commonwealth Personnel to celebrate St Vincents 45 Annlversary of Independence. Grants were also awarded to fund varlous courses and wellbelng actlvltles for personnel In recovery. Thls Included actlvltles such as Yo8a, Arts & Crafts Retreat, Surfin8 and Equine Therapy. The feedback from these courses indlcated a real dffference was made to recovery wlth 93% of those attendln8 r•portlng an Increase in their general mood and wellbeing. Mlnor Grant5 - There V￿re 348 rn5nor grants awarded through this strand totalling £454k, with 51% of these supportlnE morale and soclal actlvltles. Examples of support to thls area Include celebratlon events for those passlng out of speciallst courses, funding activities for those oft down tlme whllst deployed and soclal events to mark the end of deployments lor serving personnel and famllles. Prlzes & Awards- In 2024 £180,000 was approved In support of Prlzes & Awards for Naval Personnel, Includin8 reco8nltlon of 781 Personnel with a Herbert Lott Award. The generoslty of. and worklnB In partnershlp wlth Parkdean Resorts, has enabled the award of 99 reward, recognltlon and respite breaks to Serving personnel and their famllles, whlch benefitted 192 adults and 151 chlldren, reachln8 more people than In 2023. Through focused work with partner organisations. 49 serving personnel were supported by F.L.A.G.S {Forces- Llnkin8 Alcohol and lor Gafflblln8 wlth Support Service51 with 100% of people reducing their 8amblin8 problem and 87% redu¢in8 their alcohol consumption as a result. Fundln8 to the Whlte Enslgn Assoclatlon has dellvered over 27 flnanclal brlefings to over 2CKKI beneflclarles to ald the transltlon to civilian life from a financial perspective. RNRMC and Greenwich Hospital (GH) are workin8 closely together to support servln8 personnel. All grants are submltted via the RNRMC grants portal and are assessed by RNRMC grant staff, before approaching GH and other funder5 to optimise the project funding available. Strand2- Indlvldualsupport Total spend of £1.2m was awarded in 2024, the largest grants awarded bein8 for the Royal Naval Benevolent Trust {RNBTI and RMA-The Royal Marines Charity to deliver individual benevolence supporting veterans. In addltion to the support Sncluded at Strand 4. In total this veteran spend represents 65% of the spènd from this area. Quarterly reportlng from these or£anisatlons 14

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Inform5 the Charity of the needs that are presenting from beneflclaries. for example the hlghesi area of support In terms of age group for RNBT 5UPPOrt was for those aged 71+, closely followed by support to those ranglng from 3140. Indlvldual grants were also approved for ser¥lng pefsonnel In recovery for a varlety of purposes such a5, purchaslng speclallst equipment to ald wlth rehabilltatlon, fundlng for speech and lan8ua8e therapy followln8 an Illness and resp5te breaks for farnlly members. 2024 sadly saw the release of 15 death in servlee grants awarded to famllles. Includlng the first Fleet Alr Arm Benevolence Grant released followln8 a Se￿Ice Death. There wa5 also a 51gnlflcant Increase in the number of Indlvldual 8rants released for compasslonate travel. These 8rants glve urgent support to the next of kln durlng the Immedlate perlod followlng the death of their loved one, a tlme when the securlty of knowlng you do not need to worry about your flnanclal affalrs and can focus on your famlly Is very Important. Strnnd 3- Navol Famlllei Total spend of £1.9m was awarded to SUPPOrt Naval Familie5 In 2024 funding a broad netbvork of delivery partner5. The largest grants supported as part of Strand 3 are for the Naval Chlldren's Charlty and the Sallors Chlldren's So¢lety to dellver indlvldual benevolence. These two 8rants represent 45% of the spend on naval famllles. Much of the wlder support to Naval Famllles comes through RNRMC fla8shlp pro8ramme Of support called Stren8thenSn8 Famllles- By your 51de. The dellvery of thls programme Is well establlshed and respected and Is recognlsed across the sector for good practlce and for the on-8oln8 SUPPOrt of Naval famllies. addre5sln8 current need while remalnlng responsbve to need as it emerges. The Charlty contlnues to proactlvely develop relatlonshlps wlth lon8er.term strateglc partners to seek ways to address the underlyln8 causes of need for Naval Famllles, The fundln8 provlded by the Charlty has enabled the dellvery of 1863 Counselllng sesslons dellvered by Relate; 1088 chlldren attendlng a Klngs Foundatlon Activlty Camp, and the launch of a new serllce by Home-start In Lomond supportlng Naval Famllles In the Helensburgh Afea. Durlnl 2024 the Charlty ha5 contlnued to reach out and stren8th2n relatlonshlps to better understand the needs of naval famllle5 and how we can work wlth dellvery partner5 to meet those needs. Yhls has been achleved throu8h close worklni wlth statutory partners {educatlon, NHS and local governmentl alon8 Wlth other third Sector organisation5 at local level across the UK. In particular, the charity has strengihened its working relationship with the RN Family and People Support {RN FPS} teams through partnership agreement and the employment of Volunteer coordinators IVCI. VC'$ ale employed by RNAMC but support RN FPS projects with the recruitment of volunteers. Through this unique position, vthich places them at the heart of the community, they are able to provlde an Integrated famlly support offer Includln8 soclal prescrlbln8 and en8a8ln8 wlth the local authorltles and sector or8an15atlons In thelr locallty. Strond4- Veterans RNRMC awarded £595k In fundln8 of 8rants supportln8 Veterans In 2024. Part of thls fub)dlni has been dellverèd vla the Through Life Pathway. The Through Life Commlttee approved funds in 2024 to support Veterans at Tom Harrison House, of whlch l(Kl% who took part in a placement at the facility reported significant ability to self mana8e their mental healih and wellbelng. In additlon to these qrants there has been a focus on camaraderle and engagement for Veterans which Is belng met throu8h our 8rant to the Royal Navol Associatlon to 5ubsldise thelr rnembershlpi of which ft now ha5 almost 24,000 mernbeis sl8ned up. The fundinB a150 contributes towards a Wellbeing programme of whlch 95% agreed that the activitie5 run as part of thls has Improved thelr connection to others. This need is also beln8 address through the continuatlon of Remembrance and Comradeship grants. 8ulldin8 on the success of thls programme In 2023 and wlth additlon31 fvndlng In 2024 from Greenwlch Hospltal a further 26 grants were approved. These grants feached 2084 beneficiaries in total and included support to Falkland Islands Memorial Trust, West of Scotland Military Wives Choir and reunion event5 for RNR Air 8ranch. submarine E5capeTank and 45 Commando. The flnancial support specifically given to Veterans in 2024 did decrease significantty on the previous year. due to a decision to focus primarily on serving personnel and their families. The Charity has worked hard with our key partners to ensure that the Veteran support is given by those most experienced to deliver the support requ5red. However. the Charity continues to support 15

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Veterans and In particular look5 for areas whwe value can be added; thls could include through a service not Gurrently delivered, by piloting new servlces Identified through research into need. StMndS-Support to the Naval Chorlty Sertor Durin8 2024 RNRMC contlnued to support Charities outside of RNRMC Charity. both Inslde and outslde of the Group. wlth 1n.klnd servlces. The total value of these servlces was £603k, an Increase a8ain5t 2023 of 79%. The 5UPPOrt conslsted of varlous servlce5 Includlng adminlstratlon. 8rant-makin8 SUPPOrt, HR and payroll processin& communlcations, fundraisin8 and accountln8 5UPPOrt ranglng from transattlonal processln8 to mana8ement accountln8 and support wlth audit processes. The beneflt of the support means that charlties were able to focus thelr resources away from overheads and into our common benefldarle5. All8nment of processes has allowed the charltles to streamllne and share best prartlce and enhan￿ collaboration through the Naval charity sector. Alongside charlties Within the RNRMC Broup such as NSSC and RMA-TRMC, external charltles have also recelved this support, and include the Naval Famllles Federatlon, Whlte Ensl8n Assoclatlon, the Royal Naval Assoclatlon and the Armed Services Trauma Rehabilitation Outcome Stuthrf. In 2024 the Grants Team undertook the dellvery of Indlvldual grant 8iving for the WRNS Benevolent Trust IWRNS BT), now a subsidiary charlty of RNRMC. Stren8thenln8 F•mllle$ Neurodlver$lty Cross cuttlng both Strand I Iservlngl and Strand 3 (Famlllesl the Charity. supported by funding made available from the Arnied Foiced Covenant Fund Trust, contlnued wlth Its flagshlp Neurodlverslty Project, fundln8 the employment of a dedlcated Neurodlverslty Navlgator to dlrert people to flnd the best and most approprlate support for thelr needs. whether that be for the servlce person or thelr famlly. The charlty supported 138 famllles whlch IS 84% more than inltially expected. The top three areas of 5UPPOrt were for are EHCP'S. assessments and emotional based school avoldance. The Submarlne Famlly The Charlty contlnues to support Submarlners, pasl and present and thelr famllles, through erants provided by The Submarine Family Grants Commlttee, a fund whose oblectlves are to promote the:_ Welfare and well-belng Iwhlch Includes mental health) of all Submarlners {servln8 and retlredl and thelr famllles. Submarine ethos, morale ol all ranks of, or serving with, the Submarine Service including heritage, remembrance and the provlslon of recreatlonal facllltles, amenltle5 and other 8oods and servlces not provlded out of publlc funds. In 2024 42 irants were approved from the TSF fund and included as part of Strands 1, 3 and 4. Other Fund$ Durln8 2024 RNRMC continued support for two further funds asslstln8 Ihe mental health of Naval personnel.. . Help- Jlm's Story to ralse awareness of mental health alon8sldethe mentsl health pro8iamme supported bythe RN.. and HMS Oardaclou$ Fund supportln8 the mental health of submariner5. The Royal Fleet Auxlllary The Charity's objects Include members of ihe Royal Fleet Auxlllary as beneflclaries. In 2022 the Charity was delighted to receive the funds of the Royal Fleet Auxlllary Benevolent Fund as a iestricted fund of the RNRMC15UPPOrting RFA personnel only). During 2024 the RNRMC continued to support the RFA through our usual grant making and commissioning programmes in addition to the rÈstrlctÈd funds of thelr 8enevolent Fund. Safe£uardln8 RNRMC has a Safe8uarding Policy as the 8roup pro¥ldes Indlvidual beneficlary support. RNRMC believes that it Is always unacceptable for a child or vulnerable adult to suffer abuse of any kind and reco8nlse5 it5 responsibility to safe8uard the welfare of all people it encounters. by a commitment to practice whlch protect5 them. We understand that the welfare and safety of the person at risk is paramount. The purpose of the policy and the a550ciated and more comprehenslve 8uidance document is to: _ Provide protection for children and vulnerable adults who corne Into contact with our charitv. 16

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Provlde 8uldance to staff and volunteers to reco8nlse. respond to and report abuse appropriatelv. Create a culture of openness wlthln the or8anlsatlon and ensure staff feel supported to talk candidly about Suspected abuse. The organlsatlon now has a Trustee responslble for safe8uardin8 and a qualified member of staff as the designated safe8uardln8 lead. In addltlon, each element of the pollcy has a lead wlthln the relevant department or functlon, and thls Includes a lead within the Senior Leadership Team. RNRMC grant makin8 policy includes a requirement for funded charltles to provide an Sn date slgned version of thelr organisations safe8uardlng pollry. The grants team upload these into the database and routinely follow up to ensure these are updated and malntalned at the requlred standard. Subsldlary Charltl•s Details of the Achievements and Performance for the RMA-TRMC, RNOC, WRNS BT and NSSC can be found wlthln their own statutory accounts, Ral$ln8 Funds In 2024, the RNRMC'S fundralslng pfoBramme achle¥ed a gross Incofne of £3.2 mllllofi and a net Income of £2.1 mllllon meetlne our net Income target set In the 2024 budget, The Board 15 commltted to 5UPPQrtin8 and 8rowln8 what we do a5 fundra15er5. Thls wlll Increase our future Income, whlch wlll In turn enable us to support more beneficiaries. At the same tirne thi5 wlll enable us to expand our en888ement wlth our audlences and will enable more people to find the support they need. Fundralsln8 Str•t•gl¢ Oblt¢tlvt$12024-2026) The Slrateglc Oblectlves for fundralsln8 for the charlty are to bulld sustalnable Income and deepen donor engagement and are focused on slx strate8lc prtorltles: Lavnch an Indlvldual Glvln8 and Legacles programme Relnvl8orite the Re8ular Glvln8 Pro8ramme, Includln8 Major Donor engagement Enhance team capabllltles and technology to Improve donor acqulsltlon and retentlon Expand reglonal engagement to grow the volunteer base. boost communlty Income. and Increase brand awareness Develop RNRMC Enterprlses through targeted Investment In the retsll platform and expertise 6. Deliver a new flagshlp challenge event to strengthen events Income and attract corporate pèrtnershlps To support these goals, the Charlty Invested In a dedlcated Indlvldual and Re8tslar Glvln8 Team. In 2024, thls team led several new key inltlatives, including,, 'Support In a Storm, Chrlstmas Appeal The 818 Glve match funding c3mpaiBn Re8ular Glvln8 Pln Lotto Waves Lottery Durln8 2024 the Charlty also launched a new flagship challen8e event, 'Race Across the UK,, which will run biennially. Additlonally sl8nlflcant Investment was made Into dats and insl8ht5 capability, Including the Supporter Survey• enabling better understanding and response to donor motlvatlons. 17

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Fundfalsln8 Hl8hll8hts and Impact Storytelnnq That Resonotes In 2024, the fundralsln8 campalgns of the CharSty vRre bullt around powerful, emotlve storytelling, The Charity shared three Insplrln8 case studles hl8hlSghtlng how It transforms Ilves a bold move that pald off. Despite wider uncertainty in the 8rant- makin£ landscape, thls approach across both digltal and dlrect mall channels was well received. wlth no complaints or negative feedback. Thls afflrms the Charltvs confidence In data-led, Inslght-drlven fundralsin8. Support In a Stomi'_ alq Glve Campolgn Results Thls integrated appeal included., A dirert mall pack sent to 8,000+ supporters (featurlng a letter from a beneficlary, donatlon form, case study leaflet, and flyerl Soclal medla and emall mark@tln8 assèts across Facobook. X, Llnkedln, and Insta8ram Two compelllng case study videos Results: £62.064 raised 91 new donor5 acqulred 290 donatlons through the Bl8 Glve platform Average donatlon: £64 Innovitlv• Retall and Sustalnable Producls In partnershSp with the Royal Navy, and 8rowin8 on the success Df the initiative in 2022 and 2023, the charlty expanded the Ilne of 5U5talnable upcycled produrt5 for sale, 8eneratin8 over £8.600 in 2024. Thi5 initiative comblnes envlronmental responslblllty, by reduclnl the amount of waste 8oln8 to landflll sltes. wlth Income 8eneratlon. Durln8 the year the Charfty gratefully recelved fundln8 from a number of hl8h-proflle trusts and foundatlons, Includin8 but not Ilmlted to: Anned Forces Covenant Trust Fund Goldman Sachs Give5 Greenwlch Hospital Nuffield Trust Swlre Charltable Trusts Taigh Mor Foundation Thales Charltable Trust The Castanea Trust The Gosling Foundation The Hintze Famlty Charltable Foundatlon The Keeble Charltable Trust The Royal Edinburgh Military Taltoo (Charities) Ltd The St. George's Soclety of Baltlmore Foundatlon, Inc The Wimbledon Foundation The Worshipful Company of Turners The Charlty h05ted a number of 5ucce55ful fundraisin8 events In the year which induded.. - Sky is the limlt carrler Ball Royal Marines Beating Retreat Splnnaker Absell LonB-lerm corporate partnerships wlth companies such as BAE Systems, Lockheed Martin, MBDA Misslle Systems, and Thales are deeply valued by all at RNRMC and the beneflclarles of the Charlty. 18

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Communlty Fundralslng Mllèstones The Charltws programme of communlty fundralslng generated Income reached Its highest level In the chariVs history in 2024. ralslng £323k, a slgnlflcant year.on.year Increase of 93.2%. Hlghllghts Included the Incredlble efforts of HMS Oardaclous and the Impact of new Regional Fundraisers in Scotland and the Southwest. Looklng Ahead The year closed with the launch of 'Race Across The UK,, the Charitvs firstwer challenge event of thls klnd. The enthuslasllc response from 5UPPOrters exceeded all expectatlons and $18nals stron8 rnomentvm for 2025. Thank You The Charity 15 immensely gwateful to all of the generous donois, fundraisers, corporate partner5, trusts, and supporters. Whlle RNRMC cannot name everyone here, their contributions - whether financial, voluntary. or In-kind make a tan8Sble dlfference to the Chariws beneficiaries. The Charity also honours those who choose to remain anonymou5. whose support Is deeply appreclated. Future Plans- Royal Navy & Royal Marlnes Charlty The future plans in th15 sectlon relate to RNRMC Charlty only. Future plans for the other group entitles can be ft>und In thelf Indlvldual Trustee Reports. Trustees have Identlfled the followln8 9 key prlorltles speclflcally for our actlvlty In 2025 and 2026. The Trustees plan to revlew and renew the Strate8y for RNRMC during 2025 for publlcatlon In 2026. Réfresh our understandlnz of'neod, for the p•rfod 2025.2040. The Charlty contlnues to work dosely wlth Greenwlch Hospllal and other funders such as the Armed Forces Covenant Trust Fund who both have undertaken research Into need. Thls research wlll be revlewed lolntly wlth Greenwlch Hospltal In the SprlnR of 2025 and will form the basis of budget planning and priorltisation of our support from 2026 onwards. 2. Pursue closer workln8 wlth Greenwlch Hwpltal ejpeclalty In relatlon to ir•nt-m•kln8. Alongslde Greenwlch Hospital, Ihe RNRMC remaln the prlnclpal funders wlthln the naval charitable sector, with a combined annual 8rant-makln8 spend of over £IOm. Increasln8ly, both organlsatlons are w0￿1n& more closely together to ensure a co.ordinated and coherent approach to fundln8- and we belleve thls lolned-up approach Is In the best Interest of our shared beneficlarles, 3. 5¢¢ the ¢ondltlons forfundra151ni In Z026 and 2027. Dellvering these programmes of actNIty requires resources. and so future plans wlll also see a contlnued focus on fundralsln8. The charlty15 brllliantly supported by a huge range of donor5, Including the malorlty of the servln6 populatlon as well as major grant- makin8 bodles. The wlder economlc cllmate Is a dlfflcult environmeni for all fundra15ers and so the Charlty continues to invest in thls area to ensure tt maintalns thls Important Stream of fundln8 - and thereby dellvers the outcomes whlch are the hallmark of the charity. 4. Contlnue to slmpllfy our corporato funds Strurturn. The Charlty sought and recelved approval from the Charlty Commission ICC) and the Board of Trustees to slmpllfy its fund structure from 1st January 2025. Several Restricted Fund5 have been simplified into two main restricted funds of RNRMC, belng The Amenities Fund and The Benevolence Fund, which is aligned to our key objects. Thls wlll enable our funds to be allocated to the needs of the beneficiarles In a far more streamllned and efficlent way whllst stlll honourlng the orlglnal purposes of those funds. 5. lrnprove our wlonal footprlnl and ensaiement. RNRMC is a national charlty wlth beneficiarie5 livin8 in the UK and abroad. The Intent, therefore,15 to ensure the reach of the Charity is truly repre5entatlonal. Thls Ss e5peclally important for Scotland, 8lvln8 the increasln8 presence of the Royal Navy in that part ofour Natlon. As part of ihis priorlty and followln8 on from a successful workshop Sn 2024 at the Drumfork Centre In Helensburgh. the Charlty has continued woikin8 c105ely with ihe AFCFf on a pro8ramme of Strengthenin8 Famllles based In the West of 5wtland whl¢h alms to support Royal Navy Submarlner familie5 facln8 the challenges of separatlon. Thls work wlll help bring together the orBanlsatlons that are based In Scotland to slgnpost and promote how to connect those that need help with the help that is 19

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 available. Working together to ensure the best resutt to Strengthen the Famllles partlcularly whilst their loved ones ale away at sea for extended periods of time. 6. Deepen the relatlon5hlp wlth our Group Subsldlary Charltles and other Charliles In the Naval Sector. RNRMC trustees place con51deTable value on the charitrfs role as convenor- that is our ability to brln8 tO8ether key stakeholder5 to address shared challenges and identify a common approach to resolution. We wlll continue lo advocate and partlcipate in thi5 collaboratlve approach workin8 With our Subsldlary charltles and those across the sector to collectively strengthen our relatlonships In order to provlde the best outcomes for our beneficlarles. Improve our management capaclty and comp•ienc¢ for lh• lon8-t•mi. The Charlty conslders successlon planning and development of our staff. as a key component for future proofln8 the organlsatlon. In 2025 we wlll do a root and branch review to look at our staff structure ayinst our future requlrements to Identlfy skllls gaps and opportunltles to develop staff or recruit staff to fill those 8aps. We wlll also refrèsh our 8oard Governance Review uslng the plllars of the Governance Code alonBslde the skllls rev5ew to ensure our Leadershlp remalns hl8h level and complete. Oellvèr eonslstent communl¢atlons to our $takeholder$ 2024 was a busy and successful year for RNRMC Communlcatlons team. Communicallons focused on expanding reach by strengthening partnershlps wlth organlsatlons and charltles across the sector, including fellow RN charltle5 ond neurodlver51ty networks. RNRMC deepened collaboratlon wlth RN Comms and the RF￿ New Brand GuSdellr)es were developed, Jnd the advertlsln8 Strate8y revlewed, to better connect wlth key audlences. Efforts to share a wlder ran8e of storles and volces dellvered stron8 re5uIts'. 911 pleces of medli coverage were secured lup from 76 In 20231, reachin8 404.3 mllllon people {up from 39.6 fflllllon), wlth an advertlsln8 equlvalent volue of £7.5 million (compared to £1.4 mllllon the previous yearl. Online, RNRMC webslte recelved 205,000 vlews, and the Ch3rlty'5 Social media presence saw major growth, with over 18 mllllon Impresslons (a 355.8% Increase), 640,OLN) en8a8ements lup 258%), and 186,000 post link cllcks lup 282,2%1. 9. Manaie our resources wlsely •nd dellver the aireed budffet always looklng to do $0 effl¢lentty The trustees remaln mlndful of the twin pressures ol operatlonal actlvlty and an Increased cost of Ilvlng. These pressures affect both the servln8 land thelr families) and our veterans. Accordln8ly, the level of need that our charltable oblecls seek to address Is Ilkely to remaln hl8h. To continue to meet that nÈed, RNRMC will seek to malntaln current levels of fundlng for 2025- exploiting our well-developed model of commlsslonlng partners to dellver speclfic outcomes. In addltlorb to supporting the need we regularly revlew the operating costs for the charity and are commltted to ensurlng we get value for money, We are mindful that the money we spend is donated to us and we have a duty to make sure we do not waste resources and we make sure it goes to those who need it most. Wherever posslble we almonlse our funds wlth other funds that exlst to support Ouf beneficiaries, worklng tO8ether In ihls way mean5 less (lupllcatlon of effort and better use of funds available, Trustees are sat15fied that the Ch3rSty has adequate resources to contlnue In operatlonal existence for the foreseeable future and therefore continue5 lo adopt the 8oln8 concern basls In preparlng Its flnanclal statements. Subsldlary Charltle5 Details of the Future plans for the RMA-TRMC, RNOC, WRNS 8T and N55C can be found wlthln thelr own statutory accounts. Flnanclal Report RNRMC Group Over¥lew RNRMC Group c105ed the yearwith total funds valued at £81.9m, an Increase a8ain5t the prevlou5 year of £2.15m from £79.75m at the end of 2023, The re5erve5 of all of the charltable entlties wlthln the group have increased with the m05t notable increases being for RNOC at £0.78m, RMA-TRMC at £0.65m, RNRMC charlty at £0.45m and WRNS BTat £0.2m. Donatlon5 and Le8a¢l•s: In 2024 total donations and le8acles were £7.6m for the Broup. This was an overall decrease of £0.6m (-7.3%1 agalnrt the prlor year at £8.2m. Durln8 2023 a lar8e le8acy of 1.9m was recelved Into RMA-TRMC which wa5 not repeated in 2024. whlch means 20

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 that when Le8acy income is excluded. there wa5 an Increase in fundraised income of El.3m across the group. This increase was in part due to the RNRMC flagship blennlal 'Carrler Ball, fundraising event and an increase In communlty fundraising in RNRMC and RMA-TRMC raised additlonal funds through a successful fundraising ¢ampal8n (£360 for 3601 and through their annual fundra15in8 dinner at the Gulldhall, London. Income from Other Tradlng Acilvltles The RM Band Tour, whlch takes place biennially, which Is supported through RNRMCE, took place Sn 2023, whlch resulted In sli8ht decrèase of ÉO.Im1-5%1 in 2024, beln8 the year when the Tour does not take place. However, event5 Such a5 Mountbatten Festlval of Muslc IMFMI and Beatin8 relreat dld take place and were profitable for the tradln8 entltv. Investmont Intorne Across the group there wa5 a 3% Increase in Investment Income a8alnst the previous year. taking the totsl for 2024 to £2.03m. Thls was due to an Increase In Interest rates tQ8ether with the Inclusion of the WRNS BT investment portfollo as part of the 8roup from July 2023. The Broup operates a total retums pollcy, whlch tO8ether wlth further infowmation on Investment performance can be found below. Income from charltable Artlvltles We are 8rateful to our funding partners that support us wlth grants to enable us to support our beneflclarles. Income fell in 2024 by £0.6m1-20%1 agalnst 2023. In 2023 the RMA-TRMC invested in a new buSldlng. The Champ Buildin& whlth wa5 generously supported by funders. somethlng that was not repeated in 2024, and therefore accounts for thls decrease. Operitlni Income Overall. the movements above meant that total Income decreased sll8htly when compared to 2023 by £0.55m to £13.7m1-8%1. Need from beneflclarles again outmatched income and RNRMC wlll contlnue to develop income streams such as le8acies, major donors and corporate relationshlps whllst ut11151n8 reserve5 wlthin policy to meet this Increased need, where we can, in the future. Expendlture Total operating expendlture of the Group fell by £lm to £18,2m (2023 £19.2m), in 2024. Fundrnlsln8 ¢OSts Costs continue to be tl8htly controlled whilst reco8nlsln8 the future needs of the charily, Therèfore In 2023 trustees authorised RNRMC to make additional Investment In en8aBement throu8h developin8 our marketin8 and communications, in order to bulld our audiences of future donors and supporters. The Graup's costs therefoie lexcludlng Investment fees) increased from £3.8m to £4.4m an Sncrease of £0.6m. In addltlon to the Investment in fundraisln8 thls Increase Is also drlven by the Costs of the Carrler Ball. Investment Fees: Investment fees are charged on a % of portfollo value and performance, and are conslstent wlth the prlor yearfs fees. For 2024 these fees were 22% of Investment income. Chailtable Expendltur• Charltable expendlture for the group decreased from £ISm Sn 2023 to £13,3m In 2024, a reductlon of IEI.7ml. Of thls, the charltable spend of RNRMC Charlty only Ilncluding SUPPOrt costs) was £7.8m, a decrease of £1.8m compared to £9.6m In 2023, The charitsble spend lor RMA-TRMC lincludln8 SUPPOrt C05ts} Inuea5ed by £25Ok. reflective of an Increase In charltable delivery. For the Group, pure Brant maklng spend decreased from £9.6m to £8.3m. In older for RNRMC ¢harlty to balance the need5 of future beneficiaries, agalnst the current need, the decision was taken to reduce the deficit of the charlty by ￿dUcIng Costs, through identifying areas that might be funded elsewhere. The resuli of this is that grant making was reduced by £1.7m, takin8 spend to £5.4m from £7.1rn In the previou5 year, This was oftset by Increases In strand 5, where the value of vlrtual grant making in Strand 5 was £0,6m in 2024. Charitable sUPPOrt COSts which include grant maklng dellvery decreased to £4.Sm from £5m. Thls decrease Is driven by the charity ending the transition support pilot in the 2023 financial year. The Charitys strate8y continued to focus on maintalning a tight cost base while continuin8 to 5UPPOrt beneficiary need and utlllslng our re5eNes to do so until our intome strategy Is fully delivered. 21

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrkted Funds The value of unrestricted funds including desi8nated fund5 but excludin8 subsidiary trading cornpany reserves {which can be seen In more detail In note 261. reduced sllghtly from É18.2m in 2023 to £18.Im in 2024. Net Income of E6.Sm was recelved Into unrestrlcted funds. an Increase agalnst 2023 of £0.8m. Charltable expendlture out of the unrestrlcted funds decreased by {£2ml to £6.6m. There were net gains on invested assets ol £1.9m ￿lating to unrestricted investments. Balance Sheet Totsl flxed assets wlthln8 the group (In¢ludln8 Investment a55et5) were £82m at the end of 2024 whlch was an Increase of £2,5m. The value of flxed a￿etS excludln8 Investments remalned broadly ihe same as 2023 at £2.9m. Investments In the Broup have Increased from £76.5m to £79.Im, an Increase of £2.6m, £3.7m of these funds are Invested on behalf of our custodian funds. Acros5 the 8roup ihere was E6.6m of net 8aln5 on Investment assets (Chailty £4.2m), wlth an offsettln8 reduction in Investrnent fund Values due to cash drawn down from investments In accordance wlth RNRMC cash pollry, vthich aims to hold a rolling 12 months activity in cash OT near cash products. More information on investments can be found below. Debtor balances decreased from £4.Im to £2.3m, a change ol £1.8m whSch Is due to a reductlon In accrued income followlng recelpt of a lar8e legacy In RMA-TRMC. Credltof balances Incfeased from £8,8m to £9.3m, the Increa￿ Is due to the Increase In Investments owed to custodlan funds. Durln8 the year £5.4m was drawn as cash across the 8roup (Charlty: £5m) wlth cash of £6,9m held at year end across the 8roup. £3.4m of this was held within the Charity, which y￿uld cover twelve-months cash requirements, Investment Pollcy & Performance Inv•stm•nt O¥•riliht Followlng a full In¥eslment mana8er revlew Sarasln Partners LLP became responslble for the Investment management for the malorlty of the Group's funds In 2021. Followlng an Investment Manager revlew by RMA-TRMC thelr funds were Iranslerred to the Unlon 8ank of Switzerland IUBSI In March 2024. The maln Portfolio of RNRMC, together with the portfolio of NSSC. remain5 wlth Sarasln Partners LLP. A small portion of the funds remalns wlth at Cazenove, whlch Includes RNRMC No 2 Iprlvate equlty funds), and Investments held by RNOC. The oversSBht of the mana8ement of RNRMC and Nsses investments lie5 With the Investment Committee IICI. The IC meets every three months and Is responsible for monitorin8 the perforrnance of investment strategie5 approved by the re5pectfve Boards. In 2024 the followlng portfollos were held wlthln the Group.. - I FINRMC_ rtfoli3 RWRMC unrestrlrted funds - RNRMC restricted funds lunlncorporaied charltlesl - Naval Servlce Sports Charlty Custodlan funds 2- RNRMC (Nu 2 3 - RMA.. rhe Roya5 4 - RN OlliceTS' 5. WRN5BT Prlvate Equlty Fund Iln dlstrlbutlon mode) managed Independently bv Cazenove team - Separate Fund mznaged by Sarasln in 2023 Portfollo transferred to UBS In 2024 - Separate fund managed independently by a Cazenove team - Separate Fund managed independently by Brewln Dolphln 22

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Pollcy & Strate The Investment strategy and Investment Poliry for the Group IC are regularly reviewed and updated as necessary. In March 2020 with Ca2enove and subsequently in April 2024 with Sarasin. The investmènt polity rèlatès to both RNRMC & NSSC. RMA-TAMC. RNOC and WRNS BT hold separate Investment policles, and these can be seen In thelr Individual Trustee Reports alon8 Wlth a review of their in¥e5tment performance in the year, The overall investment oblective Is °to preserve and enhance the real capltal value of the portfollo whllst supportln8 a sustalnable withdrawal to fund current cornmitrnents". The Charlty seeks to achleve Its oblertlve wlthln an acceptable level of rlsk for thelr assets. the parameters of whlch have been agreed with Sarasin & Partners: the objectlve Is quantlfied as the need to genefate over the lon8 term a return of Snflation ICPII plus 3% per nnurn. Thls should allow the real value of the assets to be malntalned whllst fundlng re8ular annual expenditure. The return target and approprlate benchmark are deflned In the dlscretlonary agreement with Sara5in & Partners, who will ensu re adherence to thls polky. The Trustees 4re keen not to leopardlse the oblertlve of 'm•xlmislng rlsk adjusted total return, by t4r8Ètin8 100 high an income requirernent and hence have adopted a yield tar8et of around 1.75% of 5tartin8 year capltal value5. Any further requlred withdrawals wlll be taken by the selling of capital assets. Thè Investment ManaÉÈr is appointed wrth discretionary powèrs of investmènt under the Trustee Art 2000 and 1$ subject to the lerms of their investment management a8reement. The trustees requiie that the In¥e5tment Mana8er ron5iqler5 the 5ullablllty of each cla55 ol Investment and the need for dl¥erslficatlon as approprlate to the drcumstances of the varlous portfollos. The truslees have also s•t speclflc Investment Ilmlt5 and re5trlctlons for e¥ch portfollo, as well as •pproprl•te benchmJrks for thelr performance compar150n. The Trustees have consldered whether they should IMp￿e any ethlcal restrlctlon on the Investment of RNRMC Group assets by thelr Investment managers. In dolng so. they have concluded that they would not wlsh to restrlct the Investment managers ablllty to achleve their prlrnary objective of seeklng the best returns withln ihe Ilmits of the Group's overall investment poliry. However, it is likely to bè in the GIoup'5 lon8.term interests that Its investment5 favour those companles that pursue ethlcal and 50clally responslble polkles rather than those whlch do not. To that end. they have Instructed the mana8ers that they should conslder thls posltSon when ¢hoosln8 Investments for the Group accordlnqly. Portlollo campasft• b•nchm*rl( •nd p•rmltt•d ianyi The below table outllnes the cornposlte benchmarl whlth was agreed wlth Sarasln and forms an Important part of performance monltorln8. It also detalls the lower and upper bounds for each asset class. Asset Class Low Neuiral Hlih Benchmark Indem Cash 10.0 Government Bond$ 6.2S ICE BofAML Gilts All Stocks Index 30.0 Corporate Bonds 6,25 ICE BofAML Sterling Non.Gllt Total 8ond5 & C•5h 12.5 40.0 Equltles 72.5 80.0 MSCI All Countrles World Pmperty 10.0 MSCI All Balanced Property Fund Index- One Quarter La88ed Gold Alternatl¥es ex.gold 10.0 15.0 23

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Total Alternatlves 10.0 20.0 SONIA+2% i Totsl 100.0 Sterling Weighting 20.0 30.0 40.0 The alternatlve Investments are broadly diverslfled and Include commodilies, Infrastructure, hed8e fund5, and prfvate equlty. RNRMC Group's base currency Is Sterllng and currency hed8lng Is permltted glven the global nature of the Investments. 2024 Maln Investment Portfollo Values for the Charfty The portfollo value as at 3111 December 2024 wa5 £36,951,791 including èccNed Income and Interest. The below table outllnes the charivs asset allocatlon relat￿e to the benchmark las at 31.12,24}: Asset Allacallon Flxed Income Capltal (% Benchmark (%} 3,118,191 28,863,374 12.5 Equltlqs Property Alternatlves 78.1 72.5 1,482,752 2,956,404 531,071 10.0 Llquld Assets Total 36,951,792 loo loo Asset AII¢Katlon lor the total Portfolio had a value of £44,649,990, includin8 accrued Income and Interest at 311t December 2024, as outllned In the tsble below. Capltal 8•n¢hmark Asset Allo¢atlon Fixad Income Equiiies Property Aiioinalive Investments Liquid Assets 3.767.806 34,876.501) -1 ,7CI i.ti55 3,572.314 -12.5 72.5 78..1 10.0 Total 44,649,991 100.0 100,0 We also detall below our rationale for each asset class:. Bond5- und¢￿elsh¢- Lon8-term government bond ylelds looked close to falr value, wlth UK penslon funds actln8 as natural buyers. However, Investment 8rade credlt spreads remalned tl8ht, promptln8 a reduction In exposure to Ilmlt downslde rlsk. 24

ROYAL NAVY & ROYAL MARINES CHARtTY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Equltles- ovenveltht- Recession risks had receded, with policy expertations turning more pro-business under a potential Trump admlnlstration. Corporate eamin8s remained solid. We retained our allocation to global technology, supported by 5tron8 2025 earnings forecasts and on80in8 demand linked to Al. Alternatlves- neutral- Dlvidend ylelds from renewables and infrastructure remalned attractive, particularly as interest rates be8an to decline. We maintalned an overwelght position in gold. reflectlng concerns over rising debt levels In Western economie5 and continued demand from emereing market central banks. Cash- undeThvel8ht- Wlth Interest rates having peaked acros5 most developed markets. the return on cash was likely to fade. We reduced exposure accordingly, favouring risk assets offering stronger long-term return potential. More Informatlon on the Charlrf5 Investments can be found In Note 20 of the statutory account5. RNRMC Asset Allocatlon as at 31 December 2024 8,6% 1.4% 8.4% 77.6% Flxed Income • Equltles 4 Property Aliematlve Invesiments Liquid Asset5 Performance Sarasln Held Portfollo Dufin8 2024, the portfollo 8enerated a net return of 13,7%, behind the benchmark return of 15.7%, Key factors that have lfflpacted the portfolio'5 performance; Bonds- Government bond values decllned a5 Interest rate expectatlons moved higher through the year. The portfolio'5 fixed Income allocatlon fell by -3.3%, behlnd the benchmark index. Equltles- Equity markets delivered strong galns, supported by reslllent corporate earnlnÉs and optlmlsm around global growth. The portfolio's equity allocation rose by 17.1%, albelt sllghtly behind the broaderglobal equSty Index. Property- UK commercial property recovered modestly, returning 5.4% over the year. StsbilisinR net asset values and a steady flow of rental Income supported performance. Alternalfve Inv¢stments- The allocatlon rose by 6.5%, wlth posltlve contrlbutlons from 8old, absolute return strate8les and Ilsted prlvate equlty holdln8S. Currency hedgln8-The decision to partially hed8e the portfolio to sterlir)8 contributed posltively to absolute returns. 2024 as a who Desplte perslstent geopolitical ￿n￿rtaInty and shlfting monetary pollcy, global equity markets dellvered strong returns In 2024. The rally broadened beyond the narrow leadership of previous years, with gains spreadin8 across sector5 and re8ions. Optimism 25

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 around fallin8 interest rates, continued innovation In technology, and resllienl economlc data supported rlsk appetlte though government bonds came under p￿SSUre as inflation expectations were revlsed hlgher. The portfollo beneflted from the equity rebound, particularly throu8h exposure to lon8-term structural growth theme5 such as Al. Gold and Ilsted prlvate equlty also contributed posltively within alternatlves, whlle tight credlt spreads and renewed bond market volatlllty relnforeed our cautious stance on flxed Income. AS 2025 began, market5 remained buoyant, and Sarasin initially retained a posltive stance on rlsk. However, concerns qulckly emerged around the potentlal for destabilising policies under the new US admlnlstratlon. In response, Sarasln took a more defenslve p051tion-reducing equities in favour of cash as a prudent step amid rising uncertalnty, C•zenove Held Portlollo RNRMC Investment Fund no.2 Portlollo The no.2 portfollo, which only holds private equity, made a negative return for the pefiod 1st January 2024 - 3111 December 2024 of 111.6%). The negatlve ieturn15 due to wlnd.up costs as the fund comes towards the end of Its1Sfe cycle. Custodl•n Fundj RNRMC also IK)Ids other external lunds •$ a ¢ustodlan. These are funds wlth slmllar objects to the eharlty who support the same beneficlary pool and who don'l have access to thelr own seÉre8ated Investment portfolio. The capital is held and Invested wlthln the main portfolio by Sarasin, wlth dlvldends belnB pald quarterly to the respectlve funds. Funds are held wlth a lonq-term vlew but can be drawn down upon at any tlme. More Informatlon on the Custodlan funds can be lound In Note 23 of the statutory accounts. Cash Polkv Durlnq 2024 the cash pollcy was revlsed to protett the chaTIty from volatlle markets durlng tlmes when cash drawdown was requlred. The pollcy15 now to hold between 12 and 18 month5 of rollln8 cash requlrement In Ilne wlth budgets, Cash forecasts are presented to. and authorised by the FRAC after considerin8 the drawdown requirement. The turyent vlew ofthe IC and FRAC Is that due to the volatlllty In Markets, cash should be taken as requlred In order to carry 12 rnonths of ¢ash. Prlndpal Rlsks and Uncortalntles The risks and uncertalntles In this sectlon relate to the Group from the perspertlve of RNRMC Charlty only. Indlvldual reports for the other group entltles can be found In thelr Indlvldual Trustee Reports. Trustees regularly consid•r the major rlsks io whlch the Charlty Is exposed to ensure the man¥8ement of risk. Trustee revlews are undertaken at ea¢h quarterly Board meetlng when the mltl8atlon plan for all major risks isassessed against the abllity to de16ver the Charltvs outputs detalled In an annual dellvery programme. In additlon. each quarterly meetlng conslders detsiled reports on the hlghest dsks to ensure sufflclent attentlon and resource Is focused on treatln8 or mltlqatlng these rlsks. These mltliatlons are detalled on the rlsk re8lster along wlth potentlal further actlons that are belng tsken to further reduce risks where po551ble. Sub51dlary charltles wlthin the Group make a report to each maln 8oard meetln8* Includln8 any rlsks thai they wlsh to elevate to the Group Board. The rlsks held by the Subsldlary CharStles can be revlewed in thelr individual Statutory Accounts. The Trustees reco8nlse there remalns uncertaSntles that could affect our rlsk mltl8atlon strate￿through uncontrollable. external factors such as government policy, external focus on the charlty sector fundralsln8 proflle and the wlder e¢onoml¢ condition$. The areas below remain those ol the hl8hest potentlal rlsk il nor mitl8ated: Royal Na Rlsk Financlal which in¢ludes: A sisnificant downturn in VK prosperlty War, conflict or catastrophic event Poor Investment fund management Not meetlng our voluntary Income targets Stock market uash & R l Marlnes Charl M5tl atln Actlons Taken RevSew of fundralsln8 and en8agement capablllty post Covld. 19 to dlversrfy incorne opportunities Case studies of sUPPQrt provided by those we fund to Improve success at securlng major Indivldual and Corporate Eifts Systematlc approach to budget settlnz and flnanclal plannlng including cashflow with detailed mon4torin8 Review of investment strate and rformance 26

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsk Mltl#•tlThz Actlons Taken Regularfy revlew reserves to combèt macro-economk or strategic shocks that could Impact on the Charlty Risk Based Reseples IRBRI policy ensures we have a suffldent range of fund5 should a SiBnificant risk be realised Support addltlonal Identlfled need through our R8R policy funds above maximum and monltof spend dosely Controlled and planned final drawdown to Sustalnable budget En8a8ement wlth fundlng partner5 Constralnts on corporate and major donors to charfty Bivin8 Loss or reduction of fundlng 5tream5 Not meetln8 identlfled need through developlng the commlsslonlng approach A pauclty of Infrastructure slJPPOrt seThlces In achlevln8 a balanced budget In the future, the tharity fails to achleve planned beneficiary outcomes These rlsks would rnduce the fap•dty to dellver the 5tr4t¢ Go¥emanc• whlch Includes-. Complex Group Bovernance strurture and Impact of Inapproprlate a¢tlvltles by subsldiarles Lack of compllance wlth I￿al and reaulatory requlrements Breach of data ondlor IT breach by external agents Lack of Smpartloutcorne evSden¢e may lead to sub.optlmal block Brant maklng Increased likelihood in safeguarding issues as we dellver a dlrert support ser+Jlce Contlnue to review le8al strurture and seek to simplify It further in the future wlth the Charity Comm1551on Subsldlary actlvlty overseen by the Group 8oard and Subsldlary Boards Review governance ol group against CC8 governance code Focus on data protectlon, GDPR re8ul8tlons and tyber seeurlty Consent to contact campal8n and re81stered wlth the FundralsSng Ae8ulator. Ensure Complbance wlih the Charltles Act 2016 Whlstle-blowln8 pollcy (freedom to speak up) known to employees. Robust process for any15sues ar151n8 from a d15cIosure Developed Impact and monitorln8 for Brant maklTr8 and protocols for 5afe8uardlng These rfsks wlll Impartop•r•tlon•l d•ll¥•ry•nd In¢fe• regulatory xrutlnyi bgth ol whlch wlll Imyrt th• ablllty to dellw ob ctl¥e$. fteput•¢lonal which includes: Adverse publlclty of flN may affect publles perception ol thè Charl￿5 need for 5UPPOrt and funds Lack of control of funded orÉanlsatlon's actbvltles Publiclsed Grlevance or Mall¢lous Contart with donors or beneflclarles Work very closely wlth RN Comms to mlllgate Impact of any adverse change to the perception of the ftN Strong terms and condltlons for or8anls•tlons we fund and dedlcated Relationship Director malntaining contact wlth th850 charities and our key stakeholders. Commlsslonlng pro8famrnes and comm5sslonln8 rnanaier strengthen5 relatlonshlps wlth funded oroaDls•tlon5 We regularly revlew pollcles ènattèd durln8 Covld as part of the normal busine55 of the FRACIIC Robust HR pollcles and protocols whlle en5urlng staff Ilve the values of the Charlty These flsks would Imp•¢t rnpulatlon whkh ts essentlal to keep k•y stsk•hald•N, lund•rs Ind b*nèflel•tl•J po$ltl¥ely •n888od ID w15tln8 wlth dqll¥•rlns our ouicomes. People and Ass•t Rlsk whlch Includes.. Inablllty to recrult and retain people wlth the requlred 5kllls and expertlse Not athlevln8 best value from expendbture Our knfrastructure not beln8 fit for purpose Recognlse People are our most Important asset. We revSew the Teward pollcy In order to malntaln and enhance ietentlon Formal Talent Management Programrne. Annual staff 5uryey and develop and Implement an •¢tlon plan to address key15sues usin8 a Staff Refewence Group ft￿leW our Performance and Development Report. Revlew the sultablllty of our flnanclal control measures to reduce the possibility of deliberate or accidental loss Infrastructure includes both cloud.based storage a5 well as Office 365 whlth has meant all staff are able to work from home These rfsks would reduce effertI￿ne$S to delI￿r our oblqrtlves, redu¢lni Impart. 27

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reserv￿ Pollcy The Trustees have a reserves policy. whichls t0 Set aside sufficient free reserves so as to be able to meet Of Smooth out the unexperted flvttuations in charitable expenditure or shortfall In Income so as to be able to meet the increasing needs of current beneficiariès and main su5talnable for both current and future 8enerations. as well as meetin8 the needs of the wider Group entities. A5 the natlonal charlty of the Royal Navy we provide the "Strate8lc Reserve" a8aln5t future needs and we ore commltted to protecting the reserves for decades to tome. Each legal entbty w6thln the Group has thelr own Reserves pollcy In Ilne wlth thÈlr more spetlfit strateglc oblectlves and thelr reserrfes ale excluded from our ¢al¢ulatlons below. More Informatlon about subsldlary Reser¥es Poli¢les can be found wlthln thelr Statutory Accounts. RNRMC 8oard has estab11sh￿ a charity risk-bastd reserve IR8ft1 pollcy wlth a mlnimum and maximum requlred reserves range. within whlch they alm to operate. Thls polky reflects the Trustees, deslre to make sure It holds the resep•es iequlred to cover Its agreed rlsks but also allows the Board the ablllty to apply fundln8 to Sdentlfled need for It5 beneflclarles whllst operatlng safely wlthln the mlnlmurn and rnaxlmum range whlch allows for the regular movements Sn the Investment markets. Our R8R pollcy Is underplnned by RNRMC rlsk reglster and Is Ilnked wlth the CharlVs strateglc objectlves and dellvery programme. Thls policy 5etS Out five key areas of rlsk whlch our free reseThes are there to support. These key areas are:. Governan Flnance Reputatlon Stakeholders & Relatlonshlp5 People & Aswts Our structure Is complex and Is made up of a hlryh percenta8e of restrlcted funds, We hwe manèBed to mltlgate rlsk through these restrlrted funds thereby allowin8 us to show a lower unrestricted reserve ran8e. This policy only tovers our reserve requiremtnt within our unrestrlrted funds. A revlew of our A8R pollcy Is undertaken annually. Thls Invo￿e$ a full revlew of all current rlsks and thelr assoclated rlsk values. The early 2025 revlew has determlnèd that the targÈt range of 8ÈnÈral rÈ$erves lÈxcludln8 those re$erves reprÈsèntÈd by re$trkied lund5 and de￿gnated reser¥esl requlred by the charlty as beln8 between £9.9m and £18.9rn. Our current unrestrlcted reserves for the Charity excludlng desl8nated and iradlng company funds, 15 £17.4m, with free reserves for the Charlty of £17.3m. RNriMC Trustee Board has, over the past flve years. actlvely spent down on excess reserves In order to support the needs of beneficiarles and are now content the Charlty Is now operatln8 wiihln the reserves range In accordance wlth RNRMC resen￿$ pollcy. The Trusiees eondutt èn annual revlew of the approprlate level of general reserves, and changes to the ch•rltVs rlsk profile, str8te8y and plan wlll be ron51dered as part of that review. The output of the annual review inlorm5 subsequent plannin8 and bud8etin8 wles. Pollcy Cal¢ulatlon$ The tolal reserves for the Group as at 31 December 2024 were £81.9m12023: E79.7ml. For the charity. unrÈstrirted reserves fornied £17.4m12023: £17,Sml and desl8nated funds £0.7m12023: £0,7ml. Restrlaed reserves lexcludlng tradlng company reservesl were £63.7m12023: £61.4ml, with tradin8 company reserves of £0.2m. Restriited and desi8nated reserves constitute E64.4m12023: £62.2ml of the total RNRMC Group funds. thls Is made up of subsidiary charltle5 rnana8￿ by a separate trustee body. restrlcted funds mana8Éd by Tel￿ant sub.¢ommlttees and tradin8 company reserves. More Informatlon on the makeup of these elements can be found In the notes to the statutory accounts In note 26. Area Notes Minimum Reserves Level Maxlmum Reserves Level Govemance Potentlul costlorpt)orcharity govemonce £0.5m £1.4m Significant change In externol envlronment omountlnq to Income drop or beneAlclary needlncrease Flnance £7.5m E13.Om Reputation Effect on Voluntary Income £0.5m £1.2m 28

ROYAL NAVY & ROYAL MARINES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 Stakeholders and Relatlonshlps Relutlon5hlp wlth Corpon7tes /KeYfunders deterlorntes 5ignlficant Increase In Staff Turnover and otentlal costs o restructure £l.Im £2.7m People and Assets £0.2m £0.6m Ran e of Reserve5 Re uired £9.9m £18.9m Statèment of Trust•e¢ R•sponslbllltl•s The tnjstees are responslble for preparln8 the report of the trustee5 and the financlal 5tatement5 In accordan￿ wlth appllcable law and Ub)Ited KlnqdDm Accountin8 Standards Iunlted Klngdom Generally Accepted Accountin8 Practice). Company law requlres the trustees to prepare flnandal statements for each flnanclal perfod that glve a true and falr vlew of the state of affalrs of the charitable company and of the Incomlng re50urce5 and appllcatlon of resources, Sncludln8 ihe Income and expendlture, of the charltable company for that period. In prèparlng those flnanclal statements, the trustees are rèqulred to:. selert suitsble arGountln8 policies and then apply them consistentlv: comply wbth appllcable accountlng standards, Includlng FRS 102, subject to any rnaterlal departures dlsclosed and explalned In the financial statements; state whether a Statement of Recommended PractSce ISORPI applles and has been followed, wblect to any materlal departures whlch are explained in the financial statements; make lud8ements and estlmates that are reasonable and pwdent,. and prepare the flnanclal slatements on a goln8 concern ba51$ unless It Is Inapproprlate to presume that the charltable company will contlnue In buslness. The trustees are responslble for keepln8 proper accountln8 records whlch d15cIose wlth reasonable accuracy at iny tlme the flnanclal posltlon of the charltable company and to enable them to ensure that the flnanclal statements comply wlth the Compènles Act 2006, the Charlties and Trustee Investment Iscotlandl Art 2CQ5 and the Charltles Accounts (Scotlandl Re8ulatlon$ 2006 as amended byThe Charftles Accounts Iscotlandl Amendment (No. 21 Requlatlons 2014. They are also responslble for 5afeguaTdlDg the assets of the tharlt•ble cofflpany and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irre8ularltles. In $0 far as the trustees are aware:. there Is no relevant audSt Information of whlch the charitable companTrl5 auditor is unaware", and the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the audltor Is aware of that Informatlon. The Trustees, Annual Report Is approved by the trustees of the Charlty, The Strateglc Report, whl¢h forms part of the Annual Report, 6$ pproved bythe trustees In thelr eapaelty as dlrettors In company law of the Charltv. Signed on behalf of the Trustees on ... . . Dr Brlan Gllvary Chalrman 29

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE ROYAL NAVY AND ROYAL MARINES CHARITY Oplnlon We havÈ audlted the flnanclal statemènts of Thè Royal Navy and Royal Marlnes Charity for the yèar ended 31 DecÈmber 2024 whlch comprlse the Group Statement of Financial Activities, the Group and Parènt Char6table Company Balance Sheets. the Group Cash Flow Statement and notes lo the financlal statements, Including a summary of si8nificant accountln@ pollcles. The flnanclal reportlng framework that has been applied in their preparation Is appllcoble law and United Klngdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice) includin8 FRS 102 The Financial Reportin8 Standard Appllcable In the UK and Ireland,. In our opinion the financial statements- Ive a true and falr voew of the state of the 8roup's and the parent charitable compan￿5 affalrs as at 310ecember 2024 and of the group's incomln8 resources and appllcatlon of resource5, Includln8 Its Income and expendlture, for the year then ended; have been properly prepared In a¢cordan¢e with Unlted Kingdom Generally Accepted Accounting Practice; and have been prepared in atcordante with the Companies Act 2006, the Charltles and Trustee Investment {Scotlandl Act 200S {as amendedl and regulations 6 and 8 of the Charities Accounls Iscotland) Regulation5 2006 las amended). Basls for oplnlon We conducted our audit In accordance wlth Internatlonal Standards on Audltlng IUKI IISAslUKI} and appllcoble law. Our responslbllllles under those standards are further de5crlbed In the Audltorfs Responslbllltles foi the audlt of ftnanclal statements sectlon of our report. We are independent of the charltable company In accordance wbth the ethlcal requlrernents that Ire relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons relatln8 to £oln8 concern In audStln8 the flnanclal statemenls, we have concluded that the trustees, use of the golng concern basls of accountln8 In the preparatlon of the flnancSal statements15 approprlate. 8a5ed on the work we have performed, we have not Identlfied any material uncertalntles relatlng to events or condltlons that, Indivldually or collKtively, may cast $18nificant doubt on the chawitable company's ability to continue as a goin8 concern f or a perlod of at least twelve months from when the financial Statements are author15ed for i55ue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thls report. Other Infomi•tlon The other Informatlon comprlses the Informatlon Included In the annual report, other than the flnanclal statements and our audltoes report therèon. The trustees are responslble for the other Infom)atlon. Our oplnlon on the flnanclal statements does not cover the other Informatlon and. except to the extent otherwlsè explleltly stated In our report. we do not express any form of assurance conclusSon thereon. In connectlon wlth our audlt of the flnanclal statements, our responslblllty Is to read the other InformatSon and, In dolng so, conslder whether the othef Informatlon Is materlally Inconslstent wlth the financlal statements or our knowledge obtalned in the audit or otherwise appear5 to be rnaterlally mlsstated. If we identrfy such materS31 incon5iStencie5 or apparent materlal misstatements, we are required to determine whetherthere is a material mlsstatement in the financial statements or a material misstatement of the other informatlon. If, based on the work we have performed, we conclude that there 15 a material misstatement of th15 Other Information, we ale wequlred to report that fact. We have nothln8 to report In thls re8ard. 30

REPORT OF THE INDEPENOENT AUDITOR TO THE MEMBERS OF THE ROYAL NAVY AND ROYAL MARINES CHARITY Oplnlon5 on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the Infomiatlon 8lven In the strateglc report and the trustees. annual report for the flnanclal year for whlch the financial statements are prepared is con51Stent wlth the financlal staternent5: and the strateglc report and the trustees. annual report have been prepared In accordance wlth applicable legal requlrements, Matters on whl¢h we are iequlred to report by emceptlon In the118ht of the knowled8e and understanding of the group and parent charitable company and its environment oblained in the covr5e of the audlt, we have not identified material misstatements in the $trate8ic report or the truslees, annual report. We have nothln8 to report In respect of the followlng matter5 where the Companles Act 2006 or the Charltles Accounts {Scotlandl Re8ulatlon5 2006 las amended) requlre us to report to you If, In our oplnlon: the parent charltable company has not kept adequate and sufflclent accountlng records, or returns adequate lor our audlt have not been recelved from branche5 not v151ted by us; or the parent charitable companws financial statements are not in a8reement with the accounting records and relurns,, or certain disclosures of trustees, remuneration specified by law are not made; or we have not recelved all the Informatlon and explanatlons we requlre for our audSt, Respon￿bIlItI•$ of trust••s As explalned more fully In the truslees, responsibllltles ststement set out on page 36, the trustees (who are also the director$ of the charltable company for the purposes of company lawl are responslble for the preparation of the financial statement5 and for beln8 satisfled that they qlve a true and falr vlew. and for such Internal control as the trustees deterrnine is necessary to enable the preparatlon of flnanclal statements Ihat are free from materSal mlsstatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assessing the grovp and parent charltable companvs ability to continue as a golng concern, dlsclosin& as applicable, matters related to goln8 concern and uslng the goln8 concern ba51s of accountlng unless the trustees either intend to Ilquidate the group or parent charitable company orto cease operatlons, or have no reallstic alternatlve but to do so. Audltorfs fesponslbllltles for the audft of the flnanclal statements We have been appointed as audltor under Section 44111Ic} of the Charilies and Trustee Inveslment (Scotlandl Act 2005 and under the Companies Act 2tY)6 and report to you in accordance with regulations made under those Arts. Our oblectlves are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from material mlsstatement, whether due to fraud or error. and to Issue an audltorfs report that Includes our oplnlon. Reasonable assurance Ss a hlBh level of assurance. but Is not a guarantee that an audlt conducted In accordance with15As {UKI will alway5 detect a materlal misstatement when It exlsts. Mlsstatements can arlse from fraud or èrror and are consSdered materlal If. Indlvldually or In ag8re8atÈ, they could reasonably be expected to Influence the economlc dec5slons of users taken on the basis of these flnanclal statements. As part of an audlt In accordance wlth ISAS {UKI we exèrclse professlonal Jud8èment and malnlaln professlonal sceptlclsm throughout the audlt. We also: Identify and assess the risks of material missiatement of the financial statements, whether due to fraud or error, deslgn and perform audit procedure5 responsive to those risks. and obtain audit evidence that Is sufficlent and approprlate to provlde a basls for our oplnion. The risk of noi detetting a materlal mI55tatement resultln8 from fraud 31

REPORTOF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE ROYAL NAVY AND ROYAL MARINES CHARITY Is hlgher than for one resultlne from error, as fraud may Involve colluslon. forgery. Intentlonal omlsslons. mlsrepresentatlons, or the overrlde of intemal control. Obtaln an understandln8 of Internal control relevant to the audlt In order to deslgn audlt procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the 8roup and parent charitable compan￿5 internal control. Evaluate the appropriateness of accounting policies used and the reasonablenes5 of accounting estimates and related d15closure5 made by the trustees. Conclude on the approprlatene55 of the trustees, use of the golng concern basls of accountlng and, based on the audlt evldence obtained. whether a materlal uncertalnty exlst5 related to events or condlilons that may cast significant doubt on the group and parent charitable company's ability to continue as a golng concern. If we conclude that material uncertalnty exist5. we are requlred to draw attention In our audito¢5 report to the relaled disclosure5 in the rinancial statements or. if such di5dosure5 are inadequate. to modify our opSnion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the group or parent charltable company to cease to contlnue as a 8oln8 concern. Evaluate the overall presentation, structure and content of the financial statements, indudin8 the disclosures. and whether the financial statements represent the underlyin8 transactions and events in a manner that achieves fair presentatlon. Obtaln sufflclenl approprlate audlt evldence re8ardln8 the financlal Informatlon of the entltles or buslness actlvities withln the 8roup to express an oplnlon on the consolidated flnanclal statements. We are responslble for the dlrectlon. suppp4lslon and performance of th• 8roup audlt. We remaln solely responslble for our audlt report. We communlcate wlth those charged wlth 8overn3nce re8ardlni, among Other matters, the planned scope and tlmln8 of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audlt. £xplan•tlon as to what extent the audlt was Comldered capable of detertlni Irrelularltles, Indudlni fraud lffegularitles, In¢ludln8 fraud, afe Instances Df non-compllance wlth laws and regulatlons. We desl8n procedures In Ilne wlth our respon51bllltles, outllned above, to detect materlal mlsstaternents In respect of Irregularltles, Includln8 fraud. The extent to whlch our procedures are capable of detectlng Irre8ularltle5, Includln8 fraud Is detalled below. The objectlves of our audlt In respect of fraud, are; to Identlfy and assess the r15ks of materlal misstatement of the flnanclal statements due to fraud; to obtain sufficient appropiiate audlt evidence re8ardin8 the assessed r15ks of fflaterial m155tatement due to fraud, through designing and implementln8 approprlate re5ponse5 to those asse55ed rSsk5,' and to respond approprlately to inslances of fraud or suspected fraud Identlfled durln8 the audit. However, the prlmary responslblllty for the prevention and detection of fraud rests wlth both mana8efflent and those char8ed wlth 8overnance of the charitable company, Our approach was as follows: We obtained an under5tandin8 of the le8al and re8ulatory requlrements applicable to the charitable company and considered that the m05t Significant are The Companies Art 2006. the Chawitie5 and Trustee Investment {Scotlandl Act 2005 las amended). regulations 6 and 8 of the Charities Accounts {Scotlandl Re8ulatlons 2006 las amended), the Charlty SORP, and UK financlal reportln8 stsndards aslssued by the Flnanclal Reportin8 Councll. We obtained an understanding of how the charitable company wmplle5 Vlith these requlrement5 by d15¢U551ons with management and those char8ed with 8overnance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions wilh management and those charged with governance. 32

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE ROYAL NAVY ANO ROYAL MARINES CHARITY We Inquired of management and those char8ed with governance a5 to any known instances of non-compliance or suspected non-compliance with laws and re8ulation5. Based on this understandins, we de5i8ned specific appropriate audit prO￿dureS to identify instances of non-compliance with law5 and re8ulations. Thls included makln8 enquirie5 of mana8ement and those charged with governance and obtalnin8 add•tional corroborative evidence as required. There are inherent limitations In the audit procedures desulbed above. We are less Ilkely to become awafe of Instances of non- compliante with laws and regulations that are not closely related to events and transa¢tlons reflected In the financial statements. Also, the rlsk of not detectlng a materlal mlsstatement due to fraud Is hlgher than the rlsk of not detectlng one re5ultlng from error, as fiaud may Involve dellberate concealment by, for example, forgery or Sntentlonal mlsfepre5entatlons. or through olluslon. Use of thls ffeport This report15 made solely to the chaiitable company's members. as a body. in actordance with Chapter 3 of Part 16 of the Companle5 Att 2006 and to the charitable company's trustees. as a body. in accordance with Section 44(1)(c} of the Charities and Trustee Investment IScotland} Act 2005. Our audlt work has been undertaken so that we ml8ht state to the charltable ompany's members and trustees those matters which we are requlred to state to them In an audltorfs report addressed to them and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsSblllty to any party other than the chailtable company and charitable companvs members as a body, and the charity's tiustees, as a body, for our audlt work, for this report, or for the opinlons we have forrned. James Cross ISenSor Statutory Audltorl for and on behalf ol Moore Klngston Smlth LLP, Statulory Auditor 6th Floor 9 Appold Street London EC2A 2AP Date: Moore Klngston Smlth LLP Is eliglble to art as auditor in terms of Sectlon 1212 of the Companles Act 2006. 33

ROYAL NAVY AND ROYAL MARINES CHARITY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 R••t•t•d Totsl Fund• 202J P•nTh•n•nl •trlct•d Erth¥fflwnl Funth Fund Tot•1 Fund 2024 UnrMtrlrt•d Fund• IMCOME & ENDOWMENT8 D￿4{￿nI •vJ lagacJ•A 2.574.351 4.g94.Bl6 7.569.167 8.183249 Olhor tradlrwj ￿tIvItIeS 1.591.304 91,012 1,682,316 1,776.273 ￿n￿91m8n1 Income 1815208 2 033 272 1 979￿0 4,683,719 6.701.036 11.284.755 11.gY9.422 1.4fj2.(K)o 1.001.590 2,463,590 3.078I29 T•t•l •pov•tlni ItrMrn• 6 045 719 7 702 626 13 748 345 15016251 EXPE+IQITUftE R•l•lni lund• Invo8lm8nl manogomonl Fundra161ng cos18 109,980 2710850 327.483 437,443 4 414 806 429.681 Total t￿1 ol rnlslw fijnth 2,820.830 2,031.417 4.8S2,248 4,266.641 Ch•rlt•bl• •¢11￿11•1 S1 Qu•llty 0¢ Llfa S•rylng S2 Indlvldual 8enovdonco S3 Navel FanI1108 S4 V•tornns SS Na￿1 Ch•rfty Support 1,949,S36 1,227.783 580.973 715.894 2,988,273 2,173.2(h8 2,503.215 69S,821 4,917.809 3,4W.989 3.084.188 1.311.715 5.029.511 3.839.6ei 2.586.015 3.325.145 Totsl ¢h•rltabh •￿￿n￿l￿rI 5,074.495 8,240.515 13,315.010 15.OS2.740 T•tsl •Por￿ing •xp•ndllur• 7 895 328 10 271932 18 167 259 19 171847 N•t op•rntlng Ineorn•l 1•xp•ndl￿r• 11,849,607) 12,589,306) {4.418.#13) 14,1SS.Sg81 N•t galMI(lou•s) on Inv•8tm•nt M8•11 20 1872 29S 4 e22 739 3 337 347 22,e88 2,053,433 73,719 2,149,640 (816.2491 WRN88T tr•n•f•r olfvnd• 30 4,254.862 Gro18 traMfw8 bth•8n fund 16 N•t mov•ffl•nt In fun 1206,2941 2,356,134 2,149.840 3,436.813 Total fvnd• brcwht fo￿1 26 18 357 880 60 731 773 79 745 302 Tut•l fund• GrrE•d fonvord 18 151 586 63 087 907 81895 142 79 745 302 Thè Charfty has nts r•cognls•d or108ses for the year other than as d•tBUqd abov•. Th• n•t mov•m•ni8 kn tho Ch•rfV8 lunds lorth• arfs• from Iho thaiiws ￿ntInUIng xlfvltkn. Th• Notes on pag•s 37 to 67 fonn p•t of th058 accounti.

ROYAL NAVY AND ROYAL MARINES CHARITY BALANCE SHEET- GROUP AND CHARITY FOR THE YEAR ENDED 31 DECEMBER 2024 Group 2024 Group 2023 Charlty 2024 Charity 2023 Notes Fixed as8tts Tangible assets Intangibles Investments 19 18 20 2.610,165 326.152 79.083.872 2.734.948 248,643 76.466.762 712.565 4,490 41,874.772 7S6,644 15,265 42.489.732 82 020.189 79,450,353 42,591,827 43 261641 Curnnta•80ts Stock D8blors Cash al bank and in hand 21 22 241,114 2.021.598 6.920,373 254,353 4,100,557 4,777,742 1.594,741 3.441,325 1.528.990 1,810.027 9,183.08S 9.132.652 5,036,IX6 3.337,017 Ll•bllttlo• Creditors lallirKJ due wiihin one year 23 9 306 831 8.837.702 8.173.257 7.588.417 Net Currnnt a8••ts1 Ilablllt108 123 746 294 950 3 137 191 4 251400 Total a880ts leu ¢urrenl 118bllltl 81,896.443 79,745,302 39,454,636 39,010,241 Credilors due In rn0￿ Ihan one year 25 1.301 Not A••o1• 81895142 79 745 302 39.454 636 39010 241 Accumulatod lund• Pem)anenl endowment 655,649 655.849 855.649 655.849 Restricted funds 63.014,186 80,731.773 20,736,690 20.188,897 Unresln'cted funds 26 17.570.256 17,672.752 17,407,245 17.500.567 Designated funds 26 855,OS2 685 128 685 128 Totil •¢¢umulat•d fund8 81895.142 79.745.302 39,454.636 39.010 241 The fin8n¢ial statsments on pag8$ 34 to 67 were approved by iha trustees on ..... . and 81gned on their behalf Dr 8rlan Gll Chair Mr John 8•rt1•tt Ch•r ol Il* frwb9n￿, Rtyk 8nd Audil Commrtto• Crynpany regislra￿n number fyJ47294 35

ROYAL NAVY AND ROYAL MARINES CHARITY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flowlloulllow) from opèratlng acllvll￿# N•t ¢o•h ouffiow from op•r•llng •¢llvlll 3,634.547 3,345.998 Ca•fr flow• from Inv••¢lng a￿1VIu•$ Inve8tm8nt Incorne and Intèf88t rncthd Proceed8 Irom dlsposal of fixed a88et Inve8tm8nls excludlng Èndowment fund8 A¢qul8Stlon of flxed a88et Inve8lmenl8 excludlng ondovffliont funds Pfoce8d8 Irom dlgposal ol langlbl8 fix￿ a888ts PayTrwnt8 to acqulre tanglbl8 fixed 88881$ Payments to acqulr9 Intanglble tlxed assets 2.033272 1.979,800 48.105,428 35.676,922 (44.153.783) {34.303.823) (65.0201 1154,018} 11.447.393) (114.637) N•t cash Inflow from Inv••tlng a¢tlvlt•• 5.775 877 1,790 969 Cash 110￿ from Ilnanclng athltl•8 Bank108n {ropaym?nls) 1.301 124,900} N•t In¢r•a••lldo¢r•M•l In ¢a8h •nd ¢••h •qulval•nto Cash 8nd cash equfvalenls al beglnnlng ol yoar 2,142,831 4,777,742 {1.579,926) 6.357,669 CaBh and cash oqulvalents at end of year 6 920 373 4 777 742 R•Gon¢lll•tlon ol n•1 In¢om•l {•xp•ndltur•) to n•1 ca•h Ikw from op•rallng •¢llvllh• 2024 2023 N•1 In¢om• In¢ludlng •ndowm•nls 2,149.840 3,436,613 AlJu•tm•nt• fgr: DéprèciatM)n dwrge$ Amortlsati Nèl {galnsy1088es on Inve8lment8 Investrnenl income Decrea$el {increa$e) in 8to¢k Otscreasel {InGrease) In debior5 I￿e88e1 Idecrease) in creditor8 Loss on disposal of fixed asse19 Loss on dlsposal ol Inlanglble a5sels 179.507 76.509 (6,568.753) (2,033,272) 13,239 2,078.961 469,127 295 124.701 75.043 13.337,347) 11,979,900) 19,472 11.932,076) 127,409 157 119,933 N•t ¢•$h (u•od Iny provldod by opgr•tlng acllvlllo• 3,634.547 3,345,996

THE ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIE8 a) Baals of prnparatlon The financial stst8monts compriso th8 tharity and its subsidlarios undor Charity Commiss1￿ Schèmés or Unlllng Dlrectkns. These financial statamernts are prepared on a going concern basis, under the historical Cost conventlon, as modlllod by the fevaluallon of Inve8tments belng m8a$ufed al falr ¥a￿e through Income and expendllure wllhin thè Stalem8nl of Fin8nci•l Acknvili8S. The flnandal statement8 have been preparad In accordance wlth thè Flnancl81 Reportlng Standard appllcabl• In the UK and Republlc ol Ireland IFRS 102>. The Charflable Company and Its subs1d1arf￿ are a wbllc benofit group for the purposes of FRS 102 and theref¢xe the Charity also prepared115 financlal statsments In accordance with the Stat&m8nl of Rocommended Pra￿lce app￿¢8ble to ¢harilies preping their accounts in accordanc8 wlth the Flnanc681 Reportlng Standard 8ppllcable In th8 UK and Republlc of Ir8land (The FRS 102 Charit188 SORP). th8 Comp8nl8s Act 2006 und8r the prov181on of lh6 L8rg8 and Medlum-8128d Compan168 and Groups (Accounts and Reports) Regu1811ons 2008 (SI 20081410). the Charlll8$ Act 2011 and Ch8rllloS A¢¢wnt8 (Scolland) Regulations 2006 as amended by The Charitle3 Acc(￿nts (Scotland) Amendment (No. 2) Regulallons 2014. The flnanclal statements ar• prepared In 8lerflng, Nknlch Is the lunctlonal currency of the charfty. Monolary amounts In the80 Ilnan¢lal 918temonts are rounded to tha neare81 pound. Tho prlnclpal accountlng pollcles adoptod In tho proparallon ol the Ilnanclal statemonls are set out below. b) Golng conc•m Tho Iruslo09 have 08sessed whether the uae of the golng concem baBl818 approwlale and have consklered posslble evonts or condlllons that mlght cast slgnlflcanl doubt on Iho ablllty of the charlty lo conllnue as going eoncem. The trustees have mado thls assessment for o period of at least one year from the dale of approval ol the flnanclal slatemenls. In partlwlar the Iwstees have con8ldered Ihe charflY$ forecagt8 and proJ8cllon$ and havo lak8n account of préssurés on donalion and inv88tm6nt Incomè 8nd impact on In￿Stment values and Income. as well as exp8ndllur8. After maklng enqu1ri8$ th8 tnJ$l8es have (¥)ndud8d thal théra Is a ra8sonabl• axp•ctailon that th8 charlty ha8 ad8quat• résourc￿ to contlnuè In 0￿ratIonal a￿818nee for t￿ for&Ge8abl8 future. The charlty therefore contlnu8S to adopt the golng concern basls In pr•Pa￿n9 Its flnanclal slalem8nls. C) Oroup Ilnanclal •lat•m•nl• These fln8n¢lg18tal8marts con8olld8t8 the result8 of th8 Charlty And RNRMC Enterpr1888 Llmlled,118 wholty ownèd Iradlng subskllary. the Royal Naval Benevol8nl Sodety for Officer8. as tho Charlty Is a ￿rpOrate trustee wlth a rt9ht ol veto. the Naval Servlce Sports Charfty, as the Charlty is the sole member. and RMA- the Royal Martnes ChaTIty <I￿UdIng Its ovm subsldlaiies, The Royal Marlnes Shop Llmlled and TRMC Enteiprl$e5 Llmltedl. as the sole member Irom 1 Apvll 2011, on a Ilne by line basis. A separate Stslernent of Financial Actlvitles and Income and Expendlture Account are not presented for the Charfty Itself as the Charliy has taken anlage of the exemptions afforded by sèction 408 of the Companies Act 2006. The corporate charfws flnandal slaternents aggTegale Its own rosults wllh Ihose 5ubsldlaTles Ythere Ihe Charity Commission has issued a Uniting DireGlion lor the purposes of a¢counting. The subsidiaries whose results aggregated with those ol the charitable comp8ny are,. Subsldlary 1- Tho N8val S8rvk Dep8ndants' Fund (NSDFI Subsidiary 2 - The Naval Sarykè Benevolencè Fund (NSBFI Subsldlary 3 - The Fle81 AlrAmi Benevdenl Trust <FAABT) 37

THE ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES (contlnuod Subsidiary 4 - The Naval Service Amenity Fund (NSAF) Subsidlary 6- The Naval Servlce Prlzes and Awards Furthd (NSPAF> Subsidlary 7- Queen Alexandra's Royal Naval Nursing Service Trusl Fund (QARNNS) Subsidiary 8- Hymouth Royal Naval Aid Fund (PRNAF) Subsidiary 9- Th6 Slr Donald Gosling Maritlm8 Resepie Amenlty Fund (DGMRF) Subsidlary 10 - Naval M8dlcal Compa88kJnate Fund {NMCF) Although subject to a Charity Commission Uniung Dlrection. tha r8suIts of Subsldlary 5 - Tha Naval Sanrfce Sports Charlty (NSSC) ara not aggregated wlth those of the charitable company because the NSSC is a limited company and is therefore required to be treated on a consolidated basis. On 19 July 2023 Wom8ns Royal Naval S8Nic8 Ben8volenl Tru81 becam8 a wholly owned Subsidiary of RNRMC. Its rosults for the year are ¢on$olidated In the group accounts. dl Incom• All Income Is recognlsed when there Is entltlement to the funds, the recelpt Is probable and tho amount can be measured reliably. Legacle8 are recognlsed followlng probate and once there Is suffident evldence that recelpt is probable and the amount of Ihe legacy r8c8lvabl8 can b8 measur8d reliably. Where entitlement to a legacy exlls but Ihere16 uncertalnty 85 to Its recelpl or the amount iecolvable, dvjlalls are dl8do8ed as a contlngenl 888et unlll the crfteria for income ie¢ognition ara met. InrJ)mg13 defeThed when the donor atl8ch93 condltlonB outslde the Charfvs own control or specffie8 Ihat the resources are to be used In 8 fuluro accounting perlod. Inveslment Income Is recelved net of Investment management fee8 but Is grossed up In Ihe accounts for Investment management fees. •) Volunt•er8 and donatod 8•rvlc•s and faclllllo• The value of 8eNices provided by volunteern18 not Incorporated Into these financlal 8tat8ments. Where services are provkled to the Charity ag a donation that would normally be purchosed, this CL)ntribution is included in the financial 81atem8nts at an eslimate based on the value of the ¢onlribution to the Charity. fj Expendlturo Llabilitie$ a￿ re¢ognised once there Is a legal or constn￿tIV8 obllgatlon to transf8r aconomlc b8neflt to a third party, it18 probable that a transfer of economlc benefits wlll be required In settlement and the amount of the obllgatlon can be measured rellably. All expendllure Is ac(xJunted for on an accrt￿lS basls and has been classlfied under headlngs that aggregate all costs relal8d to the calegory. Charfiable expendlture has been re-classlfied In OTder to present Ihe group's actlvltles In a more meanlnglul fomiat and appropdate comparatlv8 flgur8s have been adjusted accordlngly. Grants payable are payments made to thlrd partles In the furtherance of the chafltable objects of the Charity. Uncondltlonal grant offers are accwed onc8 the reclplent has b8en nolified of the grant award and its payment is probable. Grant awards that are subject to Ihè recipient fulfilling perfomiance or other condltlons are accrued when the redpient has been nollfied of the grant and elther the perfornian¢e condition is Met or any remaining unfulfilled condition aiiaching to thè grant Is outside of the control of the Charity.

THE ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 1 ACCOUNfiNQ POLICIES (contlnu•d) g} Incowrable VAT IrrecoverJlg VAT is charged againsl the catewry of resource5 expended for which il was in¢urr8d. h} Allocallon ol ov•rh•ad and support C￿1 Overt)8ad. 8UPPOrt and govemance costs aro alkxated beiween the cost of falslng fvnds and charftable actlvltle8. Overh8ad, support and gov8manca costs r8lallng lo charllabl8 actlvlll88 hav& b88n apportloned be￿88￿ aclNities. l) Co•ts ol ralslng funds Tho costs of ralslng fund8 con8lSt ol inveelmenl management fees and other direct ¢08ts of ralslng fund8 and an 8PPOrtlonment of govèm8nr*, overhèad and support cosls. Costs of ¢harllabl8 8¢tlvltl88 hdude grants payabl8 and other costs dlredy a8soclated wllh provkllng sporls. amenltles, prlzes and award6. dependants, grants or benevolence to benoloclarfes and an apportlonm8nl of ¢>Vorhead, 8UPPOrt and govemanoe Msts. k) Govwn•nc• eo•t• Govemance ¢o&l$ compdse al ¢o$ts Involvkng thé pumc accounlablllty and runnlng ol th• charlty 8nd118 compllBnce wllh rogulallon and good practlce. These costs Indud8 costs rnlatod to statutory audlt. 18gal fges and trustee m•ellng eXp•n5￿ together wllh an apporuonment ol overhead aThl 8UPPOrt costs. 11 P•n•lon ¢o•ts and oth•r po•lq•llr•m•nt b•n•fits The Charity operale$ a dgfined conlrlbutlon penslon 8cheme. Contrlbutlon6 payable are eh8rged to the Statement of Fin8n¢ial Act•viti88 In the perlod lo whlch they relato. ml Tanglbl• Ilx•d a•Mt• Inthvidual flxad assets costlng £500 or more are caplia118ed at cost. Freehold proparty Computer and office equlpment Lea$ehold Improvoments Motor Vehicles - ovar 50 y8ars stralghl Ilne - ovar 3 years stralght Ilne over lh8 Ille of the l?8se - over 3 year5 straoghl Ilne At the end ol oach roportlng perlod. the residual values and useful Ilve8 of assets are revlowad and adjusted If necessary. In addition. If events OT change In clrcum5tances Indlcate that the carrylng value may not be recoverable then the ¢9￿n9 values of langlble Ilxed assets afe revlewed lor Impalrm8nl. n} Intanglbl• flx•d a•••t• Intsnglblo flx•d a88•ts are amortised on 8 8traight ling basis Over their estlmated useful economlc lives a8 follows.. Webslte and software over 3 yws slralghl line At the end of each reporting pwiod. the r8sidual values and useful lives ol ass818 are reviewed and adjusted If nécèssary. In addition. if event5 or chango In clfeumstances indicate thal the Car￿n9 value may bg recoverable then th8 car￿ng values of tanglblé fix8d assets ara r￿l&Wed lor Impalrni6nL 39

THE ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES {contlnuod) o) Flx•d a88•t Inv•8tmont• Inv88tmenls are initially m8asured at their cost and subsequently measured at thelr falr value at each reporting date. Fair value is based on their bid value at the balance sheet date wilhout deductlon of Ihe estlmated future selling costs. p) Reall8ed galn8 and 1088a8 All galns and losses are taken to the income and expendlture 6edion of Ihe Statement of Financial Actlvltles as they arlse. Raallsed galns and losses on Investments are ¢al¢ulated as the differenco bèts¥e8n Sale procéads and orfgSnal cost. Unraallsod galns and losses ara calculated as the difference betsyeen the market value at the end of the year and openlng market value, or purcha88 dat8 if later. Reallsed and unrea118ed galns are not 8eparaled in the Statement of Financial Aclivilies. q) Stock Stock of goods for resale 18 Stated at th8 lower of cost and nel re81isobl8 Va￿&. r) H•rttag• a•sots Tha Charilable Group 1$ the owner of a ￿lIactiOn of Paintings, Silvonware and olher liems. Many precious works are contained withln messes across th8 Corps, whlch Is housed and managed on b8half of tho Charity by Serving Royal Marines Within Ihe Corps SecrelaTlat. The ￿llectIon Is con81dered irreplaceable and as such it is not possible lo attribute a reliable cost or value to It. It is addlllonally considered Ihal the process of obtaining valuations of the collectlon would be dlsproportlonate to any publlc benefil that mlght be derlved and that It18 Impractlcal to apply conventlonal valuallon technlqu08 to the collectlon, due lo the unlqueness of 113 nature. •} Funds struclur• The Charity has one permanent erKlowment, whlch requires the trustees to Invest the capltal In perpetuity; the income from this fund is wholly unr8strlct8d. Restricted funds are lunds which are to be used in accordance wlth spedflc restrlcllons Imposed ty Ihe donor. The fund8 ol the subsidiaries noled under 1c) above are treatad as re8lricted funds. Unre8tr1cted funds comprlse those funds whlch Ihe trustees are free to U88 for any purpose In furtherance of the tharltable <)bJ8cIs. Deslgnated fund8 comprlse those unrestrlcted fijnds where Ihe trustee8, at iheii discretion, have created a fund for a speclfi¢ purp08e, t) Cash and eash •qulvalent8 Cash and cash equival8nts include cash In hand, deposlls held at ¢all wlth banks, other shsyt-tem) Ilquld Inveslments With original maturltles of three months or less.

THE ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POUCIES (¢ontlnuod) u) FlnanGlal In•lruments The charfty has elected lo apply the provislons of Secllon 11 '8aslc Flnanclal Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provistons of the instrument. Financial assets and Ilabllltles are offset, wlth tho net amounts presented In Ihe financial statements, wthen there Is a legally enforceable right to set off the recognlsed amounts and there Is an Intontlon to settle on a net basls or to realise the asset and settle the liability simultaneously. With the exceptlons of prepayments and deferred Income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 22 and 23 for the debtor and credltor notes. v) Employ•• b•n6fft• Tha costs of short-term omployne b&n6fits are recognised as o liability and an expense. w) Crlllcal a¢¢ountlng •8tlmat•s and amal of Judgamant In preparSng flnanclal statemenis It18 necessary lo make certaln ludgemenls, estlmates and assumptlons that affèct the amounls recognlsed In the flnanclal statements. In the vlew of tha tfUStee8 In applylng th8 accountlng policies adopted, no Judgements were required that have a slgnsficant effect on the amounts recognised in Ihe flnancial slalemenls nor do any estimates or assumptions mado cary a sbgnlficant rlsk of materlgl adjustment In the next flnanclal year. 2 LEGAL STATUS OF THE CHARITY The Charlty Is a company Ilm5ted by guarantee and has no share ￿PItal. The members of the charlty are the truste8s Ilsted on page 1. In the event of Ihe charlty belng wound up, the1Sablllty In respect of the guarantee is limited to £1 per member of the charfty. 41

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 %FINAN¢IALACTIVITIES OF THE CHAIITY Th• flnanclal 4cilvMlo9 Sho￿ In Iho congolld&tsd slaiemenl Inthdes ol the RNRMC and Is fiolly 0￿ed tradlThJ subS￿l0ry RNRMC Ente￿￿94• lknl¢•d. and th• RNOC, • ¢harfty In 4thlch the RNRMC Is a lth the Ilght ol velo, Ihe NSSC. a eharftsblo company of %¥thlch th• RNRMC18 tho 80h mgmbar. and R￿TRMc (Inc￿ding It$ wb•dlari08 Ihe RPASA. RWI Llrnilod. RM Shop Lirnitgd And TRMC En10￿￿& Llmlt¢d) o ¢h•rft•bl• ￿mp•Try ofthlch thts RNRMC18 8010 mèmber and WRNSBT 4 chadtabl6 subsbjary. A •Lrnmvy of Ihe flnanclal actfvltles undortakon by Ihe RNRMC and Its s￿)8k11•￿e8. th•t oro the sub1¢￿ ol Ch•rity cOn￿ls1￿n S¢horn88 or Unhlng OlwllorvJ. Is gat out P•nnan•nt Endtswm•nt Fund• Tol•l Tolal Unmirtetsd Fund• R••trki•d Fund• 2024 2023 INCOME & ENDOWMENT8 Don•Uona •nd leyol8• 2.9J4.042 243,904 3.197,946 2,824.670 Inv•strnent Incomo 422 261 840 325 3,372.106 686,160 4,038,271 3.532.716 Chodt•bl• wllvlil•• 1.474,702 304,975 1.779,e77 2,133.454 Tal•1 op•r•tlny Ino•m• 4 846 8OB S 817 946 5 688 170 EXPENDITURE R•l•ln¥ fvnd• Invwlmonl mar￿¢￿entIO￿l FundrAl84ng eo810 109,976 1 S37.207 124,2S3 234.229 1 676 146 303,660 1282 824 Total c¢•1 of r•l•lry lun¢J 1,e47,183 103.192 I,J10.375 1,S60,484 ¢harlt•tsl• •ctlvltl• Sl Quality of Llle Serylnll S2 IndNldu818anovol•nc S3 N&¥al Famlllol S4 V•t•ran8 S5 Nval Chartty Support 1,815,159 1,Y26.196 1,038.722 724.802 484,189 329,184 1.689,087 88,213 2,099.349 1,855,381 2.827.809 810.816 600,309 2.810.940 1.828.8S7 2.205,895 1482.164 Total ¢horli•bb •Aogndllur• 5.304,99) 2,488.675 7,793.8es 9.642.723 T•t•l op•rnllng •xp•ndllw• 173 2 851887 11229207 N•t •p•rn¢ln9 5n¢•m•l l•Jtp•ndftur•l P,105,3851 11,880,727) {3,786.0911 16.563.035> NBI gBln•lll￿￿1j on Inv••lm•nl aisèts 1946 013 2 210 756 1159.352) 530,02g 73.719 444.397 13.442.535) GroB• transfers betswen lunds N•t mov•m•nt In fund• 1123,6971 S88.093 444.397 3,442,535) Tolal fwds brought fol￿r￿ 18 105 994 20 188 597 39 Q10 240 42,452 775 Tot•1 fimd• Mrf•d f•Yw•rd 18062297 20 736 890 39 454 836 39 010.240

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.VOLUNTARY INCOME Y•ar to 31 D0¢0mb•r 2024 UnrnJlrlGlod 2024 R••lrf¢t•d Endowmfjnt 2024 2024 Total 2024 Donations Royal Navy PayToII Giving Sehomè RM Dals Pay Glvkng Funds Legacie8 Donated $eNic6s 0th8r voluntsry Incom8 1.390.719 1.092.286 3,831.589 5,222,308 1,092,266 585.553 669.040 585.553 577.674 91.368 2 574 351 7 569 167 Yur to 31 D•c•mb•r 2023 Unr••trlcl•d 2023 R•¥trlct•d Endowm•nt 2023 2023 Tot•1 2023 Don81k)n8 Royal Navy Pa￿011 Giving Schomè RM Da￿$ Pay Glvlng Funds L6gacle5 Donated sepilus Olhor voluntsry Incomè 790,319 1,097,254 3.401,553 4,191,872 1.097.254 545.525 2,348.598 545,525 2,273,802 74,796 6 220 880 8,183,249 43

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 INVESTMENT INCOME Y•ar to 31 D•c•mb•r 2024 Unmtrfcled 2024 Re•trIct￿ Endowmènt 2024 2024 Total 2D24 Divid&nd$ - UK equiti88 Dividend$ - non UK aqullles Flxed Inlere5t- UK Flxed Interest- non UK Income on property funds Unll Tru81 Other Inleresl on ca8h dopo¥lth Bank Inter8BI 50,302 161,513 75,332 138,905 321.927 189.965 10.244 65.630 753,860 189,207 483,440 265,297 10,244 108,879 753,660 43,249 16.524 87,176 103,700 418.064 1.615.208 2 033 273 Y•ar to 31 D•c•mb•r 2023 Unr••trlct•d 2023 R•itrlcl•d Endowrn•nt 2023 2023 Total 2023 Dlwldends- UK equllles Dlvldend#- UK eguilies Flxed Int•rnst- UK Flx8d Inter￿t- non UK Incomfr on PTOP8rty lunds Unll Trust Olh8r Int8r88t on rA8h doposll• 8ank Interest 133,599 172.969 46.844 389,749 220,099 122,370 2,758 81,059 724,502 16,556 39,366 503,348 393,068 169.214 2,758 91.956 745.641 21.483 45.334 30.897 21,139 4,907 5.968 416 323 1563 577 1979.900 6.IMCOMe FROM CHARITABLE ACTNITIE8 Unr•Btvlcl•d 2024 R••trlct•d Endowm•nt 2024 2024 Total 2024 Totsl 2D23 Gréènwlch Hospbtal Nuffl8ld Trust Amied force8 covenanl fund trust fundNIp Olhor grants rocelved 1,417,500 1.417.SQO 190,788 281,737 573,565 1.6SO.000 177.756 235.998 1.013,075 190.788 281.737 529,065 1.462,(KJO 10015 2,463,59) 3.076,829 £1.380,230 of Income from ¢harll8bl? acU%llo8 In th• y•arlo December 2023 was subJ8Ct to spècbnc reslrlctlon8 Irrw8ed by the donor. 44

ROYAL NAVY AND ROYAL MARINES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. COST OF RAISING FUNDS Y•ar to 31 December 2024 Unrestrlcted 2024 Rutrlct•d 2024 Endowm•nt 2024 Total 2024 Investment management fees Fund rai8in9 cosls 109,980 2.710.850 327,463 1,703.954 437.443 4,414.806 2.820.830 2,031417 4.852,248 R••tat•d Total 2023 Y•ar lo 31 DoGomber 2023 Unr•Atrlct 2023 R••trlct•d 2023 Endowmènt 2023 Inveslment managemont feos Fund raising costs 135.466 2.288.828 294.195 1.538.152 429,661 3,826,980 2 424 294 1.832 347 4 256,641 45

ROYAL NAVY AND ROYAL MARINES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 8. ANALYSIS OF CHARITABLE EXPENDITURE During 2024 the ¢haritabl6 expenditure was analysed and allocated by strand as opposed to programmes and pathways.Th6 2023 ¢omparallves were reslated a¢¢ordingly. Anaty81s of charttabl• oxp•ndllure Includlng support crAt8 Y•ar to 31 D0￿Mb•r 2024 Oth•r Dlr•cl Co$t• 2024 Support Cogt• {S•• N¢)t• 111 2024 Grants Payabl• 2024 Totll 2024 S1 Quallty of Lrf• Sarvlng S2 Indlvldual Benevolence S3 Naval Famlllas S4 V8teran8 S5 Naval Charity Support Other charitable expendllura 3,219.808 2,190,038 2,014,197 844,363 26.555 74,073 24,394 29,032 600,309 1.671.446 1.136.878 1.045.597 438,320 4,917.809 3,400,990 3,084,188 1,311,715 600,309 8 268 406 4.292 242 13,315,011 Y•ar to 31 D•c•mb•r 2023 oth•r Dlr•ct Co•ts 2023 Support Co81• (s￿ Not• 11) 2023 Grant• Payabl• 2023 R•8tal Total 2023 S1 Quality of Llfe Ser4lng S2 Indivldual Benovolence S3 Naval Familles S4 Voteran$ S6 Naval Charlty Support Other charftable expondllure 3.320.448 2,378,925 1,700,437 2,189.762 38.471 63,843 30,048 33,662 334,876 1,670,594 1,196,893 855,530 1,101,721 5.029,511 3,639.661 2,586,015 3.325.145 334.876 9.589,570 500,900 4 824 738 14.915.208 46

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8. ANALYSIS OF CHARITABLE EXPENOITURE Icontlnu•dl Analysls of charltabl• exp•ndltur• by fund catégory Y•ar to 31 00￿MbOr 2024 From Unrn•trlct•d Fund8 2024 From Réstrlcted Funds 2024 Tolal 2024 S1 Quallty of Llfo Serving S2 Indlvldual Benevolence S3 Naval Famllles S4 Veterans S5 Naval Charlty Support Other chafltable expendllure 1.949,536 1.227,783 580,973 715,894 600.309 2,968.273 2,173.206 2,503.215 595.821 4,917.809 3.400.990 3,084,188 1,311.715 600.309 5,074.495 8.240,515 13,315 011 Y•ar to 31 D•¢•mb•r 2023 From Unro$trlct•d Funds 2023 From Ro•lrlct•d Funds 2023 Roatated Total 2023 S1 QU￿lty of Llfe Serrflng S2 Indlvldual Ben8vol8nce S3 Naval Famllles S4 Veterans S5 Naval Chadty Support Other charftablo expondllure 2.204.846 1,457,816 1,457,152 2,116.388 334,878 2,824.890 2.181.845 1,128.862 1.208.732 5,029.536 3,639,661 2,586,015 3.325,120 334,876 7 570 879 14.915,208 47

ROYAL NAVY AND ROYAL MARINES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9. ANALYSIS OF GRANTS PAYABLE Analy8ls of grants payable to Indlvldual• and In•tltutlon8 Yoar to 31 D•¢omb•r 2024 Grants lo Instituilons Grants lo Indlvlduals Total 2024 S1 Quallty of Llfe Serrflng S2 Indlvldual BenevolerKe S3 Naval Fan41163 S4 Veterans S5 Naval Charlty Support (Xher chafitable exp8ndlture Tolal 2,104,065 1,311,080 2,009.321 808.e31 1,115,743 878,957 4.876 35,732 3.219,808 2,190,037 2.014,197 844.364 6.233,098 2 035.308 8.268.406 Anaty818 of Institutlons recelvln9 grants more than £25,000.. 2024 Naval Chlldrens Charity The Royal Naval Benevolent Trust Kings Actlva Foundation Royal Naval Assoclallon Sallrx8' Chlldren's Soclety Relato Dame Agnes Woston's Royal Chariiy f¢x the Naval Ser4lc8 720,000 578.21)0 238.934 186,675 165.000 155,000 135,818 In8tltute of Naval Medl¢lne The Whlte Enslgn Associatlon Solent Mlnd 112.486 105,000 99,242 84,384 81,000 80,000 67.790 61.663 60,371 60,OfJ) 52,200 49,950 46.800 45,285 40.000 37,000 35,843 35.782 34.868 HMNB clyd6 Veloran$ OLrtreach Society Kings Group Acad8mi89 Soldlers Sallors Ainnen and Famllle8 Assoclatlon (SSAFA) Royal Navy Family & People Support HMS Dragon Home-stsrt UK Home-stsrt Lomond Albatross Arts CIC Society of St James Flags RNAS y￿VIlton KIDS Flghtlng With Pride HMS Sutherland The Submarln8 Famlly Royal Navy R8¢overy & Resllience Marglns HQ 48

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9. ANALYSIS OF GRANTS PAYABLE (conllnu•d) Naval Familles Federation Southampton Family Trust Royal Navy Winter Sport A88ociation Field Gun Tum To Starboard RNRM Commonwealth Support Natwork Tom Harrison House Commando Trainlng Centre Royal Marines Homtrstart Kemow Home-start Hampshlre Home-start Portsmouth Marriage Care Grants To Organi8atson8 Under £25k 33,000 33,000 32,500 30,000 30.000 27,476 27.000 26,328 25.5(Kl 25,000 25.000 25,000 683,786 Analysls of Instllutlons recelvlng grant8 of more than £25.000'. RMA TRMC 9rants'. Glob8 & Laurel Rock 2 R8cov8ry Gordon Mossengèr Centr8 Damo Agnes We8tons Chamonlx Wlnter 120,817 90,1)00 73.889 55,923 40.200 49

ROYAL NAVY AND ROYAL hlARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. ANALYSIS OF GOVERNANCE CO8TS Total 2024 Totsl 2023 Trus160 meetlngs Audbtofs remunerauon Legal and profe$$ional fees other govemance ¢o$t8 Support ￿￿19- See Not8 11 15.806 94,492 107.894 32,018 76,694 185,141 1222 519 1268 390 1440 712 1562 243 Tho Support costs above Ihat aro Included vlfthln Gov8manc costs for Iha Group primrily includo the eA)sls reladng lo tho CEO and CFO plu8 some olhor staff and represent the support ne¢e$sary to dellvor lh8 managemant and reportlng requltements for the Board5 wllhln the vAdor Gro￿. 11. ALLOCATION OF SUPPORT COSTS ANO OVERHEADS Y•ar to 31 Do¢•mbor 2024 The breakdown of 8UPPOrt rmts and how Ihe80 were alo¢aled boknn cosl ol generallng fvnds. ¢harllabl? aoWvltl•s and govemance costs Is shovm bglow. Ril•lng Incom• 2024 Ch•rlt•bl• Acllvltl•• Gov•rnanc• 2024 2024 Total Allocat•d 2024 BaBI• Co•t Typ• staff c05tG Admlnlstrallon Insurance Deproclalton and 8mortl$atlon 609,189 171,967 8,8S3 2.548,785 515.901 26.559 1,041.699 171.967 8.853 4,399.654 Staff Ilm• 859,835 U8#9• 44.265 Usag8 240 970 Usago 1,110,495 3,211.710 1,222,519 5,544,724 Dlrect goveman¢x cost8 218,191 1,440,711 218,191 Actual 5,762,915 1,110.495 3,211.710 Allocation of govarnanc• support Go¥ts 3eo,178 1.080.533 1,440,711) Usage 1,470,673 4.292,242 5,762,91S Y••r to 31 D•c•mb•r 2023- Rot•t•d The breakdcwi ol support costs and how Ih88• were allocated betr•nen extst of generalng funds. charllable acllvlll08 and govomance wsls 1$ sh0￿M bolow. Ral•lng Incom• 2023 Total Allout•d 2023 8a•ls CD•tTyp• Acllvltl￿ Oov•manc• 2023 2023 Slaff costs Adnlnlstrallon Insurance Depredatlon and amortlsalion 911,878 227.361 9.718 2.734,605 682,082 29,149 1.175.215 227,361 9,716 4,821.698 Slaff tim8 1,136,804 Usage 48,582 Usage 198 584 Usage 1.248.247 3.545,128 1.412,292 8,205,868 Dire¢l govemance rxJ$ts 293 853 1.706,145 293 853 Actual 8,499,521 1,248.247 3,545,128 Allocat￿ ol govgmance 8UFWrt rml8 426 536 1279 609 1706 145 Usage 1.674.783 4.824.738 6.499.S21 50

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The total support costs attributab￿ to tharitablg aclivilies 15 Ihgn apportionad based on Iho nurthr of wants awardad during the year for each activdy as shown below. Charltabl• Actlvlty Percontage 01 grants awarded 2024 P•rc•n¢ago of grants award RMt¥t•d 2023 2024 2023 Coll Typ• S1 Quallty of Llfe Serllng S2 INllvldual Banevdence S3 Naval Famllle8 S4 Veterans S5 Naval Chaty Support 39 28 24 10 1,671.446 1,136,878 1,045.597 438,320 35 25 18 23 1.670.594 1,196.893 855,530 1,101,721 loo 4 292 242 100 4.824,738 12ANALYSIS OF STAFF COSTS 2024 2023 Sal8rf88 and wag68 Soclal Securfty ￿818 Pènslon cost8 4.236,736 439,261 280,629 4,420,347 443,￿5 292.321 4,956,826 5,158,573 Tho numboi of employees whose emoluments (salarfeg and b8neffil$ In klnd) fell ￿thIn the lolk>vAng band•: 2024 2023 £100,00￿£1l0,IX1O £90,000-£99,000 £80,000-£89,999 £70,000.£79,999 £60.00￿£69,9Y9 The numb8r ol employee8 eamlng £60,000 or above for thom pension conlNbulions have paid in thè year 18 12 (2023: 131. Th8 total penslon ¢￿t￿t￿lIon$ pald by Ihg Charfty durlng Ihg year lor employee$ earnlng rnore Ihan £eo,000 way £70,337 12023.. £101.293) 51

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13.STAFF NUMBERS The averago number ol full tlme equlvalent employees {indudlng casual and part tlme stofQ the peflod was ag followg.. 2024 2023 Dlrecl charll8ble- Spokts Dlrecl charflable. Benevolenco Support 61 103 97 14.TRU8TEE8 AND KEY MANAQEMENT PERSONNEL No trusleo recelved emolumenls In th• ￿r￿)d12023'. n￿￿>. Tolal travel •xp•n8e4 01 £5,81912023: £1.254) were pald lo elghl 12023: slx) IrustOB8 durtng the perfod. Wllhln Iho RNRMC thore arn ton unlnmrptxated Charflles, $lx chadlable wmpanles, and one charlty wlih a Royal Charter now Integrated wlthln Iha Group structure, representlng Ihe overwhelmlrvJ majority ol tho naval chadty sector. Ea¢h of these enlllles has a CEO or oqtslvalonl that lomi part of the team Ih81 we da8$ as our koy rnanggement p8rJonno1. T￿$0 p•r80Mo1 aro 6upported by the RNRMC Senlor Leoder5hlp Tgom (SLTI Thomforo tho Kay mAnagemont pers￿￿1 In￿de the TN$tees. Chlef Execullve and tho Group CEOS. tolal 0mpkn￿O baneflts of the charttys key manag6m•nl p6r8onnel wer6 £1,395,551 (2023: £1,448.487). No Irustee rncelvod any romuneratlon a$ pwt ol Ihbs figure.

ROYAL NAVY AND ROYAL MARINES CHARITY MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1& MOVEMENT IN NET FUND8 FOR THE YEAR 24 Authr5 Ont4udlng Irrth•rabknVATI.' 58.WO 2.145 38.162 179.W7 51.776 2.070 22.84 124,791 . T•x ¢4MplIt￿ - Advla0rya￿I oth•r I& TRANSFER BETweEN WN0• Tro￿fe[S boh¥aen fiJndB re1•ts ￿8￿￿ni5 4IoEatod byth• RNRMC g8ngrn1 fijnds ¢0 rt• subs￿1￿?¢. 17. TAKATION Th8 0]mpanyth o rqBt•rJ (arilyand rti IBfAmldqrqd not￿1y￿rI￿X&hjn. 1& IPITAIIBIBLE FIXED A88ET8. OROUP W•b•h & ••rtw• ¢o•t orV•lU￿on A• It 1 Jnuwy2024 Addm DIBPOBdB 504,943 154.016 A8 Ai 31 O•trmb•r 2024 1 J•nu8ry Chargo lorlh mknln•l•d on dlywll 2513 71509 Ji (htmbor2024 bo•k¥•l A• ￿ 31 o•C￿ber2D24 A• ￿ 31 Ooc•mbtr2023 248 I& IMTANQ•Le pixzo ￿lE71.¢￿ARiTy W•hl A• at 1 JIn￿ry 2Q24 DI•poM 18.719 al 31 D•¢•mb•r2024 D•pM¢latlon: A• •11 January 2024 ¢haTggfoF lh?￿ar 51.454 10.775 Ai al 31 Dw•mber2024 N•1 book Mlu• As 8131 D•cem￿r2D24 Ai ￿31 OK•mb•r2W23

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECENBER 2024 19. TANQIBLE FIXED A8SET843ROUP L•M•hvld Fr••h•ld Impra¥•m•nts Prop•rty Qffl¢• Equlpffl•nl V•hlel•B COBI orV414wllgn As •11 Jpnuiry 2024 898,484 1,974.8g7 6.935 438.428 46A)2 1156,4511 23.098 3.334.693 55.020 1186.4511 Dt•pM• •131 O•¢wnber2W24 D•Fw•¢l•tlon As •11 Jonuory Ch•rg• fr¢tho Ellmknolwd on diyMI 175,985 36.111 8S.785 16.695 323.819 70088 1156.1551 14.346 5.833 599.735 179.507 (IS6.1551 A• 8131 OK•rnbw2024 N•tbook¥•lu• Ai at31 DeMnlJor 2024 2 010 105 Al at 310•wbfjr 2023 1888 912 1•.TAIIGIBLE FIXED Aa￿TI. CHARITY L••••lwld Fr••hold Impr•v•m•nt• Prop•rty V•hlcl•• Total •rV•￿￿On A¥ 8t l Jan￿ry 2024 Adoiboni 819,194 292,874 10.W23 175,3741 19.923 175.3741 A• At 31 D•c•mbw 2024 1 126417 A• •1 l January Cwg•forth• Ellmlnat•d 174,990 36,111 426224 e4.002 3T4 27,891 74 t 31 D•c•mbw 2024 211109 413 52 N•t book WA￿• A• •1 31 tlvmb•r 2024 878 085 A• •131 D•MTh•r 2023 714 196

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. FIXED ASSET INVESTrIENTS Group 2024 Group 2023 Chthlty 2024 Charlty 2023 movem￿1$ In ffixed assot Invostmonl$ MI￿8t valu• brought lo￿[d Tr•n8f•rs In (WRNSBT) Addltkns Al c<>sl Olsposals at carphg valu• Nel galnlllo8$1 on r8vkluatitsrn 76.486.762 74.502.$14 3,731.809 30.572.014 (35,676.9221 3.337.347 42,489.732 44224.778 44,153.783 148,105,426) 8 $68 7S3 26,332,842 131,178,291) 4.230,469 23,531.272 127,386,819) M8rt81 vatuo carfod fopJanl 79 083 872 76.466.762 41,874,772 42.489.732 Anal￿18 ol mathat VA￿1 of 1nv•8tm￿t1 by typè.. UnllBl•d.RM Conqurfn9 Horfzon* Urlbsl¢d. RNRMC Enlwprl888 Llmlt¢d 20,037 100.0 31,791,193 3.434.491 5.188,638 1380 450 100.000 27.648,331 6.118.981 5,948.917 2 673 $03 56,707,587 8.681.886 9,844.987 3.829,395 51.145.788 10.811.866 10,295,303 4213806 8ond8 All?m¥tlv• Investments Cmh 79 083 872 76 488 702 41874 772 42 489 732 Amlyth of m•rk•l valu• of lTrv•th•nts b•lw••n IhM• hold wllhth •nd ￿￿tsId• lh• Unlt•d Klnodom. Wllhln thtr Unbtsd Kknjdom Outslde tho UnKod Klngdom 20.263,176 58 830.696 24,071,470 52 395 292 11,750,256 30 124 $16 13.383295 29 106 437 79 083 872 76 466 782 41 874 772 42 489 732

ROYAL IIAVY AND ROYAL MARINES CHARITY No7es TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 DECEMBER 2024 21. STOCK Qroup 2024 Grnup 2023 h•rfty 2023 2024 Good8 for resale 241,114 22. DEBTORS Group 21)23 Chartty 2024 Chrlty 2023 2024 Naval Servlc• a$hl4d trav81 h)an8 A¢¢rued In¢om• Ow•d from subsldlary undert&lng$ othof deblor• and prepoyThent 5.S18 889,638 9.022 2.474,840 5.518 369.273 244,056 9.022 341.874 270,771 905 323 1 $28 990 1616 895 4 100 557 1594 741 23.CREDITOR8: NOi￿r3 FALUNO OVE wrrHIM YE Ch•rfty 2024 Charfty 2024 2023 Bonk h)en Grants payablè Taxatbn and 8o¢lJl sa ruah and othar eroth10rn DefoThed knD)m&18e8 N)t• 241 Owed to 8ubgkl•ry undort•kkngs S48 2,582,197 133,168 6.550.510 1.040.410 2,$03,$77 128,e37 5,215.281 892.207 2.470,699 81,147 4.607.966 973.44S 2,481,488 60,641 4.097,860 948,528 837.702 ,173.257 7 588,417

ROYAL NAVY AND ROYAL MARIMES CHARir NI)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 •todl•n fund The RNRMC hdd8 cuthdl8n funds on behaw ol RNRM W•War•, UIF CTCRM Iunit In8tltLrte Fund Commanth) TrnlnlrwJ Centre Royal M8rfne¥), RDy81 Navy A68tstyalirm. Rtsyal Navy Football A$81)ualkn, RNRM Spor18 Loli8ry, Porth K•rrfs LIBOR and lh• Glob• #nd Lafftl MBg8zin Fund. Ths• amounts am Incktdad wllhln ernd61ors abovè. Prfn¢lp•l ObJ•¢t 2024£ 2023 t Tho Rwl N•WB 8V•>)ndwy l•p•¢i•ltsll W￿l•r •wk lor nav pwxM•l4nd Ih•lrlarnlHu. RNAM W•hr• £430 t4￿) Af•gt¢r•d prknd oblfKI IB ￿ ptomolknn 01offle4ency ol th•amwd foro•s olth• tyth• 8ion 8rbS sup[>￿t olla￿￿&S •ctMll•• for lh• •fflcl•ncyand 1 bglng olS•vlc• In¥Mtmonl port￿￿0 th Sara51n UIF CTCRM t410.O80 e314.rjm A rnglJtsr•d ehartythom prkndp•l obiocl IB M￿ageM0n1, wtlcolb)n and ial• ofth• Corp• oflh• Royal Morfnoa. Glc4Jo and Lawql Furml Inmtm•fiiporttrf £269,552 É243J07 A v8glstw•d obl•¢i ts lo knter t￿n1Ye￿I￿and '•wl d• corpl. thom h8vo aeNed orare wrvln9 In Har •ty• Nav•1 Fwe••. 1Th￿tm￿l Porif¢tho th 8qr¥¥ln £1.664On £1.403,935 • FO¢1￿11 Inveslrn•nt Portk4k Ilh Sarn￿n ¥nd cash oftho Nawyand Rwl m￿n•¥. t1rA,624 fiW-pub￿c fvnd 1￿Chwa8 aot up lo nornlo tO8UPFQrt al levd• ol •ptyt. ad¥￿t￿re tsalnlr¥ •nd recwlbjn kn tho Na¥ql S￿E8. YMtrn•nt P4)rflc4hi RNRM 8porf• Lott•ry £1,093,47T £987,813 •h qrnrA rnc•lv•dfrom IM LIBI noB lurMI to ¥podfiG RN al Porth Kwrlj. Porth K•1￿ L180R fijnd ¥88trnanl Porffd Sarn exK.( £300,WO Tho QNLZ ¢3osllTrJ Fund l• a HMS QUEEN ELIZABETH Go￿1￿9 Fund th• PT¢4molfjon ol •ffl￿OnGY•l Uw orrmd ol tho ¢rvTr bylh• l￿d EUPWrt 01f￿￿11￿￿E and •¢WU•• for •ffi¢b•n¢y •nOwd b•kng ol S¢Me• p•rnMMI. ¥OBlmenl Portlo*J vAth Samth £246.782 Th18 aclbvlty 18118 wI¢Nn lh8 RNRMC'O prfnclp81 owct whlch 18 lh• promollon ol th• •fficl•ncy ol thè NAval S8Trlcè And th8 Awxlli8Fla8. By assl&tinll th￿è èntlllè# RNRMC'8 objèct& 8re b8lrwJ lurth•red ollovAno grants to bo Pold through wopw financial and pvomanc• channols for RNRM Wèlfaro and Incrvaskng the Invè5trnent I￿￿}me polenlal by benefitting frrffi bgn¥fi¢lal rates offered lo Iw9eT portfolk)s. Memorandums of Und?rstsnding g4re in placa wlth al Ihese entilies and all eus1od1￿ fund8 ar• accounl•d lor¥•pwJldy. ST

ROYAL NAVY AND ROYAL MARINES CH•lRtrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20 24 DEFERRED INCOME D•18ty￿ intA)m• eompriièi WBnts rocow lor luturo fthanclal p￿ladI. Gr•up 2024 Oroup 2023 Charfty 2024 Charlty 2023 88lanc4 at 1 JaM•ry Amwnt reloajed to IrKomhw Amtyjntdelwrad In ￿aT 992,207 19922071 948.833 (948,833) 948.528 {948,5281 J8.663 IW8.6631 8•lar¢• •t 31 D¢mb&r Angly41•: Rélèase ￿1hkn one yo•r R•l•ai• after rnore than ono year 1,040.410 992,207 973.44S 948.528 2& CREOITOR8.. AMOUNTS FALLING OUE IN MORE ONE YEAR roup 2024 Group 2023 Ch•rfty 2024 Ch•rSty 2023 Bank 1,301

ROYAL NAVY AND ROYAL MARfNE8 CMARrrY NOTES TO THE FINANCIAL 8TATEMENT8 FOR THEYEAR ENDED 310ECEM8ER 2024 v••lm•rt m• •t I1.1￿2) RNRMC a•nw•lfvr 4 152 743 IT ORUMFORK J7 69.393 076 76 RNRMC Eni•rw•SLkn￿1ld LI￿51•￿ 1635.3881 1fj02.2331 1375 708 094 I409.￿)1) lj7.on 27 024,591 172.185 TRPXE argup 1219480 bal•nc• ft••tyJrn•• •t3l.12a023 697 6A7&019 234.345 11.271.240) 13.802 1206.1001 1143,6471 P74.2051 17,$31 NwdS¥k• D?pTrnd'lur $10,120 IM7.904 103.48 103,140 24. 8,343 6m7 133.192 132.0 24.3r4 6.811 4.567.108 4.9J2,964 gjoh FA4 B•nD¥onlTIu 41AJg 903. 2￿,790 281.531 743.￿2 23.521 142, p￿￿ROyAl NHv¥AIthFw 12,7701 208,1e& 787,4J8 101,787 106.002 111,4201 (gk.$271 1161.6401 20.1fj1 m￿￿T￿j11 Tr• Sth•trFurJ Afrn•d 177,75 107MI JT5 40.918 20.101 31.779 .8631 13.2431 1249.6011 12.fjODI 132,PODI 10 107.606 53.101 7.￿5 24.867 02.842 Jkn P￿1 IA)rrfi io,In 274,451 RFA 32.gDD 20.0ts) IDD.r T8F. CO8M AFCTF.NDT 2Q.OOQ 22.498 (47,9021 ¢l•thy I••￿¢¢1￿ 1071 311 Ow•L¥+ 8pDrt• Chi RIIOC (RN8801.g•MMlfwl• RIIOC. RN SthrnMPF￿I RhlA.TRMC yrArnlbJTrJB 4.471.JOI 1¢037,214 228,•13 7.43Q, $32.gT5 1951.0161 (724.4301 la7.0￿) 2M790 118,775 42B,869 1e4,513 91•,947 I￿9?.1)9[1 I1.on,￿l) 11.otsJ,￿Ol 1104.e021 857.873 Y31,490 S7.J17 128.070 773.wl 1.282.740 1.089,241 IJ091 236A19 548,8JT 2,2S4 154,724 J18,021 103.6iJ 1.oots Y3 1847.3421 11.9)S.3801 215.971 170 134.799 7¢5,415 1A45.766 1.1a3,S90 RM P•n•¥d•n• Fwpj 1.602 5.218 11.410 50,78 44.607 RM C•thl S•rg•onWM•wFufid Rhl C•nl8lUnMhUluiry Fur FIM Crflk•rn' Tru¥l Furwj •d lor¢•8 ¢4)Y•n•rtlurdtrAt&JmJl￿ PP ￿￿101[￿¥ FF 1210.7101 1183.3001 1140.3701 19301 14.2831 130.2871 127.&701 P74.1431 (86,8671 11J2,1111 18101 1116.4881 189 Forr4J¥fv•nvA TnMlfrmd<lTM 22,J81 143.720 26.8Oe 128.145 6.OOQ 40mO o.o)o Is.(h)o 1.¢20K RMSA TrMCthNL4TL TrMWQH44 TRMC-B72 CTCFC TRMCAFCTF4CC TRMCAFCTF41SAF WRMSOT 224.184 33,121 19.999 9,109 1.531,156 19,YJ 10,000 10,S92 4M14,W OLYJ.iM)1 Itl,999 (2.K1791 •o.otr) 15.86B 78.271 16.2061 4,2S4.1)62 181,167 •Q7Jl 773 B•l•n m• •¥p•nthd •t Ji.122023 P4•v•lSgryk• B•N¥orK•FL¥¥J 649 P•rman•rtendowM•ntToil

ROYIL NAVY AND ROYAL MARINE5 CHMrY MOTESTO THE FIlIANc￿sTATEmE￿Ts FOR￿ YEA9 ENDED JI DECEMBER 2024 fvAty•l••lunr•itrt¢dlW￿ffitrl•￿•th4lMrty• B41W •xp•ffld•d 97 69,3gJ elS.lJ5 dkn437 ).0701 17262 172,10S (S￿110> (210.1491 110,7M t1,1220 N1v48•h1￿ B•rA￿lIne Fur Pl•41S•￿e4 D•p•Nth￿fr ra373 11.T•S2a2 7.877,Ml 7.1)BP73 47,687 007,71• SAS1211 I￿10.000 2BJ.g01 2M.O72 •12AIO 146.921 4,$87,1 4.952.W its),coo 102. 1•.142 643,310 S5&028 102,246 zB,oIp FAIB•n•¥d•nlTn FIN8Th￿LF￿ 205.i•B 71T.4 101,707 1092 •Js IS￿74 soo lJQ,517} Th0 Fw 1142,n61 IM,0 131.141 PV071 2D0304 47.924 ,101 7.SJ5 24M7 I2.￿2 10 (J4m7 14170 Q5.¢OD RFA 9,382 TBF. COSM CTF.NDT TSF.Ta TIF￿ClF-FFC 1•7,541 (IoAJai 19,5 chr￿￿¥•b￿t￿t•knI At31.122• Or 474.X4 4Jl,713 14IJ,406 IIWsO).9•r￿1l￿T 11.047.63 (fj41.7421 IT.J71,14) 143.I$T I1￿￿7￿￿Cl•nl11•And ,918.#7 21611 174 1)1.799 705.41 1.Y•.7 1.104610 ).061,M8 11MW.2871 (8JZ.1141 11yA4.1035 ImS,J9B) 3B•.JIT 7J7.513 234.1•7 122.493 10,)) •2M19 1wc￿l F¥nd S•wnt•'NHFunl 1￿c•n￿ UnniMltrJt•Fund m4thY￿.7￿Itff￿r TllklwcTF￿SLs 2NSD 146.209 117,J12 IJTS.79T 1171.lJ41 (190,3611 112WSI 11S1.4951 1110.O2Jl 110.741 20.WIT 3210 25.toj 25.( 4W,149 ¢g.zooi TRiifA7? CTCFC TFiMWCYF4CC TRMW¢TF WIW4seT 1.531.1 173.0691 (lQ3,IlJl <31.776> 1176,16h)I 24.712 1.241 10,5f4 I.￿1.210 IOM92 4J14M44 31.776 IW316 1gQ.J 30 r• IhY••tynyTrl 131.IZ20ZI

ROYAL NAVY AMO ROYAL MARINES CHARITY NOTES TO THE FINANCK4L 8TATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 21124 2•.A1￿LyI01X GH•Rif•JiLE FUNDJ{Mn¥M•dl El•n•lttroup Fwnd• TrllNIIMCIA•fvrd•bwAw• c4MUr4 c4 uN••tr1tt•d.d•t•d.M¥bki•darl p•1M￿ni•ndoTh￿i￿j. LWOR- V di￿¢r￿d fi¥bJ# ￿ t to iwort th• ol tr in and lrfw•d er￿ ol • ONmft•- kn 2015, ￿ RNRMC E2m HM Treuwy ol lh• DrwMfty dL H•fMthrth, St￿11￿j. Il RNRMC d t1m from lla hCthbllr 2017 lo ol ¢931k W b•w wnt £0gk fvrKI tor 37- kn 2017. *• T￿•1￿•4••￿1•d Ènoklc• n￿l￿)￿ ol J7 v•J 35WthlTh HMS E¥t41wi In thithy • 11 fov Jrpx• ￿¥trOnm￿l th• 25 Th•é•n•hd IDdvwDdBl• r•Jil i¥m¢ftr• MCO12S ￿•1•} i A••trdbJ FthJ#.thb li • gra￿￿d rn•kn t• •¢hknw lh• RNRMC' ¢hwAt4• otr**￿. Offlc•J' C on•¥0 •n watdl VAI N&vJl •1 Tr￿1~ nAJ•urlr•'•Ro Mllrtn

ROYAL NAVY AND ROYAL MARINES CHARITY MOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 310ECEMBER 2024 27. ANALYSIS OF GRI)VP NET AJ6ET8 BETWEEN FiINDI A• •131 Dwmb•f 2024 R￿lI10￿d ETrdowm•Tht Fund• TotAI 2124 Fund• au•ts 713,467 441 18.234.079 1.047.316 11,768.6931 1,896,696 325,710 80.191,144 5.873,057 15.275,4201 2,610,163 326,151 79,083,872 6.92Q.372 (7,rJ44,1131 InlwrylblB Axod lThvaslmèTrts Cuh al b￿k or¥J In hand Qlh•rn•t uwr¢nl •M•WOl•bdth•l Lorvj tenn IlabthXknJ 855,649 18 226 308 63 014 187 81 895 142 A• d 31 D•e•mbw202J ft••trkl•d Endowm•nt Fun Fund• Tof•l 2023 ff4￿&• Tanalbl•fix•d ••MI• 758,412 441 16,2S2,709 990,477 11,e44,1681 1,976.536 248,202 57.558.403 3.781.286 12.838.634) 2.734.918 248.843 76,48S.761 4,777,742 14,482.792) Flxod •￿t Inv99tffl•ntd C•Jh 81 bon* and In hand oth•r Mi ￿r￿MI •iMi•bllil••l 655,649 18 35T 081 60 7317n 79 745 JOZ 21. DIICLOIURE OF SUIIIIOIARIE8- ROYAL NAVAL DENEVOLENT8oeJETY FOR QFFICEReJ Th• thorftoblo wrnpBry l•th•lruut••Wth rlqht olwlo oltho ROYBI N•¥ol Benovol￿t Sodotyfty CMfi&•rn. kfi¢>￿ •• Th• 11o•l N•vyQffic4rn' Ch•fjty IRNOCI, • thll￿ty lrnd tyR￿1 Chr4tw. RNOC hav• obl•¢ts •lmllw t¢ ihos• ofth• RNRMC. Tho•• f￿￿dI1 •tst•m•nt•¢•tl￿lldllI0 th• fow th• RNOC. Th• 1o11ty41ty l• M •xtr•¢l ¢lib• fltWncI￿ il¢t•m•nts of RNOC for lh• ￿)r •nd•d 31 D•cwnb•i2024.. 24 20 927.WJ2 1808.6791 724,173 1701,2791 43S131 Ewd c¢m•l leyNlllw•l 17.631,767 16,737,688 Llablllll N•1 8M•t• 17514807 16732 149 R•strld•d fvnd• Unreslrfded fundb 143.168 17 371 639 184.514 17 514 807 16,732 149

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1024 29. DI￿￿051￿4E QF ¥UB8IDIWE$- NAVAL $ERVI¢E SPORT¥ CHARITY Th9 thgrflwblg rmwllny15 Iho sdw ￿rporal8 momb•r Lrftho NavBI Sawth Charfty (NSSC}. a thawlt•bl• c￿￿y1￿I￿ by5￿r&nI￿. Thue It•lem￿lI •¢¢ount• lorth• NSS¢. Th•t¢lolty kn ah alth• fin&nd•i 8t&lm8nlt ofNSSC lorthe ￿rknd erwlad 31 2024 2Q23 IrKomg 4a8.176 1953,4911 118 777,975 1987.2281 11&775 m￿1•xp•nInk￿) 37 19 Total aU•t• Ll*blftl 4.709.$04 24 4,S69,387 71 256 un￿l￿GI￿j JO. DISCL08URE OF 8UB8101ARIES- RMA.TRIIC-M ROYAL IIARINÈI A88OCIAIIOII-ThÉ ROYAL MAAINÉI ¢HARffY Th8 t￿111&blO oNrpwny became thw 8010 wrporate member of Tho Royal Charfty (fRMCh a ¢h4thabk• wmpany IlmM•J ty gu#Mt••. on 14Sprfl 2011. Th$• •l•t•m¢nl• th• 4etwd• Iw th• RMC. TM an of th• thA￿lI1 %l•t•mffjts of TRMC lor p•r •T￿•d 31 DO￿￿￿7r 2024. 2013 7.IT9M3 {6.464.6421 Evr¥J￿r• 16J63.OD41 740 l•yndltyrnl 2 218 264 16.705,516 15,7eo.507 U•bUIU N•t •iMI• IS934247 1S 128 J21 ￿nrf• Unr••ts1d•d fund• 4,848257 4,OB8,029 15 934 247 15 126 321

ROYAL NAVY AND ROYAL MARINES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 31 DISCLOSURE OF SUBSIDIARIES- WOMEN'S ROYAL NAVAL SERVICE BENEVOLENT TRUST WRNS becam a wholly owned subsldiary of RNRMC on 19 July 2023 and aceordlngly on Ihal dal8 the company became a subsidiary of the group. Its r&sult8 for the period lo th8 31 D6cèmb8r are consolidated in the Group 8￿nIs. The following is an extract of the fin8n¢ial slalements of Women's Royal Naval S8Nlce B8nevolanl Trust for the year ended 31 D8cembef 2024 and th8 compaiativ8s are for th8 P8rtod from 19 July to 31 DecOm￿r 2023. Y•ar ondod P•rlod •nd•d 2024 2023 Income Expendllure Galnslllos$esl on Inveslments Nel Income Transfer of not a660ts 88 8t 18 Juty 2023 Total fund8 191.288 (175.190) 190.336 78,271 {180,1561 59.982 208,432 Total asse18 Lloblllllg9 4,539,133 17,857 4.362.889 Net assets 4 521,276 Tolol funds 4,521,278 32 D18CLOSURE OF 8UB81DIARie8- RNRMC ENTERPRISES LIMITED The RNRMC Enlerprfses Llmlled was Incorporated on 5 March 2012, as wholly owned tradlng subsidiary of RNRMC wllh a share capllal of £100,000. Its fesults lo th6 31 D8c8mb8r ar8 con801id8t8d in Ihe Group accounts. Th8 followlng Is an frxlract ol the financSal 6tatomenl$ ol RNRMC Entarpri$a$ Limitèd lor th• y•ar to 31 D•c•mb•r 2024: 2024 2023 Incomo Expendltufe 940,252 977,499 Nel Income- glft alded to RNRMC 35S.596 Tolal assets Llabllltlès 545.545 445.545 611,203 511.203 Nel assets Share Capltal 8nd r8lalned 88mlngs 100 000 100 000

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 33 DISCL08URE OF 8UB8IDIARIES- TRMC ENTERPRISES UMifED TRMC Enterprf$es Llmlt¢d was In¢orporai8d on 23 February 2016. 85 Ihè wholly owned Ir8ding subsidiary of RM4-TRMC ￿th a share ¢apllal of£l. 11$ resulls to the 31 December consolldated In the Group accounls. The followlng Is an extract of Ihe financial statements of TRMC Enlerpri5g$ Limited for Ihe pgriod to 31 Decemb8r 2024: 2024 2023 Income Expendliure 253,8S2 204,639 1.373.914 1.345.341 Not movfjmént In lund8 Glft atd donatlon to parnnt undartaking Profft for the year 49,213 28.573 28.573 2024 2023 Current a8sots Llabllltles 57.358 57,357 249,923 249,923 Net assets Sharo Capilal and retalned 08mlry8 34 DISCL08URE OF 8VBSIDIARIE8- ROYAL MARINES SHOP uMrreD RMA-TRMC became the sole sharehokler of Roy81 MaTln03 Shop Llmlled on 1 Aprfl 2019 and accordlngly on Ihal date the ¢ompany became a 8ub8ldlary of Ihe group. Ils results for the yoar lo tho 31 Decembei are consolldated In the Group accounts. The lollowtyng 18 an extfad of lh& financial 8tatements of Royal Marln88 Shop Llmliad for the year ended 31 Decambor 2024: 2024 2023 Income Expendltura 522.006 508 180 524.597 Net mov6ment In fund8 13.826 20.113 2024 2023 Flxad a8s8ts Current assets Liabilitres 1.588 224.395 2.747 247.401 Nel 8$88ts 165229 174 403

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 35 PENSIONS AND OTHER POST.RETIREMEKf BENEFIT COMMITMENTS The Charfty operates a deflned contrlbutlon xheme. whl¢h Is adminlstered independently of Ihg Charity. The cost to the Charity for Ihe year was £280,829 {2023'. £292,231). Al Ihe Balance Sheet date th8 amount duo to the p8n$lon 8cheme 8dmini8trators w88 £nil (2023.. £NII>. 36 RELATED PARTY TRANSACTIONS In August 2009 the Royal Navy agread lo lease office Space al HMS Excellent to the Charftab18 Company at a peppercom rent. Th888 support C08t8 aro dbfficult to quantlfy as they are not dlscrete actlvltl88 b6caus8 p8rsonnèl and office facilities are used for oth8r Navy Command dvllfrs. AS Such the valu8 01 support provided by Ihe Mlnl8ty of Defence has Trot been Induded In the Charilable Compan15 Slalement of Financial Aclivitles. Durfng the year trustee8 donaled £21,105 {2023: £2,042) lo the charfty. Durfng tho year Th• Royal Navy and Royal Marlne8 Charity mad6 a grant to Its 3ubBldlary, The Naval SeNl¢o Sport8 Charlty, 01 £100.00012023: £245.000). Durlng the y•ar Thg Royal Navy and Royal Marlnes Charfty made a grant to118 sub81dlary, RMA- The Royal Marfnes Charlty, of£472,702 (2023: £365,0001. Durfnll thè ￿Or Thè Royal Navy and Royal Marfna& Charlty charg8d Its subsldlarles the following amounls In r88POCt ol management and admlnlstratlon seThlces: RNRMC Enterpr1598 Umlled £18,276 {2023.' £17,715). Durfng tho ￿ar RNRMC Ent8rprlJ•$ Llmltod donated £350,086 (2023: £442.111) to tho parnnt charlty, The Royal Navy and Royal Marlna$ Charfty,

ROYAL NAVY AND ROYAL MARINES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 35 PENSION3 AND OTHER POST-RETIREMENT BENEFIT COMMITMENT8 The Charity opei8te8 8 defined contribution scheme, which 18 adminb8ter6d indèwndantly of th8 Charlly. Thè cost to the Charity for the year was £280.82912023.' £292,231). Al the Balance Sheet dats the amount due to the pension scheme administrators was £nil (2023.. £Nil). 38 RELATED PARTY TRANSACTIONS In August 2009 the Royal Navy agreed to lease off￿8 space at HMS Excollent lo the Chanlablo Company at a pepp8rcorn rent. These support costs are difficult to quantify as they are not discrete activities becausè personnél and office facilities are used for other Nawy Command duties. A8 such the value of supp)rt provid8d by th& Ministry ol Defenca has not been included in tho Charitable CL￿panY'S Statemenl of Financial Acllvilie$. During the year trustee8 donated £21,10512023: £2,042) to Ihe charty. During the year The Royal Navy and Royal Marin85 Charity made a grant to ils subsldiary. The Naval Service Sports ChaTity, of £100.000 (2023.. £245,000). During the year The Royal Na￿ and Royal Marin88 Charity madé 8 grant to ils subsidi8ry, RMA - Tha Royal Marines Charity, of£209,83612023.' £365,000), During y•ar Th• Royal Na￿ and Royal Marin•s Charity charged ils $ubskliari85 lh8 following amounls in respect ol m8nagemenl and administration services.. RNR￿ EnleTprises Limited £18,27812023.' £17,715). During ltr* year RNRMC Enlorpris0$ Limited donated £350,08612023: £442,111 I to Ihe parent charity, Th¢ Royal Navy and Royal Marines Charlty 66