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